Systems Covered definition
Examples of Systems Covered in a sentence
The holder of a VP Systems Covered Bonds will be the person evidenced as such by a book entry in the records of VPS, VP or VPC (as the case may be).
Title to the VP Systems Covered Bonds will pass by registration in the registers between the direct or indirect accountholders at VPS, VP or VPC (as the case may be) in accordance with the rules and procedures of VPS, VP or VPC (as the case may be).
Ownership of VP Systems Covered Bonds will be recorded and transfer effected only through the book entry system and register maintained by VPS, VP or VPC (as the case may be).
VP Systems Covered Bonds will not be evidenced by any physical covered bond or document of title other than statements of account made by VPS, VP or VPC (as the case may be).
The details of all Covered Bonds so cancelled and the Covered Bonds purchased and cancelled pursuant to Condition 5(f) (Purchases) (together, in the case of definitive Bearer Covered Bonds, with all unmatured Coupons cancelled therewith) shall be forwarded to the Fiscal Agent and, in the case of VP Systems Covered Bonds, shall be deleted from the records of VPS, VP, VPC or any other relevant clearing system (as the case may be) and cannot be reissued or resold.
The following Terms and Conditions will be applicable to each VP Systems Covered Bonds.
VP Systems Covered Bonds may not be exchanged for Bearer Covered Bonds or Registered Covered Bonds and vice versa.
Covered Bonds which are represented by a global Covered Bond and VP Systems Covered Bonds will be transferable only in accordance with the rules and procedures for the time being of Euroclear, Clearstream, Luxembourg, SIX SIS AG, VPS, VP and/or VPC, as the case may be.
Where a nominee is so evidenced, it shall be treated by the Issuer as the holder of the relevant VP Systems Covered Bonds.
All notices regarding the Covered Bonds (other than VP Systems Covered which are not cleared through VPS, VP or VPC and Swiss Domestic Covered Bonds) will be deemed to be validly given (i) if published in a leading English language daily newspaper of general circulation in London or (ii), in the case of Covered Bonds admitted to the Official List of Euronext Dublin, if published in a manner which complies with the rules and regulations of Euronext Dublin.