Interest Rates and Interest Payment Dates. (a) Each Note will bear interest at the rate of ___% per annum (the "Coupon Rate") from the original date of issuance until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the Coupon Rate, compounded quarterly, payable (subject to the provisions of Section 206) quarterly in arrears on ___________, ____________, ____________and _____________ of each year (each, an "Interest Payment Date"), commencing on _______________ ___, 20__, to the Person in whose name such Note or any predecessor Note is registered at the close of business on the Regular Record Date for such interest installment, which, with respect to (i) Notes of which the LLC or the Property Trustee is the Holder and the Company Preferred Securities or the Trust Preferred Securities are in book-entry only form or (ii) a Global Note, shall be the close of business on the Business Day next preceding that Interest Payment Date. Notwithstanding the foregoing sentence, if (x) the Notes are held by the LLC or the Property Trustee , the Company Preferred Securities are not held in book-entry form and the Trust Preferred Securities are no longer in book-entry only form or (y) the Notes are not represented by a Global Note, the Company may select a Regular Record Date for such interest installment which shall be fifteen (15) days before an Interest Payment Date. (b) The amount of interest payable for any period will be computed on the basis of a 360-day year of twelve 30-day months. Except for the effect of any adjustment in the Interest Payment Date as provided in the following sentence, the amount of interest payable for any period shorter than a full quarterly period for which interest is computed, will be computed on the basis of the actual number of days elapsed in such a 90-day period. In the event that any date on which interest is payable on the Notes is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. (c) If, at any time while the LLC or the Property Trustee is the Holder of any Notes, the LLC, the Trust or the Property Trustee is required to pay any taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the United States, or any other taxing authority, then, in any case, the Company will pay as additional interest ("Additional Interest") on the Notes held by the LLC or the Property Trustee, such additional amounts as shall be required so that the net amounts received and retained by the LLC or the Trust and the Property Trustee after the payment of such taxes, duties, assessments or other governmental charges will be equal to the amounts the LLC or the Trust and the Property Trustee would have received had no such taxes, duties, assessments or other government charges been imposed.
Appears in 1 contract
Interest Rates and Interest Payment Dates. (a) Each Note will bear interest at the rate of ___% per annum (the "Coupon Rate") from the original date of issuance until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest will bear interest at the rate of 5.11% per annum (the "Coupon Rate") from the original date of issuance until October 15, 2004, and, if there has been a successful Remarketing, at the Reset Rate thereafter until the principal thereof becomes due and payable, compounded quarterly, payable (subject to the provisions of Section 206) quarterly in arrears on ___________January 15, ____________April 15, ____________July 15 and _____________ October 15 of each year (each, each an "Interest Payment Date"), commencing on _______________ ___April 15, 20__2002, to the Person in whose name such Note or any predecessor Note is registered at the close of business on the Regular Record Date for such interest installment, which, with respect to (i) Notes of which the LLC or the Property Trustee is the Holder and the Company Preferred Securities or the Trust Preferred Securities are in book-entry only form or (ii) a Global Note, shall be the close of business on the Business Day next preceding that Interest Payment Date. Notwithstanding the foregoing sentence, if (x) the Notes are held by the LLC or the Property Trustee Trustee, the Company Preferred Securities are not held in book-entry form and the Trust Preferred Securities are no longer in book-entry only form or (y) the Notes are not represented by a Global Note, the Company TECO may select a Regular Record Date for such interest installment which shall be fifteen (15) days before an Interest Payment Date.
(b) The interest rate on the Notes outstanding on and after the Remarketing Date will be reset on the third Business Day immediately preceding October 15, 2004, to the Reset Rate (which Reset Rate will not be effective until October 16, 2004); provided, however, if there has been a Failed Remarketing, the interest rate shall not be reset unless and until there has been a successful Remarketing in accordance with Section 5.5 of the Trust Agreement and Section 5.2 of the Purchase Contract Agreement.
(c) The amount of interest payable for any period will be computed on the basis of a 360-day year of twelve 30-day months. Except for the effect of any adjustment in the Interest Payment Date as provided in the following sentence, the amount of interest payable for any period shorter than a full quarterly period for which interest is computed, will be computed on the basis of the actual number of days elapsed in such a 90-day period. In the event that any date on which interest is payable on the Notes is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date.
(cd) If, at any time while the LLC or the Property Trustee is the Holder of any Notes, the LLC, the Trust or the Property Trustee is required to pay any taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the United States, or any other taxing authority, then, in any case, the Company TECO will pay as additional interest ("Additional Interest") on the Notes held by the LLC or the Property Trustee, such additional amounts as shall be required so that the net amounts received and retained by the LLC or the Trust and the Property Trustee after the payment of such taxes, duties, assessments or other governmental charges will be equal to the amounts the LLC or the Trust and the Property Trustee would have received had no such taxes, duties, assessments or other government charges been imposed.
