Common use of Alternative Clearing System Clause in Contracts

Alternative Clearing System. references in this Agreement to Euroclear and/or Clearstream, Luxembourg and/or the NBB Securities Settlement System shall, wherever the context so permits, be deemed to include reference to any additional or alternative clearing system approved by the Relevant Issuer, the Guarantor, the Registrar and the Fiscal Agent or, in the case of the NBB Securities Settlement System, imposed by law. In the case of NGNs or Global Certificates held under the NSS, such alternative clearing system must also be authorised to hold such Notes as eligible collateral for Eurosystem monetary policy and intra-day credit operations.

Alternative Clearing System. references References in this Agreement to Euroclear and/or Clearstream, Luxembourg and/or the NBB Securities Settlement System CMU Service shall, wherever the context so permits, be deemed to include reference references to any permitted additional or alternative clearing system approved by the Relevant relevant Issuer, the Guarantor, the Registrar and the Fiscal Issuing and Paying Agent or, in the case of the NBB Securities Settlement System, imposed by lawand/or CMU Lodging Agent. In the case of NGNs or Global Certificates held under the NSS, such alternative clearing system (other than Euroclear and/or Clearstream Luxembourg) must also be authorised to hold such Notes notes as eligible collateral for Eurosystem monetary policy and intra-day credit operations.