Common use of Bearer Notes Clause in Contracts

Bearer Notes. Bearer Notes having an original maturity of more than 365 days are subject to U.S. tax law requirements, and may not be offered, sold or delivered within the United States or its possessions or to a United States person, except in certain transactions permitted by U.S. tax regulations. Terms used in this paragraph have the meanings given to them by the Internal Revenue Code of 1986 and the U.S. Treasury regulations promulgated thereunder. Each Tranche of Bearer Notes will be in bearer form and will initially be represented by either a temporary bearer global note (a “Temporary Bearer Global Note”) or a permanent bearer global note (a “Permanent Bearer Global Note” and, together with the Temporary Bearer Global Note, the “Bearer Global Notes”) as indicated in the applicable Final Terms, which, in either case, will: