| 18.4 | Entire Agreement | 24 |
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| 18.5 | Amendments and Waivers | 25 |
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| 18.6 | Transfer of Rights and Obligations | 25 |
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| 18.7 | Severability | 25 |
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19. | Governing Law and Jurisdiction | 26 |
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| 19.1 | Governing Law | 26 |
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| 19.2 | Place of Jurisdiction | 26 |
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20. | Counterparts | 26 |
Annex 1 | 28 |
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Annex 2 | 29
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Annex 3 | 30 |
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Annex 4 | 31 |
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Annex 5 | 32 |
This control agreement (the Control Agreement) is made as of December 31, 2020 by and between the Security Provider, the Custodian and the Secured Party.
Whereas
(a) | Pursuant to a facility agreement originally dated as of October 31, 2017 (the Original Facility Agreement), made between Blenheim Holdings Ltd. as borrower (the Borrower) and Citibank, N.A., London Branch, as lender (the Lender), the Lender agreed to make available to the Borrower a revolving credit facility in the aggregate amount of USD 150,000,000. |
(b) | On or around the date hereof, the Original Facility Agreement shall be amended and restated pursuant to a first supplemental agreement (the First Supplemental Agreement), made between the Borrower as borrower and the Lender as lender (the Original Facility Agreement as amended and restated by the First Supplemental Agreement, the Facility Agreement). |
(c) | In order to satisfy certain conditions precedent pursuant to the Facility Agreement and in order to provide security for the Secured Party, concurrently with this Control Agreement the Security Provider and Secured Party will enter into a security agreement according to article 25 FISA (the Security Agreement) regarding the Security Interest (as defined below). |
(d) | The Security Provider wishes to grant the Security Interest in certain assets it holds with the Custodian pursuant to article 25 FISA. |
(e) | For this purpose, the Security Provider wishes to irrevocably instruct the Custodian to accept and execute instructions in relation to the Securities Account exclusively from the Secured Party, without the need of any prior approval by, or consent of, the Security Provider. |
Now, therefore, the Parties hereto agree as follows:
1. | Definitions and References |
Business Day means any day other than a Saturday, Sunday or public holiday on which commercial banks in Zurich, Switzerland are open for general business.
CO shall mean the Swiss Code of Obligations (Schweizerisches Obligationenrecht, OR), as amended from time to time.
Control Agreement shall have the meaning as set forth in the Introduction of this Control Agreement.
Custodian shall have the meaning as set forth on page 2 of this Control Agreement.
DEBA shall mean the Swiss Federal Debt Enforcement and Bankruptcy Act (Bundesgesetz über Schuldbetreibung und Konkurs, SchKG), as amended from time to time.
Dividends shall mean all kinds of dividend whether in cash or in kind, e.g., in form of additional Shares, participation rights or other securities.
Event of Default means an Event of Default as defined in the Facility Agreement.
Facility Agreement shall have the meaning as set forth in Recital (a) of this Control Agreement.
FISA shall mean the Swiss Federal Intermediated Securities Act (Bundesgesetz über Bucheffekten, BEG), as amended from time to time.
Notice of Default shall have the meaning as set forth in Section 5(b) and Annex 5.
Parties and Party shall have the meaning as set forth on page 3 of this Control Agreement.
Related Rights shall mean all moneys payable and any and all other accessory or other rights, benefits and proceeds (to the extent their assignability is not precluded by mandatory law) in respect of, or derived from, the Securities, whether present or future and whether by way of capital reduction, redemption, substitution, exchange, bonus or preference, conversion or otherwise, including Subscription Rights, Dividends, option rights, liquidation proceeds upon liquidation of the issuer of the shares underlying the Securities, and Voting Rights.
Relevant Event shall have the meaning as set forth in Section 15(c).
Section shall mean a section of this Control Agreement.
Secured Party shall have the meaning as set forth on page 2 of this Control Agreement.
Securities shall mean the securities as set forth in Annex 4 hereto and such further securities credited to the Securities Account from time to time.
