Common use of Acknowledgement of Bail In Clause in Contracts

Acknowledgement of Bail In. (1) Notwithstanding and to the exclusion of any other term of this Agreement, or any other agreements, arrangements or understanding between any of the parties hereto, each party to this Agreement acknowledges and accepts that any BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by any Relevant Resolution Authority and acknowledges, accepts, consents to and agrees to be bound by: (a) the effect of the exercise of any Bail-in Powers by any Relevant Resolution Authority in respect of any party to this Agreement, which exercise (without limitation) may include and result in any of the following, or a combination thereof: (i) the reduction of all, or a portion, of the BRRD Liability or outstanding amount due thereon; (ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the BRRD Liability obligor or another person, and the issue to or conferral on the creditor in respect of such BRRD Liability of such shares, securities or obligations, including by means of an amendment, modification or variation of the terms of this Agreement; (iii) the cancellation of the BRRD Liability; and (iv) the amendment or alteration of the BRRD Liability in any manner, including the maturity or the dates on which any payments thereon are due, the amendment of the amount of interest (if any) payable thereon, including by suspending payment for a temporary period; and (b) the variation of the terms of this Agreement as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of any Bail-in Powers by the Relevant Resolution Authority. (2) If necessary in order to ensure the effectiveness and enforceability of this Clause 9 in respect of the exercise of any Bail-in Powers in relation to the Issuers (or either of them), the Issuers may, upon giving notice to the Programme Agents in accordance with Clause 7, amend the governing law of this Clause 9 from English law to Irish law with immediate effect. (3) Each party to this Agreement further acknowledges and accepts that the exercise by any Relevant Resolution Authority of any Bail-in Powers shall not constitute a breach of, or a default under, any provision of this Agreement by any party hereto. (4) In this Clause 9:

Acknowledgement of Bail In. (1) Notwithstanding and to the exclusion of any other term of this Agreement, or any other agreements, arrangements or understanding between any of the parties hereto, each party to this Agreement acknowledges and accepts that any BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by any Relevant Resolution Authority and acknowledges, accepts, consents to and agrees to be bound by: (a) the effect of the exercise of any Bail-in Powers by any Relevant Resolution Authority in respect of any party to this Agreement, which exercise (without limitation) may include and result in any of the following, or a combination thereof: (i) the reduction of all, or a portion, of the BRRD Liability or outstanding amount due thereon; (ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the BRRD Liability obligor or another person, and the issue to or conferral on the creditor in respect of such BRRD Liability of such shares, securities or obligations, including by means of an amendment, modification or variation of the terms of this Agreement; (iii) the cancellation of the BRRD Liability; and (iv) the amendment or alteration of the BRRD Liability in any manner, including the maturity or the dates on which any payments thereon are due, the amendment of the amount of interest (if any) payable thereon, including by suspending payment for a temporary period; and (b) the variation of the terms of this Agreement as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of any Bail-in Powers by the Relevant Resolution Authority. (2) If necessary in order to ensure the effectiveness and enforceability of this Clause 9 32 in respect of the exercise of any Bail-in Powers in relation to the Issuers (or either of them), the Issuers may, upon giving notice to the Programme Agents in accordance with Clause 727, amend the governing law of this Clause 9 32 from English law to Irish law with immediate effect. (3) Each party to this Agreement further acknowledges and accepts that the exercise by any Relevant Resolution Authority of any Bail-in Powers shall not constitute a breach of, or a default under, any provision of this Agreement by any party hereto. (4) In this Clause 932:

