User:Amwelladmin: Difference between revisions

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“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 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.”.
“Subject as provided below, on or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party (or, in the case of the Issuer, the Calculation Agent (in accordance with Part 1(e) of the Schedule to this Agreement) on behalf of the Issuer) 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 any quotations, market data or information from internal sources used in making such calculations),
 
(2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and
 
(3) 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 or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation or market data will be conclusive evidence of the existence and accuracy of such quotation or market data. 
 
If the Hedge Counterparty is the party making the calculations contemplated by Section 6(e), it shall use all reasonable efforts to make such calculations and provide such statement by 17:30 London time on the first Reference Business Day (as defined in the Conditions of the relevant Series of Notes) following the relevant Early Termination Date. If the Issuer is the party making the calculations contemplated by Section 6(e), for the purposes of determining whether any such calculations and/or statement was provided by (or on behalf of) the Issuer as soon as reasonably practicable following the relevant Early Termination Date, the parties shall take into account whether a Counterparty Bankruptcy Credit Event (as defined in the Conditions of the relevant Series of Notes) has occurred with respect to the Hedge Counterparty and/or whether any termination of the appointment of the Calculation Agent or any appointment of a replacement Calculation Agent in has occurred or is pending (in accordance with Part 4(e) of the Schedule to this Agreement),  it being recognised that the Issuer will not be able to make such calculations itself and that the Calculation Agent will be making such calculations on behalf of the Issuer. If the Issuer is the party responsible for making the calculations contemplated by Section 6(e) and no such calculations have been made and/or such statement delivered to the Hedge Counterparty within 30 days of the relevant Early Termination Date, the Hedge Counterparty 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 Section 6(e) (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 on behalf of the Issuer and the parties agree that the calculations made by such Third Party Agent pursuant to Section 6(e) shall (in the absence of manifest error or fraud) be final and binding upon all parties.”.


    
    

Revision as of 11:54, 27 February 2023

deed

“Subject as provided below, on or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party (or, in the case of the Issuer, the Calculation Agent (in accordance with Part 1(e) of the Schedule to this Agreement) on behalf of the Issuer) 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 any quotations, market data or information from internal sources used in making such calculations),

(2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and

(3) 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 or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation or market data will be conclusive evidence of the existence and accuracy of such quotation or market data.

If the Hedge Counterparty is the party making the calculations contemplated by Section 6(e), it shall use all reasonable efforts to make such calculations and provide such statement by 17:30 London time on the first Reference Business Day (as defined in the Conditions of the relevant Series of Notes) following the relevant Early Termination Date. If the Issuer is the party making the calculations contemplated by Section 6(e), for the purposes of determining whether any such calculations and/or statement was provided by (or on behalf of) the Issuer as soon as reasonably practicable following the relevant Early Termination Date, the parties shall take into account whether a Counterparty Bankruptcy Credit Event (as defined in the Conditions of the relevant Series of Notes) has occurred with respect to the Hedge Counterparty and/or whether any termination of the appointment of the Calculation Agent or any appointment of a replacement Calculation Agent in has occurred or is pending (in accordance with Part 4(e) of the Schedule to this Agreement), it being recognised that the Issuer will not be able to make such calculations itself and that the Calculation Agent will be making such calculations on behalf of the Issuer. If the Issuer is the party responsible for making the calculations contemplated by Section 6(e) and no such calculations have been made and/or such statement delivered to the Hedge Counterparty within 30 days of the relevant Early Termination Date, the Hedge Counterparty 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 Section 6(e) (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 on behalf of the Issuer and the parties agree that the calculations made by such Third Party Agent pursuant to Section 6(e) shall (in the absence of manifest error or fraud) be final and binding upon all parties.”.