Securities Account shall mean the Security Provider's securities account [***] held with the Custodian.
Securities Account Documents shall have the meaning set forth in Section 18.4.
Security Agreement shall have the meaning set forth in Recital (c) of this Control Agreement.
Security Interest shall have the meaning set forth in Section 2.
Security Provider shall have the meaning as set forth on page 2 of this Control Agreement.
Shares shall mean any kind of existing and future shares collectively (Aktien) in the relevant company and any additional shares upon their accrual, offer or issue owned by the Security Provider.
Subscription Rights means any preemptive right and any advance subscription right of the Security Provider in relation to the Securities.
Termination shall have the meaning as set forth in Section 15(a).
Transfer Notice shall have the meaning as set forth in Section 5 (e) and Annex 1.
Voting Rights shall mean the voting rights and any other non-monetary participation rights in relation to the Securities.
| (a) | A reference to a Party includes a reference to its successors in title, permitted transferees, designees and assigns. |
| (b) | A reference to any agreement includes such agreement as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms. |
| (c) | Words denoting the singular shall include the plural and vice versa, and words denoting any gender shall include all genders, in each case, unless context requires otherwise. |
| (d) | The words “include” and “including” shall be deemed to be qualified by reference “without limitation”. |
References to any agreement or document shall be construed as references to such agreements or documents as amended, supplemented or novated from time to time.
2. | Perfection of the Security Interest |
By virtue of the irrevocable instruction to the Custodian as set forth in Section 5(a) below and subject to Section 9 below and in connection with the securities credited in the Securities Account, the Security Provider agrees to grant and hereby grants to the Secured Party a first-ranking and continuing security (i) according to article 25 FISA in the Securities and (ii) in the Related Rights (together the Security Interest), free and clear of any pledges, liens, rights of set-off or other third party rights of any nature (including, subject to Section 9, any such rights in favor of the Custodian).
3. | Notification of the Security Interest |
| (e) | The Custodian takes note that the Security Provider agreed to grant to the Secured Party the Security Interest and will maintain the Security Interest in the Secured Party's favour, subject to the provisions hereafter. |
| (f) | The Custodian is authorized to indicate the Security Interest on the respective account statements and advices. |
4. | Absence of other Control Agreement and Pending Instructions |
The Custodian confirms (i) that it is not a party to any other control agreement (within the meaning of article 25 FISA) related to the Securities and (ii) that there are no pending instructions (Weisungen) from the Security Provider in relation to the Securities Account and/or the Securities.
5. | Irrevocable Instruction of the Custodian |
| (a) | The Security Provider agrees to instruct and herewith irrevocably instructs the Custodian, and the Custodian herewith agrees, as of the date of this Control Agreement, to accept and execute instructions (Weisungen) in relation to the Securities Account, the Securities and the Related Rights exclusively from the Secured Party, without the need of any prior approval by, or consent of, the Security Provider. Such instruction by the Secured Party shall, for the avoidance of doubt, prevail over any previous instructions by the Security Provider. |
| (b) | Unless and until a notice in the form as set forth in Annex 5 (a Notice of Default) is given by the Secured Party to the Custodian informing the Custodian that an Event of Default (as defined in the Facility Agreement) has occurred, the Security Provider shall remain entitled to give instructions to the Custodian, without consent of the Secured Party, as to (i) actions enabling the exercise of Voting Rights, (ii) the execution of Subscription Rights and (iii), for the avoidance of doubt, the disposal, transfer and use of Dividends from the Securities. The Custodian is neither obliged nor entitled to verify the legal grounds of such Notice of Default. For the avoidance of doubt, as long as the Custodian has not received a Notice of Default from the Secured Party, the Custodian may accept and execute any instructions from the Security Provider as to the exercise of Voting Rights, the execution of Subscription Rights and the disposal, transfer and use of Dividends from the Securities. Upon receipt of a Notice of Default from the Secured Party, the Custodian will comply with the instructions given by the Secured Party. |
