5. Power of the Court in Relation to Irredeemable Debt Securities

5.1 Without prejudice to the generality of Articles (146), (156), (163) and (164) of the Commercial Companies Law and notwithstanding anything in any Debt Security or trust deed, the security for any Debt Securities which are irredeemable or redeemable only on the happening of a contingency shall, if the court so orders, be enforceable, immediately or at such other time as the court directs if, on the application of the trustee for the holders of the Debt Securities or (where there is no trustee) on the application of any holder of the Debt Securities, the court is satisfied that:—
(a) at the time of the issue of the Debt Securities the assets of the borrowing corporation which constituted or were intended to constitute the collateral or the security therefore were sufficient or likely to become sufficient to discharge the principal debt and any interest thereon;
(b) the collateral or the security, if realised under the circumstances existing at the time of the application, would be likely to bring not more than the percentage specified by the Agency of the principal sum of monies outstanding (regards being given to all prior charges and charges ranking pari passu, if any); and
(c) the assets covered by the collateral or the security, on a fair valuation on the basis of a going concern after allowing a reasonable amount for depreciation are worth less than the principal sum and the borrowing corporation is not making sufficient profit to pay the interest due on the principal sum (where no definite rate of interest is payable) or interest thereon at such a rate as the court considers would be a fair rate to expect from a similar investment.
5.2  5.1 above shall not affect any power to vary rights or accept any compromise or arrangement created by the terms of the Debt Securities or the relevant trust deed or under a compromise or arrangement between the borrowing corporation and creditors.