| STANDARDISATION OF PF2 CONTRACTS PROVISION | SOURCE OF CHANGE WHERE RELEVANT | EXPLANATION OF HOW PROVISION HAS CHANGED THE SoPC4 POSITION |
| Market update | Expansion of guidance on release from security of Assets on termination. | |
| Market update | The required drafting for the Funders' Direct Agreement includes the following changes from the version on SoPC4 1. Clause 1 - definitions of Authority Direct Agreements, Unrestricted Assets and several definitions taken from the Contract and the Credit Agreement 2. Footnote 13 expands on classes of Suitable/Unsuitable shareholders 3. Clause 6(b) - several changes reflecting market up-date 4. Clause 7(a) - changes reflecting market up-date 5. Clause 8(d) - reflecting market up-date 6. Clause 9 - changes 7. Clause 10 - new clause to provide for release of Assets, including Unrestricted Assets 8. Clause 11(c) - changes to detail of how long the Funders' Direct Agreement continues. | |
| Market update | As release of Assets from security is now dealt with in Clause 10 of the Funders' Direct Agreement, Clause 31.7.6 from SoPC4 is not included in this guidance. |