Common use of Status of Notes Clause in Contracts

Status of Notes. The Notes and Coupons constitute direct, general, unconditional, unsubordinated and (subject to Condition 4) unsecured obligations of the Issuer and, in the event of insolvency (concurso) of the Issuer, will (unless they qualify as subordinated debts under Article 92 of Spanish Act 22/2003, of 9 July 2003 (Ley Concursal) (the “Spanish Insolvency Act”) or equivalent legal provision which replaces it in the future, and subject to any legal and statutory exceptions) rank pari passu without any preference among themselves and with all other outstanding unsecured and unsubordinated indebtedness and monetary obligations of the Issuer, present and future. In the event of insolvency (concurso) of the Issuer, under the Spanish Insolvency Act claims relating to the Notes (which are not subordinated pursuant to article 92 of the Spanish Insolvency Act) will be ordinary credits (créditos ordinarios) as defined in the Spanish Insolvency Act. Ordinary credits rank below credits against the insolvency state (créditos contra la masa) and credits with a general or special privilege (créditos con privilegio general o especial). Ordinary credits rank above subordinated credits and the rights of shareholders. Interest on the Notes accrued but unpaid as at the commencement of any insolvency proceeding (concurso) relating to the Issuer under Spanish law shall thereupon constitute subordinated obligations of the Issuer ranking below its unsecured and unsubordinated obligations. Under Spanish law, accrual of interest on the Notes shall be suspended as from the date of any declaration of insolvency (concurso) of the Issuer.

Status of Notes. The Notes and Coupons constitute direct, general, unconditional, unsubordinated and (subject to Condition 4) unsecured obligations of the Issuer and, in the event of insolvency (concurso) of the Issuer, will (unless they qualify as subordinated debts under Article 92 of Spanish Act 22/2003, of 9 July 2003 (Ley Concursal) (the “Spanish Insolvency Act”) or equivalent legal provision which replaces it in the future, and subject to any legal and statutory exceptions) rank pari passu without any preference among themselves and with all other outstanding unsecured and unsubordinated indebtedness and monetary obligations of the Issuer, present and future. In the event of insolvency (concurso) of the Issuer, under the Spanish Insolvency Act claims relating to the Notes (which are not subordinated pursuant to article 92 of the Spanish Insolvency Act) will be ordinary credits (créditos ordinarios) as defined in the Spanish Insolvency Act. Ordinary Xxxxxxxx credits rank below credits against the insolvency state (créditos contra la masa) and credits with a general or special privilege (créditos con privilegio general o especial). Ordinary credits rank above subordinated credits and the rights of shareholders. Interest on the Notes accrued but unpaid as at the commencement of any insolvency proceeding (concurso) relating to the Issuer under Spanish law shall thereupon constitute subordinated obligations of the Issuer ranking below its unsecured and unsubordinated obligations. Under Spanish law, accrual of interest on the Notes shall be suspended as from the date of any declaration of insolvency (concurso) of the Issuer.

Status of Notes. The Notes and Coupons constitute direct, general, unconditional, unsubordinated unconditional and (subject to Condition 45 (Negative Pledge)) unsecured obligations of the Issuer and, and in the event of insolvency (concurso) of the Issuer, will Issuer (unless they qualify as subordinated debts under Article 92 281 of Spanish Act 22/2003Real Decreto Legislativo 1/2020, of 9 July 2003 de 5 xx xxxx, por el que se aprueba el texto refundido de xx Xxx Concursal (Ley Concursal) (as amended the “Spanish Insolvency ActLaw”) or equivalent legal provision which replaces it in the future, future and subject to any legal and statutory exceptions) will rank pari passu without any preference among themselves and with all other outstanding unsecured and unsubordinated indebtedness and monetary obligations of the Issuer, present and future. In the event of insolvency (concurso) of the Issuer, under the Spanish Insolvency Act Law, claims relating to the Notes (which are not subordinated pursuant to article 92 Article 281 of the Spanish Insolvency ActLaw) will be ordinary credits (créditos ordinarios) as defined in the Spanish Insolvency ActLaw. Ordinary credits rank below credits against the insolvency state (créditos contra la masa) and credits with a general or special privilege (créditos con privilegio general o especialprivilegiados). Ordinary credits rank above subordinated credits and the rights of shareholders. Interest on Accrued and unpaid interest due in respect of the Notes accrued but unpaid as at the commencement of any an insolvency proceeding (concurso) relating to the Issuer under Spanish law shall thereupon constitute subordinated obligations of the Issuer ranking below its unsecured and unsubordinated obligationswill qualify as subordinated credits. Under Spanish law, accrual Accrual of interest on the Notes shall be suspended as from the date of any declaration of insolvency (concurso) of in relation to the Issuer.