Acknowledgement of Bail In. (1) Notwithstanding and to the exclusion of any other term of this Agreement, or any other agreements, arrangements or understanding between any of the parties hereto, each party to this Agreement acknowledges and accepts that any BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by any Relevant Resolution Authority and acknowledges, accepts, consents to and agrees to be bound by: (a) the effect of the exercise of any Bail-in Powers by any Relevant Resolution Authority in respect of any party to this Agreement, which exercise (without limitation) may include and result in any of the following, or a combination thereof: (i) the reduction of all, or a portion, of the BRRD Liability or outstanding amount due thereon; (ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the BRRD Liability obligor or another person, and the issue to or conferral on the creditor in respect of such BRRD Liability of such shares, securities or obligations, including by means of an amendment, modification or variation of the terms of this Agreement; (iii) the cancellation of the BRRD Liability; and (iv) the amendment or alteration of the BRRD Liability in any manner, including the maturity or the dates on which any payments thereon are due, the amendment of the amount of interest (if any) payable thereon, including by suspending payment for a temporary period; and (b) the variation of the terms of this Agreement as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of any Bail-in Powers by the Relevant Resolution Authority. (2) If necessary in order to ensure the effectiveness and enforceability of this Clause 9 32 in respect of the exercise of any Bail-in Powers in relation to the Issuers (or either of them), the Issuers may, upon giving notice to the Programme Agents in accordance with Clause 727, amend the governing law of this Clause 9 32 from English law to Irish law with immediate effect. (3) Each party to this Agreement further acknowledges and accepts that the exercise by any Relevant Resolution Authority of any Bail-in Powers shall not constitute a breach of, or a default under, any provision of this Agreement by any party hereto. (4) In this Clause 9:32: Bail-in Powers means (i) any Write-down and Conversion Powers as defined in the EU Bail- in Legislation Schedule, in relation to the relevant Bail-in Legislation and/or (ii) any write- down, conversion, transfer, modification, suspension or similar or related power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in any member state of the European Economic Area or in the United Kingdom (each, a Relevant Jurisdiction), relating to (A) the transposition into the laws of a Relevant Jurisdiction of BRRD as amended or replaced from time to time, (B) the United Kingdom Banking Xxx 0000, as amended, and (C) the instruments, rules and standards created under any of the foregoing, pursuant to which any obligation of any bank or other in- scope institution (or any affiliate thereof) can be reduced, cancelled, modified, or converted into shares, other securities or other obligations of the relevant institution or any other person (or suspended for a temporary period);

Acknowledgement of Bail In. (1) Notwithstanding and to the exclusion of any other term of this Agreement, or any other agreements, arrangements or understanding between any of the parties hereto, each party to this Agreement acknowledges and accepts that any BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by any Relevant Resolution Authority and acknowledges, accepts, consents to and agrees to be bound by:this (a) the effect of the exercise of any Bail-in Powers by any Relevant Resolution Authority in respect of any party to this Agreement, which exercise (without limitation) may include and result in any of the following, or a combination thereof: (i) the reduction of all, or a portion, of the BRRD Liability or outstanding amount due thereon; (ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the BRRD Liability obligor or another person, and the issue to or conferral on the creditor in respect of such BRRD Liability of such shares, securities or obligations, including by means of an amendment, modification or variation of the terms of this Agreement; (iii) the cancellation of the BRRD Liability; and (iv) the amendment or alteration of the BRRD Liability in any manner, including the maturity or the dates on which any payments thereon are due, the amendment of the amount of interest (if any) payable thereon, including by suspending payment for a temporary period; and (b) the variation of the terms of this Agreement as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of any Bail-in Powers by the Relevant Resolution Authority. (2) If necessary in order to ensure the effectiveness and enforceability of this Clause 9 in respect of the exercise of any Bail-in Powers in relation to the Issuers (or either of them), the Issuers may, upon giving notice to the Programme Agents in accordance with Clause 7, amend the governing law of this Clause 9 from English law to Irish law with immediate effect. (3) Each party to this Agreement further acknowledges and accepts that the exercise by any Relevant Resolution Authority of any Bail-in Powers shall not constitute a breach of, or a default under, any provision of this Agreement by any party hereto. (4) In this Clause 9:: Bail-in Powers means (i) any Write-down and Conversion Powers as defined in the EU Bail- in Legislation Schedule, in relation to the relevant Bail-in Legislation and/or (ii) any write- down, conversion, transfer, modification, suspension or similar or related power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in any member state of the European Economic Area or in the United Kingdom (each, a Relevant Jurisdiction), relating to (A) the transposition into the laws of a Relevant Jurisdiction of BRRD as amended or replaced from time to time, (B) the United Kingdom Banking Xxx 0000, as amended, and (C) the instruments, rules and standards created under any of the foregoing, pursuant to which any obligation of any bank or other in- scope institution (or any affiliate thereof) can be reduced, cancelled, modified, or converted into shares, other securities or other obligations of the relevant institution or any other person (or suspended for a temporary period);