Senior Deferrable Notes definition
Examples of Senior Deferrable Notes in a sentence
Following the dissolution and liquidation of the Trust, the Holders and the Collateral Agent shall have such security interests, rights and obligations with respect to the Senior Deferrable Notes as the Holders and the Collateral Agent had in respect of the Preferred Securities subject to the Pledge thereof as provided in the Pledge Agreement.
The Company may cause to be made in any PEPS Unit Certificates thereafter to be issued such change in phraseology and form (but not in substance) as may be appropriate to reflect the dissolution and liquidation of the Trust and the substitution of Senior Deferrable Notes for Preferred Securities as Collateral.
Upon receiving such Pledged Preferred Securities or Pledged Senior Deferrable Notes, the Remarketing Agent, pursuant to the terms of the Remarketing Agreement, will use reasonable efforts to remarket such Pledged Preferred Securities or Pledged Senior Deferrable Notes.
Thereafter, the Senior Deferrable Notes will be substituted for the Pledged Preferred Securities as the Collateral, and will be held by the Securities Intermediary in the Collateral Account in accordance with the terms of the Pledge Agreement to secure the obligations of each Holder of a PEPS Unit to purchase the Common Stock of the Company under the Purchase Contracts constituting a part of such PEPS Unit.
If the Trust shall have been dissolved and liquidated prior to the Purchase Contract Settlement Date, the Securities Intermediary shall transfer to the Collateral Agent Senior Deferrable Notes having a Value equal to the liquidation amount of the Pledged Preferred Securities for credit to the Collateral Account.
Whenever a Holder has the right to substitute Treasury Securities, Trust Preferred Securities, Senior Deferrable Notes or security entitlements for any of them or the appropriate Applicable Ownership Interest of the Treasury Portfolio, as the case may be, for financial assets held in the Collateral Account, such substitution shall not constitute a novation of the security interest created hereby.
Upon credit to the Collateral Account of such Senior Deferrable Notes, the Collateral Agent shall release the Pledged Preferred Securities from the Collateral Account and shall promptly transfer the same to the Trust.
Upon the occurrence of a Tax Event Redemption prior to the Purchase Contract Settlement Date, the Redemption Price payable on the Tax Event Redemption Date with respect to the Applicable Principal Amount shall be deposited in the Collateral Account in exchange for the Pledged Preferred Securities or the Pledged Senior Deferrable Notes.
Upon the dissolution and liquidation of the Trust in accordance with the Declaration, a principal amount at maturity of Senior Deferrable Notes constituting the assets of the Trust and underlying the Preferred Securities equal to the aggregate liquidation amount of the Pledged Preferred Securities shall be delivered to the Securities Intermediary in exchange for the Pledged Preferred Securities.
Under the terms of the Pledge Agreement, the Purchase Contract Agent will be entitled to exercise the voting and any other consensual rights pertaining to the Pledged Preferred Securities or Pledged Senior Deferrable Notes, but only to the extent instructed in writing by the Holders as described below.