Русско-англо-русский юридический словарь

The Representative of the Covered Bondholders may (and in the case of an Approved Reorganisation, shall) agree with the Issuer (or any previous substitute) and the Covered Bond Guarantor at any time without the consent of the Covered Bondholders:

(a) to the substitution in place of Intesa Sanpaolo (or of any previous substitute) as principal debtor under the Covered Bonds by any bank Subsidiary of Intesa Sanpaolo (the Substitute Obligor) by way of an obligation transfer agreement without recourse to the Issuer (accollo liberatorio); or (INTESA SANPAOLO S.P.A. Base Prospectus Document)