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equities and Net Paying Securities) against the payment of the purchase price by Buyer to Seller, with a simultaneous agreement by Buyer to sell to Seller Securities equivalent to such Securities at a date certain or on demand against the payment of the repurchase price by Seller to Buyer. (b) Each such transac
by X or any Affiliate of X to Y (the "Y Set Off Amount"). X will give notice to the other party of any set off effected under this subparagraph of Annex I. (i) For this purpose, either the X Set Off Amount or the Y Set Off Amount (or the relevant portion of such set off amounts) may be converted by X
equities and Net Paying Securities) against the payment of the purchase price by Buyer to Seller, with a simultaneous agreement by Buyer to sell to Seller Securities equivalent to such Securities at a date certain or on demand against the payment of the repurchase price by Seller to Buyer. (b) Each such transac
k Annex shall apply to such Buy/Sell Back Transactions: (ii) Net Paying Securities. this shall be specified in Annex I hereto and the provisions of Annex I. paragraph 1(b) shall apply to Transactions involving Net Paying Securities. If 'Transactions arc to be effected under this Agreement by either part
equities and Net Paying Securities) against the payment of the purchase price by Buyer to Seller, with a simultaneous agreement by Buyer to sell to Seller Securities equivalent to such Securities at a date certain or on demand against the payment of the repurchase price by Seller to Buyer. (b) Each such transac
k Annex shall apply to such Buy/Sell Back Transactions; (ii) Net Paying Securities, this shall be specified in Annex I hereto and the provisions of Annex I. paragraph 1(b) shall apply to Transactions involving Net Paying Securities. (d) If Transactions are to be effected under this Agreement by either
equities and Net Paying Securities) against the payment of the purchase price by Buyer to Seller, with a simultaneous agreement by Buyer to sell to Seller Securities equivalent to such Securities at a date certain or on demand against the payment of the repurchase price by Seller to Buyer. Each such transaction
k Annex shall apply to such Buy/Sell Back Transactions; (ii) Net Paying Securities, this shall be specified in Annex I hereto and the provisions of Annex I. paragraph I (b) shall apply to Transactions involving Net Paying Securities. (d) If Transactions are to be effected under this Agreement by either
Entities connected to both Seller Securities and Annex I.

Zurich
LOCATIONTransactions involving Net Paying Securities
ORGANIZATIONThe Bond Market Association
ORGANIZATION
United States
LOCATIONForward Transaction
ORGANIZATIONthe Securities and Exchange Commission
ORGANIZATIONTransaction Buyer
ORGANIZATIONthe DBV Transaction
ORGANIZATIONCREST an Event of Default
ORGANIZATION
the Bank of England
ORGANIZATIONthe Republic of Italy
LOCATIONthe Market Value of Equivalent Securities
ORGANIZATIONBond Annex
PERSONDeutsche Bank Securities Inc.
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONLegal Department
ORGANIZATIONMorgan Guaranty Trust Company of New York
ORGANIZATION
FDIC
ORGANIZATION
Barclays
ORGANIZATIONDeutsche Bank AG London
ORGANIZATION