Common use of Appointment of Dealers Clause in Contracts

Appointment of Dealers. 2.1 Subject to the terms and conditions stated herein and to the reservation by the Bank of the right to sell Covered Bonds directly on its own behalf, the Bank hereby (a) appoints each Dealer as an agent of the Bank for the purpose of soliciting and receiving offers to purchase Covered Bonds from the Bank when and as instructed by the Bank pursuant to Section 5.1 hereof and (b) agrees that, except as otherwise contemplated herein, whenever it determines to sell Covered Bonds directly to any Dealer as principal, it will enter into a separate agreement (each a Subscription Agreement), substantially in the form of Annex 1 hereto or in such other form as may be agreed by the parties to that particular agreement, relating to such sale in accordance with Section 5.2 hereof. This Agreement shall not be construed to create either an obligation on the part of the Bank to sell any Covered Bonds or an obligation of any of the Dealers to purchase Covered Bonds as principal.

Appointment of Dealers. 2.1 Subject to the terms and conditions stated herein and to the reservation by the Bank of the right to sell Covered Bonds directly on its own behalf, the Bank hereby (a) appoints each Dealer as an agent of the Bank for the purpose of soliciting and receiving offers to purchase Covered Bonds from the Bank when and as instructed by the Bank pursuant to Section 5.1 ‎5.1 hereof and (b) agrees that, except as otherwise contemplated herein, whenever it determines to sell Covered Bonds directly to any Dealer as principal, it will enter into a separate agreement (each a Subscription Agreement), substantially in the form of Annex ‎Annex 1 hereto or in such other form as may be agreed by the parties to that particular agreement, relating to such sale in accordance with Section 5.2 ‎5.2 hereof. This Agreement shall not be construed to create either an obligation on the part of the Bank to sell any Covered Bonds or an obligation of any of the Dealers to purchase Covered Bonds as principal.