Template talk:M intro repack application of proceeds: Difference between revisions

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Application of Available Proceeds of Enforcement of Security Subject to and in accordance with the terms of the Security Documents, with effect from the date on which any Enforcement Notice is given by the Trustee following the occurrence of an Enforcement Event, the Trustee will hold the Available Proceeds received by it under the Trust Deed on trust to apply them as they stand on each Trustee Application Date as follows: MASTER CONDITIONS 186 (i) first, pari passu, in payment of: (A) where immediately prior to the associated termination of the Swap Agreement, the Swap Counterparty’s Credit Support Balance (VM) (if any, in its capacity as Transferor under the Credit Support Annex) was greater than zero, an amount (as determined by the Swap Counterparty or the party responsible for determining such amounts under the Swap Agreement and such amount being a “CSB Return Amount”) equal to the lesser of (I) the Available Proceeds, (II) the value of the Swap Counterparty’s Credit Support Balance (VM) that was used in determining the Early Termination Amount (as defined in the Swap Agreement) payable under the Swap Agreement and (III) the value of the amounts owing to the Swap Counterparty under the Swap Agreement, if any, which shall be deemed to be zero if no such amounts are owing (the excess of the value referred to in (III) above the value referred to in (II) above, if any, the “Remaining Swap Counterparty Claim Amount”) to the Swap Counterparty; (B) where immediately prior to the associated termination of the Repo Agreement, the Net Margin (as defined in the Repo Agreement) provided to the Issuer (if any) was greater than zero, an amount (as determined by the party responsible for determining such amounts under the Repo Agreement and such amount being a “Net Margin Return Amount”) equal to the lesser of (I) the Available Proceeds, (II) the Default Market Values of the Equivalent Margin Securities and Cash Margin (as each such term is defined in the Repo Agreement) (including the amount of interest accrued) forming such Net Margin provided to the Issuer and (III) the value of the amounts owing to the Repo Counterparty under the Repo Agreement, if any, which shall be deemed to be zero if no such amounts are owing (the excess of the value referred to in (III) above the value referred to in (II) above, if any, the “Remaining Repo Counterparty Claim Amount”) to the Repo Counterparty; and (C) where immediately prior to the associated termination (if applicable) of the SL Agreement, the amount by which the Market Value of the Collateral (for which purpose the Collateral Valuation Percentage shall be 100 per cent.) (each as defined in the SL Agreement) provided by the SL Counterparty exceeded the Market Value of Securities equivalent to the Loaned Securities (each as defined in the SL Agreement) (the “SL Net Margin”) was greater than zero, an amount (as determined by the SL Counterparty or, if the SL Counterparty is the Defaulting Party (as defined in the SL Agreement), the Issuer and such amount being a “SLNet Margin Return Amount”) equal to the lesser of (I) the Available Proceeds, (II) the Default Market Values of the securities forming such SL Net Margin provided to the Issuer and (III) the value of the amounts owing to the SL Counterparty under the SL Agreement, if any, which shall be deemed to be zero if no such amounts are owing (the excess of the value referred to in (III) above over the value referred to in (II) above, if any, the “Remaining SL Counterparty Claim Amount”) to the SL Counterparty; (ii) secondly, in payment or satisfaction of, or reserving for, the Issuer’s share of any present or future taxes owing or expected to be owing by SPIRE; (iii) thirdly, in payment or satisfaction of the fees, costs, charges, expenses and liabilities (if any) incurred by the Trustee or any receiver in