Senior Preferred Obligations means any senior obligations (including the Senior Preferred Notes) of, or other senior instruments issued by, the Issuer, which fall or are expressed to fall within the category of obligations described in Article L. 613-30-3–I-3°. of the French Code monétaire et financier.
Senior Preferred Obligations means any senior present or future obligations (including the Senior Negotiable European Preferred Commercial Papers and the Senior Preferred Negotiable European Medium Term Notes) of the Issuer and or other instruments issued by the Issuer, which fall or are expressed to fall within the category of obligations described in Article L. 613-30-3–I-3° of the French Code monétaire et financier.
Senior Preferred Obligations means the obligations of BBVA with respect to (i) the payment of principal under the Notes, and (ii) all other ordinary claims, present and future, other than Senior Non-Preferred Obligations. Upon the insolvency (concurso de acreedores) of BBVA, in accordance with and to the extent permitted by the Insolvency Law and other applicable laws relating to or affecting the enforcement of creditors’ rights in Spain, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), the payment obligations of BBVA under the Notes with respect to claims for accrued but unpaid interest on the Notes and any Additional Amounts in respect thereof shall constitute subordinated claims (créditos subordinados) against BBVA ranking in accordance with the provisions of the Insolvency Law. No further interest on the Notes shall accrue from the date of declaration of the insolvency of BBVA. Each holder and beneficial owner of Notes by his or her acceptance thereof, to the extent permitted by Spanish law, authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of the Notes of the relevant series as provided in the Indenture and as summarized herein and appoints the Trustee his or her attorney-in-fact for any and all such purposes, including, if required, to grant any private or public documents on such holder’s or beneficial owner’s behalf. Prior to any voluntary or necessary declaration of insolvency of BBVA under the Insolvency Law or any voluntary or mandatory liquidation of BBVA or similar procedure, BBVA may be subject to an Early Intervention or Resolution, or to any other exercise of the Spanish Bail-in Power, and the Notes of any series may be subject to the exercise of the Spanish Bail-in Power, in which case no holder or beneficial owner of any such Note shall have any claim against BBVA in connection with or arising out of any such exercise of the Spanish Bail-in Power. Events of Default
Examples of Senior Preferred Obligations in a sentence
Rights of Trustee as Creditor of Senior Preferred Obligations; Preservation of Trustee’s Rights.
To the extent permitted by applicable law, the Trustee in its individual capacity shall be entitled to all the rights set forth in this Article 13 with respect to any claims of creditors of Senior Preferred Obligations which may at any time be held by it, to the same extent as any other creditor of Senior Preferred Obligations, and nothing in this Indenture (except pursuant to Section 15.02) or the Trust Indenture Act shall deprive the Trustee of any of its rights as such holder.
Trustee Not Fiduciary for Creditors of Senior Preferred Obligations.
With respect to the creditors of Senior Preferred Obligations, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations with respect to the creditors of Senior Preferred Obligations shall be read into this Indenture against the Trustee.
Unless otherwise provided in applicable law, the Trustee shall not be deemed to owe any fiduciary duty to the creditors of Senior Preferred Obligations and shall not be liable to any such holders or creditors if it shall in good faith pay over or distribute to Holders of Securities of the series or to the Company or to any other Person cash, property or securities to which any creditors of Senior Preferred Obligations shall be entitled by virtue of this Article 13 or otherwise.
More Definitions of Senior Preferred Obligations
Senior Preferred Obligations means the obligations of the Company with respect to all ordinary claims, present and future, other than Senior Non-Preferred Obligations.
Senior Preferred Obligations means the obligations of the Company with respect to (i) the payment of principal under the Securities, and (ii) all other ordinary claims, present and future, other than Senior Non-Preferred Obligations.
Senior Preferred Obligations means any obligations of the Issuer with respect to any ordinary claims (créditos ordinarios) of the Issuer other than Senior Non-Preferred Obligations.
