Exhibit
Number
|
Exhibit Description
|
|
23.1
|
Consent of Cravath, Swaine & Moore LLP (included in Exhibit 5.1).
|
|
23.2
|
Consent of Freshfields LLP (included in Exhibit 5.2).
|
Date: March 27, 2025
|
RELX PLC
|
|
By:
|
/s/ Adam Westley
|
|
Name:
|
Adam Westley
|
|
Title:
|
Deputy Secretary
|
Very truly yours, |
||||
RELX CAPITAL INC. |
||||
|
By:
|
/s/ Gregory Scalera | ||
Authorized Signatory
|
||||
Gregory Scalera, Treasurer
|
||||
|
|
RELX PLC |
||||
|
By:
|
/s/ Adam Westley | ||
Authorized Signatory
|
||||
Adam Westley, Deputy Secretary
|
||||
|
|
BOFA SECURITIES, INC |
||
By:
|
/s/ Christopher Cote
|
|
Authorized Signatory |
||
Christopher Cote, Managing Director
|
BARCLAYS CAPITAL INC. |
||
By:
|
/s/ Kenneth Chang
|
|
Authorized Signatory |
||
Kenneth Chang
|
||
|
ING FINANCIAL MARKETS LLC |
||
By:
|
/s/ Mike Kendrot
|
|
Authorized Signatory |
||
Mike Kendrot, Managing Director
|
||
|
By:
|
/s/ Robert Londrigan
|
|
Authorized Signatory |
||
Robert Londrigan, Managing Director
|
||
|
LLOYDS SECURITIES INC. |
||
By:
|
/s/ Marc Alldridge
|
|
Authorized Signatory |
||
Marc Alldridge
|
||
|
RBC CAPITAL MARKETS, LLC |
||
By:
|
/s/ Scott G. Primrose
|
|
Authorized Signatory |
||
Scott G. Primrose
|
WELLS FARGO SECURITIES, LLC | ||
|
||
By:
|
/s/ Carolyn Hurley
|
|
Authorized Signatory |
||
Carolyn Hurley
|
||
|
Underwriters
|
Aggregate
Principal
Amount of 2030 Notes
|
Aggregate
Principal
Amount of 2035 Notes
|
||||||
BofA Securities, Inc.
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
Barclays Capital Inc.
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
ING Financial Markets LLC
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
Lloyds Securities Inc.
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
RBC Capital Markets, LLC.
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
Wells Fargo Securities, LLC
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
ABN Amro Capital Markets (USA) LLC
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
Bank of China Limited, London Branch
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
SG Americas Securities, LLC
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
SMBC Nikko Securities America Inc.
|
$
|
68,181,000
|
$
|
68,181,000
|
||||
UBS Securities LLC
|
$
|
68,181,000
|
$
|
68,181,000
|
||||
Total
|
$
|
750,000,000
|
$
|
750,000,000
|
Issuer:
|
|
RELX Capital Inc.
|
Guarantor:
|
|
RELX PLC
|
Title of Securities:
|
|
$750,000,000 4.750% Notes due 2030 (the “2030 Notes”)
$750,000,000 5.250% Notes due 2035 (the “2035 Notes” and, together with the 2030 Notes, the “Notes”)
|
Aggregate Principal Amount Offered:
|
|
2030 Notes: $750,000,000
2035 Notes: $750,000,000
|
Maturity Date:
|
|
2030 Notes: March 27, 2030
2035 Notes: March 27, 2035
|
Coupon:
|
|
2030 Notes: 4.750% per annum
2035 Notes: 5.250% per annum
|
Interest Payment Dates:
|
|
Semi-annually on March 27 and September 27 of each year, beginning on September 27, 2025
|
Record Dates:
|
|
The 15th calendar day preceding each Interest Payment Date, whether or not such day is a Business Day
|
Day Count Fraction:
|
|
30/360
|
Price to Public (Issue Price):
|
|
2030 Notes: 99.600% of principal amount, plus accrued interest from the expected settlement date
2035 Notes: 99.777% of principal amount, plus accrued interest from the expected settlement date
|
Net Proceeds to the Issuer:
|
|
2030 Notes: $744,375,000 (after underwriting discount and before other offering expenses)
2035 Notes: $744,952,500 (after underwriting discount and before other offering expenses)
|
Benchmark Treasury:
|
|
2030 Notes: UST 4.000% due February 28, 2030
2035 Notes: UST 4.625% due February 15, 2035
|
Benchmark Treasury Price/Yield:
|
|
2030 Notes: 99-19 / 4.091%
2035 Notes: 102-11+ / 4.329%
|
Spread to Benchmark Treasury:
|
|
2030 Notes: +75 basis points
2035 Notes: +95 basis points
|
Yield to Maturity:
|
|
2030 Notes: 4.841%
2035 Notes: 5.279%
|
Make-Whole Call:
|
|
2030 Notes: Make-whole call at the applicable Treasury Rate plus 15 basis points (before February 27, 2030 (the date that is one month prior to the maturity date of the 2030 Notes))
2035 Notes: Make-whole call at the applicable Treasury Rate plus 15 basis points (before December 27, 2034 (the date that is three months prior to the maturity date of the 2035 Notes))
|
Par Call:
|
|
At any time on or after February 27, 2030 (the date that is one month prior to the maturity date of the 2030 Notes) with respect to the 2030 Notes, or December 27, 2034 (the date that is three months prior to the maturity date of the
2035 Notes) with respect to the 2035 Notes, the Notes will be redeemable in whole or in part at 100% of the principal amount of the Notes being redeemed, plus accrued interest on the principal amount being redeemed to the redemption date.
