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Beleidsregels gebruik financiële derivaten door toegelaten instellingen volkshuisvesting[Regeling materieel uitgewerkt per 01-04-2017.][Regeling vervallen per 01-07-2015.]

Geldend van 01-09-2013 t/m 30-06-2015

Beleidsregels van de Minister van Binnenlandse Zaken en Koninkrijksrelaties van 5 september 2012 september 2012, nr. 2012-0000515185 ter uitvoering van het Besluit beheer sociale-huursector inzake het gebruik van financiële derivaten door toegelaten instellingen als bedoeld in artikel 70 van de Woningwet (Beleidsregels gebruik financiële derivaten door toegelaten instellingen volkshuisvesting)

De Minister van Binnenlandse Zaken en Koninkrijksrelaties,

Gelet op artikel 21 van het Besluit beheer sociale-huursector;

Besluit:

§ 1. Begripsomschrijvingen [Vervallen per 01-07-2015]

Artikel 1 [Vervallen per 01-07-2015]

In deze beleidsregels wordt verstaan onder:

  • a. financiële derivaten:

    • 1°. financiële contracten waarvan de waarde is afgeleid van een onderliggende waarde of een referentieprijs, of

    • 2°. onderdelen van financiële contracten die, op zichzelf beschouwd, vallen onder de definitie onder 1°;

  • b. renteswap: financieel derivaat tussen twee partijen om gedurende een in dat derivaat vastgestelde periode kasstromen in de vorm van rentebetalingen uit te wisselen;

  • c. payer swap: renteswap van de partij, die een vaste rente betaalt en een variabele rente ontvangt;

  • d. receiver swap: renteswap van de partij, die een variabele rente betaalt en een vaste rente ontvangt;

  • e. rentecap: financieel derivaat tussen twee partijen bij of inzake een financiering, waarbij de koper tegen betaling van een geldsom gedurende een bij dat derivaat overeengekomen periode de garantie van een maximaal te betalen rentetarief verkrijgt;

  • f. rentefloor: financieel derivaat tussen twee partijen bij of inzake een financiering, waarbij de koper tegen betaling van een geldsom gedurende een bij dat derivaat overeengekomen periode de garantie van een minimaal te ontvangen rentetarief verkrijgt;

  • g. rentecollar: financieel derivaat tussen twee partijen bij of inzake een financiering, waarin voor dezelfde periode sprake is van zowel een rentecap als een rentefloor;

  • h. variabele leningen: leningen waarvan de rente met een periodiciteit van 12 maanden of minder wordt herzien;

  • i. hedging: afdekken dan wel beperken van opwaartse renterisico’s van aangetrokken variabele leningen door het afsluiten van payer swaps;

  • j. liquiditeitsbuffer: som van de bij een toegelaten instelling aanwezige liquide middelen, op zeer korte termijn liquide te maken beleggingen en direct opeisbare en voor het doel van de buffer aan te wenden leningsfaciliteiten;

  • k. toegelaten instelling: toegelaten instelling als bedoeld in artikel 70 van de Woningwet;

  • l. fonds: Centraal Fonds voor de Volkshuisvesting, bedoeld in artikel 71 van de Woningwet;

  • m. minister: Minister van Binnenlandse Zaken en Koninkrijksrelaties;

  • n. basisrentelening: lening met een vaste marktrente plus een periodiek te herziene opslag welke voldoet aan de eisen voor het verstrekken van borging zoals opgenomen in de standaardleningovereenkomst van het Waarborgfonds Sociale Woningbouw.

§ 2. Algemene uitgangspunten [Vervallen per 01-07-2015]

Artikel 2 [Vervallen per 01-07-2015]

  • 1 Het financiële beleid en beheer van een toegelaten instelling moet dienstbaar zijn aan het realiseren van de gewenste volkshuisvestelijke doelstellingen, en dient daartoe op transparante wijze gericht te zijn op financiële continuïteit.

  • 2 Het aantrekken en afstoten van financiële derivaten dient uitsluitend te zijn gericht op het beperken van risico’s van het financiële beleid en beheer.

  • 3 Het verkopen van financiële derivaten, anders dan het sluiten van derivaatposities, is niet toegestaan.

§ 3. Organisatorische eisen [Vervallen per 01-07-2015]

Artikel 3 [Vervallen per 01-07-2015]

  • 1 Toegelaten instellingen die bij hun financiële beleid en beheer financiële derivaten gebruiken, dienen hun interne organisatie op adequate wijze daarop te hebben ingericht. Dit betekent dat in elk geval moet zijn geborgd dat er voldoende aandacht is voor:

    • a. de wijze waarop en de mate waarin het gebruik van financiële derivaten bijdraagt aan het beperken van risico’s bij het financiële beleid en beheer;

    • b. de interne organisatiestructuur inzake aanschaf en gebruik van financiële derivaten, waaronder in elk geval regels inzake bevoegdheden en mandatering, interne controle, interne verantwoording, rol en betrokkenheid van de externe accountant, en rol en betrokkenheid van het orgaan waaraan het toezicht op het bestuur is opgedragen;

    • c. waarborging van voldoende interne professionaliteit inzake financiële derivaten, ook bij het orgaan, bedoeld in onderdeel b;

    • d. beheersingsstructuren rond de risico’s van financiële derivaten, onder meer gericht op de marktwaarde, de omvang en de samenstelling van de derivatenportefeuille en de monitoring van de marktwaarde en de liquiditeitsbuffer in relatie tot het liquiditeitsrisico.

  • 2 Het fonds beoordeelt jaarlijks de opzet van de interne organisatie rond financiële derivaten in het kader van zijn financiële toezicht. Het informeert de toegelaten instelling en de minister omtrent zijn bevindingen.

