Common use of Status of the Subordinated Notes Clause in Contracts

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. The Subordinated Notes and any relative Receipts and Coupons are direct, conditional (as described below) and unsecured and subordinated obligations of the Issuer and rank pari passu and without any preference among amongst themselves. In the event of: (a) an order being made, or an effective resolution being passed, for the winding-up The payment obligations 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 all unsubordinated payment obligations of the claims of all Senior Creditors Issuer in the manner described below but will rank at least pari passu with the claims of holders of all other subordinated payment 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 shareholders of the Issuer. The rights of the holders of Subordinated Notes against the Issuer are subordinated in right of payment to the claims of all undated or perpetual subordinated obligations Senior Creditors of the Issuer and to all claims of holders of all classes of share capital accordingly payments in respect of the Issuer.Subordinated Notes (whether on account of principal, interest or otherwise) by the Issuer are conditional upon the Issuer being solvent at the time of such payment and no payment shall be payable by the Issuer in respect of the Subordinated Notes except to the extent that the Issuer could make such payment and any other payment required to be made to a creditor in respect of indebtedness which ranks or is expressed to rank pari passu with the Subordinated Notes and still be solvent immediately thereafter. For this purpose the Issuer shall be solvent if: (i) it is able to pay its debts as they fall due; and (ii) its Assets exceed its Liabilities, and, in this Condition 2.1(b) (Status of the Notes

Status of the Subordinated Notes. The Subordinated Notes and any relative Receipts and Coupons are direct, conditional (as described below) and unsecured and subordinated obligations of the Issuer and rank pari passu and without any preference among amongst themselves. In the event of: (a) an order being made, or an effective resolution being passed, for the winding-up The payment obligations 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 all unsubordinated payment obligations of the claims of all Senior Creditors Issuer in the manner described below but will rank at least pari passu with the claims of holders of all other subordinated payment 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 shareholders of the Issuer. The rights of the holders of Subordinated Notes against the Issuer are subordinated in right of payment to the claims of all undated or perpetual subordinated obligations Senior Creditors of the Issuer and to all claims of holders of all classes of share capital accordingly payments in respect of the Issuer.Subordinated Notes (whether on account of principal, interest or otherwise) by the Issuer are conditional upon the Issuer being solvent at the time of such payment and no payment shall be payable by the Issuer in respect of the Subordinated Notes except to the extent that the Issuer could make such payment and any other payment required to be made to a creditor in respect of indebtedness which ranks or is expressed to rank pari passu with the Subordinated Notes and still be solvent immediately thereafter. For this purpose the Issuer shall be solvent if: (i) it is able to pay its debts as they fall due; and

Status of the Subordinated Notes. ‌ The Subordinated Notes and any relative Receipts and Coupons are direct, conditional (as described below) and unsecured and subordinated obligations of the Issuer and rank pari passu and without any preference among amongst themselves. In the event of: (a) an order being made, or an effective resolution being passed, for the winding-up The payment obligations 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 all unsubordinated payment obligations of the claims of all Senior Creditors Issuer in the manner described below but will rank at least pari passu with the claims of holders of all other subordinated payment 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 shareholders of the Issuer. The rights of the holders of Subordinated Notes against the Issuer are subordinated in right of payment to the claims of all undated or perpetual subordinated obligations Senior Creditors of the Issuer and to all claims of holders of all classes of share capital accordingly payments in respect of the Issuer.Subordinated Notes (whether on account of principal, interest or otherwise) by the Issuer are conditional upon the Issuer being solvent at the time of such payment and no payment shall be payable by the Issuer in respect of the Subordinated Notes except to the extent that the Issuer could make such payment and any other payment required to be made to a creditor in respect of indebtedness which ranks or is expressed to rank pari passu with the Subordinated Notes and still be solvent immediately thereafter. For this purpose the Issuer shall be solvent if: (i) it is able to pay its debts as they fall due; and