|
Trade Date:
|
|
March 24, 2025
|
Expected Settlement Date (T+3)*:
|
|
March 27, 2025
|
ISIN:
|
|
2030 Notes: US74949LAF94
2035 Notes: US74949LAG77
|
CUSIP:
|
|
2030 Notes: 74949L AF9
2035 Notes: 74949L AG7
|
Listing / Trading:
|
|
Application will be made to the New York Stock Exchange for the Notes to be listed and traded thereon. There can be no assurance that any such application will be successful or that any such listing will be granted or maintained.
|
Denominations / Multiple:
|
|
$1,000 / $1,000
|
Delivery:
|
|
DTC
|
Ratings**:
|
|
Moody’s: A3; S&P: A-;
Fitch: BBB+
|
Joint Book-Running Managers:
|
|
BofA Securities, Inc.
Barclays Capital Inc.
ING Financial Markets LLC
Lloyds Securities Inc.
RBC Capital Markets, LLC
Wells Fargo Securities, LLC
|
Joint Bookrunners:
|
|
ABN AMRO Capital Markets (USA) LLC
Bank of China Limited, London Branch
SG Americas Securities, LLC
SMBC Nikko Securities America Inc.
UBS Securities LLC
|
*
|
It is expected that delivery of the Notes will be made against payment therefore on or about March 27, 2025, which is the third business day following the date hereof (such settlement cycle being referred to as “T+3”). Under Rule
15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who
wish to trade the Notes on the date of pricing or the next succeeding business day will be required, by virtue of the fact that the Notes initially will settle in T+3, to specify an alternative settlement cycle at the time of any such
trade to prevent failed settlement. Purchasers of the Notes who wish to trade the Notes on the date of pricing should consult their own advisors.
|
**
|
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
|
|
(a) |
it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by the prospectus to any retail investor in the European Economic Area.
For the purposes of this provision:
|
|
(i) |
the expression “retail investor” means a person who is one (or more) of the following:
|
|
(1) |
a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”) or
|
|
(2) |
a customer within the meaning of Directive (EU) 2016/97 (as amended, the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II; or
|
|
(3) |
not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”); and
|
|
(ii) |
the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes;
|
|
(b) |
it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any retail investor in the United Kingdom. For the purposes of this provision:
|
|
(i) |
the expression “retail investor” means a person who is one (or more) of the following:
|
|
(1) |
a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, “EUWA”);
or
|
|
(2) |
a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8)
of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or
|
|
(3) |
not a qualified investor as defined in Article 2 of the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA; and
|
|
(c) |
the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes;
|
|
(d) |
it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in
connection with the issue or sale of any Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer; and
|
|
(e) |
it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Notes in, from or otherwise involving the United Kingdom.
|
|
(I) |
2030 Notes.
|
|
(II) |
2035 Notes.
|
|
(1) |
accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer on the Change of Control Payment Date; and
|
|
(2) |
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company.
|
by
|
||
/s/ Scott W. Leibold
|
||
Name:
|
Scott W. Leibold
|
|
Title:
|
President
|
by
|
||
/s/ Gregory Scalera
|
||
Name:
|
Gregory Scalera
|
|
Title:
|
Treasurer
|
Principal Amount
|
No. [●]
|
$[●]
|
ISIN: US74949LAF94
|
CUSIP: 74949L AF9
|
RELX CAPITAL INC.
|
||
By:
|
|
|
Name:
|
Gregory Scalera
|
|
Title:
|
Treasurer |
Attested:
|
|
|
Name:
|
Scott Leibold
|
|
Title:
|
President
|
|
THE BANK OF NEW YORK MELLON, as Trustee
|
|
By:
|
|
Authorized Officer
|
|
(a) |
any tax, assessment, duty or other governmental charge which would not have been imposed but for:
|
|
(i) |
the existence of any present or former connection (other than the mere acquisition, ownership or holding of, or the receipt of payment or the exercise or enforcement of rights in respect of, this Debt Security) between the Holder of
this Debt Security (or between a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over that Holder, if that Holder is an estate, trust, partnership or corporation or any Person other than the Holder to
which this Debt Security or any amount payable on this Debt Security is attributable for the purpose of that tax, assessment or charge) and a Relevant Taxing Jurisdiction, including, without limitation, that Holder (or fiduciary, settlor,
beneficiary, member, shareholder or possessor or person other than the Holder) being or having been a citizen or resident of a Relevant Taxing Jurisdiction, or being or having been present or engaged in a trade or business in a Relevant
Taxing Jurisdiction, or having or having had a permanent establishment in a Relevant Taxing Jurisdiction; or
|
|
(ii) |
the presentation of this Debt Security (where presentation is required) for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment was duly provided for, whichever
occurred later, except to the extent that the Holder would have been entitled to Additional Amounts on presenting this Debt Security for payment on or before the thirtieth day;
|
|
(b) |
any estate, inheritance, gift, sale, transfer or personal property tax, assessment or other governmental charge of a similar nature;
|
|
(c) |
any tax, assessment, duty or other governmental charge that is imposed or withheld by reason of the failure by that Holder or any other Person mentioned in (a) above to comply, after reasonable notice (at least 30 days before any such
withholding would be payable), with a request of the Company or the Guarantor, as the case may be, addressed to that Holder or that other Person to provide information concerning the nationality, residence or identity of that Holder or
that other Person, or to make any declaration or other similar claim or satisfy any reporting requirement, which is, in either case, required by a statute, treaty or regulation of the Relevant Taxing Jurisdiction, as a precondition to
exemption from or reduction of that tax, assessment or other governmental charge;
|
|
(d) |
any tax, assessment, duty or other governmental charge imposed by reason of such Holder’s past or present status as a passive foreign investment company, a controlled foreign corporation or personal holding company with respect to the
United States, or as a corporation which accumulates earnings to avoid United States federal income tax;
|
|
(e) |
any tax, assessment, duty or other governmental charge imposed on interest received by:
|
|
(i) |
a 10% shareholder (as defined in Section 871(h)(3)(B) of the United States Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated thereunder) of the Company;
|
|
(ii) |
a controlled foreign corporation related to the Company within the meaning of Section 864(d)(4) of the Code; or
|
|
(iii) |
a bank receiving interest described in Section 881(c)(3)(A) of the Code;
|
|
(f) |
any Debt Security that is presented for payment by or on behalf of a resident of a member state of the European Union who would have been able to avoid any withholding or deduction by presenting the relevant Debt Security to another
Paying Agent in a member state of the European Union;
|
|
(g) |
any tax, assessment, duty or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections) (“FATCA”), any regulations or other
guidance thereunder, any agreement (including any intergovernmental agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental
agreement in respect of FATCA; or
|
|
(h) |
any combination of items (a) through (g) above,
|
|
● |
any tax, assessment, duty or other governmental charge that is payable other than by deduction or withholding from payments on this Debt Security; or
|
|
● |
any payment to any Holder which is a fiduciary or a partnership or other than the sole beneficial owner of this Debt Security to the extent a beneficiary or settlor with respect to that fiduciary or a member of that partnership or the
beneficial owner would not have been entitled to those Additional Amounts had it been the Holder of this Debt Security.
|
|
● |
100% of the principal amount of this Debt Security; and
|
|
● |
(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming this Debt Security matured on the Par Call Date) on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the Redemption Date;
|
|
● |
100% of the principal amount of this Debt Security; and
|
|
● |
(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming this Debt Security matured on the Par Call Date) on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the Redemption Date;
|
|
● |
accept for payment all Debt Securities or portions of Debt Securities properly tendered pursuant to the Change of Control Offer on the Change of Control Payment Date; and
|
|
● |
deliver or cause to be delivered to the Trustee the Debt Securities properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Debt Securities or portions of Debt Securities being purchased by
the Company.
|
Date of
Decrease/Increase
|
Decrease in
Principal Amount
|
Increase in
Principal Amount
|
Total Principal
Amount
Following such
Decrease/Increase
|
Notation Made
by or on Behalf of
Trustee
|
||||
RELX PLC
|
|
By:
|
|
Name:
|
Nick Luff
|
Title:
|
Chief Financial Officer
|
Principal Amount
|
No. [●]
|
$[●]
|
ISIN: US74949LAG77
|
CUSIP: 74949L AG7
|
RELX CAPITAL INC.
|
||
By:
|
|
|
Name:
|
Gregory Scalera
|
|
Title:
|
Treasurer |
Attested:
|
|
|
Name:
|
Scott Leibold
|
|
Title:
|
President
|
|
THE BANK OF NEW YORK MELLON, as Trustee
|
|
By:
|
|
Authorized Officer
|
|
(a) |
any tax, assessment, duty or other governmental charge which would not have been imposed but for:
|
|
(i) |
the existence of any present or former connection (other than the mere acquisition, ownership or holding of, or the receipt of payment or the exercise or enforcement of rights in respect of, this Debt Security) between the Holder
of this Debt Security (or between a fiduciary, settlor, beneficiary, member of, shareholder of, or possessor of a power over that Holder, if that Holder is an estate, trust, partnership or corporation or any Person other than the
Holder to which this Debt Security or any amount payable on this Debt Security is attributable for the purpose of that tax, assessment or charge) and a Relevant Taxing Jurisdiction, including, without limitation, that Holder (or
fiduciary, settlor, beneficiary, member, shareholder or possessor or person other than the Holder) being or having been a citizen or resident of a Relevant Taxing Jurisdiction, or being or having been present or engaged in a trade or
business in a Relevant Taxing Jurisdiction, or having or having had a permanent establishment in a Relevant Taxing Jurisdiction; or
|
|
(ii) |
the presentation of this Debt Security (where presentation is required) for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment was duly provided for, whichever
occurred later, except to the extent that the Holder would have been entitled to Additional Amounts on presenting this Debt Security for payment on or before the thirtieth day;
|
|
(b) |
any estate, inheritance, gift, sale, transfer or personal property tax, assessment or other governmental charge of a similar nature;
|
|
(c) |
any tax, assessment, duty or other governmental charge that is imposed or withheld by reason of the failure by that Holder or any other Person mentioned in (a) above to comply, after reasonable notice (at least 30 days before any
such withholding would be payable), with a request of the Company or the Guarantor, as the case may be, addressed to that Holder or that other Person to provide information concerning the nationality, residence or identity of that
Holder or that other Person, or to make any declaration or other similar claim or satisfy any reporting requirement, which is, in either case, required by a statute, treaty or regulation of the Relevant Taxing Jurisdiction, as a
precondition to exemption from or reduction of that tax, assessment or other governmental charge;
|
|
(d) |
any tax, assessment, duty or other governmental charge imposed by reason of such Holder’s past or present status as a passive foreign investment company, a controlled foreign corporation or personal holding company with respect to
the United States, or as a corporation which accumulates earnings to avoid United States federal income tax;
|
|
(e) |
any tax, assessment, duty or other governmental charge imposed on interest received by:
|
|
(i) |
a 10% shareholder (as defined in Section 871(h)(3)(B) of the United States Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated thereunder) of the Company;
|
|
(ii) |
a controlled foreign corporation related to the Company within the meaning of Section 864(d)(4) of the Code; or
|
|
(iii) |
a bank receiving interest described in Section 881(c)(3)(A) of the Code;
|
|
(f) |
any Debt Security that is presented for payment by or on behalf of a resident of a member state of the European Union who would have been able to avoid any withholding or deduction by presenting the relevant Debt Security to
another Paying Agent in a member state of the European Union;
|
|
(g) |
any tax, assessment, duty or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections) (“FATCA”), any regulations or
other guidance thereunder, any agreement (including any intergovernmental agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an
intergovernmental agreement in respect of FATCA; or
|
|
(h) |
any combination of items (a) through (g) above,
|
|
● |
any tax, assessment, duty or other governmental charge that is payable other than by deduction or withholding from payments on this Debt Security; or
|
|
● |
any payment to any Holder which is a fiduciary or a partnership or other than the sole beneficial owner of this Debt Security to the extent a beneficiary or settlor with respect to that fiduciary or a member of that partnership or
the beneficial owner would not have been entitled to those Additional Amounts had it been the Holder of this Debt Security.