Senior Preferred Obligations means (i) any unsubordinated instrument or other obligation issued, entered into, or guaranteed by the Company, and (ii) any other instrument or obligation issued, entered into or guaranteed by the Company which ranks or is expressed to rank, by its terms or by operation of law, senior to the Preference Shares;
Senior Preferred Obligations means any senior obligations of, or other instruments issued by, the Issuer, which fall or are expressed to fall within the category of obligations described in Article L.613-30-3–I-3°. of the French Monetary and Financial Code (including the Senior Preferred Notes). For the avoidance of doubt, Unsubordinated Notes issued under the Program prior to the date of this Prospectus Supplement will constitute Senior Preferred Obligations. Status of the Subordinated Notes Ranking of Subordinated Notes as long as Existing SubordinatedNotes are outstanding. For so long as any Existing Subordinated Note is outstanding, the Subordinated Notes will constitute direct, unconditional, unsecured and subordinated obligations of the Issuer and will rank pari passu among themselves and pari passu with all other present and future direct, unconditional, unsecured and ordinary subordinated indebtedness of the Issuer. Subject to applicable law, in the event of the voluntary liquidation of the Issuer, bankruptcy proceedings, or any other similar proceedings affecting the Issuer, the rights to payment of the holders of the Subordinated Notes will be subordinated to the full payment of the unsubordinated creditors (including depositors) of the Issuer but, subject to such payment in full, such holders of Subordinated Notes will be paid in priority to prêts participatifs granted to the Issuer, titres participatifs issued by the Issuer and any Undated Deeply Subordinated Notes (obligations dites “super subordonnées” i.e. engagements subordonnés de dernier rang) issued by the Issuer. The Subordinated Notes of the Issuer are issued pursuant to the provisions of Article L.228-97 of the French Commerce Code (Code de commerce). Ranking of Subordinated Notes once no Existing Subordinated Notes are outstanding. Upon redemption or repurchase and cancellation of all of the Existing Subordinated Notes, the Subordinated Notes will constitute direct, unconditional, unsecured and subordinated obligations of the Issuer and will rank pari passu among themselves and pari passu with:
Senior Preferred Obligations means any obligations or other instruments issued by the Issuer which fall or are expressed to fall within the category of obligations described in article L.613-30-3 I 3° of the French Code monétaire et financier. For the avoidance of doubt, all unsubordinated debt securities issued by the Issuer prior to the entry into force of Article L.613-30-3 I 4° of the French Code monétaire et financier on 11 December 2016 shall constitute Senior Preferred Obligations.
Senior Preferred Obligations means any senior obligations (including Senior Preferred Notes) of, or other senior instruments issued by, the Issuer, which fall or are expressed to fall within the category of obligations described in Article L. 613-30-3–I-3°. of the French Monetary and Financial Code.If so specified in the relevant Pricing Supplement, the Issuer may elect to treat the Senior Preferred Notes as eligible liabilities to meet the MREL or TLAC Requirements. However, if an MREL or TLAC Disqualification Event occurs, the Issuer’s obligations with respect to, and the status of, such Notes will not be affected, but the Issuer may have the right to redeem such Senior Preferred Notes or to substitute or vary their terms so they become Qualifying Senior Preferred Notes, as described in more detail herein.Subject to applicable law, in the event any judgment is rendered by any competent court declaring the judicial liquidation of the Issuer or if the Issuer is liquidated for any other reason, the rights of payment of the holders of Senior Preferred Notes shall be subject to the payment in full of all present or future creditors and holders of, or creditors in respect of, claims benefiting from statutory preferred exceptions (“Statutory Preferred Creditors”) and, subject to such payment in full, the holders of Senior Preferred Notes shall be paid in priority to any present or future Senior Non-Preferred Obligations of the Issuer. In the event of incomplete payment of Statutory Preferred Creditors, the obligations of the Issuer in connection with the Senior Preferred Notes will be terminated. The holders of Senior Preferred Notes shall be responsible for taking all necessary steps for the orderly accomplishment of any such liquidation of the Issuer in relation to any claims they may have against the Issuer.(b) Status of Senior Non-Preferred Notes Senior Non-Preferred Notes will constitute direct, unconditional, unsecured and senior (chirographaires) obligations of the Issuer ranking as Senior Non-Preferred Obligations and will rank equally and rateably without any preference or priority among themselves and: