Common use of Effectuated Clause in Contracts

Effectuated. in the case of an NGN Temporary Global Note or an NGN Permanent Global Note, be effectuated manually by or on behalf of the Common Safekeeper. Notes in bearer form will not be issued under the Programme, unless and until there is further U.S. tax guidance on how bearer notes can be issued in registered form for U.S. tax purposes, the terms of the Bearer Notes and related arrangements have been revised to the extent required by such guidance, and U.S. tax counsel has rendered an opinion that such bearer notes will be regarded as issued in registered form for U.S. tax purposes.