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debt capital

    60(in IPRU(INV) 13) a security of indeterminate duration or other instrument the debt agreement for which provides that:

      1. (a) it may not be reimbursed on the holder's initiative;
      1. (b) the borrower has the option of deferring the payment of interest on the debt;
      1. (c) the lender's claims on the borrower must be wholly subordinated to those of all non-subordinated creditors;
      1. (d) debt and unpaid interest should be such as to absorb losses, whilst leaving the borrower in a position to continue trading;

    and which is fully paid-up.