Description of Debenture Sample Clauses

Description of Debenture. The Debenture shall be in the form attached hereto as Exhibit "A", shall mature on the Maturity Date and shall not be prepayable prior to the Maturity Date. The Debenture shall carry an interest rate equal to the Prime Rate plus two and one-half per cent (21/2%), both before and after maturity, compounded annually, calculated not in advance . Interest shall be payable quarterly in the lawful money of the United States of America, in arrears, on March 31, June 30, September 30 and December 31 of each year (each an "Interest Payment Date"); provided that upon conversion of the Debenture to Class A Shares on a day other than an Interest Payment Date, no interest shall be payable from the Interest Payment Date which precedes the Conversion Date to the Conversion Date. As security for the payment of the principal and interest under the Debenture, the Company will grant a general security interest on all of its present and after-acquired personal property and a floating charge over all of its present and after-acquired real property. The security interest shall be granted in accordance with and subject to the conditions attaching to the Debenture. The Company will not, without the Purchaser's consent in writing, grant any mortgage or create any charge, lien or encumbrance on its property subject to the charge granted by the Debenture which would be capable of ranking in priority to or pari passu with the Debenture.
Sample 1
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Description of Debenture. The Company will authorize the issuance and sale of its Debenture which shall be dated as of the Exchange Date, shall be in the aggregate original principal amount of Two Million Two Hundred Fifty Thousand Dollars ($2,250,000), and shall bear interest at the fixed rate of fourteen percent (14.00%); PROVIDED, HOWEVER, that upon the occurrence of any Event of Default under SECTIONS 9.1(a) or (c) (but only if such Event of Default arises from a failure to comply with SECTION 7.1), and during the continuation thereof, the unpaid principal amount, and the past due interest, if any, of the Debenture shall bear interest at the rate of sixteen percent (16%) percent per annum. Interest on the Debenture shall be computed on the basis of a three hundred sixty (360) day year and paid for the actual number of days elapsed. The Debenture shall be substantially in the form attached hereto as EXHIBIT A..
Sample 1
Description of Debenture. Principal Sum: Cdn. $75,000,000.00 Date: July 11, 2001 Interest Rate: Twenty-five percent (25%) per annum Payable: On Demand
Sample 1
Description of Debenture. The Debenture shall be dated the date of issue, to mature on August 30, 2002, and shall bear interest from the date of issuance at the rate of 11%
Sample 1

Related to Description of Debenture

  • Form of Debenture The Debenture and the Trustee's Certificate of Authentication to be endorsed thereon are to be substantially in the forms contained as Exhibit A to this Indenture, attached hereto and incorporated herein by reference.

  • Execution of Debentures The Debentures shall be signed in the name and on behalf of the Company by the manual or facsimile signature of its Chairman of the Board of Directors, Chief Executive Officer, Vice Chairman, President, one of its Managing Directors or one of its Executive Vice Presidents, Senior Vice Presidents or Vice Presidents. Only such Debentures as shall bear thereon a certificate of authentication substantially in the form herein before recited, executed by the Trustee or the Authenticating Agent by the manual signature of an authorized signer, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee or the Authenticating Agent upon any Debenture executed by the Company shall be conclusive evidence that the Debenture so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. In case any officer of the Company who shall have signed any of the Debentures shall cease to be such officer before the Debentures so signed shall have been authenticated and delivered by the Trustee or the Authenticating Agent, or disposed of by the Company, such Debentures nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Debentures had not ceased to be such officer of the Company; and any Debenture may be signed on behalf of the Company by such Persons as, at the actual date of the execution of such Debenture, shall be the proper officers of the Company, although at the date of the execution of this Indenture any such person was not such an officer. Every Debenture shall be dated the date of its authentication.

  • REDEMPTION OF DEBENTURES Section 3.1. Redemption......................................................................... 16 Section 3.2. Special Event Redemption........................................................... 16 Section 3.3. Optional Redemption by the Company................................................. 17 Section 3.4.

  • Form of Debentures The Debentures and the Trustee’s certificate of authentication to be borne by such Debentures shall be substantially in the form set forth in Exhibit A, which is incorporated in and made a part of this Indenture. Any of the Debentures may have such letters, numbers or other marks of identification and such notations, legends and endorsements as the officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Debentures may be listed, or to conform to usage. Any Debenture in global form shall represent such of the outstanding Debentures as shall be specified therein and shall provide that it shall represent the aggregate amount of outstanding Debentures from time to time endorsed thereon and that the aggregate amount of outstanding Debentures represented thereby may from time to time be increased or reduced to reflect transfers or exchanges permitted hereby. Any endorsement of a Debenture in global form to reflect the amount of any increase or decrease in the amount of outstanding Debentures represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the holder of such Debentures in accordance with this Indenture. Payment of principal of and interest and premium, if any, on any Debenture in global form shall be made to the Debentureholder. The terms and provisions contained in the form of Debenture attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.

  • Conversion of Debenture This Debenture shall be convertible into shares of the Company’s Common Stock, on the terms and conditions set forth in this Section 4.

  • Conversion of Debentures Section 16.01.

  • Subordination of Debentures 48 Section 16.1. Agreement to Subordinate........................................48 Section 16.2. Default on Senior Debt, Subordinated Debt or Additional Senior Obligations..................................................49 Section 16.3.

  • Payment of Debentures (a) The Company shall pay the principal of and premium, if any, and interest (including interest accruing during an Extension Period and/or on or after the filing of a petition in bankruptcy or reorganization relating to the Company, whether or not a claim for post-filing interest is allowed in such proceeding) on the Debentures on or prior to the dates and in the manner provided in such Debentures or pursuant to this Junior Indenture. An installment of principal, premium, if any, or interest shall be considered paid on the applicable due date if on such date the Trustee or the Paying Agent holds, in accordance with this Junior Indenture, money sufficient to pay all of such installment then due. With respect to any Debenture, the Company shall pay interest on overdue principal and interest on overdue installments of interest (including interest accruing during an Extension Period and/or on or after the filing of a petition in bankruptcy or reorganization relating to the Company, whether or not a claim for post-filing interest is allowed in such proceeding), to the extent lawful, at the rate per annum borne by such Debenture, compounded quarterly. Interest on overdue interest shall accrue from the date such amounts become overdue.

  • CONVERSION OF DEBT A. Claimant and OnSource affirm and agree that as of the date of this Agreement, OnSource is indebted to Claimant in an amount equal to $54,000.00.

  • Redemption of Debt Securities Section 3.01 Applicability of Article 16 Section 3.02 Notice of Redemption; Selection of Debt Securities 16 Section 3.03 Payment of Debt Securities Called for Redemption 17 Section 3.04 Mandatory and Optional Sinking Funds 18 Section 3.05 Redemption of Debt Securities for Sinking Fund 18

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