- (a) it may not be reimbursed on the holder's initiative;
- (b) the borrower has the option of deferring the payment of interest on the debt;
- (c) the lender's claims on the borrower must be wholly subordinated to those of all non-subordinated creditors;
- (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.