OFMONT¥ WSUENPTOAEURM4FRTTv£NTYFAEMTLmONN%WflWq
THW SAI17 121'.8 NTUR££ AT Tllfi I7ISC2tETIOf'f OF ’I'IIE flANK IN THF EVENT
roR
{2025/203t)'A'ND:.2025/2035}.WFFH 5tON-VIABILITY COMVERSIOM OF TH E PAR
TTits Tcust it’d is,+Title.on fhis..J'u'’énLierh (2@,) day.of June’Two''TAousand and Twcrirv'Five ’(2025)
SEYLAN BANE. PLC, a Licenaed Commexia'l Bank regulated under:the:Banking Act to.:30:.pt 195fl!(as amended), dtily established under.the:.Companies:AetiNo.17 of 1982
:and re rigisteréd iindei thé C panie3 . Act 'N.i›:7 of 2i)07 (as amended) .£eañn , Company Registratiñri Mo: l@'9.in. the Derii'oc'ratic Socialist!Repiiblic of Sri Lanka myd having its. Eegis.temd Officr arid lI‹iarl Office aF' ”Seyiin :1ciiveri" Ne.9(l; .Grille Road;..
And
Lankun:.Rupees.Fifteen .billion (lsKR.IS,(l0tl, ,OtDj-j .by. the: iss.tie .of.BASEI: [II
.C.ompIiant, Tier 2,. Listeri,. fiated, !Uriscmtetl, Subo(ditiak•d„ Redeemable Fivé
!Year Efebentures (2025-203i1) and Ten Year Det›entures. (20 203S).. with:Non' Vistnlity C‹inv,iision rif the pai• v,alue of-Sri I ' Rupieés.One. Huri'dred (LKit:
J0II/•) cach, having tenures an J fx•aring inloresl at th' cafes k‹.'zc•inaftcr mentinno‹l and to bu listed un Lhe ñclomln› ñtcExchange;
”fiv ••‹•‹ I.x•tx ntem shalt x' sti‹va'« in Lhe manner aru4 u} nn the icrms and
con‹litinns Iwrv ther ccxttamc•d;
'1lin Hank h»• nt'ininnd an expvxml instrument rating. ot’ “A (t'X}’)(lka)" Irtim
oft'kt of Trustee anal act under the provisions of this t'rusl Deed as muster foe the Rmefii of and in thr interest.s of tlu• lkbenture 1-fielders inn thc• k•rms
NOW TlfIS OEEI3 Wi ft'4fi.SSFtv on n is risRhBv a£iREED AND DfiClA It ED
T‹1 ’1'l1c'se i sr'nG uness th” su or r‹›ntexl uUjen•'isc• rcq tires ft«• fuliuwing c pressi‹›ns skal) ha 't ñx• rcspecLive nu•anings given been •-.
"CBSI.” means the Céntral Raiik ‹I iri 1onta.
3. “tiP.ltTIFlCATE”' meanx any ccitificaR' rct]uimd to be issut€ undi!r 1’liu f'rnsents and »•hi -h may In' .ñip on in*half r›f the*
..6ank.by (a) anv twc* IJirec tnrs or (h) a I.3icstor anti du•Compass
the Ubar‹l ol the Bank to issu+ suck a :vrtifirale.
'DATFOFkEDEMPRON” in s o&
’f)w5 lX0e1)h›m a ñ‹dnfivv(%)wamfmmUe
I)akufAI(otm-t;
tc} l)'pc C Ik•lz•ntiire's: a pe'riod tit Fivi (o) yt•Jrs Irori the
I.”ypc l3 L1tx•nturcs: a perioJ of ”I’on..(J 0) veals (rank the
I3atr’ nf All‹›tmt•nñ
7'ypr E Debentures': a period of Ter (4 0) years. from the Date of Allotñierit,
m such either date ,ort which the C •beniures may be redeemable
in the Circumstances set out in Gausé '1.2 or Claire 4.3. “DEBWTUBSS” sI1all mean!
Type A Debentures: F*lly.. Psid BASEL 111 Cñmpliant, Tier 2.
Listecl, Rated, Unsecured, Subordinatt•d, Rediwriiable Fivé Year Det›nntures {2025/ 2010) wi'th non-.Mobility conversion of the par value of Sri Lankan itupees One Hundred (LKR 1%/-) each, bearing interest at the Rate of lnteresl payable annually on ‹n * Interest 'Paymént Date fro'ni 'the' Date O'f Alfotetient Of the Wbentares until the dati• immediately préiiiding the Diiti° of ited'eiiiptinn;
Type B. Uebenlzes: fully paid BASEL Il3 CamplianL Tier 2, f.inted, Ratad, UnsoLurcd, Subordinated, Redeemable £'ive Ye'ar DebenhJre (2035/2030) with rtbri-vtabilil:yr coriver*on of the'yar value of.Sri I.onkaw Rupees One Hundred :(l,KIt. 100/-):each, bearing interest at the Rate of Interest payable 9uartetly on each lntenst i°ayment Datn IN the Date. of Allohnent of dn fh•benture5 unlit . tile da • immediately preceding the Oele of
Tyj›e C U'ebertiures: Fully Paid BASEL III Comyliant, Tier 2, Liste‹t, Rnted. Unsemired; Subordinated, Redeemable Five Yeat Debentfites (2025/ 2030).witl Eton-viability.conversion of the. pat value pf Sri I:ankan Rupees One Hundred (LKR 1tD/-). each,
interest at the itate nf Interest° payable and repricedantila 11d’ On' earls lDWWt k6 Sn't K8W 0 Dfl& of
Allotment of the Debentu unFil' tjJe date immediately
preceding. thr flare nf Redetription;
Tvpe D Oebentuzes:. Lily Paid BASEL Ill Compliant, 'rier 2, 1.iated, Rated, Un'eecuted, Stihordfriated, Redeemable Ten Yeat Det›eiitures {2025/20.35j with non-viability conversion of the par valoe cif Sri Landau Rtfpees. Orfe Hundred {LKlt'.100/-) eâcl¿ bearing inter'es1'at Ltte ltatt• iif lriHre:it payable 'anntially on 'eath Interest Payment State from the iatr rif Allotment of the Ck bentuk. until the date immi•diati•ly preceding. the Date of
Dc'ben'tures (2025/ 2015) wit non-vIabiTify conversion cf the par value ol Sri lankan Itupees One T Fundxed (T.OR 1(X}/-) ear:h, bearing interest at the ate.of Interest payable seoti-anuuaky on each ln t Payrñént Date from the Date of Af1otir«mt of the Debentures. uritil the date im'mediately preceding the Date .nf Rfifieniption;
3
*OEBSbflURfi 1lOLDfiRS“ mean the Qualified tnvmtors who aze the holders of Type A futures, Tjrpe B DebenNzes, Type C Oebmhszes; Type 0 EX'Ixmtores and Type fi I 'bentures in who CDI account thc• Dc•bentum are hedged as at thr' relm'ant
9. "EN2TFLEhtENT DATE" irieans the Market Dsy Immediately preceding, the tespecdve Interest Payment Dsto or Date of
¥ledemption on which o Debenh›re ttolder would need to be mc•rded as being a l9et›entu • Holder out the list of Detnmtuie [}Dl‹;lefS provident by the US In th4• lk•nl in ofvlet lv *juallfy fOr the payment of any interest or any mriemption pvt<>
't0.
