Status and Subordination. (a) Status The Notes constitute direct, unsecured and subordinated obligations of the Issuer and rank pari passu and without any preference among themselves. The rights and claims of the Holders against the Issuer under the Notes are subordinated as described in Condition 3(b).
Status and Subordination. The Notes constitute direct, unsecured and unguaranteed obligations of the Company ranking pari passu among each other and with all other unsecured and unsubordinated indebtedness of the Company, save for such obligations as may be preferred by mandatory provisions of applicable law.
Status and Subordination. 3.01 The Bonds constitute senior unsecured obligations of the Company ranking pari passu without any preference among themselves.
Status and Subordination. The Notes will be direct unsecured subordinated indebtedness of the Bank and will rank subordinate to all of the Bank’s deposit liabilities and all of the Bank’s other indebtedness (including all of the Bank’s other unsecured and subordinated indebtedness) from time to time issued and outstanding, except for such indebtedness which by its terms ranks equally in right of payment with, or is subordinate to, the Notes. Upon the occurrence of a Recourse Event, including if the Bank becomes insolvent or is wound-up (prior to the occurrence of a Trigger Event), the recourse of each Noteholder will be limited to such Noteholder’s proportionate share of the Trust Assets. As mentioned above, the receipt by a Noteholder of its proportionate share of the Trust Assets upon the occurrence of a Recourse Event shall exhaust the remedies of such Noteholder under the Notes. If a Noteholder does not receive its proportionate share of the Trust Assets under such circumstances, the sole remedy of the Noteholder for any claims against the Bank shall be limited to a claim for the delivery of such Trust Assets. If the Trust Assets that are delivered to the Noteholders under such circumstances comprise Preferred Shares or Common Shares, such Preferred Shares or Common Shares will rank on parity with the Bank’s other first preferred shares or Common Shares, as applicable. The Notes will be direct unsecured obligations of the Bank constituting subordinated indebtedness for the purposes of the Bank Act (Canada) and will not constitute savings accounts, deposits or other obligations that are insured by the United States Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency or under the Canada Deposit Insurance Corporation Act (Canada), the Bank Act (Canada) or any other deposit insurance regime designed to ensure the payment of all or a portion of a deposit upon the insolvency of a deposit taking financial institution.
Status and Subordination. The Notes constitute and will constitute unsecured, subordinated debt obligations of the Company. In the event of the voluntary or involuntary liquidation or bankruptcy of the Company, the rights of:
Status and Subordination. (a) The Notes constitute the direct, unconditional and unsecured subordinated obligations of the Issuer and will rank at least equally with all other unsecured and subordinated obligations of the Issuer (whether actual or contingent) having a fixed maturity from time to time outstanding save only for such obligations as may be preferred by mandatory provisions of applicable law.
Status and Subordination. Subject to the terms in this Section 13, the claims of the Lenders against the Borrower under, the Loans shall rank pari passu without discrimination or preference with other unsecured subordinated obligations of the Borrower, except for the claims of Borrower’s creditors whose claims are mandatorily preferred by laws of general application. Each of the Lenders hereby irrevocably and unconditionally declares to the Borrower that their claims with respect to Loan Balance owed now or in the future (the “Relevant Subordinated Claims”), shall be and is hereby subordinated to all current and future claims of creditors of the Borrower. During such term the Relevant Subordinated Claims shall be deferred (gestundet) and none of the Relevant Subordinated Claims may neither fully nor partially be repaid, set-off, novated or otherwise be fulfilled and no security interest may be created in relation to such claims. The Relevant Subordinated Claims shall be listed separately in the financial statements of the Borrower. If the Borrower is declared bankrupt by a court or if the Borrower makes a general assignment, arrangement or composition with or for the benefit of its creditors, the Lenders herewith waive their Relevant Subordinated Claims to the extent required to cover from the liquidation proceeds the claims of the other creditors and the claims arising in connection with the liquidation procedure. In the case of bankruptcy or debt restructuring liquidation of one or more Lenders, the Borrower is permitted to offset the Relevant Subordinated Claims of such Lenders with the Borrower’s claims against it/them. The Lenders acknowledge and agree that nothing in this Agreement shall be construed as to restrict the board of directors of the Borrower to notify the competent courts in case of an equity shortfall in the sense of Article 725 para. 2 CO. The subordination pursuant to this Agreement shall automatically be terminated if any of the following events occur:
Status and Subordination. The Subordinated Notes constitute direct, unconditional, unsecured and contractually subordinated obligations of the Issuer which will at all times rank (including in the event of a Winding-Up):
Status and Subordination
