Loss Absorption Following a Trigger Event Sample Clauses

Loss Absorption Following a Trigger Event. 3.7.1. If a Trigger Event occurs at any time, all of the following shall apply: 1. The Issuer shall immediately inform the Competent Authority of the occurrence of the Trigger Event; 2. The Issuer shall notify the Bondholders, in an irrevocable manner, that the Trigger Event has occurred (“Trigger Event Notice”); 3. The Issuer shall without delay, pro rata with the other Bonds and any other Loss Absorbing Instruments, irrevocably and mandatorily operate a Write-Down of the Bonds by the relevant Write-Down Amount (a “Loss Absorption Event”). The Write-Down of the Bonds shall occur without delay and, in any event, not later than one month (or a shorter period as the Competent Authority may then require) from the occurrence of the relevant Trigger Event (such date being a “Write-Down Date”). To the extent that the Write-Down or conversion of any Loss Absorbing Instrument is not effective for any reason, (i) the ineffectiveness of any such write-down or conversion shall not prejudice the requirement to effect a Write-Down of the Bonds and (ii) the write-down or conversion of any Loss Absorbing Instrument that is not effective shall not be taken into account in determining the Write-Down Amount of the Bonds. A Loss Absorption Event may occur on more than one occasion and the Bonds may be Written Down on more than one occasion. Any Write-Down of the Bonds shall not constitute an event of default or a breach of the Issuer’s obligations or duties, or a failure to perform by the Issuer in any manner whatsoever and shall not entitle holders to petition for the insolvency or dissolution of the Issuer. Following a Write-Down of all or part of the Current Principal Amount, holders of the Bonds will automatically and irrevocably lose their rights to receive – and no longer have any rights against the Issuer with respect to – distributions on the Bonds and repayment of the Write- Down mount (but without prejudice to their rights in respect of any reinstated principal amount following a Write-Up). 3.7.2. After a write-down has been effected, the Current Principal Amount of each Bond, unless previously redeemed or repurchased and cancelled, may be increased up to a maximum of its Original Principal Amount (“Write-up”) on a pro rata basis with any other Loss Absorbing Written-Down Instruments (based on the then prevailing Current Principal Amount thereof), provided that the Maximum Write-Up Amount is not exceeded, and is in accordance with the following provisions and with ...
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Related to Loss Absorption Following a Trigger Event

  • Termination Following a Change in Control (a) If the Executive's employment is terminated by the Company or any Subsidiary during the Severance Period, the Executive shall be entitled to the benefits provided by Section 4 unless such termination is the result of the occurrence of one or more of the following events: (i) The Executive's death; (ii) If the Executive becomes permanently disabled within the meaning of, and begins actually to receive disability benefits pursuant to, the long-term disability plan in effect for, or applicable to, Executive immediately prior to the Change in Control; or

  • Trigger Events The Employee shall be entitled to collect the severance benefits set forth in Subsection (b) hereof in the event that either (i) the Employee voluntarily terminates employment for any reason within the 30-day period beginning on the date of a Change in Control, (ii) the Employee voluntarily terminates employment within 90 days of an event that both occurs during the Protected Period and constitutes Good Reason, or (iii) the Bank or the Company or their successor(s) in interest terminate the Employee's employment without his written consent and for any reason other than Just Cause during the Protected Period.

  • Actions following an Event of Default On, or at any time after, the occurrence and during the continuation of an Event of Default: (a) the Agent may, and if so instructed by the Majority Lenders, the Agent shall: (i) serve on the Borrowers a notice stating that all or part of the Commitments and of the other obligations of each Lender to the Borrowers under this Agreement are cancelled; and/or (ii) serve on the Borrowers a notice stating that all or part of the Loan together with accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or (iii) take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or (b) the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice served under paragraph (a)(i) or (a)(ii), the Security Trustee, the Agent and/or the Lenders and/or the Swap Counterparties are entitled to take under any Finance Document or any applicable law.

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