t3.
‘RYE2'if'f OF DEFAULT" means any event set out in O•riw10.1 and 10.5.
"fiXTBAURT3INAA1. ft€Sf3t.J£lUN" means a resolution ylaed by the holders of nut ma then 0ree fourth (3/4*) In value of the Debenhtr•‘. floMers present and voting On •* rmoludon.
(ij •kick •i •ii b«u• d ei2) o›one›s from the n• of cnouns‹ and eveq• hvetve (12) months therefrom of each year fmm the Dn¥• wf Allota znt undi the Date of Bedolsipbon and includes fhc
()whkh haMbeO‹ee{3) 8efmmVD*meofA!oMwni$ndiwrgMm•e(3)monWsMmhom‹Uv hvoa*fn>mfieDaetiiil which shall ¥e aix {6) mnntbs ftom the the of Allotment and evety six (6} months therefrom of each year him the Date of Allotment.unhl the. Dite. of Redemption and Includes the Date of Redempdon in respect ‹f Type E Debentuw l3ebenknes.
(i) 1‘ype A Debenfurm. ”1”vjx• .C l3ebwttures. and Type f I benNfm; tax' twetvc (12) a+ontt+s peztt I;
(try Type B Debentures. the three (3} mmiths period.
Type. E I''txmturz•s ; the six’(6) zn•n&ts pmlod;
from the. date lmntedtetely succeeding a particular Interest Payment Date and ending on the next Quietest Payment DaB(adusiepféeMoemeh[bsedmmmenwmendap and’.end date) mnd ›hm1 Elude Mms gerk•d cnmmenrmg
4
from the Date of Allotment..and ending on the first Interest Paymeiit Date (inclusive of the aforemeriooned commencement date and end date) «nd the period from the date immediately succeeding the last Interest Paymet Date before the. Date of Redemption and ending on the date immediately preceding the Date of Redemption {inclusive of the aforementioned commencement date and end irate).
14. ‘LISTED” meâris. tradable.on the Colornb0!StcFphan$e.
’L1STfN€'• RVLEfi* means Listing Rules of the Colombo .StocL
Exchange an”d any ame»de»u medc thewtn frotn time to time.
16. ”h4ARKET DAY“ means a day on which 1t»ding takes. place »t
thu COlnrflbo Stock. '8thange.
'*PROSPECI3JS" rieana a pmspcctus pieparmfi in' sccorclarice with the Companies Art No. 7 of 2007 (as ñnendeil) and the Rulm of the Colcimbo Stock Exchange and delivered to the itegistrar of Companies iri lerms thereof and ttie”Securities and Exclunge Commission'of Sri lmka in terms of tire Securibes. and Exchange Cciminission of Sri Lânka Act'No..19 pf 2021.
IB.
'QUALIFIED.INVESTORS" shall ou an.
â) A .commercial bank licensed by the Central Bank of Sri Lanka in tnrms:of the Banking, A;ct No. 30.of 1988 (as amended).
b) A specialized bank licñrtied by. the Central Bank of Sri Lanka
in terms of the banking Act i'4o.30 of 198g (ay.amended).
r) A mutual lurid, pimsion fund,. FJplciyee Provident Fund ot
any..other similar pooletl fund.
A venture éap'ital fuhcfi/corfipanyand private equity compiny.
A finance company licensed by the Gentrai Bank of Sri inks in tetms of the Fifiancv Business. Act Nu 42 ‹›i 20a T (as aznerideJ).
I} A.company. licensed. by the Cenbat Bank of Sri Lanka to carzy.
on fipanr'e fearing business under thc Fiñane Using Act No.
gj A cnmpnny licensed. by the lnsarsnce Board. of Sri Lanka .tn carr)' on iivsñrance business in turms"oI the iteg lation of .tni Insurance Industry Act No..t3 of 2000 (as amended).
A corporate (listnd or unlisted) which does not fali under. tEe above categories and is incorporated'uiider the C&npanies Act No, Z of 2fXfZ.
An investment trust or my.estment c:irnpaoy.
}) A non-resident institutional investor.
k) An individual with an initieT’investment of LJcR $,000,000/-.
}9. "RA‘IT OF 1NTER£S1’” mearts in respect of;
(a)
(bi
fi'ive per.cei1tum (1i.25 h) jx'r annum (AC:R l1'Z53•);
Nought per rm turn (I0Jfi fi) per annum {AER 11.ISO);
(c)' Tyj:+e C I 'I •ntuiw. A floating taa• of .W Days ”Treasury Bill rate plus ’I'wu Derimatfii•< Nuught per centum (g50S} sa map raje ol eleven Decimal Live Nought pet centom {11,511 ) and a ftoor cate of Nirte fWim8l l-ivc Nought per cuntum {9.50’$):
type E Lk•benfurt•s. A fixed rate of F.k•vcn decimal 1 ourNnught per cwtum (J I.4U &) per annum (AKR 17.72' •).