|
|
● |
100% of the principal amount of this Debt Security; and
|
|
● |
(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming this Debt Security matured on the Par Call Date) on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the Redemption Date;
|
|
● |
100% of the principal amount of this Debt Security; and
|
|
● |
(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming this Debt Security matured on the Par Call Date) on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points less (b) interest accrued to the Redemption Date;
|
|
● |
accept for payment all Debt Securities or portions of Debt Securities properly tendered pursuant to the Change of Control Offer on the Change of Control Payment Date; and
|
|
● |
deliver or cause to be delivered to the Trustee the Debt Securities properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Debt Securities or portions of Debt Securities being purchased
by the Company.
|
Date of
Decrease/Increase
|
Decrease in
Principal Amount
|
Increase in
Principal Amount
|
Total Principal
Amount
Following such
Decrease/Increase
|
Notation Made
by or on Behalf of
Trustee
|
||||
RELX PLC
|
|
By:
|
|
Name:
|
Nick Luff
|
Title:
|
Chief Financial Officer
|
Very truly yours, |
||||
RELX CAPITAL INC. |
||||
|
By:
|
|
||
Authorized Signatory
|
||||
|
|
RELX PLC |
||||
|
By:
|
|
||
Authorized Signatory
|
||||
|
|
BOFA SECURITIES, INC |
||
By:
|
|
|
Authorized Signatory |
||
|
BARCLAYS CAPITAL INC. |
||
By:
|
|
|
Authorized Signatory |
||
|
||
|
ING FINANCIAL MARKETS LLC |
||
By:
|
|
|
Authorized Signatory |
||
|
||
|
By:
|
|
|
Authorized Signatory |
||
|
||
|
LLOYDS SECURITIES INC. |
||
By:
|
|
|
Authorized Signatory |
||
|
||
|
RBC CAPITAL MARKETS, LLC |
||
By:
|
|
|
Authorized Signatory |
WELLS FARGO SECURITIES, LLC | ||
By:
|
|
|
Authorized Signatory |
||
|
||
|
Underwriters
|
Aggregate
Principal
Amount of 2030 Notes
|
Aggregate
Principal
Amount of 2035 Notes
|
||||||
BofA Securities, Inc.
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
Barclays Capital Inc.
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
ING Financial Markets LLC
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
Lloyds Securities Inc.
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
RBC Capital Markets, LLC.
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
Wells Fargo Securities, LLC
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
ABN Amro Capital Markets (USA) LLC
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
Bank of China Limited, London Branch
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
SG Americas Securities, LLC
|
$
|
68,182,000
|
$
|
68,182,000
|
||||
SMBC Nikko Securities America Inc.
|
$
|
68,181,000
|
$
|
68,181,000
|
||||
UBS Securities LLC
|
$
|
68,181,000
|
$
|
68,181,000
|
||||
Total
|
$
|
750,000,000
|
$
|
750,000,000
|
|
(a) |
it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes which are the subject of the offering contemplated by the prospectus to any retail investor in the European
Economic Area. For the purposes of this provision:
|
|
(i) |
the expression “retail investor” means a person who is one (or more) of the following:
|
|
(1) |
a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”) or
|
|
(2) |
a customer within the meaning of Directive (EU) 2016/97 (as amended, the “Insurance Distribution Directive”), where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II; or
|
|
(3) |
not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”); and
|
|
(ii) |
the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the
Notes;
|
|
(b) |
it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any retail investor in the United Kingdom. For the purposes of this provision:
|
|
(i) |
the expression “retail investor” means a person who is one (or more) of the following:
|
|
(1) |
a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, “EUWA”); or
|
|
(2) |
a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in
point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or
|
|
(3) |
not a qualified investor as defined in Article 2 of the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA; and
|
|
(c) |
the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the
Notes;
|
|
(d) |
it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by
it in connection with the issue or sale of any Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer; and
|
|
(e) |
it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Notes in, from or otherwise involving the United Kingdom.
|
|
|
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|
|
|
|
|
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1.
