ma come facciamo ad essere certi che sia così
che mercato è poi ???
guarda , ti copinculo...oops pardon volevo dire copioincollo la pag 33 (41 nell'impaginazione pdf) del nocumento ... oops volevo dire documento dove il meccanismo del "Cash Proceeds Arrangement" viene minuziosamente illustrato (c'avessi capito 'na mazza
, a parte il fatto che mi vogliono fregare
)
Cash Proceeds Arrangement
In relation to any holder of Designated Securities who:
(i) has submitted Participation Instructions in relation to the Exchange Offer or the Consent
Solicitation, but who failed to submit, or arrange to have submitted on its behalf, Paricipation
Instructions containing the required information on or before the Expiration Deadline or
Voting Deadline; or
(ii) in the event that the Extraordinary Resolution relating to a Series of Designated Securities is
passed and becomes effective pursuant to the terms of the Invitation, has not submitted a
Participation Instruction with respect to such Designated Securities or otherwise certified to
Ukraine and the Settlement and Tabulation Agent as to its status as an Eligible Holder; or
(iii) is due Consideration in relation to an individual Series of New Notes or the GDP-linked
Securities which falls below the minimum denomination of the relevant form of
Consideration,
Ukraine reserves the right to have the Direct Participant in the Clearing System that holds such
Designated Securities, as the recipient of the relevant Consideration in the relevant Settlement Account,
transfer immediately after delivery of such Consideration to the relevant Settlement Account, the
Consideration (or portion thereof) that such holder of Designated Securities would have otherwise received
pursuant to the Invitation to an account of the Settlement and Tabulation Agent in a Clearing System, where
such Consideration will be held (the “Pending Distribution Arrangement”) until the earlier of (i) (other than
in the case of amounts due falling below the minimum denomination of the relevant form of Consideration)
such time as such Holder delivers, in accordance with the procedures of the relevant Clearing System, a
certification to Ukraine as to such Holder’s status as an Eligible Holder (the “Delivery Certificate”), and (ii)
(in each case) the date falling 150 days after the Settlement Date.
Other than in the case of amounts due falling below the minimum denomination of the relevant form
of Consideration, if the holder of Designated Securities delivers a Delivery Certificate prior to the end of the
150 day period, the Consideration will be promptly delivered back to the relevant Settlement Account.
In the event that such Holder fails to, or is unable to, deliver a Delivery Certificate prior to the end of
the 150 day period, the Settlement and Tabulation Agent or Ukraine, as the case may be, shall sell such
Consideration in one or more transactions (each, a “Sale”) between the dates that fall 150 and 180 days after
the Settlement Date. The price, terms, timing and manner of such Sale will be on the best terms reasonably
available at the time using a transparent open market process and shall be for cash. Neither the Settlement and
Tabulation Agent nor Ukraine will have any liability for any loss or alleged loss arising from such sale or a
failure to procure any purchaser for such New Notes and GDP-linked Securities (or any of them).
The proceeds of such Sales (net of the costs of sale including the fees of any marketing agent,
placement agent or underwriter appointed in relation to the Sales and any taxes and provisions for tax on sale
or as a result of the Pending Distribution Arrangement) (the “Net Cash Proceeds”) will be held for the benefit
of such holders of the Designated Securities until such time as Sales of all such Consideration have been
effected, and the pro rata shares of such Net Cash Proceeds will be delivered to the relevant Direct
Participants in the relevant Clearing System on behalf of the holders of Designated Securities entitled to such
Substitute Consideration as soon as practicable after the date that falls 180 days after the Settlement Date (the
“Cash Proceeds Arrangement”).
However, depending on market conditions, the volume of Consideration sold or other developments,
the Net Cash Proceeds may be less than the principal or Notional Amount of the Consideration due to such
Holder and will not be available until after the Settlement Date. Ukraine will not be obligated to pay any
amount other than, or additional to, the Net Cash Proceeds, and payment of the Net Cash Proceeds will fully
and finally discharge Ukraine’s obligation to deliver Consideration to the relevant holders of Designated
