Examples of Enforcement Events in a sentence
No remedy against the Issuer or the Guarantor, other than as referred to in this Condition 9 (Enforcement Events and No Events of Default) shall be available to the Holders, whether for the recovery of amounts owing in respect of the Securities or the Guarantee or in respect of any other breach by the Issuer or the Guarantor of any of their respective other obligations under or in respect of the Securities or the Guarantee.
On the due date for redemption of any Note pursuant to Condition 8.2 (Early redemption upon the occurrence of a Special Event), Condition 8.3 (Redemption at the option of the Issuer) or Condition 11 (Enforcement Events), all unmatured Coupons relating thereto (whether or not still attached) shall become void and no payment will be made in respect thereof.
The Securities are perpetual securities in respect of which there is no fixed redemption date and the Issuer shall (subject to the provisions of Condition 1(b) (Form, Denomination and Status - Status) and Condition 10 (Enforcement Events and Remedies) and without prejudice to the provisions of Condition 11 (Prescription)) only have the right to redeem or repurchase the Securities in accordance with the following provisions of this Condition 5 (Redemption and Purchase).
The Capital Securities are perpetual securities in respect of which there is no fixed redemption date and the Guarantor shall (subject to the provisions of Condition 4.4.2 (Subordination of the Guarantee) and Condition 11 (Enforcement Events) and without prejudice to the provisions of Condition 13 (Prescription)) only have the right to redeem the Capital Securities or vary the terms thereof in accordance with the following provisions of this Condition 10 (Redemption and Variation).
As a result, holders of the Capital Securities would lose the entire amount of their investment in the Capital Securities.In addition, a holder of the Capital Securities may exercise its enforcement rights in relation to the Capital Securities only in the manner provided in Condition 11 ( Enforcement Events).
If the relevant Series of Notes becomes due and payable in accordance with Condition 8 ( Events of Default and Enforcement Events), the last Interest Determination Date shall, notwithstanding any Interest Determination Date specified in the relevant Final Terms, be deemed to be the date on which such Notes became due and payable and the Rate of Interest on such Notes shall, for so long as any such Note remains outstanding, be that determined on such date.
Except as provided in this Condition 9 (Enforcement Events), a Holder shall otherwise have no right to accelerate payment of any Security in the case of an Enforcement Event.
However, there are provisions for Enforcement Events which provides for limited rights to accelerate payment on the Subordinated Notes.
The same is true if the provisions regarding the Enforcement Events and the rights for the creditor arising therefrom are not harmonised across Member States.
For these purposes, an “Enforcement Event” shall occur (i) upon the occurrence of a Winding-Up Event, or (ii) if default is made by the Issuer in the payment of any principal or interest due in respect of the Notes or any of them and the default continues for a period of 14 days in either case, as described under Section 8.1 (Enforcement Events and Remedies).