"R£ LUTtON“ means a Resolution passed by. the t3ebenWrv i I‹›Iders Art E'rm+ cal Clausr 20 unless u 'rwise pro 'ided far."RfifiI5TER D ADDR1•W1- n-hert. uexuJ in relation tc a I •ixmture Flotder means the address proslded by the tkhenture 1 tulder to 6 • CTR.
"RfiGtSTRARS” means thu Registrars to the Oetx•nture issue or iurh other pcrsai cr persons to be.apy›inted as the lñjisbars for the purpose of’I'hese Presents by the 8anl‹.let efablished .under the Securities and 1.xchange
ñ‹›iumi*sion uf hr Lanka Acl Nn. !9 of 2021.
“SRJ LANKAN RUFhES” and ft+e Sign "LJtR" mean the IawM
“SUBORDtNA’!'LD" arenas the claims of the Debenture lJ‹›l‹1xus
•8•!!in tt+e ‹•nt uf •'i++ding ap of Its Bank rank afk'r all 0 • claims.of dopnslton..we-ured..and c'.them. u»sccreJitnrs.of the fLlnk and any preI<'rentiaJ.claims undw anv jaNes gm'crntrig Nu• Bank but chs!! fank /Hti /szssii with other ftASEI. Ijl subordinated debenture holders and tn priority to and ‹›ver dv
!•*• • and rights of rhe 5hazt•hud+r/s of fhe Ban1 unless there
Ias bet•n an issua.rcc uf shires to The Debentures Hodezs upon
£hc wcunenrw u£ a ”friggpr bvent in uhich ovent a Fk•benture
n•iu‹• •i« ww ‹• umum a nme •
shamhoidur pf the• flank l• the extent of such Issuance.
” HfiSfi PRcsc›+rs” « r«st IJeed as fzom time to time modified in afiordartce with'the provisions hntein iciritained and/orvcordng1o’1w#ndsMlincudtanySuppemenMg
Trusf Deed executed in accordance with the provisi'ons h'ereof.
"TRIGGElt EVERY" means the earlier of a point or ivent at which the Governing Roald of the Ceotral Hand of Sri I muka in grms: of ia m 10 (iii){a) and (b) of Web Based Re.turn Code 20.2.3.1.1.I of the Banking Act erections Nn, 01 of 2016 deled 29.'^ D•cea b r 2016 (as may be amendecf fzam tizne fa tiote)the Bank would become now-.viabie, ithout a Pte-does in terms of item 10(iii){a) of the Wrb llan•d Itctum C‹xte 20.z3.1.t.1 of the Said Girections; or
to make a pobtic sector injection of. capital, or equivalent 'support, without which the Bank woiild havé become none ñinble in terms of item 10(iii)(b) cif the 'said Direiticins.
"TRUST f)EED" m‹'ans these Presents as from time to time modified in ..accordance with the. provisions herein contained an'd/pr:ñrcñrding. to law xnd shall Include any Supplementary Trust Qcecl executed in accordadcé with Lhe prbvisions hezeo{.2J. TRUSTEE" means PEOFLfi’S. BANK, a licensed commercial back imder the Bankiop, Act No. 3£i of 1988 (as. amended) and establishe'd under Peoplt‘s Bank Act No. 29 nf l96l (as am'ended) or its successors' and assigns';
E A D€BfiNTURfi" shall mean fully paid BAS£L III Compliant, T er 2, FJsk‹l, Rated, Unsecured, Subordinated. Redeemab1é fiive Year Debenhties (2025/2fBO) d& nuo-viability conuñrsioR of the par' vaiue of Sri Lankan Rupees One Hundred (LKft 100/-) eaeiy bearing. interest at the ltate of Interest payable annually on each Interest Paymeñt Date from the Date of AlloDnent of the Debentures null the date immediately preiedin'g the Date nf Redemptioo;"TYPE B DEBENTURE" shall mean fully p0id BASE-C {TI Compliant, Tiet 2, Listed, Rated, Unsecured, Subordinated, Redeemable-Five Yeat Debentures (2025/2030) with non•viabi1ify conversinn of the par value of Sri I.ankan Rupees One Hundred (LKR 100/-) éach, bearing inlerest at the State of Interest payable qtiarlerly .on each Interest Payment Date mom the Date of Allotment ri'f thP Dé1›nntutefi uitLil the date imiiiediately prethe Date of Redemption;"TYPE C DE8Ei'9UTURE" shall mean fully paid BASEL Ill Compliant, Tirr 2, Lisw, dated, Unsecured› Subordinated› Rcd%miible five Year U'eben.tures (2025/2030) ivith non-viability cnnversio.n ref the par value nf Sri :Lankaia Ru.pens One Hondxeñ (1 Kk 1flfl/-) each, bearing interest at the Rate uf lriteresl payabft anti reprice‹4 annually on each Interest Payment Date from t1ii•7
5't. "'TYPE D D'EB{iNLDWitE” skaU mean full peid BA3 l. (It t,’ootplianf, lier 2, I st•d. Raied. Unsecured. s«£ordina 'd. itedeemabie Ten Yet EkWmtures (2025/ 2tOSJ with rinrr-s'iability cr›nvmi9n ii the per value of Sri Lankan Rupees Grte Hundmd tl.KR t%/-) ••ch. be4n ty inteum ii the k•i• ‹›f Inta est' payable annually on each. lntezeet Payment Untc frown IJte hate of Allotment .of the Ueixintures until the date immediah.ly
“ iTPti E D£BENUfURL” ahall mean fully paint BASEL III Compliant, Ther z Listed, itaied, Unsecined, sub<›rdmtcd. Redeemabie'ln Year lkt›eotures (l0m/2m5l with now-.vñbiltw cnnveraJnn nf the pat value nf Sri lankan Ru}›tw One Hucdmi (I.BE tt¥l/-) cach, bearing lnk«est at de RaIe a! Interest payab " s Eni-annually on each merest I’aya+ent Dole fzom Bee Dcte of
allotment of due DebenNres unfil the date immediaa•Iy
"WOHXTNG DAV“ means any day (other than a Saturday or gunday oi any stafufory holiday) on uJJch lircmsc'd •-n•ni• I banks are o]x•n for busiz+ms in M Lanka.