§ 4. Aan te trekken soorten financiële derivaten [Vervallen per 01-07-2015]

Artikel 4 [Vervallen per 01-07-2015]

  • 1 Het is toegelaten instellingen niet toegestaan andere financiële derivaten als bedoeld in artikel 1, onderdeel a. onder 1°, aan te trekken dan rentecaps of payer swaps gericht op het beperken van opwaartse renterisico’s van variabele leningen.

  • 2 Het is toegelaten instellingen niet toegestaan andere financiële derivaten als bedoeld in artikel 1 onderdeel a. onder 2°, aan te trekken dan basisrenteleningen als bedoeld in artikel 1, onderdeel n, mits deze deel uitmaken van een door het fonds goedgekeurde beleidslijn zoals bedoeld in artikel 8, tweede lid, of in geval van een door het fonds goedgekeurd plan van aanpak zoals bedoeld in artikel 10, eerste lid.

  • 3 Basisrenteleningen welke voldoen aan de in het tweede lid genoemde voorwaarden, worden voor de verdere werking van deze beleidsregels niet beschouwd als financiële derivaten.

  • 4 Financiële derivaten mogen uitsluitend worden aangetrokken in euro’s, en van financiële instellingen met minimaal een single A rating of een daarmee vergelijkbare rating, afgegeven door ten minste twee van de drie ratingbureaus Moody’s, Standard and Poor’s en Fitch.

§ 5. Contractuele voorwaarden financiële derivaten en zorgplicht aanbieders [Vervallen per 01-07-2015]

Artikel 5 [Vervallen per 01-07-2015]

  • 1 Toegelaten instellingen mogen uitsluitend financiële derivaten aantrekken van een financiële instelling, als zij door die financiële instelling in het kader van de zorgplichtregels van de Wet op het financieel toezicht, in het bijzonder artikel 4:18d van die wet, als ‘niet professionele belegger’ worden aangemerkt.

  • 2 Een toegelaten instelling sluit, voordat zij een financieel derivaat aantrekt van een financiële instelling, een raamovereenkomst, zoals opgenomen in bijlage I bij deze beleidsregels, met die financiële instelling.

Artikel 6 [Vervallen per 01-07-2015]

  • 1 Er mogen in of ten aanzien van aan te trekken financiële derivaten geen clausules worden gehanteerd die op enigerlei wijze de uitoefening van het toezicht op de toegelaten instellingen kunnen belemmeren.

  • 2 Financiële derivaten als bedoeld in artikel 1, onderdeel a. onder 1°>, worden door toegelaten instellingen uitsluitend aangetrokken onder de modelovereenkomst die is opgenomen in bijlage II bij deze beleidsregels.

§ 6. Volumebegrenzing financiële derivaten [Vervallen per 01-07-2015]

Artikel 7 [Vervallen per 01-07-2015]

  • 1 Toegelaten instellingen mogen uitsluitend financiële derivaten als bedoeld in artikel 1 onderdeel a. onder 1°, aantrekken ter hedging van variabele leningen die voor of tegelijk met het moment van afsluiten van het derivatencontract zijn aangetrokken.

  • 2 Aan te trekken payer swaps mogen geen langere looptijd hebben dan het lopende jaar en de direct daarop volgende negen kalenderjaren.

§ 7. Financiële eisen [Vervallen per 01-07-2015]

Artikel 8 [Vervallen per 01-07-2015]

  • 1 Toegelaten instellingen die financiële derivaten gebruiken, dienen daarvoor een liquiditeitsbuffer aan te houden die, rekening houdend met voorzienbare claims op de liquiditeitsbuffer vanwege andere bedrijfsrisico’s, ten minste groot genoeg is om de uit de derivatenportefeuille voortvloeiende liquiditeitsverplichtingen ten gevolge van een daling van de vaste rente in de markt met 2%-punt te kunnen voldoen.

  • 2 Indien de liquiditeitsbuffer niet voldoet aan de eis, bedoeld in het eerste lid, dient de toegelaten instelling:

    • a. dit terstond te melden aan het fonds;

    • b. in overleg met het fonds een beleidslijn op te stellen gericht op het weer kunnen voldoen aan deze eis.

  • 3 Indien en zolang de liquiditeitsbuffer, bedoeld in het eerste lid, te klein is om de uit de derivatenportefeuille voortvloeiende liquiditeitsverplichtingen ten gevolge van een daling van de vaste rente in de markt met 1%-punt te kunnen voldoen, mag de betreffende toegelaten instelling geen payer swaps aantrekken.

§ 8. Externe verantwoording en extern toezicht [Vervallen per 01-07-2015]

Artikel 9 [Vervallen per 01-07-2015]

  • 2 De verantwoording, bedoeld in het eerste lid, heeft in elk geval betrekking op:

    • a. de interne organisatie, bedoeld in artikel 3, eerste lid;

    • b. de samenstelling en omvang van de derivatenportefeuille van de toegelaten instelling in relatie tot haar leningenportefeuille op een zodanige wijze dat het fonds kan beoordelen of aan de artikelen 4 tot en met 7 wordt voldaan;

    • c. de liquiditeitsbuffer, bedoeld in artikel 8, en

    • d. de wijze waarop de toegelaten instellingolkshuisvestingsverslag mee kan (moet) doen) toepassing geeft aan artikel 10, indien dat artikel op haar van toepassing is.

  • 3 Voor zover niet of niet anders bepaald in deze beleidsregels zijn voor de verwerking, waardering, resultaatbepaling, presentatie en toelichting van financiële derivaten in de jaarrekening titel 9 van Boek 2 van het Burgerlijk Wetboek en richtlijn 290 Financiële instrumenten’ van de Raad voor de Jaarverslaggeving van toepassing.

