Common use of Deferral of Interest and Principal Clause in Contracts

Deferral of Interest and Principal. (a) Deferral of Payments. Notwithstanding the provisions of Sections 2.06 and 2.07 above, if the Issuer is not in compliance with, or if the payment of interest on any Interest Payment Date or the payment of principal on the Maturity Date would cause the Issuer to fail to satisfy the operational limits required by regulations applicable to Brazilian banks, now existing or hereafter promulgated or enacted by Brazilian banking or monetary authorities (the “Risk-Based Capital Requirements”); the Issuer shall defer such interest or principal payment (and any other amounts payable in respect thereof), as the case may be, pursuant to the terms of CMN Resolution No. 3,444, until the date no later than 14 days after the date the Issuer is no longer in non-compliance with the Risk-Based Capital Requirements and the payment of such amounts, or any portion thereof, would no longer cause the Issuer to be in non-compliance with the Risk-Based Capital Requirements. The deferral of any payment in accordance herewith shall not constitute an Event of Default. Any amount payable in respect of the Notes not paid on an Interest Payment Date or the Maturity Date, as the case may be, as a result of such deferral shall, so long as the same remains outstanding, constitute an “Amount in Arrears”. The Issuer shall, as soon as practicable upon becoming aware that the payment of interest or principal (or any other amount payable in respect thereof) will cause it to fail to satisfy the Risk-Based Capital Requirements as provided herein, and in any event within two Business Days thereof, deliver to the Trustee (with a copy to Moody’s) a certificate, substantially in the form set forth in Exhibit B (a “Notice of Deferral”).

Deferral of Interest and Principal. (a) Deferral of Payments. Payments Notwithstanding the provisions of Sections 2.06 2.6 and 2.07 2.7 above, if the Issuer is not in compliance with, or if the payment of interest on any Interest Payment Date or the payment of principal on the Maturity Date would cause the Issuer to fail to satisfy the operational limits required by regulations applicable to Brazilian banks, now existing or hereafter promulgated or enacted by Brazilian banking or monetary authorities (the “Risk-Based Capital Requirements”); the Issuer shall defer such interest or principal payment (and any other amounts payable in respect thereof), as the case may be, pursuant to the terms of CMN Resolution No. 3,444, until the date no later than 14 days after the date the Issuer is no longer in non-compliance with violation of the Risk-Based Capital Requirements and the payment of such amounts, or any portion thereof, would no longer cause the Issuer to be in non-compliance with violate the Risk-Based Capital Requirements. The deferral of any payment in accordance herewith shall not constitute an Event of Default. Any amount payable in respect of the Notes not paid on an Interest Payment Date or the Maturity Date, as the case may be, as a result of such deferral shall, so long as the same remains outstanding, constitute an “Amount in Arrears”. The Issuer shall, as soon as practicable upon becoming aware that the payment of interest or principal (or any other amount payable in respect thereof) will cause it to fail to satisfy the Risk-Based Capital Requirements as provided herein, and in any event within two Business Days thereof, deliver to the Trustee (with a copy to Moody’s▇▇▇▇▇’▇ and Fitch) a certificate, substantially in the form set forth in Exhibit B (a “Notice of Deferral”) (b) Additional Interest Amounts Each Amount in Arrears shall bear interest (in the case of any interest amount, as if it constituted the principal of the Notes) at a rate which corresponds to the Arrears Rate from time to time applicable to the Notes and the amount of such interest (the “Additional Interest Amount”) with respect to each Amount in Arrears shall be due and payable pursuant to this Section 2.8 and shall be calculated by the Trustee applying the Arrears Rate to the Amount in Arrears and otherwise mutatis mutandis as provided in the foregoing provisions of this Section 2.8. The Additional Interest Amount accrued up to any Interest Payment Date shall be added, for the purpose only of calculating the Additional Interest Amount accruing thereafter, to the Amount in Arrears remaining unpaid on such Interest Payment Date so that it will itself become an Amount in Arrears.

Deferral of Interest and Principal. (a) Deferral of Payments. Payments Notwithstanding the provisions of Sections 2.06 2.6 and 2.07 above2.7, if the Issuer is not in compliance with, or if the payment of interest on any Interest Payment Date or any Optional Redemption Date or the payment of principal on the Stated Maturity Date or the Maturity Date or any Optional Redemption Date, as the case may be, would cause the Issuer to fail to satisfy the operational limits Issuer's Required Net Worth (Patrimônio Líquido Exigido) and other financial ratios to fall below the minimum levels required by regulations generally applicable to Brazilian banks, now existing or hereafter promulgated or enacted by Brazilian banking or monetary authorities (the “"Risk-Based Capital Requirements”"); , the Issuer shall defer such interest or principal payment (and any other amounts payable in respect thereof), as the case may be, pursuant to the terms of CMN Resolution No. 3,4442837, until the date no later than 14 days after the date the Issuer is no longer in non-compliance with violation of the Risk-Risk Based Capital Requirements and or the payment of such amountsinterest or principal amount, or any portion thereof, would no longer cause the Issuer to be in non-compliance with violate the Risk-Risk Based Capital Requirements. The deferral of any payment in accordance herewith with this Section 2.8(a) shall not constitute an Event of Default. Any amount of interest or principal or any other amounts payable in respect of the Notes not paid on an Interest Payment Date, the Stated Maturity Date, the Maturity Date or the Maturity Optional Redemption Date, as the case may be, as a result of such deferral shall, so long as the same remains outstanding, constitute an “"Amount in Arrears”". The Issuer shall be required to pay any Amount in Arrears within 14 days of such date as it is no longer entitled to defer payment of such amounts. The Issuer shall, as soon as practicable upon becoming aware that the payment of interest or principal (or any other amount payable in respect thereof) will cause it to fail to satisfy the Risk-Risk Based Capital Requirements as provided herein, and in any event within two Business Days thereof, deliver to the Trustee (with a copy to Moody’s's and the Insurer) a certificate, substantially in the form set forth in Exhibit B (a “Notice of Deferral”).D.