Common use of Alternative Payment Mechanism Clause in Contracts

Alternative Payment Mechanism. (a) Immediately following any APM Commencement Date and until the termination of the related Deferral Period, the Corporation shall, unless after notice to the Federal Reserve and except to the extent that the Federal Reserve shall have disapproved, issue Qualifying APM Securities until the Corporation has raised an amount of Eligible Proceeds at least equal to the aggregate and unpaid amount of deferred interest on the Junior Subordinated Debentures (including Additional Interest thereon) and applied such Eligible Proceeds on the next Interest Payment Date to the payment of deferred interest (including Additional Interest thereon) in accordance with Section 2.4(b); provided that:

Alternative Payment Mechanism. (a) Immediately following any APM Commencement Date and until the termination of the related Deferral Period, the Corporation Company shall, unless after notice to the Federal Reserve and except to the extent that the Federal Reserve shall have disapproved, issue Qualifying APM Securities until the Corporation Company has raised an amount of Eligible Proceeds at least equal to the aggregate and unpaid amount of deferred interest on the Junior Subordinated Debentures CENts (including Additional Interest thereon) and applied such Eligible Proceeds on the next Interest Payment Date to the payment of deferred interest (including Additional Interest thereon) in accordance with Section 2.4(b2.1(h); provided that: