Defaulted Note. If on the issue date the relevant Dealer does not pay the subscription price due from it in respect of any Note (the “Defaulted Note”) and as a result the Defaulted Note remains in the Issuing and Paying Agent’s distribution account with the relevant clearing system after the issue date (rather than being credited to the Dealer’s account against payment), the Issuing and Paying Agent will continue to hold the Defaulted Note to the order of the relevant Issuer or the Guarantor, as the case may be.
Defaulted Note. If on the relevant Issue Date of a non-Syndicated Issue, in the circumstances described in Clause 3.6 above, the Relevant Dealer does not pay the subscription price due from it or from the relevant purchaser in respect of any Note (in either case, the "Defaulted Note") and, as a result, the Defaulted Note remains in the Principal Paying Agent's distribution account with Euroclear or Clearstream, Luxembourg after such Issue Date (rather than being credited to the Relevant Dealer's account against payment), the Principal Paying Agent will continue to hold the Defaulted Note to the order of the Issuer. If a Dealer is acting as the Issuer's agent in the circumstances described in Clause 3.6 above, the Relevant Dealer, after affecting payment for any Note on behalf of the relevant purchaser, subsequently notifies the Issuer that it has not received the subscription price due from the purchaser in respect of such Note, such Dealer and the Issuer shall notify the Principal Paying Agent and shall arrange for such Notes to be transferred on a delivery against payment basis to the distribution account of the Principal Paying Agent with Euroclear or Clearstream, Luxembourg, as the case may be, and following such transfer the Principal Paying Agent will hold such Notes to the order of the Issuer.
Defaulted Note. Except in the case of issues where the Fiscal Agent does not act as receiving bank for the Issuer in respect of the purchase price of the Notes being issued, if on the Issue Date a Dealer does not pay the full purchase price due from it in respect of any Note (the "Defaulted Note") and, as a result, the Defaulted Note remains in the Fiscal Agent's distribution account with Euroclear and/or Clearstream, Luxembourg after the Issue Date, the Fiscal Agent will continue to hold the Defaulted Note to the order of the Issuer. The Fiscal Agent shall notify the Issuer immediately of the failure of the Dealer to pay the full purchase price due from it in respect of any Defaulted Note and, subsequently, shall (a) notify the Issuer immediately on receipt from the Dealer of the full purchase price in respect of any Defaulted Note and (b) pay to the Issuer the amount so received. If by the close of business on the third Business Day following the Issue Date, the Issuer does not provide an instruction to the Fiscal Agent to deliver the Defaulted Note from the Fiscal Agent’s distribution account to another account, the Fiscal Agent shall arrange for the cancellation of the Defaulted Note and the Fiscal Agent shall notify Issuer promptly thereafter.
Defaulted Note. (a) This clause 3.4(a) only applies when following the settlement procedures set out in Part 1 and Part 3 of Annex A of the Procedures Memorandum. If, on the relevant Issue Date of a non-syndicated Bearer Note issue the relevant purchaser of a Bearer Note does not pay the subscription price due from it in respect of any Bearer Note (the "Defaulted Bearer Note") and, as a result, the Defaulted Bearer Note remains in the Fiscal Agent's new issues distribution account with Euroclear or Clearstream, Luxembourg after such Issue Date (rather than being credited to the purchaser's account against payment), then the Fiscal Agent will continue to hold the Defaulted Bearer Note to the order of the Issuer. The Fiscal Agent shall notify the Issuer immediately of the failure of the purchaser to pay the full subscription price due from it in respect of any Defaulted Note and, subsequently shall
Defaulted Note. If on the relevant Issue Date of a non-Syndicated Issue, the Relevant Dealer does not pay the subscription price due from it or from the relevant purchaser in respect of any Note (in either case, the "Defaulted Note") and, as a result, the Defaulted Note has been created by Iberclear but has not been transferred to the account of the Relevant Dealer after such Issue Date, the Iberclear Paying Agent shall immediately (and, in any event, prior to the Issue Date) notify Iberclear and Iberclear shall not thereafter create or transfer the book-entries in respect of the relevant Book-Entry Notes but shall, unless otherwise instructed by the Issuer, cancel any relevant instruction. If a Relevant Dealer is acting as the Issuer's agent, the Relevant Dealer, after affecting payment for any Note on behalf of the relevant purchaser, subsequently notifies the Issuer that it has not received the subscription price due from the purchaser in respect of such Note, such Relevant Dealer and the Issuer shall notify the Iberclear Paying Agent and shall arrange for such Notes to be transferred on a delivery against payment basis to the distribution account of the Iberclear Paying Agent with Xxxxxxxxx and, following such transfer, the Iberclear Paying Agent will hold such Notes to the order of the Issuer.
Defaulted Note. (a) If, on the relevant Issue Date of a non-syndicated Bearer Note, the relevant purchaser of a Bearer Note does not pay the subscription price due from it in respect of any Bearer Note (the “Defaulted Bearer Note”) and, as a result, the Defaulted Bearer Note remains in the Fiscal Agent’s new issues distribution account with Euroclear or Clearstream, Luxembourg, after such Issue Date (rather than being credited to the purchaser’s account against payment), then the Fiscal Agent will continue to hold the Defaulted Bearer Note to the order of the Republic.
Defaulted Note. Except in the case of issues where the Fiscal Agent does not act as receiving bank for the Issuer in respect of the purchase price of the Notes being issued, if on the Issue Date for a Tranche a Dealer or investor (as the case may be) does not pay the full purchase price due from it in respect of any Note (the "Defaulted Note") and, as a result: (a) with respect to Notes represented by one or more Global Notes held by, or registered in the name of, a nominee for a common depositary or common safekeeper for Euroclear and/or Clearstream, Luxembourg, the Defaulted Note remains in the Fiscal Agent's distribution account with Euroclear and/or Clearstream, Luxembourg after such Issue Date, then the Fiscal Agent shall continue to hold the Defaulted Note to the order of the Issuer, and (b) with respect to Global Notes registered in the name of DTC (or its nominee), the Registrar shall cancel such Global Note, which shall not thereafter have any rights under such Global Note, the related Conditions and this Agreement. The Fiscal Agent shall notify the Issuer as promptly as practicable of the failure of a Dealer or investor (as the case may be) to pay the full purchase price due from it in respect of any Defaulted Note and, subsequently, shall: (i) notify the Issuer as promptly as practicable on receipt from such Dealer or investor of the full purchase price in respect of any Defaulted Note, (ii) pay to the Issuer the amount so received and (iii) deliver or re-issue, as the case may be, the relevant Global Note or Global Notes upon receipt of any such payment in full.
