Common use of REFERENCES TO DEPOSIT/RELEASE OF COVERED BONDS Clause in Contracts

REFERENCES TO DEPOSIT/RELEASE OF COVERED BONDS. (a) Where Bearer Covered Bonds are represented by a Global Covered Bond or are held in definitive form within a clearing system, references to the deposit, or release, of Covered Bonds shall be construed in accordance with the usual practices (including blocking the relevant account) of such clearing system. (b) Where Registered Covered Bonds are represented by a Global Registered Covered Bond and/or are held within a clearing system, references to the deposit, or release, of Covered Bonds shall be construed in accordance with the usual practices (including blocking the relevant account) of such clearing system.