The document further states that after acquisition of the ELA Facility Deed, NAMA will enforce its security entitling it to the proceeds of the sale of the charged assets.

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In theory, the liquidation of IBRC and enforcement of its security by NAMA should mean that the Ministerial guarantee and counter indemnity from IBRC to honour this guarantee are in place and the enforcement of NAMA on its security in the acquisition of the Facility Deed ELA means the indemnity on the IBRC assets to honour the ministerial guarantee comes into play.

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