1719 ΕΦΗΜΕΡΙΣ ΤΗΣ ΚΥΒΕΡΝΗΣΕΩΣ ΤΗΣ ΕΛΛΗΝΙΚΗΣ ΔΗΜΟΚΡΑΤΙΑΣ ΤΕΥΧΟΣ ΠΡΩΤΟ Αρ. Φύλλου 65 22 Μαρτίου 2012 NOMOΣ ΥΠ’ ΑΡΙΘ. 4060 Σύμβασης Χρηματοδοτικής Διευκόλυνσης, μεταξύ του Κύρωση της Πράξης Νοµοθετικού Περιεχομένου «Έγκρι− Ευρωπαϊκού Ταμείου Χρηματοπιστωτικής Σταθερότητας ση Σχεδίου Κύριας Σύμβασης Χρηματοδοτικής Διευ− (Ε.Τ.Χ.Σ.), της Ελληνικής Δημοκρατίαs, του Ελληνικού Τα− κόλυνσης μεταξύ του Ευρωπαϊκού Ταµείου Χρηματο− μείου Χρηματοπιστωτικής Σταθερότητας (Τ.Χ.Σ.) και της πιστωτικής Σταθερότητας (Ε. Τ.Χ.Σ.), της Ελληνικής Τράπεζας της Ελλάδος για την παροχή χρηματοδοτικής Δηµοκρατίας, του Ελληνικού Ταµείου Χρηματοπι− ενίσχυσης στην Ελλάδα, έως το συνολικό ποσό των στωτικής Σταθερότητας (Τ.Χ.Σ.) και της Τράπεζας 109,1 δισεκατομμυρίων ευρώ προκειμένου ακολούθως της Ελλάδος και παροχή εξουσιοδοτήσεων για την να υπογραφεί η Σύμβαση στις 15 Μαρτίου 2012 και να υπογραφή της Κύριας Σύμβασης». εκταμιευθεί η πρώτη δόση στις 19 Μαρτίου 2012 και να παρασχεθούν εξουσιοδοτήσεις για την υπογραφή της Ο ΠΡΟΕΔΡΟΣ Κύριας Σύμβασης Χρηματοδοτικής Διευκόλυνσης με τα ΤΗΣ ΕΛΛΗΝΙΚΗΣ ΔΗΜΟΚΡΑΤΙΑΣ παραρτήματά της. Εκδίδομε τον ακόλουθο νόμο που ψήφισε η Βουλή: 3. τη σχετική πρόταση του Υπουργικού Συμβουλίου, αποφασίζουμε: Άρθρο πρώτο Άρθρο 1 Κυρώνεται και έχει ισχύ νόμου από τη δημοσίευσή της Έγκριση Σχεδίου Κύριας Σύμβασης στην Εφημερίδα της Κυβερνήσεως η, από 14 Μαρτίου Χρηματοδοτικής Διευκόλυνσης 2012, Πράξη Νομοθετικού Περιεχομένου «Έγκριση Σχε− δίου Κύριας Σύμβασης Χρηματοδοτικής Διευκόλυνσης Εγκρίνεται το Σχέδιο της Κύριας Σύμβασης Χρηματο− μεταξύ του Ευρωπαϊκού Ταμείου Χρηματοπιστωτικής δοτικής Διευκόλυνσης μεταξύ του Ευρωπαϊκού Ταμείου Σταθερότητας (Ε.Τ.Χ.Σ.), της Ελληνικής Δημοκρατίας, Χρηματοπιστωτικής Σταθερότητας (Ε.Τ.Χ.Σ.), της Ελληνι− του Ελληνικού Ταμείου Χρηματοπιστωτικής Σταθερό− κής Δημοκρατίαs, ως δικαιούχου κράτους − μέλους, του τητας (Τ.Χ.Σ.) και της Τράπεζας της Ελλάδος και πα− Ελληνικού Ταμείου Χρηματοπιστωτικής Σταθερότητας ροχή εξουσιοδοτήσεων για την υπογραφή της Κύριας (Τ.Χ.Σ.), ως εγγυητή, και της Τράπεζας της Ελλάδος, με Σύμβασης», που δημοσιεύτηκε στο υπ’ αριθ. 55 Φύλλο τίτλο «Κύρια Σύμβαση Χρηματοδοτικής Διευκόλυνσης» της Εφημερίδας της Κυβερνήσεως (τεύχος Α΄), που έχει (“Master Financial Assistance Facility Agreement”) για την ως εξής: παροχή χρηματοδοτικής ενίσχυσης, έως το συνολικό ποσό των εκατόν εννέα δισεκατομμυρίων και εκατό «ΠΡΑΞΗ ΝΟΜΟΘΕΤΙΚΟΥ ΠΕΡΙΕΧΟΜΕΝΟΥ εκατομμυρίων (109.100.000.000) ευρώ, με σκοπό την οι− «Έγκριση Σχεδίου Κύριας Σύμβασης Χρηματοδοτικής Δι− κονομική ενίσχυση στο δικαιούχο κράτος − μέλος μέσω ευκόλυνσης μεταξύ του Ευρωπαϊκού Ταμείου Χρημα− του Ε.Τ.Χ.Σ., όπως συμφωνήθηκε στο Συμβούλιο της 12ης τοπιστωτικής Σταθερότητας (Ε.Τ.Χ.Σ.), της Ελληνικής Μαρτίου 2012 των Υπουργών Οικονομικών των κρατών − Δημοκρατίαs, του Ελληνικού Ταμείου Χρηματοπιστω− μελών της ζώνης του ευρώ, μαζί με τα παραρτήματά τικής Σταθερότητας (Τ.Χ.