Nominal Amount and Redemption Amount after Write-down; Write-up Sample Clauses

Nominal Amount and Redemption Amount after Write-down; Write-up. After a write-down has been effected, the nominal amount and the Redemption Amount of each $NC10 Note, unless previously redeemed or repurchased and cancelled, may be written up in accordance with the following provisions of Section 6.11 in each of the financial years of the Issuer subsequent to the occurrence of such write-down until the full initial nominal amount has been reached, to the extent that a corresponding annual profit (Jahresüberschuss, calculated in accordance with German law and accounting principles) is recorded and the write-up will not give rise to or increase an annual loss (Jahresfehlbetrag, calculated in accordance with German law and accounting principles). The write-up will occur with effect as of the Interest Payment Date (including) immediately following the financial year of the Issuer for which the above-mentioned annual profit (Jahresüberschuss) was determined. The write-up shall be effected pari passu with write-ups of other Additional Tier 1 instruments within the meaning of the CRR, unless this would cause the Issuer to be in breach of any contractual obligations that have been assumed by the Issuer or with any statutory or regulatory obligations. Subject to the conditions (a) to (e) below, which may limit the extent of any write-up, it shall be at the discretion of the Issuer to effect a write-up. In particular, the Issuer may effect a write-up only in part or effect no write-up at all even if a corresponding annual profit is recorded and the conditions (a) to (e) are fulfilled. (a) To the extent that the annual profit determined or to be determined is to be used for a write-up of the $NC10 Notes (i.e. a write-up of the nominal amount and of the Redemption Amount) and of other Additional Tier 1 instruments within the meaning of the CRR, the terms of which provide for a similar Trigger Event (also if such terms provide for a different Tier 1 capital ratio as trigger) (together with the $NC10 Notes the “AT1 Instruments”), and is available in accordance with (b) and (c) below, such write-up shall be effected pro rata in proportion to the initial nominal amounts of the instruments. (b) The maximum total amount that may be used for a write-up of the $NC10 Notes and of other AT1 Instruments that have been written down and for the payment of interest and other Distributions on AT1 Instruments that have been written down shall be calculated, subject to the regulatory technical standards applicable at the time when the write-up is e...