Ordinarily Subordinated Obligations definition

Ordinarily Subordinated Obligations means any subordinated obligations or other instruments (including subordinated securities issued pursuant to Article L. 228-97 of the French Code de commerce) issued by the Issuer which rank, or are expressed to rank, pari passu among themselves, and are direct, unconditional, unsecured and subordinated obligations of the Issuer but in priority to prêts participatifs granted to the Issuer, titres participatifs issued by the Issuer and any deeply subordinated obligations of the Issuer (engagements dits "super subordonnés", i.e. engagements subordonnés de dernier rang).

Ordinarily Subordinated Obligations means any obligations (including any bonds or notes) of the Issuer which constitute direct, unconditional, unsecured and subordinated obligations of the Issuer and which at all times rank pari passu and without any preference among themselves and equally and ratably with any other existing or future Ordinarily Subordinated Obligations, behind Unsubordinated Obligations but in priority to Equity Securities, the Notes, Parity Securities, prêts participatifs granted to the Issuer and titres participatifs issued by the Issuer.

Ordinarily Subordinated Obligations means subordinated obligations of the Issuer, whether in the form of notes or loans or otherwise, which rank in priority to the present and future prêts participatifs granted to the Issuer, the present and future titres participatifs issued by the Issuer, Support Agreement Claims, Deeply Subordinated Obligations and the Notes.

Examples of Ordinarily Subordinated Obligations in a sentence

• Ordinarily Subordinated Obligations means any subordinated obligations or other instruments issued by the Issuer which rank, or are expressed to rank, pari passu among themselves, and are direct, unconditional, unsecured and subordinated obligations of the Issuer but in priority to prêts participatifs granted to the Issuer, titres participatifs issued by the Issuer and any deeply subordinated obligations of the Issuer (engagements dits "super subordonnés", i.e. engagements subordonnés de dernier rang).

• Subject to applicable law, in the event of the voluntary or judicial liquidation (liquidation amiable ou liquidation judiciaire) of the Issuer, bankruptcy proceedings or any other similar proceedings affecting the Issuer, the rights of Noteholders to payment under the Senior Non Preferred Notes rank: (A) junior to Senior Preferred Obligations; and (B) senior to Ordinarily Subordinated Obligations and any other present or future claims otherwise ranking junior to Senior Non Preferred Obligations.

• Ordinarily Subordinated Obligations means any subordinated obligations or other instruments issued by the Issuer which rank, or are expressed to rank, pari passu among themselves, and are direct, unconditional, unsecured and subordinated obligations of the Issuer but in priority to prêts participatifsgranted to the Issuer, titres participatifs issued by the Issuer and any deeply subordinated obligations of the Issuer (engagements dits "super subordonnés", i.e. engagements subordonnés de dernier rang).

• The principal and interest (including any outstanding Arrears of Interest and Additional Interest Amount) on the Notes constitute direct, unconditional, unsecured and dated subordinated obligations of the Issuer and the Notes rank and will rank pari passu without any preference among themselves and with other Ordinarily Subordinated Obligations of the Issuer.

• No payments will be made to the Noteholders before all amounts due, but unpaid, to all other creditors of the Issuer (including holders of Unsubordinated Obligations, holders of Ordinarily Subordinated Obligations, lenders in relation to prêts participatifs granted to the Issuer and holders of titres participatifs issued by the Issuer, but excluding Parity Securities, which will be paid pro rata with the Notes) have been paid by the Issuer, as ascertained by the judicial liquidator.

More Definitions of Ordinarily Subordinated Obligations

Ordinarily Subordinated Obligations means any subordinated obligations or other instruments issued by the Issuer which constitute direct, unconditional, unsecured and subordinated obligations of the Issuer but rank in priority to prêts participatifs granted to the Issuer, titres participatifs issued by the Issuer and deeply subordinated obligations of the Issuer (engagements dits “super subordonnés” or engagements subordonnés de dernier rang).Subject to applicable law, if any judgment is rendered by any competent court declaring the judicial liquidation (liquidation judiciaire) of the Issuer, the Noteholders will have a right to payment under the Senior Non-Preferred Notes:

Ordinarily Subordinated Obligations means direct, unconditional, unsecured and subordinated obligations of the Issuer which rank in priority to any prêts participatifs granted to the Issuer, any titres participatifs issued by the Issuer, any Tier 1 Subordinated Notes and the Notes;

Ordinarily Subordinated Obligations means any subordinated obligations or other instruments issued by the Issuer which constitute direct, unconditional, unsecured and subordinated obligations of the Issuer.

Ordinarily Subordinated Obligations means any subordinated obligations (including subordinated securities issued pursuant to article L. 228-97 of the French Code de commerce) or other instruments issued by the Issuer which rank, or are expressed to rank, pari passu among themselves, and are direct, unconditional, unsecured and subordinated obligations of the Issuer but in priority to prêts participatifs granted to the Issuer, titres participatifs issued by the Issuer and any deeply subordinated obligations of the Issuer (engagements dits "super subordonnés", i.e. engagements subordonnés de dernier rang)."The ranking of any Subordinated Notes issued under the Programme will be and may evolve as follows:Condition 2(b)(i) will apply in respect of the Subordinated Notes for so long as any Existing Subordinated Note is outstanding. Upon redemption or repurchase and cancellation of all of the Existing Subordinated Notes in whole (the "ExistingSubordinated Notes Redemption Event"), Condition 2(b)(ii) will automatically replace and supersede Condition 2(b)(i) in respect of all outstanding Subordinated Notes issued on and after 6 February 2015 without the need for any action from the Issuer.

Ordinarily Subordinated Obligations means any subordinated obligations or other instruments issued by the Issuer which rank, or are expressed to rank, pari passu among themselves and with the Notes, and constitute direct, unconditional, unsecured and subordinated obligations of the Issuer. For the avoidance of doubt, the Issuer does not have any outstanding Ordinarily Subordinated Obligations as at the Issue Date except an intra group undated subordinated loan for an amount of €300,000.

Ordinarily Subordinated Obligations means any present or future subordinated obligations of the Issuer, whether in the form of notes or loans or otherwise, which rank, or are expressed to rank, pari passu among themselves, and are direct, unconditional, unsecured and subordinated obligations of the Issuer but in priority to prêts participatifs granted to the Issuer, titres participatifs issued by the Issuer and any Deeply Subordinated Obligations;

Ordinarily Subordinated Obligations means any subordinated obligations or other instruments issued by the Issuer which rank, or are expressed to rank, pari passu among themselves, and are direct, unconditional, unsecured and subordinated obligations of the Issuer but in priority to prêts participatifs granted to the Issuer, titres participatifs issued by the Issuer and any deeply subordinated obligations of the Issuer (engagements dits "super subordonnés", i.e. engagements subordonnés de dernier rang).