(bJ Wmds denoting or lmpcvfing the singular numtx•i shnfl Include du: plural muber and, vice versa and words. denoting or Importing the masculine gortdrr only shall Include the feminirn' 'nder and shell lixlut4e corporate and unineorJx›rated bodies of persons.
In Thece f'rosenzs zefewruw bx
pny prnvi&an of any statute shell be deemed Cleo to refer to any
sQhitory mndjfiruttnn or ze-+nacbnvmt thereof or eny sFahitorv
.insQu ment, r›rder or reguladon m4de there.pnger ur under sucti
tii) principal and/or inlenest in respect of IM DcbenNn or to any arcades payable by the under ’here Presents. or under the Defer.«ues shaft b« d e‹t .also to include refewn‹m to any additional.«mounts •'kich nay 6e payabk 1 11est Present.
tui) cost, charges ur exposes shall delude (Inst not be IimJk'd to)
Value Added Tax, ”I”umover Tax ur sñzsilar tax charged ar
a ’month" ahail mean .a period co•uncnciz g •n a padic-ular day andenJtng on tla• corresponding day k+ the nestcalendar W
tVt • ‘ Wk JC MW & C t¥¥@ W e r d «nd ending eve d+e anniwrsarv da • thereof in the next calc'ndar year.
(d.) References in this ’trust Dec'd to clauses, sub-clauses, paragcaptts and sub-paragmpks shatt b•• conafrued cs references to the clauses, suh clauses, para$Xaphs and scb•pare$mpks of this Tfust Deed respectively.
{e) The feedings are diverted kerein only for convenie and shall. not affect the consbucfion of IN I'fesents.
hecein and the”Fruslee accordingly accepts the appoinbnent uprm the b•«ms arid conditpns ranlalned.fjereñt and agree fa uF under lie provicians of Nzis Trust Deed as ñw Trustee.
APPROVAI.S AND AMOUfff OF TtIE DESEHTIJR - ISSUE
The Bank wIt4 isaue Defx•nfuzes to @uaJifled !nvesnts to raise e suzn up to Sci Lankan Rupees Five Billion (I.OR 5.000AOJX¥I/-) will an option to increase the
•• t suuj by up to a fuNtwr dci Lankan Rupees Seven BilJkm .Fire Hundred
(!.Kk 7 /-) at the discretion of the Bank in the cyecI of en oversu pdon of dw iniñal issue and with a further cpfiun to zalse a further suol uf Srf Lankan Rupees Two Bifllczn I-tv* Hundred Million (LKR 2.5Otl4 DOD/ •) at the discretion of tln Bank in the evenl of an overnibecriptton of the initial lcsue and the second tranche es described above, fwd .such Debcntums shall be listed ort the Colomb*Stock F>change subject to In-priiuiplé ap{trovcl8 nf rhe CSI: and SEC being oI›taine 1. @rh of I e ’l‘yjx• A Debentures, 'Fype B fkbTypg C IAbentures, Type U Dolx'uwrrs and 'Fjrpe £ Debentums ahalT rank t!guaf and /azri”/ aa‹ o€hez Sian M0t zesperi to th*• Rs • of Interest, Interest l'erlod and the tenoz of the Debmtu! (a] ”lTie Baok •by rovertauls wifh d+e Tmsfee for jI+e bemfit oY jh+ Debenture holders that it n ill:
tit 'Fhme Pmscno and upon opt ot the informa8on relsflng In thy t &e ture 1-lolders treat the CIX, ytther through en electmnic fund transfer mechanism
•cognlsed by the banking system of Sri Imkn euch es SUPS (Sil lnnka lrttetbank Payments JaHm) and T£C•S (W»1 Timr Gross Settteotent Systém) oz ie d+e evmt +d lnâuff›flenl informadon'nf the Debenhzze Holders in tlw CU'2, through crossed cheques matkuiJ “Account Payee Only“ sent bv ordinary eat to the Registwed Addresses nf the fkbenhtfo I folders the principa) sum of the
and,') zemalning unj: aid up fa Ihe dal¥' i•smediately RTGS banshees kuwever could be effected aniy for
amounts over and atx›ve the maximum value thnt tan be
pay cm ench Interest Payment lJate to the UebcnNre J4olders as uf the £a4tTement Dete, in accordance with the
irJormation relating to the E 'txuture Holders fc‹sm tlx• C eiUwr i's@ugh an 9h 'trDts fuzir! fr4r4kr mecfcenisot recr›gn ml. by OW banking sysfem of Sri
Registered Addmsses of the tk•benture fielders the @tuest on the veloe of the Oeberitxqee for the lime being outstanding ai the Raw nf torch in ac 'urine with iln pnivisions of l4eae Presents. RTGfi transfers however cnuld be effecb'd unly for aznoun¥s one and above 0x• manimom value thai tan be accommodated via SLIFS
the intent calculation shaJ] be b9sed upon tbe -* •!
{iv)
i•)
dv* payment of 0w pñrsum nnd infeteet chall be made in Sri lankan kupees ahcr deducting any withholding Sex and/nr such ofher toxes and . rkaTges the if applicable.
Date of Ri lion or the Inbsest Payment Dad as the case may’ be if W• cfl<>are dispatched nut tater than Nuee (3) Wt›rking Days t'fom such *•^• uf lie SLfPS u'•nsf« or I • e1”C5.oa»sfet i• m•Je.not lak'r Oman A e•
(3) Working Days box such da¥•anda One•v•ntef
being any delay jn cny ¥uch payment 0s' Bale of Inu«z•st
per annum in respect of such delayed payment.
