Common use of ISDA Rate Covered Bonds Clause in Contracts

ISDA Rate Covered Bonds. 5.04 Where ISDA Determination is specified in the Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final Terms) the Margin, if any. For purposes of this Condition 5.04, “ISDA Rate” for an Interest Period means a rate equal to the Fixed Rates, Fixed Amounts, Floating Rates or Floating Amounts, as the case may be, as set out in the applicable Final Terms, as would have applied (regardless of any event of default or termination event or tax event thereunder) if the Issuer had entered into a schedule and confirmation and credit support annex, if applicable, in respect of the relevant Tranche or Series of Covered Bonds, as applicable, with the Holder of such Covered Bond under the terms of an agreement to which the ISDA Definitions applied and under which: • the Fixed Rate Payer, Fixed Amount Payer, Floating Rate Payer or, as the case may be, Floating Amount Payer is the Issuer (as specified in the Final Terms); • the Effective Date is the Interest Commencement Date; • the Floating Rate Option is as specified in the applicable Final Terms; • the Designated Maturity, if applicable, is the period specified in the applicable Final Terms; • the Agent is the Calculation Agent; • the Calculation Periods are the Interest Periods; • the Payment Dates are the Interest Payment Dates; • the relevant Reset Date is the day specified in the applicable Final Terms; • if applicable, the Applicable Benchmark, Fixing Day, Fixing Time and /or any other items specified in the Final Terms as relating to ISDA Determination are as specified in the Final Terms; • the Calculation Amount is the principal amount of such Covered Bond; • the Day Count Fraction applicable to the calculation of any amount is that specified in the Final Terms (which may be Actual/Actual, Actual/365 (Sterling), Actual/Actual (ISDA), Actual/365 (Fixed), Actual/360, Actual/Actual Canadian Compound Method, 30E/360, Eurobond Basis, 30/360, 360/360, Bond Basis, 30E/360 (ISDA), Actual/Actual (ICMA) or Act/Act (ICMA)), or if none is so specified, as may be determined in accordance with the ISDA Definitions; and • the Business Day Convention applicable to any date is that specified in the Final Terms (which may be Following Business Day Convention, Modified Following Business Day Convention, Modified Business Day Convention, Preceding Business Day Convention, FRN Convention or Eurodollar Convention), or if none is so specified, as may be determined in accordance with the ISDA Definitions.

ISDA Rate Covered Bonds. 5.04 Where ISDA Determination is specified in the Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final Terms) the Margin, if any. For purposes of this Condition 5.04, “ISDA Rate” for an Interest Period means a rate equal to the Fixed Rates, Fixed Amounts, Floating Rates or Floating Amounts, as the case may be, as set out in the applicable Final Terms, as would have applied (regardless of any event of default or termination event or tax event thereunder) if the Issuer had entered into a schedule and confirmation and credit support annex, if applicable, in respect of the relevant Tranche or Series of Covered Bonds, as applicable, with the Holder of such Covered Bond under the terms of an agreement to which the ISDA Definitions applied and under which: • the Fixed Rate Payer, Fixed Amount Payer, Floating Rate Payer or, as the case may be, Floating Amount Payer is the Issuer (as specified in the Final Terms); • the Effective Date is the Interest Commencement Date; • the Floating Rate Option (which may refer to a Rate Option or a Price Option, specified in the ISDA Definitions) is as specified in the applicable Final Terms; • the Designated Maturity, if applicable, Maturity is the period specified in the applicable Final Terms; • the Agent is the Calculation Agent; • the Calculation Periods are the Interest Periods; • the Payment Dates are the Interest Payment Dates; • the relevant Reset Date is the day specified in the applicable Final Terms; • if applicable, the Applicable Benchmark, Fixing Day, Fixing Time and /or any other items specified in the Final Terms as relating to ISDA Determination are as specified in the Final Terms; • the Calculation Amount is the principal amount of such Covered Bond; • the Day Count Fraction applicable to the calculation of any amount is that specified in the Final Terms (which may be Actual/Actual, Actual/365 (Sterling), Actual/Actual (ISDA), Actual/365 (Fixed), Actual/360Actual/365, Actual/Actual Canadian Compound Method, 30E/360, Eurobond Basis, 30/360, 360/360, Bond Basis, 30E/360 (ISDA), or Actual/Actual (ICMA) or Act/Act (ICMACanadian Compound Method)), or if none is so specified, as may be determined in accordance with the ISDA Definitions; and • the Business Day Convention applicable to any date is that specified in the Final Terms (which may be Following Business Day Convention, Modified Following Business Day Convention, Modified Business Day Convention, Preceding Business Day Convention, FRN Convention or Eurodollar Convention), or if none is so specified, as may be determined in accordance with the ISDA Definitions.. For the purposes of this Condition 5.04, “Floating Rate”, “Calculation Agent”, “Floating Rate Option”, “Designated Maturity” and “Reset Date” have the meanings given to those terms in the ISDA Definitions. Maximum or Minimum Interest Rate

