Nuevo Financing I definition

Nuevo Financing I. By:__________________________________ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇ Title: Regular Trustee [FORM OF REVERSE OF SECURITY] Distributions payable on each Common Security will be fixed at a rate per annum of 5.75% (the "Coupon Rate") of the stated liquidation amount of $50 per Common Security, such rate being the rate of interest payable on the Debentures to be held by the Institutional Trustee. Distributions in arrears for more than one quarter will bear interest thereon compounded quarterly at the Coupon Rate (to the extent permitted by applicable law). The term "Distributions" as used herein includes such cash distributions and any such interest payable unless otherwise stated. A Distribution is payable only to the extent that payments are made in respect of the Debentures held by the Institutional Trustee and to the extent the Institutional Trustee has funds available therefor. The amount of Distributions payable for any period will be computed for any full quarterly Distribution period on the basis of a 360-day year of twelve 30-day months, and for any period shorter than a full quarterly Distribution period for which Distributions are computed, Distributions will be computed on the basis of the actual number of days elapsed per 30-day month. Except as otherwise described below, Distributions on the Common Securities will be cumulative, will accrue from December 23, 1996 and will be payable quarterly in arrears, on March 15, June 15, September 15 and December 15 of each year, commencing on March 15, 1997, which payment dates shall correspond to the interest payment dates on the Debentures, to Holders of record at the close of business on the regular record date for such Distribution which shall be the close of business on the Business Day next preceding such Distribution payment date unless otherwise provided in the Declaration. The Sponsor has the right under the Indenture to defer payments of interest by extending the interest payment period from time to time on the Debentures for a period not exceeding 20 consecutive quarters (each an "Extension Period") provided that no Extension Period shall last beyond the date of maturity of the Debentures and, as a consequence of such deferral, Distributions will also be deferred. Despite such deferral, quarterly Distributions will continue to accrue with interest thereon (to the extent permitted by applicable law) at the Coupon Rate compounded quarterly during any such Extension Period. Prior to the termination of any suc...
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Examples of Nuevo Financing I in a sentence

  • To: Wilmington Trust Company as Institutional Trustee of Nuevo Financing I The undersigned owner of these Common Securities hereby irrevocably exercises the option to convert these Common Securities, or the portion below designated, into Common Stock of Nuevo Energy Company (the "Nuevo Common Stock") in accordance with the terms of the Amended and Restated Declaration of Trust dated as of December 23, 1996 (as amended from time to time, the "Declaration"), by ▇▇▇▇▇▇▇ ▇.

  • To: Wilmington Trust Company, as Institutional Trustee of Nuevo Financing I The undersigned owner of these Trust Preferred Securities hereby irrevocably exercises the option to convert these Trust Preferred Securities, or the portion below designated, into Common Stock of Nuevo Energy Company (the "Nuevo Common Stock") in accordance with the terms of the Amended and Restated Declaration of Trust, dated as of December 23, 1996 (as amended from time to time, the "Declaration"), by ▇▇▇▇▇▇▇ ▇.

  • PREFERRED SECURITIES GUARANTEE AGREEMENT This GUARANTEE AGREEMENT (the "Preferred Securities Guarantee"), dated as of [ ], 199_, is executed and delivered by Nuevo Energy Company, a Delaware corporation (the "Guarantor"), and [ ], as trustee (the "Preferred Guarantee Trustee"), for the benefit of the Holders (as defined herein) from time to time of the TECONS (as defined herein) of Nuevo Financing I, a Delaware statutory business trust (the "Issuer").