Dit prospectus is gemaakt voor de uitgifte van dit product en ... - Iex

(1) (a) “Not Subordinated” means an obligation that is notSubordinated to the most senior ReferenceObligation in priority of payment or, if no ReferenceObligation is specified in the relevant Final Terms,any unsubordinated Borrowed Money obligation ofthe Reference Entity. For purposes of determiningwhether an obligation satisfies the “NotSubordinated” Obligation Characteristic orDeliverable Obligation Characteristic, the ranking inpriority of payment of each Reference Obligationshall be determined as of the later of (1) the TradeDate specified in the relevant Final Terms and (2)the date on which such Reference Obligation wasissued or incurred and shall not reflect any change tosuch ranking in priority of payment after such laterdate;(b) “Subordination” means, with respect to anobligation (the “Subordinated Obligation”) andanother obligation of the Reference Entity to whichsuch obligation is being compared (the “SeniorObligation”), a contractual, trust or other similararrangement providing that (i) upon the liquidation,dissolution, reorganisation or winding up of theReference Entity, claims of the holders of the SeniorObligation will be satisfied prior to the claims of theholders of the Subordinated Obligation or (ii) theholders of the Subordinated Obligation will not beentitled to receive or retain payments in respect oftheir claims against the Reference Entity at any timethat the Reference Entity is in payment arrears or isotherwise in default under the Senior Obligation.“Subordinated” will be construed accordingly. Forpurposes of determining whether Subordinationexists or whether an obligation is Subordinated withrespect to another obligation to which it is beingcompared, the existence of preferred creditorsarising by operation of law or of collateral, creditsupport or other credit enhancement arrangementsshall not be taken into account, except that,notwithstanding the foregoing, priorities arising byoperation of law shall be taken into account wherethe Reference Entity is a Sovereign;(2) “Specified Currency” means an obligation that is payablein the currency or currencies specified as such in the relevantFinal Terms (or, if Specified Currency is specified in therelevant Final Terms and no currency is so specified, any ofthe lawful currencies of Canada, Japan, Switzerland, theUnited Kingdom and the United States of America and theeuro and any successor currency to any of the198