ISDA Rate Covered Bonds. 5.04 Where ISDA Determination is specified in the Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final Terms) the Margin, if any. For purposes of this Condition 5.04, “ISDA Rate” for an Interest Period means a rate equal to the Fixed Rates, Fixed Amounts, Floating Rates or Floating Amounts, as the case may be, as set out in the applicable Final Terms, as would have applied (regardless of any event of default or termination event or tax event thereunder) if the Issuer had entered into a schedule and confirmation and credit support annex, if applicable, in respect of the relevant Tranche or Series of Covered Bonds, as applicable, with the Holder of such Covered Bond under the terms of an agreement to which the ISDA Definitions applied and under which: •  the Fixed Rate Payer, Fixed Amount Payer, Floating Rate Payer or, as the case may be, Floating Amount Payer is the Issuer (as specified in the Final Terms); •  the Effective Date is the Interest Commencement Date; •  the Floating Rate Option (which may refer to a Rate Option or a Price Option, specified in the ISDA Definitions) is as specified in the applicable Final Terms; •  the Designated Maturity, if applicable, Maturity is the period specified in the applicable Final Terms; •  the Issuing and Paying Agent is the Calculation Agent; •  the Calculation Periods are the Interest Periods; •  the Payment Dates are the Interest Payment Dates; •  the relevant Reset Date is the day as specified in the applicable Final Terms; • if applicable, the Applicable Benchmark, Fixing Day, Fixing Time and /or any other items specified in the Final Terms as relating to ISDA Determination are as specified in the Final Terms; •  the Calculation Amount is the principal amount of such Covered Bond; •  the Day Count Fraction applicable to the calculation of any amount is that specified in the Final Terms (which may be Actual/Actual, Actual/365 (Sterling), Actual/Actual (ISDA), Actual/365 (Fixed), Actual/360, Actual/Actual Canadian Compound Method, 30E/360, Eurobond Basis, 30/360, 360/360, Bond Basis, 30E/360 (ISDA), Actual/Actual (ICMA) or Act/Act (ICMA)), or if none is so specified, as may be determined in accordance with the ISDA Definitions; and •  the Business Day Convention applicable to any date is that specified in the Final Terms (which may be Following Business Day Convention, Modified Following Business Day Convention, Modified Business Day Convention, Preceding Business Day Convention, FRN Convention or Eurodollar Convention), or if none is so specified, as may be determined in accordance with the ISDA Definitions.

ISDA Rate Covered Bonds. 5.04 Where ISDA Determination is specified in the Final Terms or Pricing Supplement as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final TermsTerms or Pricing Supplement) the Margin, if any. For purposes of this Condition 5.04, “ISDA Rate” for an Interest Period means a rate equal to the Fixed Rates, Fixed Amounts, Floating Rates or Floating Amounts, as the case may be, as set out in the applicable Final TermsTerms or Pricing Supplement, as would have applied (regardless of any event of default or termination event or tax event thereunder) if the Issuer had entered into a schedule and confirmation and credit support annex, if applicable, in respect of the relevant Tranche or Series of Covered Bonds, as applicable, with the Holder of such Covered Bond under the terms of an agreement to which the ISDA Definitions applied and under which: •  the Fixed Rate Payer, Fixed Amount Payer, Floating Rate Payer or, as the case may be, Floating Amount Payer is the Issuer (as specified in the Final TermsTerms or Pricing Supplement); •  the Effective Date is the Interest Commencement Date; •  the Floating Rate Option is as specified in the applicable Final TermsTerms or Pricing Supplement; •  the Designated Maturity, if applicable, is the period specified in the applicable Final TermsTerms or Pricing Supplement; •  the Agent is the Calculation Agent; •  the Calculation Periods are the Interest Periods; •  the Payment Dates are the Interest Payment Dates; •  the relevant Reset Date is the day specified in the applicable Final TermsTerms or Pricing Supplement; •  if applicable, the Applicable Benchmark, Fixing Day, Fixing Time and /or any other items specified in the applicable Final Terms or Pricing Supplement as relating to ISDA Determination are as specified in the applicable Final TermsTerms or Pricing Supplement; •  the Calculation Amount is the principal amount of such Covered Bond; •  the Day Count Fraction applicable to the calculation of any amount is that specified in the Final Terms or Pricing Supplement (which may be Actual/Actual, Actual/365 (Sterling), Actual/Actual (ISDA), Actual/365 (Fixed), Actual/360, Actual/Actual Canadian Compound Method, 30E/360, Eurobond Basis, 30/360, 360/360, Bond Basis, 30E/360 (ISDA), Actual/Actual (ICMA) or Act/Act (ICMA)), or if none is so specified, as may be determined in accordance with the ISDA Definitions; and •  the Business Day Convention applicable to any date is that specified in the Final Terms or Pricing Supplement (which may be Following Business Day Convention, Modified Following Business Day Convention, Modified Business Day Convention, Preceding Business Day Convention, FRN Convention or Eurodollar Convention), or if none is so specified, as may be determined in accordance with the ISDA Definitions.