| (c) | Except in accordance with paragraph (b) above in connection with the exercise of Voting Rights, the execution of Subscription Rights and the disposal, transfer and use of Dividends from the Securities, as of the date of and for as long as this Control Agreement remains in effect, the Security Provider shall not be entitled to give any instructions as to the Securities Account, the Securities and the Related Rights and the Custodian shall not accept and execute any instructions from the Security Provider. |
| (d) | The Security Provider agrees to instruct and herewith irrevocably instructs the Custodian, and the Custodian herewith agrees, as of the date of this Control Agreement, subject to the receipt of a Notice of Default and upon obtaining a transfer notice as per Annex 1 (the Transfer Notice) from the Secured Party, the Custodian will sell and/or transfer the Security Interest, or parts thereof, in accordance with Section 6 below. The Custodian is neither obliged nor entitled to verify the legal grounds of such Transfer Notice or the instruction contained therein. |
| (e) | Any notice and/or instruction sent by the Secured Party to the Custodian shall (i) be in writing, (ii) be validly signed by the Secured Party in accordance with the list of signatories according to Annex 2, as amended by the Secured Party from time to time and (iii) for the Transfer Notice, contain all information necessary for the Custodian to execute such Transfer Notice in accordance with this Control Agreement. |
| (f) | It is agreed that the Custodian does not have any duty or obligation to know or verify the legal grounds (e.g. an Event of Default as defined in the Facility Agreement) or the reasons of such Transfer Notice delivered by the Secured Party to the Custodian instructing the same to release, transfer or sell and transfer the sale proceeds of the Securities to the Secured Party or of any other instruction related to the Securities and the Security Interest. |
All transfer/payments made by the Custodian to the Secured Party or the Security Provider, as the case may be, in accordance with the terms of this Control Agreement only, shall be made to the following safekeeping/bank accounts:
if to Secured Party to:
[***]
if to Security Provider to:
[***]
or to such other safekeeping/bank accounts as specified in writing by the respective Party. Upon the receipt of a Transfer Notice requesting transfer or payment to a different account, the Custodian shall conduct a verification call-back with the respective Party to the telephone number indicated in Section 18.3. For the avoidance of doubt, no joint written instructions shall be required to amend above account details.
The Security Provider waives its right of delivery of the Securities credited to the Securities Account including but not limited to its right according to article 8 FISA.
8. | Rights and Duties of the Custodian |
| (a) | The Security Provider hereby irrevocably authorizes the Custodian to establish any contact necessary in connection with this Control Agreement with the Secured Party or any successor, assignee or transferee of the Secured Party. |
| (b) | It is agreed that the Custodian may communicate with the Security Provider and may disclose to the Security Provider and to the Secured Party any and all information regarding the Securities Account, the Securities and Related Rights which may be required or useful for purposes of exercising and/or securing the rights of the Security Provider and the Secured Party under this Control Agreement. Section 16 applies. |
| (c) | For the purposes of this Control Agreement, the Custodian may from time to time require an updated list of authorized signatories from the Secured Party, i.e., a list of persons authorized to represent the Secured Party or any successor and to consent to or give instructions to the Custodian under this Control Agreement, and the Custodian shall be entitled to rely on such list, as amended from time to time, and accept consents to instructions or instructions from such authorized signatories, irrespective of any signatory authorities of the Secured Party entered into the commercial register or any other public records. As per the date of this Control Agreement the authorized signatories for the Secured Party are listed in Annex 2. |
| (d) | The Custodian shall provide the Secured Party, on the Secured Party's request, duplicates of all bank account statements in respect of the Securities Account. However, the Custodian does not undertake any obligation and responsibility other than the obligations and responsibilities explicitly contained in this Control Agreement. In particular, it makes no representation in relation to the Securities and has no obligation to monitor the value of the Securities and waives any such responsibility and liability. |
| (e) | The Custodian is not obliged to monitor the proceeds obtained from the exercise of the Subscription Rights. |
