Common use of Payment and Cancellation Clause in Contracts

Payment and Cancellation. (a) Subject to the following provisions, the Issuer shall provide to the Fiscal Agent in funds available on or prior to 10:00 A.M., New York time, on each date on which a payment of principal of (or premium, if any) or any interest on the Securities of a Series shall become due, as set forth in the text of the Securities of such Series, such amount, in such coin or currency, as is necessary to make such payment, and the Issuer hereby authorizes and directs the Fiscal Agent from funds so provided to it to make or cause to be made payment of the principal of (and premium, if any) and any interest on the Securities of such Series as set forth herein and in the text of said Securities. The Fiscal Agent shall arrange directly with any Paying Agent who may have been appointed by the Issuer pursuant to the provisions of Section 2 hereof for the payment from funds so paid by the Issuer of the principal of (and premium, if any) and any interest on the Securities of such Series as set forth herein and in the text of said Securities. Notwithstanding the foregoing, where the Authorization expressly so provides and the Issuer so notifies the Fiscal Agent, the Issuer may provide directly to a Paying Agent funds for the payment of the principal thereof and premium and interest, if any, payable thereon under an agreement with respect to such funds containing substantially the same terms and conditions set forth in this Section 4(a) and in Section 8(b) hereof; and the Fiscal Agent shall have no responsibility with respect to any funds so provided by the Issuer to any such Paying Agent. For the avoidance of doubt, the Fiscal Agent shall not be bound to make payment until satisfied that full payment has been received from the Issuer. The Issuer shall prior to 10:00 A.M., New York time, on the second business day immediately preceding any payment pursuant to this Section 4(a), send to the Fiscal Agent irrevocable confirmation that such payment will be made at the time set forth above and the details of the bank through which the Issuer is to make such payments. Any interest on Securities of a Series shall be paid, unless otherwise provided in the text of the Securities of such Series, to the persons (the “registered Holders”) in whose names such Securities are registered on the register maintained pursuant to Section 6 hereof at the close of business on the record dates designated in the text of the Securities of such Series. Principal of (and premium, if any, on) Securities of a Series shall be payable against surrender thereof at the corporate trust office of the Fiscal Agent and at the offices of such other Paying Agents as the Issuer shall have appointed pursuant to Section 2 hereof. Payments of principal of (and premium, if any) and any interest on registered Securities of a Series shall be made in accordance with the foregoing and in the manner set forth in the Securities of such Series, subject to applicable laws and regulations.

Appears in 2 contracts

Samples: Fiscal Agency Agreement (KOREA FINANCE Corp), Fiscal Agency Agreement (KOREA FINANCE Corp)

