Common use of Extendable provisions Clause in Contracts

Extendable provisions. Purchased Securities are repayable on, [insert date and years], at the option of the holder, at their principal amount with accrued interest. The initial annual interest rate will be %, and thereafter the annual interest rate will be adjusted on, and to a rate not less than % of the effective annual interest rate on U.S. Treasury obligations with -year maturities as of the [insert date 15 days prior to maturity date] prior to such [insert maturity date].] The following documents referred to in the Distribution Agreement shall be delivered as a condition to the Closing: [None]

Extendable provisions. Purchased Securities are repayable onon , [insert date and years], at the option of the holder, at their principal amount with accrued interest. The initial annual interest rate will be %, and thereafter the annual interest rate will be adjusted onon , and to a rate not less than % of the effective annual interest rate on U.S. Treasury obligations with -year maturities as of the [insert date 15 days prior to maturity date] prior to such [insert maturity date].] The following documents referred to in the Distribution Agreement shall be delivered as a condition to the Closing: [None]