Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an "optional sinking fund payment". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, LGII may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by LGII or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by LGII and delivered to the Trustee for cancellation pursuant to Section 2.12, (b) receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this Section 2.09, or (d) receive credit for Securities of such series (not previously so credited) redeemed by LGII through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date for any series, LGII will deliver to the Trustee an Officer's Certificate (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series to be so credited has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or cured or otherwise ceased to exist) and are continuing, and (d) stating whether or not LGII intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which LGII intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the Issue to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.12 to the Trustee with such Officer's Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's Certificate shall be irrevocable and upon its receipt by the Trustee LGII shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure to LGII, on or before any such 60th day, to deliver such Officer's Certificate and Securities (subject to the parenthetical clause in the second preceding sentence) specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as such date, the irrevocable election of LGII (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof, and (ii) that LGII will make no optional sinking fund payment with respect to such series as provided in this Section 12.05. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 or a lesser sum if LGII shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest, if any, to the date fixed for redemption. If such amount shall be $50,000 or less and LGII makes no such request, then it shall be carried over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by LGII) inform LGII of the serial numbers of the Securities of such series (or portions thereof) so selected. The Trustee, in the name and at the expense of LGII (or LGII, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of LGII. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section 12.05. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of and interest, if any, on, the Securities of such series at maturity. On or before each sinking fund payment date, LGII shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest, if any, accrued to the date fixed for redemption of Securities to be redeemed on such sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default with respect to such series except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from LGII a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article Seven and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 6.05 or the default cured on or before the 60th day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section 12.05 to the redemption of such Securities.

Appears in 1 contract

Samples: Loewen Group International Inc

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an "optional sinking fund payment". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Issuer and delivered to the Trustee for cancellation pursuant to Section ~~2.12~~2.10, (b~~) receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c~~) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date or the 30th day next preceding the last day of any applicable Redemption Notice Period relating to a sinking fund payment date for any series, ~~LGII~~ the Issuer will deliver to the Trustee an Officer's Certificate (which need not contain the statements required by Section 11.05) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series ~~to be so credited~~ has theretofore been so credited, (c) stating that no defaults in the payment of interest or Defaults or Events of Default with respect to such series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are ~~continuing,~~ continuing and (d) stating whether or not ~~LGII~~ the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section ~~2.12~~ 2.10 to the Trustee with such Officer's Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's Certificate shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Issuer, on or before any such 60th day or 30th day, if applicable, to deliver such Officer's Certificate and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Issuer will make no optional sinking fund payment with respect to such series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Foreign Currency) or a lesser sum in Dollars (or the equivalent thereof in any Foreign Currency) if ~~LGII~~ the Issuer shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $50,000 (or the equivalent thereof in any Foreign Currency) or less and ~~LGII~~ the Issuer makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Foreign Currency) is available. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by ~~LGII~~the Issuer) inform ~~LGII~~ the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. Securities shall be excluded from eligibility for redemption under this Section if they are identified by registration and certificate number in an Officer's Certificate delivered to the Trustee at least 60 days prior to the sinking fund payment date or at least 30 days prior to the last day of any applicable Redemption Notice Period relating to a sinking fund payment date as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such Officer's Certificate as directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer. The Trustee, in the name and at the expense of ~~LGII~~ the Issuer (or ~~LGII~~the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of ~~LGII~~the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such series at maturity. On or before each sinking fund payment date, ~~LGII~~ the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities to be redeemed on ~~such~~ the next following sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any ~~Event of~~ Default ~~with respect to such series~~ except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ the Issuer a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or ~~Event of~~ Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or ~~Event of~~ Default, be deemed to have been collected under Article ~~Seven~~ 5 and held for the payment of all such Securities. In case such ~~Event of~~ Default shall have been waived as provided in Section ~~6.05~~ 71 5.10 or the default cured on or before the ~~60th~~ sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.

