Optional Cancellation of Interest Payments. If the Company determines that it is necessary to cancel payment of the interest on any series of Securities at any time and in its sole discretion, the Company may cancel payment of all or part of the interest accrued on such series of Securities on an interest payment date. The Company may cancel any payment of all or part of interest pursuant to the foregoing, even if no cancellation of interest is required or the amount so cancelled exceeds the amount the Company is required to cancel due to the Interest Payable Amount Limitation, as described below under Section 3.11. If the Company determines not to make an interest payment (or if the Company determines to make a payment of a portion, but not all, of such interest payment) on any interest payment date, such non-payment will be deemed to be an effective cancellation of such interest payment (or the portion of such interest payment not paid) without any further action being taken or any other condition being satisfied. If the Company determines to cancel an interest payment on any series of Securities (in whole or in part) in its sole discretion (and not pursuant to applicable laws or orders or administrative actions of the FSA or any other relevant Japanese supervisory authority, including an order of the FSA to submit and carry out a capital distribution constraints plan) on an interest payment date under this Section 3.10, (i) the Company shall procure that its board of directors shall not resolve, or present its own proposal at a general meeting of shareholders, to make a payment of a cash dividend on the Company’s shares (in case of the Senior Dividend Preferred Shares, such cash dividend in excess of the product of one-half of the amount of the preferred cash dividend and a ratio, the numerator of which is the amount of interest to be paid on such series of Securities on such interest payment date, and the denominator of which is the full amount of interest which should have been paid on such series of Securities on such interest payment date (for the purposes of the calculation of the full amount of interest which should have been paid on such series of Securities, the amount of interest shall be calculated without application of the mandatory cancellation of interest payment provisions in Section 3.11, even in the case where such provisions are applied)) to shareholders as of the immediately preceding record date of dividend payment, and (ii) the Company shall procure that the proportion of the...
Optional Cancellation of Interest Payments. If the Issuer determines that it is necessary to cancel payment of the interest on any series of Securities at any time and in its sole discretion, the Issuer may cancel payment of all or part of the interest accrued on such series of Securities on an interest payment date. The Issuer may cancel any payment of all or part of interest pursuant to the foregoing, even if no cancellation of interest is required or the amount so cancelled exceeds the amount the Issuer is required to cancel pursuant to the mandatory interest cancellation provisions in Section 3.12. If the Issuer determines not to make an interest payment (or if the Issuer determines to make a payment of a portion, but not all, of such interest payment) on any interest payment date, such non-payment will be deemed to be an effective cancellation of such interest payment (or the portion of such interest payment not paid) without any further action being taken or any other condition being satisfied.
Optional Cancellation of Interest Payments. (a) If the Company determines that it is necessary to cancel payment of the interest on any series of Securities at any time and in its sole discretion (including pursuant to any capital distribution constraints plan submitted by the Company to the FSA under the Applicable Banking Regulations), the Company may cancel payment of all or part of the interest accrued on such series of Securities on an interest payment date (including the Additional Amounts with respect thereto, if any). The Company may cancel any payment of all or part of interest pursuant to the foregoing, even if no cancellation of interest is required or the amount so cancelled exceeds the amount the Company is required to cancel due to the Interest Payable Amount Limitation pursuant to the mandatory interest payment cancellation provisions set forth in Section 3.12. If the Company determines not to make an interest payment (or if the Company determines to make a payment of a portion, but not all, of such interest payment) on any interest payment date, such non-payment will be deemed to be an effective cancellation of such interest payment (or the portion of such interest payment not paid) without any notice or further action being taken or any other condition being satisfied.
Optional Cancellation of Interest Payments. Subject to Condition 4.3(b), the Issuer may, at its sole and absolute discretion at any time elect to cancel in full or in part any Interest Payment which would otherwise be due and payable on any Interest Payment Date.
