Base Prospectus - Malta Financial Services Authority

(vii)
Rate of Interest or Maximum Rate of Interest specified in the applicable Final Terms), it
shall deem fair and reasonable in all the circumstances or, as the case may be, the
Trustee shall calculate the Interest Amount(s) in such manner as it shall deem fair and
reasonable in all the circumstances and each such determination or calculation shall be
deemed to have been made by the Agent or the Calculation Agent, as applicable.
Certificates to be Final
All certificates, communications, opinions, determinations, calculations, quotations and
decisions given, expressed, made or obtained for the purposes of the provisions of this
Condition 4(b), whether by the Agent or, if applicable, the Calculation Agent, shall (in the
absence of wilful default, bad faith or manifest error) be binding on the Issuer, the
Trustee, the Agent, the Calculation Agent (if applicable), the other Paying Agents, the
Registrar, the Exchange Agent, the Transfer Agents and all Noteholders, Receiptholders
and Couponholders and (in the absence as aforesaid) no liability to the Issuer, the
Noteholders, the Receiptholders or the Couponholders shall attach to the Agent or, if
applicable, the Calculation Agent or the Trustee in connection with the exercise or nonexercise
by it of its powers, duties and discretions pursuant to such provisions.
(c) Dual Currency Notes
In the case of Dual Currency Notes, if the rate or amount of interest falls to be determined by
reference to an exchange rate, the rate or amount of interest payable shall be determined in the
manner specified in the applicable Final Terms.
(d) Partly Paid Notes
In the case of Partly Paid Notes (other than Partly Paid Notes which are Zero Coupon
Notes), interest will accrue as aforesaid on the paid-up nominal amount of such Notes and
otherwise as specified in the applicable Final Terms.
(e) Accrual of Interest
Each Note (or in the case of the redemption of part only of a Note, that part only of such
Note) will cease to bear interest (if any) from the date for its redemption unless, upon due
presentation thereof, payment of principal is improperly withheld or refused or, in the case of Dated
and Undated Subordinated Notes, the consent of the Norwegian FSA for such payment has not
been given or, having been given, has been withdrawn and not replaced. In such event, interest
will continue to accrue as provided in the Trust Deed.
(f) Interest Deferral
This Condition 4(f) applies only to Undated Subordinated Notes and references to ‘‘Notes’’ in
this Condition 4(f) shall be construed accordingly. All payments of interest in respect of Undated
Subordinated Notes are subject to the provisions of this Condition 4(f).
(i) Arrears of Interest
On any Optional Interest Payment Date (as defined in Condition 3(b)(vi)) there may be
paid (if the Issuer so elects) the interest in respect of the Notes accrued in the Interest
Period or Fixed Interest Period, as the case may be, ending on the day immediately
preceding such date, but the Issuer shall not have any obligation to make such payment
and any failure to pay shall not constitute a Violation for any purpose provided that
nothing in this Condition 4(f)(i) shall be construed to permit the Issuer to defer any
interest otherwise due and payable on any Interest Payment Date except under the
circumstances specified in the definition of Optional Interest Payment Date. Any interest
in respect of the Notes not paid on an Interest Payment Date, together with any other
interest in respect thereof not paid on any other Interest Payment Date shall, so long as
the same remains unpaid, constitute ‘‘Arrears of Interest’’. In addition, each amount of
Arrears of Interest shall itself bear interest as if it were principal of the Notes at a rate
which corresponds to the rate of interest from time to time applicable to the Notes and
the amount of such interest (‘‘Additional Interest Amount’’) with respect to each
amount of Arrears of Interest shall become due and payable pursuant to Condition
4(f)(ii) and shall be calculated by the Agent by applying the rate of interest to the
amount of the Arrears of Interest and otherwise mutatis mutandis as provided in this
Condition 4. The Additional Interest Amount accrued up to any Interest Payment Date
shall be added, for the purpose only of calculating the Additional Interest Amount
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