| (f) | In any case, the Custodian reserves the right not to comply with any instructions if compliance with such instructions is not permitted by law, regulation, court or administrative orders or to the extent that compliance with such instructions would be in conflict with any rule, measure or requirement of any authority which the Custodian is subject to or reasonably expected to comply with. Unless otherwise prohibited by law, regulation, court or administrative orders, the Custodian shall inform the Secured Party immediately about any such rule, measure or requirement, but waives any obligation to represent the Secured Party or any of the Secured Party's successors, assignees, transferees and/or the Security Provider before any such authority or in any proceedings. |
| (g) | To the extent required by any applicable law, regulation, court or administrative orders, the Custodian shall be authorized to disclose information regarding, this Control Agreement, the Securities Account and Security Interest to any regulatory authority, any court or any competent judicial, governmental, supervisory of official body having jurisdiction over, or which is reasonably expected to be having jurisdiction over, the Custodian. |
| (h) | Subject to Section 15 the Custodian hereby undertakes not to close the Securities Account or to transfer the Securities Account to another custodian or bank without the Secured Party's prior explicit written consent. |
| (i) | The Custodian shall be: |
| (i) | protected in acting upon any written instruction, notice, request, demand, waiver, consent, receipt or other paper or document furnished to the Custodian by the Secured Party and/or the Security Provider, in accordance with this Control Agreement; and |
| (ii) | entitled to fully rely without need for any enquiry on its part on any instruction, written notice or certification given to it by the Secured Party and/or the Security Provider in accordance with this Control Agreement. |
| (j) | The Custodian shall be entitled to refuse to act on any instructions and other notices that are unclear or ambiguous until such time as it is able to clarify such notification. The Custodian undertakes to immediately inform the Secured Party and/or the Security Provider, as applicable, in case any instructions and other notices are unclear. |
| (k) | The Secured Party and the Security Provider agree that the Custodian has not provided or made, or will provide or make, any advice or representation with respect to tax consequences of this Control Agreement to any person. The Secured Party and the Security Provider acknowledge the recommendation of the Custodian to procure independent tax advice in respect of this Control Agreement. |
| (l) | The Custodian reserves the right to use discretion when executing a sell instruction; in particular, the Custodian would usually – but under reservation of its own discretion – capture not more than a maximum of 10-20% of the average market volume in the Securities. Depending on the amount of Securities to be sold and the then prevailing market conditions, the selling of Securities may take place over an extensive time period. The Security Provider and the Secured Party know and accept the price risks when selling substantial volumes. The Security Provider and the Secured Party expressly release the Custodian from any liability in relation with the execution of a selling instruction. The Custodian cannot be held liable for any price movements and subsequent losses due to executing a selling instruction and will be indemnified (including for legal costs) by the Security Provider and the Secured Party for any claims made against him as a consequence of following the selling instructions. |
| (m) | The Secured Party and the Security Provider acknowledge that the sale and/or the transfer of certain shares might be restricted (e.g. for US Securities falling under SEC Rule 144) and only permitted if a number of conditions are met and certain authorizations have been obtained. The Security Provider and the Secured Party expressly release the Custodian from any liability for any delay or inaction pending the obtaining of such authorizations. |
Subject to the terms and conditions of this Control Agreement, and for as long as this Control Agreement is effective, the Custodian waives all of its own security or preferential rights in relation to the Securities Account (for the avoidance of doubt including any assets credited to the Securities Account) and the Security Interest, including, but not limited to, any rights of lien, retention rights, rights of set-off or assignment rights the Custodian may have in relation to the Securities Account and the Security Interest, now or any time hereafter. The waiver applies exclusively for the benefit of the security provided to the Secured Party under this Control Agreement. Any security, in relation to the Securities Account granted to the Custodian by the Security Provider shall remain effective, subject to the priority security rights granted to the Secured Party under this Control Agreement.
10. | Representations and warranties |
The Security Provider hereby represents and warrants to the Secured Party that as of the date of this Control Agreement the Securities constitute intermediated securities (Bucheffekten) pursuant to the FISA.
