EFTA01360264.pdf

(ii) shall not describe the Purchased Securities; (iii) shall specify as the Purchase Price the consideration to be input in respect of the delivery of the Purchased Securities through CREST; (iv) shall specify the pricing rate for that DBV Transaction. (c) The Purchased Securities under a DBV Transaction shall be such Securities (which may include Securities which arc not gilt-edged securities) as shall be selected and delivered by CREST on the apportionment of securities to the relevant delivery in accordance with the rules and procedures of CREST. (d) The amount by which the Repurchase Price under a DBV Transaction exceeds the Purchase Price shall be paid by Seller to Buyer on the Repurchase Date on or as soon as practicable after the delivery of Equivalent Securities through CREST from a securities account of Buyer to a securities account of Seller. Such payment shall be made through CREST or outside CREST in same day funds. (e) If on the Repurchase Datc of a DBV Transaction Equivalent Securities arc not delivered to Seller by reason of the fact that either party's membership of CREST has been terminated or suspended then. unless before the latest time for delivery• of such Equivalent Securities under the rules and procedures of CREST an Event of Default las occurred under paragraph 10 of the Agreement in respect of either party, such non-delivery shall be deemed to constitute - (i) where Buyer's membership of CREST has been terminated or suspended. a failure by Buyer to deliver Equivalent Securities on the Repurchase Date. (ii) where Seller's membership of CREST has been terminated or suspended, a failure by Seller to pay the Repurchase Price on the Repurchase Date. (1) If on the Repurchase Date of a DBV Transaction Equivalent Securities are not delivered to Seller by reason of the fact that there are insufficient Securities of the relevant description standing to the credit of Buyer's account to enable delivery of the Equivalent Securities or there is insufficient cash standing to the credit of Seller's account to enable payment of the Repurchase Price then. unless before the latest time for delivery of such Equivalent Securities under the rules and procedures of CREST an Event of Default has occurred under paragraph 10 of the Agreement in respect of either party, such non-delivery shall be deemed to constitute — (i) where there are insufficient Securities of the relevant description standing to the credit of Buyer's account to enable delivery of the Equivalent Securities, a failure by Buyer to deliver Equivalent Securities on the Repurchase Date: (ii) where there is insufficient cash standing to the credit of Seller's account to enable payment of the Repurchase Price. a failure by Seller to pay Repurchase Price on the Repurchase Date. (g) If after an Event of Default has occurred under paragraph 10 of the Agreement Equivalent Securities to the Purchased Securities are delivered to a securities account of Seller against the creation of an assured payment obligation in accordance with the rules and procedures of CREST notwithstanding the termination of the relevant DBV Transaction. such delivery• shall give rise to the following obligations, each of which shall be conditional on the simultaneous performance of the other - (i) an obligation on Seller to deliver to Buyer on demand securities equivalent to the securities so delivered; and (ii) an obligation on Buyer to pay to Seller on demand a sum equal to the assured pa> inent obligation so created. 35 Confidential CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0048511 CONFIDENTIAL SDNY_GM_00194695 EFTA01360264