Common use of Initial Paying Agents Clause in Contracts

Initial Paying Agents. The names of the initial Paying Agents and their initial specified offices are set out at the end of these Conditions. The Issuer reserves the right at any time to vary or terminate the appointment of any Paying Agent and to appoint additional or other Paying Agents provided that (a) it will at all times maintain a Fiscal Agent having its specified office in Hong Kong, (b) if any European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN Council Meeting of 26th-27th November, 2000 or any law implementing or complying with, or introduced in order to conform to, such Directive is introduced, the Issuer will ensure it maintains a Paying Agent in a European Union Member State that will not be obliged to withhold or deduct tax pursuant to any such Directive, (c) if any Notes are listed on the Luxembourg Stock Exchange or any other stock exchange, it will at all times maintain a Paying Agent having its specified office in Luxembourg, or, as the case may be, in such place as may be required by the rules and regulations of any other relevant stock exchange (or any other relevant authority) and (d) the specified office of a Paying Agent shall not be located within the United States. Notice of any termination or appointment and of any changes in specified offices shall be given to the Noteholders promptly by the Issuer in accordance with Condition 12. The Agents shall act solely as Agent of the Issuer and will not thereby assume any obligations towards or relationship of agency or trust for or with any of the owners or holders of Notes or Coupons.