Deferral Provision Sample Clauses

Deferral Provision. The Trust will defer payments on the Trust Preferred Securities if Susquehanna defers payments on the Subordinated Debentures. Payments may be deferred for one or more consecutive interest periods that do not exceed 5 years without giving rise to an event of default and acceleration under the terms of the Subordinated Debentures or the Trust Preferred Securities. No interest deferral may extend beyond the maturity date or the earlier repayment in full or redemption in full of the Subordinated Debentures. Any deferred payments will accrue additional interest at the then applicable interest rate, compounded on each Interest Payment Date.
View Source
Deferral Provision. The Trust will defer payments on the Capital Securities if Susquehanna defers payments on the CENts. Payments may be deferred for one or more consecutive interest periods that do not exceed 5 years without Susquehanna being subject to its obligations under the “alternative payment mechanism” or “APM” (as described in the Prospectus Supplement) and for one or more consecutive interest periods that do not exceed a total of 10 years without giving rise to an event of default and acceleration under the terms of the CENts or the Capital Securities. No interest deferral may extend beyond the Final Repayment Date or the earlier repayment in full or redemption in full of the CENts. Any deferred payments will accrue additional interest at the then applicable interest rate, compounded on each Interest Payment Date.
View Source
Deferral Provision. If PrivateBancorp defers payment of interest on the Debentures, distributions by the Trust on the Trust Preferred Securities will also be deferred. PrivateBancorp has the right, on one or more occasions, to defer the payment of interest on the Debentures for one or more consecutive interest periods that do not exceed five years without being subject to the Alternative Payment Mechanism described in the Prospectus Supplement, and for one or more consecutive interest periods that do not exceed 10 years without giving rise to an event of default. During any period in which PrivateBancorp has given notice of its election to defer interest payments on the Debentures but the related deferral period has not yet commenced or a deferral period is continuing, PrivateBancorp generally may not make payments on or redeem or repurchase its capital stock or its debt securities or guarantees ranking pari passu with or junior to the Debentures, subject to certain limited exceptions. Interest on the Debentures will continue to accrue during deferral periods and, as a result, distributions on the Trust Preferred Securities will continue to accumulate at the annual rate for the Debentures, compounded on each interest payment date. Public Offering Price: $25.00 per Trust Preferred Security Underwriting Commissions: $0.7875 per security Net Proceeds to Issuer: $121,062,500 after underwriting expenses, but before offering expenses
View Source

Related to Deferral Provision

  • General Provision (a) MML Advisers hereby appoints the Subadviser, and the Subadviser hereby undertakes to act, as investment subadviser to the Portfolio to provide investment advice and to perform for the Fund such other duties and functions as are hereinafter set forth. The Subadviser shall, in all matters, give to the Fund and the Trust’s Board of Trustees, directly or through MML Advisers, the benefit of the Subadviser’s best judgment, effort, advice and recommendations and shall at all times perform its obligations in compliance with: (i) the provisions of the Act and any rules or regulations thereunder and the Internal Revenue Code of 1986, as amended, as applicable to the Fund; (ii) any other provisions of state or federal law applicable to the operation of registered investment companies; (iii) the provisions of the Agreement and Declaration of Trust and Bylaws of the Trust, as amended from time to time and provided to the Subadviser by MML Advisers (collectively referred to as the “Trust Documents”); (iv) policies and determinations of the Board of Trustees of the Trust and MML Advisers, of which the Subadviser has been notified; (v) the fundamental and non-fundamental policies and investment restrictions of the Fund as reflected in the Trust’s registration statement under the Act from time to time; and (vi) the Prospectus and Statement of Additional Information of the Fund in effect from time to time (collectively referred to as the “Disclosure Documents”). (b) The officers and employees of the Subadviser responsible for providing the services of the Subadviser hereunder shall be available upon reasonable notice for consultation with respect to the provision of such services. (c) Subadviser will comply with the applicable provisions of the Fund’s pricing procedures which it has received and, upon request, will provide reasonable assistance to the Fund’s pricing agent in valuing securities held by the Fund.

  • Transitional Provision Schedule 2.21 contains a schedule of certain letters of credit issued for the account of the Borrowers prior to the Closing Date. Subject to the satisfaction of the conditions contained in Sections 4.1, 4.2 and 4.3, from and after the Closing Date such letters of credit shall be deemed to be Facility LCs issued pursuant to this Section 2.21.

  • SAVINGS PROVISION If any provisions of this Agreement are held to be contrary to law by a court of competent jurisdiction, such provisions will not be deemed valid and subsisting except to the extent permitted by law, but all other provisions will continue in full force and effect.

  • Vesting Provisions Subject to the provisions of paragraph 3 below, the Option shall vest 33⅓% on each of July 31, 2023, July 31, 2024 and July 31, 2025, except as follows:

  • Certain General Provisions 32 5.1. Closing Fee. ........................................................................32 5.2. Agent's Fee. ........................................................................32 5.3.