Common use of Interest on Conversion Clause in Contracts

Interest on Conversion. If any notice requiring the redemption of the Bonds is given pursuant to Condition 8.2 on or after the 15th business day prior to a record date which has occurred since the last Interest Payment Date (or in the case of the first Interest Period, since the Closing Date) in respect of any Dividend or distribution payable in respect of the Reference Stock where such notice specifies a date for redemption falling on or prior to the date which is 14 days after the Interest Payment Date next following such record date, interest shall accrue at the rate provided in Condition 6.1 on Bonds in respect of which Conversion Rights shall have been exercised and in respect of which the Conversion Date falls after such record date and on or prior to the Interest Payment Date next following such record date in respect of such Dividend or distribution, in each case from and including the preceding Interest Payment Date (or, if such Conversion Date falls before the first Interest Payment Date, from the Closing Date) to but excluding such Conversion Date. The Issuer shall pay any such interest by not later than 14 days after the relevant Conversion Date by transfer to a US dollar account in accordance with instructions given by the relevant Bondholder in the relevant Conversion Notice.

Interest on Conversion. If any notice requiring the redemption of the Bonds is given pursuant to Condition 8.2 7(b) on or after the 15th fifteenth Madrid business day prior to a record date which has occurred since the last Interest Payment Date (or in the case of the first Interest Period, since the Closing Issue Date) in respect of any Dividend or distribution Distribution payable in respect of the Reference Stock Ordinary Shares where such notice specifies a date for redemption falling on or prior to the date which is 14 Madrid business days after the Interest Payment Date next following such record date, interest shall accrue at the rate provided in Condition 6.1 5 on Bonds in respect of which Conversion Rights shall have been exercised and in respect of which the Conversion Date falls after such record date and on or prior to the Interest Payment Date next following such record date in respect of such Dividend or distributionDistribution, in each case from and including the preceding Interest Payment Date (or, if such Conversion Date falls before the first Interest Payment Date, from the Closing Issue Date) to but excluding such Conversion Date. The Issuer shall pay any such interest by not later than 14 days after the relevant Conversion Date by transfer to a US dollar euro account with a bank in a city in which banks have access to the TARGET System and in accordance with instructions given by the relevant Bondholder in the relevant Conversion Notice.