Examples of Norwegian Statutory Loss Absorption Powers in a sentence
The obligations of the Issuer under the Senior Non-Preferred Notes are subject to the exercise of Norwegian Statutory Loss Absorption Powers by the Relevant Resolution Authority.
The obligations of the Issuer under the Senior Preferred Notes are subject to the exercise of Norwegian Statutory Loss Absorption Powers by the Relevant Resolution Authority.
The obligations of the Issuer under the Subordinated Notes are subject to the exercise of Norwegian Statutory Loss Absorption Powers by the Relevant Resolution Authority.
References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of any Norwegian Statutory Loss Absorption Powers by the Relevant Resolution Authority; and Relevant Resolution Authority means the resolution authority with the ability to exercise any Norwegian Statutory Loss Absorption Powers in relation to the Issuer.
Upon the Issuer being informed and notified by the Relevant Resolution Authority of the actual exercise of any Norwegian Statutory Loss Absorption Powers with respect to the Notes, the Issuer shall notify the Holders without delay in accordance with Condition 13.
The Conditions also permit the Bank to vary the terms of the Notes to give effect to the exercise of any Norwegian Statutory Loss Absorption Powers by the Relevant Resolution Authority and/or to ensure the effectiveness and enforceability of Condition 20, which may include changing the governing law of Condition 20 from English law to Norwegian law.
Any delay or failure by the Issuer to give notice shall not affect the validity and enforceability of the Norwegian Statutory Loss Absorption Powers nor the effects on the Notes described in this Condition 17.6. The exercise of any Norwegian Statutory Loss Absorption Powers by the Relevant Resolution Authority will not constitute an Event of Default for any purposes in respect of the Notes.