Terms of the Agreements. The agreements are contracts between the Department of the Treasury and each GSE. They are indefinite in duration and have a capacity of $100 billion each, an amount chosen to demonstrate a strong commitment to the GSEs’ creditors and mortgage backed security holders. This number is unrelated to the Treasury’s analysis of the current financial conditions of the GSEs. • If the Federal Housing Finance Agency determines that a GSE’s liabilities have exceeded its assets under generally accepted accounting principles, Treasury will contribute cash capital to the GSE in an amount equal to the difference between liabilities and assets. An amount equal to each such contribution will be added to the senior preferred stock held by Treasury, which will be senior to all other preferred stock, common stock or other capital stock to be issued by the GSE. These agreements will protect the senior and subordinated debt and the mortgage backed securities of the GSEs. The GSE’s common stock and existing preferred shareholders will bear any losses ahead of the government. • In exchange for entering into these agreements with the GSEs, Treasury will immediately receive the following compensation: o $1 billion of senior preferred stock in each GSE o Warrants for the purchase of common stock of each GSE representing 79.9% of the common stock of each GSE on a fully-diluted basis at a nominal price • The senior preferred stock shall accrue dividends at 10% per year. The rate shall increase to 12% if, in any quarter, the dividends are not paid in cash, until all accrued dividends have been paid in cash. • The senior preferred stock shall not be entitled to voting rights. In a conservatorship, voting rights of all stockholders are vested in the Conservator. • Beginning March 31, 2010, the GSEs shall pay the Treasury on a quarterly basis a periodic commitment fee that will compensate the Treasury for the explicit support provided by the agreement. The Secretary of the Treasury and the Conservator shall determine the periodic commitment fee in consultation with the Chairman of the Federal Reserve. This fee may be paid in cash or may be added to the senior preferred stock. • The following covenants apply to the GSEs as part of the agreements. o Without the prior consent of the Treasury, the GSEs shall not: ▪ Make any payment to purchase or redeem its capital stock, or pay any dividends, including preferred dividends (other than dividends on the senior preferred stock) ▪ Issue capital s...
Terms of the Agreements. 3.1. The term of this Master Agreement will begin on the Effective Date and will terminate seven (7) years after this date (the "Initial Termination Date"). This Master Agreement will continue thereafter for as long as any single Individual Agreement remains in effect. Upon termination, the Parties' obligations shall continue as to any required payments and audits not completed, and specifically as to sections 1.1.5., 4.5 (with respect to that portion of the manuals that deal with the tool kit), 9., 10., 15.7., 15.8., 20., 21., 28., and 30. of this Agreement.
Terms of the Agreements. The prices of the VLCCs and the Suezmaxs will be payable in RMB in cash. Relevant payments under each of the Agreements will be payable in 5 instalments at various stages of the construction of the relevant VLCC and the Suezmaxs, in the proportion of 5%, 10%, 10%, 10% and 65% of the aggregate price of the relevant VLCC and the Suezmaxs respectively. VLCCs The expected delivery dates for each of the VLCCs are on or before 31 August 2020, 31 October 2020, 31 December 2020 and 31 March 2021, respectively. Each of the Agreements provides that there will be no adjustment in the price of the relevant VLCC if the delivery is delayed for a period not exceeding 30 days. If the delay exceeds such period of time but does not exceed 210 days, respectively, there will be a reduction in the price of the relevant VLCC determined on the basis of the extent of the delay. Such reductions in the price will be calculated based on daily reduction rates of RMB 100,500 (equivalent to approximately HK$118,419) per day, subject to a maximum aggregate amount of reductions of RMB 18,090,000 (equivalent to approximately HK$21,315,455) in respect of each VLCC. Under the Agreements, delay will be permitted on account of force majeure events. If the delay exceeds 210 days, unless the parties agree otherwise, the Company has the right to refuse to accept delivery of the relevant VLCC in which case all payments paid under the relevant Agreement together with interests will be refunded to the Company.
Terms of the Agreements. Except as expressly modified hereby, all terms, conditions and provisions of each of the Registration Rights Agreement, the Purchase Agreement and the Security Agreement shall continue in full force and effect.
Terms of the Agreements. This agreement shall commence on the Effective Date and shall continue for a minimum period of six (6) months and will be automatically renewed thereafter every six (6) months unless terminated pursuant to the provisions of paragraph 7 hereof or just verbally terminated due to the lack of the agent producing orders or collecting on our invoices.
