Common use of Status of the Covered Bond Guarantee Clause in Contracts

Status of the Covered Bond Guarantee. The payment of Guaranteed Amounts in respect of the Covered Bonds when the same will become Due for Payment has been unconditionally (save as set out below) and irrevocably guaranteed by the Guarantor in favour of the Bond Trustee for and on behalf of the Covered Bondholders pursuant to a guarantee (the Covered Bond Guarantee) in the Trust Deed. However, the Guarantor will have no obligation under the Covered Bond Guarantee to pay any Guaranteed Amounts when the same will become Due for Payment under the Covered Bonds or the Trust Deed until service of a Notice to Pay by the Bond Trustee on the Guarantor (which the Bond Trustee will be required to serve following the occurrence of an Issuer Event of Default and service of an Issuer Acceleration Notice by the Bond Trustee on the Issuer) or, if earlier, the occurrence of a Guarantor Event of Default and service of a Guarantor Acceleration Notice by the Bond Trustee on the Guarantor. The obligations of the Guarantor under the Covered Bond Guarantee are subject to the applicable Priorities of Payments, and, subject as aforesaid, are unsubordinated obligations of the Guarantor, which are secured and subject to limitations on recourse as provided in the Security Agreement. As security for the Guarantor’s obligations under the Covered Bond Guarantee and the other Transaction Documents to which it is a party, the Guarantor has granted a security interest over all of its assets under the Security Agreement in favour of the Bond Trustee (for Covered Bondholders and on behalf of the other Secured Creditors).

Status of the Covered Bond Guarantee. The payment of Guaranteed Amounts in respect of the Covered Bonds when the same will shall become Due for Payment has been unconditionally (save as set out below) and irrevocably guaranteed by the Covered Bond Guarantor in favour of the Bond Trustee for and on behalf of the Covered Bondholders pursuant to a guarantee (the Covered Bond Guarantee) as set out in the Bond Trust Deed. However, the Covered Bond Guarantor will shall have no obligation under the Covered Bond Guarantee to pay any Guaranteed Amounts when the same will become Due for Payment under the Covered Bonds or the Trust Deed until service of a Notice to Pay by the Bond Trustee on the Guarantor (which the Bond Trustee will be required to serve following the occurrence of an Issuer Event of Default, service by the Bond Trustee on the Issuers and the Guarantor of an Issuer Acceleration Notice and service by the Bond Trustee on the Covered Bond Guarantor of a Notice to Pay or, if earlier, following the occurrence of a Covered Bond Guarantor Event of Default and service by the Bond Trustee of a Covered Bond Guarantee Acceleration Notice. The obligations of the Covered Bond Guarantor under the Covered Bond Guarantee are (following an Issuer Event of Default, service of an Issuer Acceleration Notice by the Bond Trustee on the Issuer) or, if earlier, the occurrence and service of a Notice to Pay or a Covered Bond Guarantor Event of Default and service of a Guarantor Covered Bond Guarantee Acceleration Notice by the Notice), direct, unconditional (subject as provided in Condition 17 (Limited Recourse, Covered Bond Trustee on the Guarantor. The Guarantee and non-petition)) and unsubordinated obligations of the Covered Bond Guarantor, which are secured as provided in the Security Deed. Any payment made by the Covered Bond Guarantor under the Covered Bond Guarantee are subject shall (unless such obligation shall have been discharged as a result of the payment of Excess Proceeds to the applicable Priorities of Payments, and, subject as aforesaid, are unsubordinated Bond Trustee pursuant to Condition 9) discharge pro tanto the obligations of the Guarantor, which are secured relevant Issuer and subject to limitations on recourse as provided the Guarantor (in the Security Agreement. As security for the Guarantor’s obligations case of Covered Bonds issued by BNZ-IF) in respect of such payment under the Covered Bond Guarantee Bonds and Coupons and the other Transaction Documents to which it is a partyGuarantee except where such payment has been declared void, the Guarantor has granted a security interest over all of its assets under the Security Agreement voidable or otherwise recoverable in favour of whole or in part and recovered from the Bond Trustee (for or the Covered Bondholders and on behalf of the other Secured Creditors)Bondholders.

