Subordination of Guarantee of Dated Subordinated Debt Securities Sample Clauses

Subordination of Guarantee of Dated Subordinated Debt Securities. The Guarantor’s obligations under the Guarantee in respect of Dated Subordinated Debt Securities constitute subordinated and unsecured obligations of the Guarantor and, in the event of the winding-up of the Guarantor, the rights of Holders of Dated Subordinated Debt Securities against the Guarantor to payment of any amounts under or arising from the Guarantee of the Dated Subordinated Debt Securities shall be subordinated to the claims of all Guarantor Senior Creditors including the claims of holders of any other series of subordinated debt securities issued by the Guarantor which are expressed to rank as senior to the Guarantee of the Dated Subordinated Debt Securities, and further shall rank (subject to exceptions as are from time to time applicable under the laws of the United Kingdom): (i) at least pari passu with the obligations of the Guarantor pursuant to its guarantee of the Legacy Tier 2 Notes for so long as the Legacy Tier 2 Notes remain outstanding, all other obligations of the Guarantor which constitute or would, but for any applicable limitation on the amount of such capital, constitute Tier 2 Capital and all other obligations of Guarantor which arise in connection with any other capital instruments or securities and which rank pari passu with the Guarantee of the Dated Subordinated Debt Securities as to participation in the Guarantor’s assets in the event of its winding-up; and (ii) in priority to: (A) the obligations of the Guarantor pursuant to the Guarantee of the Perpetual Subordinated Debt Securities and the Perpetual Subordinated Capital Securities; (B) all other obligations of the Guarantor which constitute or would, but for any applicable limitation on the amount of such capital, constitute Tier 1 Capital; and (C) the claims of holders of all classes of share capital of the Guarantor.
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Related to Subordination of Guarantee of Dated Subordinated Debt Securities

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