Common use of General provisions applicable to payments Clause in Contracts

General provisions applicable to payments. The holder of a Global Covered Bond (or, as provided in the Trust Deed, the Bond Trustee) will be the only Person entitled to receive payments in respect of Covered Bonds represented by such Global Covered Bond and the obligations of the Issuer or, as the case may be, the Guarantor under the Covered Bond Guarantee will be discharged by payment to, or to the order of, the holder of such Global Covered Bond (or the Bond Trustee, as the case may be) in respect of each amount so paid. Each of the Persons shown in the records of DTC, Euroclear or Clearstream, Luxembourg as the beneficial holder of a particular nominal amount of Covered Bonds represented by such Global Covered Bond must look solely to DTC, Euroclear or Clearstream, Luxembourg, as the case may be, for his share of each payment so made by the Issuer or the Guarantor under the Covered Bond Guarantee to, or to the order of, the holder of such Global Covered Bond (or the Bond Trustee, as the case may be). No Person other than the holder of the relevant Global Covered Bond (or, as provided in the Trust Deed, the Bond Trustee) will have any claim against the Issuer or the Guarantor under the Covered Bond Guarantee in respect of any payments due on that Global Covered Bond. Notwithstanding the foregoing provisions of this Condition, payments of principal and/or interest in respect of Bearer Covered Bonds in U.S. Dollars will only be made at the specified office of a Paying Agent in the United States if: (a) the Issuer has appointed Paying Agents with specified offices outside the United States with the reasonable expectation that such Paying Agents would be able to make payment in U.S. Dollars at such specified offices outside the United States of the full amount of principal and/or interest on the Bearer Covered Bonds in the manner provided above when due; (b) payment of the full amount of such principal and interest at such specified offices outside the United States is illegal or effectively precluded by exchange controls or other similar restrictions on the full payment or receipt of principal and interest in U.S. Dollars; and (c) such payment is then permitted under United States Law without involving, in the opinion of the Issuer and the Guarantor, adverse tax consequences to the Issuer or the Guarantor under the Covered Bond Guarantee.

General provisions applicable to payments. The holder of a Global Covered Bond (or, Except as provided in the Trust DeedDeed of Covenant, the Bond Trustee) will registered holder of a Registered Global Note or the holder of a Bearer Global Note shall be the only Person entitled to receive payments in respect of Covered Bonds the Notes represented by such Global Covered Bond Note and the obligations of the Issuer or, as the case may be, the Guarantor under the Covered Bond Guarantee will be discharged by payment to, or to the order of, the such holder of such Global Covered Bond (or the Bond Trustee, as the case may be) in respect of each amount so paid. Each of the Persons shown in the records of DTC, Euroclear or Clearstream, Luxembourg Luxembourg, as the case may be, as the beneficial holder owner of a particular nominal principal amount of Covered Bonds Notes represented by such a Global Covered Bond Note must look solely to DTC, Euroclear or Clearstream, Luxembourg, as the case may be, for his such Person’s share of each payment so made by or on behalf of the Issuer or the Guarantor under the Covered Bond Guarantee to, or to the order of, the registered holder of such a Registered Global Covered Bond (Note or the Bond Trusteeholder of a Bearer Global Note. Except as provided in the Deed of Covenant, as the case may be). No no Person other than the registered holder of a Registered Global Note or the relevant holder of a Bearer Global Covered Bond (or, as provided in the Trust Deed, the Bond Trustee) will Note shall have any claim against the Issuer or the Guarantor under the Covered Bond Guarantee in respect of any payments due on that such Global Covered BondNote. Notwithstanding the foregoing provisions of this ConditionConditions 7.2 and 7.3, payments if any amount of principal and/or interest in respect of Bearer Covered Bonds Notes is payable in U.S. Dollars dollars, then such payments will only be made at the specified office of a Paying Agent in the United States only if: (a) the Issuer has appointed Paying Agents with specified offices outside the United States with the reasonable expectation that such Paying Agents would be able to make payment in U.S. Dollars dollars at such specified offices outside the United States of the full amount of principal and/or and interest on the Bearer Covered Bonds Notes in the manner provided above when due;, (b) payment of the full amount of such principal and interest at all such specified offices outside the United States is illegal or effectively precluded by exchange controls or other similar restrictions on the full payment or receipt of principal and interest in U.S. Dollars; dollars, and (c) such payment is then permitted under United States Law law without involving, in the opinion of the Issuer and the GuarantorIssuer, adverse tax consequences to the Issuer or the Guarantor under the Covered Bond GuaranteeIssuer.

