Junior Surplus Notes definition
Examples of Junior Surplus Notes in a sentence
Under Scenario One, all post-transaction Policy Claims would be paid in full, the new Senior Secured Notes would be paid in full, the Tier 2 Notes would be paid in full, and holders of Surplus Notes and Junior Surplus Notes would be paid in full.
Any such payment shall be applied in accordance with the terms of the Junior Surplus Notes, and shall be deemed approved by OCI in accordance with Wis.
This Junior Note is one of a duly authorized issue of 5.1% Junior Surplus Notes scheduled to mature on June 7, 2020 of the Issuer (herein called the “Junior Notes”), unlimited in aggregate principal amount.
The Owner Trust Certificate shall represent an undivided beneficial interest in the Trust Assets subject to the Lien created in favor of the Note Trustee for the benefit of the Noteholders pursuant to this Agreement, which undivided beneficial interest shall include the right to receive any payments with respect to the Junior Surplus Notes after (i) the Noteholders have been paid all accrued and unpaid interest on the Offered Notes and (ii) the aggregate principal balance of the Offered Notes is zero.
Except as expressly provided in this Agreement, the Owner Trustee shall have no power to vary the corpus of the Trust Assets, including by (i) accepting any substitute obligation or asset for any item of Trust Assets, (ii) entering into any amendment or modification of the Junior Surplus Notes, (iii) adding any other investment, obligation or security to the Trust Assets or (iv) transferring, or disposing of, any Junior Surplus Note.
Holders of Junior Surplus Notes would receive a 43.4% recovery (in nominal terms) of their then-outstanding claim.
The Junior Surplus Notes to be delivered hereunder (together with all rights, remedies, and priorities with respect thereto, the “Transferred Assets”) shall be owned by, and held in the name of, the Trust for the benefit of the Holders in accordance with the terms of this Agreement.
If the Junior Surplus Notes are registered in the name of the Trust, the Note Trustee agrees that it shall maintain physical possession of the Junior Surplus Notes in New York so long as the Offered Notes shall remain outstanding.
No representations are or will be made by Ambac Assurance Corporation, the Segregated Account or the Commissioner, including in his capacity as court-appointed rehabilitator of the Segregated Account, and none of Ambac Assurance Corporation, the Segregated Account or the Commissioner make or will make any representation as to the transactions contemplated herein, including the transfer of the Junior Surplus Notes to the Issuer, or the timing or likelihood of repayment of the Junior Surplus Notes.
This Note is one of a duly authorized issue of 5.1% Junior Surplus Notes scheduled to mature on June 7, 2020 of the Issuer (herein called the “Junior Notes”), unlimited in aggregate principal amount.