The Security Provider hereby undertakes to the Secured Party for as long as the Security Interest remains in effect:
| (a) | not to dispose of any or all Securities it holds at any time in the Securities Account and not to close the Securities Account, except with the prior written consent of the Secured Party; and |
| (b) | to ensure that any and all Securities qualify and will qualify as intermediated securities (Bucheffekten) pursuant to the FISA. |
The remuneration of the Custodian shall be as follows:
A one-time set-up fee in the amount of CHF 20,000 plus VAT (if applicable) to be paid upon invoiced by the Custodian;
plus:
an annual fee of CHF 10,000 plus VAT (if applicable) for each period of twelve (12) months from the date hereof, per annum pro rata temporis, payable annually upon invoiced by the Custodian.
Any costs and expenses (including legal fees) of the Custodian arising out of or in connection with the performance of the Custodian's obligations under this Control Agreement shall be borne by the Security Provider.
In addition, the usual banking commission and fees for the maintenance of the Securities Account (including trade orders) or similar fees as well as all costs, taxes (such as but no limited to any stamp duty, if any) or fees incurred by investing, managing or transferring the Security Interest will be charged. Such fees, costs and taxes (if any) are to be borne by the Security Provider.
All commissions, taxes and fees shall be borne by the Security Provider and may be debited by the Custodian directly to an account under the banking relationship with the Security Provider.
The Security Provider and the Secured Party take note that the Custodian is not and does not intend to be a party to the Security Agreement nor any other agreement between the Security Provider and the Secured Party other than this Control Agreement.
The Security Provider shall hold the Custodian harmless of, and indemnify the Custodian against, any losses, damages, claims, reasonable costs or reasonable expenses (including legal fees) which the Custodian suffers in connection with anything done or omitted to be done in the due exercise of the powers contained herein or in any relating documents including the enforcement of the Security Interest, unless the Custodian acts in wilful misconduct (Absicht) or gross negligence (grobe Fahrlässigkeit).
The Custodian shall not be liable for any loss or damage suffered by the Security Provider or the Secured Party save in respect of such loss or damage which is suffered as a result of the willful misconduct (Absicht) or gross negligence (grobe Fahrlässigkeit) of the Custodian.
| (a) | If any one of the Security Provider or the Secured Party at any point in time becomes a person with whom dealing would be prohibited under any law or regulation applicable to the Custodian or with whom dealing would present unacceptable reputational risks for the Custodian, the Custodian may terminate the Control Agreement and terminate the banking relationship covered by it, including the Securities Account (the Termination). The Custodian shall inform the Security Provider and the Secured Party of the termination in writing (the Termination Notice) and keep the Security Interest blocked until receipt of joint written instructions by the Security Provider and the Secured Party where the Security Interest held in the Securities Account together with this Control Agreement are to be assigned and transferred to (as applicable). If they cannot agree on a successor within 10 Business Days following the date of the Termination Notice, the Secured Party shall elect the successor in line with Section 15(b) below and such election shall be binding upon the Security Provider. |
| (b) | Failing receipt of a joint written instruction within 10 Business Days after the date of the Termination Notice and failing an election by the Secured Party after further 10 Business Days, the Custodian shall have the right (i) to transfer the Security Interest to the Secured Party or (ii) to assign and transfer this Control Agreement to a successor custodian and upon completion of such transfer the Custodian shall be fully released from its obligations under this Control Agreement. |
| (c) | If the Custodian ceases to duly perform its duties (a Relevant Event), the Secured Party and the Security Provider may as soon as practicable appoint a new custodian and enter in any agreement as reasonably necessary in order to ensure continuance of the Security Interest. If no new custodian is appointed by 5 Business Days after a Relevant Event, the Secured Party may choose, among others, to appoint a new custodian. The Security Provider shall give all reasonable necessary authorization and take any other measure and actions reasonably necessary for the appointment of the new custodian and continuance of the Security Interest. In any event, to the extent possible, a new control agreement shall duplicate the provisions of this Control Agreement. For the avoidance of doubt the security with the new custodian is based on the obligations pursuant to the Facility Agreement, the Security Agreement and this Control Agreement and shall in particular not constitute a new obligation to secure and/or pledge within the meaning of article 287 para. 1 ciph. 1 DEBA. |
| (d) | Without limiting the provisions of Section 5, upon a Relevant Event the Custodian undertakes to immediately assign, transfer or deliver, as applicable, the Securities, the Related Rights and any further credit balances on the Securities Account to any accounts as instructed pursuant to Section 15(c). |
| (e) | In any event, this Control Agreement shall automatically be terminated upon the Custodian's explicit written release from its obligations under this Control Agreement by the Secured Party. |
The Security Provider explicitly authorizes the Secured Party to request from the Custodian, and the Custodian to provide the Secured Party with, any data regarding the Securities Account and the Security Interest and the Security Provider hereby explicitly waives its right of confidentiality, its banking secrecy and data protection rights in this regard.
