Onder 2.6. Rechtbank Amsterdam 18 mei 2016

“ subordinated to the Senior Claims ” means and has the effect that any claims or rights that a Holder has under the Stichting Securities against the Issuer (the “ Junior Claims ”) are subordinated in right of payment (including any prepayment, repayment, distribution, set-off or recovery, whether in cash or in kind) in respect of all claims that any creditor of the Issuer has at any time against the Issuer (the “ Senior Claims ”). If (in the event of a winding-up, dissolution, or otherwise) the amount of payments to be made under the Junior Claims is to be calculated: (i) first it shall be calculated the amount to be paid on the Senior Claims and the Junior Claims based on their statutory ranking; (ii) second to the amount to be paid towards the Junior Claims based on their statutory ranking shall be paid instead towards the Senior Claims (for the avoidance of doubt: if and to the extent any amounts remain due under the Senior Claims);

$ curl -s https://bron.page/api/v1/blobs/c6e00575243d839ea4bddbc14627ca7acf7998fbea7afc40598ca45933613292 | shasum -a 256