|
When the Debt Securities have been duly authenticated by the Trustee in accordance with the provisions of the Indenture and upon payment of the consideration therefor provided for in the Underwriting Agreement, such Debt Securities
will be validly issued and constitute valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
transfer and other similar laws affecting creditors’ rights generally from time to time in effect and to general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing,
regardless of whether considered in a proceeding in equity or at law).
|
|
|
2.
|
When the Debt Securities underlying the Guarantees have been duly authenticated by the Trustee in accordance with the provisions of the Indenture and upon payment of the consideration therefor provided for in the Underwriting
Agreement, the Guarantees will constitute the valid and binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer and other similar laws affecting creditors’ rights generally from time to time in effect and to general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair
dealing, regardless of whether considered in a proceeding in equity or at law).
|
Very truly yours,
|
|
/s/ Cravath, Swaine & Moore LLP
|
RELX PLC
1-3 Strand
London WC2N 5JR
England
|
London
Freshfields LLP
100 Bishopsgate
London EC2P 2SR
|
||
|
|
T +44 20 7936 4000 (Switchboard)
|
|
|
|
+44 20 7832 7110 (Direct)
|
|
|
F +44 20 7832 7001 |
||
LDE No 23 | |||
|
E peter.allen@freshfields.com
|
||
|
www.freshfields.com
|
||
|
Doc ID
|
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EUROPE-LEGAL-300980679/6 | |||
Our Ref |
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|
103037-0194 |
5. | (a) | This opinion is confined to matters of English law (including case law) as at the date of this opinion. We express no opinion with regard to any system of law other than the laws of England as currently applied by the English courts. |
(b) |
By giving this opinion, we do not assume any obligation to notify you of future changes in law which may affect the opinions expressed in this opinion, or otherwise to update this opinion in any respect.
|
(c) |
To the extent that the laws of the State of New York, the General Corporation Law of the State of Delaware and any applicable federal laws of the United States of America (upon all of which you have received the advice of Cravath, Swaine
& Moore LLP) may be relevant, we have made no independent investigation of such laws and our opinion is subject to the effect of such laws including the matters contained in the opinion of Cravath, Swaine & Moore LLP. We express no
views on the validity of the matters set out in such opinion.
|
(d) |
We should also like to make the following observations:
|
|
(i) |
Factual Statements: we have not been responsible for verifying whether statements of fact (including foreign law), opinion or intention in the Documents, the Registration
Statement or any related documents are accurate, complete or reasonable;
|
|
(ii) |
Nature of Role: we have not been involved in the preparation or negotiation of the Documents, and have reviewed them only for the limited purpose of giving this opinion in
relation to the Debt Securities. Accordingly, we express no view as to the suitability of the Documents or of their provisions or their general compliance with market practice or any commercial aspects of the Documents;
|
|
(iii) |
Formulae and Cash flows: we have not been responsible for verifying the accuracy or correctness of any formula or ratio (whether expressed in words or symbols) or financial
schedule contained in any of the Documents, or any cash flow model used or to be used in connection with the Debt Securities, or whether such formula, ratio, financial schedule or cash flow model appropriately reflects the commercial
arrangements between the parties;
|
|
(iv) |
Tax: we express no opinion in respect of the tax treatment of the Documents or the Debt Securities; you have not relied on any advice from us in relation to the tax implications
of the Debt Securities or the Documents for you or any other person, whether in the United Kingdom or in any other jurisdiction, or the suitability of any tax provisions in the Documents;
|
|
(v) |
Operational Licences: we have not investigated whether REPLC has obtained any of the operational licences, permits and consents which it may require for the purpose of carrying
on its business (including the entry into the Documents);
|
|
(vi) |
Anti-trust: we have not considered whether the Debt Securities or the Documents comply with civil or criminal antitrust, cartel, competition, public procurement or state aid laws,
nor whether any filings, clearances, notifications or disclosures are required or advisable under such laws;
|
|
(vii) |
Pensions: in giving this opinion, we have not considered whether the issue of the Debt Securities might constitute a criminal offence or otherwise attract criminal liability
under the amendments made by the UK Pension Schemes Act 2021 to the UK Pensions Act 2004; and
|
|
(viii) |
National Security & Investment Act 2021: we have not considered whether the Debt Securities or the Documents comply with the National Security & Investment Act 2021,
nor whether any filings, clearances, notifications or disclosures are required or advisable under such law.
|
(a) |
Corporate Existence: REPLC has been duly incorporated in the United Kingdom and registered in England and Wales, and the Company Search and Winding-up Enquiry revealed no
application, petition, order or resolution for the administration or winding-up of REPLC and no notice of appointment of, or intention to appoint, a receiver or administrator in respect of REPLC;
|
(b) |
Corporate Power: REPLC has the requisite corporate capacity to enter into the Documents and to perform its obligations under them;
|
(c) |
Corporate Authorisation: the entry into the Documents has been duly authorised by all necessary corporate action on the part of REPLC; and
|
(d) |
Valid/Enforceable Obligations: on the assumption and to the extent that the obligations of REPLC under the Documents constitute legal, valid and binding obligations of REPLC
enforceable in accordance with all applicable laws (including the laws of the State of New York) other than the laws of England, the obligations of REPLC under the Documents, when executed and delivered by REPLC as provided in the Indenture,
will be recognised by, and enforceable in, the English courts if they were to take jurisdiction subject to and in accordance with the provisions set out below.
