Obligation America Bank 6.8% ( US638585BF51 ) en USD

America Bank

100 % ▼

Etats-unis

US638585BF51 ( en USD )

6.8% par an ( paiement semestriel )

14/03/2028

Prospectus brochure de l'obligation Bank of America US638585BF51 en USD 6.8%, échéance 14/03/2028

1 000 USD

242 000 000 USD

638585BF5

BBB+ ( Qualité moyenne inférieure )

Baa1 ( Qualité moyenne inférieure )

15/03/2026 ( Dans 136 jours )

Bank of America est une société financière américaine offrant une large gamme de services bancaires, de gestion de patrimoine et d'investissement aux particuliers et aux entreprises, à travers un vaste réseau d'agences et de canaux numériques.

L'Obligation émise par America Bank ( Etats-unis ) , en USD, avec le code ISIN US638585BF51, paye un coupon de 6.8% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 14/03/2028

L'Obligation émise par America Bank ( Etats-unis ) , en USD, avec le code ISIN US638585BF51, a été notée Baa1 ( Qualité moyenne inférieure ) par l'agence de notation Moody's.

L'Obligation émise par America Bank ( Etats-unis ) , en USD, avec le code ISIN US638585BF51, a été notée BBB+ ( Qualité moyenne inférieure ) par l'agence de notation Standard & Poor's ( S&P ).

SUPPLEMENTAL INFORMATION MEMORANDUM
STARTS (IRELAND) PUBLIC LIMITED COMPANY
(Incorporated with limited liability in Ireland under registered number 391541)
Series 2007-30 EUR 4,266,000 Structured Repackaged Credit-Linked Notes due 2041
This Supplemental Information Memorandum includes the Issue Terms relating to the Securities.
Investors should note that such Issue Terms supersede in their entirety any termsheets which may have
been circulated previously.
Prospective investors should be aware of the risks involved in investing in the Securities
(see Risk Factors on pages 5 to 9).
HSBC Bank plc
The date of this Supplemental Information Memorandum is 21 December 2007.
M-4685863-1