preparing and executing the trusts under the Trust Deed and carrying out its functions under the Trust Deed and the other Transaction Documents (including, but not limited to, any taxes required to be paid, the cost of realising any Security and the Trustee’s remuneration); MASTER CONDITIONS 187 (iv) fourthly, pari passu, in payment of (A) any amounts owing to the Custodian for reimbursement in respect of payments properly made by it in accordance with the terms of the Custody Agreement relating to sums receivable on or in respect of the relevant Collateral, (B) any amounts owing to the Issuing and Paying Agent for reimbursement in respect of payments properly made by it in accordance with the terms of the Agency Agreement to any person in discharge of a Secured Payment Obligation and (C) any fees, costs, charges, expenses and liabilities then due and payable to the Agents under the Agency Agreement and to the Custodian under the Custody Agreement; (v) fifthly, in payment or satisfaction of any Disposal Agent Fees incurred in respect of any Liquidation prior to such Trustee Application Date and which have not already been paid to the Disposal Agent pursuant to Condition 15(a) (Application of Available Proceeds of Liquidation); (vi) sixthly, pari passu, in payment of:  (A) any amounts owing to the Swap Counterparty under the Swap Agreement (which, to the extent that a CSB Return Amount has been paid to the Swap Counterparty in accordance with Condition 15(b)(i), shall be limited to the Remaining Swap Counterparty Claim Amount); (B) any amounts owing to the Repo Counterparty under the Repo Agreement (which, to the extent that a Net Margin Return Amount has been paid to the Repo Counterparty in accordance with Condition 15(b)(i), shall be limited to the Remaining Repo Counterparty Claim Amount); and (C) any amounts owing to the SL Counterparty under the SL Agreement (which, to the extent that an SL Net Margin Return Amount has been paid to the SL Counterparty in accordance with Condition 15(b)(i), shall be limited to the Remaining SL Counterparty Claim Amount); (vii) seventhly, in payment of (A) any Early Redemption Amount then due and payable, (B) any Final Redemption Amount then due and payable and/or (C) any interest or Instalment Amount that became due and payable on the Maturity Date and that remains due and payable, as applicable, and, in each case, any interest accrued thereon (which, for the avoidance of doubt, shall include Default Interest) to the Noteholders; and (viii) eighthly, in payment rateably of the Residual Amount to the Noteholders. Any Secured Creditor that has a claim in respect of more than one Secured Payment Obligation may rank differently in respect of each Secured Payment Obligation. If the amount of moneys available to the Trustee for payment in respect of the Notes under this Condition 15(b) at any time following the Trustee giving an Enforcement Notice in accordance with the Conditions, other than where the Mortgaged Property has been exhausted, amount to less than 10 per cent. of the aggregate principal amount of the Notes then outstanding, the Trustee shall not be obliged to make any payments under this Condition 15(b) and, if it does not make any such payments, it may, at its discretion, place and retain such amounts on deposit as provided in Condition 15(c) (Deposits) and accumulate the resulting income and shall retain the deposits and accumulations until (A) such deposits and accumulations, together with any other funds for the time being under the Trustee’s control and available for such payment (including funds resulting from the enforcement of the Security), amount to at least 10 per cent. of the aggregate principal amount of the Notes then outstanding or (B) the Mortgaged Property is exhausted and then, in each case, such amounts, accumulations and funds (after deduction of, or provision for, any applicable taxes and Negative Interest) shall be applied as specified in this Condition 15(b).