Σ.) και της Τράπεζας της της, όπως το Σχέδιο αυτό μαζί με τα παραρτήματα στην Ελλάδος και παροχή εξουσιοδοτήσεων για την υπο− αγγλική γλώσσα, ως επίσημη γλώσσα των κειμένων γραφή της Κύριας Σύμβασης» αυτών, και σε μετάφρασή τους στην ελληνική γλώσσα, προσαρτώνται ως Παράρτημα στην παρούσα Πράξη. Ο ΠΡΟΕΔΡΟΣ ΤΗΣ ΕΛΛΗΝΙΚΗΣ ΔΗΜΟΚΡΑΤΙΑΣ Άρθρο 2 Παροχή εξουσιοδοτήσεων για την υπογραφή της Έχοντας υπόψη: Κύριας Σύμβασης Χρηματοδοτικής Διευκόλυνσης 1. την παράγραφο 1 του άρθρου 44 του Συντάγμα− τος, 1. Παρέχεται στον Υπουργό Οικονομικών η εξουσιο− 2. την έκτακτη περίπτωση εξαιρετικά επείγουσας και δότηση να εκπροσωπήσει την Ελληνική Δημοκρατία και απρόβλεπτης ανάγκης να εγκριθεί το Σχέδιο της Κύριας να υπογράψει τη Σύμβαση που αναφέρεται στο άρθρο 1720 ΕΦΗΜΕΡΙΣ ΤΗΣ ΚΥΒΕΡΝΗΣΕΩΣ (ΤΕΥΧΟΣ ΠΡΩΤΟ) 1, μαζί με τα παραρτήματά της, με τις τυχόν αναγκαίες 3. Η ισχύς της Σύμβασης που αναφέρεται στο άρθρο τροποποιήσεις για την αποκατάσταση λαθών ή τη διευ− 1 αρχίζει από την ημερομηνία υπογραφής της από όλα κρίνιση ασαφειών του Σχεδίου που εγκρίνεται με το τα συμβαλλόμενα μέρη σύμφωνα με τους όρους και τις προηγούμενο άρθρο. προϋποθέσεις που ειδικότερα καθορίζεται σε αυτήν. Με μέριμνα του Υπουργού Οικονομικών η Σύμβαση μετά 2. Παρέχεται στον Διοικητή της Τράπεζας της Ελ− την υπογραφή της από όλα τα προβλεπόμενα μέρη, λάδος και τον Πρόεδρο του Τ.Χ.Σ., η εξουσιοδότηση διαβιβάζεται στη Βουλή για ενημέρωση. να εκπροσωπήσουν την Τράπεζα της Ελλάδος και το 4. Στο τέλος της παραγράφου 4 του άρθρου 1 του Ταμείο Χρηματοπιστωτικής Σταθερότητας, αντιστοίχως, ν. 4046/2012 (Α΄ 28) προστίθεται, από τότε που άρχισε και να υπογράψουν τη Σύμβαση που αναφέρεται στο να ισχύει ο ν. 4046/2012, εδάφιο ως εξής: άρθρο 1, μαζί με τα παραρτήματά της, με τις τυχόν «Παρέχεται επίσης στον Πρόεδρο του Τ.Χ.Σ. η εξου− αναγκαίες τροποποιήσεις για την αποκατάσταση λαθών σιοδότηση να εκπροσωπήσει το Ταμείο Χρηματοπι− ή τη διευκρίνιση ασαφειών του Σχεδίου που εγκρίνεται στωτικής Σταθερότητας και να υπογράψει την ως άνω με το προηγούμενο άρθρο. Σύμβαση.» ΕΦΗΜΕΡΙΣ ΤΗΣ ΚΥΒΕΡΝΗΣΕΩΣ (ΤΕΥΧΟΣ ΠΡΩΤΟ) 1721 ΠΑΡΑΡΤΗΜΑ MASTER FINANCIAL ASSISTANCE FACILITY AGREEMENT between EUROPEAN FINANCIAL STABILITY FACILITY THE HELLENIC REPUBLIC as Beneficiary Member State THE HELLENIC FINANCIAL STABILITY FUND as Guarantor and THE BANK OF GREECE 1722 ΕΦΗΜΕΡΙΣ ΤΗΣ ΚΥΒΕΡΝΗΣΕΩΣ (ΤΕΥΧΟΣ ΠΡΩΤΟ) CONTENTS CLAUSE 1. Definitions.......................................................................................................... 2. The Master Financial Assistance Facility and Specific Facilities......................... 3. Entry into Force and Conditions Precedent.......................................................... 4. Requests, Conditions to Disbursements, Financing and Disbursements............... 5. Representations, Warranties and Undertakings.................................................... 6. Interest, Costs, Fees and Expenses...................................................................... 7. Repayment, Early Repayment, Mandatory Repayment and Cancellation............. 8. Payments............................................................................................................ 9. Events of Default................................................................................................ 10. Information Undertakings................................................................................... 11. Undertakings relating to Inspections, Fraud Prevention and Audits..................... 12. Notices................................................................................................................ 13. Guarantee and Indemnity.................................................................................... 14. Miscellaneous..................................................................................................... 15. Governing Law and Jurisdiction.......................................................................... 16. Entry into force................................................................................................... 17. Execution of the Agreement................................................................................ 18. Annexes and Schedules....................................................................................... Annex 1 Form of Pre-Funding Agreement................................................................... Annex 2 Forms of Legal Opinions............................................................................... Annex 3 List of Contacts............................................................................................. Schedule 1 Loan Facility: Facility Specific Terms....................................................... ΕΦΗΜΕΡΙΣ ΤΗΣ ΚΥΒΕΡΝΗΣΕΩΣ (ΤΕΥΧΟΣ ΠΡΩΤΟ) 1723 Άρθρο 3 This Master Financial Assistance Facility Agreement is made by and between: Έναρξη ισχύος (A) European Financial Stability Facility ("EFSF"), a société anonyme incorporated in Luxembourg with its registered office at 43, avenue John F. Kennedy, L-1855 Luxembourg (R.C.S. Luxembourg B153.414), represented by Mr. Klaus Regling, Η ισχύς της παρούσας, η οποία θα κυρωθεί νομοθετι− Chief Executive Officer or Mr. Christophe Frankel, Deputy Chief Executive Officer, κά κατά το άρθρο 44 παράγραφος 1 του Συντάγματος, ("EFSF"); αρχ(ίBζε)ι απόT τhηe δ ηHμeοlσlίeεnυσicή τRηeςp σuτbηlνi cΕ φ(ηhμeεrρeίiδnαa fτteηrς referred to as "Greece"), represented by the Minister of Finance, Κυβερνήσεως. as the beneficiary member state (the "Beneficiary Member State"); (C) TheΑ θήHναe,l l1e4n Μicα ρτFίοiυn a20n1c2ial Stability Fund, created pursuant the Law on the Establishment of a Hellenic Financial Stability Fund (3864/2010), as Οg ΠuΡaΟrΕaΔnΡtΟoΣr Τ (Η"ΣH ΔΗFΜSΟFΚΡ"Α)Τ;Ι ΑaΣnd (D) The Bank of Greece, represented by the Governor of the Bank of Greece, ΚΑΡΟΛΟΣ ΓΡ. ΠΑΠΟΥΛΙΑΣ (the "Bank of Greece"), Herein jointly referred to as the "Parties" and each of them a "Party". Ο ΠΡΩΘΥΠΟΥΡΓΟΣ PREAMBLE ΛΟΥΚΑΣ Δ. ΠΑΠΑΔΗΜΟΣ Whereas: (1) EFSF was incorporated on 7 June 2010 for the purpose of making stability support to member states of the European Union whose currency is the euro ("euro-area Member States"). EFSF may grant financial assistance under financial assistance facility agreΤΑe ΜmΕΛeΗnts by way of loan disbursements under a programme, precautionary facilities, facilities to finance the recapitalisation of financial institutions in a euro- area ΤΟMΥ ΥeΠΟmΥΡbΓeΙΚrΟ Υ ΣSΥtΜaΒtΟeΥ ΛΙΟ(Υt hrough loans to the governments of such Member States including in non-programme countries), facilities for the purchase of bonds in the ΘΕΟΔΩΡΟΣ sΠΑeΓcΚoΑΛnΟdΣ,a ΕrΥyΑΓ ΓΕmΛΟaΣr ΒkΕeΝΙtΖ ΕΛoΟnΣ, ΔtΗhΜeΗΤ ΡbIOaΣ sΡΕisΠΠ ΑoΣ,f an ECB analysis recognising the existence of exceptional financial market circumstances and risks to financial stability or facilities ΑΝΑΣΤΑΣΙΟΣ ΓfΙΑoΝrΝ ΙΤtΣhΗeΣ, ΣpΤΑuΥrΡcΟhΣ aΔΗsΜeΑ Σo, Δf ΗbΜΗoΤnΡΙdΟΣs