GENERAL
This Supplemental Information Memorandum under which the Series 2007-30 EUR 4,266,000 Structured
Repackaged Credit-Linked Notes due 2041 (the Securities) are described constitutes a securities note for the
purposes of Article 5.3 of Directive 2003/71/EC (the Prospectus Directive) and should be read in
conjunction with the Information Memorandum dated 8 August 2007 (as amended and restated on 19
November 2007) (the Information Memorandum) relating to the U.S.$50,000,000,000 Limited Recourse
Secured Debt Issuance Programme (the Programme) of STARTS (Ireland) Public Limited Company (the
Issuer). The Information Memorandum and this Supplemental Information Memorandum together constitute
the prospectus (the Prospectus) with respect to the Securities, prepared for the purposes of Article 5.3 of the
Prospectus Directive. To the extent that the Information Memorandum is inconsistent with this
Supplemental Information Memorandum, this Supplemental Information Memorandum shall prevail. Terms
defined in the Information Memorandum shall, unless the context otherwise requires, bear the same
meanings in this Supplemental Information Memorandum.
Save as disclosed herein there has been no significant change in respect of the information contained in, and
no new matter has arisen since publication of, the Information Memorandum. The Securities will not be rated
by any rating agency.
The Issuer accepts responsibility for the information contained in the Information Memorandum and this
Supplemental Information Memorandum. To the best of the knowledge and belief of the Issuer (which has
taken all reasonable care to ensure that such is the case) the information contained in the Information
Memorandum and this Supplemental Information Memorandum is in accordance with the facts and does not
omit anything likely to affect the import of such information. Application will be made to the Irish Financial
Services Regulatory Authority (IFSRA), as competent authority under Directive 2003/71/EC, for the
securities note to be approved. Application will be made to the Irish Stock Exchange Limited (the Irish
Stock Exchange) for the Securities to be admitted to the Official List and trading on its regulated market.
The information relating to the Counterparty, the Charged Assets and the obligor(s) in respect of the Charged
Assets has been accurately reproduced from information published by the Counterparty and the obligor(s) in
respect of the Charged Assets, as the case may be, as set out below. So far as the Issuer is aware and is able
to ascertain from such sources, no facts have been omitted from such sources which would render the
reproduced information misleading.
Copies of this Supplemental Information Memorandum will be available at the specified office set out below
of the Issuer and the Paying Agent (as defined herein).
Neither the delivery of this Supplemental Information Memorandum nor the offering, sale or delivery of any
Securities shall in any circumstances imply that the information contained in this Supplemental Information
Memorandum concerning the Issuer is correct at any time subsequent to the date hereof or that any other
information supplied in connection with the Securities is correct as of any time subsequent to the date
indicated in the document containing the same.
No person is or has been authorised by the Issuer to give any information or to make any representation not
contained in or not consistent with this Supplemental Information Memorandum or any other information
supplied in connection with the Programme or the Securities and, if given or made, such information or
representation must not be relied upon as having been authorised by the Issuer, the Trustee (as defined
herein) or HSBC Bank plc as the Dealer.
This Supplemental Information Memorandum does not constitute, and may not be used for the purposes of,
an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to
any person to whom it is unlawful to make such offer or solicitation, and no action is being taken by the
Issuer, the Trustee or the Dealer (save for the approval of this document as a securities note by IFSRA) to
permit an offering of the Securities or the distribution of this Supplemental Information Memorandum in any
jurisdiction where such action is required.
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The Securities have not been and will not be registered under the United States Securities Act of 1933, as
amended (the Securities Act), or with any securities regulatory authority of any state or other jurisdiction of
the United States. Consequently, the Securities may not be offered, sold, resold, delivered or transferred
within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under
the Securities Act (Regulation S)) except pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and applicable state securities laws. The Securities have
not been approved or disapproved by the United States Securities and Exchange Commission or any other
securities commission or other regulatory authority in the United States, nor have the foregoing authorities
reviewed or passed upon the accuracy or adequacy of this Supplemental Information Memorandum or the
Information Memorandum. Any representation to the contrary is a criminal offence.
Notwithstanding any provision herein and the otherwise confidential nature of this Supplemental Information
Memorandum and its contents, and effective from the date of commencement of discussions concerning the
offering of the Securities, each party hereto (and each employee, representative, or other agent of such party)
may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of this
transaction and all materials of any kind (including opinions and other tax analyses) that are provided to it
relating to such tax treatment and tax structure, except to the extent that any such disclosure could reasonably
be expected to cause this offering not to be in compliance with securities laws. In addition, no person may
disclose the name of or identifying information with respect to any party identified herein or other non-
public business or financial information that is unrelated to the tax treatment or tax structure of this
transaction without the prior consent of the Issuer.
