Common use of Holders of the Covered Bonds Clause in Contracts

Holders of the Covered Bonds. Any reference in this Agreement and in the Terms and Conditions to the “holder” of a Covered Bond is to the owners of the Covered Bonds as specified in the individual securities ownership accounts held with any Affiliate Member of Interbolsa and includes the beneficial owners of those Covered Bonds as specified in the accounts with Euroclear or Clearstream, Luxembourg holding their interest through any Affiliate Member of Interbolsa.

Holders of the Covered Bonds. Any Whilst the Covered Bonds are held through Interbolsa, any reference in this Agreement and in the Terms and Conditions to the “holder” of a Covered Bond is to the owners of the Covered Bonds as specified in the individual securities ownership accounts held with any Affiliate Member of Interbolsa Participant and includes the beneficial owners of those Covered Bonds as specified in the accounts with Euroclear or Clearstream, Luxembourg holding their interest through any Affiliate Member of InterbolsaInterbolsa Participant.