What is a Back-to-Back Business?

eppf will use the proceeds from the offering of each bond solely to enter into a corresponding back-to-back agreement or debenture (each is a “Back-To-Back Business”) with the guarantor or designated group company of the guarantor (the “Obligor”). Each Back-To-Back Business can be in the form of a loan, loan note, registered note, bearer note or any other form as specified in the applicable pricing supplement. The Obligor will use the proceeds from such Back-To-Back Business as specified in the relevant pricing supplement. The Back-To-Back Business will have substantially the same terms as the bond, for example status interest, currency, principal amount, payment dates and maturity date, call and put options. The relevant compartment will apply all proceeds under the Back-To-Back Business towards the payment obligations under the bond. The Back-to-Back Business is designed to meet the obligations under the bond towards the investors when due.