Base Prospectus - Malta Financial Services Authority

This Note may be an Index Linked Redemption Note, an Instalment Note, a Dual Currency
Note, a Partly Paid Note or a combination of any of the foregoing, depending on the Redemption/
Payment Basis shown in the applicable Final Terms.
This Note is an Unsubordinated Note, a Dated Subordinated Note or an Undated
Subordinated Note, as indicated in the applicable Final Terms.
Definitive Bearer Notes are issued with Coupons attached, unless they are Zero Coupon
Notes in which case references to Coupons and Couponholders in these Terms and Conditions are
not applicable.
Subject as set out below, title to the Bearer Notes, Receipts and Coupons will pass by
delivery and title to the Registered Notes will pass upon registration of transfers in accordance with
the provisions of the Agency Agreement. The Issuer, the Trustee, the Replacement Agent (as
defined in the Agency Agreement), the Registrar, any Transfer Agent and any Paying Agent may
deem and treat the bearer of any Bearer Note, Receipt or Coupon and the registered holder of any
Registered Note as the absolute owner thereof (whether or not overdue and notwithstanding any
notice of ownership or writing thereon or notice of any previous loss or theft thereof) for all
purposes but, in the case of any global Note, without prejudice to the provisions set out in the next
succeeding paragraph, and the expressions ‘‘Noteholder’’ and ‘‘holder of Notes’’ and related
expressions shall be construed accordingly. The holder of a VPS Note will be the person
evidenced as such by a book entry in the records of the VPS. Title to the VPS Notes will pass by
registration in the registers between the direct or indirect accountholders at the VPS in accordance
with the rules and procedures of the VPS. Where a nominee is so evidenced, it shall be treated by
the Issuer as the holder of the relevant VPS Note.
For so long as any of the Notes is represented by a bearer global Note held on behalf of
Euroclear Bank SA/NV (‘‘Euroclear’’) and/or Clearstream Banking, société anonyme
(‘‘Clearstream, Luxembourg’’) or for so long as The Depository Trust Company (‘‘DTC‘‘) or its
nominee is the registered holder of a Registered Global Note or so long as the Note is a VPS
Note, each person (other than Euroclear or Clearstream, Luxembourg) who is for the time being
shown in the records of Euroclear or Clearstream, Luxembourg or DTC or the VPS, as the case
may be, as the holder of a particular nominal amount of such Notes (in which regard any
certificate or other document issued by such clearing system as to the nominal amount of such
Notes standing to the account of any person shall, save in the case of manifest error, be
conclusive and binding for all purposes, including any form of statement or print out of electronic
records provided by the relevant clearing system in accordance with its usual procedures and in
which the holder of a particular nominal amount of such Notes is clearly identified together with the
amount of such holding) shall be treated by the Issuer, the Trustee, the Agent, the Replacement
Agent and any other Paying Agent as the holder of such nominal amount of such Notes for all
purposes other than (in the case only of Notes not being VPS Notes) with respect to the payment
of principal or interest on the Notes, for which purpose, in the case of Notes represented by a
bearer global Note, the bearer of the relevant bearer global Note or, in the case of a Registered
Global Note registered in the name of DTC or its nominee, DTC or its nominee shall be treated by
the Issuer, the Trustee, the Agent and any other Paying Agent as the holder of such Notes in
accordance with and subject to the terms of the relevant global Note and the expressions
‘‘Noteholder’’ and ‘‘holder of Notes’’ and related expressions shall be construed accordingly.
Notes which are represented by a global Note and VPS Notes will be transferable only in
accordance with the rules and procedures for the time being of Euroclear, Clearstream,
Luxembourg and/or DTC and/or the VPS, as the case may be.
References to Euroclear, Clearstream, Luxembourg and/or DTC and/or the VPS shall,
whenever the context so permits, be deemed to include a reference to any additional or alternative
clearing system approved by the Issuer, the Trustee and the Agent.
2. Status of the Unsubordinated Notes
This Condition applies only to Unsubordinated Notes and references to ‘‘Notes’’, ‘‘Receipts’’
and ‘‘Coupons’’ in this Condition shall be construed accordingly.
The Notes and the relative Receipts and Coupons are direct, unconditional, unsubordinated
and unsecured obligations of the Issuer and rank pari passu among themselves and (save for
certain debts required to be preferred by law) equally with all other unsecured obligations (including
deposits) (other than subordinated obligations, if any) of the Issuer, present and future, from time
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