The Issuer may elect, in its sole discretion, to cancel all or part of any payment of interest in respect of the Notes (including, for the avoidance of doubt, any related Additional Amounts) which is otherwise scheduled to be paid on an Interest Payment Date. In addition, payments of interest in respect of the Notes must not be in made in certain other circumstances as provided in Condition 5(j) (Interest – Cancellation of interest; prohibited interest). Interest payments in respect of the Notes will be non-cumulative. Accordingly, if any payment of interest (or part thereof) is not made in respect of the Notes then the right of the Holders to receive the relevant interest payment (or part thereof) will be extinguished (and shall not accumulate) and the Issuer will have no obligation to pay such interest payment (or part thereof), whether or not future interest payments on the Notes are paid. The cancellation or non-payment of any interest will not constitute a default for any purpose (including, without limitation, Condition 11 (Events of Default) on the part of the Issuer or entitle any action to be taken by Holders and Holders shall have no right thereto whether in a winding-up, dissolution or liquidation of the Issuer or otherwise, nor any right to demand payment from the Guarantor under the terms of the Guarantee.
 

Following the occurrence of a Trigger Event or Viability Event, a Contingent Write-down will occur and the full principal amount of the Notes will automatically and permanently be written-down to zero on the Write-down Date. If the Issuer has given a Write-down Notice in accordance with this Condition 7, then on the relevant Write-down Date,

• (i) the full principal amount of, and any accrued and unpaid interest (whether or not due and payable) on, each Note will automatically be written down to zero, the Notes will be cancelled and all references to the principal amount of the Notes in these Terms and Conditions will be construed accordingly;
• (ii) the Holders will be automatically deemed to have irrevocably waived their right to receive, and will no longer have any rights against the Issuer with respect to, repayment of the aggregate principal amount of, and payment of any accrued and unpaid interest on, the Notes written down pursuant to subclause (i) of this clause (d) (bedingter Forderungsverzicht); and
• (iii) all rights of any Holder for payment of any amounts under or in respect of the Notes (including, without limitation, any amounts arising as a result of, or due and payable upon the occurrence of, an Event of Default) will become null and void, irrespective of whether such amounts have become due and payable prior to the relevant Write-down Notice Date or the Write-down Date.