”Use Debentures shaft be redeemed Tn accordance wlfh Nw t•in vo»t.•iord in t›e•e Pre 'me the Date of
toge6ter with interest (if any) remaining unpaid‹› lf any Det'erituie Holder fails or mfuu's In receive pa5*menl of the
interest or redemption moniec payable to such I3ebenture
Ifolder. or 'pny {Part thereof within ninefy (9fl) days frum. the Interest Payawrit Date or éx• Uate of Redempñon of the Debentures as fhe cas<• may be, du• amount due to him shall be @g Ham'In a cusj>m¥e account mabtfatned
«epeue y with fhc B«nk at tBe end of ninety, (°¥I) days after the
Payment Date or theuf of 1edebentures and shall .be paid by the Bank to the Def enturc Holders when a claim is duly made. and no interest will be payahie by the Bank on such inmmst or refiempnon mosles for the .period between the Interest Payment Date ot the' Date of RedernpLionras the case okay be and the date of the.sat J payment unléss the 9'onpayment is dii'e In a defaillt on the part of the Bark
Nc n shalt be enfit)ed to claim any such }+ayment, after the cornpletibn of six (5) years ftc›m fhe:Interest T'aymeñt Oate or Lhe Dato of kedernpIion.and all.un.claimed monies shell cease to be owed aoc1 payable by the Bank to:and Debenkre T (plrtor after the old period of st (6) years..
by post to Lhe Deben'ture holders. :are returned ba. the BanL undelivereJ, IJte amounts teprosented @ each of such returned cheques shall also be transferred by the Bank I:a the aforerñenLioned susp•› • a•co •i m• a 1’ed sépcza'Iéfy with the' Bank and rétairied thérein for' a pcnori of six {6} y‹firs ftotñ. the Inntest Payment Date or the Oate of Redemption of the C'eben.tures: Such monies will be.repaid to the Detentuw Holders if the same is claimed in writing by such Eiebenture Hplder within-the said six (6) yeñn periotJ end no interest wiil br payable by the Bank on such internet or redemption monies for the period between the merest Payment Hate or the Dabr of Redemption as the case may be and the date of the said jayment.
No perspn shall he entitled tn elaiin arty. such redempdon and/ or interest pa7 cut after die completiim of six (6) years from the lriterest Payment Dale or the Date of Redemption .arid all
uziclaitned month's shalt «'ease tn be owW and payable by .Eve Bank to any°Debentute He1der after .Lhe said pecioc1 of, six:'(6) years and.any such'money. wit be zt'hmded to.the Bank.
(e).
(Q
The Bank shâ{l always act on the information furnished by the
COS aitd it shall be the mponsibility of each such Deberiture
.Holder to keep all the irdprmafion in respect of such Di•benture Holder updcte‹l. Each Detx•nture l4oMer shall. abs,hTve the Bank from any resporimhility ‹ir liability in rest of any erix r or absence' of necessary changes in the information recorded with
:the Can. Provided runner tnat tni tnbent»re Hotaer sham
absolve the USE and the .CD'S from any responsibility or liability
.in te'speci of nriJ .erro'r or ahsepcé nf necessiiry ehangés in the information recorr1c’s3 with He COS whece such errors or absence of changes are inlti4ied or are attributable to the Qebeiituze Hol,dws.
The Bank shall bi cmtitleil to niake payrrient inn tedemption of all such Debentures on the Pte of Redemption to euch Debentum Hnlders without any request lot claim from .such Debenture Holdeti and such payrñenl'shall be deeñuxl t• be a payment duly
mete by the BanL Ip j e rmpective Detx sure Hatters irj redemption of 0 • Detenhzzes of such Holders-
In erderto accomau•Ja¥'tI«•I t«re interestcyde• in the CDS Systeo ol the CSE, the Ec bmf«e I‹&d•rs to whom.icu est matt be pnid shalt I:a• 0+oee budding mt me in the CTE.as o/ the4.2 If due Date at Redonp8nn felts on a day which is not a Market Day. then the Oate of Redempflon shall be the imzrredtately succeeding Market Day. for the* avoJdanct• uf doubt interest shai! be.paid for 6tc intowmizig days which arc not Market Da
{a) 4ue fa ltte c<>of an ident of Default cs rxjnb zspbted iu Oause.10.1 hefeuzsder.
+•1th the prior' wñtten approval fzam d1c Cenbal Bank of Sri LanEa and One approvai uf the Detx•ntuze I:ladders repfesenñng three fottrth (3/1•') in nominal value of the
4.4 II-ie Debenture Hal+her shall not hsvo any rigl1t.or uytion to call l•r W•mptian of 0›e Det•'nt«ws b«fute lht* tktr nf ltedemy0on. 1 Ie Wevt z', if s driver Event o£cucs gctof o. tftetJrf US 4t Lie point of matuci/..the.Debentures.wig gel converted to ordinary votlng surea tankJn8 •quat az 4 / n j etsu with Our exb6ng ordinary voting shares of the Itank
The Bank shall pay nil duties and charges in tonnecdon t 'ith tlte issue qf N+e
- WAGI8UTYTOAPELTMROEBENTURES
ApplJcafions fc•r Debtmtures are ñmited to QuaTiñed Investors and ekould be for a miv+imum of One .I luridcrxt (DIY ) I benkues and any appticatiun for uxcess nf Dis 6$uze 6houltl be iri mulbples of • l4undred ty00) DebenNree. In I:he.raee
of an individual in ordw io be t Quntifird ln ter the Drum aubecrlption
would need to be for Ptfty Thousand (50,tXlt)j Debentures.
{a) bttjttt shatf @ {Qty transferable am*mgst Qualifu•d lnvmlon and the regjstrabon of such trawler shall nol be wbiert to my zesbimion, sa o and cxcc pf tu the extent zeqtdsed for compIiarwill statutory requiremmB. Provided howm'er, Oak ft+e Eietxmtuzes are bansferable arty amongsl Qualified lvestors.
