Subordination of Guarantee issued in respect of Undated Securities Sample Clauses

Subordination of Guarantee issued in respect of Undated Securities. (i) The rights and claims of the Trustee and the Holders of Undated Securities against the Guarantor under Section 1301 and under any Guarantee are subordinated, to the extent set forth in this Section 1304(b), to the claims of Senior Creditors (as defined below) of such Guarantor in that the payment of amounts guaranteed by such Guarantor under Section 1301 and under any Guarantee will be conditional upon such Guarantor being solvent at the time of payment by such Guarantor and in that no amounts guaranteed by such Guarantor under Section 1301 and under any Guarantee shall be payable except to the extent that such Guarantor could make such payment and still be solvent (whether or not it is being sequestrated, liquidated or is in winding up) immediately thereafter. In such circumstances, no amounts guaranteed under such Guarantee, which would otherwise fall due for payment shall fall so due (subject always to the provisions of the parenthetical clause in Section 503 (1)), and, instead, such payment shall become due for payment only if and when and to the extent that such Guarantor could make such payment in whole or in part and still be solvent (whether or not it is being sequestrated, liquidated or in winding up) immediately thereafter. For the purposes of this Section 1304(b), such Guarantor shall be considered to be solvent if (A) it is able to pay its debts to Senior Creditors (as defined below) as they fall due and (B) its Assets (as defined below) exceed its Liabilities (as defined below) to Senior Creditors. In addition, any such Guarantee shall rank pari passu with the obligations of such Guarantor in respect of, in the case when the Guarantor is HBOS, its €415,000,000 Fixed to Floating Rate Subordinated Extendable Maturity Notes 2048, ₤245,000,000 7.881 per cent. Subordinated Extendable Maturity Notes 2048, £300,000,000 7.50 per cent. Undated Subordinated Step-up Notes, €300,000,000 Floating Rate Undated Subordinated Step-up Notes, ¥42,500,000,000 3.50 per cent. Undated Subordinated Step-up Notes, £600,000,000 Undated Subordinated Notes, €500,000,000 Fixed to Floating Rate Undated Subordinated Notes, £500,000,000 5.75 per cent. Undated Subordinated Step-up Notes, $1,000,000,000 6.85 per cent. Undated Subordinated Notes and ₤600,000,000 5.75 per cent. Undated Subordinated Step-up Notes and, in the case when BOS is the Guarantor, its $250,000,000 Undated Floating Rate Primary Capital Notes, its £200,000,000 Perpetual Subordinated Notes, its £100,000...