ΑiΒnΡΑ ΜthΟΠeΟ ΥpΛrΟiΣm, ary market (under a macroeconomic adjustment programme or under a precautionary programme). EFSF may also grant financial ΓΕΩΡΓΙaΟΣs sΠiΑsΠtΑaΚΩnΝcΣeΤΑ ΝbΤyΙΝ ΟpΥ,r ΓoΕΩvΡiΓdΙΟiΣn ΜgΠ ΑcΜrΠeΙΝdΙΩiΤtΗ Σe, nhancement in conjunction with new debt issued by euro-area Member States, thus reducing the funding cost for euro-area Member States ΜΑΥΡaΟnΥdΔΗ Σt hΒΟeΡ ΙΔfΗuΣ,n ΚdΩΝinΣΤgΑ ΝΤaΙΝrΟrΣa ΣnΚgΑΝeΔmΑΛeΙΔnΗtΣs, of EFSF may be maximised with a combination of resources from private and public financial institutions which can be arranged through ΜΙΛΤΙΑΔΗΣ ΠΑsΠΑpΪΩeΑcΝiΝaΟlΥ , ΜpΙΧuΑrΗpΛ oΧΡsΥeΣ ΟΧvΟeΪΔhΗiΣc, ΠleΑΥsΛ ΟwΣ ΓhΕΡicΟΥhΛ ΑΝwΟΣi,ll enlarge the amount of resources available to extend loans for bank re-capitalisation and for buying bonds in the primary and ΓΕΩΡΓΙΟΣ ΣΤΑΥsΡeΟcΠoΟΥnΛdΟΣa, rΠyΑΝ ΤmΕΛΕaΗrΜkΩeΝt ΚsΑ Ψ(ΗeΣa, ΦcΩhΤ ΕΙΝinΗ dΓΕiΝvΝiΗdΜuΑΤaΑl, utilisation under a financial assistance facility agreement being a "Financial Assistance" and, where the context requires, the term ΦΙΛΙΠΠΟΣ Σ"ΑFΧΙΝinΙΔΗaΣn, ΠcΑiΝaΤΕlΛ ΗAΣ ΟsΙΚsΟiΝsΟtΜaΟnΥ,c ΣeΩ"Κ ΡΑsΤΗhΣa ΞlΥlΝ ΙΔaΗlΣs,o mean all or any of such forms of financial assistance collectively). ΝΙΚΟΛΑΟΣ ΣΗΦΟΥΝΑΚΗΣ, ΚΩΝΣΤΑΝΤΙΝΟΣ ΑΡΒΑΝΙΤΟΠΟΥΛΟΣ 1724 ΕΦΗΜΕΡΙΣ ΤΗΣ ΚΥΒΕΡΝΗΣΕΩΣ (ΤΕΥΧΟΣ ΠΡΩΤΟ) (2) EFSF shall finance (including by way of pre-funding) the making of Financial Assistance by issuing or entering into bonds, notes, bills, commercial paper, debt securities or other financing arrangements (including treasury operations, DMO Lines, committed and un-committed credit lines, sale and repurchase agreements and reverse sale and repurchase agreements) (in the case of sale and repurchase agreements and reverse sale and repurchase agreements for a term exceeding twelve (12) months, to the extent they have been approved, where necessary, by the board of directors of EFSF and the Guarantors/EWG) ("Funding Instruments") which are backed by irrevocable and unconditional guarantees (each a "Guarantee") of the euro-area Member States which shall act as guarantors in respect of such Funding Instruments as contemplated by the terms of this Agreement. The guarantors (the "Guarantors") of Funding Instruments issued or entered into by EFSF shall be comprised of each euro-area Member State (excluding any euro-area Member State which is or has become a Stepping-Out Guarantor (as defined below) prior to the issue of or entry into such Funding Instruments). The Funding Instruments shall be issued or entered into either on a stand-alone basis or pursuant to a debt issuance programme (the "EFSF Debt Issuance Programme") in accordance with the EFSF Funding Guidelines (as defined below). Certain of the proceeds of Funding Instruments may be credited from time to time to the Liquidity Buffer (as defined below). (3) On 8 May 2010, the Kingdom of Belgium, Ireland, the Kingdom of Spain, the French Republic, the Italian Republic, the Republic of Cyprus, the Grand Duchy of Luxembourg, the Republic of Malta, the Kingdom of the Netherlands, the Republic of Austria, the Portuguese Republic, the Republic of Slovenia, the Slovak Republic, the Republic of Finland and KfW (acting in the public interest, subject to the instructions of and with the benefit of the guarantee of the Federal Republic of Germany) (as Lenders) entered into a EUR 80,000,000,000 loan facility agreement (the "Loan Facility Agreement") with Greece and the Bank of Greece which provides stability support to Greece in an inter-governmental framework via pooled bilateral loans. (4) On 8 February 2012 Greece requested further financial assistance from the euro-area Member States. In accordance with the Statement by the Heads of State or Government of the euro area and EU institutions of 21 July and 26/27 October 2011, EFSF will be used as the financing vehicle for future disbursements to Greece under the financial assistance of the euro-area Member States. (5) On 1 March 2012 a Memorandum of Understanding (the "PSI MoU") was entered into between the European Commission, Greece and the Bank of Greece relating to (i) a voluntary liability management transaction by way of voluntary bond exchange to be entered into between Greece and certain private sector investors as described in the statement of the Euro Summit dated 26 October 2011 (the "Voluntary Liability Management Transaction"); (ii) a buy-back offer (the "Buy-Back Offer") whereby Greece, acting through the ECB as its agent, offers to buy-back from Eurosystem national central banks ("NCBs") certain marketable debt instruments issued or guaranteed by Greece which are held by NCBs as collateral for Eurosystem monetary policy operations with eligible counterparties; (iii) the payment of accrued interest on the bonds that will be exchanged under the Voluntary Liability Management Transaction, which will be financed in part or in whole by EFSF (the "Bond Interest Transaction"); and (iv) the provision of support in bank recapitalisation programmes of financial institutions in Greece (the "Bank Recapitalisation Transaction"). The ΕΦΗΜΕΡΙΣ ΤΗΣ ΚΥΒΕΡΝΗΣΕΩΣ (ΤΕΥΧΟΣ ΠΡΩΤΟ) 1725 PSI MoU is separate from and in addition to the Memorandum of Understanding originally signed on 3 May 2010, as last amended by the Supplemental Memorandum of Understanding (Fifth Addendum) of [6 December 2011], between the European Commission, Greece and the Bank of Greece (the "2011 Memorandum of Understanding" which, together with the PSI MoU and any subsequent or supplemental memoranda of understanding or addendum to any of them, is the "MoU"). (6) Upon the request of financial assistance from Greece and in line with the PSI MoU, EFSF has entered into Financial Assistance Facility Agreements with Greece and the Bank of Greece, to provide the following Financial Assistance Facilities: (i) on 1 March 2012, a financial assistance facility agreement of up to EUR 30,000,000,000 in order to permit Greece to finance, in part, the Voluntary Liability Management Transaction (the "PSI LM Facility"); (ii) on 1 March 2012, a financial assistance facility agreement of EUR 35,000,000,000 in order to permit Greece to finance the Buy-Back Offer (the "ECB Credit Enhancement Facility"); (iii) on 1 March 2012, a financial assistance facility agreement of EUR 5,500,000,000 in order to facilitate the making of payments in relation to accrued interest under certain outstanding sovereign bonds issued or guaranteed by Greece, in the context of the Voluntary Liability Management Transaction, such payments to be made at the