Status of the Subordinated Notes Clause Samples
Status of the Subordinated Notes. The Subordinated Notes and any relative Receipts and Coupons are direct, unsecured and subordinated obligations of the Issuer and rank pari passu and without any preference among themselves. In the event of:
(a) an order being made, or an effective resolution being passed, for the winding-up of the Issuer or an analogous process under the laws of the DIFC (except, in any such case, a solvent winding-up or an analogous process under the laws of the DIFC solely for the purposes of a reorganisation, reconstruction or amalgamation or the substitution in place of the Issuer of a successor in business of the Issuer, the terms of which reorganisation, reconstruction, amalgamation or substitution: (x) have previously been approved by an Extraordinary Resolution; and (y) do not provide that the Subordinated Notes shall thereby become redeemable or repayable in accordance with these Conditions); or
(b) an administrator of the Issuer (or official with an analogous position under the laws of the DIFC) being appointed and such administrator (or official with an analogous position under the laws of the DIFC) giving notice that it intends to declare and distribute a dividend, the rights and claims of the Noteholders against the Issuer in respect of, or arising under, including any damages awarded for breach of any obligations under, the Subordinated Notes (whether on account of principal, interest or otherwise) will be subordinated to the claims of all Senior Creditors but will rank at least pari passu with the claims of holders of all other subordinated obligations of the Issuer which do not rank or are not expressed by their terms to rank junior to the payment obligations under the Subordinated Notes and will rank in priority to all claims of holders of all undated or perpetual subordinated obligations of the Issuer and to all claims of holders of all classes of share capital of the Issuer.
Status of the Subordinated Notes. This Condition 4 applies only to Subordinated Notes and references to “Notes” and “Noteholders” in this Condition 4 shall be construed accordingly.
4.1 The Notes constitute dated, unsecured and subordinated obligations (ansvarlig lånekapital) of the Issuer, and will at all times rank pari passu without any preference among themselves. The Notes are subordinated as described in Condition 4.2.
4.2 In the event of a liquidation, dissolution or winding-up of the Issuer by way of public administration (except, in any such case, a solvent liquidation, dissolution, or winding-up solely for the purposes of a reorganisation, reconstruction or amalgamation of the Issuer, the terms of which reorganisation, reconstruction or amalgamation have previously been approved by an Extraordinary Resolution of the holders of the Notes and do not provide that the Notes thereby become redeemable or repayable), claims of the Noteholders against the Issuer in respect of or arising under the Notes (including any amounts attributable to the Notes and any damages awarded for breach of any obligations thereunder) shall rank:
(a) pari passu without any preference among themselves;
(b) pari passu with claims in respect of Subordinated Parity Securities;
(c) in priority to claims in respect of Subordinated Junior Securities; and
(d) junior to any present or future claims of Specified Senior Creditors.
Status of the Subordinated Notes. This Condition 3.3 applies only to Notes specified in the relevant Final Terms as being Subordinated Notes.
(a) junior to all present or future unsecured and unsubordinated obligations of the Issuer (including, without limitation, any obligations under the Senior Notes ) or any other present or future subordinated obligations of the Issuer which rank, or are expressed by their terms to rank, senior to the Subordinated Notes, including any obligation required to be preferred by law;
(b) pari passu among themselves and with any other present or future obligations of the Issuer which do not rank, or are not expressed by their terms to rank, junior or senior to the Subordinated Notes; and
(c) senior to any present or future obligations of the Issuer which rank, or are expressed by their terms to rank, junior to the Subordinated Notes (including, without limitation, the claims of the shareholders of the Issuer and any other obligations under instruments or items included in the Tier 1 Capital of the Issuer). In relation to each Series of Subordinated Notes, all Notes of such Series will be treated equally and all amounts paid by the Issuer in respect of principal and/or interest thereon will be paid pro rata on all Notes of such Series. Each holder of a Subordinated Note and the Trustee unconditionally and irrevocably waives any right of set-off, netting, counterclaim, abatement or other similar remedy which it might otherwise have, under the laws of any jurisdiction, in respect of such Subordinated Note. The Subordinated Notes (including, for the avoidance of doubt, payments of principal and/or interest) shall be subject to the Loss Absorption Requirement, if so required under the BRRD and/or the SRM Regulation, in accordance with the powers of the Relevant Authority and where the Relevant Authority determines that the application of the Loss Absorption Requirement to the Subordinated Notes is necessary pursuant to applicable law and/or regulation in force from time to time.
