UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
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WIMM-BILL-DANN FOODS OJSC
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(Name of Issuer)
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FOUR AMERICAN DEPOSITARY SHARES, EACH REPRESENTING ONE SHARE OF COMMON STOCK, PAR VALUE 20 RUSSIAN RUBLES PER SHARE
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(Title of Class of Securities)
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97263M109 (AMERICAN DEPOSITARY SHARES)
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(CUSIP Number)
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Thomas H. Tamoney, Jr.
PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
Tel: (914) 253−3623
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
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December 10, 2010
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(Date of Event which Requires Filing of this Statement)
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If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-l(f) or 240.13d-l(g), check the following box. o
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*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
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The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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CUSIP No. 97263M109 |
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1.
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Name of Reporting Persons
PepsiCo, Inc.
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2.
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Check the Appropriate Box if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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x
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3.
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SEC Use Only
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4.
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Source of Funds (See Instructions)
WC
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5.
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Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
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o
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6.
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Citizenship or Place of Organization
North Carolina
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NUMBER OF SHARES
BENEFICIALLY OWNED BY
EACH REPORTING PERSON
WITH
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7.
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Sole Voting Power
-0-
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8.
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Shared Voting Power
3,398,293.75 ordinary shares (including ordinary shares underlying ADSs) (See Item 5)
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9.
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Sole Dispositive Power
-0-
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10.
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Shared Dispositive Power
3,398,293.75 ordinary shares (including ordinary shares underlying ADSs) (See Item 5)
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person
3,398,293.75 ordinary shares (including ordinary shares underlying ADSs) (See Item 5)
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12.
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
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o
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13.
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Percent of Class Represented by Amount in Row (11)
7.72% (See Item 5)
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14.
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Type of Reporting Person (See Instructions)
CO
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CUSIP No. 97263M109 |
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1.
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Name of Reporting Persons
Pepsi-Cola (Bermuda) Limited
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2.
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Check the Appropriate Box if a Member of a Group (See Instructions)
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(a)
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o
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(b)
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x
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3.
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SEC Use Only
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4.
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Source of Funds (See Instructions)
WC
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5.
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Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
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o
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6.
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Citizenship or Place of Organization
Bermuda
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NUMBER OF SHARES
BENEFICIALLY OWNED BY
EACH REPORTING PERSON
WITH
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7.
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Sole Voting Power
-0-
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8.
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Shared Voting Power
3,398,293.75 ordinary shares (including ordinary shares underlying ADSs) (See Item 5)
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9.
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Sole Dispositive Power
-0-
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10.
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Shared Dispositive Power
3,398,293.75 ordinary shares (including ordinary shares underlying ADSs) (See Item 5)
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person
3,398,293.75 ordinary shares (including ordinary shares underlying ADSs) (See Item 5)
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12.
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Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
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o
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13.
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Percent of Class Represented by Amount in Row (11)
7.72% (See Item 5)
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14.
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Type of Reporting Person (See Instructions)
CO
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Exhibit No.
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Exhibit Name |
99.1
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Purchase Agreement, dated December 1, 2010 among PepsiCo, Inc., Pepsi-Cola (Bermuda) Limited, Gavril A. Yushvaev, David Iakobachvili, Mikhail V. Dubinin, Sergei A. Plastinin, Alexander S. Orlov, Mikhail I. Vishnaykov, Aladaro Limited, Tony D. Maher, Dmitry Ivanov, Wimm Bill Dann Finance Cyprus Ltd. and Wimm-Bill-Dann Finance Co. Ltd. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of PepsiCo, Inc. filed December 2, 2010).
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99.2
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Agreement on Pledge of Shares, dated December 1, 2010 among Pepsi-Cola (Bermuda) Limited, Gavril A. Yushvaev, Mikhail V. Dubinin, Alexander S. Orlov, Mikhail I. Vishnaykov, Aladaro Limited, Tony D. Maher, Dmitry Ivanov, Wimm Bill Dann Finance Cyprus Ltd. and Wimm-Bill-Dann Finance Co. Ltd.
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99.3
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Custody Agreement, dated December 1, 2010 among Pepsi-Cola (Bermuda) Limited, JP Morgan Chase Bank, National Association and Wimm Bill Dann Finance Cyprus Ltd.
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99.4
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Share Charge, dated December 1, 2010 between Pepsi-Cola (Bermuda) Limited and Wimm Bill Dann Finance Cyprus Ltd.
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PEPSICO, INC.
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By:
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/s/ Thomas H. Tamoney, Jr.
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Name:
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Thomas H. Tamoney, Jr.
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Title:
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Senior Vice President, Deputy General Counsel and Assistant Secretary
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PEPSI-COLA (BERMUDA) LIMITED
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By:
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/s/ Mary-Lynn Robinson
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Name:
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Mary-Lynn Robinson
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Title:
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President
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Name
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Business Address
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Present Principal Occupation
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Zein Abdalla+
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PepsiCo, Inc.
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CEO, PepsiCo Europe
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700 Anderson Hill Rd.
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Purchase, NY 10577
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Saad Abdul-Latif++
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PepsiCo, Inc.
700 Anderson Hill Rd
Purchase, NY 10577
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CEO, PepsiCo Asia, Middle East Africa
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Peter A. Bridgman+
Shona L. Brown*+++
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Senior Vice President and Controller
Senior Vice President, Business Operations, Google, Inc.
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Albert P. Carey
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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CEO and President, Frito-Lay North America
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John C. Compton
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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CEO, PepsiCo Americas Foods
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Ian M. Cook*+
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Chairman, President and CEO, Colgate-Palmolive Company
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Massimo F. d’Amore++++
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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CEO, PepsiCo Beverages Americas
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Dina Dublon*
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Former Executive Vice President and Chief Financial Officer of JPMorgan Chase & Co.
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Victor J. Dzau*
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Chancellor for Health Affairs at Duke University and President and CEO of the Duke University Health System
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Eric J. Foss
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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CEO, Pepsi Beverages Company
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Name
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Business Address
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Present Principal Occupation
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Richard Goodman
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Executive Vice President, Global Operations
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Ray L. Hunt*
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Chairman of the Board, President and Chief Executive Officer, Hunt Consolidated, Inc.
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Alberto Ibargüen*
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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President and Chief Executive Officer of the John S. and James L. Knight Foundation
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Hugh F. Johnston
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Chief Financial Officer
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Mehmood Khan
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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CEO, Global Nutrition Group & SVP, Chief Scientific Officer
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Arthur C. Martinez*
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Former Chairman of the Board, President and Chief Executive Officer of Sears, Roebuck and Co.
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Indra K. Nooyi*
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Chairman and CEO
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Sharon Percy Rockefeller*
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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President and Chief Executive Officer WETA Public Stations
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James J. Schiro*
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Former Chief Executive Officer of Zurich Financial Services
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Larry D. Thompson
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Senior Vice President, Government Affairs, General Counsel and Secretary
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Lloyd G. Trotter*
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Managing Partner, GenNx360 Capital Partners
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Cynthia M. Trudell
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Senior Vice President, Human Resources and Chief Personnel Officer
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Daniel Vasella*+++++
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Chairman of the Board of Novartis AG
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*
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Director
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Name
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Business Address
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Present Principal Occupation
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John C.R. Collis**+
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Clarendon House
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Director, Conyers Dill & Pearman
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2 Church Street
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Hamilton HM 11
Bermuda
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Scott Davis+++
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Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
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Corporate Manager, Conyers Dill and Pearman
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Michael G. Frith*+
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Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
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Director, Conyers Dill & Pearman
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Mary-Lynn Robinson*++++ |
Anderson Hill Insurance Ltd.
Corner House, 4th Floor
20 Parliament Street
Hamilton, HM 12
Bermuda
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President, Pepsi-Cola (Bermuda) Limited
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Julie E. McLean**
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Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
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Director, Conyers Dill & Pearman
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Melinda Brown*
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PepsiCo Chicago
555 W. Monroe St.
Chicago, IL 60661
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Vice President and Controller, PepsiCo Beverages Americas
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Thomas H. Tamoney, Jr.*
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PepsiCo, Inc.
700 Anderson Hill Road
Purchase, NY 10577
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Senior Vice President, Deputy General Counsel and Assistant Secretary, PepsiCo, Inc.