Appears in 1 contract

Samples: Morgan Stanley Capital Trust VIII

Mandatory and Optional Sinking Funds. The minimum amount of ------------------------------------ any sinking fund payment provided for by the terms of the Subordinated Securities of any series is herein referred to as a "mandatory sinking fund payment", ," and any payment in excess of such minimum amount provided for by the terms of the Subordinated Securities of any series is herein referred to as an "optional sinking fund payment". ." The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". ." In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Subordinated Securities in cash, ~~LGII~~ the Company may at its option (a) deliver to the Trustee Subordinated Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Company or receive credit for Subordinated Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Company and delivered to the Trustee for cancellation pursuant to Section ~~2.12~~2.10, (b~~) receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c~~) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Subordinated Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Company through any optional redemption provision contained in the terms of such series. Subordinated Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date for any series, LGII will deliver to the Trustee an Officer's Certificate (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series to be so credited has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or cured or otherwise ceased to exist) and are continuing, and (d) stating whether or not LGII intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which LGII intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the Issue to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.12 to the Trustee with such Officer's Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's Certificate shall be irrevocable and upon its receipt by the Trustee LGII shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure to LGII, on or before any such 60th day, to deliver such Officer's Certificate and Securities (subject to the parenthetical clause in the second preceding sentence) specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as such date, the irrevocable election of LGII (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof, and (ii) that LGII will make no optional sinking fund payment with respect to such series as provided in this Section 12.05. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 or a lesser sum if LGII shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest, if any, to the date fixed for redemption. If such amount shall be $50,000 or less and LGII makes no such request, then it shall be carried over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by LGII) inform LGII of the serial numbers of the Securities of such series (or portions thereof) so selected. The Trustee, in the name and at the expense of LGII (or LGII, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of LGII. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section 12.05. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of and interest, if any, on, the Securities of such series at maturity. On or before each sinking fund payment date, LGII shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest, if any, accrued to the date fixed for redemption of Securities to be redeemed on such sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default with respect to such series except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from LGII a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article Seven and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 6.05 or the default cured on or before the 60th day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section 12.05 to the redemption of such Subordinated Securities.

Appears in 1 contract

Samples: Exodus Communications Inc

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "“mandatory sinking fund payment"”, and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an "“optional sinking fund payment"”. The date on which a sinking fund payment is to be made is herein referred to as the "“sinking fund payment date"”. In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Issuer and delivered to the Trustee for cancellation pursuant to Section ~~2.12~~2.10 and, ~~(b)~~ if applicable, receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (cb) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date for any series, ~~LGII~~ the Issuer will deliver to the Trustee an Officer's ’s Certificate (which need not contain the statements required by Section 11.05) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series to for which credit will be ~~so credited~~ taken has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are ~~continuing,~~ continuing and (d) stating whether or not ~~LGII~~ the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section ~~2.12~~ 2.10 to the Trustee with such Officer's ’s Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's ’s Certificate shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Issuer, on or before any such 60th day, to deliver such Officer's ’s Certificate and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII (i)~~ the Issuer that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof~~, and (ii) that LGII will make no optional sinking fund payment with respect to such series as provided in this Section 12.05~~. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Foreign Currency or a lesser sum in Dollars or in any Foreign Currency if ~~LGII~~ the Issuer shall so ~~request~~ request) with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $50,000 (or the equivalent thereof in any Foreign Currency) or less and ~~LGII~~ the Issuer makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Foreign Currency) is available, which delay in accordance with this paragraph shall not be a default or breach of the obligation to make such payment. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to ~~absorb said cash~~which such cash may be applied, as nearly as may be, and shall (if requested in writing by ~~LGII~~the Issuer) inform ~~LGII~~ the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. The Trustee, in the name and at the expense of ~~LGII~~ the Issuer (or ~~LGII~~the Issuer, if it shall so request the Trustee in writing) ), shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of ~~LGII~~the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such ~~series~~ series, shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such series at maturity. The Issuer’s obligation to make a mandatory or optional sinking fund payment shall automatically be reduced by an amount equal to the sinking fund redemption price allocable to any Securities or portions thereof called for redemption pursuant to the preceding paragraph on any sinking fund payment date and converted into Common Stock in accordance with the terms of such Securities; provided that, if the Trustee is not the conversion agent for the Securities, the Issuer or such conversion agent shall give the Trustee written notice on or prior to the date fixed for redemption of the principal amount of Securities or portions thereof so converted. On or before each sinking fund payment date, ~~LGII~~ the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities to be redeemed on such sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default ~~with respect to such series~~ except that, where ~~the giving of~~ providing notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ the Issuer a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article ~~Seven~~ 5 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section ~~6.05~~ 5.10, or the default cured on or before the 60th day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on ~~the next succeeding~~ such sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.. [Signature pages follow]

