so if the company does not pay PXUPA say for 5 years and build...

so if the company does not pay PXUPA say for 5 years and build up cash of say $50m
and then wants to pay a dividend, they cant do that till the hybrids are paid a interest payment.
from what i remember its 2 term?
to put this in context
hold off paying anyone, then pay 2 terms interest on the $100 original face value after accumulating cash.
say cash war chest $50m less interest for 2 terms should be around $18m and then give the ords the balance
does that work?