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Parus Fund USD. Franklin Flt Rate-A. Pimco Rl Rtn Inv Ac. It currently has no business activities other than preparatory activities in view of the Transfer contemplated under this Agreement. This Transfer is intended, along with other measures which have already taken place i. Any such rebate would result in lower overall capital requirements for the Group.
After the Transfer, the Subsidiary will contain the systemically important functions of the Group in Switzerland, and a reduction of the resolvability risk is expected by eliminating the need to transfer such functions to a bridge bank as part of a resolution. As a consequence of these measures, the Group substantially enhances its resolvability in response to evolving global regulatory requirements. Unless a contrary indication appears, any reference in this Agreement to:.
The Subsidiary assumes all Transferred Liabilities and Transferred Contracts and accepts all legal or non-legal relationships transferred hereunder. The Parties acknowledge that to the best of their knowledge, the Inventory and all such underlying books, records and accounting ledgers are true and correct. Should the Inventory be ambiguous in any particular case, such underlying books, records and accounting ledgers shall be consulted and, if they address such case, be determinative.
All other real estate assets relating to the Business but not listed in this Annex 1b will not be transferred to the Subsidiary. The wording of the mentions, annotations, easements and mortgages is known to the Parties. The Parties waive any right or requirement to reproduce such wording in the present Agreement. The undersigned notary has informed the Subsidiary that property restrictions based on public law e. The Parent transfers all own mortgage notes listed in Annex 1c relating to the transferred Real Estate listed in Annex 1b to the Subsidiary by means of this Transfer.
The Parties state that this Transfer does not trigger any pre-emption rights neither contractual nor by law. In case pre-emption rights should nevertheless be triggered and executed, any proceeds resulting from such event belong to the Subsidiary. For the avoidance of doubt, the contracts related to the Real Estate in particular ground lease and lease agreements, insurance contracts, broker mandates etc. The Parent transfers all securities listed in Annex 1c to the Subsidiary by means of this Transfer.
For the avoidance of doubt, all participations related to the Business but not listed in Annex 1c will not be transferred. In addition and without limitation of the foregoing but except for any Excluded Assets , the Parent undertakes to transfer to the Subsidiary, and to do anything required or advisable to effect such transfer by way of singular succession at or promptly after the Closing:.
For the avoidance of doubt, fiduciary entitlements in registered mortgage notes are transferred by means of this Transfer by transfer of the relevant nominee agreements under Annex 2a ;. The Parent transfers all intangible assets listed in Annex 1d to the Subsidiary by means of this Transfer.
All intellectual property rights relating to the Business but not listed in Annex 1d will not be transferred to the Subsidiary. To the extent such movables continue to be held in premises of the Parent, the Parent will grant the Subsidiary access to such movables at any time during normal business hours. The employment relationships relating to the Transferred Employees listed in Annex 3 will be transferred to the Subsidiary with all rights and obligations pursuant to article CO.
In the event that a Transferred Employee objects to the Transfer, the respective employment relationship will nevertheless be transferred to the Subsidiary but it will be terminated by either of the Parties effective as of the end of the legal notice period. The Parties confirm to each other that the Transferred Employees have been fully and duly notified with respect to the transfer of their employment relationship in compliance with the requirements of the applicable law specifically articles and a CO and of any applicable collective bargaining or other applicable agreements.
The Subsidiary will employ the Transferred Employees on the same basis as the Parent has, giving e. The Transferred Employees who are beneficiaries of the UBS pension fund will continue to be covered by this fund. The Parties understand and agree that certain of the Transferred Assets and Transferred Liabilities which are transferred from the Parent to the Subsidiary by means of this Transfer are the subject-matter Streitgegenstand of pending litigation including arbitration and debt enforcement proceedings.
To the extent allowed under applicable procedural rules and unless otherwise agreed between the Parties for particular cases, the Parties shall use best efforts to cause a change of party in pending litigation on Transferred Assets and Transferred Liabilities promptly after the Closing.
If the Subsidiary renounces such right to control the litigation, the Parent shall have the right to defend or settle such claim or proceeding in its exclusive discretion. In either case, the Parent shall be entitled to indemnification in accordance with Sections The Parties undertake to enter into, and to procure that the other contemplated parties of the Covered Bond Supplemental Agreement enter into, the Covered Bond Supplemental Agreement immediately after the signing of this Agreement and prior to the Closing.
