Spanish Insolvency Law definition

Spanish Insolvency Law means the restated text of the Spanish Insolvency Law (Ley Concursal) approved by the Royal Decree-Legislative 1/2020, of 5 May, as amended from time to time.

Spanish Insolvency Law means the restated text of the Spanish Insolvency Law (Ley Concursal) approved by the Royal Decree-Legislative 1/2020, of 5 May, as amended or replaced from time to time. The provisions of Section 2.02 of the Senior Preferred Debt Securities Indenture, and Section 2.02(r) of the Third Supplemental Indenture shall apply only to rights or claims payable with respect to the SP 2028 Fixed-to-Fixed Rate Notes and nothing herein shall affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 of the Base Indenture, or the rights and remedies of the Trustee in respect thereof. The Company agrees with respect to the SP 2028 Fixed-to-Fixed Rate Notes and each Holder of the SP 2028 Fixed-to-Fixed Rate Notes, by his or her acquisition of the SP 2028 Fixed-to-Fixed Rate Notes, will be deemed to have agreed to the ranking as described herein. Each such Holder will be deemed to have irrevocably waived his or her rights of priority which would otherwise be accorded to him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the SP 2028 Fixed-to-Fixed Rate Notes. In addition, each Holder of the SP 2028 Fixed-to-Fixed Rate Notes by his or her acquisition of such SP 2028 Fixed-to-Fixed Rate Notes authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such SP 2028 Fixed-to-Fixed Rate Notes as provided in the Senior Preferred Debt Securities Indenture, and as summarized herein and appoints the Trustee as his or her attorney-in-fact for any and all such purposes. Notwithstanding any other term of this Note or any other agreements, arrangements, or understandings between the Company and any Holder of the SP 2028 Fixed-to-Fixed Rate Notes, by its acquisition of this Note, each Holder (which includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees: (i) to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: the reduction of all, or a portion, of the Amounts Due on a permanent basis; the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 Instruments, other securities or other obligations of the Company or another person (and the issue to th...

Spanish Insolvency Law means the restated text of the Spanish Insolvency Law (Ley Concursal) approved by the Royal Decree-Legislative 1/2020, of 5 May, as amended or replaced from time to time.

Examples of Spanish Insolvency Law in a sentence

• In the event of insolvency (concurso) of the Issuer, under the Spanish Insolvency Law claims relating to the Notes (which are not subordinated pursuant to Article 92 of the Spanish Insolvency Law) will be ordinary credits (créditos ordinarios) as defined in the Spanish Insolvency Law.

• The obligations of each Spanish Loan Party under this Clause 8 will not be affected by any action made under the Additional Section 4 (Disposición Adicional Cuarta) of the Spanish Insolvency Law, 22/2003 (Ley Concursal) in relation to any other Spanish Loan Party.

• On insolvency of an entity under the Spanish Insolvency Law, ordinary creditors rank ahead of subordinated creditors but behind privileged creditors and creditors with claims against the estate.

• Claims of Holders of Senior Non Preferred Debt Securities of any series in respect of interest accrued but unpaid as of the commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the provisions of Article 281.1.3º of the Spanish Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company.

• For example, under Article 92.5 of the Spanish Insolvency Law, the claims of those persons especially related to the Guarantor or the Issuer (as the case may be) will be classified as subordinated creditors.

More Definitions of Spanish Insolvency Law

Spanish Insolvency Law means Law 00/0000 (Xxx Xxxxxxxxx) of 9 July 2003 regulating insolvency proceedings in Spain, or an equivalent legal provision which replaces it in the future.

Spanish Insolvency Law means the Spanish Royal Legislative Decree 1/2020 of 5 May 2020 (Real Decreto Legislativo 1/2020, de 5 xx xxxx, por el que se aprueba el texto refundido de xx Xxx Concursal) approving the Spanish Recast Insolvency Law, as amended or superseded from time to time, and, in particular but not limited to, pursuant to the Spanish Law 16/2022, of 5 September, amending the consolidated text of the Spanish Insolvency Law (Ley 16/2022, de 5 de septiembre, de reforma del texto refundido de xx Xxx Concursal).

Spanish Insolvency Law means the Spanish Insolvency Law 22/2003, dated 9 July (Ley 22/2003, de 9 de xxxxx, Concursal), as amended from time to time.

Spanish Insolvency Law means Law 22/2003 (Ley Concursal) of July 9, regulating insolvency proceedings in Spain, as amended or supplemented from time to time, or an equivalent legal provision which replaces it in the future.

Spanish Insolvency Law means Law 22/2003, of 9 July 2003 (Ley Concursal), as amended from time to time or any equivalent legal provision which replaces it in the future;

Spanish Insolvency Law means Ley 00/0000, xx 0 xx xxxxx, Concursal, as amended from time to time.

Spanish Insolvency Law means the Spanish insolvency law (Ley Concursal) 22/2003, of July 9.