Subordination Event definition

Subordination Event means any one of the following events:

Subordination Event means any distribution of the assets of the Issuer on a dissolution, winding-up or liquidation of the Issuer whether in bankruptcy, insolvency, receivership, voluntary or mandatory reorganisation of indebtedness (konkordato) or any analogous proceedings referred to in the Banking Law (No. 5411), the Turkish Commercial Code (No. 6102) or the Turkish Execution and Bankruptcy Code (No. 2004), and

Subordination Event the Senior Obligations becoming due and payable in full, whether upon maturity, acceleration or otherwise.

Examples of Subordination Event in a sentence

• By virtue of such subordination of the Notes, no amount will, in the case of a Subordination Event and for so long as that Subordination Event subsists, be paid under the Notes until all payment obligations in respect of Senior Obligations have been satisfied.

• By virtue of the subordination of the Notes, following a Subordination Event and for so long as that Subordination Event subsists and prior to all payment obligations in respect of Senior Obligations having been satisfied, no holder of the Notes shall exercise any right of set-off or counterclaim in respect of any amount owed to such holder by the Issuer in respect of the Notes and any such rights shall be deemed to be waived.

• All payment obligations of, and payments made by, the Issuer under and in respect of the Notes must be determined and made without reference to any right of set-off or counterclaim of any holder of the Notes, whether arising before or in respect of any Subordination Event.

• The Notes (and claims for payment by the Issuer in respect thereof) constitute direct, unsecured and subordinated obligations of the Issuer and shall, in the case of a Subordination Event and for so long as that Subordination Event subsists, rank: subordinate in right of payment to the payment of all Senior Obligations; pari passu without any preference among themselves and with all Parity Obligations; and in priority to all payments in respect of Junior Obligations.

More Definitions of Subordination Event

Subordination Event means either a Bankruptcy Event, a Corporate Reorganisation Event, a Civil Rehabilitation Event or a Foreign Event.

Subordination Event is defined in Section 5.1(u).

Subordination Event means the occurrence of any “Event of Default” as defined in the Senior Secured Credit Agreement;

Subordination Event means any distribution of the assets of the Issuer on a dissolution, winding-up or liquidation of the Issuer whether in bankruptcy, insolvency, receivership, voluntary or mandatory reorganisation or indebtedness (konkordato) or any analogous proceedings referred to in the Banking Act (Law No. 5411), the Turkish Commercial Code (Law No. 6102) and the Turkish Execution and Bankruptcy Code (Law No. 2004).

Subordination Event means either a Japanese Bankruptcy Event, a Japanese Corporate Reorganization Event, a Japanese Civil Rehabilitation Event or a Foreign Event.

Subordination Event either of the following events:

Subordination Event means any Bankruptcy Event, Rehabilitation Event, Foreign Event or the event set forth in paragraph (vi) above. 4 Certain Covenants