For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, the contractual position of the Parent in its capacity as issuer in relation to the Covered Bond Programme remains with the Parent and is not transferred to the Subsidiary. Subject to the Closing but with effect as of the Effective Date, the Parent hereby grants, assigns and transfers to the Subsidiary the beneficial ownership in all assets, liabilities and contracts and other items listed under:.
Section I. Section III. Section II of Annex 2d Other excluded contracts due to special reasons ,. For the avoidance of doubt and notwithstanding the fact that transfer of legal title in the Special Assets is excluded, the Special Assets existing as of the balance sheet date of the Transfer Balance Sheet are included in the Transfer Balance Sheet to the extent such Special Assets that are owned beneficially but not legally may be capitalized under the applicable accounting standard.
To the extent such Third Party Assets continue to be held in premises of the Parent, the Parent will grant access to the Subsidiary to such Third Party Assets at any time during normal business hours. Alternatively, the Parties may mutually agree on any other method enabling the Subsidiary to hold the necessary underlying security positions, including the Parent acting as a sub-custodian for the Subsidiary.
Furthermore and without limitation of any transfer effected pursuant to another Section, the Parent transfers all securities or other assets in whichever form, including any uncertificated securities Wertrechte as defined in art. Where contractual entitlements in such securities or other assets are recorded in client accounts, the Subsidiary shall take over and keep such client accounts and continue such recording for the benefit of such clients instead of the Parent.
The assumption of such benefits and risks shall only occur between the Parties, and the Parties undertake to promptly re- document such money market transactions where required. Notwithstanding the Transfer of the Client OTC-Transactions, the Parent shall retain the full market risk and related benefit of the Client OTC-Transactions but, for the avoidance of doubt, not the counterparty risk and related benefit relating to the relevant client , whereas the retention of such risks relating to Client OTC-Transactions:.
The positive difference, i. Such loans shall be paid out by the Parent to the Subsidiary at Closing but be deemed to be paid out retroactively as of the Effective Date, and they shall be made on such further terms as agreed between the Parties and approved by FINMA in separate agreements.
Such loans shall be paid out by the Parent to the Subsidiary at Closing but be deemed to have been paid out retroactively as of the effective date of each loan as specified in Annex 4 being the date such loans would reasonably have been required if the Closing occurred on the Effective Date , and they shall be made on such further terms as agreed between the Parties in the MCA.
The board of directors of the Parent has approved the content of, and authorized to execute the Agreement and all related documents or instruments and to perform all acts on behalf of the Parent in connection with the Agreement and the transactions contemplated thereby including, without limitation, any documents expressly or impliedly referred to in the Agreement as they shall think fit see Annex 5a.
The board of directors of the Subsidiary has approved the content of, and authorised to execute the Agreement and all related documents or instruments and to perform all such acts on behalf of the Subsidiary in connection with the Agreement and the transactions contemplated thereby including, without limitation, any documents expressly or impliedly referred to in the Agreement as they shall think fit see Annex 5b.
The consummation of the Transfer will occur at the Closing Time. After the signing of this Agreement and of the Covered Bond Supplemental Agreement, and as soon as the FINMA has recognized that all conditions Bedingungen of the FINMA Order are fulfilled in all respects except for the consummation of the Transfer and consequently the FINMA has issued a respective confirmation Bescheinigung , the board of directors of the Parent shall apply for the registration of the asset transfer according to this Agreement in the commercial registers of Zurich and Basel-Stadt.
The Parties undertake to use their best efforts to do everything, not to forbear anything and to support each other to ensure that the Closing can occur. The Parties undertake, at the Closing and, if necessary, thereafter, to execute any and all declarations, do any and all acts and enter into any and all contracts required for the full closing of this Agreement. In particular, the Parent has prior to the Closing informed its contracting parties affected by the Transfer and in particular its clients of the assumption of the Transferred Contracts by the Subsidiary.
