Examples of Support Undertaking in a sentence
In addition, DBAG and the Company have entered into a Support Undertaking for the benefit of the Trust and the holders of the Trust Preferred Securities.
Thus, the Parity Securities definition may be parsed as follows:(ii) preference shares [“Term 1”] or other instruments [“Term 2”] qualifying as consolidated Tier I regulatory capital of the Bank [“Internal Modifier”] or any other instrument of any Affiliate of the Bank [“Term 3”] subject to any guarantee or support agreement of the Bank ranking pari passu with the obligations of the Bank under the Support Undertaking [“Trailing Modifier”] .
That triggered the Support Undertaking.Although the Amendment Agreement clearly “relat[ed] to the support or payment” of the DresCap Trust Certificates, the Defendants did not modify the Support Undertaking to reflect the changes effected by that Agreement.
This is established on the basis of the ratio of the costs incur- red to the awaited total expense (cost-to-cost method).
Whether the Bank Violated the Support Undertaking Our determination that the DresCap Trust Certificates are Parity Securities under the LLC Agreement generates the third and final issue: whether the Bank was contractually obligated to elevate the Trust Preferred Securities to rank equal to the DresCap Trust IV Certificates under the Support Undertaking.
This case does not fit the conventional model of contracts “negotiated” by and among all the interested parties.46 Here, important parties in interest—the holders of the securities—were neither consulted about, nor involved in the drafting of, the LLC Agreement, the Trust II Agreement, or the Support Undertaking.
For others, the demand pattern can vary as, for instance, the topic Coronavirus corresponding to a decrease up to the end of July, a spike in the beginning of August followed by a decline up to the first week of October and finishing with a significant rise at the end of October.
However, a Subordinated Support Undertaking does not represent a guarantee or an undertaking of any kind from DZ BANK that the Company will at any time have sufficient assets, or be allowed pursuant to the Articles of Association, to pay a Dividend or another distribution on the relevant Class of Preferred Securities.
With respect to each Class of Preferred Securities, DZ BANK will enter into a Subordinated Support Undertaking with the Company.
DZ BANK has not entered into any restrictive covenants regarding its ability to incur additional indebtedness ranking pari passu to its obligations under the Subordinated Support Undertaking.