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French to English translations [PRO] Bus/Financial - Finance (general) / debt subordination
French term or phrase:AU remboursement prealable
I am sure this is a very easy question, but for some reason I am having trouble over the meaning of the two "AU" in this phrase, and so I'm seeking reassurance that i'm not just going barmy:
Aux terms du Protocole de Restructuration, XYZ et ses principaux créanciers obligataires sont convenus:
de la subordination d'une fraction de 15% du nominal du Passif Obligataire Restructuré et des intérets capitalisés sur ce montant, AU remboursement préalable des autres passives obligataires du XYZ, soit AU 31 décembre 2005, une somme totale de 123 en capital.
Does it simply mean that the 15% will be subordinated upon prior payment of the other liabilities, which is due to take place on/by 31 December?
My Monday morning brain is not working well.