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Lennaert ten Cate++++
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63 Kew Road
Richmond
Surrey TW9 2QL
United Kingdom
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Vice President, Tax, EMEA and Asia Pacific
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*Director
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**Alternate Director
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Date
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Aggregate Number of ADSs Purchased
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Average Price Per ADS
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Aggregate
Purchase Price
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December 2, 2010
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3,465,966
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$31.2838
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$108,428,587.15
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December 3, 2010
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1,000,000
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$31.5402
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$31,540,200.00
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December 6, 2010
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782,455
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$31.8984
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$24,959,062.57
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December 7, 2010
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1,325,259
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$31.9963
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$42,403,384.54
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December 8, 2010
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1,543,171
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$31.9400
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$49,288,881.74
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December 9, 2010
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600,000
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$31.8767
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$19,126,020.00
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December 10, 2010
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316,463
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$31.9231
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$10,102,480.00
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December 13, 2010
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977,615
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$31.9537
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$31,238,416.43
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December 14, 2010
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1,016,651
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$31.9895
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$32,522,157.16
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December 15, 2010
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507,457
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$32.0105
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$16,243,952.30
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December 16, 2010
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513,578
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$32.0915
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$16,481,488.39
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December 17, 2010
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1,544,560 |
$32.2433
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$49,801,711.45
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Total
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13,593,175
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$31.7907
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$432,136,341.73
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Clause
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Page
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1
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DEFINITIONS AND INTERPRETATION
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1
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2
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PLEDGE OF SHARES
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4
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3
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SECURED OBLIGATIONS
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5
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4
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ENFORCEMENT OF THE PLEDGE
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5
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5
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NATURE OF SECURITY
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5
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6
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COVENANTS
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6
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7
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PROVISIONS SEVERABLE
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11
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8
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REMEDIES AND WAIVERS
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11
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9
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ASSIGNMENT
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11
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10
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NOTICES
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11
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11
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AMENDMENTS
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11
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12
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GOVERNING LAW AND DISPUTE RESOLUTION
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12
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13
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COUNTERPARTS
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13
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14
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LANGUAGE
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13
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(1)
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persons and companies listed in the alphabetical order in Schedule 1 to this Agreement (together referred as the “Pledgors” and each individually as “Pledgor” ); and
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(2)
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Pepsi-Cola (Bermuda) Limited, a company incorporated under the laws of Bermuda with its registered address at Clarendon House, 2 Church Street, Hamilton HM11, Bermuda in its capacity as creditor in respect of the obligations of the Pledgors under the Purchase Agreement (as defined below) (the “Pledgee”).
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(A)
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The Pledgors have entered into a purchase agreement dated on or about the date of this Agreement between, among others, the Pledgors as sellers and the Pledgee as buyer (the “Purchase Agreement”).
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(B)
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The Pledgors have entered into this Agreement in accordance with the Purchase Agreement.
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IT HAS BEEN AGREED as follows:
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1.1
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Definitions
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(a)
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any licence(s) issued to such Relevant Registrar by the Federal Service for Financial Markets or other relevant authority, as the case may be; and
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(b)
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its internal regulations and other documents (including, where relevant, agreements with the Company or a Share Registrar) relating to the registration of title to, and any security, lien and/or encumbrance or blocking in respect of, the Shares.
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(a)
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the obligation of a Pledgor to sell and transfer the shares to the Pledgee in accordance with Sections 2.01 and 2.02 of the Purchase Agreement and obligations of a Pledgor under Section 5.05(a) of the Purchase Agreement; and
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(b)
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all moneys, debts and liabilities due, owing or incurred by a Pledgor to the Pledgee, which arise from such Pledgor’s failure to perform or to duly perform any of such Pledgor’s obligations referred in paragraph (a) of this definition.
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(a)
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“Russia” and “Russian Federation” shall be construed to include the Russian Federation and any republic or political sub-division (subjekt) thereof;
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(b)
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any Party shall be construed so as to include its successors in title, permitted assigns and permitted transferees;
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(c)
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this Agreement, the Purchase Agreement or any other agreement or document shall be construed as references to this Agreement, the Purchase Agreement or such other agreement or document as the same may have been, or may from time to time be, amended, varied, supplemented or otherwise renewed; and
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(d)
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any Clause or Schedule, save as otherwise provided herein, shall be construed as a reference to that Clause or Schedule of this Agreement.
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(a)
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The principles of interpretation set out in Section 1.02 (Other Definitional and Interpretative Provisions) of the Purchase Agreement shall apply as if set out in this Agreement
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(b)
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In this Agreement:
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(i)
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Clause and Schedule headings are for ease of reference only; and
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(ii)
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the words “include” and “including” shall be deemed to be followed by the words “without limitation” where not so followed.
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(a)
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to levy execution against such Pledgor’s Shares for the satisfaction of such Pledgor’s Secured Obligations; and
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(b)
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to obtain satisfaction of such Pledgor’s Secured Obligations out of the value of such Pledgor’s Shares in any manner permitted by the Russian legislation at the time of the levy of execution against such Shares.
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(a)
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Subject to paragraph (a) and sub-paragraph (i) of paragraph (b) of Clause 6.1 (Registration), the Security created by a Pledgor shall be in effect from the date of this Agreement and shall continue in full force and effect until the earlier of (i) the End Date (unless the conditions to the Closing, which are set out in Article 7 of the Purchase Agreement, have been satisfied and the Buyer has submitted to its bank all relevant payment instructions or has delivered to the Sellers the bank checks required for the Purchase Price Per Share to be paid to each Seller), (ii) the full discharge of the obligation of such Pledgor to sell and transfer the shares to the Pledgee in accordance with Sections 2.01 and 2.02 of the Purchase Agreement, (iii) termination of the Purchase Agreement in accordance with its terms, or (iv) breach by the Pledgee of its obligations
under Section 2.02(a) of the Purchase Agreement.
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(b)
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The Security shall automatically terminate upon the Pledgee, or any person to whom the Pledgee’s rights under this Agreement are validly assigned under Clause 9 of this Agreement, ceasing to be an Affiliate of the Buyer Guarantor.
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(c)
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Upon the occurrence the earlier of (i) the End Date (unless the conditions to the Closing, which are set out in Article 7 of the Purchase Agreement, have been satisfied and the Buyer has submitted to its bank all relevant payment instructions or has delivered to the Sellers the bank checks required for the Purchase Price Per Share to be paid to each Seller), (ii) the full discharge of the obligation of a Pledgor to sell and transfer the shares to the Pledgee in accordance with Sections 2.01 and 2.02 of the Purchase Agreement, (iii) the date of termination of the Purchase Agreement as described in paragraph (a) above, (iv) breach by the Pledgee of its obligations under Section 2.02(a) of the Purchase Agreement, or the date of termination of this Agreement in accordance with paragraph (b) above the Pledgee agrees and undertakes that it shall, forthwith, execute and deliver to the Relevant Registrar such instructions as are
required by Applicable Law in order to effect the unconditional release of such Pledgor’s Shares from the Security.
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(a)
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a substantial change in the circumstances existing at the time the Parties entered into this Agreement (as provided in Article 451 of the Civil Code);
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(b)
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the liquidation, dissolution, bankruptcy, administration or re-organisation of a Pledgor or any other person or any change in the status, function, control or ownership of a Pledgor;
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(c)
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any of the obligations of a Pledgor under any other security taken in respect of a Pledgor’s obligations becoming illegal, invalid or unenforceable in any respect;
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(d)
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any failure to realise or fully to realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of any of the Secured Obligations or under any other security taken in connection therewith;
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(e)
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without prejudice to any of the provisions of this Agreement and the Purchase Agreement, any conversion, exchange, re-denomination, buy-out or disposal of any of the Shares, the issue of any additional shares in the charter capital of the Company or any seizure, confiscation, restriction in trading or expropriation of, or termination of a Pledgor’s ownership of, any of the Shares; or
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(f)
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any other act, event or omission which, but for this Clause 5.2, might operate to discharge, impair or otherwise affect the Security.
