Underlying Security Payment Percentage means the ratio, calculated by the Issuer as a percentage, equal to (i) the payments effectively made on the Underlying Security during the one-year period prior to, and including, the relevant Interest Payment Date, divided by (ii) the payment which would have been payable during such period on the Underlying Security.Interest accrued and payable on any Mandatory Interest Payment Date is not subject to reduction in accordance with Condition 5.1.
Underlying Security Payment Percentage means the ratio, calculated as a percentage, equal to (i) the Parity Securities Payments effectively made on the Underlying Security during the one-year period prior to, and including, the relevant Mandatory Interest Payment Date, divided by (ii) the payment which was normally payable during such period on the Underlying Security.
Underlying Security Payment Percentage means the ratio, calculated as a percentage, equal to (i) the payments effectively made on the Underlying Security during the one-year period prior to, and including, the relevant Interest Payment Date, divided by (ii) the payment which would have been payable during such period on the Underlying Security. Loss Absorption:In the event that, at any time, a Capital Deficiency Event has occurred, the board of directors of the Issuer will convene an extraordinary shareholders’ meeting to be held during the three months following the occurrence of such event in order to propose a share capital increase or any other measure regarded as necessary or useful to remedy such event. If a share capital increase or any such other proposed measure is not adopted by the Issuer’s extraordinary shareholders’ meeting or if the share capital increase is not sufficiently subscribed to remedy such event in full, or if such event remains in effect at the end of the Quarter following the Quarter during which the Capital Deficiency Event has occurred, the board of directors of the Issuer will implement, within ten days, a reduction of the amount of Broken Interest, if any, and thereafter for purposes of computing the Interest Amount a reduction of the Current PrincipalAmount of the Notes (a “Loss Absorption”). “Quarter” means one quarter of acalendar year, i.e., January 1st to March 31st, April 1st to June 30th, July 1st to September 30th and October 1st to December 31st. Notwithstanding any other provision, the Current Principal Amount of each Note shall never be reduced to an amount lower than one cent of one dollar (USD 0.01).The amounts by which Broken Interest and, as the case may be, the Current Principal Amount of the Notes are reduced to enable the issuer to absorb losses in order to ensure the continuity of its activities in accordance with the Applicable Banking Regulations, will be (in the case that a Capital Deficiency Event has occurred pursuant to clause (a) of the definition thereof) the lower of