Status of the Covered Bond Guarantee. The payment of Guaranteed Amounts in respect of the Covered Bonds when the same will shall become Due for Payment has been unconditionally (save as set out below) and irrevocably guaranteed by the Guarantor in favour of the Bond Trustee for and on behalf of the Covered Bondholders Fund pursuant to a guarantee the Representative and Agency Agreement (the Covered Bond Guarantee) in the Trust Deed). However, the Guarantor will Fund shall have no obligation under the Covered Bond Guarantee to pay any Guaranteed Amounts when the same will shall become Due for Payment under the Covered Bonds or the Trust Deed until service of a Notice to Pay by the Bond Trustee Representative on the Guarantor Fund (which the Bond Trustee Representative will be required to serve following the occurrence of an Issuer Event of Default and service of an Issuer Acceleration Notice by the Bond Trustee Representative on the Issuer) or, if earlier, the occurrence of a Guarantor Fund Event of Default and service of a Guarantor Fund Acceleration Notice by the Bond Trustee Representative on the GuarantorFund. The obligations of the Guarantor Fund under the Covered Bond Guarantee are subject to the applicable Priorities of Payments, andare, subject as aforesaid, are direct, unconditional, unsubordinated and unsecured obligations of the GuarantorFund (save for certain obligations required to be preferred by law) equally with all other unsecured obligations (other than subordinated obligations, which are secured and subject if any) of the Fund, from time to limitations on recourse as provided in time outstanding. Any payment made by the Security Agreement. As security for the Guarantor’s obligations Fund under the Covered Bond Guarantee and shall (unless such obligation shall have been discharged as a result of the other Transaction Documents payment of Excess Proceeds to which it is a party, the Guarantor has granted a security interest over all Representative pursuant to Condition 10) discharge pro tanto the obligations of its assets the Issuer in respect of such payment under the Security Agreement Covered Bonds, Receipts and Coupons, except where such payment by the Fund has been declared void, voidable or otherwise recoverable in favour of whole or in part and recovered from the Bond Trustee (for Representative or the Covered Bondholders and on behalf of the other Secured Creditors)Bondholders.

Status of the Covered Bond Guarantee. The payment of Guaranteed Amounts in respect of the Covered Bonds when the same will become Due for Payment has been unconditionally (save as set out below) and irrevocably guaranteed by the Guarantor in favour of the Bond Trustee for and on behalf of the Covered Bondholders pursuant to a guarantee (the Covered Bond Guarantee) in the Trust Deed. However, the Guarantor will have no obligation under the Covered Bond Guarantee to pay any Guaranteed Amounts when the same will become Due for Payment under the Covered Bonds or the Trust Deed until service of a Notice to Pay by the Bond Trustee on the Guarantor (which the Bond Trustee will be required to serve following the occurrence of an Issuer Event of Default and service of an Issuer Acceleration Notice by the Bond Trustee on the Issuer) or, if earlier, the occurrence of a Guarantor Event of Default and service of a Guarantor Acceleration Notice by the Bond Trustee on the Guarantor. The obligations of the Guarantor under the Covered Bond Guarantee are subject to the applicable Priorities of Payments, and, and subject as aforesaid, are unsubordinated obligations of the Guarantor, which are secured and subject to limitations on recourse as provided in the Security Agreement. As security for the Guarantor’s obligations under the Covered Bond Guarantee and the other Transaction Documents to which it is a party, the Guarantor has granted a security interest over all of its assets under the Security Agreement in favour of the Bond Trustee (for Covered Bondholders and on behalf of the other Secured Creditors).

Status of the Covered Bond Guarantee. The payment of Guaranteed Amounts in respect of the Covered Bonds when the same will shall become Due for Payment has been unconditionally (save as set out below) and irrevocably guaranteed by the Covered Bond Guarantor in favour of the Bond Trustee for and on behalf of the Covered Bondholders pursuant to a guarantee (the Covered Bond Guarantee) as set out in the Bond Trust Deed. However, the Covered Bond Guarantor will shall have no obligation under the Covered Bond Guarantee to pay any Guaranteed Amounts when the same will become Due for Payment under the Covered Bonds or the Trust Deed until service of a Notice to Pay by the Bond Trustee on the Guarantor (which the Bond Trustee will be required to serve following the occurrence of an Issuer Event of Default, service by the Bond Trustee on the Issuers and the Guarantor of an Issuer Acceleration Notice and service by the Bond Trustee on the Covered Bond Guarantor of a Notice to Pay or, if earlier, following the occurrence of a Covered Bond Guarantor Event of Default and service by the Bond Trustee of a Covered Bond Guarantee Acceleration Notice. The obligations of the Covered Bond Guarantor under the Covered Bond Guarantee are (following an Issuer Event of Default, service of an Issuer Acceleration Notice by the Bond Trustee on the Issuer) or, if earlier, the occurrence and service of a Notice to Pay or a Covered Bond Guarantor Event of Default and service of a Guarantor Covered Bond Guarantee Acceleration Notice by the Notice), direct, unconditional (subject as provided in Condition 17 (Limited Recourse, Covered Bond Trustee on the Guarantor. The Guarantee and non-petition)) and unsubordinated obligations of the Covered Bond Guarantor, which are secured as provided in the Security Deed. Any payment made by the Covered Bond Guarantor under the Covered Bond Guarantee are subject shall (unless such obligation shall have been discharged as a result of the payment of Excess Proceeds to the applicable Priorities of Payments, and, subject as aforesaid, are unsubordinated Bond Trustee pursuant to Condition 9) discharge pro tanto the obligations of the Guarantor, which are secured relevant Issuer and subject to limitations on recourse as provided the Guarantor (in the Security Agreement. As security for the Guarantor’s obligations case of Covered Bonds issued by BNZ-IF) in respect of such payment under the Covered Bond Guarantee Bonds, Receipts and Coupons and the other Transaction Documents to which it is a partyGuarantee except where such payment has been declared void, the Guarantor has granted a security interest over all of its assets under the Security Agreement voidable or otherwise recoverable in favour of whole or in part and recovered from the Bond Trustee (for or the Covered Bondholders and on behalf of the other Secured Creditors)Bondholders.

Status of the Covered Bond Guarantee. The payment of Guaranteed Amounts in respect of the Covered Bonds when the same will become Due for Payment has been unconditionally (save as set out below) and irrevocably guaranteed by the Guarantor in favour of the Bond Trustee for and on behalf of the Covered Bondholders pursuant to a guarantee (the “Covered Bond Guarantee”) in the Trust Deed. However, the Guarantor will have no obligation under the Covered Bond Guarantee to pay any Guaranteed Amounts when the same will become Due for Payment under the Covered Bonds or the Trust Deed until service of a Notice to Pay by the Bond Trustee on the Guarantor (which the Bond Trustee will be required to serve following the occurrence of an Issuer Event of Default and service of an Issuer Acceleration Notice by the Bond Trustee on the Issuer) or, if earlier, the occurrence of a Guarantor Event of Default and service of a Guarantor Acceleration Notice by the Bond Trustee on the Guarantor. The obligations of the Guarantor under the Covered Bond Guarantee are subject to the applicable Priorities of Payments, and, and subject as aforesaid, are unsubordinated obligations of the Guarantor, which are secured and subject to limitations on recourse as provided in the Security Agreement. As security for the Guarantor’s obligations under the Covered Bond Guarantee and the other Transaction Documents to which it is a party, the Guarantor has granted a security interest over all of its assets under the Security Agreement in favour of the Bond Trustee (for Covered Bondholders and on behalf of the other Secured Creditors).