==PART I: PRELIMINARY== {{Book|MI|2002|1}} {{Book|MI|2002|2}} {{Book section|MI|2002|2(a)}} {{Book section|MI|2002|2(b)}} {{Book section|MI|2002|2(c)}} {{Book section|MI|2002|2(d)}} {{Book|MI|2002|3}} {{Book section|MI|2002|3(a)}} {{Book section|MI|2002|3(b)}} {{Book section|MI|2002|3(c)}} {{Book section|MI|2002|3(d)}} {{Book section|MI|2002|3(e)}} {{Book section|MI|2002|3(f)}} {{Book|MI|2002|4}} ==PART II: SECTION 5 DEFAULT AND EARLY TERMINATION== {{Book|MI|2002|5(a)}} {{Book section|MI|2002|5(a)(i)}} {{Book section|MI|2002|5(a)(ii)}} {{Book section|MI|2002|5(a)(iii)}} {{Book section|MI|2002|5(a)(iv)}} {{Book section|MI|2002|5(a)(v)}} {{Book section|MI|2002|5(a)(vi)}} {{Book section|MI|2002|5(a)(vii)}} {{Book section|MI|2002|5(a)(viii)}} {{Book|MI|2002|5(b)}} {{Book section|MI|2002|5(b)(i)}} {{Book section|MI|2002|5(b)(ii)}} {{Book section|MI|2002|5(b)(iii)}} {{Book section|MI|2002|5(b)(iv)}} {{Book section|MI|2002|5(b)(v)}} {{Book section|MI|2002|5(b)(vi)}} {{Book|MI|2002|5(c)}} {{Book|MI|2002|5(d)}} ==PART III: SECTION 6 CLOSE OUT== {{Book|MI|2002|6(a)}} {{Book|MI|2002|6(b)}} {{Book section|MI|2002|6(b)(i)}} {{Book section|MI|2002|6(b)(ii)}} {{Book section|MI|2002|6(b)(ii)}} {{Book section|MI|2002|6(b)(iv)}} {{Book|MI|2002|6(c)}} {{Book|MI|2002|6(d)}} {{Book|MI|2002|6(e)}} {{Book|MI|2002|6(f)}} ==PART IV: BOILERPLATE {{Book|MI|2002|7}} {{Book|MI|2002|8}} {{Book|MI|2002|9}} {{Book section|MI|2002|9(a)}} {{Book section|MI|2002|9(b)}} {{Book section|MI|2002|9(c)}} {{Book section|MI|2002|9(d)}} {{Book section|MI|2002|9(e)}} {{Book section|MI|2002|9(f)}} {{Book section|MI|2002|9(g)}} {{Book|MI|2002|10}} {{Book|MI|2002|11}} {{Book|MI|2002|12}} {{Book|MI|2002|13}} {{Book|MI|2002|14}} {{Book section|MI|2002|Additional Representation}} {{Book section|MI|2002|Additional Termination Event}} {{Book section|MI|2002|Affected Party}} {{Book section|MI|2002|Affected Transactions}} {{Book section|MI|2002|Affiliate}} {{Book section|MI|2002|Agreement}} {{Book section|MI|2002|Applicable Close-out Rate}} {{Book section|MI|2002|Applicable Deferral Rate}} {{Book section|MI|2002|Automatic Early Termination}} {{Book section|MI|2002|Burdened Party}} {{Book section|MI|2002|Change in Tax Law}} {{Book section|MI|2002|Close-out Amount}} {{Book section|MI|2002|Confirmation}} {{Book section|MI|2002|consent}} {{Book section|MI|2002|Contractual Currency}} {{Book section|MI|2002|Convention Court}} {{Book section|MI|2002|Credit Event Upon Merger}} {{Book section|MI|2002|Credit Support Document}} {{Book section|MI|2002|Credit Support Provider}} {{Book section|MI|2002|Cross-Default}} {{Book section|MI|2002|Defaulting Party}} {{Book section|MI|2002|Designated Event}} {{Book section|MI|2002|Determining Party}} {{Book section|MI|2002|Early Termination Amount}} {{Book section|MI|2002|Early Termination Date}} {{Book section|MI|2002|electronic messages}} {{Book section|MI|2002|English law}} {{Book section|MI|2002|Event of Default}} {{Book section|MI|2002|Force Majeure Event}} {{Book section|MI|2002|General Business Day}} {{Book section|MI|2002|Illegality}} {{Book section|MI|2002|Indemnifiable Tax}} {{Book section|MI|2002|law}} {{Book section|MI|2002|Local Business Day}} {{Book section|MI|2002|Local Delivery Day}} {{Book section|MI|2002|Master Agreement}} {{Book section|MI|2002|Merger Without Assumption}} {{Book section|MI|2002|Multiple Transaction Payment Netting}} {{Book section|MI|2002|Non-affected Party}} {{Book section|MI|2002|Non-default Rate}} {{Book section|MI|2002|Non-defaulting Party}} {{Book section|MI|2002|Office}} {{Book section|MI|2002|Other Amounts}} {{Book section|MI|2002|Payee}} {{Book section|MI|2002|Payer}} {{Book section|MI|2002|Potential Event of Default}} {{Book section|MI|2002|Proceedings}} {{Book section|MI|2002|Process Agent}} {{Book section|MI|2002|rate of exchange}} {{Book section|MI|2002|Relevant Jurisdiction}} {{Book section|MI|2002|Schedule}} {{Book section|MI|2002|Scheduled Settlement Date}} {{Book section|MI|2002|Set-off}} {{Book section|MI|2002|Specified Entity}} {{Book section|MI|2002|Specified Indebtedness}} {{Book section|MI|2002|Specified Transaction}} {{Book section|MI|2002|Stamp Tax}} {{Book section|MI|2002|Stamp Tax Jurisdiction}} {{Book section|MI|2002|Tax}} {{Book section|MI|2002|Tax Event}} {{Book section|MI|2002|Tax Event Upon Merger}} {{Book section|MI|2002|Terminated Transactions}} {{Book section|MI|2002|Termination Currency}} {{Book section|MI|2002|Termination Currency Equivalent}} {{Book section|MI|2002|Termination Event}} {{Book section|MI|2002|Termination Rate}} {{Book section|MI|2002|Threshold Amount}} {{Book section|MI|2002|Transaction}} {{Book section|MI|2002|Unpaid Amounts}} {{Book section|MI|2002|Waiting Period}}

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