Recognition of Bail-In. 35.1 Notwithstanding any other term of this Agreement or any other agreements, arrangements, or understandings among Crédit Industriel et Commercial (in its capacity as an Issuer), the Agents, each agent organised in a member state of the European Economic Area which has implemented the Bail- in Legislation and which is named as an Agent in respect of a single Tranche of Notes, Series of Notes or the whole Programme (each, a "BRRD Party"), and each agent organised outside the European Economic Area or in a member state of the European Economic Area which has not implemented the Bail-in Legislation and which is named as an Agent in respect of a single Tranche of Notes, Series of Notes or the whole Programme (each, a "Non BRRD Party"), each BRRD Party and Non BRRD Party acknowledges and accepts that a BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts, and agrees to be bound by: (a) the effect of the exercise of the Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of a BRRD Party ("Relevant BRRD Party") to another BRRD Party or to a Non BRRD Party under this Agreement, that (without limitation) may include and result in any of the following, or some combination thereof: (i) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon on a permanent basis; (ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the Relevant BRRD Party or another person, and the issue to or conferral on another BRRD Party or a Non BRRD Party of such shares securities or obligations; (iii) the cancellation of the BRRD Liability; and/or (iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period; and (b) the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority. 35.2 Neither a reduction, in part or in full, of any BRRD Liability, the conversion thereof into another security or obligation of the Relevant BRRD Party or another person, as a result of the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the Relevant BRRD Party, nor the exercise of any Bail-in Power by the Relevant Resolution Authority with respect to this Agreement will be an event of default or otherwise constitute non-performance of a contractual obligation, or entitle the other BRRD Parties or any non BRRD Party to any remedies (including equitable remedies), which are hereby expressly waived. 35.3 For the purposes of this clause 35:
Appears in 2 contracts
Samples: Agency Agreement, Agency Agreement
Recognition of Bail-In. 35.1 Notwithstanding any other term of this Agreement or any other agreements, arrangements, or understandings among Crédit Industriel et Commercial (in its capacity as an Issuer), the Agents, each agent organised in a member state of the European Economic Area which has implemented the Bail- in Legislation and which is named as an Agent in respect of a single Tranche of Notes, Series of Notes or the whole Programme (each, a "BRRD Party"), and each agent organised outside the European Economic Area or in a member state of the European Economic Area which has not implemented the Bail-in Legislation and which is named as an Agent in respect of a single Tranche of Notes, Series of Notes or the whole Programme (each, a "Non BRRD Party"), each BRRD Party and Non BRRD Party acknowledges and accepts that a BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts, and agrees to be bound by:
(a) the effect of the exercise of the Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of a BRRD Party ("Relevant BRRD Party") to another BRRD Party or to a Non BRRD Party under this Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:
(i) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon on a permanent basis;
(ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the Relevant BRRD Party or another person, and the issue to or conferral on another BRRD Party or a Non BRRD Party of such shares securities or obligations;
(iii) the cancellation of the BRRD Liability; and/or
(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period; and
(b) the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.
35.2 Neither a reduction, in part or in full, of any BRRD Liability, the conversion thereof into another security or obligation of the Relevant BRRD Party or another person, as a result of the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the Relevant BRRD Party, nor the exercise of any Bail-in Power by the Relevant Resolution Authority with respect to this Agreement will be an event of default or otherwise constitute non-performance of a contractual obligation, or entitle the other BRRD Parties or any non BRRD Party to any remedies (including equitable remedies), which are hereby expressly waived.
35.3 For the purposes of this clause 35:
Appears in 2 contracts
Samples: Agency Agreement, Agency Agreement
