AUSTRALIA AND NEW ZEALAND BANKING GROUP. Limited [ ] 2001 ------------------------------------------------------------------------------
AUSTRALIA AND NEW ZEALAND BANKING GROUP. LIMITED Xxxxx Xxxxxxx Group General Manager, People Capital
AUSTRALIA AND NEW ZEALAND BANKING GROUP. LIMITED and DEUTSCHE BANK AG, MANILA BRANCH as joint lead managers (collectively, the “Joint Lead Managers”); and
AUSTRALIA AND NEW ZEALAND BANKING GROUP. LIMITED; CITIGROUP GLOBAL MARKETS ASIA LIMITED; CREDIT SUISSE AG, SINGAPORE BRANCH; DBS BANK LTD.; DEUTSCHE BANK AG, SINGAPORE BRANCH; THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED; JPMORGAN CHASE BANK, N.A., ACTING THROUGH ITS HONG KONG BRANCH; MIZUHO CORPORATE BANK, LTD.; and XXXXXX XXXXXXX ASIA LIMITED (whether acting individually or together, the “Mandated Lead Arrangers”);
AUSTRALIA AND NEW ZEALAND BANKING GROUP. LIMITED as agent of the other Finance Parties (the “Agent”);
AUSTRALIA AND NEW ZEALAND BANKING GROUP. LIMITED (ABN 11 005 357 522) trading as ANZ INVESTMENT BANK (the “Arranger”);
AUSTRALIA AND NEW ZEALAND BANKING GROUP. LIMITED (ABN 11 005 357 522) (the “Agent”). IT IS AGREED as follows:
AUSTRALIA AND NEW ZEALAND BANKING GROUP. Limited1 confirming the validity of the absolute transfer provisions in security lending documents. The court was asked to consider whether the lender of securities under a securities lending agreement based on the Australian Master Securities Lending Agreement has an equity of redemption or other equitable estate or equitable interest in those securities or equivalent securities. The court determined that the lender retained no equitable interest in any securities and that under the terms of the securities lending agreement there was an absolute transfer of the securities. In particular, the court found that the character of the transaction should be determined by reference to its legal nature and not to its economic effect or subjective motivations of the parties. This decision reinforces the operation of the Transfer Annex by the “absolute transfers” approach as described in paragraph 5(a) of the Annex, whereby transfers of Eligible Credit Support are “absolute transfers” (as further described in Schedule 2 of our Collateral Opinion).
AUSTRALIA AND NEW ZEALAND BANKING GROUP. LIMITED acting through its London branch at 00 Xxxx Xxxxxx, Xxxxxx Xxxxx, Xxxxxx X00 0XX, Xxxxxxx; BANK OF AMERICA XXXXXXX XXXXX INTERNATIONAL LIMITED of 0 Xxxx Xxxxxx Xxxxxx, London EC1A 1HQ, England; BANK OF CHINA LIMITED, LONDON BRANCH of 0 Xxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxxx; BARCLAYS BANK PLC of 0 Xxx Xxxxx Xxxxxxxxx, Xxxxxx Xxxxx, Xxxxxx X00 0XX, Xxxxxxx; BNP PARIBAS of 00 Xxxxxxxx Xxxxxx, Xxxxxx XX0 0XX, Xxxxxxx; CITIGROUP GLOBAL MARKETS LIMITED of Citigroup Centre, Canada Square, Xxxxxx Xxxxx, Xxxxxx X00 0XX, Xxxxxxx; COMMERZBANK AKTIENGESELLSCHAFT, LONDON BRANCH of 00 Xxxxxxx Xxxxxx, London EC2V 7PG, England; DANSKE BANK A/S of 0-00 Xxxxxxx Xxxxx, XX-0000 Xxxxxxxxxx X, Xxxxxxx; XXXXXXX SACHS BANK USA of 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, HSBC BANK PLC of 0 Xxxxxx Xxxxxx, Xxxxxx X00 0XX, Xxxxxxx; ING BANK N.V., LONDON BRANCH of 00 Xxxxxx Xxxx, Xxxxxx, XX0X 0XX, Xxxxxxx; NORDEA BANK FINLAND PLC, LONDON BRANCH of 0xx Xxxxx, Xxxx Xxxxx House, 00 Xxxxxxxxxx Xxxxxx, Xxxxxx XX0X 0XX, Xxxxxxx; THE ROYAL BANK OF SCOTLAND PLC of 000 Xxxxxxxxxxx, Xxxxxx XX0X 0XX, Xxxxxxx; SUMITOMO MITSUI BANKING CORPORATION of Neo Building, Xxx Xxxxxxxx 00, Xxx 0, 0000 Xxxxxxxx, Xxxxxxx; and XXXXX FARGO BANK INTERNATIONAL of 0 Xxxxxxxxxxxxx Xxxxx (0xx Xxxxx) – XXXX, Xxxxxx 0, Xxxxxxx and (as “Mandated Lead Arrangers”); and
AUSTRALIA AND NEW ZEALAND BANKING GROUP. LIMITED ABN 11 005 357 522, having an office at Xxxxx 00, 000 Xxxxxxx Xxxxxx, Melbourne, Victoria 3000 (the LENDER).
