Common use of Accession of Hedge Counterparties Clause in Contracts

Accession of Hedge Counterparties. 24.7.1 No person providing hedging arrangements to any Obligor shall be entitled to share in any Transaction Security or to benefit from any guarantee or indemnity in respect of any amounts which are or may become owing to it under those hedging arrangements, and no such amount will be treated as Hedge Counterparty Outstandings, unless that person is or becomes party (as Hedge Counterparty) to this Agreement. 24.7.2 A person shall not become party to any Finance Document as a Hedge Counterparty (and no amounts which are or may become owing to it will be treated as Hedge Counterparty Outstandings for purposes of a Finance Document), unless: (a) the Lender has consented to that person becoming a Hedge Counterparty (except that this requirement will not apply to a person which is a Lender or an Affiliate of a Lender); (b) as at the date of its proposed accession to this Agreement, the Hedging Documents to which it is party comply with the terms of this Agreement; and (c) that person has executed and delivered to the Lender an Accession Letter. 24.7.3 Subject to the requirements of this Clause 24.7, with effect from the date of acceptance by the Lender of an Accession Letter duly executed and delivered to the Lender by a person who proposes to accede to the Finance Documents as a Hedge Counterparty (or, if later, the date specified in that Accession Letter), that person shall become party to this Agreement and the other Finance Documents as a Hedge Counterparty and shall assume the same obligations and become entitled to the same rights, as if it had been an original party to those Finance Documents as a Hedge Counterparty.

Accession of Hedge Counterparties. 24.7.1 No person providing hedging arrangements to any Obligor shall be entitled to share in any Transaction Security or to benefit from any guarantee or indemnity in respect of any amounts which are or may become owing to it under those hedging arrangements, and no such amount will be treated as Hedge Counterparty Outstandings, unless that person is or becomes party (as Hedge Counterparty) to this Agreement. 24.7.2 A person shall not become party to any Finance Document as a Hedge Counterparty (and no amounts which are or may become owing to it will be treated as Hedge Counterparty Outstandings for purposes of a Finance Document), unless: (a) the Lender has consented to that person becoming a Hedge Counterparty (except that this requirement will not apply to a person which is The Borrower may, if it enters into any master agreement, confirmation, schedule or other agreement with a Lender or an Affiliate of a Lender);Lender (each a "Relevant Counterparty") for the purpose of hedging any Facility IR Risks, procure that such Relevant Counterparty accedes to this Agreement as a Hedge Counterparty within 10 Business Days of entering into such master agreement, confirmation, schedule or other agreement by executing a Hedge Counterparty Accession Undertaking and delivering it to the Agent. (b) as at the date of its proposed accession The Agent is not obliged to this Agreement, the countersign such Hedging Documents to which Counterparty Accession Undertaking unless it is party comply with satisfied that it has completed all "know your customer" and other similar procedures that it is required (or deems desirable) to conduct in relation to the terms accession of this Agreement; andsuch Hedge Counterparty (c) that person has executed and delivered to the Lender an Accession Letter. 24.7.3 Subject to the requirements of this Clause 24.7, with With effect from the date of acceptance by the Lender Agent of an Accession Letter duly executed and delivered to the Lender by a person who proposes to accede to the Finance Documents as a Hedge Counterparty (or, if later, Accession Undertaking duly executed by the date specified in that Accession Letter)Relevant Counterparty, that person shall Relevant Counterparty shall, as from that date, become party to this Agreement and the other Finance Documents as a "Hedge Counterparty Counterparty" and shall assume the same obligations and become entitled to the same rights, rights as if it had been an original party Party to those Finance Documents as a this Agreement in the capacity of Hedge Counterparty. (d) If any amount payable to a Hedge Counterparty falls due for payment, that Hedge Counterparty and the Borrower shall, by written notice to the Agent, confirm: (i) the amount falling due, and the date on which that amount falls due, for payment; and (ii) details of amounts owed to it (with supporting documentation) upon request by the Agent for the purpose of, and to enable, the Agent to meet its obligations in the Facility Agreement.

Accession of Hedge Counterparties. 24.7.1 No person providing hedging arrangements (a) A counterparty to any Obligor shall be entitled to share in any Transaction Security or to benefit from any guarantee or indemnity in respect of any amounts which are or a Hedging Agreement may become owing to it under those hedging arrangements, and no such amount will be treated as Hedge Counterparty Outstandings, unless that person is or becomes party (as Hedge Counterparty) a Party to this Agreement. 24.7.2 A person shall not become party Agreement by executing and delivering to any Finance Document as the Agent a Hedge Counterparty (and no amounts which are or may become owing to it will be treated as Hedge Counterparty Outstandings for purposes of a Finance Document), unless: (a) the Lender has consented to that person becoming a Hedge Counterparty (except that this requirement will not apply to a person which is a Lender or an Affiliate of a Lender);Accession Undertaking. (b) as A Hedge Counterparty may at the date of its proposed accession to this Agreement, the Hedging Documents to which it is party comply any time (in accordance with the terms of this Agreement; and) assign all or any of its rights and benefits or transfer all or any of its rights, benefits and obligations under and in accordance with the Finance Documents subject to delivery to the Agent of a duly completed Hedge Counterparty’s Accession Undertaking executed by the assignee or transferee. (c) that person has executed and delivered to the Lender an Accession Letter. 24.7.3 Subject to the requirements of this Clause 24.7, with With effect from the date of acceptance by the Lender Agent and the Security Agent of an Accession Letter duly executed and delivered to the Lender by a person who proposes to accede to the Finance Documents as a Hedge Counterparty (Accession Undertaking or, if later, the date specified in that Hedge Counterparty Accession Letter), that person Undertaking: (i) any Party ceasing entirely to be a Hedge Counterparty shall become party to be discharged from further obligations towards the other Parties under this Agreement and their respective rights against one another shall be cancelled (except in each case for those rights which arose prior to that date); and (ii) as from that date, the other Finance Documents as a replacement or new Hedge Counterparty and shall assume the same obligations obligations, and become entitled to the same rights, as if it had been an original party Party to those this Agreement. (d) Nothing in this Clause 25.8 nor any other provisions of any Finance Document shall be deemed to entitle any Hedge Counterparty in its capacity as such under any Hedging Agreement to exercise any voting, consent, approval or similar right under the Finance Documents as (other than the Hedging Agreements) provided that: (i) each Hedge Counterparty shall have the right to participate in all decisions after the occurrence of a Hedge CounterpartyVoting Right Event in relation to such Hedge Counterparty that is continuing; and (ii) the consent of all Hedge Counterparties shall be required for any amendment to this Clause 25.8.