Common use of Defaulted Note Clause in Contracts

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 (i) notify the Issuer immediately on receipt from the purchaser of the full purchase price in respect of any Defaulted Note and (ii) pay to the Issuer the amount so received. (b) This clause 3.4(b) only applies when following the settlement procedures set out in Part 2 and Part 4 of Annex A of the Procedures Memorandum. If, on the relevant Issue Date of a non-syndicated Registered Note issue, the relevant purchaser of a Registered Note does not pay the subscription price due from it in respect of any Registered Note (the "Defaulted Registered Note"), then the Registrar shall notify the Fiscal Agent and (if applicable) Common Depositary and/or the Common Safekeeper and/or the custodian for DTC and such Defaulted Registered Note shall not be entered in the Register and (if applicable) shall not be credited to the purchaser's participation account with Euroclear, Clearstream, Luxembourg or, as the case may be, DTC. The Registrar and 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 (i) notify the Issuer immediately on receipt from the purchaser of the full purchase price in respect of any Defaulted Note and (ii) the Fiscal Agent shall pay to the Issuer the amount so received.

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 ’s new issues distribution account with Euroclear or Clearstream, Luxembourg after such Issue Date (rather than being credited to the purchaser's ’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 shall (i) notify the Issuer immediately on receipt from the purchaser of the full purchase price in respect of any Defaulted Note and (ii) pay to the Issuer the amount so received. (b) This clause 3.4(b) only applies when following the settlement procedures set out in Part 2 and Part 4 of Annex A of the Procedures Memorandum. If, on the relevant Issue Date of a non-syndicated Registered Note issue, the relevant purchaser of a Registered Note does not pay the subscription price due from it in respect of any Registered Note (the "“Defaulted Registered Note"”), then the Registrar shall notify the Fiscal Agent and (if applicable) Common Depositary and/or the Common Safekeeper and/or the custodian for DTC and such Defaulted Registered Note shall not be entered in the Register and (if applicable) shall not be credited to the purchaser's ’s participation account with Euroclear, Clearstream, Luxembourg or, as the case may be, DTC. The Registrar and 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 (i) notify the Issuer immediately on receipt from the purchaser of the full purchase price in respect of any Defaulted Note and (ii) the Fiscal Agent shall pay to the Issuer the amount so received.