needle,
As I understand it, AFG can defer the interest and still make payments to other creditors, e.g. the banks, provided that the other creditors rank ahead of the note holders (as most of them do - pretty much any secured creditor does). My reading of that prospectus suggests AFG can opt to defer payment if they feel there is insufficient cash to make the payment.
In the event of AFG deferring the interest, noteholders can only issue an Exit Notice if they feel the deferral is not allowed under the conditions of the prospectus.
I do however agree with you in thinking that AFG will make the payment although we won't know for sure until they actually make the payment.
This is very reminiscent of conversations had about six months ago!
Rewind.
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