The iAbentures shall be bansferab)e and fransmi'ttabIe dtr‹›ugh the CDS as !‹mg as the Debentures are listed in tlie WI•. 5ub|dcL to lie provisions contained herein the Bank may rug„ister without asstiming-any liability ñrty traftsfpr n{ @ntures,. which are in cordñnce with the statutory requirements and niles and regtdatinns in fore for the time being at laid down try the CSA SEC nitd the CD8.
In the cese of death pf'a Deben re holder:
1'he suz•rivor where Ihu. cléceasect was a'joint hatder; and
The exe‹-utozs ar o‹â'm'in'isQaInis.cf the deceased or where the attministzation of Lhe estate of fhe. cteceasecl is. in. law no.t-cc›mpu]sof}' the heirs'of'rhe deceased whére:such Debenture Holder was INñ 6ole nr onlysuai ing holded.
shall be the only }›ersone recognized bj' the Bank as having any aide fa
his/ her Debentures,
Any monbxonñngenfledManyDVenumTncosequencnf WnkxpTy or.adding up of-y Debenhme HplLr, upon pmdudog proper evide Le that he/she/it.su'stains the chazactñl in'respect of wlzieh he/she/it propases to act or his/ her/ iD tiHe as tke fl<›ard of.Directors of the Bank IJfinks sufficient tnay in he discrebori o( the Board be smbSDtueJ anti xccor guy regisLé'red as:a Debenttire Holder in respect of such Debentures subject to the applicable laws› rutes.and regulations of the Bank, CDS, CSE arict SEC.
{e) Mo cha'rige of owners p in contravention to these conditions wilt be recognised by the Bank.
COV AND TO OBSERVE PROVISIONS OF TH TRUST DF.ED
The flank hemby covenants with the 7.‘rustee lo ri1p'ly wlth the pro i9ñs contained herein and to .perform anal observe the 'tame. It is expressly agreed between the B0nk and.the Trustée that.the Trustee shall not be liable for any loss oz damage hon ivcr caused by iionmb'servan'ee or nnnwith the covenants contained in Classe 9 by the Bank.
'l'he Bank .hereby cnvenant8 wrth the Trustee for the lx'nefit of the Debenture Holdets that, so long a's any of the U'ebentures wmain outstanding:
ta) The Bank shall at a]1 times. carry .on ailct conduct ih affairs in a proper
(b} ’£ñe bazik skalf aL all fiJues keep.such banks uf accounts as tc a ob1g•d to keop unrtér the applicable.laws and.(to the extent nut prohibited by law or ofhe+-wise @ virtue of any duty of «anfidenda1iI;y) at any time after an Event Of ]DefaulF 9kaj) haw oc uzYed or the ’Fruslée skall hate ieasanable
' cause bo believe Lhat an Ewnt n£ I efault wJII occur, allow a rop'uted audit
firm eypnlnted h}’ the 'I*rustec in consultation wit-h th Bank free access
t3
(•:)
{d)
(•)
o the safne at all Homes hours and fa diathv same
(I). Mtktn five (5} days..from e«ch inst Payo•mt Dan, certtfybig Out the interest.on the Debentures has been p¥id fa flue xmNfe I folders in Kme of Clause 4:
The Bank shall Issue:to the TrusW• ooh wrbfirafe• and provide s«rh informadon as the 1”rustee may uJr• in o dm ts rarry oul iu defies and obllgabons In terms of 1'kese F*zesefi£s provided surh cwtifaaks can be isaued ar such infozznation can be provided .br fhe BanL wit+oul committing any breech of is duty of confidm6aliw la zny or
fbe Bank shall 6ubmit to 0•'Trusf•e within thirty' (30) days from the enct at even, cAbmdat quarter from the Date nr Allotment » Ceramic' which is dated in accordance with a resolution of Its 8c'sA of Directors that the 8ank has compiled with each and all nf 10c covenants including contained In this Clause 9 in These Presents end the certification should include:
'(I) Whe0u•r or not cny fimifa¥iun of liabilities. or borrowings as prescztbed b}' Use Compa•Jes Act Mo. 7 of 2tXI7 (as aaumded) and tf+e Articles of Asc‹x-i stion of 5+e B¥nk k•e bem exceeded.
tii) WM•tf+et any maa•ria1 wading ur caplzai loss 11ae been sustained by
Whether nt not any cij-cumsbuices zzIaterioI)y cT•fecting lite Nank has
cwhich adversely affects II+e Deben rr ] folders;
(.v) Whether the Bank kas any co+ttit1gent.IiakiIittesand II «c the amount
ef euck fiaNllñes.
(vi) Whether the 'Bank has assu ted a liability of a minted corporate
body .during the fling calendar 9uorter, the «amt of the
[vii) WheDu•f •n nt›f th+zc• has lxon and change in anv accounHng
(vi•i)Whether or n‹›t any ciwwmstancc•s have arisen •'IsJch render adherence” in the* existing m‹•lhcx4 o( valuation of asseD or Ii•hiiiIiesnf Liu' Ikir k inag[sn›}ariafe;
{ix) tVhether nr not them has lv any sir hstantlal change irr the nature
(xj. Wheder th:nn! any action has x<•n taken by fhr Bnard of Directors cii the Bank in tern' s cif a'rttnn 219 ur section MO of Lhe Co'rnpanics Act Nn, 7 of 2007 (as amender) during Nu• pre ding qua i•r,
(xi) Whether or no the Bank has ‹observed and perfnrmwT II If+c covenants and nbligaHons binding upon tfwm respectively pursuant to Ihe Trusl Lk<>
(;)
{1;)
()
Thv Iand *8•!I permit tht* Twste‹' *nd fhe lA'tx'ntnrr• Lletters al aJ r+ae ›nnL')c timra without ylaymcnt ‹›f any fee fo insps -I and m‹•rds maintain+‹J by be Bank referred h› irt Clause 9(I} a uvc and tn zakc• cnpies
'be Pack shall fritth 'ilh uprin thu Bank becoming awarr iif tht• h4pptming
.of any ‹ind every such i•vent as is mennowed in Claus 10.1 li‹!r‹x›I gise ntatirc tht•n•ol' in writing tt› the J’rust‹m
(i) Any amr›iint secured nr pavat•Ie under tlu• Dvheniun' to f<>
immediately payat le.