Status of the Subordinated Notes. (a) The payment obligations of the Issuer under Notes which specify their status as Senior Subordinated Notes or Tier 2 Subordinated Notes in the applicable Final Terms on account of principal constitute direct, unconditional, unsecured and subordinated obligations of the Issuer and subject to any other ranking that may apply as a result of any mandatory provision of law, upon the insolvency of the Issuer as set out in the Insolvency Law, such payment obligations rank:
(i) for so long as the obligations of the Issuer in respect of the relevant Subordinated Notes constitute Senior Subordinated Liabilities of the Issuer:
(A) junior to (i) liabilities of the Issuer falling into categories 1 to 6 (inclusive) of the Issuer's liabilities in accordance with art. 440 section 2 of the Insolvency Law (including any Senior Higher Priority Liabilities and Senior Non-Preferred Liabilities), and (ii) any other obligations which by law rank senior to the Issuer's obligations under the relevant Senior Subordinated Notes;
(B) pari passu among themselves and with (i) all other claims in respect of Senior Subordinated Liabilities, and (ii) any other subordinated obligations which by law, rank pari passu with the Issuer's obligations under the relevant Senior Subordinated Notes; and
(C) senior to (i) any liabilities of the Issuer falling into categories 8 to 10 (inclusive) of the Issuer's liabilities in accordance with art. 440 section 2 of the Insolvency Law, and (ii) any other obligations of the Issuer which, by law, rank junior to the obligations of the Issuer under the relevant Senior Subordinated Notes; and
(ii) for so long as the obligations of the Issuer in respect of the relevant Subordinated Notes constitute either in whole or in part Tier 2 Subordinated Notes of the Issuer:
(A) junior to (i) any liabilities of the Issuer falling into categories 1 to 7 (inclusive) of the Issuer's liabilities in accordance with art. 440 section 2 of the Insolvency Law, (ii) any other present and future obligations of the Issuer which, in accordance with the Insolvency Law, rank senior to the Tier 2 Subordinated Notes, and (iii) any other obligations which, by law, rank senior to the Issuer's obligations under the Tier 2 Subordinated Notes;
(B) pari passu among themselves and with any other subordinated obligations which, by law and/or by their terms, to the extent permitted by Polish law, rank pari passu with the Issuer's obligations under the Tier 2 Subordinated Notes; and
(C) senior...
Status of the Subordinated Notes. Provisions relating to the status of Subordinated Notes will be set out in the relevant Pricing Supplement.
Status of the Subordinated Notes. The Notes constitute dated, unsecured and subordinated obligations of the Issuer, and will at all times rank pari passu without any preference among themselves. The Notes are subordinated as described below in this Condition 4. The Notes do not have the benefit of a guarantee from any person and/or legal entity.
Status of the Subordinated Notes. This Condition 3.3 is applicable in relation to Notes specified in the applicable Final Terms as being Subordinated Notes. In such case, the Notes constitute direct, unsecured and subordinated obligations of the Bank. In the event of a Winding-Up, the rights and claims of the Noteholders to payments on or in respect of the Notes shall rank:
(a) pari passu without any preference among themselves;
Status of the Subordinated Notes. This Condition 3.3 applies only to Subordinated Notes and references to “Notes” and “Noteholders” in this Condition shall be construed accordingly.
(a) The Notes constitute subordinated and unsecured obligations of the Issuer and rank pari passu among themselves. The Notes are subordinated as described in Condition 3.3(b).
(b) In the event of a liquidation, dissolution or winding-up of, or analogous proceedings over the Issuer by way of exercise of public authority, claims of the Noteholders against the Issuer in respect of, or arising under, the Notes (including any amounts attributable to the Notes and any damages awarded for breach of any obligations thereunder) shall rank:
(i) pari passu without preference among themselves;
(ii) pari passu with present or future claims in respect of Parity Securities;
(iii) in priority to any present or future claims in respect of Junior Securities; and
(iv) junior to any present or future claims in respect of Senior Creditors.
Status of the Subordinated Notes