Common use of Amount and Timing of Payments Clause in Contracts

Amount and Timing of Payments. To the extent that interest payments on one or more Tranches of Notes which rank senior to other Tranches of Notes are not made on the relevant Interest Payment Date, such unpaid interest amount will be deferred and the amount thereof added to the principal amount outstanding of such Senior Tranche of Notes and will earn interest at the interest rate applicable to such Notes. Any failure to pay scheduled interest on such Senior Tranche of Notes to the extent that there are insufficient funds available to pay such interest in accordance with the application of the proceeds set out in the Trust Deed will not be an Event of Default. Payments of interest and principal on or more Tranches of Notes will only be made to the extent that there are proceeds available for such purpose in accordance with the application of proceeds set out in the Trust Deed. No interest or principal may therefore be payable on one or more Tranche of Notes which may be subordinated for an unlimited period of time, to maturity or at all.