(l)

distributions under the instruments meet the following conditions: they are paid out of distributable items; the level of distributions made on the instruments will not be amended on the basis of the credit standing of the institution or its parent undertaking; the provisions governing the instruments give the institution full discretion at all times to cancel the distributions on the instruments for an unlimited period and on a non-cumulative basis, and the institution may use such cancelled payments without restriction to meet its obligations as they fall due; cancellation of distributions does not constitute an event of default of the institution; the cancellation of distributions imposes no restrictions on the institution;

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Source: EUR-Lex (Cellar) · retrieved 2026-09-25 · Text as adopted (Official Journal); later amendments are not incorporated in this text.