Substitution or Variation – Senior Preferred Notes and Senior Non-Preferred Notes. This Condition 6(n) applies only to Senior Preferred Notes and Senior Non-Preferred where this Condition 6(n) is specified as being applicable in the applicable Final Terms, and references to “Notes”, “Noteholders” and “Couponholders” in this Condition shall be construed accordingly. If at any time a MREL Disqualification Event occurs and is continuing, or in order to ensure the effectiveness and enforceability of Condition 18, the Issuer may, subject to the provisions of Condition 6(j) (without any requirement for the consent or approval of the Noteholders or the Couponholders) on giving not less than 15 nor more than 30 days’ notice (or, if applicable, such other minimum period and maximum period of notice as specified in the applicable Final Terms or, as the case may be, the applicable Pricing Supplement) to the Agent and, in accordance with Condition 13, the Noteholders (which notice shall be irrevocable) either substitute all (but not some only) of the Notes for, or vary the terms of the Notes (including changing the governing law of Condition 18, from English law to Norwegian law) so that they remain or, as appropriate, become, Qualifying MREL Securities (as defined below), provided that such substitution or variation does not itself give rise to any right of the Issuer to redeem the substituted or varied securities that are inconsistent with the redemption provisions of the Notes.
