Issuer

29.3.3  It is common for bonds to be issued by a special purpose public limited company (the "Issuer"), separate from the Contractor. Commonly, both the Issuer and the Contractor have the same 100% holding company, Holdco. It may be simpler in these cases to include a definition of "Obligors", to include the Contractor, the Issuer and Holdco, and to use this definition as appropriate. If the Issuer is a separate entity to the Contractor, this requires various changes to Contract drafting, as set out below.

29.3.4  A definition for Issuer should be included.

29.3.5  The Issuer must also, as a required drafting matter, be referenced alongside the Contractor in all appropriate provisions of the Contract, including:

•  the definition of Associated Company (Schedule 1);

•  the definition of Financing Agreements (Schedule 1);

•  the definition of Permitted Borrowing (Schedule 1);

•  the definition of Senior Lender (Schedule 1);

•  the definition of Shareholders (Schedule 1);

•  in all definitions relating to the calculation of the compensation sums, where the cash balances and assets of the Contractor are taken into account (including in the definition of "Adjusted Estimated Fair Value of the Contract" (paragraphs (i) and (ii)), in the definition of "Adjusted Highest Compliant Tender Price" (paragraphs (i) and (ii)), and in the definitions of "Base Senior Debt Termination Amount" and "Revised Senior Debt Termination Amount" (see below)) (Schedule 1);

•  the change of ownership provisions (Section 6);

•  the insolvency defaults (Section 23.2.2.1 (c) to (f));

•  the transparency and information provisions (Section 31);

•  paragraphs (c) and (d) of the definition of Refinancing (Section 28.15 (Refinancing));

•  the definition of Relevant Person (Section 28 (Refinancing).