  • 4 Het fonds betrekt de solvabiliteitsrisico’s vanwege het bezit van financiële derivaten bij zijn financiële oordelen over de toegelaten instelling.

§ 9. Plan van aanpak [Vervallen per 01-07-2015]

Artikel 10 [Vervallen per 01-07-2015]

  • 1 Een toegelaten instelling die op het tijdstip van inwerkingtreding van deze beleidsregels een derivatenportefeuille heeft die financiële derivaten bevat met clausules die de uitoefening van het toezicht op de toegelaten instelling kunnen belemmeren, stelt een plan van aanpak op om de derivatenportefeuille voor wat betreft deze financiële derivaten met voornoemde clausules binnen een redelijkerwijs haalbaar te achten termijn af te bouwen.

  • 2 Het fonds kan nadere eisen stellen aan het plan van aanpak van en de te hanteren termijn voor de in het eerste lid bedoelde afbouw van de derivatenportefeuille.

§ 10. Slotbepalingen [Vervallen per 01-07-2015]

Artikel 11 [Vervallen per 01-09-2013]

Artikel 12 [Vervallen per 01-07-2015]

Deze beleidsregels worden aangehaald als: Beleidsregels gebruik financiële derivaten door toegelaten instellingen volkshuisvesting.

Deze beleidsregels zullen met de toelichting in de Staatscourant worden geplaatst.

Den Haag, 5 september 2012

De

minister

van Binnenlandse Zaken en Koninkrijksrelaties,

J.W.E. Spies

Bijlage I. : Raamovereenkomst [Vervallen per 01-07-2015]

RAAMOMVEREENKOMST INTEREST RATE SWAPS [Vervallen per 01-07-2015]

DEZE RAAMOVEREENKOMST is opgesteld op [•]tussen:

  • (1)

    • [•] (‘Partij A’); en

  • (2)

    • [•] (‘Partij B’).

OVERWEGENDE DAT

  • A. Partij B een Nederlandse woningcorporatie is die ingevolge het bepaalde in de Woningwet onder toezicht staat.

  • B. In de Beleidsregels gebruik financiële derivaten door toegelaten instellingen volkshuisvesting van 5 september 2012, nr. 2012-0000515185 (de ‘Beleidsregel’) is vastgelegd onder welke voorwaarden woningcorporaties een interest rate swap (‘IRS’) mogen aangaan.

  • C. Deze raamovereenkomst (de ‘Overeenkomst’) regelt dat, in overeenstemming met de Beleidsregel, Nederlands recht van toepassing is op de rechtsverhouding tussen Partij A en Partij B, en de toepasselijkheid van de Wet op het financieel Toezicht (‘Wft’) en het Burgerlijk Wetboek (‘BW’).

  • D. Alle aspecten van de IRS die tussen Partij A en Partij B wordt aangegaan zijn onderhevig aan de toepasselijke ISDA Master Agreement, Schedule en Confirmations.

VERKLAREN TE ZIJN OVEREENGEKOMEN ALS VOLGT:
  • 1. Partij A is verplicht te handelen overeenkomstig de Beleidsregel en verplicht zorg te dragen dat Partij B in overeenstemming met de Beleidsregel handelt. Deze Overeenkomst wordt aangemerkt als een overeenkomst van dienstverlening als bedoeld in artikel 7:400 BW.

  • 2. Partij A erkent en accepteert dat op Partij A een geschreven en ongeschreven zorgplicht rust jegens Partij B als bedoeld in het BW, de Wft en de Algemene Bankvoorwaarden.

  • 3. Partij A en Partij B komen ingevolge artikel 4:18d Wft overeen dat Partij B zal worden aangemerkt als een niet-professionele belegger als bedoeld in artikel 1:1 Wft.

  • 4. Indien Partij A met Partij B één of meer transacties aangaat die ingevolge de Beleidsregel niet zijn toegestaan, dan kan zowel Partij A als Partij B een beroep doen op deze Overeenkomst. In dat geval worden alle schulden of vorderingsrechten van Partij B die voortgevloeid zijn, voortvloeien en zullen voortvloeien uit dergelijke transacties geneutraliseerd door tegengestelde schulden en vorderingsrechten met eenzelfde omvang. Deze tegengestelde schulden en vorderingsrechten ontstaan uit hoofde van deze Overeenkomst en ontstaan op hetzelfde moment als de schulden en vorderingsrechten die voortgevloeid zijn, voortvloeien en zullen voortvloeien uit de transactie die ingevolge de Beleidsregel niet is toegestaan en zullen met elkaar verrekend worden.

  • 5. Deze Overeenkomst wordt beheerst door en uitgelegd in overeenstemming met Nederlands recht. De Nederlandse rechter is exclusief bevoegd om geschillen te beslechten die voortvloeien uit of verband houden met deze Overeenkomst. Voorts zullen alle juridische geschillen (de ‘Procedures’) die voortvloeien uit of verband houden met deze Overeenkomst exclusief worden voorgelegd aan de Nederlandse rechter. In het geval van Procedures, verklaren beide partijen zich onherroepelijk te committeren tot de jurisdictie van de Nederlandse rechter en doen hierbij op voorhand afstand van het recht bezwaar te maken tegen voornoemde rechtskeuze en forumkeuze.

TEN BLIJKE WAARVAN partijen aan dit document uitvoering hebben gegeven op de onderstaande datum welke in werking treedt op de datum genoemd op de eerste pagina van dit document.

