Common use of Commingled Accounts Clause in Contracts

Commingled Accounts. The Issuer’s Securities may be held by the Custodian in an omnibus securities account at a Subcustodian or Depository, along with the securities of other customers of the Custodian and will be treated as fungible with all other securities of the same issue held in such account by the Custodian with such Subcustodian or Depository. This means that the redelivery rights of the Issuer in respect of the Securities are not in respect of the Securities actually deposited with the Custodian from time to time but rather in respect of Securities of the same number, class, denomination and issue as those Securities originally deposited with the Custodian in the Securities Accounts from time to time. Such Subcustodian or Depository may then hold the Issuer’s Securities in an omnibus account with a third party that it engages (“third party”). If the Subcustodian or Depository defaulted, and held less securities than it should for the benefit of all of its custody clients, there may be a shortfall. Any shortfall may then have to be shared pro rata among all clients whose securities are held by that Subcustodian or Depository and the Issuer may not receive its full entitlement. As a result, in the event of the default of such a Subcustodian or Depository, there is a risk that not all Securities deposited by the Custodian with Subcustodian or Depository will be returned to the Custodian where there is a shortfall at the Subcustodian or Depository. In addition, in certain markets, it may not be possible under national law for securities belonging to the Issuer and held in custody by a Subcustodian, Depository or third party to be separately identifiable from the proprietary assets of that holding party (or the Custodian, where the Custodian is a client and account holder with the relevant Subcustodian, Depository or third party).

Commingled Accounts. The Issuer’s Securities Security Provider's Eligible Collateral may be held by the Custodian in an omnibus securities account at a Subcustodian or Depository, along with the securities of other customers of the Custodian and will be treated as fungible with all other securities of the same issue held in such account by the Custodian with such Subcustodian or Depository. This means that the redelivery rights of the Issuer Security Provider in respect of the Securities Eligible Collateral are not in respect of the Securities Eligible Collateral actually deposited with the Custodian from time to time but rather in respect of Securities Eligible Collateral of the same number, class, denomination and issue as those Securities the Eligible Collateral originally deposited with the Custodian in the Securities Accounts GIC Collateral Custody Account from time to time. Such Subcustodian or Depository may then hold the IssuerSecurity Provider’s Securities Eligible Collateral in an omnibus account with a third party that it engages (“third party”). If the Subcustodian or Depository defaulted, and held less securities than it should for the benefit of all of its custody clients, there may be a shortfall. Any shortfall may then have to be shared pro rata among all clients whose securities are held by that Subcustodian or Depository and the Issuer Security Provider may not receive its full entitlement. As a result, in the event of the default of such a Subcustodian or Depository, there is a risk that not all Securities Eligible Collateral deposited by the Custodian with Subcustodian or the Depository will be returned to the Custodian where there is a shortfall at the Subcustodian or Depository. In addition, in certain markets, it may not be possible under national law for securities belonging to the Issuer Security Provider and held in custody by a Subcustodian, Depository or third party to be separately identifiable from the proprietary assets of that holding Depository or third party (or the Custodian, where the Custodian is a client and account holder with of the relevant Subcustodian, Depository or third party).third

Commingled Accounts. The Issuer’s Securities may be held by the Custodian in an omnibus securities account at a Subcustodian Sub-Custodian or DepositorySettlement System, along with the securities of other customers of the Custodian and will be treated as fungible with all other securities of the same issue held in such account by the Custodian with such Subcustodian Sub-Custodian or Depository. This means that the redelivery rights of the Issuer in respect of the Securities are not in respect of the Securities actually deposited with the Custodian from time to time but rather in respect of Securities of the same number, class, denomination and issue as those Securities originally deposited with the Custodian in the Securities Custody (Securities) Accounts from time to time. Such Subcustodian Sub-Custodian or Depository Settlement System may then hold the Issuer’s Securities in an omnibus account with a third party that it engages (“third party”). If the Subcustodian Sub-Custodian or Depository Settlement System defaulted, and held less securities than it should for the benefit of all of its custody clients, there may be a shortfall. Any shortfall may then have to be shared pro rata among all clients whose securities are held by that Subcustodian Sub-Custodian or Depository Settlement System and the Issuer may not receive its full entitlement. As a result, in the event of the default of such a Subcustodian Sub-Custodian or DepositorySettlement System, there is a risk that not all Securities deposited by the Custodian with Subcustodian Sub-Custodian or Depository Settlement System will be returned to the Custodian where there is a shortfall at the Subcustodian Sub-Custodian or DepositorySettlement System. In addition, in certain markets, it may not be possible under national law for securities belonging to the Issuer and held in custody by a SubcustodianSub-Custodian, Depository Settlement System or third party to be separately identifiable from the proprietary assets of that holding party (or the Custodian, where the Custodian is a client and account holder with the relevant SubcustodianSub- Custodian, Depository Settlement System or third party).