|
(a) |
a copy of the indenture (as amended and supplemented, the Indenture) between the Issuer, REPLC, as guarantor, and The Bank of New York Mellon, as trustee, principal paying agent
and registrar, dated as of 9 May 1995, and a copy of each supplemental indenture thereto (being the Supplemental Indenture No 1 executed and delivered on March 2, 1998, the Supplemental Indenture No 2 executed and delivered on May 26, 1998,
the Third Supplemental Indenture executed and delivered on February 21, 2001, the Fourth Supplemental Indenture executed and delivered on July 25, 2001, the Fifth Supplemental Indenture executed and delivered on January 16, 2009, the Sixth
Supplemental Indenture executed and delivered on 12 May 2015, the Seventh Supplemental Indenture executed and delivered on 30 April 2018 and the Eighth Supplemental Indenture executed and delivered on 8 September 2018;
|
(b) |
a copy of the executed Guarantees, endorsed on the executed global notes representing the Debt Securities, dated 27 March 2025;
|
(c) |
a copy of the prospectus dated 29 April 2022 and prospectus supplement relating to the Debt Securities dated 24 March 2025 (the Prospectus); and
|
(d) |
a secretary’s certificate of REPLC dated 27 March 2025 (the Secretary’s Certificate).
|
(a) |
Authenticity: (A) the genuineness of all signatures, (B) that a signatory has personally signed the Document either (i) by hand (a wet ink signatory); or (ii) by adding an image
or their signature to an electronic version of the Document; or (iii) by adding their signature to an electronic version of the Document on an approved web-based electronic signing platform (an e-platform) contemplated by the parties and their legal advisors in correspondence; or (iv) by using a mouse, finger, stylus or similar to sign their name in an electronic version of the Document on a touchscreen device such
as an iPad (each signature referred to in (ii) to (iv) an e-signature, and each signatory referred to in (ii) to (iv) an e-signatory),
and (C) the genuineness of all stamps and seals on, and the authenticity, accuracy and completeness of, all documents submitted to us (whether as originals or copies);
|
(b) |
Copies: the conformity to originals of all documents supplied to us as photocopies, portable document format (PDF) copies, facsimile copies or e-mail conformed copies;
|
(c) |
Constitutional Documents and Responsible Officer’s Certificates: the Memorandum and Articles of Association of REPLC which we have examined are those in force and the resolutions
of the Board of Directors of REPLC and the committee of the Board of Directors of REPLC which we have examined were passed at meetings duly convened and held, have not been amended, rescinded, modified or revoked and are in full force and
effect and the certifications in the Responsible Officer’s Certificate are true and accurate as at the date hereof;
|
(d) |
Directors’ Duties: that the directors of REPLC, in authorising execution of the Documents, have exercised their powers in accordance with their duties under all applicable laws
and the Memorandum and Articles of Association of REPLC;
|
(e) |
Other Parties - Corporate Capacity/Approval: that each of the parties to the Documents (other than REPLC) has the necessary capacity and corporate power to execute, deliver and
perform the Documents, and that the Documents have been or will be duly authorised, executed and delivered by each of the parties thereto in accordance with all applicable laws (other than, in the case of REPLC, the laws of England);
|
(f) |
Validity under Other Laws: that the Documents constitute legal, valid and binding obligations of each of the parties thereto enforceable under all applicable laws (including the
laws of the State of New York by which each of the Documents is expressed to be governed and the laws of the State of Delaware but in this regard noting any qualifications as to enforceability of obligations set out in the opinion of Cravath,
Swaine & Moore LLP, which also qualify this opinion to the extent that it relates to the enforceability of those obligations in the English courts) (other than, in the case of REPLC, the laws of England) and that insofar as the laws or
regulations of any other jurisdiction may be relevant to (i) the obligations or rights of any of the parties under any of the Documents, or (ii) any of the transactions contemplated by any of the Documents, such laws and regulations do not
prohibit, and are not inconsistent with, the entering into and performance of any of such obligations, rights or transactions;
|
(g) |
Filings under Other Laws: that all consents, licences, approvals, notices, filings, recordations, publications and registrations which are necessary under any applicable laws
(other than, in the case of REPLC, the laws of England) in order to permit the execution, delivery or performance of the Documents or to perfect, protect or preserve any of the interests created by the Documents, have been made or obtained,
or will be made or obtained within the period permitted or required by such laws or regulations;
|
(h) |
Unknown Facts: that there are no facts or circumstances (and no documents, agreements, instruments or correspondence) which are not apparent from the face of the Documents or
which have not been disclosed to us that may affect the validity or enforceability of the Documents or any obligation therein or otherwise affect the opinions expressed in this opinion;
|
(i) |
Arm’s Length Terms: that the Documents have been entered into for bona fide commercial reasons and on arm’s length terms by each of the parties thereto;
|
(j) |
Company Search: that the information revealed by the Company Search (i) was accurate in all respects and has not since the time of such search been altered, and (ii) was complete
and included any and all relevant information which had been properly submitted to the Registrar of Companies;
|
(k) |
Winding-up Enquiry: that the information revealed by the Winding-up Enquiry was accurate in all respects and has not since the time of such enquiry been altered;
|
(l) |
Bad Faith, Fraud, Duress: the absence of bad faith, breach of duty, breach of trust, fraud, coercion, duress or undue influence on the part of any of the parties to the Documents
and their respective directors, employees, agents and advisers (excepting, of course, ourselves);
|
(m) |
Representations: that the representations and warranties by the respective parties in the Documents in each case (other than as to matters of law on which we opine in this
opinion) are or were, as applicable, true, correct, accurate and complete in all respects on the date such representations and warranties were expressed to be made, and that the terms of the Documents have been and will be observed and
performed by the parties thereto;
|
(n) |
Financial crime, national security and investment, antitrust and criminal cartel, sanctions, pensions and human rights, etc.: that the parties to the Documents and all persons
representing them have complied (and will continue to comply) with all applicable anti-terrorism, national security and investment laws, anti-corruption, anti-money laundering, anti-tax evasion, other financial crime, civil or criminal
antitrust, cartel, competition, public procurement, state aid, subsidy control, sanctions, pensions, and human rights laws and regulations which may affect them, the Transaction or the Documents, and that performance and enforcement of the
Transaction and the Documents is, and will continue to be, consistent with all such laws and regulations;
|
(o) |
Secondary Legislation: that all UK secondary legislation relevant to this opinion is valid,
effective and enacted within the scope of the powers of the relevant rule-making authorities;
|
(p) |
New York law: satisfactory evidence of the laws of the State of New York (by which each of the Documents is expressed to be governed) which is required to be pleaded and proved
as a fact in any proceedings before the English Courts, could be so pleaded and proved;
|
(q) |
Effect of provisions: the Documents have the same meaning and effect as if they were governed by English law; and
|
(r) |
Public Policy: the terms and performance of each obligation under the Documents are not illegal or contrary to public policy in any place outside England and Wales in which it is
going to be performed.
