If a Reference Security Default Event occurs and is continuing, the Issuer may redeem the Securities (in whole but not in part) at any time at the Redemption Price, on the giving of not less than 30 and not more than 60 calendar days’ irrevocable notice of redemption to Securityholders in accordance with Condition 12.1 (Notices to Securityholders). 

“Reference Security Default Event” means an event of default occurs pursuant to 

(i) clause (b) of the Events of Default of the Issuer’s outstanding P=7,000,000,000 4.5219% p.a. PHP-denominated bonds due October 27, 2023 (Bloomberg identifier: A0291289) (the “Initial Referenced Senior Notes”), or 

(ii) similar condition of any other foreign currency or PHP-denominated debt security with an international tranche issued under Regulation S of the U.S. Securities Act and outstanding after the Issue Date, which debt security has the latest occurring scheduled maturity date (the “Superseding Referenced Senior Notes”), as a result of the Issuer’s default in, non-compliance with or non-performance of the covenants of the Issuer under the Initial Referenced Senior Notes or similar covenants of the Superseding Referenced Senior Notes, as the case may be, as respectively amended from time to time.