Examples of Law 11/2015 in a sentence
Ordinary credits rank below credits against the insolvency estate (créditos contra la masa) and privileged credits (créditos privilegiados) (including, without limitation, any deposits for the purposes of Additional Provision 14.1 of Law 11/2015) which shall be paid in full before ordinary credits.
Ordinary claims rank junior to claims against the insolvency state (créditos contra la masa) and privileged claims (créditos privilegiados) which shall include, without limitation, any deposits for the purposes of Additional Provision 14.1 of Law 11/2015 which shall be paid in full before ordinary claims.
In addition, the BRRD and Law 11/2015 contemplate that Notes may be subject to the application of the general bail-in tool (see "Risks related to Early Intervention and Resolution - The taking of any action under Law 11/2015, which partially implements the BRRD, could materially affect the value of any Notes.
The aforementioned Law 11/2015 regulates the creation of the National Resolution Fund, whose financial resources should reach 1% of the amount of guaranteed deposits by 31 December 2024, through contributions from credit institutions and investment service companies established in Spain.
Ordinary credits rank below credits against the insolvency state (créditos contra la masa) and credits with a privilege (créditos privilegiados) (including, without limitation, any deposits for the purposes of Additional Provision 14.1º of Law 11/2015 (as defined below)) which shall be paid in full before ordinary credits.
RD 1012/2015 means Royal Decree 1012/2015, of 6 November, implementing Law 11/2015 (Real Decreto 1012/2015, de 6 de noviembre, por el que se desarrolla la Ley 11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de servicios de inversión, y por el que se modifica el Real Decreto 2606/1996, de 20 de diciembre, sobre fondos de garantía de depósitos de entidades de crédito), as amended or replaced from time to time.
As provided in the BRRD, Law 11/2015 contains four resolution tools and powers which may be used alone or in combination where the relevant resolution authority considers that (a) an institution is failing or likely to fail, (b) there is no reasonable prospect that any alternative private sector measures would prevent the failure of such institution within a reasonable timeframe, and (c) a resolution action is in the public interest.
Tier 2 Instrument means any contractually subordinated obligation of the Issuer constituting a Tier2 instrument (instrumentos de capital de nivel 2) in accordance with the Applicable Banking Regulations and as referred to in Additional Provision 14.3(b) of Law 11/2015, as amended or replaced.
In 2015 Royal Decree 1012/2015 of 6 November was published, implementing Law 11/2015 of 18 June on the recovery and resolution of credit institutions and investment service companies and amending Royal Decree 2606/1996 of 20 December on deposit guarantee funds for credit institutions.
It is expressly stated for the purposes of Additional Provision 14.2º of Law 11/2015 that upon the insolvency of the Issuer, the Senior Non Preferred Notes will rank below any other ordinary claims (créditos ordinarios) against the Issuer and accordingly, claims in respect of the Senior Non Preferred Notes shall be paid after payment of any such other ordinary (créditos ordinarios) claims of the Issuer.