(i) first, pari passu, in payment of: (A) where immediately prior to the associated termination of the Swap Agreement, the Swap Counterparty’s Credit Support Balance (VM) (if any, in its capacity as Transferor under the Credit Support Annex) was greater than zero, an amount (as determined by the Swap Counterparty or the party responsible for determining such amounts under the Swap Agreement and such amount being a “CSB Return Amount”) equal to the lesser of (I) the Available Proceeds, (II) the value of the Swap Counterparty’s Credit Support Balance (VM) that was used in determining the Early Termination Amount (as defined in the Swap Agreement) payable under the Swap Agreement and (III) the value of the amounts owing to the Swap Counterparty under the Swap Agreement, if any, which shall be deemed to be zero if no such amounts are owing (the excess of the value referred to in (III) above the value referred to in (II) above, if any, the “Remaining Swap Counterparty Claim Amount”) to the Swap Counterparty; (B) where immediately prior to the associated termination of the Repo Agreement, the Net Margin (as defined in the Repo Agreement) provided to the Issuer (if any) was greater than zero, an amount (as determined by the party responsible for determining such amounts under the Repo Agreement and such amount being a “Net Margin Return Amount”) equal to the lesser of (I) the Available Proceeds, (II) the Default Market Values of the Equivalent Margin Securities and Cash Margin (as each such term is defined in the Repo Agreement) (including the amount of interest accrued) forming such Net Margin provided to the Issuer and (III) the value of the amounts owing to the Repo Counterparty under the Repo Agreement, if any, which shall be deemed to be zero if no such amounts are owing (the excess of the value referred to in (III) above the value referred to in (II) above, if any, the “Remaining Repo Counterparty Claim Amount”) to the Repo Counterparty; and (C) where immediately prior to the associated termination (if applicable) of the SL Agreement, the amount by which the Market Value of the Collateral (for which purpose the Collateral Valuation Percentage shall be 100 per cent.) (each as defined in the SL Agreement) provided by the SL Counterparty exceeded the Market Value of Securities equivalent to the Loaned Securities (each as defined in the SL Agreement) (the “SL Net Margin”) was greater than zero, an amount (as determined by the SL Counterparty or, if the SL Counterparty is the Defaulting Party (as defined in the SL Agreement), the Issuer and such amount being a “SLNet Margin Return Amount”) equal to the lesser of (I) the Available Proceeds, (II) the Default Market Values of the securities forming such SL Net Margin provided to the Issuer and (III) the value of the amounts owing to the SL Counterparty under the SL Agreement, if any, which shall be deemed to be zero if no such amounts are owing (the excess of the value referred to in (III) above over the value referred to in (II) above, if any, the “Remaining SL Counterparty Claim Amount”) to the SL Counterparty; (ii) secondly, in payment or satisfaction of, or reserving for, the Issuer’s share of any present or future taxes owing or expected to be owing by SPIRE; (iii) thirdly, in payment or satisfaction of the fees, costs, charges, expenses and liabilities (if any) incurred by the Trustee or any receiver in preparing and executing the trusts under the Trust Deed and carrying out its functions under the Trust Deed and the other Transaction Documents (including, but not limited to, any taxes required to be paid, the cost of realising any Security and the Trustee’s remuneration); (iv) fourthly, pari passu, in payment of (A) any amounts owing to the Custodian for reimbursement in respect of payments properly made by it in accordance with the terms of the Custody Agreement relating to sums receivable on or in respect of the relevant Collateral, (B) any amounts owing to the Issuing and Paying Agent for reimbursement in respect of payments properly made by it in accordance with the terms of the Agency Agreement to any person in discharge of a Secured Payment Obligation and (C) any fees, costs, charges, expenses and liabilities then due and payable to the Agents under the Agency Agreement and to the Custodian under the Custody Agreement; (v) fifthly, in payment or satisfaction of any Disposal Agent Fees incurred in respect of any Liquidation prior to such Trustee Application Date and which have not already been paid to the Disposal Agent pursuant to Condition 15(a) (Application of Available Proceeds of Liquidation); (vi) sixthly, pari passu, in payment of:  (A) any amounts owing to the Swap Counterparty under the Swap Agreement (which, to the extent that a CSB Return Amount has been paid to the Swap Counterparty in accordance with Condition 15(b)(i), shall be limited to the Remaining Swap Counterparty Claim Amount); (B) any amounts