Commingled Accounts. The Issuer’s Securities may be held by the Custodian in an omnibus securities account at a Subcustodian Sub-Custodian or DepositorySettlement System, along with the securities of other customers of the Custodian and will be treated as fungible with all other securities of the same issue held in such account by the Custodian with such Subcustodian Sub-Custodian or Depository. This means that the redelivery rights of the Issuer in respect of the Securities are not in respect of the Securities actually deposited with the Custodian from time to time but rather in respect of Securities of the same number, class, denomination and issue as those Securities originally deposited with the Custodian in the Securities Accounts from time to time. Such Subcustodian Sub-Custodian or Depository Settlement System may then hold the Issuer’s Securities in an omnibus account with a third party that it engages (“third party”). If the Subcustodian Sub- Custodian or Depository Settlement System defaulted, and held less securities than it should for the benefit of all of its custody clients, there may be a shortfall. Any shortfall may then have to be shared pro rata among all clients whose securities are held by that Subcustodian Sub-Custodian or Depository Settlement System and the Issuer may not receive its full entitlement. As a result, in the event of the default of such a Subcustodian Sub-Custodian or DepositorySettlement System, there is a risk that not all Securities deposited by the Custodian with Subcustodian Sub-Custodian or Depository Settlement System will be returned to the Custodian where there is a shortfall at the Subcustodian Sub-Custodian or DepositorySettlement System. In addition, in certain markets, it may not be possible under national law for securities belonging to the Issuer and held in custody by a SubcustodianSub-Custodian, Depository Settlement System or third party to be separately identifiable from the proprietary assets of that holding party (or the Custodian, where the Custodian is a client and account holder with the relevant SubcustodianSub-Custodian, Depository Settlement System or third party).

Commingled Accounts. The Issuer’s In respect of each Series of Notes, the Securities may be held by the Custodian in an omnibus securities account at a Subcustodian or Depository, along with the securities of other customers of the Custodian and will be treated as fungible with all other securities of the same issue held in such account by the Custodian with such Subcustodian or Depository. This means that the redelivery rights of the Issuer Trustee in respect of the Securities are not in respect of the Securities actually deposited with the Custodian from time to time but rather in respect of Securities of the same number, class, denomination and issue as those Securities originally deposited with the Custodian in the Securities Accounts from time to time. Such Subcustodian or Depository may then hold the IssuerTrustee’s Securities in an omnibus account with a third party that it engages (“third party”). If the Subcustodian or Depository defaulted, and held less securities than it should for the benefit of all of its custody clients, there may be a shortfall. Any shortfall may then have to be shared pro rata among all clients whose securities are held by that Subcustodian or Depository and the Issuer Trustee may not receive its full entitlement. As a result, in the event of the default of such a Subcustodian or Depository, there is a risk that not all Securities deposited by the Custodian with a Subcustodian or Depository will be returned to the Custodian where there is a shortfall at the Subcustodian or Depository. In addition, in certain markets, it may not be possible under national law for securities belonging to the Issuer Trustee and held in custody by a Subcustodian, Depository or third party to be separately identifiable from the proprietary assets of that holding Subcustodian, Depository or third party (or the Custodian, where the Custodian is a client and account holder with of the relevant Subcustodian, Depository or third party).

Commingled Accounts. The Issuer’s LLP's Securities may be held by the Custodian in an omnibus securities account at a Subcustodian or Depository, along with the securities of other customers of the Custodian and will be treated as fungible with all other securities of the same issue held in such account by the Custodian with such Subcustodian or Depository. This means that the redelivery rights of the Issuer LLP in respect of the Securities are not in respect of the Securities actually deposited with the Custodian from time to time but rather in respect of Securities of the same number, class, denomination and issue as those Securities originally deposited with the Custodian in the Securities Accounts from time to time. Such Subcustodian or Depository may then hold the Issuer’s LLP's Securities in an omnibus account with a third party that it engages (“"third party”"). If the Subcustodian or Depository defaulted, and held less securities than it should for the benefit of all of its custody clients, there may be a shortfall. Any shortfall may then have to be shared pro rata among all clients whose securities are held by that Subcustodian or Depository and the Issuer LLP may not receive its full entitlement. As a result, in the event of the default of such a Subcustodian or Depository, there is a risk that not all Securities deposited by the Custodian with Subcustodian or that Depository will be returned to the Custodian where there is a shortfall at the Subcustodian or Depository. In addition, in certain markets, it may not be possible under national law for securities belonging to the Issuer LLP and held in custody by a Subcustodian, Depository or third party to be separately identifiable from the proprietary assets of that holding party (or the Custodian, where the Custodian is a client of and account holder with the relevant Subcustodian, Depository or third party). For the avoidance of doubt, the Custodian or any of its agents, sub-contractors, representatives or delegates will segregate any Cash in its books and records.