Common use of FORM OF THE COVERED BONDS Clause in Contracts

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. 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, Safekeeper or with the Common Depositary or with 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).