Subordination of the Securities. In the event of an Issuer Winding-up, the rights and claims of the Holders against the Issuer in respect of or arising under the Securities and the Coupons will rank (i) junior to the claims of all holders of Senior Obligations of the Issuer, (ii) pari passu with the claims of holders of all Parity Obligations of the Issuer and (iii) senior to the claims of holders of all Junior Obligations of the Issuer. Subject to applicable law, no Holder may exercise or claim any right of set-off in respect of any amount owed to it by the Issuer arising under or in connection with the Securities or the Coupons and each Holder shall, by virtue of being the Holder, be deemed to have waived all such rights of set-off. This Condition 2(b) is an irrevocable stipulation (derdenbeding) for the benefit of the creditors of Senior Obligations of the Issuer and each such creditor may rely on and enforce this Condition 2(b) under Section 6:253 of the Dutch Civil Code.
Subordination of the Securities. SECTION 10.1.
Subordination of the Securities. The Issuer covenants and agrees, and each holder of Securities, by his acceptance thereof, likewise covenants and agrees, that the indebtedness evidenced by the Securities (including coupons) and the payment of the principal thereof, premium, if any, and interest thereon shall be subordinate and subject in right of payment, to the extent and in the manner hereinafter set forth, to the prior payment in full of all Senior Indebtedness. For purposes of this Article Fourteen, "Senior Indebtedness" means the principal of, premium, if any, and unpaid interest on the following, whether outstanding at the date hereof or thereafter incurred or created: (i) indebtedness of the Issuer for money borrowed (including purchase-money obligations) evidenced by notes or other written obligations, (ii) indebtedness of the Issuer evidenced by securities (other than the Securities), debentures, bonds or other securities issued under the provisions of an indenture or similar instrument, (iii) obligations of the Issuer as lessee under capitalized leases and leases of property made as part of any sale and leaseback transactions, (iv) indebtedness of others of any of the kinds described in the preceding clauses (i) through (iii) assumed or guaranteed by the Issuer and (v) renewals, extensions and refundings of, and indebtedness and obligations of a successor corporation issued in exchange for or in replacement of, indebtedness or obligations of the kinds described in the preceding clauses (i) through (iv), unless in the case of any particular indebtedness, obligation, renewal, extension or refunding the instrument creating or evidencing the same or the assumption or guarantee thereof expressly provides that such indebtedness, obligation, renewal, extension or refunding is not superior in right of payment to the Securities. The Issuer covenants and agrees that it will not incur any subordinated indebtedness (other than the Securities) unless such subordinated indebtedness is subordinate to Senior Indebtedness at least to the same extent that the Securities are subordinate to Senior Indebtedness.
Subordination of the Securities. SECTION 10.1. Agreement that the Securities be Subordinated to the Extent Provided. The Issuer, for itself, its successors and assigns, covenants and agrees, and each holder of a Note and each holder of any Coupon appertaining thereto likewise covenants and agrees by his acceptance thereof, that any payment of principal of and interest on each and all of the Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, to the prior payment in full of all Senior Indebtedness of the Issuer.
Subordination of the Securities. Securities issued pursuant to this Perpetual Subordinated Indenture shall constitute direct and unsecured obligations of the Company that are conditional and subordinated, as provided under this Article 12, and shall at all times rank pari passu without any preference among themselves. As provided under this Article 12, upon the occurrence of a Liquidation Event, any series of Securities will be subordinated to all of the existing and future Senior Indebtedness (which includes fixed-term subordinated debt of the Company), and such series of Securities will rank at least pari passu with all of the existing and future Liquidation Parity Liabilities. Notwithstanding such ranking of the Securities, any series of Securities issued pursuant to this Subordinated Indenture are subject to the Write-Down and Cancellation and a Going Concern Write-Down under Articles 13 and 14. The rights of the holders of any series of Securities will be subordinated in right of payment to all Senior Indebtedness upon the occurrence of a Liquidation Event. If a Liquidation Event has occurred, and so long as any such Liquidation Event shall continue, each holder of any series of Securities will only have a Liquidation Claim. For so long as such Liquidation Event continues, no payments in respect of a Liquidation Claim shall be made unless and until a Condition for Liquidation Payment shall have occurred. Payments made in respect of a Liquidation Claim shall not exceed the applicable Liquidation Distributable Amount. At any time prior to the payment of a Liquidation Claim in accordance with the subordination provisions herein, a Liquidation Claim shall be subject to a Going Concern Write-Down or the Write-Down and Cancellation upon the occurrence of a Capital Ratio Event, Non-Viability Event or Bankruptcy Event, as the case may be.
Subordination of the Securities. 43 Section 5.01 Agreement to Subordinate 43
Subordination of the Securities. SECTION 10.1. Agreement that the Securities be Subordinated to the Extent Provided..................................... 42 SECTION 10.2. Issuer Not to Make Payments with Respect to Securities in Certain Circumstances........................ 42 SECTION 10.3. Securities Subordinated to Prior Payment of All Senior Indebtedness of the Issuer on Dissolution, Liquidation or Reorganization of the Issuer.. 42 SECTION 10.4. Obligation of the Issuer Unconditional.........................
Subordination of the Securities. The provisions of Article XIV of the Original Indenture are deleted in their entirety. To the extent that the provisions of this Supplemental Indenture (including those referred to in clauses (a) through (n) above) conflict with any provision of the Original Indenture, the provisions of this Supplemental Indenture shall govern and be controlling, solely with respect to the Notes.
Subordination of the Securities. SECTION 14.01. The Company, for itself, its successors and assigns, covenants and agrees, and each holder of a Security likewise covenants and agrees by his acceptance thereof, that any payment of principal of and interest on each and all of the Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, to the prior payment in full of all Senior Indebtedness, Subordinated Indebtedness and Derivative Obligations of the Company. 102 85
Subordination of the Securities. Section 13.01. Agreement to Subordinate....................................................................... 59 Section 13.02. Liquidation, Dissolution, Bankruptcy........................................................... 59 Section 13.03.