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Payment and Cancellation. (a) Subject to the following provisions, the Issuer shall provide Corporation will pay to the Fiscal Agent outside the Commonwealth of Australia in funds available on or prior to 10:00 A.M., New York time, on each date on which a payment respect of principal of (or premium, if any) or and any premium and interest on the Securities of a Series shall become duethe amounts, as in such coin or currency, at the times and for the purposes set forth herein and in the text of the Securities of such Series, such amount, in such coin or currency, as is necessary to make such payment, and the Issuer Corporation hereby authorizes and directs the Fiscal Agent from funds so provided paid to it to make or cause to be made payment of the principal of (and premium, if any) and any premium and interest on the Securities of such Series as set forth herein and in the text of the said Securities. The Fiscal Agent shall shall, upon request of the Corporation, notify the Corporation of the aggregate principal amount outstanding of Securities of a Series as of the date specified in such request. The Corporation will notify the Fiscal Agent no later than 10:00 a.m., London time, on the third Business Day (as defined in the text of the Securities) prior to the due date for any such payment of the amounts to be paid on such date and the bank through which such payment will be made on such date. The Fiscal Agent will arrange directly with any Paying Agent other agent who may have been appointed by the Issuer Corporation pursuant to the provisions of Section 2 hereof of this Agreement for the payment from funds so paid furnished by the Issuer Corporation of the principal of (and premium, if any) and any premium and interest on the Securities of such Series as set forth herein and in the text of the said Securities. Notwithstanding the foregoing, where the Authorization expressly Securities of a Series so provides and the Issuer so notifies the Fiscal Agentprovide, the Issuer Corporation may provide directly pay to a Paying Agent an agent specifically designated for the purpose funds for the payment of the principal thereof and any premium and interest, if any, interest payable thereon under an agreement with respect to such funds containing substantially the same terms and conditions set forth in this Section 4(a) and in Section 8(b) hereof); and in such event, the Fiscal Agent shall have no responsibility with respect to any funds so provided paid by the Issuer Corporation to any such Paying Agentagent. For In any case where the avoidance time of doubt, any payment set forth herein or in the Fiscal Agent text of the Securities shall not be bound to make a Business Day, then (notwithstanding any other provision of this Agreement or of the Securities) such payment until satisfied that full payment has been received from the Issuer. The Issuer shall prior to 10:00 A.M.need not be made on such date, New York time, but may be made on the second business day immediately preceding any payment pursuant to this Section 4(a), send to next succeeding Business Day with the Fiscal Agent irrevocable confirmation that such payment will be same force and effect as if it were made at the time set forth above and the details of the bank through which the Issuer is to make such payments. Any interest on Securities of a Series shall be paid, unless otherwise provided herein or in the text of the Securities Securities, provided that no interest shall accrue with respect to any payment for the period from and after the time of such Series, to the persons (the “registered Holders”) in whose names such Securities are registered on the register maintained pursuant to Section 6 hereof at the close of business on the record dates designated payment set forth herein or in the text of the Securities Securities. The principal of such Series. Principal of (and premium, if any, on) any premium and interest on the Securities of a Series shall be payable against surrender thereof at the corporate trust office of the Fiscal Agent and at the offices of such other Paying Agents as the Issuer shall have appointed pursuant to Section 2 hereof. Payments of principal of (and premium, if any) and any interest on registered Securities of a Series shall be made in accordance with the foregoing and in the manner currency or currencies set forth in the Securities of such Series. The principal of and any premium and interest on any Securities of a Series in registered or global form shall be payable by check drawn upon, subject or by a transfer to applicable laws and regulationsan account maintained by the payee with, a bank in the City of New York or, additionally or alternatively, in such other manner or at such other place outside the Commonwealth of Australia as may be set forth or provided for in the Securities of such Series.

Appears in 1 contract

Samples: Fiscal Agency Agreement (Queensland Treasury Corp)

Payment and Cancellation. (a) Payment Subject to the following provisions, the Issuer shall provide to the Fiscal Agent in funds available on or prior to 10:00 A.M., New York time, on each date on which a payment of principal of (or premium, if any) or any interest on the Securities of a Series shall become due, as set forth in the text of the Securities of such SeriesSecurities, such amount, in such coin or currency, as is necessary to make such payment, and the Issuer hereby authorizes and directs the Fiscal Agent from funds so provided to it to make or cause to be made payment of the principal of (and premiuminterest on, if any) and any interest on as the case may be, the Securities of such Series as set forth herein and in the text of said the Securities. The Fiscal Agent shall arrange directly with any Paying Agent who may have been appointed by the Issuer pursuant to the provisions of Section 2 hereof for the payment from funds so paid by the Issuer of the principal of (and premium, if any) and any interest on the Securities of such Series as set forth herein and in the text of said the Securities. Notwithstanding the foregoing, where the Authorization expressly so provides and the Issuer so notifies the Fiscal Agent, the Issuer may provide directly to a Paying Agent funds for the payment of the principal thereof and premium and interest, if any, payable thereon under an agreement with respect to such funds containing substantially the same terms and conditions set forth in this Section 4(a) and in Section 8(b9(b) hereof; and the Fiscal Agent shall have no responsibility with respect to any funds so provided by the Issuer to any such Paying Agent. For the avoidance of doubt, the Fiscal Agent shall not be bound to make payment until satisfied that full payment has been received from the Issuer. The Issuer shall prior to 10:00 A.M., New York time, on the second business day immediately preceding any payment pursuant to this Section 4(a), send to the Fiscal Agent irrevocable confirmation that such payment will be made at the time set forth above and the details of the bank through which the Issuer is to make such payments. EXHIBIT 4.1 Any interest on the Securities of a Series shall be paid, unless otherwise provided in the text of the Securities of such SeriesSecurities, to the persons (the “registered Holders”) Persons in whose names such Securities are registered on the register maintained pursuant to Section 6 7 hereof at the close of business on the record dates designated in the text of the Securities (the “registered holders”). Payments of such Series. Principal principal of (and premium, if any, on) Securities of a Series shall be payable against surrender thereof at the corporate trust Corporate Trust Office or office of an agent of the Fiscal Agent and at the offices of such other Paying Agents as the Issuer shall have been appointed pursuant to Section 2 hereof. Payments of principal of (and premium, if any) and any interest on registered Securities of a Series shall be made against surrender of Securities, and payments of interest on Securities shall be made, in accordance with the foregoing and in the manner set forth in the Securities of such Series, subject to applicable laws and regulations, by check mailed on or before the due date for such payment to the Person entitled thereto at such Person’s address appearing on the register of the Securities maintained pursuant to Section 7 hereof, or, in the case of payments of principal, to such other address as the registered holder shall provide in writing at the time of such surrender; provided, however, that such payments may be made, in the case of a registered holder of greater than $1,000,000 aggregate principal amount of Securities, by wire transfer to an account maintained by the payee with a bank if such registered holder so elects by giving notice to the Fiscal Agent, not less than 15 days (or such fewer days as the Fiscal Agent may accept at its discretion) prior to the date of the payments to be obtained, of such election and of the account to which payment is to be made.

Appears in 1 contract

Samples: Fiscal Agency Agreement (Midamerican Energy Co)

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Payment and Cancellation. (a) Payment. Subject to the following provisions, the Issuer shall provide to the Fiscal Agent in funds available on or prior to 10:00 A.M., New York time, on each date on which a payment of principal of (or premium, if any) or any interest on the Securities of a Series shall become due, as set forth in the text of the Securities of such SeriesSecurities, such amount, in such coin or currency, as is necessary to make such payment, and the Issuer hereby authorizes and directs the Fiscal Agent from funds so provided to it to make or cause to be made payment of the principal of (and premiuminterest on, if any) and any interest on as the case may be, the Securities of such Series as set forth herein and in the text of said the Securities. The Fiscal Agent shall arrange directly with any Paying Agent who may have been appointed by the Issuer pursuant to the provisions of Section 2 hereof for the payment from funds so paid by the Issuer of the principal of (and premium, if any) and any interest on the Securities of such Series as set forth herein and in the text of said the Securities. Notwithstanding the foregoing, where the Authorization expressly so provides and the Issuer so notifies the Fiscal Agent, the Issuer may provide directly to a Paying Agent funds for the payment of the principal thereof and premium and interest, if any, payable thereon under an agreement with respect to such funds containing substantially the same terms and conditions set forth in this Section 4(a) and in Section 8(b9(b) hereof; and the Fiscal Agent shall have no responsibility with respect to any funds so provided by the Issuer to any such Paying Agent. For the avoidance of doubt, the Fiscal Agent shall not be bound to make payment until satisfied that full payment has been received from the Issuer. The Issuer shall prior to 10:00 A.M., New York time, on the second business day immediately preceding any payment pursuant to this Section 4(a), send to the Fiscal Agent irrevocable confirmation that such payment will be made at the time set forth above and the details of the bank through which the Issuer is to make such payments. Any interest on the Securities of a Series shall be paid, unless otherwise provided in the text of the Securities of such SeriesSecurities, to the persons (the “registered Holders”) Persons in whose names such Securities are registered on the register maintained pursuant to Section 6 7 hereof at the close of business on the record dates designated in the text of the Securities (the “registered holders”). Payments of such Series. Principal principal of (and premium, if any, on) Securities of a Series shall be payable against surrender thereof at the corporate trust office or office of an agent of the Fiscal Agent and at the offices of such other Paying Agents as the Issuer shall have been appointed pursuant to Section 2 hereof. Payments of principal of (and premium, if any) and any interest on registered Securities of a Series shall be made against surrender of Securities, and payments of interest on Securities shall be made, in accordance with the foregoing and in the manner set forth in the Securities of such Series, subject to applicable laws and regulations, by check mailed on or before the due date for such payment to the Person entitled thereto at such Person’s address appearing on the register of the Securities maintained pursuant to Section 7 hereof, or, in the case of payments of principal, to such other address as the registered holder shall provide in writing at the time of such surrender; provided, however, that such payments may be made, in the case of a registered holder of greater than $1,000,000 aggregate principal amount of Securities, by transfer to an account maintained by the payee with a bank if such registered holder so elects by giving notice to the Fiscal Agent, not less than 15 days (or such fewer days as the Fiscal Agent may accept at its discretion) prior to the date of the payments to be obtained, of such election and of the account to which payment is to be made.

Appears in 1 contract

Samples: Fiscal Agency Agreement (Midamerican Energy Holdings Co /New/)

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