Subordination Event definition
Examples of Subordination Event in a sentence
The acceleration set forth in this Section will not arise upon a default of the Company in the payment of principal of or interest on the Securities of any series or upon the default of the Company in the performance or observance of any covenant, condition or provision contained in this Subordinated Indenture or the Securities of any series or upon the occurrence of any other event in relation to the Securities of any series other than a Subordination Event.
Upon the occurrence of a Subordination Event, the Securities will be subordinated to all Senior Indebtedness, as provided in Article 12; provided, however, that the Securities will be subject to a Write-Down upon the occurrence of a Non-Viability Event, as provided in Article 13.
Unless otherwise established in accordance with Section 2.03 or by any applicable supplemental indenture, “Event of Acceleration” with respect to Securities of any series and wherever used herein means the occurrence and continuation of a Subordination Event.
A redemption notice will be automatically rescinded and will have no force and effect, and no redemption amount will be due and payable, if a Non-Viability Event or a Subordination Event occurs prior to the applicable redemption date, in which case the Securities will be subject to a Write-Down as provided in Article 13 or the subordination provisions as provided in Article 12, as the case may be.
When the Trustee incurs expenses or renders services in connection with a Subordination Event, the expenses (including the properly incurred fees and expenses of its agents and counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable bankruptcy, insolvency or other similar law.