The difference between Origin's notes and Crowns, page-8

Lordolean,
A very , very long term instrument.

Perhaps you might wish to comment on whether you see any downside between on the interactions betwen clause 2.6.1, and the table in clause 1.2. Keeping in mind the ability to issue higher ranking preference shares.

Now imagine a scenario like this.
Take Crown private.
Issue preference shares with a ranking higher than the notes
Dont bother with the ordinary shares dividend, then no need to pay anything on the notes until 2072.

That might make a few more nellies nervous.
Then throw in the potential taxation risk of deferred payments, 5.1.3 and 7.