The Third Way... schreef op 14 juli 2011 14:56:
De clausule. Het ziet er ongevaarlijk uit, maar ik hoor het toch graag van een expert ter zake. Zowel theoretisch als praktisch (indien de oblies niet meer qualificeren als met equity content, en SNS heeft het moeilijk, wat zijn de alternatieven en/of gevolgen?).
(f) Redemption, substitution or modification upon a Tax Event, a Regulatory Event or a Rating Event
Any redemption, substitution or modification as referred to in Conditions 5(c), 5(d) and 5(e) shall be conducted in the manner described below.
(i) The Issuer may, having given not less than 30 nor more than 60 days’ notice to the Principal Paying Agent and, in accordance with Condition 13, the Bondholders (which notice shall be irrevocable) redeem all of the Bonds at their principal amount outstanding together with accrued and unpaid interest and any Arrears of Interest;
(ii) The Issuer may, subject to compliance with Applicable Capital Adequacy Regulations, substitute the Bonds for new bonds having materially the same terms as the Bonds and which substitution shall not be prejudicial to the interests of the Bondholders. Any
substitution of the Bonds into new bonds under this paragraph (f)(ii) shall be made not less than 30 nor more than 60 days’ notice to the Bondholders in accordance with Condition 13; or
(iii) The Issuer may, subject to compliance with Applicable Capital Adequacy Regulations, modify the terms of the Bonds which modification shall not be prejudicial to the interests of the Bondholders;