time and to the extent that such sovereign bonds are exchanged for New Greek Bonds (the "Bond Interest Facility"); and (iv) on 1 March 2012, a financial assistance facility agreement of up to EUR 23,000,000,000 in order to finance the recapitalisation of certain financial institutions in Greece (the "Existing Bank Recapitalisation Facility"). (7) A Memorandum of Understanding was entered into between the Commission, the Hellenic Republic and the Bank of Greece on or around 14 March 2012 in relation to this Financial Assistance Facility Agreement. The availability and the provision of Financial Assistance under this Agreement, including pursuant to the Facilities (as defined below) made available under the Facility Specific Terms (as defined below), shall, unless otherwise specified, be conditional upon (i) the Beneficiary Member State's compliance with the measures set out in the MoU and (ii) the Guarantors deciding favourably, on the basis of the findings of the regular assessments carried out by the Commission in liaison with the ECB in accordance with the Council Decision of the European Union on the basis of Articles 126(9) and 136 of TFEU on 12 July 2011 (which recast the former Council Decision 2010/320/EU of 10 May 2010 as amended), that the economic policy of the Beneficiary Member State accords with the adjustment programme and with the conditions laid down by the Council in the Decision and any other conditions laid down by the Council or in the MoU. (8) It is acknowledged and agreed that the Bank of Greece is a party to this Agreement for the purpose of receiving disbursements on behalf of the Beneficiary Member State. (9) It is acknowledged and agreed that in accordance with the terms of a unanimous resolution of the Member States made pursuant to Articles 5(3) and 10(5)(f) of the Framework Agreement the Slovak Republic is permitted not to participate in guaranteeing a specified amount of Funding Instruments issued to finance Financial Assistance to the Beneficiary Member State which amount corresponds to the notional share of the Slovak Republic in the cancelled non-utilised portion of the EUR 80 billion loan facility dated 8 May 2010 between the then euro-area Member 1726 ΕΦΗΜΕΡΙΣ ΤΗΣ ΚΥΒΕΡΝΗΣΕΩΣ (ΤΕΥΧΟΣ ΠΡΩΤΟ) States and the Beneficiary Member State. The Heads of State or Government of the euro area and EU institutions agreed on 26 October 2011 that the effective aggregate amount to be guaranteed by the Slovak Republic for the new Greek programme would not exceed the amount the Slovak Republic committed to guarantee under the concept endorsed on 21 July 2011 which provided for official financing amounting to 109 billion1. EFSF and the Guarantors shall enter into such agreements and documents as they see fit to give effect to this arrangement. (10) Appropriate measures related to the prevention of, and the fight against, fraud, corruption and other irregularities affecting any Financial Assistance shall be provided for and implemented by the authorities of the Beneficiary Member State. Now, therefore, the Parties hereto have agreed as follows: 1 According to the diplomatic note from the Council of the European Union to Slovakia, dated 28 October 2011. ΕΦΗΜΕΡΙΣ ΤΗΣ ΚΥΒΕΡΝΗΣΕΩΣ (ΤΕΥΧΟΣ ΠΡΩΤΟ) 1727 