Examples of Applicable Resolution Framework in a sentence
In the case resolution proceedings are commenced in respect of the Issuer in accordance with the Applicable Resolution Framework, the aforementioned ranking in the event of bankruptcy will in principle be followed, in a reverse order, subject to certain exceptions.
If resolution proceedings are commenced in respect of the Issuer in accordance with the Applicable Resolution Framework, the aforementioned ranking in the event of bankruptcy will in principle be followed, in reverse order (with the most junior instruments or liabilities first affected), subject to certain exceptions.
In addition, subject to the determination by the relevant Resolution Authority and without the consent of the Holders, the Capital Securities may be subject to other resolution measures as envisaged under the Applicable Resolution Framework, such as replacement or substitution of the Issuer, transfer of the Capital Securities, expropriation of Holders, modification of the terms of the Capital Securities and/or suspension or termination of the listings of the Capital Securities.
Such determination, the implementation thereof and the rights of Noteholders shall be as prescribed by the Applicable Resolution Framework, which may include the concept that, upon such determination, no Noteholder shall be entitled to claim any indemnification or payment in respect of any tax or other consequences arising from any such event and that any such event shall not constitute an Event of Default.
If resolution proceedings are commenced in respect of the Issuer in accordance with the Applicable Resolution Framework, the aforementioned ranking in the eventof bankruptcy will in principle be followed, in reverse order (with the most junior instruments or liabilities first affected), subject to certain exceptions.
In addition, subject to the determination by the Resolution Authority and without the consent of the Noteholders, the Notes may be subject to other resolution measures as envisaged under the Applicable Resolution Framework., such as replacement or substitution of the Issuer, transfer of the Notes, expropriation of Noteholders, modification of the terms of the Notes and/or suspension or termination of the listings of the Notes.
Capital Securities may become subject to the determination by the relevant Resolution Authority or the Issuer (following instructions from the relevant Resolution Authority) that all or part of the principal amount of the Capital Securities, including accrued but unpaid interest in respect thereof, must be written off or converted into Common Equity Tier 1 instruments or otherwise be applied to absorb losses, all as prescribed by the Applicable Resolution Framework ("Statutory Loss Absorption").
In addition, subject to the determination by the Resolution Authority and without the consent of the Noteholders, the Notes may be subject to other resolution measures as envisaged under the Applicable Resolution Framework.
Resolution Authority means the European Single Resolution Board, the ECB, the DNB or such other regulatory authority or governmental body having the power to impose Statutory Loss Absorption or Recapitalisation on the Capital Securities pursuant to the Applicable Resolution Framework.
The Notes will not be subject to Statutory Loss Absorption or Recapitalisation if and to the extent the Applicable Resolution Framework is not deemed to apply retrospectively with respect to such Notes and/or the Issuer.