Reset Distribution Rate definition
Examples of Reset Distribution Rate in a sentence
The Calculation Agent will, on the relevant Calculation Date, determine the relevant Reset Distribution Rate in respect of the Securities.
The Calculation Agent will cause such Reset Distribution Rate determined by it to be notified to the Fiscal Agent, each of the Paying Agents and the Holders as soon as possible after their determination but in any event no later than the fourth business day thereafter.
Except as set out in Paragraph (3) below in connection with a Failed Remarketing, from and after each Remarketing Date, the distribution rate on the Series A Preferred Shares will be the Reset Distribution Rate for such Reset Period.
As of the date of this First Supplemental Indenture, the market convention for quarterly rate conversion is as follows: Reset Distribution Rate = 4 x Subject as provided in the Indenture (including Sections 3.08 and 3.09 of the Contingent Convertible Preferred Securities Indenture), such Distributions will be payable quarterly in arrears on each Distribution Payment Date.
Neither the Company nor the Remarketing Agent shall have any obligation to purchase the Series A Preferred Shares if the Remarketing Agent is not able to sell all of the Series A Preferred Shares for which a Non-tender Notice has not been received on any Remarketing Date for a price equal to 100% of the Liquidation Preference thereof at a Reset Distribution Rate equal to or less than the rate set forth in the following sentence (such event is referred to herein as a “Failed Remarketing”).