MASTER FINANCIAL ASSISTANCE FACILITY 1. DEFINITIONS Capitalised terms shall, unless otherwise specified in relation to a Facility in the relevant Facility Specific Terms, have the meanings set out below: "Acceptance Notice" means, in relation to a Facility, EFSF's written notice to the Beneficiary Member State in the form of the applicable Annex setting out the amount and the detailed provisional financial terms of the Financial Assistance under the relevant Facility, Instalment or Tranche that EFSF is willing to extend to the Beneficiary Member State under this Agreement and the Facility Specific Terms. "Aggregate Financial Assistance Amount" has the meaning given to such term in Clause 2(1). "Agreement" means this Master Financial Assistance Facility Agreement, including the Annexes and Schedules hereto (including any Facility Specific Terms entered into between the Parties and the Annexes thereto). "Allocated Portion" means, in relation to Funding Instruments which cannot be rolled over or re-financed by virtue of a Market Disruption Event, the portion of such Funding Instruments allocated to the Beneficiary Member State by reference to the proportion the aggregate of the outstanding Financial Assistance Amounts provided by EFSF to the Beneficiary Member State bears to the aggregate principal amount of financial assistance provided by EFSF to all beneficiary member states which is outstanding. "Annex" means an Annex to this Agreement and, for any Facility, any Annex to the Facility Specific Terms which are applicable to that Facility. "Availability Period" for any Facility means the period specified as such in the applicable Facility Specific Terms, which shall in no case extend beyond 31 December 2014. "Average Maturity" means, in relation to any Facility, the weighted average maturity of all the Tranches made available under such Facility where the maturity of each Tranche is determined by reference to its final scheduled repayment date (for Tranches where the principal is repaid in full in one single payment at its maturity) or the scheduled amortisations of Financial Assistance (or Tranches thereof) (for any Tranche the principal of which is repayable in scheduled instalments). "Business Day" means a day on which the TARGET2 payment system is open for business. "Commission" means the European Commission. "Commitment Fee" means the fee allocated to the Beneficiary Member State in accordance with the Diversified Funding Strategy and related to (i) the Negative Carry resulting from the issuance or roll-over of Funding Instruments by EFSF (including to fund the Liquidity Buffer) (ii) Issuance Costs related to funding raised by EFSF that are not otherwise recoverable from the Beneficiary Member State or any 1728 ΕΦΗΜΕΡΙΣ ΤΗΣ ΚΥΒΕΡΝΗΣΕΩΣ (ΤΕΥΧΟΣ ΠΡΩΤΟ) other beneficiary member state and (iii) any commitment commissions arising under DMO Lines or committed or un-committed credit lines as may be made available to EFSF, in each case according to the EFSF Funding Guidelines. In accordance with Clause 6(2), the payment of the annual allocation to the Beneficiary Member State of a portion of EFSF's aggregate Commitment Fee shall be made either (a) following the receipt of an invoice or (b) on the first Payment Date