Common use of Distribution Periods Clause in Contracts

Distribution Periods. In accordance with Section 4.02 and the Remarketing Procedures, the Company and the Trust may, prior to the expiration of a Fixed Rate Period or prior to any Distribution Payment Date during a time in which the Preferred Securities are redeemable in any Fixed Rate Period or prior to a Distribution Payment Date with respect to a Floating Rate Period, elect to remarket the Preferred Securities to establish a new Fixed Rate for a new Fixed Rate Period. A Fixed Rate Period must be for a duration of at least six months, may not extend beyond the stated maturity of the Junior Subordinated Notes and may not end on a day other than a day immediately preceding a Distribution Payment Date. If a new Fixed Rate for a new Fixed Rate Period is set in a Remarketing, a new Fixed Rate Period shall commence following the expiration of the then current Distribution Period. If a new Fixed Rate for a new Fixed Rate Period is not set, for any reason, a Floating Rate Period and the Floating Rate reset quarterly shall be in effect until the Company and the Administrative Trustees remarket the Preferred Securities and set a new Fixed Rate for a new Fixed Rate Period in accordance with the Remarketing Procedures.

Distribution Periods. (a) In accordance with Section 4.02 and the Remarketing Procedures, the Company and the Trust may, prior to the expiration of a Fixed Rate Period or prior to any Distribution Payment Date during a time in which the Preferred Securities are redeemable in any Fixed Rate Period or prior to a Distribution Payment Date with respect to a Floating Rate Period, elect to remarket the Preferred Securities to establish a new Fixed Rate for a new Fixed Rate Period. A Fixed Rate Period must be for a duration of at least six months, may not extend beyond the stated maturity of the Junior Subordinated Notes Notes, shall begin on the first day of a calendar quarter (other than the Initial Fixed Rate Period) and may not end on a day other than the last day of a day immediately preceding a Distribution Payment Datecalendar quarter. If a new Fixed Rate for a new Fixed Rate Period is set in a Remarketing, a new Fixed Rate Period shall commence following the expiration of the then current Fixed Rate Period or Distribution Period within the current Floating Rate Period, as the case may be. If a new Fixed Rate for a new Fixed Rate Period is not set, for any reason, a Floating Rate Period and the Floating Rate reset quarterly shall be in effect until the Company and the Administrative Trustees remarket the Preferred Securities and set a new Fixed Rate for a new Fixed Rate Period in accordance with the Remarketing Proceduresprocedures set forth herein.