Common use of Temporary Global Notes and Permanent Global Notes Clause in Contracts

Temporary Global Notes and Permanent Global Notes. The Notes of each Tranche will initially be represented by a single Temporary Global Note or, if so specified in the applicable Final Terms or applicable Pricing Supplement, as the case may be, a single permanent Global Note. Each Temporary Global Note shall (save as may be specified in the applicable Final Terms or applicable Pricing Supplement, as the case may be) be exchangeable for either Definitive Notes together with (except in the case of Zero Coupon Notes) Coupons and, where applicable, Talons attached or a Permanent Global Note in each case in accordance with the provisions set out therein. Each Permanent Global Note shall, in the circumstances therein set out, be exchangeable for Definitive Notes together with (except in the case of Zero Coupon Notes) Coupons and, where applicable, Talons attached, all as set out in such Permanent Global Note. All Global Notes shall be prepared, completed and delivered to a common depositary (in the case of a CGN) or common safekeeper (in the case of a NGN) for Euroclear and Clearstream, Luxembourg or a sub- custodian for the CMU Service (in the case of CMU Notes), in each case in accordance with the provisions of the Programme Agreement, or to another appropriate depositary in accordance with any other agreement between the Issuer and the relevant Dealer(s) and, in each case, the Agency Agreement.

Temporary Global Notes and Permanent Global Notes. The Notes of each Tranche will initially be represented by a single Temporary Global Note or, if so specified in the applicable Final Terms or applicable Pricing Supplement, as the case may be, a single permanent Global Note. Each Temporary Global Note shall (save as may be specified in the applicable Final Terms or applicable Pricing Supplement, as the case may be) be exchangeable for either Definitive Notes together with (except in the case of Zero Coupon Notes) Coupons and, where applicable, Talons attached or a Permanent Global Note in each case in accordance with the provisions set out therein. Each Permanent Global Note shall, in the circumstances therein set out, be exchangeable for Definitive Notes together with (except in the case of Zero Coupon Notes) Coupons and, where applicable, Talons attached, all as set out in such Permanent Global Note. All Global Notes shall be prepared, completed and delivered to a common depositary (in the case of a CGN) or common safekeeper (in the case of a NGN) for Euroclear and Clearstream, Luxembourg or a sub- custodian for the CMU Service (in the case of CMU Notes), in each case in accordance with the provisions of the Programme Agreement, or to another appropriate depositary in accordance with any other agreement between the Issuer and the relevant Dealer(s) and, in each case, the Agency Agreement.

Temporary Global Notes and Permanent Global Notes. ‌ The Notes of each Tranche will initially be represented by a single Temporary Global Note or, if so specified in the applicable Final Terms or applicable Pricing Supplement, as the case may be, a single permanent Global Note. Each Temporary Global Note shall (save as may be specified in the applicable Final Terms or applicable Pricing Supplement, as the case may be) be exchangeable for either Definitive Notes together with (except in the case of Zero Coupon Notes) Coupons and, where applicable, Talons attached or a Permanent Global Note in each case in accordance with the provisions set out therein. Each Permanent Global Note shall, in the circumstances therein set out, be exchangeable for Definitive Notes together with (except in the case of Zero Coupon Notes) Coupons and, where applicable, Talons attached, all as set out in such Permanent Global Note. All Global Notes shall be prepared, completed and delivered to a common depositary (in the case of a CGN) or common safekeeper (in the case of a NGN) for Euroclear and Clearstream, Luxembourg or a sub- custodian for the CMU Service (in the case of CMU Notes), in each case in accordance with the provisions of the Programme Agreement, or to another appropriate depositary in accordance with any other agreement between the Issuer and the relevant Dealer(s) and, in each case, the Agency Agreement.

Temporary Global Notes and Permanent Global Notes. (i) The Definitive Notes of each Tranche will initially be represented by a single Temporary Global Note or, if so specified in the applicable Final Terms or applicable Pricing Supplement, as the case may be, a single permanent Global Note. Each Temporary Global Note shall (save as may be specified in the applicable Final Terms or applicable Pricing Supplement, as the case may be) be exchangeable for either Definitive Bearer Notes together with with, where applicable, Receipts and (except in the case of Zero Coupon Notes) Coupons and, where applicable, Talons attached attached, Definitive Registered Notes (where the Issuer is IBM International Finance) or a Permanent Global Note in each case in accordance with the provisions set out therein. Each Permanent Global Note shall, in the circumstances therein set out, shall be exchangeable in whole but not in part for Definitive Bearer Notes together with with, where applicable, Receipts and (except in the case of Zero Coupon Notes) Coupons and, where applicable, Talons attached, all as set out in such Permanent Global Note. All Global Notes shall be prepared, completed and delivered to a common depositary (in the case of a CGN) or common safekeeper (in the case of a NGN) for Euroclear and Clearstream, Luxembourg or a sub- custodian for the CMU Service (in the case of CMU Notes), in each case Cedelbank in accordance with the provisions of the Programme Agreement, Agreement or to another appropriate depositary in accordance with any other agreement between the relevant Issuer and the relevant Dealer(sPurchaser(s) and, in each case, the Agency Agreement. 21 (ii) Each Temporary Global Note shall be printed or typed in the form or substantially in the form set out in PartI of Schedule2 and shall have annexed thereto a copy of the applicable Pricing Supplement. Each Temporary Global Note shall be signed manually by a person duly authorised by the relevant Issuer on behalf of the relevant Issuer and shall be authenticated by or on behalf of the Agent. Each Temporary Global Note so executed and authenticated shall be a binding and valid obligation of the Issuer.

Temporary Global Notes and Permanent Global Notes. ‌ The Notes of each Tranche will initially be represented by a single Temporary Global Note or, if so specified in the applicable Final Terms or applicable Pricing Supplement, as the case may be, a single permanent Global Note. Each Temporary Global Note shall (save as may be specified in the applicable Final Terms or applicable Pricing Supplement, as the case may be) be exchangeable for either Definitive Notes together with (except in the case of Zero Coupon Notes) Coupons and, where applicable, Talons attached or a Permanent Global Note in each case in accordance with the provisions set out therein. Each Permanent Global Note shall, in the circumstances therein set out, be exchangeable for Definitive Notes together with (except in the case of Zero Coupon Notes) Coupons and, where applicable, Talons attached, all as set out in such Permanent Global Note. All Global Notes shall be prepared, completed and delivered to a common depositary (in the case of a CGN) or common safekeeper (in the case of a NGN) for Euroclear and Clearstream, Luxembourg or a sub- sub-custodian for the CMU Service (in the case of CMU Notes), in each case in accordance with the provisions of the Programme Agreement, or to another appropriate depositary in accordance with any other agreement between the Issuer and the relevant Dealer(s) and, in each case, the Agency Agreement.

Temporary Global Notes and Permanent Global Notes. The Notes of each Tranche will initially be represented by a single Temporary Global Note or, if so specified in the applicable Final Terms or applicable Pricing Supplement, as the case may be, a single permanent Global Note. Each Temporary Global Note shall (save as may be specified in the applicable Final Terms or applicable Pricing Supplement, as the case may be) be exchangeable for either Definitive Notes together with (except in the case of Zero Coupon Notes) Coupons and, where applicable, Talons attached or a Permanent Global Note in each case in accordance with the provisions set out therein. Each Permanent Global Note shall, in the circumstances therein set out, be exchangeable for Definitive Notes together with (except in the case of Zero Coupon Notes) Coupons and, where applicable, Talons attached, all as set out in such Permanent Global Note. All Global Notes shall be prepared, completed and delivered to a common depositary (in the case of a CGN) or common safekeeper (in the case of a NGN) for Euroclear and Clearstream, Luxembourg or a sub- sub-custodian for the CMU Service (in the case of CMU Notes), in each case in accordance with the provisions of the Programme Agreement, or to another appropriate depositary in accordance with any other agreement between the Issuer and the relevant Dealer(s) and, in each case, the Agency Agreement.