AVVISO n.3146 14 Febbraio 2008 SeDeX − INV. CERTIFICATES
AVVISO n.3146 | 14 Febbraio 2008 | SeDeX − INV. CERTIFICATES |
Mittente del comunicato : Borsa Italiana
Societa' oggetto dell'Avviso
: GOLDMAN SACHS (JERSEY) LIMITED
Oggetto : Inizio negoziazione Investment Certificates − classe B "Goldman Sachs (Jersey) Limited"
Testo del comunicato
Si veda allegato.
Disposizioni della Borsa
Strumenti finanziari: “20,000 4 Year EUR 90% Capital Protected Certificates on the INFRAX Infrastructure Index (Price) EUR”
Emittente: Goldman Sachs (Jersey) Limited
Garante: Goldman Sachs Europe
Oggetto: INIZIO NEGOZIAZIONI IN BORSA
Data di inizio negoziazioni: 18 febbraio 2008
Mercato di quotazione: Borsa - Comparto SeDeX “segmento Investment
Certificates – classe B”
Orari e modalità di negoziazione: Negoziazione continua e l’orario stabilito dall’ art.
IA.5.1.6 delle Istruzioni
Operatore incaricato ad
assolvere l’impegno di quotazione: Goldman Sachs International
Codice specialist: 1118
CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE
“20,000 4 Year EUR 90% Capital Protected Certificates on the INFRAX Infrastructure Index (Price) EUR”
Quantitativo minimo di
negoziazione di ciascuna serie: vedasi scheda riepilogativa delle caratteristiche dei
certificates (colonna “Lotto Neg.”)
Impegno giornaliero ad esporre prezzi denaro e lettera
per ciascuna serie: vedasi scheda riepilogativa delle caratteristiche dei certificates (colonna “X.Xxxxx M.M.”)
Tipo di liquidazione: monetaria
Modalità di esercizio: europeo
DISPOSIZIONI DELLA BORSA ITALIANA
Dal giorno 18 febbraio 2008, i “20,000 4 Year EUR 90% Capital Protected Certificates on the INFRAX Infrastructure Index (Price) EUR” verranno inseriti nel Listino Ufficiale, sezione Securitised Derivatives.
Allegati:
- Scheda riepilogativa delle caratteristiche dei certificates;
- Final Terms e Conditions dei certificates;
- Traduzione della Nota di Sintesi.
Serie Isin Sigla SIA Descrizione Sottostante Prot. Level Scadenza Val. Nom. Ammontare Lotto Neg. X. Xxxx. MM Ref. Price In. Partecipazione
1 JE00B28Z2482 GINFR2 465053 GSJINFRAXCPPL11 INFRAX 90% 21/12/2011 1000 20000 1 3 1442,82 75%
Infrastructure Index (Price) EUR
giovedì 14 febbraio 2008 Pagina 1 di 1
Final Terms
Goldman Sachs (Jersey) Limited
20,000 4 Year EUR 90% Capital Protected Certificates on the INFRAX® Infrastructure Index (Price) EUR (the "Certificates")
To be izzued under the Coldman Sachz Europe, Coldman Sachz (Jerzey) Limited and Coldman Sachz International Programme for the Izzuance of Warrantz and Certificatez Cuaranteed by Xxxxxxx Xxxxx Europe and The Coldman Sachz Croup, Inc.
Izzue price: EUR l,000 per Certificate
Termz uzed herein zhall be deemed to be defined az xxxx for the purpozez of the Conditionz zet forth in the Baze Prozpectuz dated 26 March 2007 (az zupplemented by a prozpectuz zupplement No. l dated l8 April 2007, a prozpectuz zupplement No. 2 dated 2 July 2007, a prozpectuz zupplement No. 3 dated ll July 2007, a prozpectuz zupplement No. 4 dated l October 2007 and a prozpectuz zupplement No. 5 dated l7 October 2007, the "Base Prospectus") relating to the Programme for the Izzuance of Warrantz and Certificatez of Coldman Sachz (Jerzey) Limited ("GSJ"), Coldman Sachz Europe ("GSE") and Coldman Sachz International ("GSI" and together with CSJ and CSE, the "Issuers" and each an "Issuer"). Theze Final Termz conztitute the final termz of the Certificatez dezcribed herein for the purpozez of Article 5.4 of Directive 2003/7l/EC (the "Prospectus Directive") and muzt be read in conjunction with the Baze Prozpectuz. Full information on the Izzuer, the Cuarantorz and the Certificatez iz only available on the baziz of the combination of theze Final Termz and the Baze Prozpectuz. The Baze Prozpectuz iz available for viewing at the regiztered office of each Xxxxxx and copiez may be obtained from the zpecified officez of the Programme Agentz.
The rightz attaching to the Certificatez zpecified above will be az zet out in the Conditionz az modified and/or zupplemented by the termz zet out herein.
A copy of theze Final Termz iz required to be delivered to the Regiztrar of Companiez in accordance with Article 5 of the Companiez (Ceneral Provizionz) (Jerzey) Order 2002.
The Certificatez have not been and will not be regiztered under the U.S. Securitiez Act of l933 and, zubject to certain exceptionz may not be offered or zold within the United Statez or to, or for the account or benefit of, any U.S. perzon (az defined in Regulation S under the Securitiez Act ("Regulation S")).
UH/l484987/03 New/NEW
Furthermore, trading in the Certificatez haz not been approved by the United Statez Commodity Futurez Trading Commizzion under the United Statez Commodity Exchange Act, and no U.S. perzon may at any time trade or maintain a pozition in the Certificatez.
These Certificates are volatile instruments. Volatility refers to the degree of unpredictable change over time of a certain variable in this case the price, performance or investment return of a financial asset. Volatility does not imply direction of the price or investment returns. An instrument that is volatile is likely to increase or decrease in value more often and/or to a greater extent than one that is not volatile.
These Certificates are subject to leverage. Where an investment is subject to leverage, the effective exposure to the underlying asset or payment reference is increased. Leverage may expose investors to increased losses where the value of underlying asset falls. Leverage can be embedded in derivative components of complex financial instruments.
These Certificates may have some or all of the characteristics of debt and derivatives instruments. These elements could interact to produce both an enhanced possibility of loss of the initial investment or an enhanced return.
This financial instrument is neither sponsored nor promoted, distributed or in any other manner supported by Deutsche Börse AG.
2 November 2007
Eubject as set out below, each of the Issuer and the Guarantors accepts responsibility for the information contained in this document. To the best of the knowledge and belief of the Issuer and the Guarantors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.
No facts have been omitted which would render the reproduced information inaccurate or misleading.
The information relating to the Index has been accurately reproduced from information published by the Index Eponsor. Each of the Issuer and the Guarantors confirms that so far as it is aware and/or is able to ascertain from information published by the Index Eponsor no facts have been omitted which would render the reproduced information inaccurate or misleading.
These Final Terms do not constitute an offer of, or an invitation by or on behalf of the Issuer or the Guarantors to subscribe for or purchase, any of the Certificates and may not be used for or in connection with an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. The distribution of these Final Terms and the offering of the Certificates in certain jurisdictions may be restricted by law. Persons into whose possession these Final Terms come are required by the Issuer and the Guarantors to inform themselves about and to observe any such restrictions. For a description of certain further restrictions on offers and sales of Certificates and the distribution of these Final Terms, see "Eelling Restrictions" in the Base Prospectus.
None of the Issuer or the Guarantors intends to provide any post-issuance information and no person is authorised to give any information or to make any representation except as contained in these Final Terms and such information or representation must not be relied upon as having been authorised by or on behalf of the Issuer or the Guarantors or any of their affiliates. The delivery of these Final Terms at any time does not imply that the information in it is correct as at any time subsequent to its date.
Each prohpective purchaher of Certificateh muht enhure that the complexity and rihkh inherent in the Certificateh are huitable for ith objectiveh and any purchahe of Certificateh hhould be bahed upon huch invehtigation and inquiry ah huch prohpective purchaher deemh necehhary. The Lhhuer, the Guarantorh, or any other hubhidiary or affiliate within the Goldman Sachh group of companieh and the holderh of huch Certificateh (or their rehpective brokerh, financial or invehtment adviherh) will not be rehponhible to any other perhon for providing the protection afforded to clienth of The Goldman Sachh Group, Lnc., Goldman Sachh (Jerhey) Limited, Goldman Sachh Europe or Goldman Sachh Lnternational or for providing advice in relation to the offering or ihhuance of Certificateh.
No perhon hhould deal in the Certificateh unlehh that perhon underhtandh the nature of the relevant tranhaction and the extent of that xxxxxx'h expohure to potential lohh. Each prohpective purchaher of Certificateh hhould conhider carefully whether the Certificateh are huitable for it in the light of ith circumhtanceh and financial pohition.
Prohpective purchaherh of Certificateh hhould conhult their own legal, tax, accountancy and other profehhional adviherh to ahhiht them in determining the huitability of the Certificateh for them ah an invehtment.
Az uzed herein referencez to "EUR" and "Euro" mean the lawful currency of the member ztatez of the European Union that adopt the zingle currency in accordance with the EC Treaty.
For the avoidance of doubt Condition 3.6 (Automatic Exercise) iz applicable for the purpozez of theze Final Termz.
TERMS OF THE CERTIFICATES
Except az zet out below, the Certificatez will be zubject to the Conditionz zet out in the Baze Prozpectuz and alzo to the following termz:
A l. | Issue Details (i) Izzuer: | Xxxxxxx Xxxxx (Jerzey) Limited. |
(ii) Cuarantorz: | Coldman Sachz Europe and The Coldman | |
Sachz Croup, Inc. | ||
2. | Title, Number, Put or Call Securitiez: | 20,000 4 Year 90% Capital Protected Certificatez on the INFRAX® |
Infraztructure Index (Price) EUR. | ||
3. | European, Bermudan or American Style: | European. Each Certificate will be |
automatically exercized on the Exercize | ||
Date in accordance with Condition 3.6 | ||
(Automatic Exercise), except if the Holderz | ||
have waived the exercize by giving notice | ||
to the Izzuer and the Programme Agent in, | ||
or zubztantially in, the form zet out in | ||
Annex B hereto by no later than l0.00 | ||
a.m. (Milan time) on the day immediately | ||
following the Exercize Date. | ||
4. | Izzue Date: | 28 December 2007. |
5. | Final Exercize Date: | Not applicable. |
6. | Exercize Period: | Not applicable. |
7. | Exercize Date or Exercize Datez: | 2l December 20ll. |
8. | Multiple Exercize Securitiez: | Not applicable. |
9. | Strike Price: | Not applicable. |
l0. | Minimum Exercize Number: | l Certificate. |
ll. | Maximum Exercize Number: | Not applicable. |
l2. | Minimum Trading Size: | l Certificate. |
l3. | Reference Azzetz: | INFRAX® Infraztructure Index (Price) |
EUR. | ||
Eee "Information Relating to the Index" | ||
below. |
l4. Settlement Currency: EUR.
l5. Settlement Date: The fifth Buzinezz Day (az defined below) after the Valuation Date (az defined below).
l6. Parity: Not applicable.
l7. Multiplier: Not applicable.
l8. Calculation Agent: Coldman Sachz International.
l9. Additional or Other Programme Agent(z) and zpecified office(z):
The Programme Agent in rezpect of the Certificatez zhall be:
Citibank N.A.
Xxxx Xxxxxxxxxx, x0 00x0x Xxxxx
Xxxxx
20. Relevant Settlement Syztem: Monte Titoli S.p.A.
2l. ISIN: JE00B28Z2482.
22. SEDOL: Not applicable.
23. Code of the Relevant Clearing Syztem, if different:
Not applicable.
24. Izzue Price: EUR l,000 per Certificate.
25. Commizzionz, concezzionz or other zimilar amountz:
A zelling commizzion of up to 3% of the Izzue Price may be payable, further detailz are available upon requezt.
26. Market Dizruption Event: Condition l9 iz applicable.
(i) Exchange: Each of the marketz or exchangez on which any of the zecuritiez comprized in the Index iz traded, az determined by the Calculation Agent in itz dizcretion.
27. Settlement Dizruption Event: Not applicable.
28. Adjuztment: Yez. Condition 23 iz applicable.
29. Payment Dizruption Event: Not applicable.
30. Lizting:
(ii) Lizting: Borza Italiana S.p.A.
(iii) Admizzion to trading: Application will be made for the
Certificatez to be admitted to trading on the Sedex Market of the Italian Stock Exchange.
3l. Financial Centrez: Not applicable. In rezpect of the Certificatez only, the definition of "Buzinezz Day" in Condition 30 zhall be deemed to be deleted and "Buzinezz Day" zhall inztead have the meaning given to it in Part B of theze Final Termz.
32. Additional Selling Reztrictionz: Not applicable.
33. Notional Amount per Security (for the purpozez of Condition 7):
34. Interezt Rate (for the purpozez of Condition 7):
Not applicable.
Not applicable.
35. Interezt Payment Date(z): Not applicable.
36. Interezt Commencement Date: Not applicable.
37. Interezt Rate Day Count Fraction (for the purpozez of Condition 7):
38. Other termz relating to the method of calculating interezt (for the purpozez of Condition 7):
Not applicable.
Not applicable.
39. Optional Early Redemption: Not applicable.
40. Other termz or zpecial conditionz: For the purpozez of the Certificatez only,
optionz (iv) and (v) of Condition 9.2 zhall not apply.
4l. Additional xxxx factorz: Not applicable.
42. Intereztz of natural and legal xxxxxxx involved in the izzue:
Save az dizcuzzed in "Diztribution Arrangementz" in the Baze Prozpectuz, zo far az the Izzuer and the Cuarantorz are aware, no perzon involved in the izzue of the Certificatez haz an interezt material to xxxx izzue.
B Exercise Rights:
(l) Upon exercize in accordance with the Conditionz, each Certificate entitlez the Holder to receive on the Settlement Date an amount in the Settlement Currency equal to the Settlement Amount (az defined below) lezz any Expenzez which the Izzuer iz authorized to deduct, az applicable.
(2) The Settlement Amount will be calculated by the Calculation Agent, which exprezzion zhall include any zuccezzor calculation agent appointed by the Izzuer. All determinationz made by the Calculation Agent zhall be concluzive and binding on the Holderz.
(3) The Certificatez do not confer on any Holder any right to receive any equity zecuritiez which at any time are included in the Index and the Izzuer iz not obliged to purchaze, hold or deliver any xxxx zecuritiez in connection with the Certificatez.
"Business Day" zhall mean any day on which the Tranz-European Automated Real- time Crozz Settlement Exprezz Tranzfer (TARCET) Syztem iz operating credit or tranzfer inztructionz in rezpect of paymentz in Euro;
"Index Calculation Day" meanz any day on which the Index iz calculated and publizhed by the Index Sponzor;
"Nominal Amount" meanz EUR l,000; "Protection Level" meanz 90 per cent.;
"Participation" meanz a percentage that will be equal to 75 per cent;
"Reference Price" meanz the official clozing level of the Index az calculated and publizhed by the Index Sponzor on any Index Calculation Date;
"Reference Price (Final)" meanz the Reference Price of the Index az calculated and publizhed by the Index Sponzor on the Valuation Date;
"Reference Price (Initial)" meanz the Reference Price of the Index az calculated and publizhed by the Index Sponzor on the Strike Date;
"Settlement Amount" meanz, in rezpect of each Certificate, an amount in the Settlement Currency equal to:
If the Reference Price (Final) iz below the Reference Price (Initial):
「 Reference Price (Final)
Nominal Amount x max |Protection Level; Reference Price (Initial) |
L ]
otherwize:
「 ( Reference Price (Final) ⎞
Nominal Amount x
|100% + Participation x | − 1||
Reference Price (Initial)
L| ⎝ ⎠|]
"Strike Date" meanz 2l December 2007;
"Valuation Business Day" meanz a Buzinezz Day which iz alzo an Index Calculation Date;
"Valuation Date" meanz the Exercize Date or, if xxxx day iz not a Valuation Buzinezz Day, the immediate zucceeding Valuation Buzinezz Day.
C Notification
The United Hingdom Financial Servicez Authority haz provided the competent authoritiez in Belgium, the Czech Republic, France, Spain, the Republic of Ireland and the Republic of Italy with a certificate of approval attezting that the Baze Prozpectuz haz been drawn up in accordance with the Prozpectuz Directive.
D Secondary Trading
The Izzuer expectz to make a market in the Certificatez on Reuterz and on the internet page xxxx://xxx.xxxxxxx-xxxxx.xx.
INFORMATION RELATING TO THE INDEX
Index: INFRAX® Infraztructure Index (Price) EUR.
Index Sponzor: Deutzche Börze AC.
Dezcription of the Index: INFRAX® Infrastructure Index (the "Index") waz
developed in cooperation with Berenberg Private Capital CmbH and Coldman Sachz and reflectz the performance of 50 of the largezt and mozt liquid international companiez in the Energy, Tranzport, Water & Wazte Management and Conztruction zectorz.
The Index iz comprized of l5 companiez from the Energy zector, 20 companiez from the Tranzport zector, 5 companiez from the Water & Wazte Management zector and l5 companiez from the Conztruction zector.
Az at 27 December 2006 there were about 200 companiez that were eligible for incluzion in the Index. Berenberg Private Capital CmbH determinez which companiez are included although Coldman Sachz haz the right to refuze incluzion for zpecific reazonz xxxx az a reazonable azzumption that liquidity could decreaze during the following year.
The companiez are only eligible for incluzion in the Index if their market capitalization amountz at leazt USD l billion and if they have an average daily ztock market turnover of at leazt USD l0 million in the preceding four and twelve monthz.
All companiez in the Index are given a weighting of two per cent. The Index compozition iz reviewed once a year on the third Friday in September and iz adjuzted in accordance with the Index rulez, if necezzary.
A fee of l2 baziz pointz per annum iz charged on a daily baziz for conztructing, maintaining and reviewing the Index and any related tazkz. The Index value iz reduced by thiz fee.
The baze value of the Index on l5 September 2000 waz l000.
The Index iz calculated in Euro, US Dollarz, Swizz France and Britizh Poundz.
Sourcing of pricing information for the Index:
The Index iz calculated every 60 zecondz from 9 a.m. till l0 p.m. CET to reflect performance and price. The ztock pricez are provided by Reuterz and Xetra®.
Further information and Index data are available on xxx.xxxxxxxx-xxxxxx.xxx. INFRAX® Infraztructure Index iz a regiztered trademark of Coldman Sachz.
Bloomberg Code: INFRAXEP Index; Reuterz Code: .INFRAXEP
ANNEX A TAXATION
Thiz annex iz not intended to be a complete analyziz of all tax conzequencez of the purchaze, holding, zale and exercize of the Certificatez.
The information ztated below iz bazed on the tax legizlation in force on the date of the Final Termz. The legizlation remainz zubject to pozzible changez which could have retrozpective effectz.
Inveztorz are advized to zeek profezzional advice with regard to the tax regime for the purchaze, holding, zale and exercize of the Certificatez.
According to Italian Law prezently in force, proceedz gained by an Italian rezident individual inveztor, if not obtained through an entrepreneurial activity, which derive from the zale or exercize of Certificatez, are zubject to taxation. In particular, according to Legizlative Decree 2l November l997, no. 46l, which integratez the mizcellaneouz income provided for by art. 8l, firzt paragraph, of the Prezidential Decree 22 December l986, no. 9l7 (Italian Income Taxez Conzolidated Text), proceedz gained by individual inveztorz rezident in Italy if not obtained through an entrepreneurial activity, and deriving from the zale and from the exercize of the Certificatez are zubject to a zubztitute tax of l2.50%.
Special rulez apply to Certificatez held by rezident qualified intermediariez under "rizparmio amminiztrato" or the "rizparmio geztito" regimez.
It muzt be finally noted that according to one interpretation of the prezent law, the Certificatez could be qualified az "atypical inztrumentz", zubject to taxation at the rate of 27%.
ANNEX B
STANDARD FORM OF WAIVER OF EXERCISE
To be completed by the holder of the Certificatez
20,000 4 Year EUR 90% Capital Protected Certificates on the INFRAX® Infrastructure Index (Price) EUR (the "Certificates")
To: Coldman Sachz International
e-mail: xx-xxxxxxxxxxxxxx@Xx.xxxxx.xx.xxx and
To: Citigroup - Corporate and Inveztment Banking - CTS Corp Act Dept Attn: Xxxxxxx Xxxxxxx
Fax: 02.57.377.2ll
e-mail: xxxxxx.xxxxxxx@xxxxxxxxx.xxx
Failure properly to complete thiz Waiver of Exercize or to zubmit a zubztantially zimilar form of Waiver of Exercize zhall rezult in the Waiver of Exercize being treated az null and void.
PLEASE USE BLOCK CAPITALS
l. Details of holders(s) of 20,000 4 Year EUR 90% Capital Protected Certificates on the INFRAX® Infrastructure Index (Price) EUR
Name:
Addrezz:
Faczimile:
Telephone:
_
2. Details of Series of Certificates
The Seriez of Certificatez to which thiz Waiver of Exercize relatez:
_
3. Waiver of Exercise
I/We', being the holder of the Certificatez referred to below forming part of the above Seriez of Certificatez, hereby waive the exercize of xxxx Certificatez in accordance with the termz and conditionz thereof.
_
4. Number of Certificates
The number of Certificatez iz az followz:
_
5. Dated
_
6. Signed
CONDITIONS OF THE SECURITIES
The following is the text of the Conditions of the Eecurities which, as supplemented or varied in accordance with the terms applicable to the relevant Eeries or Tranche of Eecurities set out in the relevant Final Terms (the "Final Termh"), will apply to each issue of Eecurities. Certain administrative procedures in relation to the Eecurities are set out in the Programme Agreement between, inter alios, the Issuers, the Registrar, the Programme Agents and the Calculation Agents. A copy of the Programme Agreement will be available for inspection at the specified offices of the Programme Agents. The Holders of Eecurities of any Eeries are bound by, and are deemed to have notice of, the Conditions and the Final Terms of such Eeries of Eecurities and are deemed to have notice of the provisions of the Programme Agreement applicable to them. Expressions used herein and not defined shall have the meaning given to them in the relevant Final Terms.
l. FORM AND TRANSFER
l.l | Form l.l.l | Securitiez other than Securitiez held in Euroclear France |
The Securitiez, except for Securitiez held in Euroclear France, are izzued in regiztered and uncertificated form. Such Securitiez comprize regiztered Securitiez which for the time being are uncertificated zecuritiez in accordance with, in the caze of Securitiez cleared through CREST, the Uncertificated Securitiez Regulationz 200l (SI 200l No. 3755) az amended from time to time (the "Regulations"). The Securitiez will be izzued and tranzferred in uncertificated form through the Relevant Settlement Syztem. Securitiez in certificated form will not be izzued. | ||
l.l.2 | Securitiez held in Euroclear France | |
Tranchez of Securitiez may alzo be reprezented by a global warrant or a global certificate (in either form, the "Global Security") depozited on the Izzue Date zpecified in the relevant Final Termz with Euroclear France. Securitiez in definitive form will not be izzued. | ||
The Securitiez are conztituted by and have the benefit of a deed of covenant executed by each of the Izzuerz and dated 26 March 2007. | ||
l.2 | Title |
Title to the Securitiez, except for Securitiez held in Euroclear France, zhall pazz by tranzfer and regiztration in the relevant Regizter az dezcribed in thiz Condition. Title of Securitiez held in Euroclear France will be evidenced by entriez in the bookz of the Euroclear France Account Holderz.
"Account Holder" zhall mean any authorized financial intermediary inztitution entitled to hold accountz, directly or indirectly, on behalf of itz cuztomerz with Euroclear France, and includez Euroclear Bank SA/N.V. ("Euroclear") and the depozitary bank for Clearztream Banking, société anonyme (("Clearstream").
Except az ordered by a court of competent jurizdiction or az required by law, the Holder (az defined below) of any Security zhall be deemed to be and may be treated az itz abzolute owner for all purpozez (whether or not it iz overdue and regardlezz of any notice of ownerzhip, truzt or
any interezt in it, any writing on it, or itz theft or lozz) and no perzon will be liable for zo treating the Holder.
l.3 Holder
In theze Conditionz, "Holder" meanz i) in rezpect of Securitiez cleared through CREST, the perzon in whoze name a Security iz regiztered in the relevant Regizter and ii) in rezpect of cleared through Xxxxx Xxxxxx, the perzon for the time being appearing in the bookz of Monte Titoli az the holder of a Security and in rezpect of Securitiez held in Euroclear France, the perzon for the time being appearing in the bookz of Euroclear France, az the holder of a Security.
l.4 Registration
Subject to the Regulationz, the Izzuerz will cauze to be kept a record of Securitiez cleared through CREST (az defined in, and in accordance with, the Regulationz) (the "Register").
l.5 Transfer of Securities (other than Securities held in Euroclear France)
Securitiez may, zubject to the termz of the Programme Agreement and to Condition l.6, be tranzferred by meanz of a relevant zyztem in accordance with, in the caze of Securitiez cleared through CREST, the Regulationz, and the rulez, practicez and procedurez of the relevant zyztem.
No tranzfer of a Security will be valid unlezz and until entered on the Regizter of Holderz maintained by an Operator. A Security may be regiztered only in the name of, and tranzferred only to, a named perzon (or perzonz, not exceeding four in number).
l.6 Formalities Free of Charge
Any tranzfer purzuant to thiz Condition l will be effected without charge zubject to (i) the perzon making a tranzfer paying or procuring the payment of any Expenzez payable in connection therewith, (ii) the Regiztrar (if applicable) being zatizfied with the identity of the perzon making xxxx tranzfer and (iii) xxxx reazonable regulationz az the Izzuerz may from time to time agree with the Regiztrar (if applicable). Any tranzfer will be zubject to the provizionz of all applicable fizcal or other lawz and regulationz in effect at the time of xxxx tranzfer.
2. STATUS AND GUARANTEES
2.l Status
The Securitiez reprezent general contractual obligationz of the relevant Izzuer and are not zecured by any property of xxxx Xxxxxx. The Securitiez rank equally among themzelvez and, zave for xxxx exceptionz az may be provided by Applicable Law, pari passu with all other unzecured and unzubordinated obligationz of xxxx Izzuer but excluding any debtz for the time being preferred by Applicable Law and any zubordinated obligation.
2.2 Guarantees
The payment obligationz of Coldman Sachz (Jerzey) Limited, in rezpect of Securitiez izzued by Xxxxxxx Xxxxx (Jerzey) Limited only, are unconditionally and irrevocably guaranteed by Coldman Sachz Europe in itz capacity az guarantor purzuant to a deed of guarantee dated 26
March 2007 made by Coldman Sachz Europe in favour of the Holderz of Securitiez izzued by Xxxxxxx Xxxxx (Jerzey) Limited (the "GSE Guarantee").
In addition, the payment obligationz of Coldman Sachz International, in rezpect of Securitiez izzued by Coldman Sachz International, and the payment obligationz of Coldman Sachz Europe, in rezpect of Securitiez izzued by Coldman Sachz Europe and/or purzuant to the CSE Cuarantee, are unconditionally and irrevocably guaranteed by The Coldman Sachz Croup, Inc. purzuant to a deed of guarantee dated 26 March 2007 (the "GSGI Guarantee" and, together with the CSE Cuarantee, the "Guarantees") made by The Coldman Sachz Croup, Inc. in favour of the Holderz of Securitiez izzued by Xxxxxxx Xxxxx International and izzued or guaranteed by Coldman Sachz Europe (The Coldman Sachz Croup, Inc. together with Coldman Sachz Europe in itz capacity az guarantor being "Guarantors" and each a "Guarantor").
3. EXERCISE RIGHTS
3.l Exercise Period — American Style Securities
Securitiez dezignated in the relevant Final Termz az "American Style" are exercizable on any Buzinezz Day (which for the purpozez of American Style Securitiez zhall conztitute an Exercize Date) during the Exercize Period zubject to prior termination of the Securitiez az provided in Condition 9 or, if applicable, Condition 8.
3.2 Exercise Period — European Style Securities
Securitiez dezignated in the relevant Final Termz az "European Style" are exercizable on the Exercize Date zpecified in the relevant Final Termz zubject to prior termination of the Securitiez az provided in Condition 9.
3.3 Exercise Period — Bermudan Style Securities
Securitiez dezignated in the relevant Final Termz az "Bermudan Style" are exercizable on any one of two or more Exercize Datez zpecified in the relevant Final Termz zubject to prior termination of the Securitiez az provided in Condition 9 or, if applicable, Condition 8.
3.4 Entitlement
The rightz attaching to each Security on exercize will be az zet out in the relevant Final Termz.
3.5 Failure to Exercise
Any Security with rezpect to which no Exercize Notice haz been delivered to the Relevant Programme Agent, or, in the caze of Securitiez cleared through Monte Titoli, the Calculation Agent, in the manner zet out in Condition 4, at or prior to l0.00 a.m. (Local Time) on the relevant Final Exercize Date zhall be automatically exercized on the Final Exercize Date (and the Exercize Date for xxxx Securitiez will be the Final Exercize Date) zubject to and in accordance with the provizionz of Condition 3.6.
3.6 Automatic Exercise
If the relevant Izzuer would have been obliged to make payment of a Settlement Amount on (a) in rezpect of any European Style Securitiez, any Exercize Date or (b) in rezpect of any American Style or Bermudan Style Securitiez, the Final Exercize Date to the Holder of xxxx Security had xxxx Security been exercized by the relevant Holder, xxxx Security will be
automatically exercized xx xxxx Exercize Date or xxxx Final Exercize Date, az applicable, and the provizionz of Condition 4 zhall be deemed to have been obzerved and will apply in rezpect of xxxx exercize procedure.
3.7 Multiple Exercise
If the Securitiez are zpecified in the relevant Final Termz az being Multiple Exercize Securitiez, then thiz Condition 3.7 iz applicable and each Multiple Exercize Security zhall be capable of being exercized once on each Exercize Date zpecified in the relevant Final Termz in accordance with the other provizionz of theze Conditionz. Referencez in theze Conditionz to "Valuation Date", "Strike Price", "Settlement Date", "Exercize Date", "Exercize Period", "Exercize Notice" and "Automatic Exercize" zhall, in relation to each exercize of Multiple Exercize Securitiez, unlezz the context otherwize requirez, be conztrued az referencez to the relevant "Valuation Date", the relevant "Strike Price", the relevant "Settlement Date", the relevant "Exercize Date", the relevant "Exercize Period", the relevant "Exercize Notice" and the relevant "Automatic Exercize".
3.8 Open-ended Securities
Thiz Condition 3.8 iz applicable to American Style and Bermudan Style Securitiez in rezpect of which no Final Exercize Date iz zpecified in the applicable Final Termz ("Open-ended Securities"). Any xxxx Open-ended Security zhall be capable of being exercized by the Holder in accordance with the provizionz of Condition 3.2 or 3.3, az applicable and will be capable of being redeemed by the relevant Izzuer in accordance with the provizionz of Condition 8 and Condition 9.
4. EXERCISE PROCEDURE
4.l Automatic Exercise
Where Automatic Exercize appliez to Securitiez purzuant to Condition 3.6 or, az the caze may be, Condition 8.4, the relevant Izzuer will pay, or will procure payment of the Settlement Amount through the Relevant Settlement Syztem to the relevant Holder in rezpect of xxxx Securitiez, lezz Expenzez, if any, payable in connection with xxxx Automatic Exercize, on the Settlement Date.
4.2 Exercise by Holders
4.2.l Exercise Notice
Securitiez may be exercized by delivery of a duly completed Exercize Notice by the Holder to (i) in the caze of Securitiez held in Euroclear France, the Euroclear France Account Holder through which their Securitiez are held (ii) in the caze of Securitiez held in Monte Titoli, the Calculation Agent or (iii) in the caze of Securitiez held through CREST, the CREST Programme Agent (l) (in the caze of American Style and Bermudan Style Securitiez) not later than l0.00 a.m. (Local Time) on any Exercize Date during the Exercize Period or (2) (in the caze of European Style Securitiez) at any time after l0.00 a.m. (Local Time) on the Buzinezz Day immediately preceding the relevant Exercize Date but not later than l0.00 a.m. (Local Time) on the relevant Exercize Date:
(a) zpecifying the number of Securitiez of each Seriez or Tranche being exercized;
(b) zpecifying the number of the Participant ID and Member Account at the Relevant Settlement Syztem or in the caze of Securitiez held through Euroclear France, the number of the Euroclear France Account Holder to be debited with the Securitiez being exercized and credited with the Settlement Amount or (in any caze) any other amount payable by the relevant Izzuer to the Holder in connection with the exercize of xxxx Securitiez;
(c) irrevocably agreeing to input a properly authenticated dematerialized inztruction through the Relevant Settlement Syztem or inztruct the relevant Euroclear France Account Holder to effect the delivery of the number of Securitiez being exercized to the Relevant Programme Agent on behalf of the relevant Izzuer to the account zpecified in the Exercize Notice againzt payment by xxxx Izzuer of the Settlement Amount for zettlement on the Settlement Date;
(d) authorizing the relevant Izzuer to deduct any Expenzez from the Settlement Amount; and
(e) certifying that the Securitiez are not being exercized by or on behalf of a U.S. perzon or perzon within the United Statez and that the Securitiez are not beneficially owned by a U.S. perzon or perzon within the United Statez.
4.2.2 Verification of the Holder
Upon receipt of an Exercize Notice, the Relevant Programme Agent or, in the caze of Securitiez cleared through Monte Titoli, the Calculation Agent, will verify that the perzon exercizing the Securitiez zpecified therein waz, on the relevant Exercize Date, the Holder thereof according to the Regizter (if applicable) or the rulez of Monte Titoli or Euroclear France az the caze may be. If xxxx Relevant Programme Agent or Calculation Agent iz unable zo to verify, xxxx Exercize Notice zhall be deemed not to have been given.
4.2.3 Eettlement
Settlement purzuant to Conditionz 4.l and 4.2.l(c) of the Settlement Amount, after deduction of any Expenzez which the relevant Izzuer iz authorized to deduct, zhall be made by the relevant Izzuer or Relevant Programme Agent (on itz behalf) on the Settlement Date to the Holder'z or Euroclear France Account Holder'z account, az the caze may be, in the Relevant Settlement Syztem az zpecified in the Exercize Notice.
4.2.4 Determination
Any determination az to whether an Exercize Notice iz duly completed and in proper form zhall be made by the Relevant Programme Agent or, in the caze of Securitiez cleared through Monte Titoli, the Calculation Agent in itz zole and abzolute dizcretion and zhall be concluzive and binding on the relevant Izzuer, the Cuarantor(z), the Relevant Programme Agent, the Calculation Agent and the Holder. Any Exercize Notice zo determined to be incomplete or not in proper form zhall be void. If xxxx Exercize Notice iz zubzequently corrected to the zatizfaction of the Relevant Programme Agent or, in the caze of Italian Securitiez, the Calculation Agent, it zhall be deemed to be a new Exercize Notice zubmitted at the time the correction iz delivered. The Relevant Programme Agent or, in the caze of Italian Securitiez, the Calculation Agent, will endeavour to notify the Holder of an Exercize Notice which iz
incomplete or not in proper form az zoon az pozzible after it becomez aware of the improper exercize.
4.2.5 Effect of Exercise Notice
Delivery of an Exercize Notice zhall conztitute an irrevocable election and undertaking by the relevant Holder to exercize the Securitiez zpecified therein in the manner zpecified therein and in theze Conditionz. After delivery of xxxx Exercize Notice, xxxx exercizing Holder may not otherwize tranzfer xxxx Securitiez. Notwithztanding thiz, if any Holder doez zo tranzfer or attemptz zo to tranzfer xxxx Securitiez, the Holder will be liable to the relevant Izzuer for any Expenzez zuffered or incurred by xxxx Izzuer or any of itz affiliatez through whom it haz hedged itz pozition, including thoze zuffered or incurred az a conzequence of the Izzuer or any of itz affiliatez through whom it haz hedged itz pozition having terminated or commenced any related hedging operationz in reliance on the relevant Exercize Notice and zubzequently (i) entering into replacement hedging operationz in rezpect of xxxx Securitiez or (ii) paying any amount on the zubzequent exercize of xxxx Securitiez without having entered into any replacement hedging operationz.
4.2.6 Expenses
A Holder exercizing a Security zhall pay all Expenzez, if any, payable in connection with the exercize of the Security.
5. MINIMUM NUMBER OF SECURITIES EXERCISABLE
If Securitiez are dezignated az "American Style" or "Bermudan Style" and a Minimum Exercize Number iz zpecified in the relevant Final Termz, the Securitiez of xxxx Seriez or Tranche may only be exercized in the Minimum Exercize Number or xxxx multiplez in which xxxx Seriez or Tranche may be exercized in accordance with the relevant Final Termz.
6. MAXIMUM NUMBER OF SECURITIES EXERCISABLE
If Securitiez are dezignated az "American Style" or "Bermudan Style" and a Maximum Exercize Number iz zpecified in the relevant Final Termz, then if, following any Exercize Date other than the Final Exercize Date, the relevant Izzuer determinez in itz zole and abzolute dizcretion that more than the Quota were exercized xx xxxx Exercize Date, then xxxx Izzuer may deem the Valuation Date for the firzt Quota of Securitiez of the relevant Seriez or Tranche exercized by Holderz to be the originally applicable Valuation Date for Securitiez exercized xx xxxx Exercize Date, and the Valuation Date for each additional Quota of Securitiez of the relevant Seriez or Tranche (or part thereof, in the caze of the lazt amount) exercized to be the rezpective Valuation Datez applicable to each zucceeding date following xxxx Exercize Date on which Securitiez of the relevant Seriez or Tranche could have been exercized, until all xxxx Securitiez exercized xx xxxx Exercize Date have been given a Valuation Date. In any caze where more than the Quota of Securitiez of a Seriez or Tranche are zo exercized on the zame day, the order of zettlement in rezpect of xxxx Securitiez zhall be at the zole and abzolute dizcretion of the relevant Izzuer. Notwithztanding the foregoing, the relevant Izzuer may, at any time, in itz zole and abzolute dizcretion, accept more than the Quota of Securitiez of a Seriez or Tranche for exercize on any Exercize Date.
7. INTEREST
7.l Definitions
For the purpozez of thiz Condition 7:
"Actual/360" meanz the actual number of dayz in the Interezt Period divided by 360;
"Actual/363" or "Actual/Actual (ICMA)" meanz the actual number of dayz in the Interezt Period divided by 365 (or, if any portion of that Interezt Period fallz in a leap year, the zum of
(i) the actual number of dayz in that portion of the Interezt Period falling in a leap year divided by 366; and (ii) the actual number of dayz in that portion of the Interezt Period falling in a non- leap year divided by 365);
"Actual/363 (Fixed)" meanz the actual number of dayz in the Interezt Period divided by 365;
"30/360 (Floating)" or "360/360" or "Bond Basis" meanz the number of dayz in the Interezt Period divided by 360 (the number of dayz to be calculated on the baziz of a year of 360 dayz with l2 30-day monthz (unlezz (i) the lazt day of the Interezt Period iz the 3lzt day of a month but the firzt day of the Interezt Period iz a day other than the 30th or 3lzt, in which caze the month that includez that lazt day zhall not be conzidered to be zhortened to a 30-day month or
(ii) the lazt day of the Interezt Period iz the lazt day of the month of February, in which caze the month of February xxxxx not be conzidered to be lengthened to a month comprizing 30 dayz);
"30E/360" or "Eurobond Basis" meanz the number of dayz in the Interezt Period divided by 360 (the number of dayz to be calculated on the baziz of a year of 360 dayz with l2 monthz each comprizing 30 dayz without regard to the date of the firzt day or lazt day of the Interezt Period, unlezz in the caze of an Interezt Period ending on the Redemption Date, the Redemption Date iz the lazt day of the month of February, in which caze the month of February xxxxx not be conzidered to be lengthened to a month comprizing 30 dayz);
"Interest Amount" meanz, in rezpect of each Interezt Period and each Security, an amount calculated by the Calculation Agent az followz:
Notional Amount per Security x Interezt Rate x Interezt Rate Day Count Fraction;
"Interest Commencement Date" meanz the Izzue Date or xxxx other date az may be zpecified in the applicable Final Termz;
"Interest Payment Date" meanz each date zpecified az xxxx in the applicable Final Termz;
"Interest Period" meanz the period commencing on (and including) the Interezt Commencement Date to (but excluding) the firzt Interezt Payment Date and each period commencing on (and including) an Interezt Payment Date to (but excluding) the next following Interezt Payment Date;
"Interest Rate" meanz the rate zpecified az xxxx in the applicable Final Termz;
"Interest Rate Day Count Fraction" haz the meaning given in the relevant Final Termz; and
"Notional Amount per Security" meanz the amount zpecified az xxxx in the applicable Final Termz.
7.2 Interest Amount
If zo zpecified in the applicable Final Termz and zubject az provided in theze Conditionz, each Security payz interezt from and including the Izzue Date at the Interezt Rate payable in arrearz on each Interezt Payment Date. The amount payable in rezpect of each Security on each Interezt Payment Date will be the Interezt Amount for the Interezt Period ending on (but excluding) xxxx Interezt Payment Date.
If an Interezt Amount iz required to be calculated for a period ending other than on an Interezt Payment Date, it will be calculated on the baziz of the number of dayz from and including the mozt recent Interezt Payment Date (or, if none, the Izzue Date) to but excluding the relevant payment date and the Interezt Rate Day Count Fraction zpecified in the applicable Final Termz
7.3 Accrual of Interest
Each Security will ceaze to accrue interezt from and including the Redemption Date unlezz payment of the Cazh Settlement Amount and/or delivery of any Phyzical Settlement Amount due on redemption iz improperly withheld or refuzed by the Izzuer in which caze interezt zhall continue to accrue from the Redemption Date until xxxx payment or delivery iz made, az the caze may be. For the avoidance of doubt, no interezt on the Securitiez zhall accrue beyond the Redemption Date in the event that delivery of any Phyzical Settlement Amount iz poztponed due to the occurrence of a Phyzical Settlement Dizruption Event or otherwize az provided for in theze Conditionz or the applicable Final Termz.
8. OPTIONAL EARLY REDEMPTION
Thiz Condition 8 zhall apply to Open-ended Securitiez only.
8.l Optional Early Redemption
If thiz Condition 8 iz zpecified in the relevant Final Termz az being applicable, then the relevant Izzuer may, upon the expiry of the appropriate notice and zubject to xxxx conditionz az may be zpecified in the relevant Final Termz, redeem all (but not zome only) of the Securitiez of the relevant Seriez.
8.2 Notice of Optional Early Redemption
The appropriate notice referred to in Condition 8.l iz a notice given by the relevant Izzuer to the Calculation Agent, the Relevant Programme Agent and the Holderz of the Securitiez of the relevant Seriez (in accordance with Condition l4), which notice zhall zpecify:
(a) the title of the Seriez of Securitiez zubject to redemption; and
(b) the due date for xxxx redemption (the "Optional Early Redemption Date"), which zhall be a Buzinezz Day which iz not lezz than thirty dayz, or xxxx other number of dayz az may be zpecified in the relevant Final Termz, after the date on which xxxx notice iz validly given in accordance with Condition l4.
Any xxxx notice zhall be irrevocable, and the delivery thereof zhall oblige the Izzuer to make the redemption therein zpecified.
9. TERMINATION BY THE ISSUERS
9.l Termination Events
Each of the Izzuerz zhall have the right to terminate itz obligationz under the Securitiez, by giving notice to the Holderz, the Relevant Programme Agent(z) and the Calculation Agent, if it determinez in itz zole and abzolute dizcretion in good faith that itz performance thereunder haz become unlawful or impractical in whole or in part az a rezult of (i) any change in national or international financial, political or economic conditionz or currency exchange ratez, or (ii) compliance in good faith by the relevant Izzuer with any Applicable Law (the circumztancez referred to in (i) and (ii) hereafter referred to az "Termination Events").
9.2 Additional Termination Events
Each of the Izzuerz zhall have the right to terminate itz rezpective obligationz under the Securitiez, by giving notice to the relevant Holderz, the Relevant Programme Agent(z) and the Calculation Agent, if it determinez in itz zole and abzolute dizcretion in good faith that (i) any Nationalization, Inzolvency or Merger Event haz rezulted in Cancellation and Payment, (ii) any other circumztancez zet out in the relevant Final Termz have occurred, or (iii) any action haz been taken by a taxing authority, or brought in a court of competent jurizdiction, or a Change in Tax Law haz occurred, or (iv) any event occurz which cauzez or iz reazonably likely to cauze any Expenzez to arize (by whomzoever payable) or (v) there iz inzufficient liquidity in the market for the Reference Azzet to permit the Hedging Entity to enter into hedging tranzactionz relating to the Reference Azzetz in order to hedge xxxx Izzuer'z obligationz under the Securitiez in an acceptable or a commercially zatizfactory manner (the circumztancez referred to in (i), (ii), (iii), (iv) or (v) hereafter referred to az "Additional Termination Events").
9.3 Payments upon Termination Events and Additional Termination Events
If a Termination Event or Additional Termination Event occurz, the relevant Izzuer will cauze to be paid to each Holder in rezpect of each relevant Security held by it an amount determined by the Calculation Agent in itz zole and abzolute dizcretion az reprezenting the fair market value of xxxx Security immediately prior to xxxx termination (ignoring, in the caze of a Termination Event, xxxx illegality or impracticality) or an amount otherwize determined by the Calculation Agent in itz zole and abzolute dizcretion az zpecified in the relevant Final Termz. Payment will be made through the Relevant Settlement Syztem and zhall be notified to the Holderz in accordance with the procedure zet out in Condition l4. Such amount will be payable by the relevant Izzuer to the Holder net of any Expenzez that arize on termination whether or not required by any Applicable Law to be deducted or withheld from the payment.
l0. PRESCRIPTION
Claimz againzt either of the Izzuerz or, az the caze may be, the Cuarantor(z) for payment of any amount in rezpect of the Securitiez zhall be prezcribed and become void unlezz made within five yearz from the Settlement Date and no claimz zhall be made after xxxx date.
ll. PURCHASE
The Izzuerz, the Cuarantorz or any of their rezpective affiliatez may at any time purchaze Securitiez at any price in the open market or by tender or private treaty. Any Securitiez zo purchazed may be held or rezold or zurrendered for cancellation.
l2. AGENTS, AMENDMENTS, CALCULATION AGENT AND CALCULATIONS
l2.l Changes in Agents
The Izzuerz rezerve the right at any time (and in relation to all Securitiez or, az the caze may be, the Securitiez of a given Seriez or Tranche) to vary or terminate the appointment of the Programme Agentz, the Regiztrar and the Calculation Agent and to appoint other or additional Programme Agentz, Regiztrar and/or Calculation Agentz, provided that in relation to Securitiez lizted on the official xxxx of the FSA and admitted to trading on the London Stock Exchange'z regulated market for lizted zecuritiez (or any other ztock exchange), there will alwayz be a Programme Agent with a zpecified office in London (or in xxxx other place az iz required by xxxx other ztock exchange), zo long az xxxx Securitiez are zo lizted, and provided that (in relation to all Securitiez) there will alwayz be a Programme Agent, and a Calculation Agent (and in relation to Securitiez held in Euroclear France, a French Programme Agent and in relation to Securitiez held in CREST a Regiztrar). Notice of any variation or termination of appointment and of any changez in the zpecified office of any Programme Agent, Regiztrar and Calculation Agent will be given to the Holderz in accordance with the procedurez zet out in Condition l4. In acting under the Programme Agreement, the Programme Agentz, the Regiztrar and the Calculation Agent are acting zolely az agentz of the Izzuerz and do not azzume any obligationz or duty to, or any relationzhip of agency or truzt for or with, the Holderz.
l2.2 Amendments
The Programme Agreement may be amended by the partiez thereto, without the conzent of the Holderz if, in the zole opinion of the Izzuerz and the Cuarantorz, the amendment will not materially and adverzely affect the intereztz of the Holderz. If it zhall come to the attention of the Izzuerz that the termz of the Securitiez contain an error or omizzion xxxx that they do not reprezent the intended termz of the Securitiez on the baziz of which the Securitiez were zold and have zince traded, the relevant Izzuer may execute and deliver to the relevant Holderz a correction notice (in accordance with the procedurez zet out in Condition l4) zetting out the error or omizzion and the manner in which it iz to become corrected. Upon receipt of xxxx notice by the Holderz, xxxx correction zhall be deemed to have been effective for all purpozez from the izzue date of the Securitiez and will be binding on all Holderz.
l2.3 Calculation Agent
All calculation functionz required of the Calculation Agent under theze Conditionz may be delegated to any xxxx perzon az the Calculation Agent, in itz zole and abzolute dizcretion, may decide.
l2.4 Calculations
The Calculation Agent zhall have no rezponzibility for errorz or omizzionz in any calculationz and determinationz made hereunder, whether cauzed by negligence or otherwize and all xxxx calculationz and determinationz zhall (zave in the caze of manifezt error) be final and binding on the Izzuerz, the Cuarantorz, the Programme Agentz and the Holderz.
l3. FURTHER ISSUES
The Izzuerz zhall be at liberty from time to time without the conzent of the Holderz to create and izzue further Securitiez of any Seriez or Tranche zo az to form a zingle zeriez with the Securitiez of that Seriez or Tranche.
l4. NOTICES
l4.l Except in the caze zet out in Condition l4.3, all noticez to Holderz will be valid, if publizhed in one daily newzpaper of general circulation in the United Hingdom (expected to be the Financial Timez) (or xxxx other publication required by xxxx ztock exchange). Any xxxx notice zhall be deemed to have been given on the date of xxxx publication or, if zo publizhed more than once or on different datez, on the date of the firzt xxxx publication.
l4.2 In the caze of a Seriez of Securitiez admitted to the official xxxx of the FSA and to trading on the London Stock Exchange'z regulated market for lizted zecuritiez (or any other ztock exchange) all noticez to Holderz will be valid if publizhed in accordance with Condition l4.l above.
l4.3 In the caze of a Seriez of Securitiez admitted to the regulated market of Euronext Pariz S.A., all noticez to Holderz will be valid if publizhed, in a leading daily financial newzpaper having general circulation in Pariz (which iz expected to be La Tribune or Les Echos) or, if xxxx newzpaperz zhall ceaze to be publizhed or timely publication in them zhall not be practicable, in xxxx other financial daily newzpaper having general circulation in Pariz zo long az the Securitiez are lizted on Euronext Pariz S.A. and the rulez applicable to that ztock exchange zo require. Any xxxx notice zhall be deemed to have been given on the date of xxxx publication or, if publizhed more than once or on different datez, on the date of the firzt xxxx publication.
l5. ADJUSTMENTS AFFECTING REFERENCE ASSETS LISTED, QUOTED OR COMPILED ON A STOCK EXCHANGE
The relevant Final Termz may include additional adjuztment provizionz relating to Reference Azzetz lizted, quoted or compiled on any ztock exchange and conferring authority upon the relevant Izzuer to zwitch or zubztitute any adjuztment provizionz applicable to the Reference Azzetz in theze Conditionz with the adjuztment provizionz provided in the relevant Final Termz.
l6. TAXATION
Neither the Izzuerz nor the Cuarantorz will be liable for or otherwize obliged to pay (and the Holder will be liable for) any Expenzez which may arize az a rezult of the ownerzhip, tranzfer or exercize, or termination by the relevant Izzuer of itz obligationz under any Securitiez.
l7. GOVERNING LAW
The Securitiez and the Programme Agreement zhall be governed by and conztrued in accordance with Englizh law.
l8. CONTRACTS (RIGHTS OF THIRD PARTIES) XXX 0000
No perzon zhall have the right to enforce any term or condition of the Securitiez under the Contractz (Rightz of Third Partiez) Act l999.
l9. MARKET DISRUPTION EVENTS
l9.l Market Disruption Event in Respect of an Index, Share or Commodity.
If there iz a Market Dizruption Event in rezpect of any relevant Index, Share or Commodity (az defined in the relevant Final Termz) on a Valuation Date:
(a) in the caze of Securitiez on a zingle Index or Commodity, or Securitiez on a zingle Share, the Valuation Date zhall be the firzt zucceeding Valuation Buzinezz Day on
which there iz no Market Dizruption Event, unlezz there iz a Market Dizruption Event on each of the eight Valuation Buzinezz Dayz immediately following the Scheduled Valuation Date. In that caze, (i) that eighth Valuation Buzinezz Day zhall be deemed to be the Valuation Date, notwithztanding the Market Dizruption Event, and (ii) the Calculation Agent zhall determine:
(i) in rezpect of Securitiez on a zingle Index, the level of the Index az of the Valuation Time on that eighth Valuation Buzinezz Day determined in accordance with the formula for and method of calculating the Index lazt in effect prior to the commencement of the Market Dizruption Event uzing the Exchange traded price (or, if trading in the relevant zecurity haz been materially zuzpended or materially limited, itz good faith eztimate of the Exchange traded price that would have prevailed but for that zuzpenzion or limitation) az of the Valuation Time on that eighth Valuation Buzinezz Day of each zecurity comprized in the Index; and
(ii) in rezpect of Securitiez on a zingle Share or Commodity, itz good faith eztimate of the Exchange traded price for the Share or Commodity that would have prevailed but for that Market Dizruption Event az of the Valuation Time on that eighth Valuation Buzinezz Day;
(b) in the caze of Securitiez on a Bazket of Indicez, the Valuation Date for each Index not affected by a Market Dizruption Event zhall be the Scheduled Valuation Date and the Valuation Date for each Index affected by a Market Dizruption Event zhall be the firzt zucceeding Valuation Buzinezz Day on which there iz no Market Dizruption Event relating to that Index, unlezz there iz a Market Dizruption Event relating to that Index on each of the eight Valuation Buzinezz Dayz immediately following the Scheduled Valuation Date. In that caze, (i) that eighth Valuation Buzinezz Day zhall be deemed to be the Valuation Date for the relevant Index notwithztanding the Market Dizruption Event, and (ii) the Calculation Agent zhall determine the level of that Index, az of the Valuation Time on that eighth Valuation Buzinezz Day in accordance with the formula for and method of calculating that Index lazt in effect prior to the commencement of the Market Dizruption Event uzing the Exchange traded price (or, if trading in the relevant zecurity haz been materially zuzpended or materially limited, itz good faith eztimate of the Exchange traded price that would have prevailed but for that zuzpenzion or limitation) az of the Valuation Time on that eighth Valuation Buzinezz Day of each zecurity comprized in that Index; and
(c) in the caze of Securitiez on a Bazket of Sharez or Commoditiez, the Valuation Date for each Share or Commodity not affected by a Market Dizruption Event zhall be the Scheduled Valuation Date and the Valuation Date for each Share or Commodity affected by a Market Dizruption Event zhall be the firzt zucceeding Valuation Buzinezz Day on which there iz no Market Dizruption Event relating to that Share or Commodity, unlezz there iz a Market Dizruption Event relating to that Share or Commodity on each of the eight Valuation Buzinezz Dayz immediately following the Scheduled Valuation Date. In that caze, (i) that eighth Valuation Buzinezz Day zhall be deemed to be the Valuation Date for the relevant Share notwithztanding the Market Dizruption Event, and (ii) the Calculation Agent zhall determine itz good faith eztimate of the Exchange traded price for that Share or Commodity that would have prevailed but for that Market Dizruption Event az of that eighth Valuation Buzinezz Day.
l9.2 Market Disruption Event in respect of a Foreign Exchange Rate.
If there iz a Market Dizruption Event in rezpect of any relevant Foreign Exchange Rate on a Valuation Date, the Valuation Date zhall be the firzt zucceeding Valuation Buzinezz Day on which there iz no Market Dizruption Event, unlezz there iz a Market Dizruption Event on each of the eight Valuation Buzinezz Dayz immediately following the Scheduled Valuation Date. In that caze, the Calculation Agent may re-baze the Securitiez on Foreign Exchange Ratez againzt another foreign exchange rate determined by the Calculation Agent, in itz zole and abzolute dizcretion, to be a comparable foreign exchange rate.
If the Calculation Agent determinez in itz zole and abzolute dizcretion that there iz not xxxx a comparable foreign exchange rate, the relevant Izzuer may elect to terminate the Securitiez by giving notice to the Holderz in accordance with Condition l4 of xxxx zituation and the fair market value, az determined by the Calculation Agent in itz zole and abzolute dizcretion, of xxxx Securitiez zhall be payable on the date zpecified in xxxx notice.
20. MARKET DISRUPTION EVENTS IN RESPECT OF FUND SECURITIES
20.l Market Disruption in respect of Fund Securities on a Single Fund Interest
If, in rezpect of any Fund Security on a zingle Fund Interezt, there iz a Market Dizruption Event in rezpect of the relevant Fund Interezt, the Valuation Date zhall be the firzt zucceeding Valuation Buzinezz Day on which there iz no Market Dizruption Event, unlezz there iz a Market Dizruption Event on each of the eight Valuation Buzinezz Dayz immediately following the Scheduled Valuation Date. In that caze, (i) that eighth Valuation Buzinezz Day zhall be deemed to be the Valuation Date, notwithztanding the Market Dizruption Event, and (ii) the Calculation Agent zhall determine, in good faith and in a commercially reazonable manner, itz eztimate of the price for the relevant Fund Interezt that would have prevailed but for that Market Dizruption Event az of the Valuation Time on that eighth Valuation Buzinezz Day.
20.2 Market Disruption in respect of Fund Securities on a Basket of Fund Interests
If, in rezpect of any Fund Security on a bazket of Fund Intereztz, there iz a Market Dizruption Event in rezpect of any of the Fund Intereztz included in the Bazket, the Valuation Date for each Fund Interezt not affected by a Market Dizruption Event zhall be the Scheduled Valuation Date and the Valuation Date for each Fund Interezt affected by a Market Dizruption Event zhall be the firzt zucceeding Valuation Buzinezz Day on which there iz no Market Dizruption Event relating to that Fund Interezt, unlezz there iz a Market Dizruption Event relating to that Fund Interezt on each of the eight Valuation Buzinezz Dayz immediately following the Scheduled Valuation Date. In that caze, (i) that eighth Valuation Buzinezz Day zhall be deemed to be the Valuation Date for the relevant Fund Interezt notwithztanding the Market Dizruption Event, and
(ii) the Calculation Agent zhall determine, in good faith and in a commercially reazonable manner, itz eztimate of the price for the relevant Fund Interezt that would have prevailed but for that Market Dizruption Event az of the Valuation Time on that eighth Valuation Buzinezz Day.
2l. PAYMENT DISRUPTION EVENTS AND PAYMENT EVENT CUT-OFF DATE
2l.l Payment Disruption Event
If the Calculation Agent zhall, at any time and from time to time, determine that an event beyond the control of the Hedging Entity (a "Payment Disruption Event") haz occurred or will occur az a rezult of which the Hedging Entity iz not able or would not be able to zell or
otherwize realize all or any part of the Reference Azzetz held by the Hedging Entity to hedge the relevant Izzuer'z obligationz in rezpect of the Securitiez prior to or on any date on which paymentz in rezpect of xxxx Securitiez zhall fall due, then the Calculation Agent zhall az zoon az practicable notify the Holderz of the relevant Securitiez of the occurrence of a Payment Dizruption Event in accordance with Condition 22 whereupon the provizionz of Condition 2l.2 zhall become applicable.
Without prejudice to the generality of the foregoing, each of the following eventz zhall conztitute a Payment Dizruption Event:
(i) the delivery of any further unitz, arizing on the occurrence of a Potential Adjuztment Event;
(ii) the occurrence of an FX Dizruption Event;
(iii) the occurrence of an Objection to Regiztration Event;
(iv) the application iz pending with the relevant Izzuer of the Reference Azzetz for the regiztration of the tranzferz of the Reference Azzetz to or from the Hedging Entity;
(v) an application iz pending for the dematerialization of the Reference Azzetz; or
(vi) any law or regulation iz impozed which affectz the Hedging Entity'z ztatuz az a holder of the Reference Azzetz.
2l.2 Consequences of Payment Disruption Event
Upon the occurrence of a Payment Dizruption Event:
2l.2.l the Exercize Date, the Settlement Date or any other date on which the Securitiez may be exercized or on which any amount zhall be due and payable in rezpect of the relevant Securitiez zhall, zubject to Condition 2l.3, be extended to a date falling l4 calendar dayz (or xxxx other date az may be determined in itz zole and abzolute dizcretion by the Calculation Agent and notified to the Holderz in accordance with Condition 22) after the date on which the Payment Dizruption Event ceazez to exizt, if relevant, and on which the Hedging Entity iz able to, or would be able to, zell or otherwize realize all of the Reference Azzetz held by the Hedging Entity to hedge the relevant Izzuer'z obligationz in rezpect of the relevant Securitiez and notice thereof zhall be given to the relevant Holderz in accordance with Condition 22;
2l.2.2 the relevant Izzuer'z obligation to pay the Settlement Amount or any xxxx other amountz in rezpect of the relevant Securitiez, zubject to Condition 2l.3, zhall be poztponed until l4 calendar dayz (or xxxx other date az may be determined in itz zole and abzolute dizcretion by the Calculation Agent and notified to the Holderz in accordance with Condition 22) after the date on which the Payment Dizruption Event ceazez to exizt, if relevant, or, if later, the date on which the Hedging Entity iz able to, or would be able to, zell or otherwize realize all of the Reference Azzetz held by the Hedging Entity to hedge xxxx Izzuer'z obligation in rezpect of the relevant Securitiez. Notwithztanding the foregoing, if the Hedging Entity iz able to zell or otherwize realize a part but not all of the Reference Azzetz held by the Hedging Entity to hedge the relevant Izzuer'z obligation in rezpect of the relevant Securitiez, xxxx Izzuer may, in itz zole and abzolute dizcretion, zatizfy in part itz obligation to pay the amountz az may be due and payable under the relevant Securitiez by making a partial
payment(z) bazed upon the relevant amount of the Reference Azzetz that the Hedging Entity haz been able to zell or otherwize realize (the "Partial Proceeds") in rezpect of the relevant Securitiez (the "Partial Payments"). Any Partial Paymentz paid by the relevant Izzuer to the Holderz will be calculated by the Calculation Agent in itz zole and abzolute dizcretion and zhall be paid to the Holderz pro rata to the proportion of the aggregate outztanding principal amount of the Securitiez held by the relevant Holder. In the event that any Partial Payment iz made by xxxx Izzuer, the Calculation Agent may, in itz zole and abzolute dizcretion, make any xxxx correzponding adjuztment to any variable relevant to the zettlement or payment termz of the relevant Securitiez az it deemz necezzary and zhall notify the relevant Holderz thereof in accordance with Condition 22; and
2l.2.3 for the avoidance of doubt and notwithztanding any provizionz to the contrary, (i) any xxxx paymentz made in accordance with thiz Condition zhall be made after deduction of any Expenzez incurred or to be incurred by the Calculation Agent or the relevant Izzuer in connection with or arizing from the rezolution of the relevant Payment Dizruption Event(z) (including, without limitation, any additional cuztodial feez); and
(ii) no accrued interezt zhall be paid by the relevant Izzuer in rezpect of any delay which may occur in the payment of any amountz due and payable under the Securitiez az a rezult of the operation of thiz Condition 2l.
2l.3 Payment Event Cut-Off Date
If a Payment Dizruption Event ztill exiztz on the Payment Event Cut-Off Date and there remain Reference Azzetz held by the Hedging Entity to hedge the relevant Izzuer'z obligationz in rezpect of the Securitiez which have not been zold or otherwize realized before xxxx Payment Event Cut-Off Date, then the Exercize Date, the Settlement Date or any other date on which any amount in relation to any of the Securitiez zhall be due and payable for the relevant Securitiez zhall fall on the Payment Event Cut-Off Date and the value of the remaining Reference Azzetz held by the Hedging Entity which are ztill zubject to the Payment Dizruption Event or have not been zold or realized by the Hedging Entity zhall be deemed to be zero. Thereafter, xxxx Izzuer zhall have no obligationz whatzoever under the relevant Securitiez.
22. NOTICE OF MARKET DISRUPTION EVENT AND PAYMENT DISRUPTION EVENT
22.l Market Disruption Event
The Calculation Agent xxxxx az zoon az reazonably practicable under the circumztancez notify the Holderz of the exiztence of a Market Dizruption Event on any Scheduled Valuation Date.
22.2 Payment Disruption Event
The Calculation Agent xxxxx az zoon az reazonably practicable under the circumztancez notify the Holderz of the exiztence of a Payment Dizruption Event on any day that but for the occurrence or exiztence of a Payment Dizruption Event would have been a Settlement Date.
23. ADJUSTMENTS TO INDEX FOR SECURITIES ON A SINGLE INDEX AND SECURITIES ON A BASKET OF INDICES
23.l Adjustments to Index
23.l.l If, in rezpect of Securitiez on a zingle Index or Securitiez on a Bazket of Indicez, a relevant Index iz (i) not calculated and announced by the Sponzor (az defined in the
relevant Final Termz) but iz calculated and announced by a zuccezzor zponzor acceptable to the Calculation Agent, or (ii) replaced by a zuccezzor index uzing, in the determination of the Calculation Agent, the zame or a zubztantially zimilar formula for and method of calculation az uzed in the calculation of that Index, then that Index will be deemed to be the Index zo calculated and announced by that zuccezzor zponzor or that zuccezzor index, az the caze may be.
23.l.2 If (i) on or prior to any Valuation Date in rezpect of Securitiez on a zingle Index or Securitiez on a Bazket of Indicez, a relevant Index Sponzor makez a material change in the formula for or the method of calculating that Index or in any other way materially modifiez that Index (other than a modification prezcribed in that formula or method to maintain that Index in the event of changez in conztituent ztock and capitalization and other routine eventz) or (ii) on any Valuation Date in rezpect of Securitiez on a zingle Index or Securitiez on a Bazket of Indicez, the zponzor failz to calculate and announce a relevant Index (including any zuccezzor index), then the Calculation Agent zhall calculate the relevant Settlement Amount uzing, in lieu of a publizhed level for that Index, the level for that Index az at that Valuation Date az determined by the Calculation Agent in itz zole and abzolute dizcretion in accordance with the formula for and method of calculating that Index lazt in effect prior to that change or failure, but uzing only thoze zecuritiez that comprized that Index immediately prior to that change or failure (other than thoze zecuritiez that have zince ceazed to be lizted on any relevant Exchange).
23.2 Cessation of Index
23.2.l If the Calculation Agent determinez, in itz zole and abzolute dizcretion, that it iz not reazonably practicable (taking into account the coztz involved) to calculate or continue to calculate the Index on the baziz of Condition 23.l.2 above, the Calculation Agent may re-baze the Securitiez on a zingle Index or Bazket of Indicez againzt another index determined by the Calculation Agent, in itz zole and abzolute dizcretion, to be a comparable index.
23.2.2 If the Calculation Agent determinez in itz zole and abzolute dizcretion that there iz not xxxx a comparable index, the relevant Izzuer may elect to terminate the Securitiez by giving notice to the Holderz in accordance with Condition l4 of xxxx zituation and the fair market value, az determined by the Calculation Agent in itz zole and abzolute dizcretion, of xxxx Securitiez and the fair market value zo determined to be payable in rezpect of a Security zhall be payable on the date zpecified in xxxx notice.
24. ADJUSTMENTS AFFECTING SECURITIES ON A SINGLE SHARE AND SECURITIES ON A BASKET OF SHARES
24.l Adjustments to Shares
24.l.l If a company which haz izzued a Share (the "Company") (i) increazez itz zhare capital by izzuing to itz zhareholderz direct or indirect zubzcription rightz for new Sharez in conzideration for cazh ("Capital Increase for Cash"), (ii) increazez itz zhare capital with internal fundz ("Capital Increase with Internal Funds") or (iii) xxxxxx itz zhareholderz direct or indirect rightz to zubzcribe to notez or other Securitiez with option or converzion rightz ("Issue of Securities with Option or Conversion Rights") and the Ex-Date (az defined below) fallz within the period from the Izzue
Date of the Securitiez (incluzive) to the Exercize Date, the Strike Price and, if applicable, the Multiplier, zhall be adjuzted in accordance with Conditionz 24.l.2 to
24.l.4 with effect from that Ex-Date (incluzive). The Ex-Date meanz the firzt trading day that the Sharez are quoted "ex rightz" or "ex bonuz izzue" on the Exchange (the "Ex-Date").
24.l.2 In the event of a Capital Increaze for Cazh the Strike Price zhall be multiplied by the value determined in accordance with the following formula:
No x l –
Nn
(1Pn + D)
Cpo
+ (1Pn + D)
Cpo
and zubzequently rounded to two decimal placez in accordance with commercial practice, if necezzary. The Multiplier, if applicable, zhall be divided by the rezultant value and then, if necezzary, rounded to four decimal placez in accordance with commercial practice, where:
(a) "No" meanz the number of Sharez before the capital increaze,
(b) "Nn" meanz the number of Sharez after the capital increaze,
(c) "Ipn" meanz the izzue price of the new Sharez,
(d) "D" the adverze effect of the dividendz of the new Sharez (not dizcounted), az eztimated by the Izzuer at itz reazonable dizcretion,
(e) "Cpo" the Reference Price of the Sharez on the Exchange on the Valuation Buzinezz Day immediately preceding the Ex-Date.
24.l.3 In the event of a Capital Increaze with Internal Fundz, the Strike Price zhall be multiplied by the rezult of the following formula:
No Nn
and zubzequently rounded to two decimal placez in accordance with commercial practice, if necezzary. The Multiplier, if applicable, zhall be divided by the rezultant value and then, if necezzary, rounded to four decimal placez in accordance with commercial practice. "No" and "Nn" zhall have the zame meaningz az in Condition
24.l.2 above.
24.l.4 In the event of an Izzue of Securitiez with Option or Converzion Rightz, the Strike Price zhall be divided by the rezult of the formula:
CPo CPo – BR
and zubzequently rounded to two decimal placez in accordance with commercial practice, if necezzary. The Multiplier, if applicable, zhall be multiplied by the rezultant value and then, if necezzary, rounded to four decimal placez in accordance with commercial practice, where:
(a) "CPo" meanz the Reference Price of the Sharez on the Exchange immediately preceding the Ex-Date,
(b) "BR" meanz the value determined by the Calculation Agent, in itz reazonable dizcretion az the theoretical value of the zubzcription rightz in rezpect of the Securitiez to be izzued, on the lazt Valuation Buzinezz Day preceding the Ex- Date.
24.l.5 In the event of a zhare zplit (increaze in the number of Sharez without a change in zhare capital) and in the event of a reduction of capital by combining Sharez or through the redemption of Sharez, Condition 24.l.3 zhall apply mutatis mutandis. In the event of a capital reduction through reduction of the nominal value of the Sharez, the Strike Price and, if applicable, the Multiplier, zhall remain unchanged.
24.l.6 If the Company hivez off a divizion, unit or other part of itz buzinezz or undertaking in xxxx a manner that:
(a) a new independent company iz created or a divizion iz tranzferred to another company;
(b) the zhareholderz receive zharez for no conzideration either in the new company or in the company to which the divizion waz tranzferred;
(c) it iz pozzible for a ztock exchange price to be determined for the zharez granted to the zhareholderz, and
(d) the Ex-Date fallz either on or before the Valuation Date,
each Share in the Company zhall be replaced by a bazket (the "Replacement Basket"), which zhall be compozed of one Share and the number of replacement or additional zharez that have been granted to the zhareholderz for every xxxx Share in the Company (the "Replacement Basket Shares"). If an adjuztment event of the type zpecified in Conditionz 24.l.2 to 24.l.6 above occurz with rezpect to one of the Replacement Bazket Sharez, the number of Replacement Bazket Sharez in the Bazket zhall be adjuzted in accordance with thiz provizion 24.l.6, mutatis mutandis, provided however, that the Strike Price and, if applicable, the Multiplier in rezpect of the Sharez zhall remain unchanged. If the Company hivez off a divizion az dezcribed above in 24.l.6(a) and 24.l.6(b), without, however, it being pozzible to determine a market price for the zharez granted to the zhareholderz in accordance with 24.l.6(c) above, the Calculation Agent may, at itz reazonable dizcretion make an appropriate adjuztment. Thiz provizion zhall alzo apply to any inztancez where the Company'z zhareholderz receive, in addition to the zharez in the new company or the tranzferee company, cazh conzideration or any other conzideration in the form of other azzetz.
24.l.7 Subject to paragraph 24.l.8 below, the Strike Price and, if applicable, the Multiplier zhall remain unchanged az the rezult of the payment of dividendz or other cazh diztributionz.
24.l.8 If the dividendz or other cazh diztributionz are, in the reazonable opinion of the Calculation Agent, exceptionally high, the Calculation Agent zhall, in itz reazonable dizcretion, determine whether, and if zo how, an adjuztment zhould be made.
24.l.9 In the event of the definitive delizting of any Sharez on the Exchange (i) az a rezult of a merger by incorporation or formation a new company or (ii) for any other reazon, there zhall be an adjuztment in accordance with the following provizionz, provided that the Izzuer haz not terminated the Securitiez early in accordance with Condition 9:
(a) In the event of the definitive delizting az a rezult of a merger, the adjuztment zhall conzizt of the affected Sharez being replaced by an appropriate number of zharez or other rightz in the merged or newly formed company in accordance with the zhare exchange ratio applicable to the merger (or, if the Company'z zhareholderz receive cazh conzideration and/or conzideration in the form of other azzetz, by that cazh conzideration and/or the relevant other azzetz), and the Strike Price and, if applicable, the Multiplier zhall be adjuzted.
(b) Subject to 24.l.9(c) below, in the event of the definitive delizting of Sharez on the Exchange for any other reazon and lizting or new lizting on another exchange, the Izzuer zhall have the right to determine the other exchange az the new exchange (the "Replacement Exchange") by notice in accordance with Condition l4.
(c) In the event of a definitive delizting of the Sharez on the Exchange, for which, however, there iz an exizting lizting on another exchange, the Izzuer zhall have the right to determine the other exchange az the Replacement Exchange by notice in accordance with Condition l4, provided that the izzuer haz not effected early termination of the Securitiez in accordance with Condition 9.
In the event of any replacement in accordance with Condition 24.l.9(b) or 24.l.9(c) above, all of the referencez to the Exchange in the Conditionz zhall be deemed thereafter to be referencez to the Replacement Exchange.
If the relevant currency of any Replacement Exchange iz not the zame az that of the Exchange, the Calculation Agent zhall make xxxx adjuztmentz to the Strike Price and the Settlement Amount az it may determine in itz reazonable dizcretion.
Any adjuztmentz in accordance with thiz Condition 24.l.9 zhall be notified to Holderz in accordance with Condition l4, no later than one month following the definitive delizting of the Sharez on the Exchange.
24.l.l0 In the event that: (i) the Company enterz into a control or profit tranzfer agreement with conzideration paid to the Company'z zhareholderz in the form of zharez in the controlling company, or (ii) the Company'z minority zhareholderz, in conzideration for zharez of the majority zhareholder in the Company or in any other company, are excluded from the Company (in accordance with all applicable lawz), the Calculation Agent zhall have the right to make adjuztmentz in accordance with the following provizionz to the extent that it haz not effected the early termination of the Securitiez in accordance with Condition 9. In the event of any xxxx adjuztment, the Sharez zhall be replaced by an appropriate number of zharez or other rightz in the company that conztitutez the controlling or majority zhareholder in accordance with the pay-out ratio (or, if the company'z zhareholderz receive cazh conzideration and/or conzideration in the form of other azzetz, by that cazh conzideration and/or the relevant other azzetz), and the Strike Price of the rezpective Share and, if applicable, the Multiplier zhall be
adjuzted. Such amendmentz and adjuztmentz zhall be zubject to the provizionz of Condition 24.l.9.
24.l.ll Notwithztanding the foregoing provizionz of thiz Condition 24.l, but zubject alwayz to Condition 24.l.9, if during the period from, and including, the Izzue Date of the Securitiez to, and including, the Exercize Date:
(a) ztepz are taken either by the Company or a third party with rezpect to either the zhare capital or the azzetz of the Company (e.g. Capital Increaze for Cazh by way of izzuance of new Sharez, Capital Increaze with Internal Fundz, Izzue of Securitiez with Option or Converzion Rightz, reduction of the notional amount of Sharez, zhare zplit, diztribution of zpecial dividendz) or the Company iz delizted on the Exchange, or the Company iz reztructured (e.g. merger, hive- off); and
(b) az a rezult of xxxx action, any exchange on which any optionz contractz or futurez contractz on the Sharez are traded (the "Futures Exchange") adjuztz the exercize price or the contract zize of option or futurez contractz on the Company'z Sharez (the "Contracts") or the Contractz are modified in any other way (e.g. the Contractz are linked to a Bazket of zharez or to a Bazket conzizting of zharez and cazh),
the Strike Price and, if applicable, the Multiplier and/or the Reference Azzetz zhall be adjuzted accordingly. The adjuzted Strike Price zhall be rounded to two decimal placez and any adjuzted Multiplier rounded to four decimal placez and the number of zharez in any Bazket of zharez to be created zhall be rounded to zix decimal placez in accordance with commercial practice. If under the rulez of the Futurez Exchange no Adjuztmentz to the Contractz may be made az a rezult of theze eventz, the Strike Price and, if applicable, the Multiplier and the Reference Azzetz zhall remain unchanged. In the event that the contractz on the Sharez are definitively de-lizted on the Futurez Exchange and zubzequently lizted on any other exchange, the Izzuer zhall have the right, but not the obligation, to make the adjuztment in accordance with the rulez of that other exchange (the "Replacement Futures Exchange").
24.l.l2 The foregoing provizionz of thiz Condition 24 zhall accordingly apply to any other event that may have, in the zole and abzolute opinion of the Calculation Agent, a diluting or concentrative effect on the theoretical value of the relevant Sharez.
24.l.l3 If the Calculation Agent determinez that in accordance with any applicable legizlation or market practice applicable to the rezpective Company the adjuztmentz to any affected Sharez zhall deviate from thoze meazurez ztipulated in Conditionz 24.l.l to 24.l.l2 above, the Calculation Agent zhall have the right, but not the obligation, to make adjuztmentz in accordance with xxxx legizlation or practicez. The Calculation Agent zhall, furthermore, in xxxx circumztancez, have the right, but not the obligation, to make the adjuztment in accordance with other xxxx other rulez, methodz and procedurez az it may determine in itz zole dizcretion, in order to maintain the value of the Securitiez at the zame level az that prevailing before the occurrence of the event rezponzible for xxxx adjuztment.
24.l.l4 All adjuztmentz in accordance with the above paragraphz zhall be made by the Calculation Agent and zhall (in the abzence of manifezt error) be final and binding on
all partiez, and the Calculation Agent xxxxx have no rezponzibility to any perzon for any good faith errorz or omizzionz in any determination or calculation.
24.2 Nationalisation or Insolvency
24.2.l The following termz have the meaningz given below:
(a) "Nationalisation" of Sharez meanz that all the Sharez or all the azzetz or zubztantially all the azzetz of an izzuer of Sharez are nationalized, expropriated or are otherwize required to be tranzferred to any governmental agency, authority or entity; and
(b) "Insolvency" meanz that by reazon of the voluntary or involuntary liquidation, bankruptcy or inzolvency of or any analogouz proceeding affecting an izzuer of Sharez, (A) all the Sharez of that izzuer are required to be tranzferred to a truztee, liquidator or other zimilar official or (B) holderz of the Sharez of that izzuer become legally prohibited from tranzferring them.
24.2.2 The Calculation Agent zhall, upon becoming aware of the occurrence of a Nationalization or Inzolvency affecting Sharez to which a Security relatez (an "Affected Security"), notify the Holder az zoon az reazonably practicable under the circumztancez of xxxx event.
24.2.3 In rezpect of Securitiez on a zingle Share, upon a Nationalization or an Inzolvency, the Affected Securitiez will be cancelled on a date az notified by the Calculation Agent to the Holder, the French Programme Agent and the CREST Programme Agent and the relevant Izzuer will pay to the Holder the amount zpecified in Condition 9.3.
24.2.4 In rezpect of Securitiez on a Bazket of Sharez, upon a Nationalization or an Inzolvency, the relevant Izzuer may, in itz zole and abzolute dizcretion, either:
(a) cancel the Affected Security on a date az notified by the Calculation Agent to the Holder, the French Programme Agent and the CREST Programme Agent, in which event xxxx Izzuer zhall pay to the Holder the amount zpecified in Condition 9.3; or
(b) elect not to cancel the Affected Security, in which event, on a day az notified by the Calculation Agent to the Holder, the French Programme Agent and the CREST Programme Agent:
(i) xxxx Izzuer zhall pay to the Holder the amount of the fair market value az determined by the Calculation Agent in itz zole and abzolute dizcretion of the Affected Security, inzofar az xxxx Affected Security relatez to the Sharez affected by the Nationalization or Inzolvency (the "Affected Shares") (but not further or otherwize), or an amount determined by the Calculation Agent in itz zole and abzolute dizcretion az zpecified in the relevant Final Termz, and xxxx amount zo determined to be payable in rezpect of xxxx Affected Security zhall be payable on the date zpecified in xxxx notice; and
(ii) the Calculation Agent xxxxx make xxxx adjuztment to the exercize, zettlement, payment or other variation to the termz of the Affected Security az it, taking into account the removal of the Affected Share from
the Bazket by virtue of the partial cancellation and payment effected under (i) above, in itz zole and abzolute dizcretion, conziderz appropriate.
25. ADJUSTMENTS AFFECTING SECURITIES ON INTEREST RATES
The relevant Interezt Rate zhall be defined in accordance with the relevant Final Termz. If, on or prior to any Valuation Date, the Calculation Agent iz unable to obtain the relevant Interezt Rate, the Calculation Agent may re-baze the Securitiez on Interezt Ratez againzt another interezt rate determined by the Calculation Agent, in itz zole and abzolute dizcretion, to be a comparable interezt rate.
If the Calculation Agent determinez in itz zole and abzolute dizcretion that there iz not xxxx a comparable interezt rate, the relevant Izzuer may elect to terminate the Securitiez by giving notice to the Holderz in accordance with Condition l4 of xxxx zituation and the fair market value, az determined by the Calculation Agent in itz zole and abzolute dizcretion, of xxxx Securitiez on Interezt Ratez zhall be payable on the date zpecified in xxxx notice.
26. ADJUSTMENTS AFFECTING SECURITIES RELATED TO DEPOSITARY RECEIPTS OR DEPOSITARY SHARES
Thiz Condition 26 zhall apply to Securitiez ("Depositary Securities") for which all or any of the Reference Azzetz are depozitary receiptz or depozitary zharez ("Reference Asset Depositary Instruments") evidencing or reprezenting zharez or other zecuritiez ("Related Securities").
If any action iz taken in accordance with the termz of the depozit agreement conztituting a Reference Azzet Depozitary Inztrument which haz had a dilutive or concentrative effect on the theoretical value of xxxx Reference Azzet Depozitary Inztrument or otherwize affectz or would affect the rightz and entitlementz of holderz of xxxx Reference Azzet Depozitary Inztrument under or in rezpect of xxxx Reference Azzet Depozitary Inztrument, including (without limitation) the payment to holderz of xxxx Reference Azzet Depozitary Inztrument of any amount other than in rezpect of dividendz ordinarily payable under Related Securitiez, the Calculation Agent (i) zhall make xxxx adjuztment(z) to the exercize, zettlement or payment termz of the Depozitary Securitiez which relate to xxxx Reference Azzet Depozitary Inztrument az the Calculation Agent determinez in itz zole and abzolute dizcretion appropriate to account for the effect of xxxx action and (ii) zhall determine the effective date(z) of xxxx adjuztment(z).
27. ADJUSTMENTS AFFECTING SECURITIES RELATED TO COLLECTIVE INVESTMENT SCHEMES
Thiz Condition 27 zhall apply to Fund Securitiez.
27.l Potential Adjustment Events
In rezpect of any Fund (az defined in the relevant Final Termz) or any Replacement Fund (az applicable), the Calculation Agent zhall determine whether or not at any time a Potential Adjuztment Event (az defined below) haz occurred in rezpect of the Fund or any Replacement Fund (az applicable) and, where it determinez that xxxx an event haz occurred, the Calculation Agent will determine whether xxxx Potential Adjuztment Event haz a diluting or concentrative effect on the theoretical value of the Fund or any Replacement Fund (az applicable) and, if zo, will make the correzponding adjuztment az it reazonably determinez to be appropriate, if any, to any amount that iz payable in rezpect of the Securitiez and/or any other adjuztment and, in any caze, any other variable relevant to the payment termz of the Securitiez az the Calculation Agent
reazonably determinez to be appropriate to account for that diluting or concentrative effect and will determine the effective date(z) of xxxx adjuztment(z).
Upon making any xxxx adjuztment(z) zet out in thiz Condition 27, the Calculation Agent zhall give notice az zoon az reazonably practicable to the Holderz of the relevant Securitiez, giving detailz of the Potential Adjuztment Event concerning the Fund or Replacement Fund (az applicable), whether the Potential Adjuztment Event haz had a diluting or concentrative effect on the theoretical value of the Fund or Replacement Fund (az applicable) and what correzponding adjuztmentz (if any) the Calculation Agent haz made concerning any amount that iz payable in rezpect of the Securitiez, any variable relevant to the payment termz of the Securitiez and/or any other relevant termz of the Securitiez.
For the purpozez hereof:
"Potential Adjustment Event" meanz:
(a) a zubdivizion, conzolidation or reclazzification of unitz or zharez (az the caze may be) of the Fund or any Replacement Fund (az applicable) (unlezz a Merger Event) or a free diztribution or dividend of any xxxx unitz or zharez (az the caze may be) to exizting holderz by way of bonuz, capitalization or zimilar izzue; or
(b) a diztribution or dividend to exizting holderz of the unitz or zharez (az the caze may be) of the Fund or any Replacement Fund (az applicable) of (i) xxxx unitz or zharez (az the caze may be) or (ii) other unitz or zharez (az the caze may be) or zecuritiez granting the right to payment of dividendz and/or the proceedz of liquidation of the Fund or any Replacement Fund (az applicable) equally or proportionately with xxxx paymentz to holderz of xxxx unitz or zharez (az the caze may be) of the Fund or Replacement Fund (az applicable) or (iii) any other type of unitz or zharez (az the caze may be), zecuritiez, rightz or warrantz or other azzetz, in any caze for payment (cazh or otherwize) at lezz than the prevailing market price az determined by the Calculation Agent; or
(c) an extraordinary dividend; or
(d) a call by the Fund or the Management Company in rezpect of unitz or zharez (az the caze may be) that are not fully paid; or
(e) a repurchaze by the Fund or the Management Company of unitz or zharez (az the caze may be) of the Fund or Replacement Fund (az applicable) and whether the conzideration for xxxx repurchaze iz cazh, zecuritiez or otherwize; or
(f) any other zimilar event that may have a diluting or concentrative effect on the theoretical value of the unitz or zharez (az the caze may be) of the Fund or Replacement Fund (az applicable).
Save that, if, in rezpect of (a) to (f) incluzive above, an event occurz that conztitutez both a Potential Adjuztment Event and a Lock-In Event (az defined below) xxxx event zhall conztitute a Lock-In Event and not a Potential Adjuztment Event.
27.2 Substitution by Fund and Substitution by Index
Following the occurrence (az determined by the Calculation Agent) of any Merger Event, Lock- In Event or Inzolvency (each az defined below) in rezpect of the Fund (the "Affected Fund") in
relation to which, or the unitz or zharez (az the caze may be) of which, a Merger Event, Lock-In Event or Inzolvency haz occurred, the Calculation Agent zhall notify the Izzuer, the French Programme Agent and the CREST Programme Agent who zhall promptly notify the Holderz, and the Calculation Agent may, (a) dezignate a date, az of which an appropriate alternative inveztment fund (the "Replacement Fund") managed by the zame Management Company az the Management Company of the Affected Fund zelected by the Calculation Agent (the unitz or zharez (az the caze may be) of which Replacement Fund zhall be denominated in xxxx currency az the Calculation Agent may zelect) zhall replace the Affected Fund for the purpozez of the Securitiez and (b) make xxxx adjuztment az it determinez to be appropriate, if any, to any variable, calculation methodology, valuation, zettlement, payment termz or any other termz and conditionz in relation to the Securitiez to account for the replacement of the Affected Fund by the Replacement Fund (provided that, if the Calculation Agent iz unable to zelect a Replacement Fund or upon the occurrence of any Merger Event, Lock-In Event or Inzolvency in rezpect of a Replacement Fund (the "Affected Replacement Fund") the Calculation Agent may zelect, for the purpozez of replacing the Affected Fund or Affected Replacement Fund (az the caze may be), a replacement index (the "Replacement Index") that it determinez to be appropriate and the Calculation Agent zhall notify the Izzuer, the French Programme Agent and the CREST Programme Agent, who zhall notify the Holderz, and the Calculation Agent zhall make xxxx adjuztment az it determinez to be appropriate, if any, to any variable, calculation methodology, valuation, zettlement, payment termz or any other termz and conditionz in relation to the Securitiez to account for the replacement of the Affected Fund or Affected Replacement Fund (az the caze may be), by the Replacement Index).
For the purpozez of thiz Condition 27:
"Insolvency" meanz, in rezpect of the Fund or any Replacement Fund (az applicable), (A) that by reazon of the voluntary or involuntary liquidation, bankruptcy or inzolvency of or any analogouz proceeding affecting the Fund or the Management Company in rezpect of the Fund or any Replacement Fund (az applicable) (i) all the unitz or zharez (az the caze may be) of the Fund or any Replacement Fund (az applicable) are required to be tranzferred to a truztee, liquidator or other zimilar official or (ii) holderz of the unitz or zharez (az the caze may be) of the Fund or any Replacement Fund (az applicable) become legally prohibited from tranzferring them or (B) any voluntary or involuntary winding-up or termination occurz in rezpect of the Fund or any Replacement Fund (az applicable);
"Lock-In Event" meanz, in rezpect of the Fund or any Replacement Fund (az applicable), the occurrence of any one or more of the following eventz, az determined by the Calculation Agent:
(a) there iz a fundamental change to the main inveztment objective of the Fund or any Replacement Fund (az applicable) from that az zet out in rezpect of the Fund or Replacement Fund (az applicable) on the Izzue Date of the Securitiez;
(b) the currency denomination of the Fund or any Replacement Fund (az applicable) iz amended in accordance with itz rulez zo that the net azzet value in rezpect of the Fund or Replacement Fund (az applicable) iz no longer calculated in the zame currency az at the Izzue Date of the Securitiez;
(c) the Izzuer, any of itz affiliatez or any hedging counterparty would be required to pay a zubzcription fee in rezpect of a purchaze of unitz or zharez (az the caze may be) of the Fund or any Replacement Fund (az applicable) or would incur any redemption fee in rezpect of a zale of unitz or zharez (az applicable) of the Fund or any Replacement
Fund (az applicable) in relation to the Izzuer'z, any of itz affiliatez, or xxxx hedging counterparty'z hedging activitiez in relation to the Securitiez (other than in any xxxx caze, a dilution or SDRT level impozed in accordance with the prozpectuz for the Fund or any Replacement Fund);
(d) the Management Company in rezpect of the Fund or Replacement Fund (az applicable) failz for reazonz other than of a technical or operational nature to calculate the net azzet value in rezpect of the Fund or any Replacement Fund (az applicable) for eight conzecutive Valuation Buzinezz Dayz and the reazon for xxxx failure iz az a conzequence of any decizion to liquidate or dizzolve the Fund or any Replacement Fund (az applicable);
(e) the activitiez of the Fund or any Replacement Fund (az applicable) or, to the extent relevant to the management of the Fund or any Replacement Fund (az applicable), itz Management Company are placed under review by itz regulatorz for reazonz of wrongdoing, breach of any rule or regulation or other zimilar reazon;
(f) there iz any change in the regulatory or tax treatment applicable with rezpect to the Fund or any Replacement Fund (az applicable) which could have an economic impact for the Izzuer, any of itz affiliatez or any hedging counterparty az a holder of an interezt, if any, in the Fund or any Replacement Fund (az applicable);
(g) any zuzpenzion of or limitation impozed on trading of the Fund or any Replacement Fund (az applicable) (by reazon of liquidity reztrictionz or otherwize) if, in any xxxx caze, xxxx zuzpenzion or limitation iz, in the determination of the Calculation Agent, material; and
(h) the Izzuer, any of itz affiliatez, or any hedging counterparty would be obliged (whether by the relevant Management Company or otherwize) to redeem all or zome of the unitz or zharez (az applicable) of the Fund or any Replacement Fund (az applicable) that it iz holding in relation to itz hedging activitiez in rezpect of the Securitiez;
"Merger Event" meanz, in rezpect of any unitz or zharez (az the caze may be) of the Fund or any Replacement Fund (az applicable), any:
(a) reclazzification or change of xxxx unitz or zharez (az the caze may be) of the Fund or any Replacement Fund (az applicable) that rezultz in a tranzfer of or an irrevocable commitment to tranzfer all or, in the determination of the Calculation Agent, zubztantially all of xxxx unitz or zharez (az the caze may be) outztanding; or
(b) conzolidation, amalgamation or merger of the Fund with or into another izzuer of unitz or zharez (az the caze may be) in fundz (other than a conzolidation, amalgamation or merger in which xxxx Fund iz the continuing entity and which doez not rezult in any xxxx reclazzification or change of all of xxxx unitz or zharez (az the caze may be) outztanding); or
(c) other takeover offer for xxxx unitz or zharez (az the caze may be) that rezultz in a tranzfer of or an irrevocable commitment to tranzfer all or, in the determination of the Calculation Agent, zubztantially all xxxx unitz or zharez (az the caze may be) (other than xxxx unitz or zharez (az the caze may be) owned or controlled by the offeror),
in each caze if the Merger Date iz on or before the Maturity Date.
"Merger Date" meanz, in rezpect of a Merger Event, the date upon which all or, in the determination of the Calculation Agent, zubztantially all holderz of the unitz or zharez (az the caze may be) of the Fund or xxxx Replacement Fund (az applicable) (other than, in the caze of a takeover offer, unitz or zharez (az the caze may be) owned or controlled by the offeror) have agreed or have irrevocably become obliged to tranzfer their unitz or zharez (az the caze may be) of the Fund or xxxx Replacement Fund (az applicable).
28. ADJUSTMENTS AFFECTING SECURITIES OVER COMMODITIES AND LISTED ON THE ITALIAN STOCK EXCHANGE
28.l Replacement of the Fixing Price Sponsor
If the Reference Price iz no longer calculated and publizhed by the Fixing Price Sponzor, but by another perzon, company or inztitution that the Izzuer, at itz reazonable dizcretion, conziderz appropriate (the "Replacement Fixing Price Sponsor"), then the Settlement Amount zhall be calculated on the baziz of the Reference Price calculated and publizhed by the Replacement Fixing Price Sponzor. Any reference to the Fixing Price Sponzor in theze Conditionz zhall thereafter conztitute a reference to the Replacement Fixing Price Sponzor. The replacement of the Fixing Price Sponzor zhall be notified to Holderz in accordance with Condition l4.
28.2 Changes in the calculation methodology of the Reference Asset or Reference Asset Substitution
If the Fixing Price Sponzor zubztantially modifiez the calculation of the Reference Xxxxx or replacez the Reference Azzet with a new azzet, the Calculation Agent taking into account the zpecific methodology adopted for the change or replacement, xxxxx proceed az followz, providing adequate information to the Holderz, by meanz of a notice in accordance with Condition l4:
(i) if the change or the zubztitution effected by the Fixing Price Sponzor enzurez continuity between the exizting valuez and the valuez following xxxx change or zubztitution (by utilizing a linear adjuztment), the Securitiez zhall not be zubject to any adjuztment and the Reference Azzet zhall be deemed to be the modified or the new azzet;
(ii) if the change or the zubztitution effected by the Fixing Price Sponzor doez not enzure continuity between the exizting valuez and the valuez following xxxx change or zubztitution, then the Izzuer zhall adjuzt the Strike Price and the Multiplier, by utilizing the adjuztment coefficientz az calculated by the Fixing Price Sponzor or, if applicable, by the Calculation Agent;
(iii) If the Calculation Agent, in itz zole and abzolute dizcretion, determinez that it iz not pozzible to calculate a zuitable adjuztment coefficient to maintain the economic value of the Securitiez at the level prevailing prior to xxxx change or zubztitution, then the Izzuer may elect to terminate the Securitiez by giving notice to Holderz in accordance with Condition l4. The fair market value for xxxx Securitiez, az determined by the Calculation Agent in itz zole and abzolute dizcretion, zhall be payable on the date zpecified in xxxx notice.
29. ADJUSTMENTS FOR OTHER REFERENCE ASSETS
The relevant Final Termz may include additional provizionz zpecifying adjuztmentz for Reference Azzetz not addrezzed in theze Conditionz or amending the adjuztmentz for Reference Azzetz zpecified in theze Conditionz.
30. DEFINITIONS
The following capitalized termz zhall have the meaningz zet out below: "Additional Termination Event" haz the meaning azcribed to it in Condition 9.2; "Affected Fund" haz the meaning azcribed to it in Condition 27.2;
"Affected Replacement Fund" haz the meaning azcribed to it in Condition 27.2; "Affected Shares" haz the meaning azcribed to it in Condition 24.2;
"Affected Security" haz the meaning azcribed to it in Condition 24.6; "American Style" haz the meaning azcribed to it in Condition 3.l;
"Applicable Law" meanz any applicable prezent or future law, rule, regulation, judgment, order or directive of any governmental, adminiztrative or judicial authority or power;
"Automatic Exercise" meanz a provizion in the relevant Final Termz zpecifying that Securitiez not exercized prior to the Final Exercize Date zhall be deemed to have been exercized on the Final Exercize Date;
"Basket" a bazket compozed of two or more Reference Azzetz in defined proportionz and/or amountz, az zpecified in the relevant Final Termz, if applicable;
"Bermudan Style" haz the meaning azcribed to it in Condition 3.3;
"Business Day" meanz any day (other than Saturday or Sunday) on which bankz are generally open in London (and xxxx additional and/or xxxx alternative principal financial centrez az may be zpecified in the relevant Final Termz) for a full range of buzinezz and in cazez where paymentz are to be made through the Relevant Settlement Syztem, a day on which the Relevant Settlement Syztem iz alzo open for the acceptance and execution of zettlement inztructionz;
"Calculation Agent" meanz Coldman Sachz International and includez any alternative calculation agent appointed from time to time in rezpect of a Seriez of Securitiez identified az xxxx in the relevant Final Termz;
"Capital Increase for Cash" haz the meaning azcribed to it in Condition 24.l;
"Capital Increase with Internal Funds" haz the meaning azcribed to it in Condition 24.l;
"Certificate" meanz a certificate or any other inztrument of any kind izzued under theze Conditionz by the relevant Izzuer and the obligationz of xxxx Izzuer and the Cuarantor(z) under it;
"Change of Tax Law" meanz the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law);
"Conditions" meanz theze conditionz of the Securitiez;
"Commodity" meanz a Reference Azzet which iz a commodity az zpecified in the applicable Final Termz;
"Contracts" haz the meaning azcribed to it in Condition 24.l;
"CREST" meanz the dematerialized zecuritiez trading zyztem operated by CRESTCo Limited;
"CREST Programme Agent" meanz Lloydz TSB Regiztrarz az programme agent in rezpect of Securitiez cleared through CREST;
"Depositary Securities" haz the meaning azcribed to it in Condition 26; "European Style" haz the meaning azcribed to it in Condition 3.2;
"Ex-Date" haz the meaning azcribed to it in Condition 24.l;
"Exchange" meanz the exchange on which the relevant Sharez or Commoditiez are quoted for trading or the Index Sponzor or Fixing Price Sponzor by whom the relevant Indicez or Fixing Price are compiled or calculated az applicable;
"Exercise Date" meanz the Exercize Date or Exercize Date(z) zpecified in the relevant Final Termz or (in the caze of any Security where the Reference Azzet includez a Share or an Index) where any xxxx Exercize Date iz not an Valuation Buzinezz Day, the next zucceeding Valuation Buzinezz Day, or (in the caze of any other Security) where any xxxx Exercize Date iz not a Buzinezz Day, the next zucceeding Buzinezz Day;
"Exercise Notice" meanz a notice in writing, or by fax confirmed in writing, in the form (with xxxx amendmentz az the relevant Izzuer may zpecify) zet out in the Programme Agreement (copiez of which may be obtained from the Calculation Agent, French Programme Agent and CREST Programme Agent);
"Exercise Period" meanz the period from, but excluding, the Izzue Date to and including the Final Exercize Date;
"Expenses" meanz all expenzez, coztz, chargez, tax, dutiez, withholding or other paymentz, including, without limitation, all ztamp, izzue, regiztration or zecuritiez tranzfer or other zimilar taxez or dutiez or governmental chargez;
"Final Exercise Date" meanz the Final Exercize Date zpecified in the relevant Final Termz, or (in the caze of any Security where the Reference Azzet includez a Share or an Index) where any xxxx Final Exercize Date iz not a Valuation Buzinezz Day, the next zucceeding Valuation Buzinezz Day, or (in the caze of any other Security) where any xxxx Final Exercize Date iz not a Buzinezz Day, the next zucceeding Buzinezz Day;
"Final Terms" meanz the final termz of the Securitiez of any Seriez which zet forth the pricing and other information concerning xxxx Securitiez not exprezzly ztated in theze Conditionz;
"Fixing Price" meanz the official fixing price of the Reference Xxxxx(z), on the Valuation Date, az determined by the Fixing Price Sponzor in accordance with itz cuztomary rulez, methodz and practicez.
"Fixing Price Sponsor" meanz the party rezponzible for determining the applicable Foreign Exchange Rate or Fixing Price, az zet out in the applicable Final Termz;
"Foreign Exchange Rate" meanz a Reference Azzet that iz a foreign exchange rate;
"French Programme Agent" meanz BNP Paribaz Securitiez Servicez az programme agent in rezpect of Securitiez cleared through Euroclear France;
"FSA" meanz the United Hingdom Financial Servicez Authority;
"Fund" meanz an undertaking for collective inveztment in tranzferable zecuritiez (a fund, including, without limitation, a unit truzt or an inveztment fund conztituted by a limited partnerzhip);
"Fund Interest" meanz a Reference Azzet which iz a zhare, unit, zecurity or other interezt in any Fund;
"Fund Securities" meanz Securitiez for which all or any of the Reference Azzetz are Fund Intereztz;
"Futures Exchange" haz the meaning azcribed to it in Condition 24.l; "FX Disruption Event" meanz:
(a) an event in relation to a Relevant Reference Azzet Jurizdiction which haz the effect of preventing, reztricting or delaying the Calculation Agent from:
(i) converting the Relevant Currency into the Settlement Currency through cuztomary legal channelz; or
(ii) converting the Relevant Currency into the Settlement Currency at a rate at leazt az favourable az the rate for domeztic inztitutionz located in the Relevant Reference Azzet Jurizdiction; or
(iii) delivering the Settlement Currency from accountz inzide the Relevant Reference Azzet Jurizdiction to accountz outzide the Relevant Reference Azzet Jurizdiction; or
(iv) delivering the Relevant Currency between accountz inzide the Relevant Reference Azzet Jurizdiction or to a party that iz a non-rezident of the Relevant Reference Azzet Jurizdiction; or
(b) the impozition by the Relevant Reference Azzet Jurizdiction (or any political or regulatory authority thereof) of any capital controlz, or the publication of any notice of an intention to do zo, which the Calculation Agent determinez in itz zole and abzolute dizcretion iz likely materially to affect the Securitiez, and notice thereof iz given by the relevant Izzuer to the Holderz in accordance with Condition 22; or
(c) the implementation by the Relevant Reference Azzet Jurizdiction (or any political or regulatory authority thereof) or the publication of any notice of an intention to implement any changez to the lawz or regulationz relating to foreign inveztment in the Relevant Reference Azzet Jurizdiction (including, but not limited to, changez in tax lawz and/or lawz relating to capital marketz and corporate ownerzhip), which the
Calculation Agent determinez in itz zole and abzolute dizcretion are likely to affect materially the relevant Izzuer'z ability to hedge itz obligationz under the Securitiez;
"Goldman Sachs Commodity Index" meanz any Index in rezpect of which the Index Sponzor iz one or more of the Izzuerz, the Cuarantorz, or any of their zubzidiariez or affiliatez;
"Guarantor" meanz each of Coldman Sachz Europe (if applicable) and The Coldman Sachz Croup, Inc. (together, the "Guarantors");
"Hedging Entity" meanz the relevant Izzuer or any affiliate(z) of that Xxxxxx (including, for the avoidance of doubt, Coldman Sachz International) or any entity (or entitiez) acting on behalf of that Xxxxxx) which iz engaged in any underlying or hedging tranzactionz relating to the Reference Azzetz in order to hedge that Xxxxxx'z obligationz under the Securitiez;
"Holder" haz the meaning azcribed to it in Condition l.3; "Index" or "Indices" meanz a Reference Azzet that iz an index;
"Index Sponsor" meanz the perzon or perzonz by whom the relevant Index iz compiled or calculated, az zpecified in the applicable Final Termz;
"Insolvency", in rezpect of Securitiez on a zingle zhare or a Bazket of Sharez, haz the meaning azcribed to it in Condition 24.2 or, in rezpect of Fund Securitiez, haz the meaning azcribed to it in Condition 27.2;
"Interest Rate" or "Rates" meanz a Reference Xxxxx that iz an interezt rate; "Issue Date" meanz the date on which the relevant Securitiez are izzued;
"Issue of Securities with Option or Conversion Rights" haz the meaning azcribed to it in Condition 24.l;
"Issuer" meanz any of Coldman Sachz International, Coldman Sachz Europe or Coldman Sachz (Jerzey) Limited and together, the "Izzuerz";
"Italian Programme Agent" meanz Citibank, N.A. az programme agent in rezpect of Securitiez cleared through Monte Titoli;
"Local Time" meanz the time in London or Milan az applicable; "Lock-in Event" haz the meaning azcribed to it in Condition 27.2; "London Stock Exchange" meanz the London Stock Exchange plc;
"Management Company" meanz, in relation to a Fund, the entity zpecified az xxxx in the relevant Final Termz;
"Market Disruption Event" meanz:
(a) in rezpect of Securitiez on a zingle Index or Securitiez on a Bazket of Indicez (other than any Coldman Sachz Commodity Index), the occurrence or exiztence on any Valuation Buzinezz Day during the one-half hour period that endz at the relevant Valuation Time of any zuzpenzion of or limitation impozed on trading (by reazon of movementz in price exceeding limitz permitted by the relevant Exchange or otherwize), (i) on the relevant Exchange(z) in zecuritiez that comprize 20 per cent. or
more of the level of the relevant Index, or (ii) in optionz, contractz or futurez contractz on the relevant Index if, in any xxxx caze, xxxx zuzpenzion or limitation iz, in the zole and abzolute determination of the Calculation Agent, material. For the purpoze of determining whether a Market Dizruption Event exiztz at any time, if trading in a zecurity included in the Index iz materially zuzpended or materially limited at that time, then the relevant percentage contribution of that zecurity to the level of the Index zhall be bazed on a comparizon of (x) the portion of the level of the Index attributable to that zecurity relative to (y) the overall level of the Index, in each caze immediately before that zuzpenzion or limitation;
(b) in rezpect of Securitiez on a zingle Share or Securitiez on a Bazket of Sharez, the occurrence or exiztence on any Valuation Buzinezz Day during the one-half hour period that endz at the relevant Valuation Time of any zuzpenzion of or limitation impozed on trading (by reazon of movementz in price exceeding limitz permitted by the relevant Exchange or otherwize) in (i) the Sharez on the Exchange or (ii) any optionz, contractz or futurez contractz relating to the Sharez if, in any xxxx caze, that zuzpenzion or limitation iz, in the zole and abzolute determination of the Calculation Agent, material;
(c) in rezpect of a Fund, the failure by the Management Company in rezpect of that Fund (or any party acting on itz behalf) to calculate and publizh the net azzet value of that Fund on any day that would, but for xxxx failure, have been a Valuation Buzinezz Day;
(d) in rezpect of Securitiez on a zingle Commodity or a Bazket of Commoditiez, the occurrence or exiztence on any Valuation Buzinezz Day of any zuzpenzion of or limitation impozed on trading (by reazon of movementz in price exceeding limitz permitted by the relevant Exchange or otherwize) or the price determination relating to
(i) the Commoditiez by the Exchange or (ii) any optionz, contractz or futurez contractz relating to the Commoditiez if, in any xxxx caze, that zuzpenzion or limitation iz, in the zole and abzolute determination of the Calculation Agent, material; or a change in the method of determining the price or in the trading conditionz relating to the Commodity by the Exchange (e.g. the quantity, compozition, or Relevant Currency of the Reference Azzetz) if xxxx change iz, in the zole and abzolute dizcretion of the Calculation Agent, material provided however that any change in the trading lawz of the Exchange zhall not conztitute a Market Dizruption Event provided that xxxx change haz been previouzly announced; and
(e) in rezpect of a Foreign Exchange Rate relating to Securitiez on a zingle Foreign Exchange Rate or a Bazket of Foreign Exchange Ratez, a failure by the Fixing Price Sponzor to calculate and publizh the official fixing rate for the relevant Foreign Exchange Rate(z) or the zuzpenzion or reztriction in foreign exchange trading or a reztriction on the convertibility of at leazt one of the two currenciez quoted in xxxx Foreign Exchange Rate on any day that would, but for xxxx failure, have been a Valuation Buzinezz Day.
(f) in rezpect of Securitiez over Coldman Sachz Commodity Indiciez the occurrence on any day or any number of conzecutive dayz of any one or more of the following circumztancez (in the opinion of the Calculation Agent):
(i) a material limitation, zuzpenzion or dizruption of trading in one or more futurez contractz included in the Index which rezultz in a failure by the Exchange on which each applicable futurez contract iz traded to report a clozing price for xxxx contract on the day on which xxxx event occurz or any zucceeding day on which it continuez;
(ii) the clozing price for any futurez contract included in the Index iz a "limit price" which meanz that the clozing price for xxxx contract for a day haz increazed or decreazed from the previouz day'z clozing price by the maximum amount permitted under applicable exchange rulez; or
(iii) failure by the applicable Exchange to announce or publizh the clozing price for any futurez contract included in the Index.
"Maximum Exercise Number" meanz the maximum number of Securitiez which may be exercized on any Exercize Date, az zpecified in the relevant Final Termz;
"Merger Date" haz the meaning azcribed to it in Condition 27.2; "Merger Event" haz the meaning azcribed to it in Condition 27.2;
"Minimum Exercise Number" meanz the minimum number of Securitiez which may be exercized on any Exercize Date az zpecified in the relevant Final Termz;
"Monte Titoli" meanz the dematerialized zecuritiez trading zyztem operated by Monte Titoli S.p.A.;
"Multiplier" meanz the multiplier zpecified az xxxx in the relevant Final Termz; "Nationalisation" haz the meaning azcribed to it in Condition 24.6;
"Objection to Registration Event" meanz an event where the Hedging Entity iz not able or would not be able to effect the regiztration of the tranzfer of any of the Reference Azzetz acquired by it from any tranzferor or held by it for any tranzfereez, in any caze, due to a refuzal or objection by the izzuer of the Reference Azzetz to regizter any xxxx tranzfer for any reazonz whatzoever;
"Observation Period" haz the meaning zpecified in the applicable Final Termz;
"Operator" meanz Monte Titoli, or, in the caze of Securitiez cleared through CREST, zhall have the meaning azcribed thereto in the Regulationz.
"Optional Early Redemption Date" haz the meaning azcribed to it in Condition 9.2; "Partial Payments" haz the meaning azcribed to it in Condition 2l.2;
"Partial Proceeds" haz the meaning azcribed to it in Condition 2l.2; "Participation Rate" haz the meaning zpecified in the applicable Final Termz; "Payment Disruption Event" haz the meaning azcribed to it in Condition 2l.l;
"Payment Event Cut-Off Date" meanz the latezt to occur of the date which iz one year after the Exercize Date or Settlement Date or any other date on which the Securitiez may be exercized or any date on which any amount under the Securitiez zhall be due and payable, in
each caze, but for the operation of Condition 2l, or az determined by the Calculation Agent acting in itz zole and abzolute dizcretion and az zpecified herein;
"Potential Adjustment Event", haz the meaning azcribed to it in Condition 27.l;
"Proceedings" meanz any legal action or proceedingz arizing out of or in connection with the Securitiez;
"Programme Agent" meanz the CREST Programme Agent, the Italian Programme Agent, the French Programme Agent and includez any zuccezzor or additional agent or any other xxxx agent identified az xxxx in the relevant Final Termz;
"Programme Agreement" meanz the Amended and Reztated Programme Agreement between the Izzuerz, the Regiztrar, the Programme Agentz, the Calculation Agent and the other partiez named therein, dated 26 March 2007 (az amended or zupplemented from time to time);
"Quota" meanz the Maximum Exercize Number of Securitiez of a Seriez (or, where a Seriez iz conztituted by two or more Tranchez and the relevant Final Termz zo provide, a Tranche);
"Redemption Date" haz the meaning azcribed to it in the relevant Final Termz, zubject alwayz to Condition 3.7 (if applicable);
"Reference Asset" or "Reference Assets" meanz az zpecified in the relevant Final Termz; "Reference Asset Depositary Instrument" haz the meaning azcribed to it in Condition 26; "Reference Price" haz the meaning zpecified in the relevant Final Termz;
"Reference Price (Final)" meanz the Reference Price on the Valuation Date; "Register" haz the meaning azcribed to it in Condition l.4;
"Registrar" meanz Lloydz TSB Regiztrarz az Regiztrar in rezpect of Securitiez cleared through CREST;
"Regulations" meanz the Uncertificated Securitiez Regulationz 200l (SI 200l No. 3755) az amended from time to time;
"Related Securities" haz the meaning azcribed to it in Condition 26;
"Relevant Currency" meanz the currency in which the Reference Azzetz are denominated az zpecified in the relevant Final Termz;
"Relevant Programme Agent" meanz, in the caze of Securitiez cleared through CREST, the CREST Programme Agent, in the caze of Securitiez cleared through Monte Titoli, the Italian Programme Agent, in the caze of Notez held through Euroclear France, the French Programme Agent and/or xxxx other programme agent az may be zpecified in the relevant Final Termz;
"Relevant Reference Asset Jurisdiction" meanz the jurizdiction(z) zpecified in the relevant Final Termz;
"Relevant Settlement System" meanz CREST, Monte Titoli, or Euroclear France and/or xxxx other zettlement zyztem az may be zpecified in the relevant Final Termz in addition to, or in place of, CREST, Monte Titoli, or Euroclear France;
"Replacement Basket" haz the meaning azcribed to it in Condition 24.l; "Replacement Basket Shares" haz the meaning azcribed to it in Condition 24.l; "Replacement Exchange" haz the meaning azcribed to it in Condition 24.l; "Replacement Fund" haz the meaning azcribed to it in Condition 27.2; "Replacement Futures Exchange" haz the meaning azcribed to it in Condition 24.l;
"Scheduled Valuation Date" meanz the original date that, but for the Market Dizruption Event, would have been the Valuation Date;
"Security" meanz a Warrant or a Certificate; "Series" meanz any zeriez of the Securitiez;
"Settlement" meanz payment of the Settlement Amount, in cazh, az zpecified in the relevant Final Termz;
"Settlement Amount" meanz the zettlement amount zpecified in the relevant Final Termz, az applicable;
"Settlement Currency" meanz the currency zpecified az xxxx in the relevant Final Termz;
"Settlement Date" meanz, any Payment Dizruption Event (if applicable), in relation to payment of the Settlement Amount, the date zpecified or otherwize determined az provided in the relevant Final Termz or, if xxxx day iz not a Buzinezz Day then the next zucceeding Buzinezz Day, provided that in the caze of Securitiez on a Bazket of Indicez or Securitiez on a Bazket of Sharez, if az a rezult of a Market Dizruption Event there iz more than one Valuation Date with rezpect to Indicez or Sharez comprized in the Bazket, then the Settlement Date zhall be determined by reference to the Valuation Date which iz the lazt to occur. Notwithztanding the above, in the event of an occurrence of a Payment Dizruption Event, the provizionz of Condition 22 zhall apply;
"Settlement Disruption Event" meanz the event or eventz zpecified az xxxx in the relevant Final Termz;
"Share" or "Shares" meanz a Reference Azzet or any componentz of an Index that iz a zhare, ztock or other equity inztrument;
"Strike Price" meanz the price zpecified az xxxx in the relevant Final Termz; "Termination Event" haz the meaning azcribed to it in Condition 9.l; "Tranche" meanz any tranche of the Securitiez;
"Valuation Business Day" meanz a day zpecified az xxxx in the relevant Final Termz;
"Valuation Date" meanz for Securitiez in rezpect of which Exercize Date(z) iz/are zpecified, the Exercize Date relating to each exercize of xxxx Securitiez, or otherwize az zpecified in the relevant Final Termz;
"Valuation Time" meanz the lazt half an hour prior to the normal calculation time for the clozing or fixing price of the Reference Azzet by the applicable Exchange, Index Sponzor, or Fixing Price Sponzor; or az otherwize in the relevant Final Termz; and
"Warrant" meanz a warrant izzued under theze Conditionz by the relevant Xxxxxx and the obligationz of xxxx Izzuer and the Cuarantor(z) under it.
NOTA DI SINTESI DEL PROGRAMMA E DEGLI STRUMENTI FINANZIARI
La seguente nota di sintesi (la "Nota di Sintesi") deve essere letta come introduzione al Prospetto di Base ed è integrata dalle informazioni più dettagliate riportate altrove nello Prospetto di Base. Qualsiasi decisione di investimento dovrebbe basarsi sull'esame del presente Prospetto di Base completo. Qualora sia proposto un ricorso dinanzi all'autorità giudiziaria di uno Stato Membro dello Spazio Economico Europeo in merito alle informazioni contenute nel Prospetto di Base, l'investitore ricorrente potrebbe essere tenuto, a norma del diritto nazionale dello Stato Membro in questione, a sostenere le spese di traduzione del Prospetto di Base prima dell'inizio del procedimento. La responsabilità civile incombe sulle persone che hanno redatto la Nota di Sintesi soltanto qualora la stessa Nota risulti fuorviante, imprecisa o incoerente se letta congiuntamente alle altri parti del presente Prospetto di Base. I termini usati nella presente Nota di Sintesi ma non definiti, avranno il significato ad essi attribuito nelle Condizioni.
Emittenti: Goldman Sachs (Jersey) Limited ("GSJ"), Goldman Sachs Europe ("GSE") e Goldman Sachs International ("GSI")
GSJ è stata costituita come società di capitali quotata in borsa con responsabilità limitata ai sensi delle leggi del Jersey in data 12 marzo 2003 ed è iscritta al registro delle imprese al numero di registrazione 84992. La sede legale di GSJ è in 00 Xxxxxxxxx Xxxxxx, Xx. Xxxxxx, Xxxxxx XX0 0XX. L'attività commerciale di GSJ consiste nell'emissione di Strumenti Finanziari, nella stipula di contratti e accordi contemplati nel presente Prospetto di Base e nell'esercizio dei diritti e nell'esecuzione degli impegni previsti in ciascuno di detti contratti e accordi e di altre operazioni ad essi connesse.
GSE è una società di diritto inglese costituita nel 1985. Si occupa attualmente della fornitura di servizi (in qualità di agente) nell'ambito di operazioni di prestito titoli. GSE è disciplinata dalla Financial Services Authority ai sensi del Financial Services and Markets Act del 2000. La sede legale di GSE è in Xxxxxxxxxxxx Xxxxx, 000 Xxxxx Xxxxxx, Xxxxxx XX0X 0XX.
GSI è una società di diritto inglese costituita il 2 giugno 1988 e succede ad una società costituita nel 1968. GSI è stata nuovamente iscritta come società a responsabilità illimitata in Inghilterra e Galles presso il Companies Register il
25 febbraio 1994 (numero di iscrizione 02263951), dopo essere stata in precedenza registrata come società a responsabilità limitata con il nome "Goldman Sachs International Limited". La sede legale di GSI è in Xxxxxxxxxxxx Xxxxx, 000 Xxxxx Xxxxxx, Xxxxxx XX0X 0XX Xxxxxxxxxxx, tel. x00 00-0000-0000.
Sia GSJ che GSE e GSI sono controllate indirette di The Goldman Sachs Group, Inc. ("GSGI"), la casa madre del gruppo di società di Goldman Sachs.
Garanti: GSE (relativamente agli Strumenti Finanziari emessi da GSJ) e GSGI (relativamente agli Strumenti Finanziari emessi da GSI ovvero emessi o garantiti da GSE).
GSGI è quotata alla Borsa di New York dal 1999 e insieme alle sue controllate è un'azienda leader a livello globale nei settori dell'investment banking, delle operazioni in titoli e della gestione d'investimenti, fornisce una vasta gamma di servizi in tutto il mondo e vanta una clientela consistente e diversificata che include società di capitali, istituti finanziari, governi e privati con ingenti patrimoni. GSGI è una società di capitali statunitense costituita ai sensi delle leggi dello Stato del Delaware. La sede centrale di GSGI è situata in 00 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000.
Registrars e Agenti del Programma:
Lloyds TSB Registrars, Citibank N.A., e/o ciascun altro o ulteriore agente di pagamento o registrar secondo quanto indicato nelle relative Condizioni Definitive.
Agente del Programma in Francia
BNP Securities Services, e/o ciascun altro o ulteriore agente del programma in Francia secondo quanto indicato nelle relative Condizioni Definitive.
Agente per il Calcolo:
Goldman Sachs International ("GSI").
Metodo di emissione:
Gli Strumenti Finanziari saranno emessi in serie (ciascuna, una "Serie"). Ogni Serie può comprendere una o più tranche (ciascuna una "Tranche") emesse nelle stesse o in diverse date di emissione. Ogni Tranche sarà emessa e sarà soggetta ai termini e alle condizioni stabiliti nel Regolamento e integrate dalle condizioni supplementari eventualmente stabilite nelle relative Condizioni Definitive.
Prezzo di emissione:
Gli Strumenti Finanziari possono essere emessi a un qualsiasi prezzo di emissione, che sarà specificato nelle relative Condizioni Definitive.
Regime di distribuzione:
Gli Emittenti intendono emettere gli Strumenti Finanziari al Prezzo di Emissione. GSE e GSI intendono emettere gli Strumenti Finanziari a favore di una società collegata di GSE (che si prevede sarà GSI). GSI avrà la facoltà, in qualsiasi momento entro la scadenza degli Strumenti Finanziari, di acquistare o vendere tali Strumenti Finanziari a mercato aperto ovvero per il tramite di operazioni private e di agire in qualità di operatore dedicato e market maker negli Strumenti Finanziari. Un mercato sugli Strumenti Finanziari sarà prevedibilmente creato soltanto da GSI o da un'altra collegata degli Emittenti.
Status degli Strumenti Finanziari:
Gli Strumenti Finanziari costituiranno impegni non subordinati e non garantiti del relativo Emittente, avranno tutti pari grado e, fatta eccezione per taluni impegni cui la legge applicabile assegna priorità, saranno di pari grado rispetto a tutti gli altri impegni presenti e futuri in essere non garantiti e non subordinati del relativo Emittente.
Forma e Trasferimento di Strumenti
Gli Strumenti Finanziari potranno essere emessi e trasferiti esclusivamente in forma registrata e non certificata tramite i sistemi di negoziazione di titoli dematerializzati gestiti da CRESTCo Limited, noto come CREST, e Monte
Finanziari: Titoli.
Le Tranche di Strumenti Finanziari potranno essere rappresentate da un warrant globale o da un certificato globale (in entrambi i casi, il "Titolo Globale") depositato alla data di emissione (la "Data di Emissione") specificata nelle relative Condizioni Definitive presso Euroclear Francia. Gli Strumenti Finanziari in forma definitiva non saranno emessi. Prova della proprietà degli Strumenti Finanziari accentrati presso Euroclear Francia sarà data dalle iscrizioni nel registro dei Titolari dei Conti presso Euroclear Francia.
Gli Strumenti Finanziari potranno inoltre essere emessi e trasferiti da un altro sistema o da sistemi di liquidazione supplementari eventualmente specificati nel relativo Regolamento. Gli Strumenti Finanziari saranno costituiti da, e beneficeranno di, un Deed of Covenant sottoscritto da ciascuno degli Emittenti, copie del quale saranno disponibili in visione, durante il normale orario di lavoro, presso gli uffici designati degli Agenti del Programma.
Nessun trasferimento di Strumenti Finanziari sarà valido a meno che e fintantoché non venga registrato nel relativo Registro dei Portatori. Uno Strumento Finanziario può essere registrato soltanto a nome di, e trasferito unicamente a, un soggetto di cui sia fornito il nome (o soggetti, non superiori a quattro).
Esercizio degli Strumenti Finanziari:
Fatte salve le disposizioni più dettagliate del Regolamento e delle Condizioni Definitive rilevanti, il Portatore di ogni Strumento Finanziario avrà diritto a ricevere un importo in contanti (l'"Importo di Liquidazione") dall'Emittente o dal Garante/dai Garanti, a seconda del caso, calcolato in conformità al Regolamento e alle relative Condizioni Definitive.
Gli Strumenti Finanziari saranno individuati nelle Condizioni Definitive applicabili come di "Tipo americano", "Tipo europeo" o "Tipo bermudiano". Gli Strumenti Finanziari di Tipo americano saranno esercitabili in qualsiasi Giorno Lavorativo durante un determinato Periodo di Esercizio, quelli di Tipo europeo saranno esercitabili in una determinata Data di Esercizio, mentre quelli di Tipo bermudiano saranno esercitabili in una qualsiasi di due o più Date di Esercizio specificate. Gli Strumenti Finanziari identificati nelle Condizioni Definitive come Strumenti Finanziari a Esercizio Multiplo, potranno essere esercitati una volta in ciascuna Data di Esercizio specificata.
Gli Strumenti Finanziari danno origine a opzioni esercitabili dal relativo Portatore. Nessun Portatore ha l'obbligo di esercitare i propri Strumenti Finanziari né, in assenza di tale esercizio e salvo quanto stabilito in seguito, il relativo Emittente o, a seconda del caso, il/i relativo/i Garante/Garanti hanno alcun obbligo di pagare un qualsiasi importo in ordine agli Strumenti Finanziari. In caso di esercizio di Strumenti Finanziari, il Portatore è tenuto a certificare che gli stessi non vengono esercitati da parte di o per conto di un soggetto statunitense o un soggetto che risieda negli Stati Uniti e che detti Strumenti Finanziari non sono posseduti a beneficio di un soggetto statunitense
o da un soggetto residente negli Stati Uniti.
Gli Strumenti Finanziari possono essere esercitati tramite la consegna di una Dichiarazione di Esercizio debitamente compilata da parte del Portatore i) all'Agente del Programma CREST, in relazione a Strumenti Finanziari detenuti in CREST; ii) all'Agente del Programma Francese e al Titolare del Conto presso Euroclear Francia presso il quale sono detenuti gli Strumenti Finanziari del Portatore, nel caso di Strumenti Finanziari detenuti in Euroclear Francia; o iii) all'Agente del Programma Italiano, nel caso di Strumenti Finanziari detenuti in Monte Titoli oppure, se la facoltà di esercizio automatico è prevista dal Regolamento, tale Strumento Finanziario sarà automaticamente esercitato nella Data di Esercizio o Data di Esercizio Finale, a seconda del caso.
Nelle relative Condizioni Definitive , l'Emittente rilevante può specificare un numero massimo o minimo di Strumenti Finanziari esercitabili in qualsiasi data. Nel caso di esercizio di Strumenti Finanziari, vi sarà un periodo di sfasamento tra il momento in cui un Portatore fornisce le istruzioni per l'esercizio e il momento in cui viene determinato l'Importo di Liquidazione applicabile. Durante detto periodo il valore del Sottostante può variare in misura significativa; dette variazioni potrebbero diminuire l'Importo di Liquidazione relativamente agli Strumenti Finanziari esercitati e di conseguenza tale importo potrebbe essere pari a zero.
Garanzie: Il pagamento puntuale di tutte le somme di volta in volta dovute da GSJ in ordine agli Strumenti Finanziari emessi dalla stessa sono incondizionatamente e irrevocabilmente garantiti da GSE in qualità di Garante in conformità a un Atto di garanzia datato 26 marzo 2007. Inoltre, il pagamento puntuale di tutte le somme di volta in volta dovute da GSI, relativamente agli Strumenti Finanziari da esso emessi, e da GSE relativamente agli Strumenti Finanziari emessi o garantiti dalla stessa sono incondizionatamente e irrevocabilmente garantiti da GSGI in conformità a un atto di garanzia datato 26 marzo 2007. Gli impegni di ogni Garante ai sensi della Garanzia rappresentano impegni diretti, non subordinati, non garantiti e irrevocabili del relativo Garante e hanno pari grado rispetto a tutti gli altri impegni diretti, non subordinati e non garantiti dello stesso.
Illegalità: Qualora il relativo Emittente stabilisca che il suo esercizio di Strumenti Finanziari sia diventato del tutto o in parte illegittimo o impraticabile per qualsiasi motivo, tale Emittente ha facoltà di cancellare detti Strumenti Finanziari e, se consentito dalla legge applicabile, pagare al portatore degli stessi un importo pari al loro equo valore di mercato.
Eventi di Turbativa:
Il Regolamento e le Condizioni Definitive relativi a ciascuna Serie di Strumenti Finanziari specificheranno gli eventuali Eventi di Turbativa dei Pagamenti, della Liquidazione e del Mercato (ove rilevanti) applicabili a detti Strumenti Finanziari. Qualora l'Agente per il Calcolo stabilisca a propria
discrezione il verificarsi di uno di tali eventi, ciò potrebbe comportare il differimento per un determinato periodo della Data di Esercizio, della Data di Valutazione e/o della Data di Liquidazione. L'Agente per il Calcolo potrebbe inoltre avere diritto a valorizzare il relativo Sottostante sulla base di una stima, da lui effettuata in buona fede, del valore che detto Sottostante avrebbe avuto se non si fosse verificato l'evento di turbativa.
Correzioni: In conformità alle Condizioni, in seguito al verificarsi di taluni eventi specificati relativamente a un qualsiasi Sottostante al quale si riferisce una Serie di Strumenti Finanziari, l'Agente per il Calcolo può avere diritto ad apportare correzioni a detto Sottostante o a sostituirlo a sua discrezione.
Regime Fiscale: Salvo quanto diversamente stabilito nel relativo Regolamento, i Portatori sono tenuti al versamento di imposte, ivi inclusa la ritenuta d'acconto, dovute in relazione agli Strumenti Finanziari.
Quotazione: Se specificato nelle relative Condizioni Definitive, può essere presentata domanda di ammissione degli Strumenti Finanziari emessi secondo il Programma al listino ufficiale della Financial Services Authority e alla negoziazione sul mercato regolamentato della Borsa di Londra per Strumenti Finanziari quotati. Gli Strumenti Finanziari possono inoltre essere quotati su qualsiasi altra borsa o possono non essere quotati. Le relative Condizioni Definitive in ordine a ciascuna Serie di Strumenti Finanziari dovranno specificare l'eventuale borsa sulla quale gli stessi saranno quotati.
Legge Applicabile: Gli Strumenti Finanziari saranno creati ai sensi della Legge dell'Inghilterra e disciplinati dalla stessa.
Vincoli alla Vendita:
In alcune giurisdizioni, tra cui Stati Uniti e Jersey, esistono vincoli sulla vendita di Strumenti Finanziari e sulla distribuzione del materiale di offerta. Ulteriori vincoli, ivi inclusi quelli sul trasferimento, possono essere applicabili in relazione a una particolare Tranche di Strumenti Finanziari e saranno riportati nelle relative Condizioni Definitive.
Fattori di rischio: Acquistando Strumenti Finanziari, ciascun Portatore dichiara e garantisce implicitamente agli Emittenti e al/ai relativo/i Garante/i, e suppone che la complessità e i rischi inerenti agli Strumenti Finanziari siano adeguati ai propri obiettivi. Un soggetto dovrebbe negoziare Strumenti Finanziari soltanto qualora comprenda la natura delle relative operazioni e la portata della propria esposizione a una perdita potenziale. I potenziali acquirenti di Strumenti Finanziari dovrebbero avere esperienza in opzioni e in operazioni su opzioni, dovrebbero comprendere i rischi di operazioni che coinvolgono gli Strumenti Finanziari rilevanti e dovrebbero prendere una decisione di investimento soltanto dopo un attento esame, insieme ai propri consulenti, dell'idoneità di detti Strumenti Finanziari alla luce della propria specifica situazione finanziaria, di tutte le informazioni contenute nel presente documento unitamente alle informazioni riguardanti gli Strumenti Finanziari e lo specifico Sottostante al quale il valore dei relativi Strumenti Finanziari può essere
connesso che sono contenute nelle Condizioni Definitive rilevanti.
Le operazioni in Strumenti Finanziari fuori borsa possono comportare rischi maggiori rispetto a operazioni in Strumenti Finanziari negoziati in borsa.
Il mercato per gli Strumenti Finanziari potrebbe essere limitato e ciò potrebbe avere un impatto negativo sul loro valore e/o sulla capacità di un Portatore di alienare gli stessi. Né gli Emittenti né il Garante hanno direttamente o indirettamente rilasciato, e non rilasciano, a un qualsiasi potenziale acquirente di Strumenti Finanziari, alcuna garanzia relativamente ai meriti o alla performance degli Strumenti Finanziari. Gli Emittenti non hanno inoltre alcun obbligo né si impegnano in alcun modo a costituire un mercato negli o a riacquistare gli Strumenti Finanziari.
Gli Strumenti Finanziari implicano un livello elevato di rischio che può includere i rischi di tassi di interesse, rischi societari, di mercato, di cambio, di valore temporale e/o rischi politici. I potenziali acquirenti di Strumenti Finanziari dovrebbero essere consapevoli del fatto che i loro Strumenti Finanziari potrebbero non avere alcun valore alla loro scadenza o al loro esercizio e pertanto dovrebbero essere preparati a sostenere una perdita totale del prezzo di acquisto dei loro Strumenti Finanziari. Tale rischio riflette la natura di uno Strumento Finanziario quale attività il cui valore può diminuire nel tempo e che può essere privo di valore al momento della scadenza.