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Obligation”“Governm<strong>en</strong>tal Authority”“Grace Period”Bonds, or capable of being assigned or novated to all Eligible Transfereeswithout the cons<strong>en</strong>t of any person being required in the case of anyDeliverable Obligation other than Bonds. Any requirem<strong>en</strong>t that notificationof novation, assignm<strong>en</strong>t or transfer of a Deliverable Obligation be provi<strong>de</strong>dto a trustee, f<strong>is</strong>cal ag<strong>en</strong>t, admin<strong>is</strong>trative ag<strong>en</strong>t, clearing ag<strong>en</strong>t or paying ag<strong>en</strong>tfor a Deliverable Obligation shall not be consi<strong>de</strong>red as a requirem<strong>en</strong>t forcons<strong>en</strong>t for purposes of th<strong>is</strong> <strong>de</strong>finition of “Fully Transferable Obligation”.For purposes of <strong>de</strong>termining whether a Deliverable Obligation sat<strong>is</strong>fies therequirem<strong>en</strong>ts of th<strong>is</strong> <strong>de</strong>finition of “Fully Transferable Obligation”, such<strong>de</strong>termination shall be ma<strong>de</strong> as of the Delivery Date for the rele<strong>van</strong>tDeliverable Obligation, taking into account only the terms of the DeliverableObligation and any related transfer or cons<strong>en</strong>t docum<strong>en</strong>ts which have be<strong>en</strong>obtained by the Issuer.means any <strong>de</strong> facto or <strong>de</strong> jure governm<strong>en</strong>t (or any ag<strong>en</strong>cy, instrum<strong>en</strong>tality,min<strong>is</strong>try or <strong>de</strong>partm<strong>en</strong>t thereof), court, tribunal, admin<strong>is</strong>trative or othergovernm<strong>en</strong>tal authority or any other <strong>en</strong>tity (private or public) charged withthe regulation of the financial markets (including the c<strong>en</strong>tral bank) of aRefer<strong>en</strong>ce Entity or of the jur<strong>is</strong>diction of organ<strong>is</strong>ation of a Refer<strong>en</strong>ce Entity.means:(i)(ii)(iii)subject to paragraphs (ii) and (iii) below, the applicable grace periodwith respect to paym<strong>en</strong>ts un<strong>de</strong>r the rele<strong>van</strong>t Obligation un<strong>de</strong>r theterms of such Obligation in effect as of the later of the Tra<strong>de</strong> Dateand the date as of which such Obligation <strong>is</strong> <strong>is</strong>sued or incurred;if Grace Period Ext<strong>en</strong>sion <strong>is</strong> specified, as applicable, in the rele<strong>van</strong>tFinal Terms, a Pot<strong>en</strong>tial Failure to Pay has occurred on or prior tothe Scheduled Maturity Date and the applicable grace period cannot,by its terms, expire on or prior to the Scheduled Maturity Date, theGrace Period shall be <strong>de</strong>emed to be the lesser of such grace periodand the period specified as such in the rele<strong>van</strong>t Final Terms or, if noperiod <strong>is</strong> specified in the rele<strong>van</strong>t Final Terms, 30 cal<strong>en</strong>dar days; andif, at the later of the Tra<strong>de</strong> Date and the date as of which anObligation <strong>is</strong> <strong>is</strong>sued or incurred, no grace period with respect topaym<strong>en</strong>ts or a grace period with respect to paym<strong>en</strong>ts of less thanthree Grace Period Business Days <strong>is</strong> applicable un<strong>de</strong>r the terms ofsuch Obligation, a Grace Period of three Grace Period BusinessDays shall be <strong>de</strong>emed to apply to such Obligation; provi<strong>de</strong>d that,unless Grace Period Ext<strong>en</strong>sion <strong>is</strong> specified as applicable in therele<strong>van</strong>t Final Terms, such <strong>de</strong>emed Grace Period shall expire no laterthan the Scheduled Maturity Date.“Grace Period BusinessDay”“Grace Period Ext<strong>en</strong>sionDate”means a day on which commercial banks and foreign exchange markets areg<strong>en</strong>erally op<strong>en</strong> to settle paym<strong>en</strong>ts in the place or places and on the daysspecified for that purpose in the rele<strong>van</strong>t Obligation and, if a place or placesare not so specified, in the jur<strong>is</strong>diction of the Obligation Curr<strong>en</strong>cy.means, if:(i)Grace Period Ext<strong>en</strong>sion <strong>is</strong> specified as applicable in the rele<strong>van</strong>t195

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