Upon the entry of the Transfer into the commercial registers, the Subsidiary will apply for registration of the new owner for the Real Estate in the respective land registers. Irrespective of the Closing Date, all benefits, risks and opportunities of the Business will be for the account of the Subsidiary as from the Effective Date.
Consequently, all relevant acts and transactions from the Effective Date onwards are deemed to be made on behalf of the Subsidiary and will be booked in the accounts accordingly with the profits and losses generated in the Business from the Effective Date being recorded in the profit and loss statement of the Subsidiary. In the event that the consummation of the Transfer with respect to certain Transferred Assets, Transferred Liabilities or Transferred Contracts does not occur by operation of the law pursuant to article 73 para.
Alternatively, the Parties may agree on other solutions corresponding economically to a transfer of the relevant Transferred Assets, Transferred Liabilities or Transferred Contracts, such as e. The Parent shall promptly transfer all net profits and assets generated under such fiduciary solution to the Subsidiary and the Subsidiary shall assume all costs and liabilities arising thereunder.
The Parties shall co-operate in order to enable the transfer of such assets to the Subsidiary after the Closing Date. Furthermore, as long as either Party does not give due notice to the other Party to the contrary and to the extent permitted by applicable law, the Parties agree to use reasonable efforts to cooperate in respect to their ongoing businesses.
The Parent shall and the Parent shall ensure that all its other subsidiaries, directors, officers, employees, or agents will keep the Confidential Information strictly confidential and shall not disclose or reveal it in whole or in part to any Third Party and shall not make use of any such information which remain in its possession after the Closing.
The foregoing undertakings shall be continuing obligations and shall remain in full force and effect provided that such undertakings shall not apply to such Confidential Information as:. For the avoidance of doubt, the release from confidentiality undertakings under this Agreement is without prejudice to any other confidentiality obligations under applicable law.
After the Closing and subject to limitations under applicable laws, the Parent will give the Subsidiary access to, and at any time during normal business hours, provide the Subsidiary with all books, records and other information in the possession of the Parent relating exclusively to the Business. For so long as the Subsidiary participates in the Cash Capital or Similar Stress Model, the Parent undertakes to use reasonable efforts in order to maintain directly or indirectly positive funding positions as measured by the Cash Capital or Similar Stress Model.
The Parties agree to enter into co-operation agreements that allow the Subsidiary to continue the Business without interruption. Such agreements may specify or amend the co-operation agreed under this Agreement. The Parent shall pass along to the Subsidiary all payments and benefits obtained from Third-Parties relating to Transferred Assets, Special Assets or Transferred Contracts and the Subsidiary shall pay, perform and discharge on behalf of the Parent all Transferred Liabilities.
The Subsidiary shall pass along to the Parent all payments and benefits wrongly obtained from Third Parties in connection with assets and contracts that remain with the Parent except in relation to Special Assets. The Parent undertakes to indemnify the Subsidiary for any loss, damage or cost resulting from the breach of a representation and warranty, provided, however, that such indemnification shall be due only if and to the extent as a result of such loss, damage or cost, the Subsidiary does not meet anymore at any time until the first anniversary of the Closing Date the regulatory capital requirements pursuant to Swiss banking regulations.
For the avoidance of doubt, for purposes of determining or claiming such indemnification, the Subsidiary shall not be required to take alternative actions to meet such regulatory capital requirements, and any re-capitalization received by the Subsidiary from Third Parties that are not affiliated to the Parent shall be disregarded. This Section shall, to the extent permissible, replace and exclude any time limitations imposed by law.
The remedies of the Subsidiary set out above are exclusive of any other legal rights. In particular, the following rights are excluded to the largest extent admissible under Swiss law: a The right to rescind this Agreement under art.
CO; b the right to claim damages under art. CO, and, c should a court held it applicable any similar or additional remedies under purchase law or a similar law including, e. Forgotten password? Click here. Please make sure your payment details are up to date to continue your membership. Please contact Member Services on support investsmart.
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View our membership page for more information. Registration for this event is available only to Intelligent Investor members. Macquarie has suspended redemptions a range of Equinox products. At this point of time this is a work in progress. Nobody yet has a clear date when the suspension will be lifted. The funds have been frozen because specific hedge funds Macquarie invested in have banned withdrawals.
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