Claims of the Securityholders and the Counterparty will be limited in recourse to the Mortgaged
Property.
The Securities do not represent an interest in, or obligations of, and are not insured or guaranteed by,
any governmental agency, the Counterparty, the Trustee, the Agents, the Dealer or any of their
respective affiliates or any other entity.
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CONTENTS
Page
Risk Factors .................................................................................................................................................5
Issue Terms ................................................................................................................................................ 10
Use of Proceeds.......................................................................................................................................... 17
Description of the Master Agreement.......................................................................................................... 18
Form of the Asset Swap Confirmation ........................................................................................................ 20
Description of the Counterparty.................................................................................................................. 25
Description of the Charged Assets And The Obligor(s) in respect of the Charged Assets............................. 26
Subscription and Sale ................................................................................................................................. 28
General Information ................................................................................................................................... 29
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RISK FACTORS
The purchase of the Securities may involve substantial risks and is suitable only for sophisticated
investors who have the knowledge and experience in financial and business matters necessary to enable
them to evaluate the risks and the merits of an investment in the Securities. The Securities are not
principal protected and purchasers of the Securities are exposed to full loss of principal. Payments of
interest on the Securities are dependent on the due performance by the Counterparty of its obligations
under the Swap Agreement, hence purchasers of the Securities are exposed to the creditworthiness of the
Counterparty. The Issuer believes that the following factors may affect its ability to fulfil its obligations
under the Securities. Some of these factors are contingencies which may or may not occur and the Issuer
is not in a position to express a view on the likelihood of any such contingency occurring.
The Issuer believes that the factors described below represent the principal risks inherent in investing in
the Securities, but the inability of the Issuer to pay interest, principal or other amounts on or in
connection with the Securities may occur for other reasons and the Issuer does not represent that the
statements below regarding the risks of holding the Securities are exhaustive. Before making an
investment decision, prospective purchasers should consider carefully, in the light of their own financial
circumstances and investment objectives, all the information set forth in this Supplemental Information
Memorandum, the Information Memorandum and the Swap Agreement, and in particular, the
considerations set out below.
Investor Suitability
Investment in the Securities is suitable only for highly sophisticated investors who are capable of
understanding, evaluating and taking considerable risks associated with an investment linked to the credit
risk of the Issuer, the obligors in respect of the Charged Assets (together, the Obligors) and the Counterparty
and who can absorb a substantial or total loss of principal.
By purchasing the Securities, each holder shall be deemed to represent that: (a) it is acting on its own
account in considering the purchase of the Securities; (b) it has made an independent investment decision as
to whether the Securities are suitable for it in light of its investment objectives; (c) it acknowledges that the
Dealer has sold the Securities to it on a principal to principal basis only and is not responsible for
determining the suitability of the Securities for any person to whom it may transfer or on-sell the Securities;
(d) it has not relied nor will rely on any representation of the Dealer or any of its affiliates regarding the
Charged Assets or any other aspect of the Securities not disclosed in this Supplemental Information
Memorandum and the Information Memorandum; and (e) it understands the risks associated with purchasing
the Securities after having received independent financial advice if necessary.
Credit Risk
The ability of the Issuer to meet its obligations under the Securities will be dependent upon the payment of
principal and interest due on the Charged Assets, upon the payment of all sums due from the Counterparty
under the Charged Agreements, upon the Principal Paying Agent and the Custodian making the relevant
payments when received and upon all parties to the Transaction Documents (other than the Issuer)
performing their respective obligations thereunder. Accordingly, Securityholders are exposed, inter alia, to
the creditworthiness of the Obligors, the Counterparty, the Principal Paying Agent and the Custodian.
Charged Assets
The purchase of Securities secured on the Charged Assets involves certain investment risks. The terms of
the Charged Assets are set out in the NationsBank Corporation prospectus dated 19 December 1996 as
supplemented by the prospectus supplement dated 17 March 1998, and the Goldman Sachs Group, Inc.
prospectus dated 25 June 2001 as supplemented by the prospectus supplement dated 6 February 2003, as
amended on 10 February 2003 and investors are advised to read and understand such terms prior to the
purchase of Securities. Investors should be clear, however, that an investment in the Securities is not the
same as an investment in the Charged Assets.
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No secondary market
No secondary market is expected to develop in respect of the Securities and, in the unlikely event that a
secondary market does develop, there can be no assurance that it will provide the Securityholders with
liquidity of investment or that it will continue for the life of the Securities. Accordingly, the purchase of
Securities is suitable only for investors who can bear the risks associated with a lack of liquidity in the
Securities and the financial and other risks associated with an investment in the Securities. Securityholders
must be prepared to hold the Securities for an indefinite period of time or until final redemption or maturity
of the Securities. A Securityholder that may need to liquidate Securities before their Maturity Date may
have to sell such Securities at a substantial discount to their principal amount.
Early Redemption of Securities
The Securities may be redeemed prior to the Maturity Date upon the occurrence of certain events, including
pursuant to Condition 8(b) (Redemption for taxation reasons) and Condition 8(c)(i) (Following Payment
Default under the Charged Assets or termination of a Charged Agreement). In such event, the Swap
Agreement will be terminated and any amounts payable to the Counterparty (other than a termination due to
the occurrence of an Event of Default (as defined in the Swap Agreement) with respect to the Counterparty
or where the Counterparty is the sole Affected Party) will be made in priority to any payment to the
Securityholders. Investors should note that upon an early redemption, the sale of the Charged Assets to meet
any amounts owing by the Issuer to the Counterparty and the Securityholders upon such early redemption
will be conducted at such time following the occurrence of the relevant early redemption event as the Selling
Agent, in good faith but otherwise in its sole and absolute discretion, shall deem fit. Neither the Issuer nor
the Counterparty makes any promise or representation as to the Charged Assets redemption proceeds that
will be paid upon early redemption of the Securities, which could be zero in certain circumstances.
Independent review and advice
Each prospective purchaser of the Securities must determine, based on its own independent review
(including as to the financial condition and affairs and its own appraisal of the creditworthiness) of the
Issuer, the Counterparty and the relevant Obligors and after obtaining such professional advice (including,
without limitation, tax, accounting, credit, legal and regulatory advice) as it deems appropriate under the
circumstances, whether an investment in the Securities is appropriate in its particular circumstances.
In so doing, and without restricting the generality of the preceding paragraph, such prospective purchaser
must determine that its acquisition and holding of the Securities (i) is fully consistent with its (or if it is
acquiring the Securities in a fiduciary capacity, the beneficiary's) financial needs, objectives and condition,
(ii) complies and is fully consistent with all investment policies, guidelines and restrictions applicable to it
(whether acquiring the Securities as principal or in a fiduciary capacity) and (iii) is a fit, proper and suitable
investment for it (or if it is acquiring the Securities in a fiduciary capacity, for the beneficiary),
notwithstanding the clear and substantial risks inherent in investing in or holding the Securities. None of the
Issuer, the Trustee, the Dealer, the Counterparty or any of their respective affiliates is acting as an investment
adviser, or assumes any fiduciary obligation, to any purchaser of Securities.
Neither the Information Memorandum nor this Supplemental Information Memorandum is intended to
provide the basis of any credit or other evaluation or should be considered as a recommendation or
constituting an invitation or offer that any recipient of the Information Memorandum or this Supplemental
Information Memorandum should purchase any Securities. The Trustee and the Dealer expressly do not
undertake to review the financial condition or affairs of the Issuer, the Counterparty, or the Obligors.
Limited recourse
Claims against the Issuer by the Securityholders of a Series and by the Counterparty will be limited to the
Mortgaged Property relating to such Series. The proceeds of realisation of such Mortgaged Property may be
less than the sums due to the Securityholders and the Counterparty. Any shortfall will be borne by the
Securityholders and by the Counterparty in accordance with the Security Ranking Basis. The Security
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Ranking Basis may provide for payments of amounts due to the Counterparty and other amounts ranking
senior to the Securities, before making any payments on the Securities. Each Securityholder, by subscribing
for or purchasing the Securities, will be deemed to accept and acknowledge that it is fully aware that, in the
event of a shortfall, (i) the Issuer shall be under no obligation to pay, and the other assets (if any) of the
Issuer including, in particular, assets securing other Series of securities will not be available for payment of,
such shortfall, (ii) all claims in respect of such shortfall shall be extinguished, and (iii) the Trustee, the
Securityholders and the Counterparty shall have no further claim against the Issuer in respect of such unpaid
amounts and will accordingly not be able to petition for the winding up of the Issuer as a consequence of
such shortfall.
The Securities are direct, limited recourse obligations of the Issuer alone and not of the officers, members,
directors, employees, securityholders or incorporator of the Issuer, the Trustee, the Counterparty, the
Obligors or their respective successors or assigns. Furthermore, they are not obligations of, or guaranteed in
any way by, any person or entity, including, without limitation, the Counterparty, the Trustee, the Agent, the
Dealer or any of their respective Affiliates.
Business activities may cause conflicts of interest
Each of the Issuer, the Dealer, the Trustee, the Agents or any of their affiliates may have existing or future
business relationships with the Counterparty or the Obligors (including, but not limited to, lending,
depository, risk management, advisory and banking relationships), and will pursue actions and take steps that
