Common use of Entry to Resolution Loans Clause in Contracts

Entry to Resolution Loans. The Recapitalisation Fund undertakes not to enter into any Resolution Loan unless: (i) the terms of such Resolution Loan: (A) include ESM as a third party beneficiary with full rights to enforce all rights and interest of the Recapitalisation Fund and all covenants, undertakings, representations and warranties of the Resolution Fund (or, if this is not possible under the laws of the Beneficiary Member State, provide rights of equivalent effect, provided that this shall not reduce the obligations of the Beneficiary Member State under Clause 3.4(e) below); (B) entitle the Recapitalisation Fund to assign any of its rights and interest under the Resolution Loan to ESM (as set out in Clause 3.5(b)(i) below); and (C) include an undertaking from the Resolution Fund substantially on the terms of Clause 6.2.6 of the General Terms (provided that such undertaking shall refer to the Resolution Fund where that Clause refers to the Recapitalisation Fund, and to resolution operations where that Clause refers to recapitalisation operations). (ii) it has provided a form of the Resolution Loan agreement to ESM and ESM has confirmed that the form of Resolution Loan agreement is satisfactory to ESM in relation to the aspects set out in paragraphs (A) to (C) above (inclusive).

Entry to Resolution Loans. The Recapitalisation Fund undertakes not to enter into any Resolution Loan unless: (iA) the terms of such Resolution Loan: (A1) include ESM as a third party beneficiary with full rights to enforce all rights and interest of the Recapitalisation Fund and all covenants, undertakings, representations and warranties of the Resolution Fund (or, if this is not possible under the laws of the Beneficiary Member State, provide rights of equivalent effect, provided that this shall not reduce the obligations of the Beneficiary Member State under Clause 3.4(e3.4(a)(v) belowonder); (B2) entitle the Recapitalisation Fund to assign any of its rights and interest under the Resolution Loan to ESM (as set out in Clause 3.5(b)(i) belowonder); and (C3) include an undertaking from the Resolution Fund substantially on the terms of Clause 6.2.6 of the General Terms (provided that such undertaking shall refer to the Resolution Fund where that Clause refers to the Recapitalisation Fund, and to resolution operations where that Clause refers to recapitalisation operations). (iiB) it has provided a form of the Resolution Loan agreement to ESM and ESM has confirmed that the form of Resolution Loan agreement is satisfactory to ESM in relation to the aspects set out in paragraphs (A1) to (C3) above boven (inclusive).

Entry to Resolution Loans. The Recapitalisation Fund undertakes not to enter into any Resolution Loan unless: (i) the terms of such Resolution Loan: (A) include ESM as a third party beneficiary with full rights to enforce all rights and interest of the Recapitalisation Fund and all covenants, undertakings, representations and warranties of the Resolution Fund (or, if this is not possible under the laws of the Beneficiary Member State, provide rights of equivalent effect, provided that this shall not reduce the obligations of the Beneficiary Member State under Clause 3.4(e) below);below);‌ (B) entitle the Recapitalisation Fund to assign any of its rights and interest under the Resolution Loan to ESM (as set out in Clause 3.5(b)(i) below); and (C) include an undertaking from the Resolution Fund substantially on the terms of Clause 6.2.6 of the General Terms (provided that such undertaking shall refer to the Resolution Fund where that Clause refers to the Recapitalisation Fund, and to resolution operations where that Clause refers to recapitalisation operations).operations).‌ (ii) it has provided a form of the Resolution Loan agreement to ESM and ESM has confirmed that the form of Resolution Loan agreement is satisfactory to ESM in relation to the aspects set out in paragraphs (A) to (C) above (inclusive).