A Put Agreement is a fundamental instrument in financial markets, used for risk management, investment strategies, and asset disposition planning. This document is essential when parties wish to establish a contractual right to sell specific assets at predetermined terms. The agreement is particularly relevant in New Zealand's financial markets, where it must comply with the Financial Markets Conduct Act 2013 and other relevant legislation. The Put Agreement details crucial elements including the option premium, exercise conditions, settlement terms, and risk allocations. It's commonly used in various contexts, from straightforward single-asset options to complex financial arrangements involving multiple assets or parties. The document serves both sophisticated financial institutions and corporate entities seeking to manage market risks or implement strategic transactions within the New Zealand legal framework.
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1. Parties: Identification and details of the parties entering into the put agreement
2. Background: Context and purpose of the put agreement
3. Definitions and Interpretation: Defined terms and interpretation rules used throughout the agreement
4. Grant of Put Option: Core terms of the put option including the underlying asset, strike price, and option period
5. Premium and Payment Terms: Details of the option premium, payment schedule, and any related fees
6. Exercise of Put Option: Procedures and requirements for exercising the put option
7. Settlement: Terms and procedures for settling the transaction upon exercise
8. Representations and Warranties: Standard representations by both parties regarding capacity, authority, and ownership
9. Covenants: Ongoing obligations of the parties during the option period
10. Events of Default: Circumstances constituting default and corresponding remedies
11. Termination: Conditions and procedures for early termination
12. General Provisions: Standard boilerplate clauses including notices, amendments, governing law, etc.
1. Multiple Assets: Additional provisions for put options covering multiple underlying assets
2. Third Party Rights: Provisions regarding rights of third parties, if applicable
3. Security Arrangements: Terms for any required security or collateral arrangements
4. Market Disruption: Provisions dealing with market disruption events
5. Tax Provisions: Specific tax-related provisions if complex tax implications exist
6. Assignment and Transfer: Terms governing the transfer or assignment of the put option
7. Broker/Agent Provisions: Terms relating to any broker or agent involvement in the transaction
1. Asset Description: Detailed description of the underlying asset(s)
2. Pricing and Valuation: Detailed methodology for determining strike price and valuation
3. Exercise Notice Form: Template form for exercising the put option
4. Settlement Procedures: Detailed procedures for settlement upon exercise
5. Calculation Methods: Formulae and methods for calculating various payments
6. Required Notices: Templates for various notices required under the agreement
7. Contact Details: Contact information for parties and authorized representatives
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