Subordination of the Securities. In the event of an Issuer Winding-up, the rights and claims of the Holders against the Issuer in respect of or arising under the Securities and the Coupons will rank (i) junior to the claims of all holders of Senior Obligations of the Issuer, (ii) pari passu with the claims of holders of all Parity Obligations of the Issuer and (iii) senior to the claims of holders of all Junior Obligations of the Issuer. Subject to applicable law, no Holder may exercise or claim any right of set-off in respect of any amount owed to it by the Issuer arising under or in connection with the Securities or the Coupons and each Holder shall, by virtue of being the Holder, be deemed to have waived all such rights of set-off. This Condition 2(b) is an irrevocable stipulation (derdenbeding) for the benefit of the creditors of Senior Obligations of the Issuer and each such creditor may rely on and enforce this Condition 2(b) under Section 6:253 of the Dutch Civil Code.
Subordination of the Securities. Securities issued pursuant to this Fixed-Term Subordinated Indenture shall constitute direct, unconditional, subordinated and unsecured obligations of the Company and will at all times rank pari passu without any preference among themselves, and equally in right of payment with all of the existing and future unsecured, unconditional and fixed-term subordinated debt of the Company, and senior to all of the existing and future unsecured, conditional and perpetual subordinated debt of the Company (including the existing and future perpetual subordinated debt of the Company) and all classes of shares (including preferred shares (if any)) of the Company. Notwithstanding such ranking of the Securities, upon the occurrence of a Non-Viability Event, the Securities issued pursuant to this Fixed-Term Subordinated Indenture will become subject to a Non-Viability Write-Down as provided in Article 13. For the avoidance of doubt, if a competent court in Japan shall have commenced bankruptcy proceedings with respect to the Company pursuant to the provisions of the Bankruptcy Law, the claims of the Holders of the Securities shall rank junior to the claims of all statutory subordinated bankruptcy claims (retsugoteki xxxxx xxxxxx), as set forth in the Bankruptcy Law, in distribution in such bankruptcy proceedings. If a Subordination Event has occurred, and so long as any such Subordination Event shall continue (and in the case of a Civil Rehabilitation Event, so long as neither a Summary Rehabilitation Order nor a Consent Rehabilitation Order shall have been issued), any amounts (other than any amounts which shall have become due and payable before such Subordination Event shall have occurred and remain unpaid) due under the Securities, including any amount due under the Company’s indemnification obligation as provided in Section 4.13 will become payable only upon one of the following conditions being fulfilled:
Subordination of the Securities. [Reserved]
Subordination of the Securities. SECTION 10.1. Agreement that the Securities be Subordinated to the Extent Provided. The Issuer, for itself, its successors and assigns, covenants and agrees, and each holder of a Note and each holder of any Coupon appertaining thereto likewise covenants and agrees by his acceptance thereof, that any payment of principal of and interest on each and all of the Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, to the prior payment in full of all Senior Indebtedness of the Issuer.
Subordination of the Securities. Securities issued pursuant to this Perpetual Subordinated Indenture shall constitute direct and unsecured obligations of the Company that are conditional and subordinated, as provided under this Article 12, and shall at all times rank pari passu without any preference among themselves. As provided under this Article 12, upon the occurrence of a Liquidation Event, any series of Securities will be subordinated to all of the existing and future Senior Indebtedness (which includes fixed-term subordinated debt of the Company), and such series of Securities will rank at least pari passu with all of the existing and future Liquidation Parity Liabilities. Notwithstanding such ranking of the Securities, any series of Securities issued pursuant to this Subordinated Indenture are subject to the Write-Down and Cancellation and a Going Concern Write-Down under Articles 13 and 14. The rights of the holders of any series of Securities will be subordinated in right of payment to all Senior Indebtedness upon the occurrence of a Liquidation Event. If a Liquidation Event has occurred, and so long as any such Liquidation Event shall continue, each holder of any series of Securities will only have a Liquidation Claim. For so long as such Liquidation Event continues, no payments in respect of a Liquidation Claim shall be made unless and until a Condition for Liquidation Payment shall have occurred. Payments made in respect of a Liquidation Claim shall not exceed the applicable Liquidation Distributable Amount. At any time prior to the payment of a Liquidation Claim in accordance with the subordination provisions herein, a Liquidation Claim shall be subject to a Going Concern Write-Down or the Write-Down and Cancellation upon the occurrence of a Capital Ratio Event, Non-Viability Event or Bankruptcy Event, as the case may be.
Subordination of the Securities. SECTION 10.1. Agreement that the Securities be Subordinated to the Extent Provided..................................... 42 SECTION 10.2. Issuer Not to Make Payments with Respect to Securities in Certain Circumstances........................ 42 SECTION 10.3. Securities Subordinated to Prior Payment of All Senior Indebtedness of the Issuer on Dissolution, Liquidation or Reorganization of the Issuer.. 42 SECTION 10.4. Obligation of the Issuer Unconditional.........................
Subordination of the Securities. 43 Section 5.01 Agreement to Subordinate 43
Subordination of the Securities. The provisions of Article XIV of the Original Indenture are deleted in their entirety. To the extent that the provisions of this Supplemental Indenture (including those referred to in clauses (a) through (n) above) conflict with any provision of the Original Indenture, the provisions of this Supplemental Indenture shall govern and be controlling, solely with respect to the Notes.
Subordination of the Securities. SECTION 14.01. The Company, for itself, its successors and assigns, covenants and agrees, and each holder of a Security likewise covenants and agrees by his acceptance thereof, that any payment of principal of and interest on each and all of the Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, to the prior payment in full of all Senior Indebtedness, Subordinated Indebtedness and Derivative Obligations of the Company. 102 85
Subordination of the Securities. Each Certificateholder (by holding a Beneficial Interest Certificate) hereby expressly acknowledges and agrees that (i) its right, if any, to receive dividends or other distributions of Trust Property is subordinate to the rights of the Holders as provided in the Indenture and (ii) it may not withdraw from AFT or obtain possession of, or otherwise exercise legal or equitable remedies with respect to, all or any part of the Trust Property prior to the payment in full of the principal and interest of, and any other amount owing with respect to, the Notes from time to time outstanding other than as expressly provided in the Indenture. Each Certificateholder further acknowledges that the AFT has agreed, on behalf of the Certificateholders, to the terms of Article X of the Indenture and confirms that AFT is authorized to do so and that such Certificateholder is bound thereby.