[‹i) :1n1' t'vent. in the opinion of the .6ppI•rant I-flirt' fhat may 1ea‹f to.
Ilx' Jse’)erati‹›n ‹›f +ith*r the pa}went of inlx•resf or redamyttnn.
Ans t›thrr right or remed.}' undt•r the terms and cunditit›ns'.of fhc I1uIx'nturcs r›r tJ1c' pmvisions or'cnvenariLs uf the Tnist T. s*‹! ie become imnJtnfiatc•ly enforceable.
gro•ided Lhaf thy thank xh.Ill in a'ny tLnt issue n fie'rhfi ie to the 1’rzisk•e i doin thtrty (IU) days fzrim the c•ncJ nf es'+zv semi annual ywnud cornmencii'ig front the Lian• i›f A ll‹›tmetit of the Debentus certifying tint no eveñt mentim'd in C‘ta«st• t0.1 heat:I hnstthe pmivimis six (b) mooth pcrio‹l ivhirh wt›ol‹1 have resulteft in the Det<>
becoming p';’ahi‹ tn terms t›f thy »"* Clnusc.
Ie 8anL +itl mada '»tlahI‹! 6›‹• I r«si Inc in i=l on ih• Bank's web stt• aruJ C5E’s web sttu until Lh‹• Dam nf !tc6cmpLion and skall makeavailable to ans Dubcnticzz' Hnlder on rz's|test a cm ñfic'd my of the Trust E ed’
upon payment uf a fts uf Sri tmrikfiri ftitptx ’two l'luntlmt4 and l'ittv tl.Klt
i'/)/-).
I he Bank rhall send tel dr”1”rustec and Lhe and publish air iL» u'eb sitL• nts later than one hundred and lits› (IS0j days from its Tinan*lol year rnd its oudiiad financial statemens a«0 an interim financial sta ini'nt ¿icyared on a quarterly basis, no lah'r than f‹›rh' ftse.[S°i)..days ltum fllt' ‹n‹4 nf Ihe first. secnd and hard quarl‹•rs ei1‹1 Sixty (fill) .days h'om th‹‘ ‹'nd r›t’ fhe fnurhl quarter of ils finan‹ ial ytar.() 1 he Bank xha)l scsid file ! ruñttx! all publislu«J fñt'ancinI and sIJzc< nformatioil, which u ncrmali¿ prus ‹dt'd k orrfinac}' sharvht›Iders ‹t 0u' same dms that it is sent in thu «hareki›lJvrs.
’I he flaftk shall refinbu.r••' all n'asunabI+ ux}›etr•«es incurred S’ Ihe lJefx,•nLun• }uliJm/”l”nJstee alter an J•vtnt ut” lJefauJt hâ's ‹x:curn'rl in[?r‹'serfiation ’uf rhc flanL"s as'aLs (thuhor thi•r ur thm eaftc•r
Collection ‹d amounts duv ' '!•r this 't'rust i mi
:II such mums sknll be zeiaibursed be' Lhu Bank u ithin Ihirtv [30) Jan s fmm
Lhe dak' nf notirc of ctemand fzom Iho I.1*benjtrr' ) jo(‹hers or fhe Trustec•.
lie kank shall immc'Jia1Iv noah' fhe ’l’rust‹'t• in tht o.vt'nt that the I4ai1 becomes aware of the cof n ”I’’i8g«’ l'v‹•iI.
The Brink. shall immcciiah:lv notip the ’lirustw' iri ttit- event Wt the' 8ank Sentries aware' tit' thJ cxcii-ace i•t »n;'. ot the events nientii›ne 1 in Claus' I0.
(a) In: the event that the Bank vacates a charge. the link shall submit to the Trustee the v. titten ‹lclails tif the cfiar};v v.nthin twcmw one {21} days after. i1isc*eamDandifthceoi«uniinbeadvAnccJ dn h;osi
is indetermioatv, 0x• flank shall sut*mit t‹› the ”)”fuatc« the. v•'rit&m 4utaJs nf
the amount nf each r IAinl, within five (ñ) plays. frt›m tA• diIx• Us claim is
(r) The Bank shall submit In fhe”I”rustec any informatñxt reLzring m Uw affairs of the BanL which Lhe Tztustcx• mny require in order to discharge IB duties er ”Trustee tu ldc extent permitb•d bv law and the Rule of th•z CSI.
Is)
In du' event of any change in the Debenture rating assigned by I'ilrh datings i anka I -imi '‹1.Dx• Benk skaJl notify the CSE by way nf a immedlalc musket announcement olr›ng with e noiifirotion tn the l'iustce.
10.I Thr Dz'benhires shall Income immr6iatrl payable on the scums of
TO.2
proceeding is commmwed ageiwsl the Bank ur an order shali,be made or on effative ufion shaM bu «I for fhe winding.up of W• home,
U$•cin Lhe cxrurzence of a Trigger EvcnL Bit• Bank éhalt be reputed and enbdmd 0 issue and within ovcmry. (2lJ) days to"allot ordinary vodztg shorc'S of the flank mnking equal and ri/¥tssn who I:he exisdng ordinary
”f”rigger I:vent hcs oas notified tt the banA bv. the CBBL up to U+c par vaIu+ u( the Debentures. which as su •cl la.conversian in j+rms u(
outslanding balam dueen «rh Debentures at an issue price for such ordinan' s'oting sh•ns based on tiv• Velumc weighted Avmgc Price of an ozJina¿* vnting sharo nf the Bant‹ during the lhr c.(3) ncmth periud, immcstia1')y grececting the date of Lhe ’j'rlggcr Fveñt Eli lieu ot fhe amounts due* anal pay’abe en the rel+'vast Dcbeilrures.