Status of Notes. The Notes and Coupons constitute direct, general, unconditional, unsubordinated and (subject to Condition 4) unsecured obligations of the Issuer and, in the event of insolvency (concurso) of the Issuer, will (unless they qualify as subordinated debts under Article 92 281 of the consolidated text of the Spanish Act 22/2003Insolvency Law, approved by Royal Decree 1/2020, of 9 July 2003 (Ley Concursal) 5 May (the “Spanish Insolvency Act”) or equivalent legal provision which replaces it in the future, and subject to any legal and statutory exceptions) rank pari passu without any preference among themselves and with all other outstanding unsecured and unsubordinated indebtedness and monetary obligations of the Issuer, present and future. In the event of insolvency (concurso) of the Issuer, under the Spanish Insolvency Act claims relating to the Notes (which are not subordinated pursuant to article 92 281 of the Spanish Insolvency Act) will be ordinary credits (créditos ordinarios) as defined in the Spanish Insolvency Act. Ordinary credits rank below credits against the insolvency state (créditos contra la masa) and credits with a general or special privilege (créditos con privilegio general o especial). Ordinary credits rank above subordinated credits and the rights of shareholders. Interest on the Notes accrued but unpaid as at the commencement of any insolvency proceeding (concurso) relating to the Issuer under Spanish law shall thereupon constitute subordinated obligations of the Issuer ranking below its unsecured and unsubordinated obligations. Under Spanish law, accrual of interest on the Notes shall be suspended as from the date of any declaration of insolvency (concurso) of the Issuer.

Status of Notes. The Notes and Coupons constitute direct, general, unconditional, unsubordinated unconditional and (subject to Condition 45 (Negative Pledge)) unsecured obligations of the Issuer and, and in the event of insolvency (concurso) of the Issuer, will Issuer (unless they qualify as subordinated debts under Article 92 281 of Spanish Act 22/2003Real Decreto Legislativo 1/2020, of 9 July 2003 (Ley Concursal) de 5 xx xxxx, por el que se aprueba el texto refundido de xx Xxx Concursal (the “Spanish Insolvency ActLaw”) or equivalent legal provision which replaces it in the future, future and subject to any legal and statutory exceptions) will rank pari passu without any preference among themselves and with all other outstanding unsecured and unsubordinated indebtedness and monetary obligations of the Issuer, present and future. In the event of insolvency (concurso) of the Issuer, under the Spanish Insolvency Act Law, claims relating to the Notes (which are not subordinated pursuant to article 92 Article 281 of the Spanish Insolvency ActLaw) will be ordinary credits (créditos ordinarios) as defined in the Spanish Insolvency ActLaw. Ordinary credits rank below credits against the insolvency state (créditos contra la masa) and credits with a general or special privilege (créditos con privilegio general o especialprivilegiados). Ordinary credits rank above subordinated credits and the rights of shareholders. Interest on Accrued and unpaid interest due in respect of the Notes accrued but unpaid as at the commencement of any an insolvency proceeding (concurso) relating to the Issuer under Spanish law shall thereupon constitute subordinated obligations of the Issuer ranking below its unsecured and unsubordinated obligationswill qualify as subordinated credits. Under Spanish law, accrual Accrual of interest on the Notes shall be suspended as from the date of any declaration of insolvency (concurso) of in relation to the Issuer.