Undated Subordinated Notes definition

Undated Subordinated Notes means Notes specified in the applicable Pricing Supplement as undated subordinated notes; and

Undated Subordinated Notes means Notes which are specified in the applicable Final Terms as being undated subordinated Notes;

Undated Subordinated Notes means notes with no specified maturity date which are direct, unconditional, unsecured and subordinated obligations of the Issuer and rank pari passu without any preference among themselves and pari passu with any other existing or future direct, unconditional, unsecured and subordinated obligations of the Issuer with no specified maturity date (any such obligations, Undated Subordinated Obligations).

Examples of Undated Subordinated Notes in a sentence

• The use of the proceeds of issues of Undated Subordinated Notes will be set out in the applicable Final Terms.

• In the case of Undated Subordinated Notes, interest shall be payable on each Compulsory Interest Payment Date (as defined below) in respect of the interest accrued in the Interest Period ending on the day immediately preceding such date.

• Provisions relating to the deferral of interest on Undated Subordinated Notes will be set out in the relevant Pricing Supplement.

• The Undated Subordinated Notes shall also rank in priority to any class of share capital, whether represented by ordinary shares or preference shares (actions de préférence), issued by the Issuer.

• If the Ordinary Subordinated Notes have no specified maturity date, such Notes constitute Undated Subordinated Notes and Condition 3(b)(i)(x) shall apply to them.

• The rights of Holders of Undated Subordinated Notes will, in the event of the winding up of the Issuer, be subordinated in right of payment to the claims of Prior Creditors (as defined in the Trust Deed) of the Issuer.

• The proceeds of the issue of Undated Subordinated Notes may be used, as it will be set out in the relevant Final Terms, for off-setting losses of the Issuer and, thereafter, to allow it to continue its activities in accordance with French banking regulations.

• The proceeds of issues of Undated Subordinated Notes issued by Société Générale may be used for off- setting losses of Société Générale and, thereafter, to allow it to continue its activities in accordance with French banking regulations.

• Unless otherwise specified in the relevant Final Terms, payments of interest relating to Undated Subordinated Notes constitute obligations which rank equally with the obligations of the Issuer in respect of Unsubordinated Notes issued by the Issuer in accordance with Condition 3(a) and may be deferred in accordance with the provisions of Condition 5(h).

• In addition, as a result of the interest deferral provision of the Undated Subordinated Notes, the market price of the Undated Subordinated Notes may be more volatile than the market prices of other debt securities on which original issue discount or interest accrues that are not subject to such deferrals and may be more sensitive generally to adverse changes in the Issuer's financial condition.