Common use of Incorporation and Valid Existence Clause in Contracts

Incorporation and Valid Existence. The Bank is duly established and is validly existing, governed by the Third Protocol to the General Agreement on Privileges and Immunities of the Council of Europe of March 6, 1959 (the “Protocol”), by its Articles of Agreement, as amended and by regulations issued pursuant to the Articles, with full power and capacity to own or lease its respective property and assets and conduct its business as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and is lawfully qualified to do business in those jurisdictions in which business is conducted by it, except where the failure to be so qualified would not have a material adverse effect on the business, properties, management, financial position or results of operations of the Bank or on the performance by the Bank of its obligations hereunder, under the Fiscal Agency Agreement or under the Securities (a “Material Adverse Effect”).

Incorporation and Valid Existence. The Bank is duly established and is validly existing, governed by the Third Protocol to the General Agreement on Privileges and Immunities of the Council of Europe of March 6, 1959 (the “Protocol”), by its Articles of Agreement, as amended and by regulations issued pursuant to the Articles, with full power and capacity to own or lease its respective property and assets and conduct its business as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, and is lawfully qualified to do business in those jurisdictions in which business is conducted by it, except where the failure to be so qualified would not have a material adverse effect on the business, properties, management, financial position or results of operations of the Bank or on the performance by the Bank of its obligations hereunder, under the Fiscal Agency Agreement or under the Securities (a “Material Adverse Effect”).