17. | Further Assurances by the Security Provider |
The Security Provider, at its own expense, shall promptly do all things and execute all documents that are required or useful for the purpose of creating or perfecting or protecting the security created or purported to be created pursuant to this Control Agreement, or otherwise implementing this Control Agreement including enabling the Secured Party to exercise its rights and remedies hereunder and facilitating the realization of the security on and after a Notice of Default.
No failure or delay by the Secured Party in exercising any right, power or privilege granted under this Control Agreement shall operate as a waiver thereof nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
18.2 | Taxes, Costs, Expenses |
All taxes, costs and expenses (including but not limited to legal, audit, valuation and notarial fees, registration fees and translation costs) arising out of or in connection with (i) the negotiation, preparation and execution of this Control Agreement and any related documents (including any amendments thereof and any release of the Securities) and (ii) the perfection, maintenance, protection and enforcement of the Security Interest created under this Control Agreement, the exercise of any of the secured Party's rights granted under this Control Agreement shall be borne by the Security Provider.
Except as provided for under Section 5 all notices or other communications to be given under or in connection with this Control Agreement shall be made in writing and shall be delivered by hand, by registered mail (return receipt requested) or by an internationally recognized courier to the following addresses:
If to the Secured Party:
Citibank NA, London Branch
33, Canada square, Canary Wharf, London E14 5LB, England
[***]
with a copy to:
Citibank International Limited, Greece
8 Othonos Street,
10557, Athens, Greece
[***]
If to the Security Provider:
Blenheim Holdings Ltd.
C/O Ceres Monaco SAM.
[***]
If to the Custodian:
Credit Suisse (Schweiz) AG
Att.: Escrow & Pledgeholder Solutions (SGUE)
Pledgeholder B/C
Uetlibergstrasse 231
8045 Zurich, Switzerland
[***]
All notices delivered by hand shall be deemed to have been delivered to, and received by, the addressee and shall be effective on the date of personal delivery; all notices by registered mail or courier shall be deemed effective on the date it was deposited in the mail or delivered to the courier.
This Control Agreement, including the Annexes, constitute the entire agreement and understanding among the Parties with respect to the Security Interest, and shall supersede all prior oral and written agreements or understandings of the Parties relating to the Security Interest and the Securities Account. All references to this Control Agreement shall be deemed to include the Annexes hereto.
However, the General Terms and Conditions and the General Terms and Conditions governing Custody Accounts of the Custodian attached as Annex 3 (the Securities Account Documents) shall be applicable in relation to the Securities Account, provided however that the specific terms and conditions stated in this Control Agreement shall supersede any other terms and conditions. Thereby, each of the Security Provider and the Custodian hereby represent and warrant that the Securities Account Documents:
| (a) | contain all the terms of the Securities Account; and |
| (b) | constitute all the agreements and arrangements between the Security Provider and the Custodian in relation to the Securities Account. |
Without the prior written consent of the Secured Party, the Custodian shall not agree to any waiver or amendment of the Securities Account Documents and the rights of the Security Provider thereto.
