Programme Party definition
Examples of Programme Party in a sentence
In the absence of fraud, gross negligence and wilful default, the Trustee directly or its agent shall not be liable (whether directly or indirectly, in contract, in tort or otherwise) to the Issuer, the ETP Securityholders or any Programme Party for any calculation (or any delay in making any calculation) so made.
None of the Issuer, the Trustee or any other Programme Party will have any responsibility for the performance by the Relevant Clearing System (or its participants or indirect participants) of any of their respective obligations under the rules and procedures governing their operations.
If the Issuer becomes subject generally to the taxing jurisdiction of a territory or a taxing authority of or in a territory with the power to tax other than or in addition to Ireland then the Issuer will indemnify the Trustee from and against any and all Taxes (other than any income, corporation or similar Tax) incurred by or on behalf of the Trustee or, as the case may be, any Programme Party in relation to or arising from such change in taxing jurisdiction of the Issuer.
In acting as Trustee under the relevant Security Documents, the Trustee shall not assume any duty or responsibility to any Programme Party (other than to pay to any such party any moneys received and payable to it and to act in accordance with the provisions of Condition 6 and, in respect of ETP Securities, the relevant Security Documents) and shall have regard solely to the interests of the ETP Securityholders of any Series or, as the case may be, all Series.
The Trustee shall not (subject to the provisions of Clause 21 and Conditions 6 and 14 of the ETP Securities) be obliged to act on any directions of any Programme Party.
The Trustee shall not be obliged to monitor or be liable for any failure to monitor the performance by any Programme Party of its duties and obligations under the Programme Documents to the Issuer or by any other person of its obligations to the Issuer.
The Issuer shall promptly give notice of any such termination of the appointment of the Authorised Participant to each Programme Party.
In addition, in connection with the offering of the Credit Linked Notes, the Issuer and/or any other Programme Party may enter into one or more hedging transactions with respect to any applicable Reference Obligation or related derivatives.
The Trustee shall not be liable to any Programme Party or any other person for any loss occasioned by any of the acts or omissions of the Determination Agent in relation to its obligations under this Determination Agency Agreement whether or not it has actual knowledge regarding the performance of the Determination Agent as aforesaid.
The Issuer and/or any other Programme Party may pursue such hedging or related derivatives actions and take such steps as they deem necessary or appropriate to protect their interests without regard to the consequences for any Noteholder.