Common use of Issuing Duties Clause in Contracts

Issuing Duties. (i) Notwithstanding anything to the contrary in the provisions of Section 3 of the Agency Agreement, the Canadian Agent will upon receipt from the Issuer of instructions that Canadian Covered Bonds are to be issued in a specified principal amount or amounts and to a specified person or persons: (A) immediately (or as otherwise instructed by the Issuer) establish the Register (in the case of the initial issue of Canadian Covered Bonds in a Series) and enter the specified person or persons in the Register (which, in the case of Canadian Covered Bonds to be cleared through CDS, shall be CDS or its nominee) as the holders of Canadian Covered Bonds in the specified principal amount or amounts; (B) in the case of Canadian Covered Bonds to be cleared through CDS, confirm the Issuer has notified CDS of the details of the proposed issue no later than the time that CDS requires those details and will lodge the details of the proposed issue in the CDS System as soon as practicable thereafter; (C) where the Canadian Covered Bonds are to be initially represented by a Registered Global Covered Bond registered in the name of CDS or its nominee, on or before 10.00 a.m. (Toronto time) on the Business Day prior to the Issue Date in relation to each Tranche, the Canadian Agent shall authenticate and deliver the Registered Global Covered Bond to a custodian for CDS or its nominee (or otherwise, at such time, on such date, to such person and in such place as may have been agreed between the Issuer, the Relevant Dealer and the Canadian Agent); and (D) give instructions to CDS to credit the Canadian Covered Bonds represented by the Registered Global Covered Bond to the Relevant Dealer’s participant account or the participant account of the CDS participant, as the case may be and to hold each such Canadian Covered Bond to the order of the Issuer pending delivery to the Relevant Dealer(s) on a delivery against payment basis (or on such other basis as shall have been agreed between the Issuer and the Relevant Dealer and notified to the Canadian Agent) in accordance with the normal procedures of CDS and, following payment, to credit the Canadian Covered Bonds represented by such Global Covered Bond to such securities account(s) as shall have been notified to the Canadian Agent by the Issuer, so as to facilitate the proposed issue in accordance with the Issuer’s instructions and the Issuer will provide the Canadian Agent such further information as may be reasonably required in order for the Canadian Agent to fulfill its obligations set out in subparagraphs 3(b)(i)(A) through 3(b)(i)(D) of this supplemental agreement.

Issuing Duties. (i) Notwithstanding anything to the contrary in the provisions of Section 3 of the Agency Agreement, the Canadian Agent will upon receipt from the Issuer of instructions that Canadian Covered Bonds are to be issued in a specified principal amount or amounts and to a specified person or persons: (A) A. immediately (or as otherwise instructed by the Issuer) establish the Register (in the case of the initial issue of Canadian Covered Bonds in a Series) and enter the specified person or persons in the Register (which, in the case of Canadian Covered Bonds to be cleared through CDS, shall be CDS or its nominee) as the holders of Canadian Covered Bonds in the specified principal amount or amounts; (B) B. in the case of Canadian Covered Bonds to be cleared through CDS, confirm the Issuer has notified CDS of the details of the proposed issue no later than the time that CDS requires those details and will lodge the details of the proposed issue in the CDS System as soon as practicable thereafter; (C) C. where the Canadian Covered Bonds are to be initially represented by a Registered Global Covered Bond registered in the name of CDS or its nominee, on or before 10.00 10:00 a.m. (Toronto Montréal time) on the Business Day prior to the Issue Date in relation to each Tranche, the Canadian Agent shall authenticate and deliver the Registered Global Covered Bond to a custodian for CDS or its nominee (or otherwise, at such time, on such date, to such person and in such place as may have been agreed between the Issuer, the Relevant Dealer and the Canadian Agent); and (D) D. give instructions to CDS to credit the Canadian Covered Bonds represented by the Registered Global Covered Bond to the Relevant Dealer’s participant account or the participant account of the CDS participant, as the case may be and to hold each such Canadian Covered Bond to the order of the Issuer pending delivery to the Relevant Dealer(s) on a delivery against payment basis (or on such other basis as shall have been agreed between the Issuer and the Relevant Dealer and notified to the Canadian Agent) in accordance with the normal procedures of CDS and, following payment, to credit the Canadian Covered Bonds represented by such Global Covered Bond to such securities account(s) as shall have been notified to the Canadian Agent by the Issuer, so as to facilitate the proposed issue in accordance with the Issuer’s instructions and the Issuer will provide the Canadian Agent such further information as may be reasonably required in order for the Canadian Agent to fulfill its obligations set out in subparagraphs 3(b)(i)(A) 3(b)(i)A through 3(b)(i)(D) 3(b)(i)D of this supplemental agreement.

Issuing Duties. (i) Notwithstanding anything to the contrary in the provisions of Section Article 3 of the Agency Agreement, the Canadian Agent will upon receipt from the Issuer of instructions that Canadian Covered Bonds are to be issued in a specified principal amount or amounts and to a specified person or persons: (A) immediately (or as otherwise instructed by the Issuer) establish the Register (in the case of the initial issue of Canadian Covered Bonds in a Series) and enter the specified person or persons in the Register (which, in the case of Canadian Covered Bonds to be cleared through CDS, shall be CDS or its nominee) as the holders of Canadian Covered Bonds in the specified principal amount or amounts; (B) in the case of Canadian Covered Bonds to be cleared through CDS, confirm the Issuer has notified CDS of the details of the proposed issue no later than the time that CDS requires those details and will lodge the details of the proposed issue in the CDS System as soon as practicable thereafter; (C) where the Canadian Covered Bonds are to be initially represented by a Registered Global Covered Bond registered in the name of CDS or its nominee, on or before 10.00 a.m. (Toronto time) on the Business Day prior to the Issue Date in relation to each Tranche, the Canadian Agent shall authenticate and deliver the Canadian Agent’s required signature pages to the Registered Global Covered Bond to a custodian counsel for CDS the Issuer or its nominee (or otherwise, at such time, on such date, to such person and in such place as may have been agreed between the Issuer, the Relevant Dealer and the Canadian Agent); and (DC) give instructions to CDS to credit the Canadian Covered Bonds represented by the Registered Global Covered Bond to the Relevant Dealer’s participant account or the participant account of the CDS participant, as the case may be and to hold each such Canadian Covered Bond to the order of the Issuer pending delivery to the Relevant Dealer(s) on a delivery against payment basis (or on such other basis as shall have been agreed between the Issuer and the Relevant Dealer and notified to the Canadian Agent) in accordance with the normal procedures of CDS and, following payment, to credit the Canadian Covered Bonds represented by such Global Covered Bond to such securities account(s) as shall have been notified to the Canadian Agent by the Issuer, so as to facilitate the proposed issue in accordance with the Issuer’s instructions and the Issuer will provide the Canadian Agent such further information as may be reasonably required in order for the Canadian Agent to fulfill its obligations set out in subparagraphs 3(b)(i)(A) through 3(b)(i)(D) of this supplemental agreement.