Common use of Status of the Subordinated Notes Clause in Contracts

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;