Common use of Status of the Subordinated Notes Clause in Contracts

Status of the Subordinated Notes. This Condition 4 applies only to Subordinated Notes and references to “Notes” and “Noteholders” in this Condition 4 shall be construed accordingly. 4.1 The Notes constitute dated, unsecured and subordinated obligations (ansvarlig lånekapital) of the Issuer, and will at all times rank pari passu without any preference among themselves. The Notes are subordinated as described in Condition 4.2. 4.2 In the event of a liquidation, dissolution or winding-up of the Issuer by way of public administration (except, in any such case, a solvent liquidation, dissolution, or winding-up solely for the purposes of a reorganisation, reconstruction or amalgamation of the Issuer, the terms of which reorganisation, reconstruction or amalgamation have previously been approved by an Extraordinary Resolution of the holders of the Notes and do not provide that the Notes thereby become redeemable or repayable), claims of the Noteholders against the Issuer in respect of or arising under the Notes (including any amounts attributable to the Notes and any damages awarded for breach of any obligations thereunder) shall rank: (a) pari passu without any preference among themselves; (b) pari passu with claims in respect of Subordinated Parity Securities; (c) in priority to claims in respect of Subordinated Junior Securities; and (d) junior to any present or future claims of Specified Senior Creditors.

Status of the Subordinated Notes. This Condition 4 applies only to Subordinated Notes and references to “Notes”, “Coupons” and “Noteholders” in this Condition 4 shall be construed accordingly. 4.1 The Notes and the relative Coupons constitute dated, unsecured and subordinated obligations (ansvarlig lånekapital) of the Issuer, and will at all times rank pari passu without any preference among themselves. The Notes are subordinated as described in Condition 4.2. 4.2 In the event of a liquidation, dissolution or winding-up of the Issuer by way of public administration (except, in any such case, a solvent liquidation, dissolution, or winding-up solely for the purposes of a reorganisation, reconstruction or amalgamation of the Issuer, the terms of which reorganisation, reconstruction or amalgamation have previously been approved by an Extraordinary Resolution of the holders of the Notes Noteholders and do not provide that the Notes thereby become redeemable or repayable), claims of the Noteholders against the Issuer in respect of or arising under the Notes (including any amounts attributable to the Notes and any damages awarded for breach of any obligations thereunder) shall rank: (a) pari passu without any preference among themselves; (b) at least pari passu with claims in respect of Subordinated Parity Securities; (c) in priority to claims in respect of Subordinated Junior Securities; and (d) junior to any present or future claims of Specified Senior Creditors.

Status of the Subordinated Notes. This Condition 4 applies only to Subordinated Notes and references to “Notes” and “Noteholders” in this Condition 4 shall be construed accordingly. 4.1 The Notes constitute dated, unsecured and subordinated obligations (ansvarlig lånekapital) of the Issuer, and will at all times rank pari passu without any preference among themselves. The Notes are subordinated as described in Condition 4.2. 4.2 In the event of a liquidation, dissolution or winding-up of the Issuer by way of public administration (except, in any such case, a solvent liquidation, dissolution, or winding-up winding -up solely for the purposes of a reorganisation, reconstruction or amalgamation of the Issuer, the terms of which reorganisation, reconstruction or amalgamation have previously been approved by an Extraordinary Resolution of the holders of the Notes and do not provide that the Notes thereby become redeemable or repayable), claims of the Noteholders against the Issuer in respect of or arising under the Notes (including any amounts attributable to the Notes and any damages awarded for breach of any obligations thereunder) shall rank: (a) pari passu without any preference among themselves; (b) pari passu with claims in respect of Subordinated Parity Securities; (c) in priority to claims in respect of Subordinated Junior Securities; and (d) junior to any present or future claims of Specified Senior Creditors.