Common use of Class A Capital Payment Rights Clause in Contracts

Class A Capital Payment Rights. The Class A Preferred Securityholder shall be entitled to receive when, as and if declared by the Board of Directors out of assets of the Company legally available therefor, capital payments in cash or in assets of the Company on a noncumulative basis. Such a declaration shall occur only to the extent the Board of Directors does not declare Capital Payments on the Class B Preferred Securities at the Stated Rate in full on any Class B Payment Date. The Board of Directors is authorized, and it is the intention of the Company, to declare a capital payment on the Class A Preferred Security only to the extent that (i) Capital Payments are not permitted to be declared on the Class B Preferred Securities on any Class B Payment Date at the Stated Rate in full due to insufficient Distributable Profits of the Bank for the fiscal year preceding such Class B Payment Period or an order of the BaFin (or any other relevant regulatory authority) prohibiting the Bank from making any distribution of profits as described under Section 10.04(b)(ix) below and (ii) the Company has sufficient Operating Profits. It is the intention of the Company not to pay capital payments on the Class A Preferred Securities. Furthermore, the payment of capital payments on the Class A Preferred Security is not a condition to the payment of Capital Payments on the Class B Preferred Securities.

Class A Capital Payment Rights. The Class A Preferred Securityholder shall be entitled to receive when, as and if declared by the Board of Directors out of assets of the Company legally available therefor, capital payments in cash or in assets of the Company on a noncumulative basis. Such a declaration shall occur only to the extent the Board of Directors does not declare Capital Payments on the Class B Preferred Securities at the Stated Rate in full on any Class B Payment Date. The Board of Directors is authorized, and it is the intention of the Company, to declare a capital payment on the Class A Preferred Security only to the extent that (i) Capital Payments are not permitted to be declared on the Class B Preferred Securities at the Stated Rate in full on any Class B Payment Date at the Stated Rate in full due to insufficient Distributable Profits of the Bank for the fiscal year preceding such Class B Payment Period or an order of the BaFin (or any other relevant regulatory authority) prohibiting the Bank from making any distribution of profits as described under Section 10.04(b)(ix) below and (ii) the Company has sufficient Operating Profits. It is the intention of the Company not to pay capital payments on the Class A Preferred Securities. Furthermore, the payment of capital payments on the Class A Preferred Security is not a condition to the payment of Capital Payments on the Class B Preferred Securities.