Even if recovered by the Company, any early redemption amount in
respect of the shares of the relevant cell may result in a lower
return than would have been the case if the contract had continued
and been performed up to its maturity date.
In the event that the Directors determine that the investment
characteristics of the Contract cannot be replicated then the
Directors will notify Shareholders of the relevant cell of such
circumstances, the relevant early redemption amount and the
relevant early redemption date.
If the Counterparty fails to top up the collateral such that it
is equal to at least the Specified Percentage (as set out in note
6(i) below) or other circumstances constituting an event of default
with respect to the Counterparty occur, the Company will be
entitled to enforce its security over the collateral as well as to
pursue any other remedies it may have against the Counterparty. In
such circumstances, the Company will re-invest the proceeds of
realisation of the collateral or distribute the same to
Shareholders.
(h) Periodic Returns on Principal and Timings of Payments
BNP Paribas UK High Income Cell
Under the terms of the Swap Confirmation between the
Counterparty and the Company acting for and on behalf of the BNP
Paribas UK High Income cell, the Counterparty pays to the Company
for the account of the BNP Paribas UK High Income cell quarterly a
Sterling amount equal to 1.875% of the notional amount of the Swap
Confirmation, equivalent to 1.875 pence per BNP Paribas UK High
Income Preference Share, provided that if the underlying portfolio
net asset value reaches 110% of the initial underlying portfolio
net asset value (equivalent to a net asset value of 110 pence per
share), future payments will increase to 2.0625% of the notional
amount of the Swap Confirmation, equivalent to 2.0625 pence per BNP
Paribas UK High Income Preference Share. For each subsequent 5 per
cent increase in the underlying portfolio net asset value,
subsequent quarterly payments will increase by 0.09375%, equivalent
to 0.09375 pence per BNP Paribas UK High Income Preference
Share.
Harewood Structured Investment PCC Limited (the "Company")
Notes to the Financial Statements (continued)
for the period ended 30 April 2011
6 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(continued)
(h) Periodic Returns on Principal and Timings of Payments
(continued)
US High Income cell - Class A
Under the terms of the Swap Confirmation between the
Counterparty and the Company acting for and on behalf of the US
High Income cell in respect of Class A, the Counterparty pays to
the Company for the account of the US High Income cell quarterly a
Sterling amount equal to 1.875% of the notional amount of the Swap
Confirmation, equivalent to 1.875 pence per Class A Sterling Hedged
US High Income Preference Share, provided that if the underlying
portfolio net asset value reaches 110% of the initial underlying
portfolio net asset value (equivalent to a net asset value of 110
pence per share), future payments will increase to 2.0625% of the
notional amount of the Swap Confirmation, equivalent to 2.0625
pence per Class A Sterling Hedged US High Income Preference Share.
For each subsequent 5 per cent increase in the underlying portfolio
net asset value, subsequent quarterly payments will increase by
0.09375%, equivalent to 0.09375 pence per Class A Sterling Hedged
US High Income Preference Share.
US High Income cell - Class B
Under the terms of the Swap Confirmation between the
Counterparty and the Company acting for and on behalf of the US
High Income cell in respect of Class B, the Counterparty pays to
the Company for the account of the US High Income cell quarterly
the Sterling equivalent of an amount equal to 1.875% of the
notional amount of the Swap Confirmation, equivalent to 1.875 cents
per Class B Unhedged US High Income Preference Share, provided that
if the underlying portfolio net asset value reaches 110% of the
initial underlying portfolio net asset value (equivalent to a net
asset value of 110 cents per share), future payments will increase
to 2.0625% of the notional amount of the Swap Confirmation,
equivalent to 2.0625 cents per Class B Unhedged US High Income
Preference Share. For each subsequent 5 per cent increase in the
underlying portfolio net asset value, subsequent quarterly payments
will increase by 0.09375%, equivalent to 0.09375 cents per Class B
Unhedged US High Income Preference Share. Where holders of Class B
Unhedged US High Income Preference Shares have elected to receive
their quarterly dividends in US Dollars, the Counterparty pays at
the request of the Company in US Dollars such proportion of the
quarterly payment as is required to enable the Company to finance
the quarterly dividends payable in US Dollars and the balance in
Sterling.
