Maturity Extension Approval definition

Maturity Extension Approval has the meaning given to it in Condition 3.4(a);

Maturity Extension Approval has the meaning given to in Condition 4(d)(i); XXXXXX means the Stockholm inter-bank offered rate; Treaty means the Treaty on the functioning of the European Union, as amended. DEED OF COVENANT DATED [ ] SPAREBANK 1 BOLIGKREDITT AS €35,000,000,000 EURO MEDIUM TERM COVERED NOTE (PREMIUM) PROGRAMME

Maturity Extension Approval means that the Issuer has obtained approval from the NFSA to extend the maturity of a Series of Notes by 12 months as a result of (i) either (A) there being, in the opinion of the NFSA, both reason to assume that the Issuer will be placed under public administration in the near future and no reasonable prospect that any other action would prevent the Issuer from failing or (B) the Ministry of Finance having resolved to place the Issuer under resolution or public administration proceedings and (ii) it is, in the opinion of the NFSA, a reasonable prospect that the Issuer’s obligations in relation to the VPS Notes and (where applicable) the Coupons will be meth within 12 months;

Examples of Maturity Extension Approval in a sentence

• Where the applicable Final Terms for a relevant Series of Notes provides that Statutory Extended Final Maturity is applicable and the Issuer has received a Statutory Maturity Extension Approval, a failure by the Issuer to pay the Final Redemption Amount in full on the Maturity Date shall not constitute a default in payment.

• If a Statutory Maturity Extension Approval is granted, payment of the Final Redemption Amount will be automatically deferred until the Statutory Extended Final Maturity Date.

• If Statutory Extended Final Maturity is specified as being applicable in the applicable Final Terms and the Issuer has received a Statutory Maturity Extension Approval, then (subject as provided below) payment of the Final Redemption Amount by the Issuer shall be automatically deferred until the Statutory Extended Final Maturity Date specified in the applicable Final Terms.

• In the event that the objective triggers for a Statutory Maturity Extension Approval are met, a subsequent declaration on the Issuer’s bankruptcy or resolution would not affect the Statutory Extended Final Maturity.

• Where the applicable Final Terms for a relevant Series of Notes provides that Statutory Extended Final Maturity is applicable and the Issuer has received a Statutory Maturity Extension Approval a failure by the Issuer to pay the Final Redemption Amount in full on the Maturity Date shall not constitute a default in payment.

• Where the applicable Final Terms provides that Statutory Extended Final Maturity applies to the Notes and the Issuer has received a Statutory Maturity Extension Approval, a failure by the Issuer to pay the Final Redemption Amount in full on the Maturity Date shall not constitute a default in payment.

• Furthermore, a Statutory Maturity Extension Approval may only be granted if such maturity extension does not affect the Noteholders’ order of priority in respect of the Cover Pool.

• Prior to the Swedish FSA’s decision on a Statutory Maturity Extension Approval, the Swedish National Debt Office and the Riksbank (Sweden’s central bank) shall be given the opportunity to comment.

• In the event that the prerequisites for a Statutory Maturity Extension Approval are met, a subsequent declaration on the Company’s bankruptcy or resolution would not affect the Statutory Extended Final Maturity.

• In these circumstances, failure by the Issuer to make payment in respect of the Final Redemption Amount in full onthe Maturity Date shall not constitute a default in payment by the Issuer provided the Issuer has received a Statutory Maturity Extension Approval.

More Definitions of Maturity Extension Approval

Maturity Extension Approval has the meaning given to such term in Condition 3.3; Subsidiary means in relation to any person (the first person) at any particular time, any other person (the second person):