ISDA Rate Covered Bonds. 5.04 Where ISDA Determination is specified in the Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final Terms) the Margin, if anyany provided that in any circumstances where under the ISDA definitions the Calculation Agent would be required to exercise any discretion, including the selection of any Reference Banks and seeking quotations from Reference Banks, when calculating the relevant ISDA Rate, the relevant determination(s) which require the Calculation Agent to exercise its discretion shall instead be made by the Issuer or its designee. For purposes of this Condition 5.04, “ISDA Rate” for an Interest Period means a rate equal to the Fixed Rates, Fixed Amounts, Floating Rates or Floating Amounts, as the case may be, as set out in the applicable Final Terms, as would have applied (regardless of any event of default or termination event or tax event thereunder) if the Issuer had entered into a schedule and confirmation and schedule, credit support annex, if applicable, annex and confirmation(s) in respect of the relevant Tranche or Series of Covered Bonds, as applicable, with the Holder of such Covered Bond under the terms of an agreement to which the ISDA Definitions applied and under which: • the Fixed Rate Payer, Fixed Amount Payer, Floating Rate Payer or, as the case may be, Floating Amount Payer is the Issuer (as specified in the Final Terms); • the Effective Date is the Interest Commencement Date; • the Floating Rate Option is as specified in the applicable Final Terms; • the Designated Maturity, if applicable, is the period specified in the applicable Final Terms; • the Agent is the Calculation Agent; • the Calculation Periods are the Interest Periods; • the Payment Dates are the Interest Payment Dates; • the relevant Reset Date is the day specified in the applicable Final Terms; • if applicable, the Applicable Benchmark, Fixing Day, Fixing Time and /or any other items specified in the applicable Final Terms as relating to ISDA Determination are as specified in the applicable Final Terms; • the Calculation Amount is the principal amount of such Covered Bond; • the Day Count Fraction applicable to the calculation of any amount is that specified in the Final Terms (which may be Actual/Actual, Actual/365 (Sterling), Actual/Actual (ISDA), Actual/365 (Fixed), Actual/360, Actual/Actual Canadian Compound Method, 30E/360, Eurobond Basis, 30/360, 360/360, Bond Basis, 30E/360 (ISDA), Actual/Actual (ICMA) or Act/Act (ICMA)), or if none is so specified, as may be determined in accordance with the ISDA Definitions; and • the Business Day Convention applicable to any date is that specified in the Final Terms (which may be Following Business Day Convention, Modified Following Business Day Convention, Modified Business Day Convention, Preceding Business Day Convention, FRN Convention or Eurodollar Convention), or if none is so specified, as may be determined in accordance with the ISDA Definitions.

