4. Member States shall ensure that the principal amount of capital instruments, debt instruments or other eligible liabilities is reduced, or that such liabilities or instruments are converted, in accordance with the exercise of write-down or conversion powers by a resolution authority of another Member State to an undertaking under resolution, where the relevant liabilities or instruments:
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(a)
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are governed by the law of the Member State other than the Member State of the resolution authority that exercised the write-down or conversion powers;
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(b)
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are owed to creditors located in the Member State other than the Member State of the resolution authority that exercised the write-down or conversion powers.
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