Common use of Issue of Eligible Liability Guarantee Certificates and Issuance of Guaranteed Liabilities Clause in Contracts

Issue of Eligible Liability Guarantee Certificates and Issuance of Guaranteed Liabilities. 5.1 The decision to issue an Eligible Liability Guarantee Certificate shall be at the sole discretion of the Scheme Operator, to be exercised in accordance with the requirements of these Rules and the Scheme. 5.2 Notwithstanding Rule 5.1, the Scheme Operator shall, subject always to compliance with these Rules (including, without limitation, Rule 4.7), issue an Eligible Liability Guarantee Certificate in respect of each Eligible Liability which is the subject of an Application made under and in accordance with Rule 4.7. 5.3 Eligible Liability Guarantee Certificates issued by the Scheme Operator shall be substantially in the form of Annex 4. 5.4 Prior to issuing any Eligible Liability Guarantee Certificate, the Scheme Operator (i) shall take account of the smooth and orderly operation and integrity of the market for Eligible Liabilities and securities issued or guaranteed by the State and, in particular, shall take account of the issuances and any planned issuances of debt securities by all Participating Institutions, by the Scheme Operator and by the State and the then current level of Guaranteed Liabilities of a particular Participating Institution and (ii) may, in its absolute discretion, apply a cap to the amount of Guaranteed Liabilities to be issued by any particular Participating Institution. The Scheme Operator may arrange for regular meetings with the Participating Institutions in respect of any of the foregoing. 5.5 In exercising its discretion to issue an Eligible Liability Guarantee Certificate the Scheme Operator shall take into account, inter alia, the terms of the relevant Eligible Liability and its nature and complexity, including whether it meets the Eligibility Criteria. 5.6 The Guarantor shall, as a condition to the issue of an Eligible Liability Guarantee Certificate, be entitled to require the making of any amendment or supplement to an Eligible Liabilities Guarantee Scheme Agreement which has previously been delivered to it, and the delivery to it of a further legal opinion of the kind referred to in Rule 4.4(b) in respect thereof. 5.7 Without the prior consent of the Scheme Operator, Participating Institutions must not issue an Eligible Liability in respect of which an Eligible Liability Guarantee Certificate has been issued which differs in any respect from the particulars of the Eligible Liability specified in the relevant Eligible Liability Guarantee Certificate or in any particulars provided pursuant to Rule 4.4(a) or Rule 4.5(ii). 5.8 Notwithstanding paragraph 12.1(b) of the schedule to the Scheme and subject to Rule 5.9, Eligible Liabilities must be incurred by a relevant Participating Institution on or after the Commencement Date and on or before: (i) the Final Application Date in the case of an Eligible Liability the subject of an Application made under Rule 4.1; and (ii) not later than 22 September 2010 in the case of an Eligible Liability the subject of Application made under Rule 4.7. 5.9 The issue of an Eligible Liability or the first issuance under a Guaranteed Programme must occur within 30 days of the date of the relevant Eligible Liability Guarantee Certificate, unless the Scheme Operator agrees otherwise. 5.10 Notwithstanding Rule 5.1, the Scheme Operator will not issue any Eligible Liability Guarantee Certificates in respect of any Eligible Liabilities or Eligible Programmes of any particular Participating Institution if so instructed by the Guarantor. 5.11 Where the Scheme Operator approves or consents to changes to the terms and conditions of a Guaranteed Liability or a Guaranteed Programme in accordance with Rule 6 and such changes require changes to the relevant Eligible Liability Guarantee Certificate, the Scheme Operator shall replace the existing Eligible Liability Guarantee Certificate with a new Eligible Liability Guarantee Certificate reflecting such changes. 5.12 Rules 5.1 to 5.11 shall not apply in respect of deposits.