18.5 | Amendments and Waivers |
This Control Agreement may only be modified or amended by a document signed by all Parties. Any provision contained in this Control Agreement may only be waived by a document signed by the Party waiving such provision.
18.6 | Transfer of Rights and Obligations |
The Security Provider may not transfer or assign this Control Agreement or any rights or obligations hereunder without prior explicit written consent of the Secured Party.
The Secured Party may transfer and assign this Control Agreement (Vertragsübernahme) or any rights or obligations hereunder without the consent of the Security Provider to any third party. Section 15(a) is applicable.
The Custodian may not transfer or assign this Control Agreement or any rights or obligations hereunder to any third party without the prior written consent of the Secured Party, which consent shall not be unreasonably withheld by the Secured Party. Transfer or assignment by the Custodian to another legal entity in Switzerland which forms part of the CS Group is however permitted without the consent of the Secured Party. In case of such group internal transfer or assignment, the Custodian shall promptly notify the other Parties of such group internal transfer or assignment.
Should any part or provision of this Control Agreement be held to be invalid or unenforceable by any competent arbitral tribunal, court, governmental or administrative authority having jurisdiction, the other provisions of this Control Agreement shall nonetheless remain valid. In this case, the Parties shall endeavor to negotiate a substitute provision that best reflects the economic intentions of the Parties without being unenforceable, and shall execute all agreements and documents required in this connection.
19. | Governing Law and Jurisdiction |
This Control Agreement and the Security Interest (including all matters of its creation and perfection) shall be governed by and construed in accordance with the laws of Switzerland, excluding Swiss conflict of laws rules.
19.2 | Place of Jurisdiction |
All disputes arising out of or in connection with this Control Agreement, including disputes on its conclusion, binding effect, amendment and termination, shall be resolved exclusively by the courts of the city of Zurich, venue being Zurich 1. Where the law permits, the Commercial Court of Zurich (Handelsgericht des Kantons Zürich) shall have exclusive subject matter jurisdictions.
This Control Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on one single copy of this Control Agreement.
Blenheim Holdings Ltd.
By: | /s/ Athanasios Thanopoulos
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Name: | Athanasios Thanopoulos
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Function: | Attorney In Fact
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Citibank, N.A., London Branch
By: | /s/ Vassilios Maroulis
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Name: | Vassilios Maroulis
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Function: | Authorised Signatory
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Credit Suisse (Schweiz) AG
By: | /s/ Andrea Büchi
| | By: | /s/ Manfred Jung
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Name: | Andrea Büchi
| | Name: | Manfred Jung
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Function: | Assistant Vice President
| | Function: | Director
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Annex 1:
Transfer Notice
To: ……………………………………………….
[Place / Date]
Transfer Notice
Capitalized terms used in this Transfer Notice shall have the meanings assigned to them in the Control Agreement dated December 31, 2020, by and between Blenheim Holdings Ltd. as Security Provider, Citibank, N.A., London Branch as Secured Party and Credit Suisse (Switzerland) Ltd. as Custodian.
Based on the Control Agreement, we hereby irrevocably instruct you to:
- Release from the Securities Account [•] Securities and to transfer them to [•] acc. no. [•] with [•],
- and/or to sell from the Securities Account [•] Securities and transfer the sales proceeds in [CHF/EUR/USD] to [•] acc. no. [•] with [•]. [For current account please indicate IBAN no [•]],
- and/or to transfer [CHF/EUR/USD] [•] to [•] acc. no. [•] with [•] [For current account please indicate IBAN no [•]],
- [or any other instruction related to the Securities and the Security Interest.]
Sincerely yours,
On behalf of ………………………….
Annex 2:
List of authorized signatories for the Secured Party
Name | Title | Specimen Signature |
Vassilios Maroulis | Managing Director | /s/ Vassilios Maroulis |
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Annex 3:
General Conditions of the Custodian