under any Tranche, Instalment or Financial Assistance following the determination of the amount to be paid as annual Commitment Fee, expressed as a number of basis points per annum that shall be applied over the relevant Tranche, Instalment or Financial Assistance to result in the amount of the Commitment Fee that would otherwise have been payable upon receipt of an invoice. The allocation of the Commitment Fee to a Beneficiary Member State and the level and/or the payment structure of the Commitment Fee applicable to this Agreement may be changed from time to time by the board of directors of EFSF and approved by the Guarantors. "Confirmation Notice" means, in relation to a Facility, EFSF's written notice to the Beneficiary Member State substantially in the form of the applicable Annex to the relevant Facility Specific Terms setting out the definitive financial terms of the Financial Assistance under the relevant Facility, Instalment or Tranche that EFSF is willing to extend to the Beneficiary Member State under this Agreement and the Facility Specific Terms. "Cost of Carry" means, in relation to Funding Instruments, the difference between (i) the interest accrued under the relevant Funding Instruments (a) in the case of a Pre-Funding Operation, during the period from the date EFSF commences incurring liability for interest under the relevant Funding Instruments under the Pre-Funding Operation until the relevant Disbursement Date (or the date on which the proceeds of the relevant Funding Instruments are used to refinance any other Funding Instruments) or, if the proceeds of the Pre-Funding Operation are not partly or entirely disbursed, until the maturity of the relevant Funding Instruments for the undisbursed proceeds, (b) in the case of amounts raised to fund the Liquidity Buffer, during the period when EFSF incurs liability for interest under the relevant Funding Instruments but is not able to recover any amount from the Beneficiary Member State or any other beneficiary member state in respect of such amount as part of the EFSF Cost of Funding under any financial assistance facility agreement, (c) in the case of any re- financing of any Financing, during the period from the date EFSF commences incurring liability for interest under the new Financing until the new Financing is disbursed (or the date on which the proceeds of the relevant Funding Instruments are used to refinance any other Funding Instruments) and (ii) any return on the proceeds of those Funding Instruments actually received by EFSF, if EFSF at its sole discretion invested the amount pre-funded, the residual amount under a Financing or the amount raised to fund the Liquidity Buffer. The Cost of Carry referred to in paragraph (a) above shall be allocated solely to the Beneficiary Member State but the Cost of Carry referred to in paragraphs (b) and (c) above shall be determined on a pooled basis in relation to the pool of short term Funding Instruments and the pool of long term Funding Instruments and allocated to the Beneficiary Member State in accordance with the Diversified Funding Strategy and the methodology for allocation of Funding Instruments agreed by the EWG and the board of directors of EFSF at the time the Cost of Carry is calculated.