Partij A

Partij B

Datum

Datum

   
   

Handtekening

Handtekening

   
   
   
   
   
   
   
   
   
   

Naam

Naam

Functie

Functie

   

Bijlage II. , Onderdeel A: Master Agreement [Vervallen per 01-07-2015]

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Bijlage II, Onderdeel B: Schedule

SCHEDULE to the 2002 MASTER AGREEMENT [Vervallen per 01-07-2015]

Dated as of .....................

between

Please fill in the name laid down by statute (‘Party A’)

and

[toegelaten instelling] (‘Party B’),

Scope of Agreement [Vervallen per 01-07-2015]

As of the date of this Agreement, all Transactions entered into from that date between the parties to this Agreement (and the respective rights and obligations of the parties in respect of those Transactions) shall be governed by, subject to, and determined in accordance with, the terms and conditions set out in this Agreement and the related Confirmations.

Party B is a Dutch housing association (‘toegelaten instelling’) and its main purpose is the stimulation of social housing in the Netherlands by means of public funding. As a result, Party B is supervised by the Dutch government and any supervisory bodies and institutions. In respect of this Agreement, Party B shall be considered as a non-professional investor, in accordance with the Dutch Wet op het financieel toezicht. Regarding these Transactions, Party A shall act as an advisor for Party B. All of the above is incorporated in the independent agreement governed by Dutch law, as referred to in article 6 of the Dutch Beleidsregels gebruik financiële derivaten door toegelaten instellingen volkshuisvesting.

Part 1. Termination Provisions [Vervallen per 01-07-2015]

In this Agreement:

  • (a) ‘Specified Entity’ does not apply.

  • (b) ‘Specified Transaction’ will have the meaning specified in Section 14 of the Agreement.

  • (c) The ‘Cross-Default’ provisions of Section 5(a)(vi) of the Agreement will apply to Party A and will not apply to Party B provided, however, that notwithstanding the foregoing, an Event of Default shall not occur under either Section 5(a)(vi)(1) or (2) if (a) the event or condition referred to in Section 5(a)(vi)(1) or the failure to pay referred to in Section 5(a)(vi)(2) is a failure to pay caused by an error or omission of an administrative or operational nature; and (b) funds were available to such party to enable it to make the relevant payment when due; and (c) such relevant payment is made within three Local Business Days following receipt of written notice from an interested party of such failure to pay.

    If such provisions apply:

    • ‘Specified Indebtedness’ will have the meaning specified in Section 14.

    • ‘Threshold Amount’ means with respect to Party A, an amount equal to one percent (1%) of its total equity share capital (as specified from time to time in its most recent Annual Report containing consolidated financial statements, prepared in accordance with accounting principles that are generally accepted for institutions of its type in the jurisdiction of its organization and certified by independent public accountants), or its equivalent in any other currency.

  • (d) The ‘Credit Event Upon Merger’ provisions of Section 5(b)(v) of the Agreement will apply to Party A and will apply to Party B.

  • (e) The ‘Automatic Early Termination’ provision of Section 6(a) of the Agreement will apply, provided that Automatic Early Termination shall not apply upon the occurrence of an Event of Default with respect of Party B specified in Section 5(a)(vii) (3), (6) or, to the extend analogous thereto.

  • (f) ‘Termination Currency’ means Euro or the currency selected by the Non-defaulting Party or the Non-affected Party, or in the circumstance where there are two Affected Parties, agreed by Party A and Party B, and failing such agreement the Termination Currency shall be Euro.

  • (g) ‘Additional Termination Event’ will apply. The following will constitute an Additional Termination Event:

For any reason the status of Party B as ‘toegelaten instelling’ is withdrawn in accordance with article 70 of the Dutch Housing Act (‘’Woningwet’’).

Part 2. Tax Representations. [Vervallen per 01-07-2015]

  • (a) Payer Representations. For the purposes of Section 3(e), Party A and Party B will make the following representation:

    It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under X Section 9(h) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.

  • (b) Payee Representations Party A and Party B make no Payee Tax representation.

Part 3. Documents to be Delivered [Vervallen per 01-07-2015]

For the purpose of Section 4(a)(i) and 4(a)(ii) of the Agreement, each party agrees to deliver the following documents, covered by Section 3(d) of this Agreement, as applicable:

  • (a) Tax forms, documents or certificates to be delivered are:

    Each party agrees to complete, accurately and in a manner reasonably satisfactory to the other party, and to execute, arrange for any required certification of, and deliver to the other party (or to such government or taxing authority as the other party reasonably directs), any form or document that may be required or reasonably requested in order to allow the other party to make a payment under this Agreement without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate, promptly upon the earlier of (i) reasonably demand by the other party and (ii) learning that the form or document is required.

  • (b) Other documents to be delivered are:

    Please complete

Part 4. Miscellaneous [Vervallen per 01-07-2015]

  • (a) Addresses for Notices. For the purpose of Section 12(a) of the Agreement:

    Address for notices or communications to Party A:

    Please complete

    Address for notices or communications to Party B:

    Please complete
  • (b) Process Agent. For the purpose of Section 13(c) of the Agreement:

    Party A appoints as its Process Agent in England: Please complete

    Party B appoints as its Process Agent in England: Please complete

  • (c) Offices. The provisions of Section 10(a) of the Agreement will apply.

