Non-Payment Event Clause Samples

Non-Payment Event. If the Company does not make payment of principal in respect of the Contingent Capital Notes for a period of fourteen (14) calendar days or more after the date on which such payment is due (a “Non-Payment Event”), then the Trustee, on behalf of the Holders and Beneficial Owners, may, at its discretion, or shall at the direction of Holders of 25% or more of the aggregate principal amount of Outstanding Contingent Capital Notes, subject to any applicable laws, institute proceedings for the winding up of the Company. In the event of a Winding-up or Administration Event or liquidation of the Company, whether or not instituted by the Trustee, the Trustee may prove the claims of the Holders, Beneficial Owners and the Trustee in the Winding up or Administration Event of the Company and/or claim in the liquidation of the Company, such claims as set out in ‎Section 6.01 hereof. For the avoidance of doubt, the Trustee may not declare the principal amount of any outstanding Contingent Capital Notes to be due and payable and may not pursue any other legal remedy, including a judicial proceeding for the collection of the sums due and unpaid on the Contingent Capital Notes.

Non-Payment Event. If the Company fails to pay any amount that has become due and payable under the Securities and such failure continues for fourteen (14) days, the Trustee may provide a written notice of such failure to the Company. If within a period of fourteen (14) days following the provision of such notice, the failure continues and has not been cured nor waived (a “Non-Payment Event”), the Trustee may, at its discretion, and without further notice to the Company, institute proceedings in England (or such other jurisdiction in which the Company may be organized) (but not elsewhere) for the winding-up of the Company and/or prove in a winding-up of the Company and/or claim in a liquidation or administration of the Company. For the avoidance of doubt, if, pursuant to Section 2.03 or 2.04 hereof, the Company cancels any interest payment in respect of any Interest Payment Date or if such interest payment is deemed cancelled (in each case, in whole or in part), then such interest payment shall not be due and payable in respect of such Interest Payment Date, and no Non-Payment Event under the Securities will occur or be deemed to have occurred as a result of such cancellation or deemed cancellation (in each case, in whole or in part).

Non-Payment Event. Notwithstanding this Condition 5, if any of the following events occurs (each, a "Non-Payment Event"), the Issuer shall not pay Interest Payment Amounts on any Interest Payment Date: (a) the Interest Payment Amount payable by the Issuer, when aggregated with any distributions payable by the Issuer and the Guarantor on any of their respective Pari Passu Obligations having the same date in respect of payment of such distributions (or otherwise due and payable on such date) as the date for payment of the Interest Payment Amount, exceeds, on the relevant date for payment of the relevant Interest Payment Amount, the Guarantor's Distributable Funds; (b) the Guarantor is, on that Interest Payment Date, in breach of (or such payment would cause a breach of) the Applicable Regulatory Capital Requirements (including any applicable capital buffers imposed on the Guarantor by the Financial Regulator); or (c) the Financial Regulator requires the Guarantor to procure that the Issuer does not pay the relevant Interest Payment Amount on that Interest Payment Date and/or requires the Guarantor not to meet its corresponding payment obligations under the Loan and/or the Subordinated Guarantee.

Non-Payment Event. If any of the following events occur (each, a “Non-Payment Event”), the Mudareb shall not pay Mudaraba Profit (and, as a result, Rab-al-Maal Mudaraba Profit) or Final Mudaraba Profit (and, as a result, Rab-al-Maal Final Mudaraba Profit) on any relevant Mudaraba Profit Distribution Date or Mudaraba End Date (as the case may be), and as a result thereof the Rab-al-Maal shall not pay Periodic Distribution Amounts on the corresponding Periodic Distribution Date: (a) the amount equal to the then applicable Periodic Distribution Amount to be paid by the Mudareb out of the Rab-al-Maal Mudaraba Profit or Rab-al-Maal Final Mudaraba Profit, as applicable (the “Relevant Rab-al-Maal Mudaraba Profit Amount”), when aggregated with any distributions or amounts payable by the Mudareb (whether as Mudareb or otherwise) on the same date (or otherwise due and payable on such date) on any other obligations in respect of Pari Passu Obligations and Junior Obligations, exceeds, on the relevant date for payment of the Relevant Rab-al-Maal Mudaraba Profit Amount, the Mudareb’s Distributable Profits; or (b) the Mudareb (whether as Mudareb or otherwise) is, on that Mudaraba Profit Distribution Date or Mudaraba End Date (as the case may be), in breach of (or such payment would cause a breach of) the Applicable Regulatory Capital Requirements (including any payment restrictions due to a breach of any capital buffers imposed on the Mudareb by the Financial Regulator); or (c) the Financial Regulator requires (i) the Mudareb not to pay the Relevant Rab-al-Maal Mudaraba Profit Amount to the Rab-al-Maal on that Mudaraba Profit Distribution Date or Mudaraba End Date (as the case may be) or (ii) the Rab-al-Maal not to pay the relevant Periodic Distribution Amount on that Periodic Distribution Date, in each case, on account of the Mudareb making a net loss during the relevant financial period or for any other reason as it may deem necessary; or (d) the Solvency Conditions are not satisfied (or would no longer be satisfied if the Relevant Rab-al-Maal Mudaraba Profit ▇▇▇▇▇▇ was paid).

Non-Payment Event. Notwithstanding Condition 5.1 (Interest Payments), if any of the following events occurs (each, a (a) the Interest Payment Amount payable, when aggregated with any distributions or amounts payable by the Bank on any Pari Passu Obligations, having the same dates in respect of payment of such distributions or amounts as, or otherwise due and payable on, the dates for payment of Interest Payment Amounts, exceed, on the relevant date for payment of such Interest Payment Amounts, Distributable Items; (b) the Bank is, on that Interest Payment Date, in breach of the Applicable Regulatory Capital Requirements (including any payment restrictions due to a breach of capital buffers imposed on the Bank by the Regulator) or payment of the relevant Interest Payment Amount would cause it to be in breach thereof; or (c) the Regulator requires that the Interest Payment Amount due on that Interest Payment Date shall not be paid.‌

Non-Payment Event. Notwithstanding Condition 5.1 (Interest – Interest Payments), if any of the following events occurs (each, a "Non-Payment Event"), Interest Payment Amounts shall not be paid on any Interest Payment Date: (a) the Interest Payment Amount payable, when aggregated with any distributions or amounts payable by the Bank on any Pari Passu Obligations, having the same dates in respect of payment of such distributions or amounts as, or otherwise due and payable on, the dates for payment of Interest Payment Amounts, exceed, on the relevant date for payment of such Interest Payment Amounts, Distributable Items; or (b) the Bank is, on that Interest Payment Date, in breach of the Applicable Regulatory Capital Requirements (including any payment restrictions due to a breach of capital buffers imposed on the Bank by the Regulator) or payment of the relevant Interest Payment Amount would cause it to be in breach thereof; or (c) the Regulator requires that the Interest Payment Amount due on that Interest Payment Date shall not be paid.