Coupon Payments. 3.5.1. On each Coupon Date the Issuer shall in arrears pay the accrued Coupon amount to the Bondholders.
3.5.2. The Issuer may, at its discretion, at any time, elect to cancel (in whole or in part) any payment of Coupon on the Bonds that are scheduled to be paid on a Coupon Date for an unlimited period and on a non-cumulative basis. Upon the Issuer electing to cancel (in whole or in part) any distributions payment on the Bonds, the Issuer shall give notice of such election to the Bond Trustee without undue delay and in any event no later than on the Coupon Date. Any failure to give such notice shall not affect the validity of the cancellation and shall not constitute a default for any purpose. Such notice shall specify the amount of the relevant cancellation and, accordingly, the amount (if any) of the relevant Coupon payment on the Bonds that will be paid on the relevant Coupon Date.
3.5.3. Without prejudice to i) such full discretion of the Issuer under 3.5.2 on the Bonds and ii) the prohibition to make payments on the AT1 instruments pursuant to national legislation implementing Article 141(2) of the CRD, before the Maximum Distributable Amount is calculated, any payment of distributions on the Bonds scheduled to be paid on any Coupon Date shall be cancelled, in whole or in part, if and to the extent that:
i) The amount of such distributions payment on the Bonds otherwise due, together with any further Relevant Payments, any obligation referred to national legislation implementing Article 141(2)(b) of the CRD, and the amount of any write-ups, where applicable, exceed (in aggregate) the amount of the Maximum Distributable Amount (if any); or
ii) The payment of such distributions on the Bonds would cause, when aggregated together with other Relevant Payments and any potential write-ups the Distributable Items of the Issuer (as at such Coupon Date then applicable to the Issuer) to be exceeded; or
iii) The Competent Authority orders the Issuer to cancel the relevant coupon payment on the Bonds (in whole or in part) scheduled to be paid.
3.5.4. Any payments on the Bonds so cancelled, shall be cancelled definitively and shall not accumulate or be payable at any time thereafter. Any accrued but unpaid Coupon on the Bond up to (and including) a Trigger Event (whether or not such Coupon has become due for payment) shall be automatically cancelled. For the avoidance of doubt, any accrued but unpaid distributions from the Trigger Event up to the Write Down Date sh...
Coupon Payments. ⇨ Each tranche has a fixed interest rate set at the time of the disbursement. The interest rate is based on the Euribor (Euro Interbank Offered Rate) + 0.30% ⇨ The interest rate on the first tranche (€150 million) was set on February 22, 2008 at
Coupon Payments