  • (d) Multibranch Party. For the purpose of Section 10(b) of the Agreement:

    Party A [is not a Multibranch Party.][is a Multibranch Party and may enter into a Transaction through any of the following Offices:

    Please complete]

  • (e) Calculation Agent. The Calculation Agent is Party A, unless otherwise specified in a Confirmation in relation to the relevant Transaction. Failure of the Party designated as Calculation Agent to perform, on a timely basis, any of its responsibilities as Calculation Agent shall not relieve the parties of their respective payment obligations under the Agreement and such failure shall not be considered an event which would permit the termination of this Agreement or any Transaction. If a Party (a ‘Disputing Party’) reasonably disputes the outcome of a calculation by the Calculation Agent, then the Disputing Party will notify the Calculation Agent thereof not later than the close of business on the Local Business Day following the relevant Payment Date. The parties will consult with each other in an attempt to resolve the dispute. If they fail to resolve the dispute by 5.00 p.m., CET, on the Local Business Day following the date on which the notice is given, the Calculation Agent will recalculate the disputed calculation by seeking four actual quotations at mid-market from third parties for purposes of making the relevant calculation, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a particular Transaction, then fewer than four quotations may be used for that calculation, and if no quotations are available, then the Calculation Agent's original calculations will be used.

  • (f) Credit Support Document. None.

  • (g) The Credit Support Provider. [Not applicable/Means with respect to Party A:

    Please complete
  • (h) Governing Law. This Agreement will be governed by and construed in accordance with [Dutch][English] Law.

  • (i) Netting of Payments. ‘Multiple Transaction Payment Netting’ [will not apply for the purpose of Section 2(c) of this Agreement.] [will apply for the purpose of Section 2(c) of this Agreement to [all Transactions payable on the same date and in the same currency.

  • (j) ‘Affiliate’ is not applicable.

  • (k) No Agency. The provisions of Section 3(g) will apply to this Agreement.

Part 5. Other Provisions [Vervallen per 01-07-2015]

  • (a) Inconsistency

    Notwithstanding the provisions of Section 1(b) of the Agreement, in the event of any inconsistency between any of the following documents, the relevant document first listed below shall govern: (i) a Confirmation for the purpose of the relevant Transaction; (ii) the Schedule; (iii) the relevant "ISDA Definitions" and (iv) the 2002 ISDA Master Agreement.

  • (b) Change of Account

    Section 2(b) shall be amended in full to read as follows: ‘Change of Account. Either party may change its account within the same currency as specified for the relevant payment or delivery in the Transaction by giving notice to the other party at least five Local Business Days prior to the scheduled date for payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change, and provided that, if any new account of one party is not in the same jurisdiction as the original account, the other party shall not be obliged to pay any greater amount and shall not receive any lesser amount as a result of such change than would have been the case if such change had not taken place.’.

  • (c) Financial Statements

    Section 3(d) shall be amended by adding before the full stop at the end of Section 3(d): ‘, provided that in the case of financial statements delivered by either party, the only representation being made is that such financial statements give a fair view of the state of affairs of the entities which they cover as at their date of publication.’

  • (d) Failure to Pay or Deliver

    Section 5(a)(i) shall be amended by replacing ‘First Local Business Day’’ and ‘’First Local Delivery Day’ by ‘Third Local Business Day’ and ‘Third Local Delivery Day’ respectively’.

    Section 5(a)(i) shall be amended by adding at the end of Section 5(a)(i): ‘provided, however, that notwithstanding the foregoing, an Event of Default shall not occur if the failure to pay or deliver is caused by an error or omission of an administrative or operational nature and funds were available to such party to enable it to make the relevant payment or delivery when due and provided that such error or omission is remedied within three Local Business Days and/or three Local Delivery Days after notice of such failure being received.’

  • (e) Default Under Specified Transaction

    Section 5(a)(v)(2) shall be amended by replacing ‘First Local Business Day’ by ‘Third Local Business Day’.

  • (f) Events

    Section 5(a) and (b) shall be amended by adding Section 5(a)(ix): ‘Any act, and/or decision under or pursuant to the Dutch Housing Act (“Woningwet”) regarding Party B will not qualify as an Event of Default.’ and Section 5(b)(vii): ‘Any act, and/or decision under or pursuant to the Dutch Housing Act (“Woningwet”) regarding Party B will not qualify as a Termination Event.’.

    Section 5(a) and (b) shall be amended by adding Section 5(a)(x): ‘The mortgaging of Party B’s real estate or pledging of Party B’s rental revenues to the Stichting Waarborgfonds Sociale Woningbouw shall not qualify as an Event of Default.’ and Section 5(b)(viii): ‘The mortgaging of Party B’s real estate or pledging of Party B’s rental revenues to the Stichting Waarborgfonds Sociale Woningbouw shall not qualify as a Termination Event.’.

  • (g) Severability

    In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavour, in good faith negotiations, to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

  • (h) Confirmations. Notwithstanding anything to the contrary in the Agreement:

    • (i) The parties hereto agree that with respect to each Transaction hereunder a legally binding agreement shall exist from the moment that the parties hereto agree on the essential terms of such Transaction, which the parties anticipate will occur by telephone.

    • (ii) For each Transaction Party A and Party B agree to enter into hereunder Party A shall promptly send to Party B a Confirmation setting forth the terms of such Transaction (which Confirmations shall be in a form agreed to by the parties exchanged by mail, facsimile or other electronic means). Party B shall execute and return the Confirmation to Party A or request correction of any error within three Local Business Days of receipt. Failure of Party B to respond within such period shall not affect the validity or enforceability of such Transaction and shall be deemed to be an affirmation of such terms absent manifest error.

  • (i) Additional Agreements.

    Each party agrees, upon learning of the occurrence of any event or commencement of any condition that constitutes (or that with the giving of notice or passage of time or both would constitute) an Event of Default or Termination Event with respect to such party, promptly to give the other party notice of such event or condition (or, in lieu of giving notice of such event or condition in the case of an event or condition that with the giving of notice or passage of time or both would constitute an Event of Default or Termination Event with respect to the party, to cause such event or condition to cease to exist before becoming an Event of Default or Termination Event).