|
(a) |
Company Search: the Company Search is not capable of revealing conclusively whether or not:
|
|
(i) |
a winding up order has been made or a resolution passed for the winding up of a company;
|
|
(ii) |
an administration order has been made;
|
|
(iii) |
a receiver, administrative receiver, administrator or liquidator has been appointed; or
|
|
(iv) |
a court order has been made under the Cross-Border Insolvency Regulations 2006,
|
(b) |
Winding up Enquiry: the Winding up Enquiry relates only to the presentation of: (i) a petition for the making of a winding up order or the making of a winding up order by the
Court, (ii) an application to the High Court of Justice in London for the making of an administration order and the making by such court of an administration order, (iii) a notice of intention to appoint an administrator or a notice of
appointment of an administrator filed at the High Court of Justice in London; and (iv) a notice of moratorium under Part A1 of the Insolvency Act 1986. It is not capable of revealing conclusively whether
or not such a winding up petition, application for an administration order, notice of intention or notice of appointment or notice of a moratorium has been presented or winding up or administration order granted, because:
|
|
(i) |
details of a winding up petition or application for an administration order may not have been entered on the records of the Central Registry of Winding-up Petitions immediately;
|
|
(ii) |
in the case of (A) an application for the making of an administration order; (B) the filing of a notice of intention to appoint an administrator; (C) the filing of a notice of appointment of an administrator; or (D) the filing of a
notice of a moratorium, if such application is made to, order made by or notice filed with, a Court other than the High Court of Justice in London, no record of such application, order or notice will be kept by the Central Registry of
Winding-up Petitions;
|
|
(iii) |
a winding up order or administration order may be made before the relevant petition or application has been entered on the records of the Central Registry, and the making of such order may not have been entered on the records immediately;
|
|
(iv) |
details of a notice of intention to appoint an administrator or a notice of appointment of an administrator under paragraphs 14 and 22 of Schedule B1 of the Insolvency Act 1986 and details of a notice of moratorium under Part A1 of the
Insolvency Act 1986 may not be entered on the records immediately (or, in the case of a notice of intention to appoint, at all); and
|
|
(v) |
with regard to winding up petitions, the Central Registry of Winding-up Petitions may not have records of winding up petitions issued prior to 1994;
|
(c) |
Choice of Foreign Law: the choice of the laws of the State of New York to govern:
|
|
(i) |
the Documents could be modified by the English courts to the extent provided by and in the circumstances set out in assimilated Regulation (EC) No. 593/2008 of the European Parliament and of the Council on the law applicable to contractual
obligations (the UK Rome I Regulation). In addition, we express no opinion as to the choice of the laws of the State of New York to govern contractual obligations falling outside of
the scope of the UK Rome I Regulation; and
|
|
(ii) |
certain trusts could be modified by the English courts to the extent provided by and in the circumstances set out in the Hague Convention on the Law Applicable to Trusts and their Recognition, as enacted by the Recognition of Trusts Act
1987;
|
(d) |
Jurisdiction: we express no opinion as to whether or not the courts of the State of New York or a Federal Court of the United States will take jurisdiction, or whether the
English courts would grant a stay of any proceedings commenced in England, or whether the English courts would grant any ancillary relief in relation to proceedings commenced in a foreign court;
|
(e) |
Service of Process: an English court will only assume jurisdiction over a dispute and give judgment if the defendant has been properly served with legal process;
|
(f) |
Foreign Courts: we express no opinion as to whether or not a foreign court (applying its own conflict of laws rules) will act in accordance with the parties’ agreement as to
jurisdiction and/or choice of law;
|
(g) |
Foreign Currencies: English courts can give judgments in currencies other than sterling if, subject to the terms of the contract, it is the currency which most fairly expresses
the claimant’s loss, but such judgments may be required to be converted into sterling for enforcement purposes;
|
(h) |
Security for Costs: under the rules of procedure applicable, an English court may, in certain circumstances, order a claimant in an action, to provide security for costs;
|
(i) |
Stamp Duty Indemnities: any undertakings or indemnities in relation to United Kingdom stamp duties given by REPLC may be void under the provisions of Section 117 of the Stamp
Act 1891;
|
(j) |
Penalties: any provision in the Documents providing for the payment of additional moneys by any party, withholding of moneys, transfer of assets, forfeiture or other provisions
which set out the consequences of such a party’s breach, whether expressed by way of, or having the effect of, additional interest, liquidated damages or otherwise, would be unenforceable if such provision was held to constitute a penalty.
