Common use of Restriction on Interest Payments Clause in Contracts

Restriction on Interest Payments. (a) Without limitation on the provisions of Section 2.03 and subject to the extent permitted in paragraph (b) below in respect of partial interest payments in respect of the Securities, the Company shall not make an interest payment in respect of the Securities on any Interest Payment Date (and such interest payment shall therefore be deemed to have been cancelled and thus shall not be due and payable on such Interest Payment Date) if: (i) the Company has an amount of Distributable Items on such Interest Payment Date that is less than the sum of (i) all distributions or interest payments made or declared by the Company since the end of the last financial year and prior to such Interest Payment Date on or in respect of any Parity Securities, the Securities and any Junior Securities plus (ii) all distributions or interest payments payable by the Company (and not cancelled or deemed cancelled) on such Interest Payment Date (x) on the Securities and (y) on or in respect of any Parity Securities, in the case of each of (i) and (ii), excluding any payments already accounted for in determining the Distributable Items; or (ii) the Solvency Condition is not satisfied in respect of such interest payment. (b) The Company may, in its sole discretion, elect to make a partial interest payment in respect of the Securities on any Interest Payment Date, only to the extent that such partial interest payment may be made without breaching the restriction of paragraph (a) above. (c) For purposes of this Fourth Supplemental Indenture, any interest cancelled pursuant to Section 2.04(a) shall be “deemed cancelled” under the terms of the Securities and the Indenture and shall not be due and payable.

Restriction on Interest Payments. (a) Without limitation on the provisions of Section 2.03 and subject to the extent permitted in paragraph (b) below in respect of partial interest payments in respect of the Securities, the Company shall not make an interest payment in respect of the Securities on any Interest Payment Date (and such interest payment shall therefore be deemed to have been cancelled and thus shall not be due and payable on such Interest Payment Date) if: (i) the Company has an amount of Distributable Items on such Interest Payment Date that is less than the sum of (i) all distributions or interest payments made or declared by the Company since the end of the last financial year and prior to such Interest Payment Date on or in respect of any Parity Securities, the Securities and any Junior Securities plus (ii) all distributions or interest payments payable by the Company (and not cancelled or deemed cancelled) on such Interest Payment Date (x) on the Securities and (y) on or in respect of any Parity Securities, in the case of each of (i) and (ii), excluding any payments already accounted for in determining the Distributable Items; or (ii) the Solvency Condition is not satisfied in respect of such interest payment. (b) The Company may, in its sole discretion, elect to make a partial interest payment in respect of the Securities on any Interest Payment Date, only to the extent that such partial interest payment may be made without breaching the restriction of paragraph (a) above. (c) For purposes of this Fourth Third Supplemental Indenture, any interest cancelled pursuant to Section 2.04(a) shall be “deemed cancelled” under the terms of the Securities and the Indenture and shall not be due and payable.

Restriction on Interest Payments. (a) Without limitation on the provisions of Section 2.03 and subject to the extent permitted in paragraph (b) below in respect of partial interest payments in respect of the Securities, the Company shall not make an interest payment in respect of the Securities on any Interest Payment Date (and such interest payment shall therefore be deemed to have been cancelled and thus shall not be due and payable on such Interest Payment Date) if: (i) the Company has an amount of Distributable Items on such Interest Payment Date that is less than the sum of (i) all distributions or interest payments made or declared by the Company since the end of the last financial year and prior to such Interest Payment Date on or in respect of any Parity Securities, the Securities and any Junior Securities plus (ii) all distributions or interest payments payable by the Company (and not cancelled or deemed cancelled) on such Interest Payment Date (x) on the Securities and (y) on or in respect of any Parity Securities, in the case of each of (i) and (ii), excluding any payments already accounted for in determining the Distributable Items; or (ii) the Solvency Condition is not satisfied in respect of such interest payment. (b) The Company may, in its sole discretion, elect to make a partial interest payment in respect of the Securities on any Interest Payment Date, only to the extent that such partial interest payment may be made without breaching the restriction of paragraph (a) above. (c) For purposes of this Fourth Fifth Supplemental Indenture, any interest cancelled pursuant to Section 2.04(a) shall be “deemed cancelled” under the terms of the Securities and the Indenture and shall not be due and payable.

Restriction on Interest Payments. (a) Without limitation on the provisions of Section ‎Section 2.03 and subject to the extent permitted in paragraph (b) below in respect of partial interest payments in respect of the Additional Tier 1 Securities, the Company shall not make an interest payment in respect of the Additional Tier 1 Securities on any Interest Payment Date (and such interest payment shall therefore be deemed to have been cancelled canceled and thus shall not be due and payable on such Interest Payment Date) if: (i) to the Company has extent an amount of Distributable Items on such any scheduled Interest Payment Date that is less than the sum of (i) all distributions or interest payments (other than redemption payments) made or declared by the Company since the end of the its last financial year and prior to such Interest Payment Date on or in respect of any Parity Securities, the Additional Tier 1 Securities and any Junior Securities plus and (ii) all distributions or interest payments (other than redemption payments) payable by the Company (and not cancelled or deemed cancelled) on such Interest Payment Date (x) on the Additional Tier 1 Securities and (y) on or in respect of any Parity Securities or any Junior Securities, in the case of each of (i) and (ii), excluding any payments already accounted for (by way of deduction) in determining the Distributable Items; or (ii) the Solvency Condition is not satisfied in respect of such interest payment. (b) The Company may, in its sole discretion, elect to make a partial interest payment in respect of the Securities on any Interest Payment Date, only to the extent that such partial interest payment may be made without breaching the restriction of paragraph (a) above. (c) For purposes of this Fourth Third Supplemental Indenture, any interest cancelled canceled pursuant to Section ‎Section 2.04(a) shall be “deemed cancelledcanceled” under the terms of the Additional Tier 1 Securities and the Indenture and shall not be due and payable.