  • (j) Recording of Conversations. Each party (i) consents to the recording of telephone conversations between the trading, marketing and other relevant personnel of the parties in connection with this Agreement or any potential Transaction, (ii) agrees to obtain any necessary consent of, and give any necessary notice of such recording to, its relevant personnel and (iii) agrees, to the extent permitted by applicable law, that recordings may be submitted in evidence in any Proceedings.

  • (k) Amendment to Section 6(d)(ii). Section 6(d)(ii) of the Agreement is hereby amended by adding the following proviso at the end of the first sentence: "; provided, however, that if any amount calculated as being due in respect of an Early Termination Date which is designated as a result of an Illegality or a Force Majeure Event cannot be paid on such day by the Office specified in the Confirmation(s) relating to the Terminated Transaction(s) as a result of such event, then such amount will be payable by such Office on the day which is two Local Business Days after the day on which the Illegality or a Force Majeure Event, as the case may be, no longer exists or, if earlier, on the date on which an Event of Default occurs.

  • (l) Timely Confirmation.

    • (i) Section 9(e)(ii) is amended by:

      • (A) replacing the word ‘practicable’ with the word ‘possible’ in the third line thereof; and

      • (B) inserting ‘or by other method intended by the parties to be effective for the purpose of confirming or evidencing such Transaction’ immediately before the words ‘which in each case will be sufficient’.

    • (ii) In respect of each Relevant Confirmation Transaction, Party A and Party B will use reasonable efforts acting in good faith and a commercially reasonable manner to ensure each Relevant Confirmation Transaction is confirmed by the Timely Confirmation Deadline.

    • (iii) In respect of each Relevant Confirmation Transaction:

      • (A) the Documenting Party will deliver a Confirmation to the Receiving Party as soon as possible and at the latest by the Confirmation Delivery Deadline; and

      • (B) following the delivery in (A) above, the Receiving Party will, use reasonable efforts acting in good faith and a commercially reasonable manner, either confirm the Confirmation or deliver to the Documenting Party a Not Confirmed Notice as soon as possible and at the latest by the Timely Confirmation Deadline.

      If the Receiving Party delivers a Not Confirmed Notice to the Documenting Party by the Timely Confirmation Deadline, Party A and Party B will use reasonable efforts acting in good faith and a commercially reasonable manner, to attempt to resolve the difference and confirm the Relevant Confirmation Transaction as soon as possible.

    • (iv) For the purposes of this Part 5(l):

      ‘CCP’ means a central clearing house authorised under Article 14 of EMIR or recognised under Article 25 of EMIR.

      ‘CCP Service’ means in respect of a CCP, an over-the-counter derivative clearing service offered by such CCP.

      ‘Cleared’ means, in respect of a Transaction, that such Transaction has been submitted (including where details of such Transaction are submitted) to a CCP for clearing in a relevant CCP Service and that such CCP has become a party to a resulting or corresponding transaction, as applicable, pursuant to such CCP's Rule Set.

      ‘Commission’ means the executive body of the European Union which is responsible for proposing legislation, implementing decisions, upholding the European Union's treaties and the day-to-day running of the European Union.

      ‘confirm’ means, with respect to a Confirmation provided by the Documenting Party to the Receiving Party, an acknowledgement in writing (whether by execution in counterpart of the Confirmation or otherwise) or electronically from the Receiving Party to the Documenting Party that the terms of such Confirmation reflect the terms of the Relevant Confirmation Transaction and ‘confirmed’ will be construed accordingly.

      ‘Confirmation Delivery Deadline’ means (i) 5:00 pm CET on the Local Business Day prior to the Timely Confirmation Deadline; or (ii) if the Timely Confirmation Deadline falls after the day that is the second Local Business Day following the Trade Date, 5:00 PM CET on the second Local Business Day immediately preceding the Timely Confirmation Deadline. Notwithstanding anything to the contrary in the Agreement, for this purpose ‘Local Business Day’ means, a day on which commercial banks and foreign exchange markets are generally open to settle payments in the city in which the office through which the Receiving Party is acting for the purposes of the Relevant Confirmation Transaction is located.

      ‘Documenting Party’ means Party A.

      ‘EMIR’ means Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories dated 4 July 2012.

      European Union’ means the economic and political union established in 1993 by the Maastricht Treaty, with the aim of achieving closer economic and political union between member states that are primarily located in Europe.

      ‘Not Confirmed Notice’ means, with respect to a Confirmation provided by the Documenting Party, a written notice from the Receiving Party to the Documenting Party stating that the terms of such Confirmation do not accurately reflect the terms of the Transaction, which terms are inaccurate and what such terms should be, in the opinion of the Receiving Party.

      ‘Receiving Party’ means the party which is not the Documenting Party.

      ‘Relevant Confirmation Transaction’ means any Transaction which was not Cleared and entered into on or following the Timely Confirmation Start Date.

      ‘Rule Set’ means, with respect to a CCP Service, the relevant rules, conditions, procedures, regulations, standard terms, membership agreements, collateral addenda, notices, guidance, policies or other such documents promulgated by the relevant CCP and amended and supplemented from time to time.

      ‘Timely Confirmation Deadline’ means the end of the latest day by which such Relevant Confirmation Transaction must be confirmed in accordance with Article 12 of Chapter VIII of the Commission Delegated Regulation (EU) No 149/2013 published 23 February 2013 in the Official Journal of the European Union. If Party A to such Relevant Confirmation Transaction is not a ‘financial counterparty’ (as defined in EMIR), it will be deemed to be a financial counterparty solely for the purpose of determining such latest day.

