auch bei den 23-er Bonds (1,1 Mrd €) möglich. Garantiegeber hier SIHNV:
"2.13 Cash Pay Outs
(a) SIHNV shall be permitted, but not obliged, at any time to make payments for application against the liabilities of SIHNV under this Deed. Subject to Clause 2.7 (Reinstatement) and Clause 1.2(c) (Construction), payment of any Cash Pay Outs pursuant to this Clause 2.13 or any other NV Contingent Payment Undertaking shall, upon payment to the Umbrella Agent reduce the Payment Amount by an amount equal to the distribution made or to be made pursuant to the Umbrella Agreement to the Agent (and not any other Primary Agent) in accordance with the Umbrella Agreement.
(b) If SIHNV or any member of the Group1 makes a Parent Claim Payment in respect of any Other Parent Claim (the relevant Other Parent Claim) other than a Parent Claim Payment made via the Umbrella Agent for application in accordance with the Umbrella Agreement and excluding for the avoidance of doubt any payment made by SIHPL pursuant to the SIHPL Contingent Payment Undertaking, SIHNV shall within three Business Days after making such payment unless the Majority 23 Creditors consent otherwise, make a payment to the Umbrella Agent for application in accordance with the Umbrella Agreement in an aggregate amount such that, after application of such aggregate amount in accordance with the Umbrella Agreement, an which represents the same percentage of the Payment Amount as the Parent Claim Payment represents of the relevant Other Parent Claim would be distributed or required to be distributed by the Umbrella Agent to the Agent (and not any other Primary Agent) in accordance with the Umbrella Agreement. Other than in the case of a Permitted Settlement, if SIHNV makes any other Litigation Payment in an amount in aggregate exceeding EUR 15,000,000 for any period of 12 calendar months beginning on the date of this Deed or any anniversary thereof SIHNV shall make a payment to the Umbrella Agent for application in accordance with the Umbrella Agreement in an aggregate amount such that, after application of such aggregate amount in accordance with the Umbrella Agreement, an amount which represents the same percentage of the Payment Amount as the Litigation Payment represents of the liability as ruled pursuant to a binding order or agreed to be paid by SIHNV pursuant to a settlement of such claim would be distributed or is required to be distributed by the Umbrella Agent to the Agent (and not any other Primary Agent) in accordance with the Umbrella Agreement."
Q.: www.lucid-is / steinhoff, SFHG-CVA Paket, wo man dann nach dem Download
Project Orange_2023_NV_Contingent_Payment_Undertaking.pdf öffnen kann.
Gehe mal von aus, dass die CVA Bestimmungen auch hier die Einlösung der Garantien verlangt ;-)