Common use of Assisted Institution-related undertakings Clause in Contracts

Assisted Institution-related undertakings. Each of the Beneficiary Member State and the Recapitalisation Fund undertakes, promptly upon becoming aware (as a result of performing its obligations as set out in the laws or regulations of the Beneficiary Member State or a Relationship Framework Agreement or otherwise conducting its day to day business) of any: (i) circumstances or events which have (or which could potentially have) a material adverse effect on an Assisted Institution’s financial situation or on its ability to perform its obligations under the relevant Relationship Framework Agreement or the relevant Subscription Agreement; (ii) material breach by an Assisted Institution of its obligations under the Restructuring Plan, Relationship Framework Agreement or any Subscription Agreement or Pre-Subscription Agreement relevant to that Assisted Institution; (iii) fraudulent or criminal activities within an Assisted Institution, its subsidiaries and affiliates, or among the staff and/or members of the board of directors and/or senior managers of such Assisted Institution and its subsidiaries and affiliates; and (iv) material litigation, arbitration, regulatory or administrative proceedings which are taking place, pending or threatened against or involving the Recapitalisation Fund or any Assisted Institution, to inform ESM of such circumstances and provide to ESM such further details of them as ESM may request, to the extent not prohibited by law or otherwise privileged.

Assisted Institution-related undertakings. Each of the Beneficiary Member State and the Recapitalisation Fund undertakes, promptly upon becoming aware (as a result of performing its obligations as set out in the laws or regulations of the Beneficiary Member State or a Relationship Framework Agreement or otherwise conducting its day to day business) of any:any:‌ (i) circumstances or events which have (or which could potentially have) a material adverse effect on an Assisted Institution’s financial situation or on its ability to perform its obligations under the relevant Relationship Framework Agreement or the relevant Subscription Agreement; (ii) material breach by an Assisted Institution of its obligations under the Restructuring Plan, Relationship Framework Agreement or any Subscription Agreement or Pre-Subscription Agreement relevant to that Assisted Institution; (iii) fraudulent or criminal activities within an Assisted Institution, its subsidiaries and affiliates, or among the staff and/or members of the board of directors and/or senior managers of such Assisted Institution and its subsidiaries and affiliates; and (iv) material litigation, arbitration, regulatory or administrative proceedings which are taking place, pending or threatened against or involving the Recapitalisation Fund or any Assisted Institution, to inform ESM of such circumstances and provide to ESM such further details of them as ESM may request, to the extent not prohibited by law or otherwise privileged.