      ‘Timely Confirmation Start Date’ means the twentieth day following the day of publication of Article 12 of Chapter VIII of the Commission Delegated Regulation (EU) No 149/2013 published 23 February 2013 in the Official Journal of the European Union.

      ‘Trade Date’ means the date of execution of the Transaction.

  • [(m) EMIR Reporting Obligation

    The Parties agree that any reporting obligation that Party B is subject to under Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories dated 4 July 2012 is delegated to Party A.]1

  • (n) Incorporation and Interpretation of Definition

    Any definitions published by the International Swaps and Derivatives Association, Inc., as amended, supplemented and replaced from time to time which shall apply to this Agreement will be referred to in the relevant Confirmation. In the event and to the extent that the relevant Confirmation does not refer to any definitions, the following applies:

    Reference is made to the following definitions, where applicable which are hereby incorporated by reference herein:

    the 2006 ISDA Definitions (the “ISDA Definitions”); and

    any terms used and not otherwise defined in the Confirmation shall have the meaning set forth therein.

  • (o) Form of Agreement

    The parties agree that the text of the body of this Agreement is intended to be the printed form of the ISDA 2002 Master Agreement as published and copyrighted by the International Swaps and Derivatives Association, Inc© (ISDA).

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document.

Party A

Party B

Date

Date

   
   

Signature

Signature

   
   
   
   
   
   
   
   
   
   

Name

Name

Function

Function

   

Bijlage II, Onderdeel C: Credit Support Annex

Paragraph 11. Elections and Variables2 [Vervallen per 01-07-2015]

  • (a) Base Currency and Eligible Currency

    • (i) ‘Base Currency’ means euro.

    • (ii) ‘Eligible Currency’ means the Base Currency.

  • (b) Credit Support Obligations

    • (i) Delivery Amount, Return Amount and Credit Support Amount

      • (A) ‘Delivery Amount’ has the meaning specified in Paragraph 2(a).

      • (B) ‘Return Amount’ has the meaning specified in Paragraph 2(b).

      • (C) ‘Credit Support Amount’ has the meaning specified in Paragraph 10.

    • (ii) Eligible Credit Support. The following items will qualify as ‘Eligible Credit Support’ for Party A:

         

      Party A

      Party B

      Valuation

      Percentage

      (A)

      Cash in an Eligible Currency

      Yes

      Yes

      100%

      [(B)

      Negotiable debt obligations issued by the Governments of the Euro-zone, the United States of America, and the United Kingdom having a remaining maturity of not more than five years from the Valuation Date and being rated at least AAA (S&P) or AAA (Fitch Ratings) or Aaa (Moody’s) on the Valuation Date and which settle through an Approved Clearing System.

      Yes

      Yes

      97%

      (C)

      Negotiable debt obligations issued by the Governments of the Euro-zone, the United States of America, and the United Kingdom having a remaining maturity of five years or more from the Valuation Date and being rated at least AAA (S&P) or AAA (Fitch Ratings) or Aaa (Moody’s) on the Valuation Date and which settle through an Approved Clearing System.]1

      Yes

      Yes

      95%

      (D)

      Such other Eligible Collateral as may be agreed between the parties

      Yes

      Yes

      As agreed between the parties.

      1 The parties may elect (B) and (C) together, not separately.

    • (iii) Thresholds

      • (A) ‘Independent Amount’ means with respect to Party A: please complete

        ‘Independent Amount’ means with respect to Party B: None.

      • (B) ‘Threshold’ means with respect to Party A: None.

        ‘Threshold’ means with respect to Party B: please complete

      • (C) ‘Minimum Transfer Amount’ means with respect to Party A and Party B: The amount equivalent to 10,000 euro.

      • (D) Rounding. The Delivery Amount and the Return Amount will be rounded up or down to the nearest integral multiple of 10,000 euro.

  • (c) Valuation and Timing

    • (i) ‘Valuation Agent’ means, for the purposes of Paragraphs 2 and 4, and for the purposes of Paragraph 5(c): Party A.

      The valuation of the Credit Support Amount shall be made pursuant to Paragraph 3(b) and pursuant to the following procedures:

      • (A) Party A shall before the Notification Time report by email to Party B:

        • (a) The market value of each collateralised transaction, denominated in euro.

        • (b) The market value of the posted collateral to Party B, denominated in euro.

        • (c) The Credit Support Amount, denominated in euro.

      • (B) If Party A’s determination remains undisputed, Party B shall notify the Valuation Agent of the agreed Delivery Amount (if any) or the Return Amount (if any) by email.

      • (C) If the Delivery Amount or the Return Amount, as the case may be, on a Local Business Day equals or exceeds the Minimum Transfer Amount, as the case may be, and if both parties agree, then Eligible Credit Support will be transferred pursuant to Paragraph 2.

    • (ii) ‘Valuation Date means each Local Business Day.

    • (iii) ‘Valuation Time’ means the close of business on the Valuation Date or date of calculation, as applicable; provided that the calculations of Value and Exposure will be made as of approximately the same time on the same date.

    • (iv) ‘Notification Time’ means 2.00 p.m., CET, on the Local Business Day following the applicable Valuation Date.

  • (d) Exchange Date

    ‘Exchange Date’ has the meaning specified in Paragraph 3(c)(ii).

  • (e) Dispute Resolution

    • (i) ‘Resolution Time’ means 5.00 p.m., CET, on the Local Business Day following the date on which the notice is given that gives rise to a dispute under Paragraph 4.