owing to the Repo Counterparty under the Repo Agreement (which, to the extent that a Net Margin Return Amount has been paid to the Repo Counterparty in accordance with Condition 15(b)(i), shall be limited to the Remaining Repo Counterparty Claim Amount); and (C) any amounts owing to the SL Counterparty under the SL Agreement (which, to the extent that an SL Net Margin Return Amount has been paid to the SL Counterparty in accordance with Condition 15(b)(i), shall be limited to the Remaining SL Counterparty Claim Amount); (vii) seventhly, in payment of (A) any Early Redemption Amount then due and payable, (B) any Final Redemption Amount then due and payable and/or (C) any interest or Instalment Amount that became due and payable on the Maturity Date and that remains due and payable, as applicable, and, in each case, any interest accrued thereon (which, for the avoidance of doubt, shall include Default Interest) to the Noteholders; and (viii) eighthly, in payment rateably of the Residual Amount to the Noteholders. Any Secured Creditor that has a claim in respect of more than one Secured Payment Obligation may rank differently in respect of each Secured Payment Obligation. If the amount of moneys available to the Trustee for payment in respect of the Notes under this Condition 15(b) at any time following the Trustee giving an Enforcement Notice in accordance with the Conditions, other than where the Mortgaged Property has been exhausted, amount to less than 10 per cent. of the aggregate principal amount of the Notes then outstanding, the Trustee shall not be obliged to make any payments under this Condition 15(b) and, if it does not make any such payments, it may, at its discretion, place and retain such amounts on deposit as provided in Condition 15(c) (Deposits) and accumulate the resulting income and shall retain the deposits and accumulations until (A) such deposits and accumulations, together with any other funds for the time being under the Trustee’s control and available for such payment (including funds resulting from the enforcement of the Security), amount to at least 10 per cent. of the aggregate principal amount of the Notes then outstanding or (B) the Mortgaged Property is exhausted and then, in each case, such amounts, accumulations and funds (after deduction of, or provision for, any applicable taxes and Negative Interest) shall be applied as specified in this Condition 15(b).

Revision as of 13:29, 3 October 2023

(i) first, pari passu, in payment of: (A) where immediately prior to the associated termination of the Swap Agreement, the Swap Counterparty’s Credit Support Balance (VM) (if any, in its capacity as Transferor under the Credit Support Annex) was greater than zero, an amount (as determined by the Swap Counterparty or the party responsible for determining such amounts under the Swap Agreement and such amount being a “CSB Return Amount”) equal to the lesser of (I) the Available Proceeds, (II) the value of the Swap Counterparty’s Credit Support Balance (VM) that was used in determining the Early Termination Amount (as defined in the Swap Agreement) payable under the Swap Agreement and (III) the value of the amounts owing to the Swap Counterparty under the Swap Agreement, if any, which shall be deemed to be zero if no such amounts are owing (the excess of the value referred to in (III) above the value referred to in (II) above, if any, the “Remaining Swap Counterparty Claim Amount”) to the Swap Counterparty; (B) where immediately prior to the associated termination of the Repo Agreement, the Net Margin (as defined in the Repo Agreement) provided to the Issuer (if any) was greater than zero, an amount (as determined by the party responsible for determining such amounts under the Repo Agreement and such amount being a “Net Margin Return Amount”) equal to the lesser of (I) the Available Proceeds, (II) the Default Market Values of the Equivalent Margin Securities and Cash Margin (as each such term is defined in the Repo Agreement) (including the amount of interest accrued) forming such Net Margin provided to the Issuer and (III) the value of the amounts owing to the Repo Counterparty under the Repo Agreement, if any, which shall be deemed to be zero if no such amounts are owing (the excess of the value referred to in (III) above the value referred to in (II) above, if any, the “Remaining Repo Counterparty Claim Amount”) to the Repo Counterparty; and (C) where immediately prior to the associated termination (if applicable) of the SL Agreement, the amount by which the Market Value of the Collateral (for which purpose the Collateral Valuation Percentage shall be 100 per cent.) (each as defined in the SL Agreement) provided by the SL Counterparty exceeded the Market Value of Securities equivalent to the Loaned Securities (each as defined in the SL Agreement) (the “SL Net Margin”) was greater than zero, an amount (as determined by the SL Counterparty or, if the SL Counterparty is the Defaulting Party (as defined in the SL Agreement), the Issuer and such amount being a “SLNet Margin Return Amount”) equal to the lesser of (I) the Available Proceeds, (II) the Default Market Values of the securities forming such SL Net Margin provided to the Issuer and (III) the value of the amounts owing to the SL Counterparty under the SL Agreement, if any, which shall be deemed to be zero if no such amounts are owing (the excess of the value referred to in (III) above over the value referred to in (II) above, if any, the “Remaining SL Counterparty Claim Amount”) to the SL Counterparty; (ii) secondly, in payment or satisfaction of, or reserving for, the Issuer’s share of any present or future taxes owing or expected to be owing by SPIRE; (iii) thirdly, in payment or satisfaction of the fees, costs, charges, expenses and liabilities (if any) incurred by the Trustee or any receiver in preparing and executing the trusts under the Trust Deed and carrying out its functions under the Trust Deed and the other Transaction Documents (including, but not limited to, any taxes required to be paid, the cost of realising any Security and the Trustee’s remuneration); (iv) fourthly, pari passu, in payment of (A) any amounts owing to the Custodian for reimbursement in respect of payments properly made by it in accordance with the terms of the Custody Agreement relating to sums receivable on or in respect of the relevant Collateral, (B) any amounts owing to the Issuing and Paying Agent for reimbursement in respect of payments properly made by it in accordance with the terms of the Agency Agreement to any person in discharge of a Secured Payment Obligation and (C) any fees, costs, charges, expenses and liabilities then due and payable to the Agents under the Agency Agreement and to the Custodian under the Custody Agreement; (v) fifthly, in payment or satisfaction of any Disposal Agent Fees incurred in respect of any Liquidation prior to such Trustee Application Date and which have not already been paid to the Disposal Agent pursuant to Condition 15(a) (Application of Available Proceeds of Liquidation); (vi) sixthly, pari passu, in payment of: (A) any amounts owing to the Swap Counterparty under the Swap Agreement (which, to the extent that a CSB Return Amount has been paid to the Swap Counterparty in accordance with Condition 15(b)(i), shall be limited to the Remaining Swap Counterparty Claim Amount); (B) any amounts owing to the Repo Counterparty under the Repo Agreement (which, to the extent that a Net Margin Return Amount has been paid to the Repo Counterparty in accordance with Condition 15(b)(i), shall be limited to the Remaining Repo Counterparty Claim Amount); and (C) any amounts owing to the SL Counterparty under the SL Agreement (which, to the extent that an SL Net Margin Return Amount has been paid to the SL Counterparty in accordance with Condition 15(b)(i), shall be limited to the Remaining SL Counterparty Claim Amount); (vii) seventhly, in payment of (A) any Early Redemption Amount then due and payable, (B) any Final Redemption Amount then due and payable and/or (C) any interest or Instalment Amount that became due and payable on the Maturity Date and that remains due and payable, as applicable, and, in each case, any interest accrued thereon (which, for the avoidance of doubt, shall include Default Interest) to the Noteholders; and (viii) eighthly, in payment rateably of the Residual Amount to the Noteholders. Any Secured Creditor that has a claim in respect of more than one Secured Payment Obligation may rank differently in respect of each Secured Payment Obligation. If the amount of moneys available to the Trustee for payment in respect of the Notes under this Condition 15(b) at any time following the Trustee giving an Enforcement Notice in accordance with the Conditions, other than where the Mortgaged Property has been exhausted, amount to less than 10 per cent. of the aggregate principal amount of the Notes then outstanding, the Trustee shall not be obliged to make any payments under this Condition 15(b) and, if it does not make any such payments, it may, at its discretion, place and retain such amounts on deposit as provided in Condition 15(c) (Deposits) and accumulate the resulting income and shall retain the deposits and accumulations until (A) such deposits and accumulations, together with any other funds for the time being under the Trustee’s control and available for such payment (including funds resulting from the enforcement of the Security), amount to at least 10 per cent. of the aggregate principal amount of the Notes then outstanding or (B) the Mortgaged Property is exhausted and then, in each case, such amounts, accumulations and funds (after deduction of, or provision for, any applicable taxes and Negative Interest) shall be applied as specified in this Condition 15(b).

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