Distribution cancellation Clause Samples

Distribution cancellation the Issuer may, at its sole discretion, elect to cancel any payment of a Distribution, in whole or in part, by giving a notice to the Holders signed by two directors of the Issuer, which shall be conclusive and binding on the Holders, of such election, in accordance with Condition 14 (Notices), and to the Fiscal Agent and the other Agents, no less than five but not more than ten business days prior to the relevant Distribution Payment Date. The Issuer shall have no obligation to pay any Distribution on any Distribution Payment Date if it validly elects not to do so in accordance with this Condition 4(e). Distributions are non-cumulative and any Distribution that is cancelled shall therefore not be payable at any time thereafter, whether in a Winding-Up or otherwise. For the purposes of this Condition 4(e), “business day” means a day (other than a Saturday, Sunday and public holiday) on which commercial banks and foreign exchange markets are open for general business in London and Hong Kong.