Common use of TERMS AND CONDITIONS OF THE COVERED BONDS Clause in Contracts

TERMS AND CONDITIONS OF THE COVERED BONDS. The following are the Terms and Conditions of the Covered Bonds which will be incorporated by reference into each global Covered Bond and each definitive Covered Bond, in the latter case only if permitted by the relevant stock exchange or other relevant authority (if any) and agreed by the Issuer and the relevant Dealer(s) at the time of issue but, if not so permitted and agreed, such definitive Covered Bond will have endorsed thereon or attached thereto such Terms and Conditions. The following Terms and Conditions will be applicable to each VP Systems Covered Bonds. VP Systems Covered Bonds will not be evidenced by any physical covered bond or document of title other than statements of account made by VPS, VP or VPC (as the case may be). Ownership of VP Systems Covered Bonds will be recorded and transfer effected only through the book entry system and register maintained by VPS, VP or VPC (as the case may be). The Applicable Pricing Supplement in relation to any Tranche of Exempt Covered Bonds may specify other Terms and Conditions, replace or modify the following Terms and Conditions for the purpose of such