Appears in 1 contract
Interest Rates and Interest Payment Dates. (a) Each Note will bear interest at the rate of ___% per annum (the "Coupon Rate") from the original date of issuance until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the Coupon Rate, compounded quarterly, payable (subject to the provisions of Section 206) quarterly in arrears on ___________, ____________, ____________and _____________ of each year (each, an "Interest Payment Date"), commencing on _______________ ___, 20__, to the Person in whose name such Note or any predecessor Note is registered at the close of business on the Regular Record Date for such interest installment, which, with respect to (i) Notes of which the LLC or the Property Trustee is the Holder and the Company Preferred Securities or the Trust Preferred Securities are in book-entry only form or (ii) a Global Note, shall be the close of business on the Business Day next preceding that Interest Payment Date. Notwithstanding the foregoing sentence, if (x) the Notes are held by the LLC or the Property Trustee , the Company Preferred Securities are not held in book-entry form and the Trust Preferred Securities are no longer in book-entry only form or (y) the Notes are not represented by a Global Note, the Company may select a Regular Record Date for such interest installment which shall be fifteen (15) days before an Interest Payment Date.
(b) The amount of interest payable for any period will be computed on the basis of a 360-day year of twelve 30-day months. Except for the effect of any adjustment in the Interest Payment Date as provided in the following sentence, the amount of interest payable for any period shorter than a full quarterly period for which interest is computed, will be computed on the basis of the actual number of days elapsed in such a 90-day period. In the event that any date on which interest is payable on the Notes is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date.
(c) If, at any time while the LLC or the Property Trustee is the Holder of any Notes, the LLC, the Trust or the Property Trustee is required to pay any taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the United States, or any other taxing authority, then, in any case, the Company will pay as additional interest ("Additional Interest") on the Notes held by the LLC or the Property Trustee, such additional amounts as shall be required so that the net amounts received and retained by the LLC or the Trust and the Property Trustee after the payment of such taxes, duties, assessments or other governmental charges will be equal to the amounts the LLC or the Trust and the Property Trustee would have received had no such taxes, duties, assessments or other government charges been imposed.interest
Appears in 1 contract
Interest Rates and Interest Payment Dates. (a) Each Note will bear interest at the rate of ___8.50% per annum (the "Coupon Rate") from the original date of issuance until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the Coupon Rate, compounded quarterly, payable (subject to the provisions of Section 206) quarterly in arrears on ___________January 31, ____________April 30, ____________July 31 and _____________ October 31 of each year (each, an "Interest Payment Date"), commencing on _______________ ___January 31, 20__2001, to the Person in whose name such Note or any predecessor Note is registered at the close of business on the Regular Record Date for such interest installment, which, with respect to (i) Notes of which the LLC or the Property Trustee is the Holder and the Company Preferred Securities or the Trust Preferred Securities are in book-entry only form or (ii) a Global Note, shall be the close of business on the Business Day next preceding that Interest Payment Date. Notwithstanding the foregoing sentence, if (x) the Notes are held by the LLC or the Property Trustee , the Company Preferred Securities are not held in book-entry form and the Trust Preferred Securities are no longer in book-entry only form or (y) the Notes are not represented by a Global Note, the Company may select a Regular Record Date for such interest installment which shall be fifteen (15) days before an Interest Payment Date.or
(b) The amount of interest payable for any period will be computed on the basis of a 360-day year of twelve 30-day months. Except for the effect of any adjustment in the Interest Payment Date as provided in the following sentence, the amount of interest payable for any period shorter than a full quarterly period for which interest is computed, will be computed on the basis of the actual number of days elapsed in such a 90-day period. In the event that any date on which interest is payable on the Notes is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date.
(c) If, at any time while the LLC or the Property Trustee is the Holder of any Notes, the LLC, the Trust or the Property Trustee is required to pay any taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the United States, or any other taxing authority, then, in any case, the Company will pay as additional interest ("Additional Interest") on the Notes held by the LLC or the Property Trustee, such additional amounts as shall be required so that the net amounts received and retained by the LLC or the Trust and the Property Trustee after the payment of such taxes, duties, assessments or other governmental charges will be equal to the amounts the LLC or the Trust and the Property Trustee would have received had no such taxes, duties, assessments or other government charges been imposed.
Appears in 1 contract
