Condition for Liquidation Payment definition

Condition for Liquidation Payment means, upon the occurrence and continuation of a Liquidation Event, all Senior Indebtedness held by creditors of the Company entitled to payment or satisfaction prior to commencement of distribution of residual assets to shareholders of the Company is paid in full or otherwise satisfied in full in the liquidation proceeding (seisan) pursuant to the Company Law.

Condition for Liquidation Payment has the meaning set forth in Section 12.02.

Condition for Liquidation Payment. ’ means either of the following conditions:

Examples of Condition for Liquidation Payment in a sentence

• For so long as such Liquidation Event continues, no payments in respect of a Liquidation Claim shall be made unless and until a Condition for Liquidation Payment shall have occurred.

• For so long as such Liquidation Event continues, no payments in respect of a Liquidation Claim shall be made unless and until a Condition for Liquidation Payment (as defined below) shall have occurred.

• Certain Relationships and Related Party Transactions and Director Independence” of this Annual Report on Form 10-K.

• For so long as suchLiquidation Event continues, no payments in respect of a Liquidation Claim shall be made unless and until a Condition for Liquidation Payment shall have occurred.

• At any time prior to a Condition for Liquidation Payment being fulfilled, any claim of the holders of any series of Securities shall be subject to a Going Concern Write-Down or the Write-Down and Cancellation upon the occurrence of a Capital Ratio Event, Viability Event or Bankruptcy Event under Articles 13 and 14 herein, as the case may be.

More Definitions of Condition for Liquidation Payment

Condition for Liquidation Payment means any of the following conditions:

Condition for Liquidation Payment means, upon the occurrence and continuation of a Liquidation Event, all Senior Indebtedness held by creditors of the Company entitled to payment or satisfaction prior to commencement of distribution of residual assets to shareholders of the Company is paid in full or otherwise satisfied in full in the liquidation proceeding (seisan) pursuant to the Japanese Companies Act. Notwithstanding that the Securities are stated to rank equally and ratably with certain undated subordinated obligations and ahead of all classes of equity (including preference shares (if any)) of the Company as described above, the Securities are subject to the Write-Down and Cancellation and Going Concern Write-Down under Articles 13 and 14 herein. Any Holder or beneficial owner of a Security by its acceptance of such Security, whether upon original issue or upon transfer, assignment or exchange thereof, shall thereby agree that (i) if any payment of principal of or interest on such series of Securities is made to such Holder or beneficial owner after the occurrence of a Liquidation Event and the amount of such payment shall exceed the amount, if any, that should have been paid to such Holder or beneficial owner upon the proper application of the subordination provisions of such series of Securities under this Article 12, the payment of such excess amount shall be deemed null and void and such Holder or beneficial owner shall be obliged to return the amount of such excess payment within ten days after receiving notice of the excess payment, and (ii) upon the occurrence of a Liquidation Event and for so long as such Liquidation Event shall continue, any liabilities of the Company to such Holder or beneficial owner which would otherwise become so payable on or after the date on which such Liquidation Event occurs shall not be set off against any liabilities of such Holder or beneficial owner owed to the Company unless, until and only in such amount as the liabilities of the Company under such series of Securities become payable pursuant to the proper application of the subordination provisions of such series of Securities under this Article 12.

Condition for Liquidation Payment means, upon the occurrence and continuation of a Liquidation Event, all Senior Indebtedness held by our creditors entitled to payment or satisfaction prior to commencement of distribution of residual assets to our shareholders is paid in full or otherwise satisfied in full in the liquidation proceeding (seisan) pursuant to the Companies Act (as defined below).