Common use of Issue of ETP Securities and Covenant to Pay Clause in Contracts

Issue of ETP Securities and Covenant to Pay. 2.1 The ETP Securities of each Series shall be constituted by the relevant Trust Deed and secured by the relevant Security Documents. Upon the issue by the Issuer of any ETP Securities expressed to be constituted by the relevant Trust Deed, such ETP Securities shall forthwith be constituted by the relevant Trust Deed without any further formality and irrespective of whether or not the issue of such securities contravenes any covenant or other restriction in the relevant Conditions and/or the relevant Trust Deed or the Programme Maximum Number of ETP Securities. 2.2 The Issuer shall be at liberty from time to time on a continuous basis, in accordance with the relevant Trust Deed, the Conditions relating to the ETP Securities, the relevant Authorised Participant Agreement and the Operating Procedures Agreement, and without the consent of the Trustee or any ETP Securityholders to create and issue further Tranches of ETP Securities (which shall be issued subject to and have the benefit of these presents) ranking pari passu in all respects, and so that the same shall be consolidated and form a single Series with the outstanding ETP Securities of any Series provided that the requirements set out in Condition 16.1 are satisfied. 2.3 Any new ETP Securities which are to be created and issued pursuant to Clause 2.2 so as to form a single Series with the ETP Securities of any Series and which are expressed to be constituted by the Trust Deed and secured by the relevant Security Documents will, upon the issue thereof by the Issuer, be constituted by the Trust Deed and secured by the relevant Security Documents without any further formality and irrespective of whether or not the issue of such securities contravenes any covenant or other restriction in the Trust Deed or the Programme Maximum Number of ETP Securities and shall be secured by the Secured Property (as increased and/or supplemented in connection with such issue of such new ETP Securities).On or before the Issue Date of any Tranche of ETP Securities, the Issuer shall deliver a copy of the Final Terms in respect of such Tranche of ETP Securities to the Trustee by electronic mail. 2.4 Where ETP Securities are issued, unless for any purpose the Trustee in its absolute discretion shall otherwise determine, all the provisions of this Master Trust Deed (as from time to time modified) shall apply mutatis mutandis separately and independently to each Series of ETP Securities and, where appropriate, each Tranche, and, in respect of each such Series and each such Tranche, the expressions “ETP Securities”, “Secured Creditor”, “Secured Property” and “Secured Obligations”, together with all other terms that relate to ETP Securities or their Conditions, shall be construed as referring to those of the particular Series or Tranche in question and not to all Series or all Tranches of ETP Securities issued under the Programme unless expressly so provided, so that each Series and each such Tranche shall be constituted by a separate trust and that, unless expressly provided, events affecting one Series shall not affect any other.

Issue of ETP Securities and Covenant to Pay. 2.1 The ETP Securities of each Series shall be constituted by the relevant Trust Deed and secured by the relevant Security Documents. Upon the issue by the Issuer of any ETP Securities expressed to be constituted by the relevant Trust Deed, such ETP Securities shall forthwith be constituted by the relevant Trust Deed without any further formality and irrespective of whether or not the issue of such securities contravenes any covenant or other restriction in the relevant Conditions and/or the relevant Trust Deed or the Programme Maximum Number of ETP Securities. 2.2 The Issuer shall be at liberty from time to time on a continuous basis, in accordance with the relevant Trust Deed, the Conditions relating to the ETP Securities, the relevant Authorised Participant Agreement and the Operating Procedures Agreement, and without the consent of the Trustee or any ETP Securityholders to create and issue further Tranches of ETP Securities (which shall be issued subject to and have the benefit of these presents) ranking pari passu in all respects, and so that the same shall be consolidated and form a single Series with the outstanding ETP Securities of any Series provided that the requirements set out in Condition 16.1 are satisfied. 2.3 Any new ETP Securities which are to be created and issued pursuant to Clause 2.2 so as to form a single Series with the ETP Securities of any Series and which are expressed to be constituted by the Trust Deed and secured by the relevant Security Documents will, upon the issue thereof by the Issuer, be constituted by the Trust Deed and secured by the relevant Security Documents without any further formality and irrespective of whether or not the issue of such securities contravenes any covenant or other restriction in the Trust Deed or the Programme Maximum Number of ETP Securities and shall be secured by the Secured Property (as increased and/or supplemented in connection with such issue of such new ETP Securities).On Securities). On or before the Issue Date of any Tranche of ETP Securities, the Issuer shall deliver a copy of the Final Terms in respect of such Tranche of ETP Securities to the Trustee by electronic mail. 2.4 Where ETP Securities are issued, unless for any purpose the Trustee in its absolute discretion shall otherwise determine, all the provisions of this Master Trust Deed (as from time to time modified) shall apply mutatis mutandis separately and independently to each Series of ETP Securities and, where appropriate, each Tranche, and, in respect of each such Series and each such Tranche, the expressions “ETP Securities”, “Secured Creditor”, “Secured Property” and “Secured Obligations”, together with all other terms that relate to ETP Securities or their Conditions, shall be construed as referring to those of the particular Series or Tranche in question and not to all Series or all Tranches of ETP Securities issued under the Programme unless expressly so provided, so that each Series and each such Tranche shall be constituted by a separate trust and that, unless expressly provided, events affecting one Series shall not affect any other.