Enhanced Income
Under the terms of the Swap Confirmation between the
Counterparty and the Company acting for and on behalf of the
Enhanced Income cell, the Counterparty will pay to the Company for
the account of the Enhanced Income cell quarterly a Sterling amount
equal to 2.00% of the notional amount of the Swap Confirmation,
equivalent to 2.00 pence per Class A Sterling Hedged Enhanced
Income Preference Share, provided that if the underlying portfolio
net asset value reaches 110% of the initial underlying portfolio
net asset value (equivalent to a net asset value of 110 pence per
share), future payments will increase to 2.200% of the notional
amount of the Swap Confirmation, equivalent to 2.200 pence per
Class A Sterling Hedged Enhanced Income Preference Share. For each
subsequent 5 per cent increase in the underlying portfolio net
asset value, subsequent quarterly payments will increase by 0.1%,
equivalent to 0.1 pence per Class A Sterling Hedged Enhanced Income
Preference Share.
Harewood Structured Investment PCC Limited (the "Company")
Notes to the Financial Statements (continued)
for the period ended 30 April 2011
6 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(continued)
(h) Periodic Returns on Principal and Timings of Payments
(continued)
Where the underlying portfolio net asset value subsequently
decreases after having increased to 110% or more of the initial
underlying portfolio net asset value, but has not decreased to less
than 100% of the initial underlying portfolio net asset value,
subsequent quarterly payments will reduce to 2.00 pence per Class A
Sterling Hedged Enhanced Income Preference Share. If the underlying
portfolio net asset value has fallen below 100 per cent. and below
a lower percentage which is an integral multiple of 5 per cent.
i.e. 95%, 90%, 85% (down to 5%) of the initial underlying portfolio
net asset value, subsequent dividend payments will be adjusted to
be the product of 2.00% and the relevant percentage threshold level
and 100 pence per Class A Sterling Hedged Enhanced Income
Preference Share.
UK Enhanced Income
Under the terms of the Swap Confirmation between the
Counterparty and the Company acting for and on behalf of the BNP
Paribas UK Enhanced Income cell, the Counterparty will pay to the
Company for the account of the UK Enhanced Income cell quarterly a
Sterling amount equal to 2.000% of the notional amount of the Swap
Confirmation, equivalent to 2.000 pence per UK Enhanced Income
Preference Share, provided that if the underlying portfolio net
asset value reaches 110% of the initial underlying portfolio net
asset value (equivalent to a net asset value of 110 pence per
share), future payments will increase to 2.200% of the notional
amount of the Swap Confirmation, equivalent to 2.200 pence per UK
Enhanced Income Preference Share. For each subsequent 5 per cent
increase in the underlying portfolio net asset value, subsequent
quarterly payments will increase by 0.1%, equivalent to 0.1 pence
per UK Enhanced Income Preference Share.
Where the underlying portfolio net asset value subsequently
decreases after having increased to 110% or more of the initial
underlying portfolio net asset value, but has not decreased to less
than 100% of the initial underlying portfolio net asset value,
subsequent quarterly payments will reduce to 2.00 pence per UK
Enhanced Income Preference Share. If the underlying portfolio net
asset value has fallen below 100 per cent. and below a lower
percentage which is an integral multiple of 5 per cent. i.e. 95%,
90%, 85% (down to 5%) of the initial underlying portfolio net asset
value, subsequent dividend payments will be adjusted to be the
product of 2.00% and the relevant percentage threshold level and
100 pence per UK Enhanced Income Preference Share.
US Enhanced Income - Class A
Under the terms of the Swap Confirmation between the
Counterparty and the Company acting for and on behalf of the US
Enhanced Income cell in respect of Class A, the Counterparty will
pay to the Company for the account of the US Enhanced Income cell
quarterly a Sterling amount equal to 2.000% of the notional amount
of the Swap Confirmation, equivalent to 2.000 pence per Class A
Sterling Hedged US Enhanced Income Preference Share, provided that
if the underlying portfolio net asset value reaches 110% of the
initial underlying portfolio net asset value (equivalent to a net
asset value of 110 pence per share), future payments will increase
to 2.200% of the notional amount of the Swap Confirmation,
equivalent to 2.200 pence per BNP Paribas US Enhanced Income Class
A Preference Share. For each subsequent 5 per cent increase in the
underlying portfolio net asset value, subsequent quarterly payments
will increase by 0.1%, equivalent to 0.1 pence per Class A Sterling
Hedged US Enhanced Income Preference Share.
Harewood Structured Investment PCC Limited (the "Company")
Notes to the Financial Statements (continued)
for the period ended 30 April 2011
6 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
(continued)
(h) Periodic Returns on Principal and Timings of Payments
(continued)
US Enhanced Income - Class A (continued)
UK Enhanced In (LSE:UKE)
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부터 6월(6) 2024 으로 7월(7) 2024
UK Enhanced In (LSE:UKE)
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