Barclays 2003 Annual Report Download - page 149

33 Undated loan capital (continued)
(h) These Notes bear a fixed rate of interest until 2020. After that date, in the event that the Notes are not redeemed, the coupon will be reset to
a fixed margin over a reference gilt rate for a further period of five years.
(i) These Notes bear a fixed rate of interest until 2015. After that date, in the event that the Notes are not redeemed, the coupon will be reset to
a fixed margin over a reference gilt rate for a further period of five years.
(j) These Notes bear a fixed rate of interest until 2017. After that date, in the event that the Notes are not redeemed, the coupon will be reset to
a fixed margin over a reference gilt rate for a further period of five years.
(k) These Notes bear a fixed rate of interest until 2027. After that date, in the event that the Notes are not redeemed, the coupon will be reset to
a fixed margin over a reference gilt rate for a further period of five years.
(l) These Notes bear a fixed rate of interest until 2009. After that date, in the event that the Notes are not redeemed, the Notes will bear interest
at rates fixed periodically in advance based on European interbank rates.
(m) These Loans bear a fixed rate of interest until 2028 based on a US Dollar principal amount, but the interest payments have been swapped,
resulting in a Yen interest rate payable which is fixed periodically in advance based on London interbank rates. After that date, in the event that
the Loans are not redeemed, the Loans will bear Yen interest at rates fixed periodically in advance, based on London interbank rates.
The Bank is not obliged to make a payment of interest on its Undated Notes and Loans excluding the 9.25% Perpetual Subordinated Bonds if, in the
preceding six months, a dividend has not been declared or paid on any class of shares of Barclays PLC or, in certain cases, any class of preference
shares of the Bank. The Bank is not obliged to make a payment of interest on its 9.25% Perpetual Subordinated Bonds if, in the immediately
preceding twelve months interest period, a dividend has not been paid on any class of its share capital. Interest not so paid becomes payable
in each case if such a dividend is subsequently paid or in certain other circumstances.
No payment of principal or any interest on any such undated loan capital may be made unless the Bank satisfies a specified solvency test.
The Bank may elect to defer any payment of interest on the RCIs for any period of time. Whilst such deferral is continuing, neither the Bank nor
Barclays PLC may declare or pay a dividend, subject to certain exceptions, on any of its ordinary shares or preference shares.
The Bank may elect to defer any payment of interest on the TONs if it determines that it is, or such payment would result in it being, in non-
compliance with capital adequacy requirements and policies of the Financial Services Authority. Any such deferred payment of interest will only be
payable on a redemption of the TONs. Until such time as the Bank next makes a payment of interest on the TONs, neither the Bank nor Barclays PLC
may (a) declare or pay a dividend, subject to certain exceptions, on any of their respective ordinary shares or preference shares, or make payments of
interest in respect of the RCIs and (b) certain restrictions on the redemption, purchase or reduction of their respective share capital and certain other
securities also apply.
Interest payable on undated loan capital amounted to £451m (2002: £407m, 2001: £345m).
Repayment and conversion
Notes
(n) These TONs are repayable, at the option of the Bank, in whole on any coupon payment date falling in or after June 2032.
(o) These RCIs are repayable, at the option of the Bank, in whole on any coupon payment date falling in or after June 2011.
(p) These RCIs are repayable, at the option of the Bank, in whole on any coupon payment date falling in or after December 2011.
(q) These RCIs are repayable, at the option of the Bank, in whole on any coupon payment date falling in or after December 2010.
(r) These Notes are repayable, at the option of the Bank, in whole or in part on any interest payment date.
(s) These Notes are repayable in each case, at the option of the Bank, in whole on any interest payment date.
(t) These Notes are repayable, at the option of the Bank, in whole in 2008, or on any fifth anniversary thereafter.
(u) These Bonds are repayable, at the option of the Bank, in whole in 2021, or on any fifth anniversary thereafter.
(v) These Bonds are repayable, at the option of the Bank, in whole at any time.
(w) These Notes are repayable, at the option of the Bank, in whole in 2020, or on any fifth anniversary thereafter.
(x) These Notes are repayable, at the option of the Bank, in whole in 2015, or on any fifth anniversary thereafter.
(y) These Notes are repayable, at the option of the Bank, in whole in 2017, or on any fifth anniversary thereafter.
(z) These Notes are repayable, at the option of the Bank, in whole in 2027, or on any fifth anniversary thereafter.
(aa)These Notes are repayable, at the option of the Bank, in whole in 2009, or on any fifth anniversary thereafter.
(ab)These Loans are repayable, at the option of the Bank, in whole in 2028, or on any fifth anniversary thereafter.
In addition, each issue of undated loan capital is repayable, at the option of the Bank in whole for certain tax reasons, either at any time, or on an
interest payment date. There are no events of default except non-payment of principal or mandatory interest. Any repayments require the prior
approval of the Financial Services Authority.
All issues of undated loan capital have been made in the eurocurrency market and/or under Rule 144A, and no issues have been registered under the
US Securities Act of 1933.
Barclays PLC Annual Report 2003 147