ICSDs Clause Samples
The ICSDs clause defines the use of International Central Securities Depositories (ICSDs) as the entities responsible for holding and settling securities transactions. In practice, this clause specifies that securities will be delivered, held, and transferred through recognized ICSDs such as Euroclear or Clearstream, rather than through physical certificates or local custodians. By establishing the use of ICSDs, the clause streamlines settlement processes, reduces operational risks, and ensures efficient and standardized handling of securities across different jurisdictions.
ICSDs instruct the Fiscal Agent to cancel a specified aggregate principal amount of Notes represented by an NGN Temporary Global Note or an NGN Permanent Global Note (which instructions shall be accompanied by evidence satisfactory to the Fiscal Agent that the Issuer is entitled to give such instructions) whereupon the Fiscal Agent shall instruct the ICSDs (in accordance with the provisions of Schedule 1 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their respective records to reflect such cancellation.
ICSDs instruct the Fiscal Agent to cancel a specified aggregate principal amount of Covered Bonds represented by an NGCB Temporary Global Covered Bond or an NGCB Permanent Global Covered Bond (which instructions shall be accompanied by evidence satisfactory to the Fiscal Agent that the Issuer is entitled to give such instructions) whereupon the Fiscal Agent shall instruct the ICSDs (in accordance with the provisions of Schedule 1 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their respective records to reflect such cancellation.
ICSDs instruct the Principal Paying Agent to cancel a specified aggregate principal amount of Notes represented by an NGN Temporary Global Note or an NGN Permanent Global Note (which instructions shall be accompanied by evidence satisfactory to the Principal Paying Agent that the relevant Issuer, or as the case may be, the Guarantor is entitled to give such instructions) whereupon the Principal Paying Agent shall instruct the ICSDs (in accordance with the provisions of Schedule 1 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their respective records to reflect such cancellation.
ICSDs instruct the Issue and Paying Agent to cancel a specified aggregate principal amount of Instruments represented by an NGN Temporary Global Instrument or an NGN Permanent Global Instrument (which instructions shall be accompanied by evidence satisfactory to the Issue and Paying Agent that the Issuer, or as the case may be, the Guarantor is entitled to give such instructions) whereupon the Issue and Paying Agent shall instruct the ICSDs (in accordance with the provisions of Schedule 10 (Duties Under The Issuer-ICSDs Agreement)) to make appropriate entries in their respective records to reflect such cancellation.
ICSDs instruct the Fiscal Agent or, as the case may be, the Registrar, to cancel a specified aggregate principal amount of Covered Bonds represented by an NGCB Temporary Global Covered Bond or an NGCB Permanent Global Covered Bond or a Global Registered Covered Bond to be held under the NSS (which instructions shall be accompanied by evidence satisfactory to the Fiscal Agent or, as the case may be, the Registrar, that the Issuer is entitled to give such instructions) whereupon the Fiscal Agent or, as the case may be, the Registrar, shall instruct the ICSDs (in accordance with the provisions of Schedule 1 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their respective records to reflect such cancellation.
ICSDs instruct the Fiscal Agent or, as the case may be, the Registrar, to cancel a specified aggregate principal amount of Notes represented by an NGN Temporary Global Note, an NGN Permanent Global Note or a Global Registered Note to be held under NSS (which instructions shall be accompanied by evidence satisfactory to the Fiscal Agent that the Issuer is entitled to give such instructions) whereupon the Fiscal Agent or, as the case may be, the Registrar, shall instruct the ICSDs (in accordance with the provisions of Schedule 1 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their respective records to reflect such cancellation.
ICSDs instruct the Principal Paying Agent to cancel a specified aggregate principal amount of Notes represented by an NGN Temporary Global Note or an NGN Permanent Global Note (which instructions shall be accompanied by evidence satisfactory to the Principal Paying Agent that the Issuer is entitled to give such instructions) whereupon the Principal Paying Agent shall instruct the ICSDs (in accordance with the provisions of Schedule 1 (Duties under the Issuer-ICSDs Agreement)) to make appropriate entries in their respective records to reflect such cancellation. If the Issuer purchases any of its Notes for cancellation, the Issuer shall provide the Principal Paying Agent instructions in the form agreed to by the Principal Paying Agent confirming the details of the Notes to be purchased. The Issuer shall provide the instructions to the Principal Paying Agent no later than two (2) Local Banking Days prior to the date on which the Notes are intended to be purchased and cancelled. Once the Notes have been received by the Principal Paying Agent, it will request the immediate cancellation of the Notes.