General provisions applicable to payments. The holder of a Global Covered Bond (or, Except as provided in the Trust DeedDeed of Covenant, the Bond Trustee) will registered holder of a Registered Global Note or the holder of a Bearer Global Note shall be the only Person entitled to receive payments in respect of Covered Bonds on the Notes represented by such Global Covered Bond Note and the obligations of the Issuer or, as the case may be, the Guarantor under the Covered Bond Guarantee will be discharged by payment to, or to the order of, the such holder of such Global Covered Bond (or the Bond Trustee, as the case may be) in respect of each amount so paid. Each of the Persons shown in the records of DTC, Euroclear or Clearstream, Luxembourg Luxembourg, as the case may be, as the beneficial holder owner of a particular nominal principal amount of Covered Bonds Notes represented by such a Global Covered Bond Note must look solely to DTC, Euroclear or Clearstream, Luxembourg, as the case may be, for his such Person’s share of each payment so made by (or on behalf of) the Issuer or the Guarantor under the Covered Bond Guarantee to, or to the order of, the registered holder of such a Registered Global Covered Bond (Note or the Bond Trusteeholder of a Bearer Global Note. Except as provide in the Deed of Covenant, as the case may be). No no Person other than the registered holder of a Registered Global Note or the relevant holder of a Bearer Global Covered Bond (or, as provided in the Trust Deed, the Bond Trustee) will Note shall have any claim against the Issuer or the Guarantor under the Covered Bond Guarantee in respect of any payments due on that such Global Covered BondNote. Notwithstanding the foregoing provisions of this ConditionConditions 7.2 and 7.3, payments if any amount of principal and/or interest in respect of on Bearer Covered Bonds Notes is payable in U.S. Dollars dollars, then such payments will only be made at the specified office Specified Office of a Paying Agent in the United States if: (a) the Issuer has appointed Paying Agents with specified offices Specified Offices outside the United States with the reasonable expectation that such Paying Agents would be able to make payment in U.S. Dollars dollars at such specified offices Specified Offices outside the United States of the full amount of principal and/or and interest on the Bearer Covered Bonds Notes in the manner provided above when due;, (b) payment of the full amount of such principal and interest at all such specified offices Specified Offices outside the United States is illegal or effectively precluded by exchange controls or other similar restrictions on the full payment or receipt of principal and interest in U.S. Dollars; dollars, and (c) such payment is then permitted under United States Law law without involving, in the opinion of the Issuer and the GuarantorIssuer, adverse tax consequences to the Issuer or the Guarantor under the Covered Bond GuaranteeIssuer.

General provisions applicable to payments. The holder of a Global Covered Bond Note (or, if the Global Note is not lodged with the CMU Service) or (if the Global Note is lodged with the CMU Service) the person(s) for whose account(s) interests in such Global Note are credited as provided being held through the CMU in accordance with the Trust Deed, the Bond Trustee) will prevailing CMU rules and procedures shall be the only Person person entitled to receive payments in respect of Covered Bonds Notes represented by such Global Covered Bond Note and the obligations of the Issuer or, as the case may be, the Guarantor under the Covered Bond Guarantee will (where applicable) w ill be discharged by payment to, or to the order of, the holder of such Global Covered Bond (Note or suc h other person(s) for whose account(s) interests in such Global Note are credited as being held in the Bond TrusteeCMU Service, as the case may be) , in respect of each amount so paid. Each of the Persons persons shown in the records of DTCEuroclear, Euroclear Clearstream or Clearstream, Luxembourg the CMU Service as the beneficial holder of a particular nominal amount of Covered Bonds Notes represented by such Global Covered Bond Note must look solely to DTCEuroclear, Euroclear Clearstream or Clearstream, Luxembourgthe CMU Service, as the case may be, for his share of each payment so made by the Issuer or or, as the case may be, the Guarantor under the Covered Bond Guarantee (where applic able) to, or to the order of, the holder of such Global Covered Bond (or the Bond Trustee, as the case may be). No Person other than the holder of the relevant Global Covered Bond (or, as provided in the Trust Deed, the Bond Trustee) will have any claim against the Issuer or the Guarantor under the Covered Bond Guarantee in respect of any payments due on that Global Covered Bond. Note.‌ Notwithstanding the foregoing provisions of this Condition, if any amount of principal and/or interest in respect of Notes is payable in U.S. dollars, such U.S. dollar payments of principal and/or interest in respect of Bearer Covered Bonds in U.S. Dollars such Notes will only be made at the specified office of a Paying Agent in the United States if: : (ai) the Issuer has appointed Paying Agents with specified offices outside the United States with the reasonable expectation that such Paying Agents would be able to make payment in U.S. Dollars dollars at such specified offices outside outs ide the United States of the full amount of principal and/or and interest on the Bearer Covered Bonds Notes in the manner provided above when due; ; (bii) payment of the full amount of such principal and interest at all such specified offices outside the United States is illegal or effectively precluded by exchange controls or other similar restrictions on the full payment or receipt of principal and interest in U.S. Dollarsdollars; and and (ciii) such payment is then permitted under United States Law law without involving, in the opinion of the Issuer and the GuarantorGuarantor (where applicable), adverse tax consequences to the Issuer or the Guarantor under the Covered Bond Guarantee(where applicable).