Common use of Preconditions to Issue Clause in Contracts

Preconditions to Issue. If the ETP Securities are intended to be cleared through a Relevant Clearing System other than (i) Euroclear or (ii) Clearstream, Luxembourg, the Issuer shall inform the Issuing and Paying Agent of its wish to issue such ETP Securities and shall agree with the Issuing and Paying Agent the procedure for issuing such ETP Securities, which agreement shall cover the fees, charges and expenses, time, date and place for the delivery (if any) of the relevant Global Security by the Issuing and Paying Agent, whether such delivery (if any) is to be free of payment or against payment, an appropriate method for determining non-U.S. beneficial ownership of such ETP Securities in accordance with applicable U.S. law and the method by which the Issuing and Paying Agent is to receive any payment, and hold any moneys, on behalf of the Issuer.

Preconditions to Issue. If the ETP Securities are intended to be cleared through a Relevant Clearing System other than (i) Euroclear or (ii) Clearstream, Luxembourg, the Issuer shall inform the Issuing and Paying Agent of its wish to issue such ETP Securities and shall agree with the Issuing and Paying Agent the procedure for issuing such ETP Securities, which agreement shall cover the fees, charges and expenses, time, date and place for the delivery (if any) of the relevant Global Security by the Issuing and Paying Agent, whether such delivery (if any) is to be free of payment or against payment, an appropriate method for determining non-U.S. beneficial ownership of such ETP Securities in accordance with applicable U.S. law and the method by which the Issuing and Paying Agent is to receive any payment, and hold any moneys, on behalf of the Issuer.