they deem or it deems necessary or appropriate to protect their or its interests arising therefrom without
regard to the consequences for a Securityholder. Furthermore, the Dealer, the Trustee, the Agents or any of
their respective affiliates may buy, sell or hold positions in obligations of, or act as investment or
commercial bankers, advisers or fiduciaries to, or hold directorship and officer positions in, the Obligors. By
purchasing the Securities, each holder of the Securities will be deemed to have acknowledged the existence
of such conflicts of interest and to have waived any claim with respect to any liability arising from such
conflicts of interest.
Calculations
All calculations and determinations made by the Calculation Agent in relation to the Securities shall (save in
the case of manifest error at the time and relevant determination is made) be final and binding on the Issuer,
the Trustee, and the Securityholders. For the avoidance of doubt, the Calculation Agent shall have no
obligations to the Securityholders, and shall only have the obligations expressed to be binding on it pursuant
to the Agency Agreement, unless otherwise specified in the Conditions.
Taxation
Each Securityholder will assume and be solely responsible for any and all taxes of any jurisdiction or
governmental or regulatory authority, including, without limitation, any state or local taxes or other like
assessment or charges that may be applicable to any payment to it in respect of the Securities. The Issuer
will not pay any additional amounts to Securityholders to reimburse them for any tax, assessment or charge
required to be withheld or deducted from payments in respect of the Securities by the Issuer or any Paying
Agents or suffered by the Issuer in respect of its income from the Charged Assets or payments under a
Charged Agreement (including the deduction of tax from such payments) or any tax, assessment or charge
suffered by the Issuer except as provided for in the Issue Terms.
No provision of information
Neither the Issuer, the Trustee, the Agents, the Dealer nor any affiliate makes any representation as to the
credit quality of the Counterparty or the Obligors. Any of such persons may have acquired, or during the
term of the Securities may acquire, non-public information with respect to the Counterparty or the Obligors.
None of such persons is under any obligation to make available any information relating to, or keep under
review on the Securityholders' behalf, the business, financial conditions, prospects, creditworthiness or status
of affairs of the Obligors or conduct any investigation or due diligence into the Obligors.
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Legal opinions
Legal opinions relating to the Securities will be obtained on issue with respect to the laws of England and
Ireland but no such opinions will be obtained with respect to any other applicable laws and no investigations
will be made into the validity or enforceability of the laws of any other jurisdiction in respect of the
obligations under the Securities. Any such legal opinions will not be addressed to, and may not be relied on
by, Securityholders. In particular, save as aforesaid, no legal opinions will be obtained in relation to:
(i)
the laws of the country of incorporation of any Obligor;
(ii)
the laws of the country in which the Charged Assets are situated; or
(iii)
the laws of the country which are expressed to govern the Charged Assets.
Such laws, depending upon the circumstances, may affect, among other things, the validity and legal and
binding effect of the Charged Assets and the effectiveness and ranking of the security for the Securities.
Consequently, no responsibility is accepted by the Issuer in relation to such matters.
Legality of purchase
None of the Issuer, the Dealer or any of their respective affiliates has or assumes responsibility for the
lawfulness of the acquisition of the Securities by a prospective purchaser of the Securities, whether under the
laws of the jurisdiction of its incorporation or the jurisdiction in which it operates (if different), or for
compliance by that prospective purchaser with any law, regulation or regulatory policy applicable to it.
Preferred creditors under Irish law and floating charges
Under Irish law, upon an insolvency of an Irish company such as the Issuer, when applying the proceeds of
assets subject to fixed security which may have been realised in the course of a liquidation or receivership,
the claims of a limited category of preferential creditors will take priority over the claims of creditors
holding the relevant fixed security. These preferred claims include the remuneration, costs and expenses
properly incurred by any examiner of the company (which may include any borrowings made by an
examiner to fund the company's requirements for the duration of his appointment) which have been approved
by the Irish courts (see "Examination" below).
The holder of a fixed security over the book debts of an Irish tax resident company (which would include the
Issuer) may be required by the Irish Revenue Commissioners, by notice in writing from the Irish Revenue
Commissioners, to pay to them sums equivalent to those which the holder received in payment of debts due
to it by the company. Where the holder of the security has given notice to the Irish Revenue Commissioners
of the creation of the security within 21 days of its creation, the holder's liability is limited to the amount of
certain outstanding Irish tax liabilities of the company (including liabilities in respect of value added tax)
arising after the issuance of the Irish Revenue Commissioners' notice to the holder of fixed security.
The Irish Revenue Commissioners may also attach any debt due to an Irish tax resident company by another
person in order to discharge any liabilities of the company in respect of outstanding tax whether the
liabilities are due on its own account or as an agent or trustee. The scope of this right of the Irish Revenue
Commissioners has not yet been considered by the Irish courts and it may override the rights of holders of
security (whether fixed or floating) over the debt in question.
In relation to the disposal of assets of any Irish tax resident company which are subject to security, a person
