Prevailing Outstanding Amount definition

Prevailing Outstanding Amount means for each Note, its notional amount outstanding at any given time, adjusted for any reduction pursuant to a Write-Down or any increase pursuant to a Reinstatement;

Prevailing Outstanding Amount means the principal amount of each Security outstanding at any given time, adjusted for any Write-Down or any increase pursuant to a reinstatement in accordance with Condition 6 (Loss Absorption and Discretionary Reinstatement);

Examples of Prevailing Outstanding Amount in a sentence

• The Issuer may also, at its option, redeem all, but not some only, of the Notes at any time at their Prevailing Outstanding Amount, together with accrued interest thereon, upon the occurrence of a Tax Event or a Capital Event, subject to approval by the Relevant Regulator.

• Informational or educational items designed primarily for the education of HCPs and patients on disease and its treatments should not have independent value.

• The Prevailing Outstanding Amount of the Notes may be subject to Write-Down even if holders of the Issuer’s shares continue to receive dividends.Although Condition 6.3 (Reinstatement) will allow the Issuer in its full discretion to reinstate written-off principal amounts up to the Maximum Reinstatement Amount if there is a Reinstatement and provided certain other conditions are met, the Issuer is under no obligation to do so.

• Any such adjustment to the Prevailing Outstanding Amount of the Securities will not have any effect on the denomination of the Securities.

• Following a reduction of the Prevailing Outstanding Amount of the Securities as described above, interest will accrue on the reduced Prevailing Outstanding Amount of each Security from (and including) the relevant Write-Down Date, and (for the avoidance of doubt) such interest will be subject to Condition 5 (Interest Cancellation) and this Condition 6.

• If the amount by which the Prevailing Outstanding Amount is written down, when taken together with the write-down of any other Loss Absorbing Instruments, is insufficient to cure the Trigger Event, the Prevailing Outstanding Amount of the Notes will be written-down substantially (or nearly entirely).

• If a Trigger Event occurs, the Prevailing Outstanding Amount of the Notes will be written down by the Write-Down Amount, as further described in Condition 6.1 (Write-Down) and 6.2 (Consequence of a Write-Down).

• Subject to Condition 7(e) (Conditions to Redemption and Purchase) below, upon the occurrence of a Special Event, the Issuer may, in its sole and absolute discretion, having given not less than 30 days' nor more than 60 days' notice to the Holders, at any time redeem all (but not some only) of the Securities at an amount equal to the then Prevailing Outstanding Amount of such Securities, together with interest accrued (if any) to (but excluding) the date of redemption (excluding any cancelled interest).

• If any judgment is rendered by any competent court declaring the judicial liquidation (liquidation judiciaire) of the Issuer or if the Issuer is liquidated for any other reason prior to the Notes being written up in full pursuant to Condition 6.3 (Reinstatement), Noteholders’ claims for principal will be based on the reduced Prevailing Outstanding Amount of the Notes.

• After the complete payment of creditors whose claim ranks senior to the Qualifying Notes (including any Disqualified Notes) on the judicial or other liquidation of the Issuer, the amount payable by the Issuer in respect of the Qualifying Notes shall be limited to the Prevailing Outstanding Amount and any other amounts payable in respect of the Qualifying Notes (including any accrued and uncancelled interest).