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• ⚠ The Notes Will Be Structurally Subordinated to All Existing and Future Indebtedness, Liabilities, and Other Obligations, Including Without Limitation the Bank’s Depositors, Liabilities to General Creditors, and Liabilities Arising In the Ordinary Course of Business or Otherwise. (new) — The notes are obligations only of the holding company, not the bank subsidiary, so noteholders are structurally subordinated to the bank's depositors and other creditors.
• ⚠ Payment of Principal On the Notes May Be Accelerated Only In the Case of Certain Events of Bankruptcy or Insolvency Involving US or the Bank. There Is No Automatic Acceleration, or Right of Acceleration, In the Case of Default In the Payment of Principal of or Interest On the Notes, or In the Performance of Any of Our Other Obligations Under the Notes or the Indenture Governing the Notes. (new) — Noteholders cannot demand early repayment for missed interest payments or covenant breaches; acceleration is limited to bankruptcy or insolvency events.
• ⚠ In Addition, There Are No Financial Covenants In the Indenture Governing the Notes. Except As Expressly Provided In the Indenture, You Are Not Protected Under the Indenture Governing the Notes In the Event of a Highly Leveraged Transaction, Reorganization, Default Under Our Existing Indebtedness, Restructuring, Merger, or Similar Transaction That May Adversely Affect You. (new) — The indenture lacks financial covenants, leaving noteholders unprotected against highly leveraged transactions, reorganizations, or other adverse events.