Restriction on Interest Payments. (a) Without limitation on the provisions of Section 2.03 and subject to the extent permitted in paragraph (b) below in respect of partial interest payments in respect of the Additional Tier 1 Securities, the Company shall not make an interest payment in respect of the Additional Tier 1 Securities on any Interest Payment Date (and such interest payment shall therefore be deemed to have been cancelled canceled and thus shall not be due and payable on such Interest Payment Date) if:): (i) to the Company has extent an amount of Distributable Items on such any scheduled Interest Payment Date that is less than the sum of (i) all distributions or interest payments (other than redemption payments) made or declared by the Company since the end of the its last financial year and prior to such Interest Payment Date on or in respect of any Parity Securities, the Additional Tier 1 Securities and any Junior Securities plus and (ii) all distributions or interest payments (other than redemption payments) payable by the Company (and not cancelled or deemed cancelled) on such Interest Payment Date (x) on the Additional Tier 1 Securities and (y) on or in respect of any Parity Securities or any Junior Securities, in the case of each of (i) and (ii), excluding any payments already accounted for in determining the Distributable Items; or (ii) the Solvency Condition is not satisfied in respect of such interest payment. (b) The Company may, in its sole discretion, elect to make a partial interest payment in respect of the Securities on any Interest Payment Date, only to the extent that such partial interest payment may be made without breaching the restriction of paragraph (a) above. (c) For purposes of this Fourth First Supplemental Indenture, any interest cancelled canceled pursuant to Section 2.04(a) shall be “deemed cancelledcanceled” under the terms of the Additional Tier 1 Securities and the Indenture and shall not be due and payable.

Restriction on Interest Payments. (a) Without limitation on the provisions of Section 2.03 and subject to the extent permitted in paragraph (b) below in respect of partial interest payments in respect of the Additional Tier 1 Securities, the Company shall not make an interest payment in respect of the Additional Tier 1 Securities on any Interest Payment Date (and such interest payment shall therefore be deemed to have been cancelled canceled and thus shall not be due and payable on such Interest Payment Date) if:): (i) to the Company has extent an amount of Distributable Items on such any scheduled Interest Payment Date that is less than the sum of (i) all distributions or interest payments (other than redemption payments) made or declared by the Company since the end of the its last financial year and prior to such Interest Payment Date on or in respect of any Parity Securities, the Additional Tier 1 Securities and any Junior Securities plus and (ii) all distributions or interest payments (other than redemption payments) payable by the Company (and not cancelled or deemed cancelled) on such Interest Payment Date (x) on the Additional Tier 1 Securities and (y) on or in respect of any Parity Securities or any Junior Securities, in the case of each of (i) and (ii), excluding any payments already accounted for in determining the Distributable Items; , or (ii) the Solvency Condition is not satisfied in respect of such interest payment.; or (b) The Company may, in its sole discretion, elect to make a partial interest payment in respect of the Securities on any Interest Payment Date, only to the extent that such partial interest payment may be made without breaching the restriction of paragraph (a) above. (c) For purposes of this Fourth First Supplemental Indenture, any interest cancelled canceled pursuant to Section 2.04(a) shall be “deemed cancelledcanceled” under the terms of the Additional Tier 1 Securities and the Indenture and shall not be due and payable.

Restriction on Interest Payments. (a) Without limitation on the provisions of Section ‎Section 2.03 and subject to the extent permitted in paragraph (b) below in respect of partial interest payments in respect of the Additional Tier 1 Securities, the Company shall not make an interest payment in respect of the Additional Tier 1 Securities on any Interest Payment Date (and such interest payment shall therefore be deemed to have been cancelled canceled and thus shall not be due and payable on such Interest Payment Date) if: (i) to the Company has extent an amount of Distributable Items on such any scheduled Interest Payment Date that is less than the sum of (i) all distributions or interest payments (other than redemption payments) made or declared by the Company since the end of the its last financial year and prior to such Interest Payment Date on or in respect of any Parity Securities, the Additional Tier 1 Securities and any Junior Securities plus and (ii) all distributions or interest payments (other than redemption payments) payable by the Company (and not cancelled or deemed cancelled) on such Interest Payment Date (x) on the Additional Tier 1 Securities and (y) on or in respect of any Parity Securities or any Junior Securities, in the case of each of (i) and (ii), excluding any payments already accounted for (by way of deduction) in determining the Distributable Items; or (ii) the Solvency Condition is not satisfied in respect of such interest payment. (b) The Company may, in its sole discretion, elect to make a partial interest payment in respect of the Securities on any Interest Payment Date, only to the extent that such partial interest payment may be made without breaching the restriction of paragraph (a) above. (c) For purposes of this Fourth Supplemental Indenture, any interest cancelled canceled pursuant to Section ‎Section 2.04(a) shall be “deemed cancelledcanceled” under the terms of the Additional Tier 1 Securities and the Indenture and shall not be due and payable.