Mandatory Deferral of Interest. Subject to Section 2.07 and Section 2.08 of the First Supplemental Indenture, if and to the extent that a Trigger Event has occurred as of any Trigger Determination Date, the Company shall defer payments of interest on the Notes beginning on the Interest Payment Date immediately following such Trigger Determination Date, thereby extending the Interest Payment Period on the Notes until (but not including) the first subsequent Interest Payment Date for which no Trigger Event has occurred as of the Trigger Determination Date applicable to such Interest Payment Date, but in any event for a period not exceeding ten years (a "TRIGGER PERIOD"), during which Trigger Period deferred interest on the Notes shall not be due and payable, except to the extent that any such payment is made using the Alternative Coupon Satisfaction Mechanism. By acquiring this Note or an interest herein, the Holder or beneficial owner of this Note, as the case may be, agrees that in the event of a Bankruptcy Default prior to the Stated Maturity or redemption of this Note, any unpaid Mandatorily Deferred Interest in excess of 25% of the then outstanding principal amount of this Note (or the portion of this Note in which such beneficial owner holds an interest) (the "FOREGONE INTEREST") shall not be due and payable and no Holder or beneficial owner will have any claim for, and thus any right to receive, such Foregone Interest. Mandatorily Deferred Interest on the Notes may only be satisfied using the Alternative Coupon Satisfaction Mechanism except upon an Event of Default, in which case such Mandatorily Deferred Interest may be satisfied without regard to the Alternative Coupon Satisfaction Mechanism. In the event that a Trigger Event is no longer continuing, subsequent interest may be paid in cash without regard to the Alternative Coupon Satisfaction Mechanism.
Mandatory Deferral of Interest. Payment of interest on the Notes by the Issuer will be mandatorily deferred on each Regulatory Deficiency Interest Deferral Date. The Issuer, failing whom the Guarantor, shall notify the Noteholders, the Trustee and the Principal Paying Agent of any Regulatory Deficiency Interest Deferral Date in accordance with Condition 6(f) (provided that failure to make such notification shall not oblige the Issuer to make payment of such interest, or cause the same to become due and payable, on such date) and neither the Issuer nor the Guarantor shall have any obligation to make such payment on that date. A certificate signed by two Directors of the Issuer or the Guarantor confirming that (i) a Regulatory Deficiency Interest Deferral Event has occurred and is continuing, or would occur if payment of interest on the Notes were to be made or (ii) a Regulatory Deficiency Interest Deferral Event has ceased to occur and/or payment of interest on the Notes would not result in a new or further Regulatory Deficiency Interest Deferral Event occurring, shall, in the absence of manifest error, be treated and accepted by the Issuer, the Guarantor, the Trustee, the Noteholders and all other interested parties as correct and sufficient evidence thereof and shall be binding on all such persons. The Trustee shall be entitled to rely absolutely on such certificate without liability to any person and without any obligation to verify or investigate the accuracy thereof.
Mandatory Deferral of Interest is required not to pay interest in respect of Tier 2 Notes on a Mandatory Interest Deferral Date pursuant to Tier 2 Condition 9(b);
Mandatory Deferral of Interest. (a) Subject to Section 2.8 and Section 3.2, if and to the extent that a Mandatory Trigger Event has occurred and is continuing as of any Trigger Determination Date, and regardless of the election by the Company prior thereto to optionally defer interest payments pursuant to Section 2.6, the Company shall be required to defer payments of interest on the Debentures beginning on the Interest Payment Date immediately following such Trigger Determination Date, thereby extending the Interest Payment Period on the Debentures until (but not including) the first subsequent Interest Payment Date for which no Mandatory Trigger Event has occurred as of the Trigger Determination Date applicable to such Interest Payment Date, but in any event for a period not extending beyond the date which is 10 years following commencement of the applicable Extension Period (a “Mandatory Extension Period”). During a Mandatory Extension Period, Deferred Interest on the Debentures shall not be due and payable, except to the extent of APM Eligible Proceeds available pursuant to Section 2.10(e), but will continue to accrue and compound semi-annually, to the extent permitted by applicable law, at the Debenture Interest Rate.
Mandatory Deferral of Interest. (a) TRIGGER PERIOD. Subject to Section 2.08 and Section 3.02, if and to the extent that a Trigger Event has occurred as of any Trigger Determination Date, the Company shall defer payments of interest on the Notes beginning on the Interest Payment Date immediately following such Trigger Determination Date, thereby extending the Interest Payment Period on the Notes until (but not including) the first subsequent Interest Payment Date for which no Trigger Event has occurred as of the Trigger Determination Date applicable to such Interest Payment Date, but in any event for a period not extending beyond the date which is ten years following commencement of the applicable Extension Period, or beyond the Stated Maturity of the Notes (a "TRIGGER PERIOD"), during which Trigger Period deferred interest on the Notes shall not be due and payable, except to the extent that any such payment is made using the Alternative Coupon Satisfaction Mechanism, provided for in Section 3.02.
Mandatory Deferral of Interest. Notwithstanding Condition 5.3, the Issuer shall on any Mandatory Interest Deferral Date by no- xxxx to the Noteholders (together with a certificate signed by authorised signatories of the Issuer confirming the relevant Interest Payment Date is a Mandatory Interest Deferral Date) defer pay- ment of all (but not only some) of the interest accrued but unpaid to that date.
Mandatory Deferral of Interest