    • (ii) ‘Value.’ For the purpose of Paragraphs 4(a)(4)(i)(C) and 4(a)(4)(ii), the Value of the outstanding Credit Support Balance or of any transfer of Eligible Credit Support or Equivalent Credit Support, as the case may be, will be calculated as follows: Disputes over value will be resolved by the Valuation Agent seeking four bid quotes as of the relevant Valuation Date or date of Transfer from parties that regularly act as nationally recognised principal market makers in the securities or other property in question. The Value will be the arithmetic mean of the quotes received by the Valuation Agent multiplied by the applicable Valuation Percentage.

    • (iii) ‘Alternative.’ The provisions of Paragraph 4 will apply.

  • (f) Distributions and Interest Amount

    • (i) Interest Rate. The ‘Interest Rate’ with exception of the condition mentioned hereafter under (iv) will be EONIA. ‘EONIA’ for any day means the reference rate equal to the overnight rate as calculated on an actual / 360 day count by the European Central Bank and appearing on different publication media on the first TARGET Settlement Day following that day. For the purposes of this Annex, TARGET Settlement Day means any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System is open.

    • (ii) Transfer of Interest Amount. The transfer of the Interest Amount will be made on last Local Business Day of each calendar month and on any Local Business Day that a Return Amount consisting wholly or partly of cash is transferred to Party A pursuant to Paragraph 2(b).

    • (iii) Alternative to Interest Amount. The provisions in Paragraph 5(c)(ii) will apply.

  • (g) Addresses for Transfers

    • (i) [In the case of securities:

      Party A and Party B:

      please complete

      in the case of cash:]3

      Directly by Target to

      please complete
  • (h) Amendments to the Annex

    • (i) The terms of Paragraph 4(a)(4)(i)(B) are amended in their entirety as follows:

      ‘(B) calculating that part of the Exposure attributable to the Transactions in dispute by seeking four actual quotations at mid-market from third parties for purposes of calculating the relevant Close-out Amount, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a particular Transaction, then fewer than four quotations may be used for that Transaction, and if no quotations are available for a particular Transaction, then the Valuation Agent's original calculations will be used for the Transaction; and’

    • (ii) The terms of Paragraph 6 are amended to read in their entirety as follows:

      ‘If an Early Termination Date is designated or deemed to occur as a result of an Event of Default in relation to a party, an amount equal to the Value of the Credit Support Balance, determined as though the Early Termination Date were a Valuation Date, will be deemed to be an Unpaid Amount due to the Transferor (which may or may not be the Defaulting Party) for purposes of Section 6(e). For the avoidance of doubt, the Close-out Amount determined under Section 6(e) in relation to the Transaction constituted by this Annex will be deemed to be zero. For purposes of this Paragraph 6, the Value of the Credit Support Balance shall be determined on the basis that the Valuation Percentage applicable to each item of Eligible Credit Support is 100%.’

    • (iii) The term ‘Exposure’ in Paragraph 10 of the Annex is hereby amended to read in its entirety as follows:

      ‘Exposure’ means, with respect to a party on a Valuation Date and subject to Paragraph 4 in the case of a dispute, the amount, if any, that would be payable to that party by the other party (expressed as a positive number) or by that party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(1) of this Agreement if all Transactions (other than the Transaction constituted by this Annex) were being terminated as of the relevant Valuation Time, on the basis that (i) that party is not the Affected Party and (ii) the Base Currency is the Termination Currency; provided that the Close-out Amount will be determined by the Valuation Agent on behalf of that party using its estimates at mid-market of the amounts that would be paid for transactions providing the economic equivalent of (x) the material terms of the Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of the Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)); and (y) the option rights of the parties in respect of the Transactions.

  • (i) Other Provisions

    • (i) [All references in this annex to the ‘Transferee’ shall be read as references to Party B, and all corresponding references to the ‘Transferor’ shall be read as references to Party A.]4

    • (ii) Minimum Transfer Amount. Notwithstanding the provisions of Paragraph 11(b)(iii)(C), when the Credit Support Amount with respect to both parties on a Valuation Date is zero or provided, that if an Event of Default or Termination Event has occurred and is continuing, the Minimum Transfer Amount with respect to both parties will be zero.

    • (iii) [‘Euro-zone’ means the region comprised of members states of the European Union that adopt the single currency in accordance to the EC Treaty (Treaty establishing the European Community (signed in Rome on 25th March, 1957), as amended by the Treaty on European Union (signed in Maastricht on 7th February, 1992).]5

    • (iv) ‘Local Business Day’ means TARGET Settlement Day.

    • (v) ‘Local Delivery Day’ means TARGET Settlement Day.

    • (vi) [‘Approved Clearing System’ means the securities clearing system operated by Clearstream Banking S.A. or Euroclear System.]6

    • (vii) Demands and Notices. Paragraph 9(c) of this Annex shall be deleted in its entirety and replaced with the following:

      All demands and notices given by a party under this Annex will be given as specified hereunder with regard to:

      Party A: please complete Party B: please complete

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document.

Party A

Party B

Date

Date

   
   

Signature

Signature

   
   
   
   
   
   
   
   
   
   

Name

Name

Function

Function

   
  • ^ [1]

    The parties may elect this Part 5 (m).

  • ^ [2]

    The parties may elect this Credit Support Annex.

  • ^ [3]

    Will apply when Paragraph 11(b)ii)(B) and (C) are elected.

  • ^ [4]

    Will apply when Paragraph 11(b)(ii)(B) and (C) are elected.

  • ^ [5]

    Will apply when Paragraph 11(b)(ii)(B) and (C) are elected.

  • ^ [6]

    Will apply when Paragraph 11(b)(ii)(B) and (C) are elected.