FORM OF THE COVERED BONDS. 3.1 Bearer Covered Bonds will initially be represented by a Temporary Global Covered Bond substantially in the form of Schedule 3 hereto (or such other form as may be required by the relevant clearing system) or a Permanent Global Covered Bond substantially in the form of Schedule 4 hereto (or such other form as may be required by the relevant clearing system), as set out in the applicable Final Terms. The applicable Final Terms shall be annexed to each Global Covered Bond. Each Temporary Global Covered Bond will be deposited on or prior to the relevant Issue Date with the Common Safekeeper, the Common Depositary or Euroclear Nederland or with (a depositary for) any other agreed clearing system. Interests in the Temporary Global Covered Bond will be exchangeable for interests in the Permanent Global Covered Bond, substantially in the form of Schedule 4 hereto (or such other form as may be required by the relevant clearing system), not earlier than forty (40) days after the relevant Issue Date (the "Exchange Date") upon certification that the beneficial owners thereof are not United States persons (as defined in Regulation S under the Securities Act).
FORM OF THE COVERED BONDS. The Covered Bonds of each Series will be in either bearer form, with or without interest coupons and/or talons attached, or registered form, without interest coupons and/or talons attached. Bearer Covered Bonds will be issued outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act (Regulation S) and Registered Covered Bonds may be issued both outside the United States to non-U.S. persons in reliance on the exemption from registration provided by Regulation S and within the United States or to, or for the account of or benefit of, U.S. persons in reliance on Rule 144A or otherwise in private transactions that are exempt from the registration requirements under the Securities Act.
FORM OF THE COVERED BONDS. The Covered Bonds of each Series will be in either bearer form, with or without interest coupons and/or talons attached, or registered form, without interest coupons and/or talons attached. Bearer Covered Bonds will be issued outside the United States to non-U.S. persons in reliance on the exemption from registration provided by Regulation S under the Securities Act (Regulation S) and Registered Covered Bonds may be issued both outside the United States to non-U.S. persons in reliance on the exemption from registration provided by Regulation S and within the United States to, or for the account of or benefit of, qualified institutional buyers in reliance on Rule 144A under the Securities Act (Rule 144A) or otherwise in private transactions that are exempt from the registration requirements under the Securities Act.