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(i)
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in case of a Share Registrar, a pledge instruction and a blocking order, each in the form required by Regulations No. 27 of the Federal Commission for Securities Market of the Russian Federation of 2 October 1997 and/or other applicable Russian laws and regulations instructing the Share Registrar to register the Security in respect of such Pledgor’s Shares or, as the case may be, such Pledgor’s Additional Shares in the Share Register and to block such Shares or, as the case may be, such Additional Shares in such Pledgor’s personal account in the Share Register; or
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(ii)
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in case of a Depository, a pledge instruction in the form required by applicable Russian laws and regulations and the rules of that Depository instructing that Depositary to register the Security in respect of such Pledgor’s Shares or, as the case may be, such Pledgor’s Additional Shares in the relevant “DEPO” Account and/or “DEPO” Pledge Account.
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(i)
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evidence of the registration of the Security in the Relevant Register;
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(ii)
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copies of the Relevant Registrar Documents certified by a duly authorised officer of the Relevant Registrar;
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(iii)
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where such Pledgor’s title to such Pledgor’s Shares is registered with a Depository, evidence that such Depository is duly registered in the Share Register as a nominee with respect to such Shares (including, where relevant, all of such Pledgor’s Additional Shares); and
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(iv)
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an extract from the Relevant Register or other evidence that such Pledgor holds title to all of such Pledgor’s Shares (including, where relevant, such Pledgor’s Additional Shares) free from any security, lien and/or encumbrance or blocking orders or similar restrictions or other third party interests, other than (a) the Security and (b) any of the same created with the prior written consent of the Pledgee;
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(c)
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where a Pledgor is a legal entity, enter a record of this Agreement and of the Security in respect of such Pledgor’s Shares or, as the case may be, such Pledgor’s Additional Shares in its pledge entry book (if applicable) and provide the Pledgee with an extract from its pledge entry book confirming such record; and
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(d)
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deliver to the Company a written notice of the Security in respect of such Pledgor’s Shares or, as the case may be, such Pledgor’s Additional Shares substantially in the form of Part I of Schedule 3 (Form of Notice of Pledge and Acknowledgement) and provide the Pledgee with evidence of the Company’s acknowledgement of such notice in the form of Part II of Schedule 3 (Form of Notice of Pledge and Acknowledgement),
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(a)
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To the extent each Pledgor is able under the Applicable Law, such Pledgor shall ensure, and shall procure that the Company ensures, that:
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(i)
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such Pledgor’s title to, and the Security in respect of, all of such Pledgor’s Shares (including, where relevant, all of such Additional Shares) are duly recorded in the Relevant Register;
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(ii)
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the Share Register is maintained by the Original Share Registrar and is not transferred to any other person, except where such transfer is required under the mandatory provisions of applicable Russian law, provided that such transfer is duly made to an Acceptable Registrar (a “New Share Registrar”);
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(iii)
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where such Pledgor’s title to such Pledgor’s Shares is registered with an Original Depository, that Depository is duly registered in the Share Register as a nominee with respect to such Shares (including, where relevant, all of such Additional Shares) and that Depository is not replaced, except where such replacement is required under the mandatory provisions of applicable Russian law, provided that such Depository is duly replaced by an Acceptable Depository (a “New Depository”),
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(b)
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Without prejudice to paragraph (a) above, where the Share Register is transferred from the Original Share Registrar to a New Share Registrar in accordance with the mandatory provisions of applicable Russian law, each Pledgor shall:
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(i)
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to the extent such Pledgor is able under the Applicable Law, ensure, and shall procure that the Company ensures, that:
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•
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where such Pledgor’s title to such Pledgor’s Shares is registered directly in the Share Register, such Pledgor’s title to, and the Security in respect of, all of such Shares (including, where relevant, all of such Additional Shares) are duly recorded directly in the Share Register; or
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•
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where such Pledgor’s title to such Pledgor’s Shares is registered with a Depository, that Depository is duly registered in the Share Register as a nominee with respect to such Shares (including, where relevant, all of such Additional Shares) and such Pledgors’s title to, and the Security in respect of, all of such
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(ii)
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no later than on the date of transfer of the Share Register to a New Share Registrar, provide to the Pledgee:
|
|
•
|
where such Pledgor’s title to such Pledgor’s Shares is registered directly in the Share Register, evidence of the registration of the Security in the Share Register;
|
|
•
|
where such Pledgor’s title to such Pledgor’s Shares is registered with a Depository, evidence (a) that such Depository is duly registered in the Share Register as a nominee with respect to such Shares (including, where relevant, all of such Additional Shares) and (b) of the registration of the Security with that Depository;
|
|
•
|
copies of the Relevant Registrar Documents certified by a duly authorised officer of the Relevant Registrar; and
|
|
•
|
an extract from the Relevant Register or other evidence that the Pledgors holds, free from any security, lien and/or encumbrance or blocking orders or similar restrictions or other third party interests, other than (a) the Security and (b) any of the same created with the prior written consent of the Pledgee, the title to all of such Pledgor’s Shares (including, where relevant, all of such Additional Shares),
|
|
(c)
|
Without prejudice to paragraphs (a) and (b) above, where an Original Depository is replaced by a New Depository in accordance with the mandatory provisions of applicable Russian law, each Pledgor shall:
|
|
(i)
|
to the extent such Pledgor is able under the Applicable Law, ensure, and shall procure that the Company ensures, that such New Depository is duly registered in the Share Register as a nominee with respect to such Pledgor’s Shares (including, where relevant, all of such Additional Shares) and such Pledgor’s title to, and the Security in respect of, all of such Shares (including, where relevant, all of such Additional Shares) are duly recorded with that New Depository; and
|
|
(ii)
|
no later than on the date of replacement of a Depository by a New Depository, provide to the Pledgee:
|
|
•
|
evidence (a) that such New Depository is duly registered in the Share Register as a nominee with respect to such Pledgor’s Shares (including, where relevant, all of such Additional Shares) and (b) of the registration of the Security with that New Depository;
|
|
•
|
copies of the Relevant Registrar Documents certified by a duly authorised officer of the Relevant Registrar; and
|
|
•
|
an extract from the Relevant Register or other evidence that such Pledgor holds, free from any security, lien and/or encumbrance or blocking orders or similar restrictions or other third party interests, other than (a) the Security and (b) any of the same created with the prior written consent of the Pledgee, the title to all of such Pledgor’s Shares (including, where relevant, all of such Additional Shares),
|
|
(a)
|
Within one Business Day following the signing of this Agreement Yushvaev Gavril Abramovich shall notify in writing UniCredit Bank Austria AG and ZAO UniCredit Bank on his intention to cancel the Power of Attorney and the Blocking Instruction and provide the Pledgee with the copies of the notifications.
|
|
(b)
|
Within three Business Day following the date of notifications sent out in accordance with the paragraph (a) of this Clause Yushvaev Gavril Abramovich shall cancel the Power of Attorney and the Blocking Instruction and provide the Pledgee with the evidence of such cancellation.
|
|
(a)
|
The arbitral tribunal shall consist of three arbitrators. The claimant(s), irrespective of number, shall nominate jointly one arbitrator; the respondent(s), irrespective of number, shall nominate jointly the second arbitrator; and a third arbitrator, who shall serve as Chairman, shall be appointed by the LCIA Court within 15 days of the appointment of the second arbitrator.
|
|
(b)
|
In the event the claimant(s) or the respondent(s) shall fail to nominate an arbitrator within the time limits specified in the Rules, such arbitrator shall be appointed by the LCIA Court within 15 days of such failure. In the event that both the claimant(s) and the respondent(s) fail to nominate an arbitrator within the time limits specified in the Rules, all 3 arbitrators shall be appointed by the
|
|
(c)
|
If all the parties to an arbitration so agree, there shall be a sole arbitrator appointed by the LCIA Court within 15 days of such agreement.
|
|
(d)
|
The seat of arbitration shall be London, England and the language of the arbitration shall be English.
|
|
(e)
|
Where disputes arise under this Agreement and/or the Purchase Agreement which, in the reasonable opinion of the first arbitral tribunal to be appointed by the Pledgee in any of the disputes, are so closely connected that it is expedient for them to be resolved in the same proceedings, that arbitral tribunal shall have the power to order that the proceedings to resolve that dispute shall be consolidated with those to resolve any of the other disputes (whether or not proceedings to resolve those other disputes have yet been instituted), provided that no date for the final hearing of the first arbitration has been fixed. If the arbitral tribunal so orders, the parties to each dispute which is a subject of the order shall be treated as having consented to that dispute being finally decided:
|
|
(i)
|
by the arbitral tribunal who ordered the consolidation unless the LCIA Court decides that it would not be suitable or impartial; and
|
|
(ii)
|
in accordance with the procedure, at the seat and in the language specified in the arbitration agreement in the contract under which the arbitral tribunal who ordered the consolidation was appointed, save as otherwise agreed by all parties to the consolidated proceedings or, in the absence of such agreement, ordered by the arbitral tribunal in the consolidated proceedings.
|
|
(a)
|
the giving of any relief by way of injunction or order for specific performance or for the recovery of land or other property (including, for the avoidance of doubt, such Pledgor’s Shares); and
|
|
(b)
|
the issue of any process against its property (including, for the avoidance of doubt, such Pledgor’s Shares) for the enforcement of a judgment or, in an action in rem, for the arrest, detention or sale of any of its property (including, for the avoidance of doubt, such Shares).
|
By:
|
/s/ Ufinikina Olga
|
|
Name: Ufinikina Olga
|
||
Title: Authorized Representative
|
By:
|
/s/ Dubinin Mikhail Vladimirovich
|
By:
|
/s/ Ivanov Dmitry Vladimirovich
|
By:
|
/s/ Maher Tony Denis
|
By:
|
/s/ Orlov Alexander Sergeevich
|
By:
|
/s/ Vishnyakov Mikhail Ivanoyvich
|
By:
|
/s/ Yushvaev Gavril Abramovich
|
By:
|
/s/ Tony Maher
|
|
Name: Tony Maher
|
||
Title: Authorized Signatory
|
By:
|
/s/ AJ Macleod
|
|
Name: Andrew Macleod
|
||
Title: Authorized Officer
|
Contents
|
Page | |
1
|
Definitions
|
0
|
2
|
Appointment of Custodian
|
1
|
3
|
Representations and Warranties
|
1
|
4
|
Notice to Custodian of Transfers and Deliveries
|
3
|
5
|
Approved Custodian
|
3
|
6
|
Authorisations and consents
|
4
|
7
|
Maintenance of accounts
|
6
|
8
|
Sub-Custodians
|
7
|
9
|
Third Parties
|
7
|
10
|
No advice given
|
7
|
11
|
Conflicts of interest
|
7
|
12
|
Registration of Securities
|
8
|
13
|
Capital and income collection
|
8
|
14
|
Corporate Actions
|
10
|
15
|
Withdrawal and Delivery
|
10
|
16
|
Indemnity
|
10
|
17
|
Confidentiality
|
11
|
18
|
Telephone recording
|
11
|
19
|
Fees
|
11
|
20
|
Standard of Care
|
11
|
21
|
Termination
|
12
|
22
|
Entire Agreement
|
12
|
23
|
Compliance with Laws
|
13
|
24
|
Partial Invalidity
|
13
|
25
|
Notices
|
13
|
26
|
Delivery
|
13
|
27
|
Counterparts
|
13
|
28
|
Governing Law and Enforcement
|
13
|
29
|
Third Party Rights
|
13
|
(1)
|
Wimm Bill Dann Finance Cyprus Ltd (formerly known as Dicastor Holdings Limited), a limited liability company duly incorporated under the laws of the Republic of Cyprus, having its registered office at 1 Avlonos street, Maria House, 1075 Nicosia, Cyprus, registered with the Registrar of Companies in Cyprus under registration number HE 270485 (the “Chargor”);
|
(2)
|
JP Morgan Chase Bank, National Association, acting through its London Branch, located at 60 Victoria Embankment, London EC4Y 0JP (the “Custodian”); and
|
(3)
|
Pepsi-Cola (Bermuda) Limited, a limited liability company, incorporated under the laws of Bermuda, legal address Clarendon House, 2 Church Street Hamilton HM 11, Bermuda (the “Chargee”).
|
(A)
|
The Chargor and the Chargee propose to enter into an English law share charge deed to be dated on or around the date hereof (the “Charge Deed”) (a copy of which is set out in Appendix IX), which expression will include the Charge Deed as amended, novated or supplemented (if and to the extent that such amendment novation or supplement has been approved by all of the parties to this Agreement) a draft of which is annexed to this Agreement pursuant to which the Chargor shall provide Securities (as hereinafter defined) by way of security in favour of the Chargee for the payment of the Secured Obligations (as hereinafter defined).
|
(B)
|
Each of the Chargor and the Chargee has requested the Custodian to establish custodial accounts on behalf of the Chargor and to receive and hold Securities.
|
(C)
|
The Custodian has agreed to provide certain collateral management services to the Chargor and the Chargee in order to support transactions relating to the Securities entered into pursuant to the Charge Deed as more particularly set forth herein.
|
1
|
Definitions
|
2
|
Appointment of Custodian
|
2.1
|
The Chargor hereby appoints the Custodian, and the Custodian hereby accepts such appointment, as custodian of all the Securities delivered to, and accepted by, the Custodian in the Securities Account in accordance with the Instructions and appoints the Custodian as its agent and banker to perform the services and obligations provided for in this Agreement and the Chargor agrees that only the Securities to which the Chargor is absolutely and beneficially entitled have been and will be transferred or delivered to the Custodian or to the order of the Custodian as aforesaid.
|
2.2
|
The Chargor and the Chargee each authorises the Custodian to deliver and take delivery of all Securities transferred pursuant to the Charge Deed in accordance with the Instructions given in compliance with the terms of this Agreement, and deliveries made in accordance with this Agreement shall be deemed to be in compliance with their respective obligations under the Charge Deed with regard to the delivery and redelivery of Securities. The Custodian shall be under no obligation whatsoever to make enquiries as to whether or ensure that the terms of the Charge Deed have been complied with.
|
2.3
|
Promptly following execution of the Charge Deed, the Chargor and the Chargee shall procure that a copy thereof is delivered to the Custodian.
|
3
|
Representations and Warranties
|
3.1
|
Chargor, Chargee and Custodian
|
|
(i)
|
it has all the necessary powers and is duly authorised to execute and deliver this Agreement and to perform its obligations under this Agreement and has taken all necessary action to authorise such execution, delivery and performance;
|
|
(ii)
|
the person signing this Agreement on its behalf is (or was, as the case may be), and (with respect to the Chargor and the Chargee only) the person who represented the Chargor and the Chargee, respectively, in connection with each transfer of any Securities (the “Transfers”) pursuant to an Instruction, and any person providing the Custodian with Instructions in accordance with this Agreement, is duly authorised to do so on its behalf;
|
|
(iii)
|
it has obtained all authorisations of any governmental or regulatory body required in connection with this Agreement and such authorisations and (with respect to the Chargor and the Chargee only) the Transfers are in full force and effect;
|
|
(iv)
|
the execution, delivery and performance of this Agreement will not violate any statute, regulation, order, law, ordinance, charter, by-law or rule applicable to it or any agreement by which it is bound or by which any of its assets are affected; and
|
|
(v)
|
this Agreement constitutes its legal, valid and binding obligations enforceable in accordance with its terms.
|
3.2
|
Further Representations of Chargor and Chargee
|
|
(i)
|
(in the case of the Chargor) the appointment of the Custodian as its custodian, banker, and agent hereunder has been duly authorised and (in the case of the Chargor and the Chargee) no other corporate action or approval is required prior to the Custodian or it acting pursuant hereto;
|
|
(ii)
|
it is entering into this Agreement and the Transfers for itself as principal and not as agent for another person;
|
|
(iii)
|
at the time of any Transfer by it, it will have the full and unqualified right to make such Transfer and that all Securities are free and clear of any lien, claim, charge, encumbrance or other security interest other than the Security created by the Charge Deed only or any lien imposed on all securities by a Clearing System or sub-custodian with which any such Securities may be held; and
|
|
(iv)
|
the execution, delivery and performance of the Transfers and Security created by the Charge Deed will not violate any statute, regulation, order, law, ordinance, charter, by-law or rule applicable to it or any agreement by which it is bound or by which any of its assets are affected.
|
3.3
|
Further Representations of the Custodian
|
|
(i)
|
it is a national banking association chartered under U.S. Federal law, acting through its London Branch and regulated by the FSA; and
|
|
(ii)
|
it will maintain the Accounts as a custodial securities and cash account and shall administer the Accounts in the same manner as it administers similar accounts established for the same purpose that it maintains for its customers in the ordinary course of its business.
|
4
|
Notice to Custodian of Transfers and Deliveries
|
4.1
|
No transfer or delivery of the Securities will be made without prior notice to the Custodian and, in the event of the insolvency of the Chargor or any insolvency proceeding being commenced in respect of the Chargor, the Custodian shall not be obliged to accept any transfer or delivery hereunder
|
4.2
|
The Chargor confirms that it has instructed JP Morgan’s GlobeClear Department (“GlobeClear”) to transfer the Securities from the Chargor’s current securities custody account with that Department to the Securities Account (such instruction to be provided to the GlobeClear in the form of Appendix VI). The Chargor further confirms that it has instructed the Custodian to receive the Securities into the Securities Account (such instruction to the Custodian in the form of Appendix VII). Upon receipt of the Securities the Custodian shall immediately notify the Chargor and the Chargee that the Securities have been credited to the Securities Account.
|
5
|
Approved Custodian
|
5.1
|
As used in this clause:
|
|
(i)
|
the term “FSA” means the Financial Services Authority (including any successor or replacement organisation following amalgamation, merger or otherwise) recognised under the Financial Services and Markets Act 2000 (including any statutory modification or re-enactment thereof or any regulations or orders made thereunder) by which, as the case may be, the Custodian or the Chargor is for the time being regulated or authorised; and
|
|
(ii)
|
the term “Rules” means the rules of the FSA as set out in the FSA’s Handbook of Rules and Guidance as amended, varied or substituted from time to time.
|
5.2
|
For the purposes of the Rules, the Custodian shall treat the Chargor as a Professional Client and, notwithstanding that the Chargor may be acting as agent on behalf of another person, the Chargor alone shall be treated as the Custodian’s customer.
|
5.3
|
Where the Custodian is for the time being subject to any Rules in the provision of services pursuant to this Agreement (including without limitation, in relation to the appointment of sub-custodians, Securities Depositories and agents) the rights and obligations of the Custodian under the provisions of this Agreement shall be read and construed as subject to and permitted by such Rules, and the provisions of this Agreement shall be limited accordingly.
|
5.4
|
The Rules require the Custodian to inform the Chargor that:
|
|
(i)
|
where Securities are held overseas there may be different settlement, legal and regulatory requirements in overseas jurisdictions from those applying in the UK, or such jurisdiction as is appropriate in the circumstances, together with different
|
|
(ii)
|
in providing the services described in this Agreement, the Custodian intends holding Securities with sub-custodians who are members of the Custodian Group;
|
|
(iii)
|
although Securities will ordinarily be registered in the name of a nominee, the Custodian may from time to time (if the Securities are subject to the law or market practice of a jurisdiction outside the UK and it is in the Chargor’s best interests to register in that way or it is not feasible to do otherwise because of the nature of the applicable law or market practice) register or record securities in the name of a sub-custodian, the Chargor, or the Custodian itself. If Securities are registered in the Custodian’s name, the Securities in question may not be segregated from assets of the Custodian and in the event of failure of the Custodian (i.e. the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy or any equivalent procedure in any relevant jurisdiction), customers’ assets may not be as well protected from claims made on behalf of the general creditors of the Custodian.
However, arrangements with the sub-custodians are such that customer securities with them shall be in a separate account containing assets belonging only to the customers of the Custodian and not the Custodian’s proprietary assets. In any event, the Custodian will notify the Chargor of the registration name used in respect of Securities;
|
|
(iv)
|
the Custodian accepts the same level of liability for any nominee company controlled by the Custodian or an affiliate as for itself;
|
|
(v)
|
the Securities may be held in omnibus accounts which are a form of pooling;
|
|
(vi)
|
if the Chargor instructs the Custodian to hold Securities with or register or record Securities in the name of a person not chosen by the Custodian, the consequences of doing so are at the Chargor’s own risk and the Custodian shall not be liable therefor;
|
|
(vii)
|
money held for the Chargor in an account with the Custodian will be held by the Custodian as banker and not as trustee and as a result, the money will not be held in accordance with the client money rules as set out in the Rules; and
|
|
(viii)
|
all formal complaints should be made in writing to the compliance officer of the Custodian at the address set out on the first page of this Agreement.
|
6
|
Authorisations and consents
|
6.1
|
As used in this Agreement:
|
|
(i)
|
the term “Authorised Persons” means the individuals designated in Appendix I, Part I by the Chargor and the individuals designated in Appendix I, Part II by the Chargee. The Custodian shall continue to treat as Authorised Persons, persons designated as such in accordance with this Clause until such time as the Custodian receives Instructions (in relation to Authorised persons in Appendix I, Part I, from the Chargor and, in the case of Authorised Persons in Appendix I, Part II, from the Chargee) that any such individual is no longer an Authorised Person. The Chargor confirms that, unless specified otherwise in writing, each Authorised Person designated in Appendix I, Part I and the Chargee confirms that, unless specified otherwise in writing, each Authorised Person designated in Appendix I, Part II shall
|
be authorised to give any Instructions (as defined in paragraph (ii)) in relation to all Securities; and
|
|
(ii)
|
subject always to Clause 15 (Withdrawal and Delivery), the term “Instructions” means instructions received by the Custodian from any two Authorised Persons which relate to the Securities provided that:
|
|
(1)
|
the instructions contain all necessary information required by the Custodian to enable the Custodian to carry out the Instructions received by the Custodian via facsimile, post or trade information system acceptable to the Custodian; and
|
|
(2)
|
the Custodian believes in good faith that the Instructions have been given by two Authorised Persons, one of whom is a person designated in Appendix I, Part I and the other of whom is a person designated in Appendix I, Part II;
|
|
(3)
|
the Instructions have been transmitted with proper testing or authentication pursuant to terms and conditions which the Custodian may specify;
|
|
(4)
|
the instructions comply with Clause 15 (Withdrawal and Delivery);
|
|
(5)
|
the instructions are given before a Valid Service of an Enforcement Notice or, following a Valid Service of an Enforcement Notice, there has been a Valid Service of a Withdrawal Notice and the Custodian has had a reasonable opportunity to comply with the Instructions (but in any event no later than 1 Business Day following a Valid Service of a Withdrawal Notice); and
|
|
(6)
|
the Securities are not Securities in respect of which the Custodian has received a Security Release Notice.
|
6.2
|
The Chargor shall be responsible for safeguarding any test keys, identification codes or other security devices which the Custodian shall make available to the Chargor or any Authorised Person. Any communication or notice given by the Chargor and/or the Chargee shall be in writing. The Custodian is authorised to seek confirmation of such Instructions by telephone call-back to the relevant persons designated in Appendix I, and the Custodian may rely upon the confirmation of anyone purporting to be the person or persons so designated.
|
6.3
|
Subject to Clause 15 (Withdrawal and Delivery), the Custodian will only withdraw or release Securities from the Accounts in accordance with Instructions and the Chargor and the Chargee each authorise the Custodian to accept and act upon any Instructions received by it without enquiry. The Custodian may (without prejudice to the foregoing) seek clarification or confirmation of an Instruction from one or more Authorised Persons, as appropriate and may decline to act upon an Instruction if it does not receive clarification or confirmation satisfactory to it (acting reasonably). The Custodian shall not be liable for any loss arising from any delay whilst it obtains such clarification or confirmation or from exercising its right to decline to act in the absence of such clarification or confirmation.
|
6.4
|
The Custodian need not act upon Instructions which it reasonably believes to be contrary to law, regulation or market practice but is under no duty to investigate whether any
|
Instructions comply with any applicable law, regulation or market practice. The Custodian shall be entitled (but not bound), if it deems possible to do so and upon notifying the Chargor and Chargee (where possible) to amend an Instruction in such a manner to comply with what the Custodian reasonably believes to be applicable law, regulation or market practice. The Custodian shall not be liable for losses arising from any such Instruction.
|
6.5
|
From the Valid Service of an Enforcement Notice, the Custodian shall be permitted to assume that an Enforcement Event has occurred and is continuing, until Valid Service of a Withdrawal Notice. Until such time as there is the Valid Service of an Enforcement Notice, the Custodian shall assume that no such Enforcement Event has occurred. The Chargee shall serve any Enforcement Notice and any Withdrawal Notice on the Chargor and the Custodian and, upon the Custodian’s receipt of any such notice, the Custodian shall be entitled to assume that any such notice has also been served on the Chargor and that it is a Valid Service of an Enforcement Notice or a Valid Service of a Withdrawal Notice as the case may be.
|
6.6
|
All notices sent by the Chargee pursuant to this Agreement shall be in writing (with a copy by facsimile), signed by a person whom the Custodian believes in good faith to be a person identified in Appendix I Part II (if applicable, as amended by notice by the Chargee to the Custodian), and shall be sent to the Custodian at the address specified in this Agreement (and marked for the attention of the person specified in this Agreement or such other address or person as shall be notified by the Custodian).
|
7
|
Maintenance of accounts
|
7.1
|
Notwithstanding Clause 5.4(iii) above, the Securities shall be maintained in an account of the Custodian or sub-custodian (which is employed in accordance with Clause 8 (Subcustodians) below) with Euroclear or such other approved bank or depositary as the Chargor, the Chargee and the Custodian may agree which is designated as being solely for the Securities, such account on the date of this Agreement being maintained by the Custodian with Euroclear (account number 12976) (the “Securities Account”). Any capital and income receivable in respect of the Securities (as contemplated by Clause 13.1 hereto) will be held in a USD cash account opened by the Custodian (the “Securities Cash Account” and together with the Securities Account the
“Accounts”) with the following details:
|
Pay to
|
|
For the account of
|
|
For further credit to
|
|
IBAN:
|
|
7.2
|
The Custodian will identify in its books that the Securities belong to the Chargor subject to the terms of the Charge Deed (save as otherwise agreed by the Custodian, the Chargor and the Chargee).
|
7.3
|
Either the Custodian or sub-custodian (as appropriate) will maintain a record of the Securities held in the Securities Account and will provide the Chargor and the Chargee with statements identifying all the Securities held by the Custodian or to its order for the Chargor.
|
7.4
|
Cash deposits will earn interest at the Custodian’s prevailing rates for comparable accounts which will be notified to the Chargor from time to time.
|
7.5
|
The Custodian shall use reasonable endeavours to ensure that all information contained in any statement sent to the Chargor and the Chargee has been obtained from sources the Custodian believes to be reliable. The Custodian does not, however, make any representation as to the accuracy of such information. References in this Agreement to statements include any statements in electronic form.
|
7.6
|
The Custodian agrees not to pool Securities in the Securities Account with any securities held by the Custodian for its own account and the Custodian shall not use the Securities held in the Securities Account for its own account.
|
8
|
Sub-Custodians
|
9
|
Third Parties
|
10
|
No advice given
|
11
|
Conflicts of interest
|
|
(i)
|
The Custodian or any of its divisions, branches or affiliates may have a material interest in the transaction or that circumstances are such that the Custodian may have a potential conflict of duty or interest including the fact that the Custodian or any of its affiliates may:
|
|
(a)
|
act as a market maker in the securities to which the Instructions relate;
|
|
(b)
|
provide broking services to other customers;
|
|
(c)
|
act as financial adviser to the issuer of such securities;
|
|
(d)
|
act in the same transaction as agent for more than one customer;
|
|
(e)
|
have a material interest in the issue of the securities; or
|
|
(f)
|
earn profits from any of the activities listed herein.
|
|
(ii)
|
The Custodian or any of its divisions, branches or affiliates may be in possession of information tending to show that the Instructions may not be in the best interests of the Chargor. The Custodian is not under any duty to disclose any such information.
|
12
|
Registration of Securities
|
12.1
|
Legal title to safe custody investments will be registered or recorded in any relevant record of legal entitlement in accordance with the Rules.
|
12.2
|
Securities which are registrable in the United Kingdom will be held to the Custodian’s order by its agent and registered in the name of an appropriate nominee, being a member of the Custodian Group, or otherwise in accordance with or as may be required by local market practice.
|
12.3
|
Securities which are registrable other than in the United Kingdom will be held to the Custodian’s order by its overseas agents and registered in accordance with local market practice.
|
13
|
Capital and income collection
|
13.1
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Subject to Clause 15 (Withdrawal and Delivery), the Custodian will promptly collect all capital and income receivable in respect of the Securities and will (after actual receipt and reconciliation) credit such capital and income to the Securities Cash Account or, during the period beginning as soon as reasonably practicable after the Valid Service of an Enforcement Notice and (if applicable) ending as soon as reasonably practicable after the Valid Service of a Withdrawal Notice, as instructed by the Chargee. The Custodian may recall a payment, if the payment to the Custodian is reversed by the Custodian’s agent. In the event that the Chargor does not repay funds which have been reclaimed, without prejudice to the Custodian’s rights under applicable law, until repayment of such funds, the Custodian shall have and the Chargor shall grant to the Custodian,
a floating charge ranking immediately behind the charge under or pursuant to the Charge Deed over the securities credited to the Securities Account and, subject to the Charge Deed, the Custodian shall be entitled without notice to the Chargor, to withhold delivery of such securities, sell or otherwise realise any such securities and to apply the proceeds in satisfaction of the unpaid claim. Neither the Custodian nor its sub-custodians shall be obliged to institute legal proceedings, file a claim or proof of claim in any insolvency proceeding or take any action with respect to collection of interest, dividends or redemption proceeds.
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13.2
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Subject to Clause 15 (Withdrawal and Delivery), the Custodian will settle transactions in accordance with Instructions subject to the Custodian holding or receiving all necessary Instructions, documents and funds, and will normally do so on such basis as is usual for the market concerned. Delivery or payment by the other Party to any such transaction shall
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be at the Chargor’s risk, and the Custodian’s obligation to credit the Chargor on any transaction shall be conditional upon receipt by the Custodian of the relevant documents or sale proceeds from the other Party.
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13.3
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The Custodian may operate a settlement system whereby the Chargor is debited with the purchase cost or credited with the proceeds of sale on the usual settlement (or subscription) days for the market concerned, conditionally upon settlement being ultimately effected. This may result in either a benefit or loss to the Custodian where such settlement is effected at other times. The Custodian reserves the right to effect the cancellation of any debit or credit so attributed to the Chargor if there are unreasonable delays or difficulties in settlement.
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13.4
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Neither the Custodian nor its sub-custodians shall be obliged to institute legal proceedings, file a claim or proof of claim in any insolvency proceeding or take any action with respect to collection of capital or income.
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13.5
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Subject to the provisions of this Clause 13, the Custodian will apply for a reduction of withholding tax wherever appropriate upon receipt of the necessary documentation from the Chargor. The Custodian will assist the Chargor to make reclaims of tax upon receipt of the necessary documentation from the Chargor.
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13.6
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The provision of a tax reclaim service by the Custodian in accordance with this Clause 13 is conditional upon the Custodian receiving from the beneficial owner of the Securities (a) a declaration on its identity and place of residence and (b) certain other documentation (pro forma copies of which are available from the Custodian). The Chargor shall provide to the Custodian such documentation and information as it may reasonably require in connection with a claim pursuant to Clause 13.5 and warrants that, when given, this information is true and correct in all material respects. The Chargor undertakes to notify the Custodian as soon as reasonably practicable if any information requires updating or correcting.
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13.7
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The Custodian shall not be liable to the Chargor or any third party for any tax, fines or penalties payable by the Custodian or the Chargor (other than tax payable in respect of fees received by the Custodian or value added tax payable in respect of goods or services supplied by the Custodian and/or except to the extent that these result from the negligence, wilful default or fraud of the Custodian or any member of the Custodian Group, its servants and/or agents), and shall be indemnified accordingly, whether these result from the inaccurate completion of documents by the Chargor or any other person, or as a result of the provision to the Custodian or any third party of inaccurate or misleading information or the withholding of material information by the Chargor or any other person, or as a result of any delay of any revenue authority or any other matter beyond the control of the Custodian.
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13.8
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The Chargor confirms that the Custodian is authorised to deduct from any cash received any taxes or levies required by law to be paid to any revenue or governmental authority for whatever reason in respect of the Chargor’s Securities.
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13.9
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The Custodian shall perform the services set out in this Clause 13 only with respect to taxation levied by the revenue authorities of the countries notified to the Chargor from time to time and the Custodian may, by notification in writing, at its absolute discretion, supplement or amend the markets in which the tax reclaim services are offered. Other than as expressly provided in this Clause 13, the Custodian shall have no responsibility with regard to the Chargor’s tax position or status in any jurisdiction.
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13.10
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The Chargor confirms that the Custodian is authorised to disclose any information required by law to be disclosed to any revenue authority or any governmental body in relation to the Chargor or the Securities held for the Chargor.
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14
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Corporate Actions
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14.1
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The Custodian will use reasonable endeavours to obtain information concerning the Securities which requires discretionary action by the beneficial owner of the Securities (other than a proxy - see Clause 14.3 below), including legal notices or other material intended to be transmitted to securities holders (“Corporate Actions”). The Custodian will use reasonable endeavours to give the Chargor notice of such Corporate Actions to the extent that the Custodian’s corporate actions department in Bournemouth has actual knowledge of a Corporate Action in time to notify its customers.
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14.2
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Corporate Actions notices dispatched to the Chargor may have been obtained from sources which the Custodian does not control and may have been translated or summarised. Although the Custodian believes such sources to be reliable, the Custodian has no duty to verify the information contained in such notices nor the faithfulness of any translation or summary and therefore does not guarantee its accuracy, completeness or timeliness, and shall not be liable to the Chargor for any loss that may result from relying on such notice.
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14.3
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Details of the proxy voting services offered by the Custodian are available on request. Neither the Custodian nor its sub-custodians or nominees shall execute any form of proxy, or give any consent or take any action, in relation to any Securities (other than as authorised under Clause 14.2) except upon receipt of Instructions.
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15
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Withdrawal and Delivery
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15.1
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The Custodian shall not comply with any Instructions of the Chargor relating to the withdrawal, delivery or the disposal of the Securities unless the Chargee has delivered a Security Release Notice to the Custodian to the effect that the Securities have been released from the Charge Deed or the Chargee has otherwise given an Instruction consenting to such withdrawal, delivery or disposal.
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15.2
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For the avoidance of doubt, subject to Clause 15.1 above, the Custodian shall comply solely with Instructions given jointly by the Chargor and Chargee with respect to the withdrawal or delivery of the Securities.
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16
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Indemnity
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17
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Confidentiality
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17.1
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The Custodian will respect and protect the confidentiality of all information concerning the Securities and the Accounts and will not, without the Chargor’s prior written consent, disclose any such information to a third party except: (i) in connection with its performance under this Agreement (which may include, without limitation, disclosure of the name of the Chargor to any broker, dealer or market marker) or (ii) as required or requested by law or regulation or by any court of competent jurisdiction or any competent judicial, governmental, supervisory or regulatory body or (iii) on the Chargor’s default either under this Agreement or under any other agreement which the Custodian has entered into on the Chargor’s behalf pursuant to this Agreement, whereupon the Custodian may disclose to a third party the Chargor’s name, addresses and such other information either as the Custodian deems necessary
or as any counterparty reasonably requires or (iv) to any person to whom the Chargor has assigned its rights under this Agreement.
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17.2
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The Chargor and the Chargee agree to keep this Agreement confidential other than (i) where disclosure is required or requested by law or regulation or by any court of competent jurisdiction or any competent judicial, governmental, supervisory or regulatory body or (ii) to any of their officers, employees, advisers or affiliates.
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18
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Telephone recording
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19
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Fees
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19.1
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Custody Arrangement Fee: USD 2,500;
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19.2
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Custody Administration Fees: USD 2,500;
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19.3
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Euroclear Safekeeping Charges: 0.75 bps p.a. calculated on the market value of the securities held in Euroclear, with a minimum charge of USD 8,333 per month (not pro-rated for partial months). The Euroclear safekeeping charges will be billed semi-annually in arrears.
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20
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Standard of Care
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20.1
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In performing its obligations under this Agreement, the Custodian will act with reasonable care, skill and diligence and the Custodian will look after assets with the same degree of care, skill and diligence as it does for its own similar assets in the relevant market. The Custodian will only be liable to the Chargor and the Chargee for any liability, loss or cost suffered by the Chargor, or the Chargee, to the extent that such liability, loss or cost is a direct result of the negligence, wilful default or fraud of the Custodian or any broker, dealer, market maker, sub-custodian or agent which is a member of the Custodian Group. The Custodian will not be responsible for any loss attributable to any act, omission or default of any broker, dealer, market maker, sub-custodian or agent, including without limitation Euroclear, selected by the Custodian provided that the Custodian has not acted negligently in selecting or utili
sing the services of such broker, dealer, market maker, sub-custodian or agent. The Custodian, the Chargee and the Chargor agree that, as a genuine pre-estimate
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20.2
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The Custodian shall have no liability arising from this Agreement or from any obligations which relate to this Agreement (including, but not limited to, obligations in tort) for any indirect, special, punitive or consequential loss or damage.
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20.3
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Clause 20.1 above does not apply to any loss or damage caused by the gross negligence, wilful default or fraud on the part of the Custodian or to death or personal injury arising from any failure on the part of the Custodian to take reasonable care or exercise reasonable skill.
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20.4
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For the purposes of this Clause 20:
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21
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Termination
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21.1
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This Agreement will terminate upon the occurrence of any event specified in Clause 10.2 to 10.4 (inclusive) of the Charge Deed, or otherwise may be terminated by the Custodian or the Chargor on sixty days notice to the other, provided that in each case a Security Release Notice has been delivered by the Chargee in respect of all the Securities.
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21.2
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On notice of termination, the Chargor and the Chargee will promptly give the Custodian Instructions concerning the transfer of the Securities, and the Custodian will forthwith arrange for the realisation or transfer of the Securities in accordance with the Instructions received by it in that regard. Notwithstanding service of notice of termination by the Chargor or the Chargee, the Custodian is authorised to give effect to any Instructions received prior to the actual date of termination. The Custodian shall be entitled to deduct any amount owing to it by way of fees in respect of the Accounts which has been outstanding for more than 120 days prior to delivery of Securities (and shall be entitled to sell the same and apply the proceeds in satisfaction of amounts owing to it). The Custodian waives any right of set-off with respect of any other outstanding amounts. Each of the Chargee and the Chargor undertakes to settle su
ch amounts, if any, that may be due from it to the Custodian with respect to the Account and the Securities within 30 days of the termination of the Agreement.
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21.3
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Termination will not affect accrued rights or any contractual provision intended to survive termination, including but not limited to Clause 16 (Indemnity).
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22
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Entire Agreement
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23
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Compliance with Laws
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24
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Partial Invalidity
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25
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Notices
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25.1
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Any communication to be made under or in connection with this Agreement shall be made in writing unless expressly stated and, unless otherwise stated, may be made by fax, or letter.
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25.2
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The provisions of Clause 13.2 of the Charge Deed shall be incorporated into this Agreement as if set out in this Agreement.
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26
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Delivery
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27
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Counterparts
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28
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Governing Law and Enforcement
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28.1
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This Agreement will be governed by and construed in accordance with English law.
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28.2
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The parties irrevocably submit to the non-exclusive jurisdiction of the courts of England.
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29
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Third Party Rights
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(1)
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Wimm Bill Dann Finance Cyprus Ltd (formerly known as Dicastor Holdings Limited), a limited liability company duly incorporated under the laws of the Republic of Cyprus, having its registered office at 1 Avlonos street, Maria House, 1075 Nicosia, Cyprus, registered with the Registrar of Companies in Cyprus under registration number HE 270485 (the “Chargor”); and
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(2)
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Pepsi-Cola (Bermuda) Limited, a limited liability company, incorporated under the laws of Bermuda, having its registered office at Charendon House, 2 Church Street Hamilton HM 11, Bermuda (the “Chargee”).
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(A)
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The Chargor is entering into this Deed in connection with the Transaction Documents.
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(B)
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The Board of Directors of the Chargor is satisfied that entering into this Deed is for the purposes and to the benefit of the Chargor and its business.
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(C)
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The Chargee and the Chargor intend this document to take effect as a deed.
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IT IS AGREED as follows:
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1.1
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Definitions
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(a)
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dividends and distributions of any kind and any other sum received or receivable in respect of any of the Shares;
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(b)
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rights, shares, money or other assets accruing or offered by way of redemption, bonus, option or otherwise in respect of any of the Shares;
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(c)
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allotments, offers and rights accruing or offered in respect of any of the Shares; and
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(d)
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other rights and assets attaching to, deriving from or exercisable by virtue of the ownership of, any of the Shares.
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1.2
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Construction
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1.2.1
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Unless a contrary indication appears, any reference in this Deed to:
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(i)
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“assets” includes present and future properties, revenues and rights of every description;
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(ii)
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the “Chargor”, the “Chargee” or any “Party” shall be construed so as to include its successors in title, permitted assigns and permitted transferees;
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1.2.2
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Clause and Schedule headings are for ease of reference only.
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1.2.3
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An Enforcement Event is “continuing” if it has not been waived or remedied in accordance with the terms of the Purchase Agreement.
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1.3
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Third Party Rights
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1.4
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Incorporation by reference
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3.1
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Charge
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3.2
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The Chargor undertakes to instruct JP Morgan’s GlobeClear Department (“GlobeClear”) immediately upon execution of this Deed to transfer the Charged ADRs from the Current Securities Account to the New Securities Account (such instruction to be provided to GlobeClear in the form of Schedule 3, with a copy to the Chargee). Following the completion of such transfer and the crediting of all of the Charged ADRs to the New Securities Account, the Current Securities Account will no longer constitute a part of the Collateral under this Deed.
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4.1
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Security
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4.2
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Disposal
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4.3
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Further assurance
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5.1
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Security
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5.2
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In order to perfect the Charge, the parties shall take such steps and do such actions or procure that such actions are done so as to ensure that any registration, recordation or filing with any governmental body, agency or official, which is required in connection with the execution or delivery of this Deed or the Custody Agreement or is necessary for the validity or enforceability thereof or for the perfection or due recordation of the Charge or for the enforcement of the Charge is filed as soon as possible following the execution of this Deed.
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5.3
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The Chargor will, promptly upon request, provide to the Chargee all information and evidence concerning the Collateral that the Chargee may request from time to time and required in order to enable it to enforce the provisions of this Deed.
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6.1
|
When enforceable
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6.2
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Power of sale
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6.3
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Remedies
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6.3.1
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After an Enforcement Event shall have occurred and be continuing, the Chargee may exercise all the rights of a secured party under the LPA (whether or not in effect in the jurisdiction where such rights are exercised) with respect to the Collateral and, in addition, the Chargee may, without being required to give any notice, except as provided in the Custody Agreement or as may be required by mandatory provisions of law, withdraw all cash held in the Account or give the relevant instructions in relation to the securities deposited in the Account, and if there shall be no such cash or if such cash shall be insufficient to pay all the Secured Obligations in full, sell, lease, license or otherwise dispose of the Collateral or any part thereof, in one or more parcels at public or private sale, at any exchange, broker’s board or at any of Chargee’s offices or elsewhere, for cash, on credit or for future delivery, a
t such time or times and at such price or prices and upon such other terms as the Chargee may deem commercially reasonable, irrespective of the impact of any such sales on the market price of the Collateral. To the maximum extent permitted by applicable law, the Chargee may be the purchaser of any or all of the Collateral at any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply all of any part of the Secured Obligations as a credit on account of the purchase price of any Collateral payable at such sale. Upon any sale of Collateral by the Chargee (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Chargee or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the applica
tion of any part of the purchase money paid over the Chargor or such officer or be answerable in any way for the misapplication thereof.
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6.3.2
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Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of the Chargor, and the Chargor hereby waives (to the extent permitted by law) all rights of redemption, stay or
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6.3.3
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If the Chargee sells any of the Collateral upon credit, the Chargor will be credited only with payment actually made by the purchaser, received by the Chargee and applied in accordance with Clause 6 hereof. In the event the purchaser fails to pay for the Collateral, the Chargee may resell the same, subject to the same rights and duties set forth herein.
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6.3.4
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Notice of any such sale or other disposition shall be given to the Chargor as required by Clause 13 (Notices).
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7.1
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Appointment of receivers
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7.2
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Scope of appointment
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7.3
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Rights of Receivers
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8.1
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Same rights as Receiver
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9.1
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Appointment
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9.2
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Ratification
|
10.1
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Immediate recourse
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10.2
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The Charge created by the Chargor shall be in effect from the date of this Deed and shall continue in full force and effect until the earliest of (i) the full discharge of the obligation of the Chargor to sell and transfer the Shares to the Chargee in accordance with Sections 2.01 and 2.02 of the Purchase Agreement, (ii) termination of the Purchase Agreement in accordance with its terms, or (iii) the End Date (unless the conditions to closing, which are set out in Article 7 of the Purchase Agreement, have been satisfied and the Buyer has submitted to its bank all relevant payment instructions or has delivered to the Sellers the bank checks required for the Purchase Price Per Share to be paid to each Seller), or (iv) breach by the Pledgee of its obligations under Section 2.02(a) of the Purchase Agreement (in circumstances where Sellers are otherwise in compliance with their obligations under Sections 2.01 and 2.02 of the P
urchase Agreement).
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10.3
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This Deed shall automatically terminate and the Chargee shall release and discharge the Collateral from the Charge upon the Chargee, or any person to whom the Charge is validly assigned under Clause 12 of this Deed, ceasing to be an Affiliate of the Buyer’s Guarantor.
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10.4
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Upon the occurrence of the earliest of (i) the full discharge of the obligations of the Chargor to sell and transfer the Shares to the Chargee in accordance with Sections 2.01 and 2.02 of the Purchase Agreement, (ii) the date of termination of the Purchase Agreement in accordance with its terms, or (iii) the End Date (unless the conditions to closing, which are set out in Section 7 of the Purchase Agreement, have been satisfied and the Buyer has submitted to its bank all relevant payment instructions or has delivered to the Sellers the bank checks required for the Purchase Price Per Share to
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11.1
|
Remedies and waivers
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11.2
|
Amendments and waivers
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11.3
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Partial invalidity
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12.1
|
Binding Deed
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12.2
|
Assignments by the Chargee
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12.3
|
Assignments by the Chargor
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13.1
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Any communication to be made under or in connection with the Transaction Documents shall be made in writing and, unless otherwise stated, may be made by fax, letter or telex.
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13.2
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The provisions of Section 9.01 (Notices) of the Purchase Agreement and Section 9.01 of the Seller Disclosure Letter shall be incorporated into this Deed as if set out in this Deed.
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13.3
|
Delivery
|
13.3.1
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Any communication or document made or delivered to the Chargor under or in connection with this Deed will only be effective:
|
|
(i)
|
if by way of fax, when received in legible form; or
|
|
(ii)
|
if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address; or
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|
(iii)
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if by way of telex, when despatched, but only if, at the time of transmission, the correct answerback appears at the start and at the end of the sender’s copy of the notice.
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13.3.2
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Any communication or document to be made or delivered to the Chargee will be effective only when actually received by the Chargee.
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15.1
|
This Deed and all non-contractual relationships arising out of it shall be governed by and construed in accordance with English law, without giving effect to any choice or conflict of law provision or rule (whether of England or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than England.
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15.2
|
All disputes hereunder shall be referred to, and finally resolved by, arbitration under the arbitration rules of the London Court of International Arbitration (“LCIA”) (the “LCIA Rules”) which rules are deemed to be incorporated by reference into this Clause 15.
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15.2.1
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The number of arbitrators shall be three. The Chargee and the Chargor shall each nominate one arbitrator and the two arbitrators so nominated shall jointly select a third arbitrator as the chairman of the arbitral panel. In the event that the nominated arbitrators are unable to agree, the third arbitrator will be appointed by the Court of the LCIA in accordance with the LCIA Rules.
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15.2.2
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The seat, or legal place, of arbitration shall be London.
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15.2.3
|
The language to be used in the arbitral proceedings shall be English.
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15.2.4
|
The Parties undertake to keep confidential all awards in any arbitration, together with all materials in the proceedings created for the purpose of the arbitration and
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