Common use of Interest on Floating Rate Covered Bonds Clause in Contracts

Interest on Floating Rate Covered Bonds. Interest Payment Dates Each Floating Rate Covered Bond bears interest on its Outstanding Principal Amount from (and including) the Interest Commencement Date and such interest will be payable in arrears on either: the Specified Interest Payment Date(s) (each an “Interest Payment Date”) in each year specified in the applicable Final Terms; or if no Specified Interest Payment Date(s) is/are specified in the applicable Final Terms, each date (each an “Interest Payment Date”) which falls the number of months or other period specified as the Specified Period(s) in the applicable Final Terms after the preceding Interest Payment Date or, in the case of the first Interest Payment Date, after the Interest Commencement Date. Such interest will be payable in respect of each Interest Period (provided that, in the case of a Registered Global Covered Bond, interest will be paid to Clearstream, Luxembourg and/or Euroclear for distribution by them to Relevant Account Holders in accordance with their usual rules and operating procedures).