T0.3 The Cn'i upland pertaining to the ordliury vottng shares will be cnmpleteci within trn {10) Market Oays Trem the Qtr of allmmentof auch shares. In the Gwent of orry Debenture 1-lpld*w being enticed toa fractional allotment uf an oritinarv, vuting share on such imuance and allotment. the Tank shall setde such sums in cash based ‹m the issue price of such share within fourteen {l4) market days of tfn• data of flllotrrtertt of the ordinary voting sires.
The Bank shall on w•ccipt t;f a Trigger Evcmt notifiration from the CESt. immedistnly make a market announcement of tin Anne and further announce fht• "price“ and "dalH” (i.e., the dat on which rbe 1”zigger Event has been notified to the Bank In' the CCCI. Nw mtttlemcnt dato of the Debenhtre I Intdrrs to be issued ordi-zy vnti-ng shares. the rlai of
the alfotñien I of Lhe ordinarv vo i-ng shares and Lhe CTE upk›ad date)
pertaining tn such ronvrrsions of debentures to Drdinafy votiog sham
In the event of the occurrence of any of the event mentioned in this. Cause IO.S (a) to (h) thy 'l'iusl sbail give notice to tile 8mik of such default and. grant flu* Betik a period of thirty { £1) days to cure st ch
default and u Lhe event rif sum h default not being curerl within thr tio+e Zr•ru decimal Five per centum (0.5%) pet annum.
(a) If ttwrv i• a default tn One pavm‹ml of and intenst due on the whole or anj/.partof the ebentumon the i•k e•t Pay nmt o•ao•a the pajra 'nt of princigel sum dee On bw DeAmtum A the Dale of Redeznpfion.
(b)
{f)
If the Bank dras notsubasil a cerbfLate to th0 1”rustee as.set uut in Oause
9 (c), Oause 9 (e) or C]ause 9 (h).
E
If the Bartk commit a brea‹’I1 t›f eny ‹›f A* uthtr covenants or rr• ›st s
Where any other indebtedrum of the itank be cm due and payable prior fa its stafed r•ahsrity or where seruritv rreazed fnr anv other indebtedness becames enf+zr<>
Wlteve tlwre is ievocstkm. withholding or modlhcn finn ul t license, eu0+ortaadan or approval that impairs or prejtid res fhe Bank's 4btliry to comply with the lecass and ccmdifions. nf Lhr ldcx•ntures or fhc provlslnns of the 'l'rust Deed or:any other docuroc'nf cl ting ti› tier isaue, offer or invitation {n speci of thi•. Eiébenloms.
W]1rfe nny, murtgsge, ckarge, pledge, lien or other ocpresent or future la czeai•d or aasuoied .by the Bank cunbary fa the terms or
in writing of the Det›c'ntum Headers of at least one fJth (1/5') ct the pet value
•f the Debentures outctand , or the fkbertture Holders pursttant to on Extra•rdirury Rv'solution end subject to fourteen (14).days prior written nwtire In the Bank insdtutc such pre:ratings aa Hiey think tit tu enforce repayineni of capital arm ymcmi of inner of m thbcntvrn and od ct obhgatlons of tie
!n hw evWt M &e lruMee teooveñng or Fvtng 4n1 omxiWs from tic Bank ccmaequent to anyaxtion taken by the Trustee against the Botk the11usbae shaU
In the first place in pa}'ing or providing fur dw payrramt cw sañofoctlon
execution of d+e b-ust consbtulcd by These Present (induding remuneratñzn of th Trust).
Seccmdly, in or towerd.s payment to fix: Debenture Hollers o( all arrears of ink.•teat zemkining unpaid ci1 the Oefentures keld by them
(‹)
lirdly in ur u»•ents.payment c› M Abenaue Homers of cjt principal
mercies due In respect of the Debeziturus fa'Id by d 'm zespectfve4y; end
(d) Firmly, the 7'r stee shall v the surpiua (if any) of such monies io the Bank nr iu assigns, providc'd that’ at the discrvfion of the Tnsstee paymmts may be rnarh'on account of prirlcfpal morñe6 befnze any yert of the interest nr the whole of the iotz•rLst on thr Debeotuzes have txnm peid but such sltcraticn in.the. order of payment of: x• p ndpct moni«s and iocrest shall nnt pze|ucfice I:he right ol the Del muue Huder• e ferw{ve the full amocnt fa which they would have h ezt at¥itled i/ fhe
ordinary ofdm of payment kad been observed. Any payment fa the
propor¥on tn If+e T 'benhues t*eI4 by d+em mspecfively.
Any payment to be made In respect of the D•&ntuws by ITe Benk rtr the Tot stee
may be made in the manner provided in .this Trust Deed and any payñ+enB ao
•=•8? shall be a goorl discharge km t‹mfu. to the Bank or the Tnzstee, as d •.case maj/ be: Any payment of lnk'resl In recpecl of a lkbenture ehatt extinguish any cTaTm which may aftlt dimtty or in tizwth' In rms wc of suctt interest fmm e
Upon any payment undz•r the pnwisions of Otis Cfnue t1 of Lhe Trust Deed in mpect of 6›e toial stability of tkc Bank on t5e Debentcm. tow Uebentow aMi bv cancelled end the Truitv sha]l certify or procure the cerHficabon of such
The Bsnk shall pay the Trust's during the continuation n/ f*re.'«mls a sum of Srt Lardcan Rupees ”Fhree T-{undJed and Fd¥y Thpcsand(INR ñ 0,I¥XI/-) pec annum payable seatiannually exclusive of goverrunessc taxes and tm'Ies an account of remaz 'ration for the’Fru«tee for iLs service undw Thece Fzesecits. the
•°ififee shall be paid i» advam• ai the beginning of each mmipertod commencing frnrii the £laie at Allotment nf the Debentuw. I:urthet, the Tttietee shall t•c cnfided to the reimbursement c›f All reasonat•Ie coals, cherger and expenses which the fYusk.'e may itlñur in relation to zl+e exezci»r of lta dubes hereunder an‹T the amounts ba be so ¿ buz ed «hall bv paid by the Bank to fh• ’Trustee within fourteen (14} daye uf a claim being made.
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