New Class B Notes definition

New Class B Notes means Notes that are issued as new Class B Notes in connection with a Refunding of the Original Class B Notes, in the original principal amount and maturities and bearing interest as specified in the applicable Indenture Refunding Amendment.

New Class B Notes means the new subordinate notes to be issued by us as part of the consideration delivered to holders of Existing Subordinate Notes that participate in the Concurrent Offers under the Indenture, secured on a subordinate basis by the Eligible Underlying Assets that previously secured Outstanding Securities that are the subject of the related Resecuritization Process, as described herein.

Examples of New Class B Notes in a sentence

• In addition, the New Notes Registration Rights Agreements will provide blackout periods with respect to certain registrations made under the New Equity Registration Rights Agreement, and, with respect to the New Class B Notes Registration Rights Agreement, under the New Class A Notes Registration Rights Agreement.

• Consequently, the issue price of the New Class A-7 Notes should be the fair market value of the New Class A-7 Notes on the date of the deemed exchange (i.e., on the date the amendment becomes effective), and the issue price of the New Class B Notes should be the “stated principal amount” of the New Class B Notes.

• We expect the New Class A-7 Notes should be characterized as publicly traded and the New Class B Notes should not be characterized as publicly traded, and we expect, and the remainder of this discussion assumes, that the stated interest on the New Notes will meet the requirements for “adequate stated interest” under the Treasury Regulations.

• The New A Notes are repayable in instalments ending in December 2034.The New Class B Notes carry interest at 4.6956% payable half yearly in arrears.

• Insert the Closing Date of the applicable Refunding for New Class B Notes.

• In light of the current trading prices for the Notes, there is a significant likelihood that the New Class A Notes and the New Class B Notes will be treated as re-issued with OID.

• At 25 December 2015, £230,810,000 (2014: £238,904,000) of the principal of the New Class A Notes and£356,402,000 (2014: £356,402,000) of the principal of the New Class B Notes was outstanding.For further details of security over the New Notes see note 16.

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