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AUBURN HILLS, Mich., May 19, 2021 /PRNewswire/ BorgWarner Inc. (NYSE: BWA) ( BorgWarner or the Company ) announced today that it will redeem in full the entire outstanding €500 million aggregate principal amount of its 1.80% Senior Notes due 2022 (the 2022 Notes ) on June 18, 2021 (the Redemption Date ). The redemption is in accordance with the terms of the Indenture, dated as of September 23, 1999, between Borg-Warner Automotive, Inc. and The Bank of New York Mellon Trust Company, N.A. (successor in interest to Chase Manhattan Trust Company, National Association), as trustee, as supplemented by that Fifth Supplemental Indenture, dated as of November 6, 2015, between the Company and Deutsche Bank Trust Company Americas, as the indenture trustee (the Trustee ).
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AUBURN HILLS, Mich., May 19, 2021 /PRNewswire/ BorgWarner Inc. (NYSE: BWA) ( BorgWarner or the Company ) announced today that it will redeem in full the entire outstanding €500 million aggregate principal amount of its 1.80% Senior Notes due 2022 (the 2022 Notes ) on June 18, 2021 (the Redemption Date ). The redemption is in accordance with the terms of the Indenture, dated as of September 23, 1999, between Borg-Warner Automotive, Inc. and The Bank of New York Mellon Trust Company, N.A. (successor in interest to Chase Manhattan Trust Company, National Association), as trustee, as supplemented by that Fifth Supplemental Indenture, dated as of November 6, 2015, between the Company and Deutsche Bank Trust Company Americas, as the indenture trustee (the Trustee ).
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Welcome to the first Akin Gump client alert sub-titled Make (Whole) a Minute. These alerts are designed to be short digestible updates or commentaries on topics of interest to the institutional investment community that take a minute (or two) to read. And who doesn’t love Make-Whole and a good play on words?
It seemed appropriate to reference Make-Whole in this first Make (Whole) a Minute alert. Having just filed the latest brief in the Ultra Make-Whole and Post-Petition Interest saga in connection with the second trip to the Fifth Circuit (for a copy, click here), we are reminded of existing precedent from the Fifth Circuit’s November 2019 decision regarding the meaning of unimpairment under the Bankruptcy Code.
In the recent case of
Convexity Ltd. v. Phoenixfin Pte Ltd., Mek Global Ltd. and Phoenixfin Ltd. [2021] SGHC 88, the Singapore High Court departed from its pro-arbitration stance and set aside an arbitral award. The Singapore High Court found that the arbitral tribunal had labored under the misapprehension that parties had agreed to include an unpleaded issue into the scope of submission, though the applicant had repeatedly objected to the same. The unpleaded issue formed the central basis for the tribunal’s decision to dismiss the applicant’s claims. In setting aside the arbitral award, the Singapore High Court agreed that there had been a breach of natural justice, the award had dealt with issues outside the scope of submission, and the arbitral procedure agreed by the parties had been departed from.