We express no opinion as to whether any such provision is a penalty;
|
(k) |
Amendments to Guaranteed Contracts: an English court may interpret restrictively any provision purporting to allow the beneficiary of a guarantee or other suretyship to make a
material amendment to the obligations to which the guarantee or suretyship relates without further reference to the guarantor or surety. In relation to the Guarantees, we would advise obtaining the confirmation of REPLC in respect of such
amendments to the guaranteed obligations;
|
(l) |
Severability: in some circumstances an English court would not give effect to any provision of the Documents which provides that in the event of any invalidity, illegality or
unenforceability of any provision of any such document, the remaining provisions thereof shall not be affected or impaired, in particular if to do so would not accord with public policy or would involve the court in making a new contract for
the parties;
|
(m) |
Conditionality: where we express an opinion on the enforceability of the obligations of the Company, such opinion relates to enforceability of those obligations subject to the
terms of the relevant Documents. For example, where any Document is expressed to be subject to conditions precedent, obligations under that Document may not be enforceable until all such conditions have been satisfied and the Documents are
unconditional in all respects;
|
(n) |
Enforcement Limitations: an English court may refuse to give effect to any provision in an agreement: (i) for the payment of costs and expenses (A) in respect of the costs of
enforcement (actual or contemplated); (B) in respect of the unsuccessful litigation brought before an English court or where the court has itself made an order in respect of those for costs and expenses; or (ii) which would involve the
enforcement of penal, revenue or other public laws of a foreign state; or (iii) which would be inconsistent with English public policy;
|
(o) |
“Enforceable”: the term “enforceable” as used in this opinion means that the obligations assumed by the relevant party under the relevant document are of the type which the
English courts enforce. This opinion is not to be taken to imply that any obligation would necessarily be capable of enforcement in all circumstances in accordance with its terms. In particular:
|
|
(i) |
an English court will not necessarily grant any remedy the availability of which is subject to equitable considerations, or which is otherwise in the discretion of the court. In particular, orders for specific performance and
injunctions are, in general, discretionary remedies under English law and specific performance is not available where damages are considered by the court to be an adequate alternative remedy;
|
|
(ii) |
claims may become barred under the Limitation Act 1980 or the Foreign Limitation Periods Act 1984 or may be or become subject to the defence of set-off or to counterclaim;
|
|
(iii) |
where obligations are to be performed in a jurisdiction outside England, they may not be enforceable in England to the extent that performance would be illegal under the laws, or contrary to the exchange control regulations, of the other
jurisdiction;
|
|
(iv) |
the enforcement of obligations may be limited by the provisions of English law applicable to agreements held to have been frustrated by events happening after their execution;
|
|
(v) |
where a judgment is obtained against a state or state entity (the State), the State may, even where it has submitted to the jurisdiction of the English courts in relation to the
substantive dispute, be able to resist the enforcement of the judgment on grounds of state immunity;
|
|
(vi) |
enforcement of obligations may be invalidated by reason of fraud;
|
|
(vii) |
the enforcement of obligations may be limited or excluded by the provisions of the Human Rights Act 1998; and
|
|
(viii) |
there is doubt as to the enforceability in England and Wales of US judgments in respect of civil judgments predicated purely on US securities law;
|
(p) |
Informal Amendments: a provision in the Documents requiring amendments or waivers to be in writing and signed by the parties may not be effective in certain limited
circumstances by virtue of oral variation or an implied course of conduct;
|
(q) |
Other Contracts: to the extent that any operative provision in a Document is reliant on another contract or a provision in another contract, and such other contract or provision
is held to be void then such operative provision would also be unenforceable, to the extent of such reliance;
|
(r) |
Exculpatory Provisions: the effectiveness of contractual terms exculpating a party from liabilities or duties otherwise owed is limited by law;
|
(s) |
Confidentiality: provisions imposing confidentiality obligations may be overridden by the requirement of legal process;
|
(t) |
Insolvency: this opinion is subject to all applicable laws relating to insolvency, bankruptcy, administration, moratorium, reorganisation, liquidation or analogous circumstances
and other similar laws of general application relating to or affecting generally the enforcement of creditors’ rights and remedies from time to time;
|
(u) |
Entire Agreement Clauses: an English court may not recognise the effectiveness of an entire agreement clause, particularly in circumstances where pre-contractual representations
have been made which are alleged to be fraudulent;
|
(v) |
Indemnity: (i) an English court may refuse to give effect to a claim pursuant to an indemnity or contribution provision of the Documents insofar as the subject matter of such
claim relates to penalties imposed under section 91 (breach of Part 6 rules) of the FSMA or any relevant provisions of the FSMA imposing penalties for breach of the UK Market Abuse Regulation or any regulations supplementing or implementing
it or of the FSMA or the rules made under it; and (ii) any indemnity obligations imposed under any of the Documents may not be legal, valid, binding or enforceable insofar as they relate to fines and penalties arising out of matters of
civil or criminal liability;
|
(w) |
Exercise of Statutory Powers: any provision of the Documents which restricts the exercise of a statutory power by a party may be ineffective; and
|
(x) |
Set-off: we express no opinion on whether a right of set-off against contingent, unascertained or unmatured obligations would be effective.
|