ISDA Rate Covered Bonds. 5.04 Where ISDA Determination is specified in the Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final Terms) the Margin, if any. For purposes of this Condition 5.04, “ISDA Rate” for an Interest Period means a rate equal to the Fixed Rates, Fixed Amounts, Floating Rates or Floating Amounts, as the case may be, as set out in the applicable Final Terms, as would have applied (regardless of any event of default or termination event or tax event thereunder) if the Issuer had entered into a schedule and confirmation and credit support annex, if applicable, in respect of the relevant Tranche or Series of Covered Bonds, as applicable, with the Holder of such Covered Bond under the terms of an agreement to which the ISDA Definitions applied and under which: •  the Fixed Rate Payer, Fixed Amount Payer, Floating Rate Payer or, as the case may be, Floating Amount Payer is the Issuer (as specified in the Final Terms); •  the Effective Date is the Interest Commencement Date; •  the Floating Rate Option is as specified in the applicable Final Terms; •  the Designated Maturity, if applicable, is the period specified in the applicable Final Terms; •  the Agent is the Calculation Agent; •  the Calculation Periods are the Interest Periods; •  the Payment Dates are the Interest Payment Dates; •  the relevant Reset Date is the day specified in the applicable Final Terms; •  if applicable, the Applicable Benchmark, Fixing Day, Fixing Time and /or any other items specified in the Final Terms as relating to ISDA Determination are as specified in the Final Terms; •  the Calculation Amount is the principal amount of such Covered Bond; •  the Day Count Fraction applicable to the calculation of any amount is that specified in the Final Terms (which may be Actual/Actual, Actual/365 (Sterling), Actual/Actual (ISDA), Actual/365 (Fixed), Actual/360, Actual/Actual Canadian Compound Method, 30E/360, Eurobond Basis, 30/360, 360/360, Bond Basis, 30E/360 (ISDA), Actual/Actual (ICMA) or Act/Act (ICMA)), or if none is so specified, as may be determined in accordance with the ISDA Definitions; and •  the Business Day Convention applicable to any date is that specified in the Final Terms (which may be Following Business Day Convention, Modified Following Business Day Convention, Modified Business Day Convention, Preceding Business Day Convention, FRN Convention or Eurodollar Convention), or if none is so specified, as may be determined in accordance with the ISDA Definitions.

ISDA Rate Covered Bonds. 5.04 Where ISDA Determination is specified in the Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final Terms) the Margin, if any. For purposes of this Condition 5.04, “ISDA Rate” for an Interest Period means a rate equal to the Fixed Rates, Fixed Amounts, Floating Rates or Floating Amounts, as the case may be, as set out in the applicable Final Terms, as would have applied (regardless of any event of default or termination event or tax event thereunder) if the Issuer had entered into a schedule and confirmation and credit support annex, if applicable, in respect of the relevant Tranche or Series of Covered Bonds, as applicable, with the Holder of such Covered Bond under the terms of an agreement to which the ISDA Definitions applied and under which: •  the Fixed Rate Payer, Fixed Amount Payer, Floating Rate Payer or, as the case may be, Floating Amount Payer is the Issuer (as specified in the Final Terms); •  the Effective Date is the Interest Commencement Date; •  the Floating Rate Option (which may refer to a Rate Option or a Price Option, specified in the ISDA Definitions) is as specified in the applicable Final Terms; •  the Designated Maturity, if applicable, Maturity is the period specified in the applicable Final Terms; •  the Issuing and Paying Agent is the Calculation Agent; •  the Calculation Periods are the Interest Periods; •  the Payment Dates are the Interest Payment Dates; •  the relevant Reset Date is the day as specified in the applicable Final Terms; • if applicable, the Applicable Benchmark, Fixing Day, Fixing Time and /or any other items specified in the Final Terms as relating to ISDA Determination are as specified in the Final Terms; •  the Calculation Amount is the principal amount of such Covered Bond; •  the Day Count Fraction applicable to the calculation of any amount is that specified in the Final Terms (which may be Actual/Actual, Actual/365 (Sterling), Actual/Actual (ISDA), Actual/365 (Fixed), Actual/360, Actual/Actual Canadian Compound Method, 30E/360, Eurobond Basis, 30/360, 360/360, Bond Basis, 30E/360 (ISDA), Actual/Actual (ICMA) or Act/Act (ICMA)), or if none is so specified, as may be determined in accordance with the ISDA Definitions; and •  the Business Day Convention applicable to any date is that specified in the Final Terms (which may be Following Business Day Convention, Modified Following Business Day Convention, Modified Business Day Convention, Preceding Business Day Convention, FRN Convention or Eurodollar Convention), or if none is so specified, as may be determined in accordance with the ISDA Definitions.. For the purposes of this Condition 5.04, “Floating Rate”, “Calculation Agent”, “Floating Rate Option”, “Designated Maturity” and “Reset Date” have the meanings given to those terms in the ISDA Definitions. Maximum Rate of Interest or Minimum Rate of Interest