Common use of Contribution key Clause in Contracts

Contribution key. 1. The contribution key for subscribing to ESM authorised capital stock shall, subject to paragraphs 2 and 3, be based on the key for subscription, by the national central banks of ESM Members, of the ECB's capital pursuant to Article 29 of Protocol (No 4) on the Statute of the European System of Central Banks and of the European Central Bank (the "ESCB Statute") annexed to the Treaty on European Union and to the TFEU. 2. The contribution key for the subscription of the ESM authorised capital stock is specified in Annex I. 3. The contribution key for the subscription of the ESM authorised capital stock shall be adjusted when: (a) a Member State of the European Union becomes a new ESM Member and the ESM's authorised capital stock automatically increases, as specified in Article 10(3); or (b) the twelve year temporary correction applicable to an ESM Member established in accordance with Article 42 ends. 4. The Board of Governors may decide to take into account possible updates to the key for the subscription of the ECB's capital referred to in paragraph 1 when the contribution key is adjusted in accordance with paragraph 3 or when there is a change in the authorised capital stock, as specified in Article 10(1). 5. When the contribution key for the subscription of the ESM authorised capital stock is adjusted, the ESM Members shall transfer among themselves authorised capital stock to the extent necessary to ensure that the distribution of authorised capital stock corresponds to the adjusted key. 6. Annex I shall be amended upon decision by the Board of Governors upon any adjustment referred to in this Article. 7. The Board of Directors shall take all other measures necessary for the application of this Article.

Contribution key. 1. The contribution key for subscribing to ESM authorised capital stock shall, subject to paragraphs paragraph 2 and 33 below, be based on the key for subscription, by the ESM Member’s national central banks of ESM Members, banks’ subscription of the ECB's ’s capital pursuant to Article 29 of Protocol (No 4) to the Treaty on European Union and the Treaty on the Functioning of the European Union on the Statute of the European System of Central Banks and of the European Central Bank (the "‘ESCB Statute") annexed to the Treaty on European Union and to the TFEU’). 2. The initial contribution key for the subscription of the ESM authorised authorized capital stock is specified in Annex I.1 to this Treaty. 3. The contribution key for the subscription of the ESM authorised authorized capital stock shall be adjusted when: (a) adjusted: - upon a new Member State of the European Union becomes a new becoming an ESM Member and the ESM's authorised authorized capital stock automatically increases, increasing as specified in Article 10(3); or (b) - when the twelve (12) year temporary correction applicable to an ESM Member established in accordance with Article 42 37 ends. 4. The Board of Governors may decide to take into account possible updates to the key for the subscription of the ECB's ECB capital referred to mentioned in paragraph 1 when the contribution key is adjusted in accordance with paragraph 3 or when there is a change in the authorised capital stock, as specified in Article 10(1)1. 54. When the contribution key for the subscription of the ESM authorised authorized capital stock is adjusted, the ESM Members shall transfer among themselves authorised capital stock to the extent necessary to ensure that the distribution of authorised capital stock corresponds to the adjusted key. 65. Annex I 1 shall be amended upon decision by the Board of Governors upon any adjustment referred to in contemplated by this Article. 76. The Board of Directors shall take all other measures necessary for the application of this Article.