Common use of Defaulted Note Clause in Contracts

Defaulted Note. If on the relevant Issue Date, in the circumstances described in sub-Clause (D)(ii) above, the 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 Settlement Agent’s distribution account with Euroclear or Clearstream, Luxembourg or any other relevant clearing system after such Issue Date (rather than being credited to the Dealer’s account against payment), the Settlement 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 sub-Clause (D) (ii) above and the Dealer, after effecting 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 Settlement Agent and shall arrange for such Notes to be transferred on a delivery against payment basis to the distribution account of the Settlement Agent with Euroclear or Clearstream, Luxembourg or any other relevant clearing system, as the case may be, and following such transfer the Settlement Agent will hold such Notes to the order of the Issuer.

Defaulted Note. If on the relevant Issue DateDate of a non-Syndicated Issue, in the circumstances described in sub-Clause (D)(ii) 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 Settlement Principal Paying Agent’s 's distribution account with Euroclear or Clearstream, Luxembourg or any other relevant clearing system after such Issue Date (rather than being credited to the Relevant Dealer’s 's account against payment), the Settlement 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 's agent in the circumstances described in sub-Clause (D) (ii) above and 3.6 above, the Relevant Dealer, after effecting 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 Settlement Principal Paying Agent and shall arrange for such Notes to be transferred on a delivery against payment basis to the distribution account of the Settlement Principal Paying Agent with Euroclear or Clearstream, Luxembourg or any other relevant clearing systemLuxembourg, as the case may be, and following such transfer the Settlement Principal Paying Agent will hold such Notes to the order of the Issuer.