Undated Deeply Subordinated Notes definition

Undated Deeply Subordinated Notes means the direct, unconditional, unsecured and subordinated obligations of the Issuer which rank pari passu among themselves and pari passu with all other present and future direct, unconditional, unsecured and deeply subordinated indebtedness of the Issuer and have no fixed maturity date.
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Examples of Undated Deeply Subordinated Notes in a sentence

  • See Condition 5 of the Undated Deeply Subordinated Notes (Interest and Interest Cancellation).

  • Payments of interest on the Undated Deeply Subordinated Notes will occur in accordance with the provisions of this Condition 5 and will be subject to a discretionary decision of the Executive Committee of BESI as specified in subparagraph (d) below, without prejudice to the provision of paragraph (iii) below (Priority of Interest).

  • The potential reduction of the nominal amount will very likely negatively affect the market value of the Undated Deeply Subordinated Notes then outstanding and will increase the risk of capital loss under the investment in the Undated Deeply Subordinated Notes, either in whole or in part, considering that such reduced amount will only be reinstated in certain circumstances.

  • The Terms and Conditions of the Undated Deeply Subordinated Notes do not provide for events of default allowing acceleration of the Undated Deeply Subordinated Notes if certain events occur and the holders of Undated Deeply Subordinated Notes will not be entitled to initiate insolvency proceedings against BESI for failure of any payment under the Undated Deeply Subordinated Notes.

  • The holders of Undated Deeply Subordinated Notes have no right to require redemption of the Undated Deeply Subordinated Notes, except if a judgment is issued for the insolvent judicial liquidation of BESI or if BESI is wound up for any other reason.

  • If BESI's financial condition were to deteriorate, the holders of Undated Deeply Subordinated Notes could suffer direct and materially adverse consequences, including cancellation of interest and reduction of interest and principal and, if BESI were liquidated (whether voluntarily or involuntarily), the holders of Undated Deeply Subordinated Notes could suffer loss of their entire investment.

  • It is possible that in certain circumstances, external authorities may require BESI to suspend payments of interest in circumstances which are not covered by the Terms and Conditions of the Undated Deeply Subordinated Notes.

  • Accordingly, in certain circumstances and/or upon the occurrence of certain events, payments of interest under the Undated Deeply Subordinated Notes may be restricted and, in certain cases, forfeited and the amount of interest and the principal amount of the Undated Deeply Subordinated Notes may be reduced.

  • There is no restriction on the amount of debt that BESI may issue that ranks senior to the Undated Deeply Subordinated Notes or on the amount of securities that it may issue that rank pari passu with the Undated Deeply Subordinated Notes.

  • Status of the Undated Deeply Subordinated Notes: The Undated Deeply Subordinated Notes may be issued by BESI only.