Talk:Calculations - ISDA Provision: Difference between revisions

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1992
“(d) Calculations; Payment Date. 


6(d) Calculations.
(i) Statement  
:(i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including all relevant quotations and specifying any amount payable under Section 6(e)) and (2) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation obtained in determining a Market Quotation, the records of the party obtaining such quotation will be conclusive evidence of the existence and accuracy of such quotation.
“Subject as provided below, on or as soon as reasonably practicable following the occurrence of an Early Termination Date, the Calculation Agent in respect of the Notes (on behalf of the Issuer) (where the Hedge Counterparty is the Defaulting Party or the sole Affected Party) or the Hedge Counterparty (where the Issuer is the Defaulting Party or the sole Affected Party or where there are two Affected Parties) will make the calculations contemplated [by paragraph (s) (Payments on Early Termination) of Part 1 hereof] [Note: Part 1 of the Master Hedging Terms does not seem to include a para. (s). Please clarify which paragraph this is intended to refer to. Is there any reason why Section 6(e) is not referred to?]  and will provide to either the Issuer and the Hedge Counterparty or the Issuer and the Calculation Agent (as applicable) a statement (1) showing, in reasonable detail, such calculations (including any quotations, market data or information from internal sources used in making such calculations), (2) specifying any Early Termination Amount payable and (3) giving details of the relevant account to which any amount payable to the Issuer is to be paid. If the calculations contemplated [by paragraph (s) (Payments on Early Termination) of Part 1 hereof] have not been made and/or the relevant statement has not been delivered within 30 days of the relevant Early Termination Date, the Hedge Counterparty (or, where the Hedge Counterparty is the Defaulting Party or the sole Affected Party, the Sole Noteholder (subject to receipt by the Issuer of evidence to its satisfaction that a Sole Noteholder is at the relevant time the 100 per cent. beneficial owner of the Notes, which evidence may take the form of a EUCLID or ClearstreamOnline screenshot) may (at its own expense) appoint a leading bank or financial institution (which is not an Affiliate of the Hedge Counterparty) engaged in the interbank market or other appropriate market that is most closely connected with the calculation(s) contemplated [by paragraph (s) (Payments on Early Termination) of Part 1 hereof] (acting through its principal London office or any other office actively involved in such market) (such bank or financial institution, the “Third Party Agent”), to make such calculations and the parties agree that the calculations made by such Third Party Agent shall (in the absence of manifest error or fraud) be final and binding upon all parties.”
:(ii) Payment Date. An amount calculated as being due in respect of any Early Termination Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default) and on the day which is two Local Business Days after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid together with (to the extent permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed.
(ii) Payment Date  
 
An Early Termination Amount in respect of any Early Termination Date will, together with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable by the third Reference Business Day prior to the related Early Redemption Date of the relevant Series of the Notes provided that if an effective notice of the amount payable has not by such time been provided by the party making the calculations contemplated by Section 6(e) such Early Termination Amount will be payable on the day on which such notice is effective.

Latest revision as of 12:03, 22 February 2023

“(d) Calculations; Payment Date.

(i) Statement “Subject as provided below, on or as soon as reasonably practicable following the occurrence of an Early Termination Date, the Calculation Agent in respect of the Notes (on behalf of the Issuer) (where the Hedge Counterparty is the Defaulting Party or the sole Affected Party) or the Hedge Counterparty (where the Issuer is the Defaulting Party or the sole Affected Party or where there are two Affected Parties) will make the calculations contemplated [by paragraph (s) (Payments on Early Termination) of Part 1 hereof] [Note: Part 1 of the Master Hedging Terms does not seem to include a para. (s). Please clarify which paragraph this is intended to refer to. Is there any reason why Section 6(e) is not referred to?] and will provide to either the Issuer and the Hedge Counterparty or the Issuer and the Calculation Agent (as applicable) a statement (1) showing, in reasonable detail, such calculations (including any quotations, market data or information from internal sources used in making such calculations), (2) specifying any Early Termination Amount payable and (3) giving details of the relevant account to which any amount payable to the Issuer is to be paid. If the calculations contemplated [by paragraph (s) (Payments on Early Termination) of Part 1 hereof] have not been made and/or the relevant statement has not been delivered within 30 days of the relevant Early Termination Date, the Hedge Counterparty (or, where the Hedge Counterparty is the Defaulting Party or the sole Affected Party, the Sole Noteholder (subject to receipt by the Issuer of evidence to its satisfaction that a Sole Noteholder is at the relevant time the 100 per cent. beneficial owner of the Notes, which evidence may take the form of a EUCLID or ClearstreamOnline screenshot) may (at its own expense) appoint a leading bank or financial institution (which is not an Affiliate of the Hedge Counterparty) engaged in the interbank market or other appropriate market that is most closely connected with the calculation(s) contemplated [by paragraph (s) (Payments on Early Termination) of Part 1 hereof] (acting through its principal London office or any other office actively involved in such market) (such bank or financial institution, the “Third Party Agent”), to make such calculations and the parties agree that the calculations made by such Third Party Agent shall (in the absence of manifest error or fraud) be final and binding upon all parties.” (ii) Payment Date

An Early Termination Amount in respect of any Early Termination Date will, together with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable by the third Reference Business Day prior to the related Early Redemption Date of the relevant Series of the Notes provided that if an effective notice of the amount payable has not by such time been provided by the party making the calculations contemplated by Section 6(e) such Early Termination Amount will be payable on the day on which such notice is effective.

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