Common use of Distribution Rate Clause in Contracts

Distribution Rate. The Distribution Rate applicable to each Fixed Rate Perpetual Security shall be: (i) (if no Reset Date is specified in the applicable Pricing Supplement), a. if no Step-Up Margin is specified in the applicable Pricing Supplement, the rate shown on the face of such Perpetual Security; or b. if a Step-Up Margin is specified in the applicable Pricing Supplement, (1) for the period from, and including, the Distribution Commencement Date to, but excluding, the Step-Up Date specified in the applicable Pricing Supplement, the rate shown on the face of such Perpetual Security and (2) for the period from, and including the Step-up Date specified in the applicable Pricing Supplement, the rate shown on the face of such Perpetual Security plus the Step-Up Margin (as specified in the applicable Pricing Supplement); and (ii) (if a Reset Date is specified in the applicable Pricing Supplement), (1) for the period from, and including, the Distribution Commencement Date to, but excluding, the First Reset Date specified in the applicable Pricing Supplement, the rate shown on the face of such Perpetual Security and (2) for the period from, and including, the First Reset Date and each Reset Date (as shown in the applicable Pricing Supplement) falling thereafter to, but excluding, the immediately following Reset Date, the Reset Distribution Rate, Provided always that if Redemption upon a Change of Control is specified hereon and a Change of Control Margin is specified in the applicable Pricing Supplement, in the event that a Change of Control (as defined in Condition 5(f)) has occurred, so long as the relevant Issuer has not already redeemed the Perpetual Securities in accordance with Condition 5(f), the then prevailing Distribution Rate shall be increased by the Change of Control Margin with effect from, and including the Distribution Payment Date immediately following the date on which the Change of Control occurred (or, if the Change of Control occurs on or after the date which is two business days prior to the immediately following Distribution Payment Date, the next following Distribution Payment Date). For the purposes of these Conditions:

Distribution Rate. (a) The Distribution Rate applicable to on the Preferred Securities for each Fixed Distribution Period following the initial Distribution Period will be the Applicable Rate, the Maximum Applicable Rate, the Non-Auction Rate Perpetual Security shall be: or the Default Rate. Except in the event of (i) the failure to hold an Auction for any reason (if no Reset Date is specified in the applicable Pricing Supplement), a. if no Step-Up Margin is specified in the applicable Pricing Supplement, the rate shown other than because an Event of Default exists) on the face Auction Date scheduled to occur at the end of such Perpetual Security; or b. if a Step-Up Margin is specified in the applicable Pricing Supplement, preceding Distribution Period or (1ii) for the period from, and includingoccurrence of an Event of Default, the Distribution Commencement Date to, but excluding, Rate for each subsequent Distribution Period will be the StepApplicable Rate. (b) The Non-Up Date specified in the applicable Pricing Supplement, the rate shown Auction Rate will apply automatically to any Distribution Period if there is a failure to hold an Auction for any reason on the face Auction Date scheduled to occur at the end of such Perpetual Security the preceding Distribution Period, except for circumstances in which the Distribution Rate is the Default Rate or during an Extension Period. (c) If an Event of Default has occurred and is continuing, (2i) for the period fromAuctions will be discontinued, and including the Step-up Date specified in the applicable Pricing Supplement, the rate shown on the face of such Perpetual Security plus the Step-Up Margin (as specified in the applicable Pricing Supplement); and (ii) regardless of any notice by the Administrative Trustees on behalf of the Trust to the contrary, each subsequent Distribution Period commencing after such Event of Default but before Auctions are resumed will be a 28-day Short-Term Distribution Period, and (if iii) the Distribution Rate for each such 28-day Short-Term Distribution Period will be equal to the Default Rate. The foregoing will continue until the earlier of (i) the occurrence of a Reset Distribution Payment Date is specified at least one Business Day prior to which the Event of Default has been cured or waived in the applicable Pricing Supplement), (1accordance with Section 6.01(d) in which case Auctions will resume as described herein for the period from, Distribution Period commencing with such Distribution Payment Date or (ii) the Preferred Securities are redeemed. (d) In the event that the Company elects an Extension Period under the terms of the Subordinated Indenture and includingthe provisions of Section 4.01(d) become applicable, the Distribution Commencement Date to, but excluding, the First Reset Date specified in the applicable Pricing Supplement, the rate shown on the face of such Perpetual Security and (2) for the period from, and including, the First Reset Date and each Reset Date (as shown in the applicable Pricing Supplement) falling thereafter to, but excluding, the immediately following Reset Date, the Reset Distribution Rate, Provided always that if Redemption upon a Change of Control is specified hereon and a Change of Control Margin is specified in the applicable Pricing Supplement, in the event that a Change of Control (as defined in Condition 5(f)) has occurred, so long as the relevant Issuer has not already redeemed the Perpetual Securities in accordance with Condition 5(f), the then prevailing Distribution Rate shall will be increased by the Change of Control Margin with effect from, and including the Distribution Payment Date immediately following the date on which the Change of Control occurred (or, if the Change of Control occurs on or after the date which is two business days prior equal to the immediately following Maximum Applicable Rate (which will be reset at the end of each 28-day Short-Term Distribution Payment Date, the next following Distribution Payment DatePeriod during such Extension Period). For the purposes of these Conditions:.