Common use of Failure to exchange Clause in Contracts

Failure to exchange. in the case of interest falling due at any time, to the extent that the Issuer has failed to procure the exchange for a permanent global note of that portion of this Temporary Global Note in respect of which such interest has accrued.

Failure to exchange. in the case of interest falling due at any time, to the extent that the Issuer has failed to procure the exchange for a permanent global note Permanent Global Covered Bond of that portion of this Temporary Global Note Covered Bond in respect of which such interest has accruedaccrued upon due presentation of such Temporary Global Covered Bond together with certification of that portion of the Temporary Global Covered Bond to be exchanged in accordance with paragraph 4.