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JPMORGAN CHASE & CO. - Irish Stock Exchange

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(d)<br />

(e)<br />

(f)<br />

there will at all times be a Paying Agent and a Transfer Agent in a jurisdiction within continental<br />

Europe, other than the United Kingdom;<br />

there will at all times be an <strong>Exchange</strong> Agent; and<br />

the Issuer undertakes that it will ensure that it maintains a Transfer Agent in a Member State of the<br />

European Union that is not obliged to withhold or deduct tax pursuant to European Council Directive<br />

2003/48/EC or any law implementing or complying with, or introduced in order to conform to, such<br />

Directive.<br />

Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency,<br />

when it shall be of immediate effect) after not less than 30 nor more than 45 days’ prior notice thereof shall<br />

have been given to the Noteholders in accordance with Condition 16.<br />

In addition, the Issuer shall forthwith appoint a Paying Agent having a specified office in New York City in the<br />

circumstances described in Condition 6(c). Any variation, termination, appointment or change shall only take<br />

effect (other than in the case of insolvency, when it shall be of immediate effect) after not less than 30 nor more<br />

than 45 days’ prior notice thereof shall have been given to the Noteholders in accordance with Condition 16.<br />

In acting under the Agency Agreement, the Agent, the Registrar, the other Transfer Agents and the <strong>Exchange</strong><br />

Agent act solely as agents of the Issuer and do not assume any obligation to, or relationship of agency or trust<br />

with, any Noteholders. The Agency Agreement contains provisions permitting any entity into which the Agent,<br />

the Registrar, any Transfer Agent or the <strong>Exchange</strong> Agent is merged or converted or with which it is<br />

consolidated or to which it transfers all or substantially all of its assets to become the successor agent, registrar,<br />

transfer agent or exchange agent, as the case may be.<br />

11. Consolidation, Merger and Substitution<br />

(a)<br />

(b)<br />

The Issuer will not merge or consolidate with, or sell or convey all or substantially all of its assets to any other<br />

corporation, unless (i) either (A) the Issuer shall be the surviving corporation in the case of a merger or (B) the<br />

surviving, resulting or transferee corporation (the “successor corporation”) (I) shall be a United States<br />

corporation or, if not a United States corporation, shall agree to indemnify the holders of Notes, Receipts or<br />

Coupons against any tax, assessment or governmental charge thereafter imposed on or as a result of payments<br />

to each holder as a consequence of such consolidation, merger, sale or conveyance and (II) shall expressly<br />

assume the due and punctual payment of the principal of and interest on all the Notes, according to their tenor,<br />

and the due and punctual performance of all of the covenants and obligations of the Issuer under the Notes,<br />

Receipts and Coupons and Agency Agreement, by such successor corporation becoming a party to the Agency<br />

Agreement, with any appropriate consequential amendments, as if it had been an original party to it and (ii) the<br />

Issuer or such successor corporation, as the case may be, shall not, immediately after such merger,<br />

consolidation, sale or conveyance, be in default in the performance of any covenants or obligations, of the<br />

Issuer under the Notes, Receipts, Coupons or Agency Agreement.<br />

Upon any merger, consolidation, sale or conveyance as provided in paragraph (a) above, the successor<br />

corporation shall succeed to and be substituted for, and may exercise every right and power of and be subject to<br />

all the obligations of, the Issuer under the Notes, Receipts, Coupons, and Agency Agreement, with the same<br />

effect as if the successor corporation had been named as the Issuer therein and herein and the Issuer shall be<br />

released from its liability as obligor under the Notes, Receipts, Coupons, and Agency Agreement.<br />

(c) (i) The Issuer may, without the consent of the Noteholders, Receiptholders or Couponholders, be<br />

replaced and substituted by any Affiliate (as defined below) as principal debtor (the “Substituted<br />

Debtor”) in respect of any one or more Series of Notes and any related Coupons and Receipts<br />

provided that in relation to such Notes, Coupons and Receipts:<br />

(A)<br />

the creditworthiness of the Substituted Debtor at such time is at least equal to the<br />

creditworthiness of the Issuer in the sole and absolute opinion of the Agent;<br />

63

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