Issue of Eligible Liability Guarantee Certificates and Issuance of Guaranteed Liabilities. 5.1 The decision to issue an Eligible Liability Guarantee Certificate shall be at the sole discretion of the Scheme Operator, to be exercised in accordance with the requirements of these Rules and the Scheme. 5.2 Notwithstanding Rule 5.1, the Scheme Operator shall, subject always to compliance with these Rules (including, without limitation, limitation Rule 4.7), issue an Eligible Liability Guarantee Certificate in respect of each Eligible Liability which is the subject of an Application made under and in accordance with Rule 4.7. 5.3 Eligible Liability Guarantee Certificates issued by the Scheme Operator shall be substantially in the form of Annex 4. 5.4 Prior to issuing any Eligible Liability Guarantee Certificate, the Scheme Operator (i) shall take account of the smooth and orderly operation and integrity of the market for Eligible Liabilities and securities issued or guaranteed by the State and, in particular, shall take account of the issuances and any planned issuances of debt securities by all Participating Institutions, by the Scheme Operator and by the State and the then current level of Guaranteed Liabilities of a particular Participating Institution and (ii) may, in its absolute discretion, apply a cap to the amount of Guaranteed Liabilities to be issued by any particular Participating Institution. The Scheme Operator may arrange for regular meetings with the Participating Institutions in respect of any of the foregoing. 5.5 In exercising its discretion to issue an Eligible Liability Guarantee Certificate the Scheme Operator shall take into account, inter alia, the terms of the relevant Eligible Liability and its nature and complexity, including whether it meets the Eligibility Criteria. 5.6 The Guarantor shall, as a condition to the issue of an Eligible Liability Guarantee Certificate, be entitled to require the making of any amendment or supplement to an Eligible Liabilities Guarantee Scheme Agreement which has previously been delivered to it, and the delivery to it of a further legal opinion of the kind referred to in Rule 4.4(b) in respect thereof. 5.7 Without the prior consent of the Scheme Operator, Participating Institutions must not issue an Eligible Liability in respect of which an Eligible Liability Guarantee Certificate has been issued which differs in any respect from the particulars of the Eligible Liability specified in the relevant Eligible Liability Guarantee Certificate or in any particulars provided pursuant to Rule 4.4(a) or Rule 4.5(ii). 5.8 Notwithstanding paragraph 12.1(b) of the schedule to the Scheme and subject to Rule 5.9, Eligible Liabilities must be incurred by a relevant Participating Institution on or after the Commencement Date and on or before: (i) the Final Application Date in the case of an Eligible Liability the subject of an Application made under Rule 4.1; and (ii) not later than 22 September 2010 in the case of an Eligible Liability the subject of Application made under Rule 4.7. 5.9 The issue of an Eligible Liability or the first issuance under a Guaranteed Programme must occur within 30 days of the date of the relevant Eligible Liability Guarantee Certificate, unless the Scheme Operator agrees otherwise. 5.10 Notwithstanding Rule 5.1, the Scheme Operator will not issue any Eligible Liability Guarantee Certificates in respect of any Eligible Liabilities or Eligible Programmes of any particular Participating Institution if so instructed by the Guarantor. 5.11 Where the Scheme Operator approves or consents to changes to the terms and conditions of a Guaranteed Liability or a Guaranteed Programme in accordance with Rule 6 and such changes require changes to the relevant Eligible Liability Guarantee Certificate, the Scheme Operator shall replace the existing Eligible Liability Guarantee Certificate with a new Eligible Liability Guarantee Certificate reflecting such changes. 5.12 Rules 5.1 to 5.11 shall not apply in respect of deposits.

Issue of Eligible Liability Guarantee Certificates and Issuance of Guaranteed Liabilities. 5.1 The decision to issue an Eligible Liability Guarantee Certificate shall be at the sole discretion of the Scheme Operator, to be exercised in accordance with the requirements of these Rules and the Scheme. 5.2 Notwithstanding Rule 5.1, the Scheme Operator shall, subject always to compliance with these Rules (including, without limitation, . Rule 4.7), issue an Eligible Liability Guarantee Certificate in respect of each Eligible Liability which is the subject of an Application made under and in accordance with Rule 4.7. 5.3 Eligible Liability Guarantee Certificates issued by the Scheme Operator shall be substantially in the form of Annex 4. 5.4 Prior to issuing any Eligible Liability Guarantee Certificate, the Scheme Operator (i) shall take account of the smooth and orderly operation and integrity of the market for Eligible Liabilities and securities issued or guaranteed by the State and, in particular, shall take account of the issuances and any planned issuances of debt securities by all Participating Institutions, by the Scheme Operator and by the State and the then current level of Guaranteed Liabilities of a particular Participating Institution and (ii) may, in its absolute discretion, apply a cap to the amount of Guaranteed Liabilities to be issued by any particular Participating Institution. The Scheme Operator may arrange for regular meetings with the Participating Institutions in respect of any of the foregoing. 5.5 In exercising its discretion to issue an Eligible Liability Guarantee Certificate the Scheme Operator shall take into account, inter alia, the terms of the relevant Eligible Liability and its nature and complexity, including whether it meets the Eligibility Criteria. 5.6 The Guarantor shall, as a condition to the issue of an Eligible Liability Guarantee Certificate, be entitled to require the making of any amendment or supplement to an Eligible Liabilities Guarantee Scheme Agreement which has previously been delivered to it, and the delivery to it of a further legal opinion of the kind referred to in Rule 4.4(b) in respect thereof. 5.7 Without the prior consent of the Scheme Operator, . Participating Institutions must not issue an Eligible Liability in respect of which an Eligible Liability Guarantee Certificate has been issued which differs in any respect from the particulars of the Eligible Liability specified in the relevant Eligible Liability Guarantee Certificate or in any particulars provided pursuant to Rule 4.4(a) or Rule 4.5(ii). 5.8 Notwithstanding paragraph 12.1(b) of the schedule to the Scheme and subject to Rule 5.9, . Eligible Liabilities must be incurred by a relevant Participating Institution on or after the Commencement Date and on or before: (i) the Final Application Date in the case of an Eligible Liability the subject of an Application made under Rule 4.1; : and (ii) not later than 22 September 2010 in the case of an Eligible Liability the subject of Application made under Rule 4.7. 5.9 The issue of an Eligible Liability or the first issuance under a Guaranteed Programme must occur within 30 days of the date of the relevant Eligible Liability Guarantee Certificate, unless the Scheme Operator agrees otherwise. 5.10 Notwithstanding Rule 5.1, . the Scheme Operator will not issue any Eligible Liability Guarantee Certificates in respect of any Eligible Liabilities or Eligible Programmes of any particular Participating Institution if so instructed by the Guarantor. 5.11 Where the Scheme Operator approves or consents to changes to the terms and conditions of a Guaranteed Liability or a Guaranteed Programme in accordance with Rule 6 and such changes require changes to the relevant Eligible Liability Guarantee Certificate, the Scheme Operator shall replace the existing Eligible Liability Guarantee Certificate with a new Eligible Liability Guarantee Certificate reflecting such changes. 5.12 Rules 5.1 to 5.11 shall not apply in respect of deposits.