Common use of Interim termination Clause in Contracts

Interim termination. 13.1 The Issuer shall be empowered to give written notice to an Issuer to terminate a Programme Agreement with immediate effect and without prior notice of default if: a. that Issuer does not fulfil its obligations under the Programme Agreement and/or under the Notes issued by it; b. that Issuer itself submits a petition as referred to in section 1 of the Bankruptcy Act; c. that Issuer is declared bankrupt; d. that Issuer applies for a suspension of payments; e. an important part of the assets of that Issuer is attached and this attachment is not removed within a period of thirty (30) days. 13.2 If after the conclusion of the Programme Agreement as a result of implementation or amendment of or a change in interpretation or application of (i) legislation and/or regulations and/or (ii) prescriptions or guidelines, with or without the force of law, including rules, measures, instructions and codes of conduct of the European Central Bank and/or De Nederlandse Bank N.V., the Arranger is no longer permitted to fulfil it obligations on the strength of the Programme Agreement, the Arranger shall be entitled to terminate the 01042019 JZ/2483432/da 15 of 18 Programme Agreement, without judicial interposition and without notice of default, with immediate effect. 13.3 As soon as any fact occurs that makes the Programme Agreement susceptible of termination in pursuance of the provisions in article 13.1, an Issuer shall inform the Arranger of this with immediate effect by means of a registered letter. 13.4 With the termination of a Programme Agreement the obligations of the Paying Agent under article 4 shall continue to exist until there is another Paying Agent for the Notes already issued under that Programme Agreement; the obligations of the relevant Issuer in respect of the Arranger, the Issuing and Paying Agent and all the holders of the Notes shall continue to exist until the time at which the Notes have been paid. 13.5 After termination of the Programme Agreement concluded with it the obligations of that Issuer in respect of the Arranger, the Issuing and Paying Agent and the holders of the Notes issued by the relevant Issuer shall continue to exist until the time at which all the amounts payable under the Notes have been paid. 13.6 With observance of sixty (60) days' notice the Arranger shall be empowered to terminate its position as Arranger without giving reasons. The Issuers may then designate its successor within sixty (60) days, failing which the Arranger may designate a party as such within thirty (30) days. From the time that the Arranger has the right to designate its successor, no issues can be made under the Programme until that successor has been designated.

Interim termination. 13.1 The Issuer shall be empowered to give written notice to an Issuer to terminate a Programme Agreement with immediate effect and without prior notice of default if: a. that Issuer does not fulfil its obligations under the Programme Agreement and/or under the Notes issued by it; b. that Issuer itself submits a petition as referred to in section 1 of the Bankruptcy Act; c. that Issuer is declared bankrupt; d. that Issuer applies for a suspension of payments; e. an important part of the assets of that Issuer is attached and this attachment is not removed within a period of thirty (30) days. 13.2 If after the conclusion of the Programme Agreement as a result of implementation or amendment of or a change in interpretation or application of (i) legislation and/or regulations and/or (ii) prescriptions or guidelines, with or without the force of law, including rules, measures, instructions and codes of conduct of the European Central Bank and/or De Nederlandse Bank N.V., the Arranger is no longer permitted to fulfil it obligations on the strength of the Programme Agreement, the Arranger shall be entitled to terminate the 01042019 Our reference JZ/2483432/da 15 of 18 Programme Agreement, without judicial interposition and without notice of default, with immediate effect. 13.3 As soon as any fact occurs that makes the Programme Agreement susceptible of termination in pursuance of the provisions in article 13.1, an Issuer shall inform the Arranger of this with immediate effect by means of a registered letter. 13.4 With the termination of a Programme Agreement the obligations of the Paying Agent under article 4 shall continue to exist until there is another Paying Agent for the Notes already issued under that Programme Agreement; the obligations of the relevant Issuer in respect of the Arranger, the Issuing and Paying Agent and all the holders of the Notes shall continue to exist until the time at which the Notes have been paid. 13.5 After termination of the Programme Agreement concluded with it the obligations of that Issuer in respect of the Arranger, the Issuing and Paying Agent and the holders of the Notes issued by the relevant Issuer shall continue to exist until the time at which all the amounts payable under the Notes have been paid. 13.6 With observance of sixty (60) days' notice the Arranger shall be empowered to terminate its position as Arranger without giving reasons. The Issuers may then designate its successor within sixty (60) days, failing which the Arranger may designate a party as such within thirty (30) days. From the time that the Arranger has the right to designate its successor, no issues can be made under the Programme until that successor has been designated.