Examples of Solvent Reconstruction in a sentence
All Deferred Payments (together with any interest accrued thereon) which remain unpaid shall become due and payable upon the earlier to occur of (i) the Deferred Payment Date, and (ii) the Issuer being placed into liquidation, administration or wound-up (other than pursuant to a Solvent Reconstruction).
Subject to Applicable Law, in the event of the dissolution of the Issuer or if the Issuer is placed into liquidation, wound-up or placed under curatorship (in each case other than pursuant to a Solvent Reconstruction), the claims of the holders entitled to payment of amounts due in respect of the Subordinated Notes that are not Subordinated Capital Notes, shall be subordinated to all claims in respect of the Senior Notes and any other indebtedness of the Issuer except for other Subordinated Indebtedness.
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Only if an order is made or an effective resolution is passed for the winding-up of the Issuer (other than pursuant to a Solvent Reconstruction) shall such Tier 2 Noteholder be able to declare (upon written notice) such Tier 2 Notes immediately due and payable (and in this regard, see “Notes may be subordinated to most of the Issuer’s liabilities” above).Proceeds of Tier 2 Notes may qualify as Tier 2 Capital.
Solvent Reconstruction means a scheme of amalgamation or reconstruction, not involving a bankruptcy or insolvency, where the obligations of Westpac in relation to the outstanding Notes are assumed by the successor entity to which all, or substantially all of the property, assets and undertaking of Westpac are transferred or where an arrangement with similar effect not involving a bankruptcy or insolvency is implemented.
Liquidation means the liquidation of the Issuer or a Guarantor otherwise than for the purpose of, and following an amalgamation in accordance with the Companies Act or a Solvent Reconstruction.
Only if an order is made or an effective resolution is passed for the winding-up of the Issuer (other than pursuant to a Solvent Reconstruction (as defined in Condition 2)) shall the holder of a Tier 2 Note be able to declare (upon written notice) such Tier 2 Note immediately due and payable.
No maturity date: The Notes have no maturity date and are only redeemable or may only be redeemed, substituted, varied or purchased (subject to the provisions of Condition 5(c) (Solvency Condition) and without prejudice to the provisions of Condition 15 (Events of Default)) on a winding-up oradministration (other than pursuant to a Solvent Reconstruction) in accordance with the provisions of Condition 5(b) (Subordination) or the following provisions of this Condition 12.
Westpac Group means Westpac and its controlled entities taken as a whole.Winding-Up means: (a) a court order is made for the winding-up of Westpac; or (b) an effective resolution is passed by shareholders or members for the winding-up of Westpac, other than in connection with a Solvent Reconstruction.
The Notes have no maturity date and are only redeemable or may only be redeemed, substituted, varied or purchased (subject to the provisions of Condition 3(c) and without prejudice to the provisions of Condition 11) on a winding-up or administration (other than pursuant to a Solvent Reconstruction) in accordance with the provisions of Condition 3(b) or in accordance with the following provisions of this Condition 8.