Common use of Commercial Paper Clause in Contracts

Commercial Paper. In respect of any Tranche of Covered Bonds that has a maturity of less than one year from the applicable Issue Date, the Issuer will issue such Covered Bonds only if the following conditions apply (or the Covered Bonds can otherwise be issued without contravention of Section 19 of the FSMA): (a) the relevant Dealer covenants in the terms outlined in subparagraph (a) of the United Kingdom selling and transfer restrictions set out in Schedule 1 hereto; and (b) the redemption value of each Covered Bond is not less than £100,000 (or an amount of equivalent value denominated wholly or partly in a currency other than sterling), and no part of any Covered Bond may be transferred unless the redemption value of that part is not less than £100,000 (or such an equivalent amount).

Commercial Paper. In respect of any Tranche of Notes or Covered Bonds that which has a maturity of less than one year from the applicable Issue Datedate of issue, the Issuer will issue such Notes or Covered Bonds only if the following conditions apply (or the Notes or Covered Bonds can otherwise be issued without contravention of Section 19 of the FSMA): (a) the relevant Dealer covenants in the terms outlined in subparagraph (a) of the United Kingdom selling and transfer restrictions set out in Schedule 1 heretosubclause 3(a) of Appendix 2; and (b) the redemption value of each Note or Covered Bond is not less than £100,000 (or an amount of equivalent value denominated wholly or partly in a currency other than sterling), and no part of any Note or Covered Bond may be transferred unless the redemption value of that part is not less than £100,000 (or such an equivalent amount).

Commercial Paper. In respect of any Tranche of Notes or Covered Bonds that which has a maturity of less than one year from the applicable Issue Datedate of issue, the Issuer will issue such Notes or Covered Bonds only if the following conditions apply (or the Notes or Covered Bonds can otherwise be issued without contravention of Section 19 of the FSMA): (a) the relevant Dealer covenants in the terms outlined in subparagraph (a) of the United Kingdom selling and transfer restrictions set out in Schedule 1 heretosubclause 3.2(a) of Appendix 2; and (b) the redemption value of each Note or Covered Bond is not less than £100,000 (or an amount of equivalent value denominated wholly or partly in a currency other than sterling), and no part of any Note or Covered Bond may be transferred unless the redemption value of that part is not less than £100,000 (or such an equivalent amount).