entitled to the benefit of the security may be liable for tax in relation to any capital gains made by the
company on a disposal of those assets on exercise of the security.
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Examination
Examination is a court procedure available under the Irish Companies (Amendment) Act, 1990, as amended
(the 1990 Act), to facilitate the survival of Irish companies in financial difficulties.
The company, the directors of the company, a contingent, prospective or actual creditor of the company, or
shareholders of the company holding, at the date of presentation of the petition, not less than 1/10th of the
voting share capital of the company are each entitled to petition the court for the appointment of an
examiner. The examiner, once appointed, has the power to set aside contracts and arrangements entered into
by the company after his appointment and, in certain circumstances, can avoid a negative pledge given by
the company prior to his appointment. Furthermore, he may sell assets the subject of a fixed charge.
However, if such power is exercised he must account to the holders of the fixed charge for the amount
realised and discharge the amount due to them out of the proceeds of sale.
During the period of protection, the examiner will compile proposals for a compromise or scheme of
arrangement to assist the survival of the company or the whole or any part of its undertaking as a going
concern.
A scheme of arrangement may be approved by the Irish High Court when at least one class of creditors has
voted in favour of the proposals and the Irish High Court is satisfied that such proposals are fair and
equitable in relation to any class of members or creditors who have not accepted the proposals and whose
interests would be impaired by implementation of the scheme of arrangement. In considering proposals by
the examiner, it is likely that secured and unsecured creditors would form separate classes of creditors. In
the case of the Issuer, if the Trustee represented the majority in number and value of claims within the
secured creditor class (which would be likely given the restrictions agreed to by the Issuer in the Conditions),
the Trustee would be in a position to reject any proposal not in favour of the Securityholders. The Trustee
would also be entitled to argue at the Irish High Court hearing at which the proposed scheme of arrangement
is considered that the proposals are unfair and inequitable in relation to the Securityholders, especially if
such proposals included a writing down to the value of amounts due by the Issuer to the Securityholders.
The primary risks to the Securityholders if an examiner were to be appointed to the Issuer are as follows:
(i)
the potential for a scheme of arrangement being approved involving the writing down of the debt due
by the Issuer to the Securityholders as secured by the Trust Instrument;
(ii)
the potential for the examiner to seek to set aside any negative pledge in the terms of the Securities
prohibiting the creation of security or the incurrence of borrowings by the Issuer to enable the
examiner to borrow to fund the Issuer during the protection period; and
(iii)
in the event that a scheme of arrangement is not approved and the Issuer subsequently goes into
liquidation, the examiner's remuneration and expenses (including certain borrowings incurred by the
examiner on behalf of the Issuer and approved by the Irish High Court) will take priority over any
amounts owed to the Securityholders under the terms of the Securities.
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Terms of Series 2007-30 EUR 4,266,000 Structured Repackaged Credit-Linked Notes due 2041 are set
out in the Issue Terms below.
ISSUE TERMS
The Securities have the Terms as set out in these Issue Terms, which will complete and modify the Bearer
Securities Base Conditions Module, November 2007 Edition which is incorporated by reference into these
Issue Terms (together, the Conditions). All capitalised terms not otherwise defined in these Issue Terms
shall have the meanings given to them in the General Definitions Module or the Swap Agreement relating to
the Securities, as the case may be.
1.
Issuer:
STARTS (Ireland) Public Limited Company.
2.
Description of Securities:
Series 2007-30 EUR 4,266,000 Structured Repackaged
Credit-Linked Notes due 2041.
3.
Issue Date:
13 December 2007.
Issue Price:
100 per cent. of the aggregate nominal amount.
INSTALMENT AMOUNTS
4.
Condition 7 (Types of Securities) shall not apply. The Issuer shall pay to each Securityholder on
each Instalment Payment Date an amount in respect of each Security equal to such Security's pro
rata share of the Instalment Amount in respect of such Instalment Payment Date, rounded down to
the nearest cent. Each Instalment Amount comprises a payment in respect of interest and principal
on the Securities, as set out in Annex 1. For the purposes of Condition 10 (Payments), Instalment
Amounts shall be deemed to be payments of principal and/or interest.
(a)
Instalment Payment Dates:
Each day set out under the column titled "Instalment
Payment Dates" in Annex 1 to these Issue Terms
provided that if such day is not a Business Day, the first
following day that is a Business Day.
(b)
Instalment Amounts:
On each Instalment Payment Date, the amount specified
for such Instalment Payment Date in the column titled
"Instalment Amounts" in Annex 1 to these Issue Terms.
PROVISIONS RELATING TO REDEMPTION
5.
Maturity Date:
1 March 2041 provided that if such day is not a Business
Day, the first following day that is a Business Day. The
words "its Final Redemption Amount or as otherwise
specified in the Issue Terms" in Condition 8(a) (Final
Redemption) shall be deleted and replaced with the words
"by payment of such Security's pro rata share of
Instalment Amount on such date".
Conditions 8(b)(iii) (Redemption for Taxation Reasons)
and 8(c) (Mandatory Redemption) of the Bearer
Securities Base Conditions Module (November 2007
Edition) will be amended with the addition of the words
"at the Early Redemption Amount" after the words "will
be redeemed". Condition 8(c)(ii) (Mandatory
Redemption) shall not apply.
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