Appears in 1 contract

Samples: Indenture (Par Technology Corp)

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of ~~the~~ Securities of any series is herein referred to as a "“mandatory sinking fund payment"”, and any payment in excess of such minimum amount provided for by the terms of ~~the~~ Securities of any series is herein referred to as an "“optional sinking fund payment"”. The date on which a sinking fund payment is to be made is herein referred to as the "“sinking fund payment date"”. In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Issuer and delivered to the Trustee for cancellation pursuant to Section ~~2.12~~2.10, (b~~) receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c~~) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Issuer through any optional redemption provision contained in the terms of such ~~series~~series or (d) which have been converted into Common Stock or otherwise acquired by the Issuer pursuant to the terms of such Securities. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the ~~60th~~ sixtieth day next preceding each sinking fund payment date for any series, ~~LGII~~ the Issuer will deliver to the Trustee a written statement (which need not contain the statements required by Section 10.05) signed by an ~~Officer's Certificate~~ authorized officer of the Issuer (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such ~~series and the basis for such credit~~series, (b) stating that none of the Securities of such series ~~to be so credited~~ has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are ~~continuing,~~ continuing and (d) stating whether or not ~~LGII~~ the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section ~~2.12~~ 2.10 to the Trustee with such ~~Officer's Certificate~~ written statement (or reasonably promptly thereafter if acceptable to the Trustee). Such ~~Officer's Certificate~~ written statement shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Issuer, on or before any such ~~60th~~ sixtieth day, to deliver such ~~Officer's Certificate~~ written statement and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Issuer will make no optional sinking fund payment with respect to such series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or a lesser sum if ~~LGII~~ the Issuer shall so ~~request~~ request) with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $50,000 or less and ~~LGII~~ the Issuer makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in Section ~~12.02~~11.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by ~~LGII~~the Issuer) inform ~~LGII~~ the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. The Trustee, in the name and at the expense of ~~LGII~~ the Issuer (or ~~LGII~~the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section ~~12.02~~ 11.02 (and with the effect provided in Section ~~12.03~~11.03) for the redemption of Securities of such series in part at the option of ~~LGII~~the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such series at maturity. On or ~~before~~ prior to each sinking fund payment date, ~~LGII~~ the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities to be redeemed on such sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or ~~give~~ mail any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default ~~with respect to such series~~ except that, where the ~~giving~~ mailing of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ the Issuer a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article ~~Seven~~ 4 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section ~~6.05~~ 4.10 or the default cured on or before the ~~60th~~ sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.

Appears in 1 contract

Samples: Indenture (Murphy Oil Corp /De)

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an "optional sinking fund payment". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ TLGI may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ TLGI or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ TLGI and delivered to the Trustee for cancellation pursuant to Section 2.12, (b) receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this Section 2.09, or (d) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ TLGI through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date for any series, ~~LGII~~ TLGI will deliver to the Trustee an Officer's Certificate (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series to be so credited has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or cured or otherwise ceased to exist) and are continuing, and (d) stating whether or not ~~LGII~~ TLGI intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ TLGI intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the Issue to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.12 to the Trustee with such Officer's Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's Certificate shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ TLGI shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure to ~~LGII~~TLGI, on or before any such 60th day, to deliver such Officer's Certificate and Securities (subject to the parenthetical clause in the second preceding sentence) specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as such date, the irrevocable election of ~~LGII~~ TLGI (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof, and (ii) that ~~LGII~~ TLGI will make no optional sinking fund payment with respect to such series as provided in this Section 12.05. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 or a lesser sum if ~~LGII~~ TLGI shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest, if any, to the date fixed for redemption. If such amount shall be $50,000 or less and ~~LGII~~ TLGI makes no such request, then it shall be carried over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by ~~LGII~~TLGI) inform ~~LGII~~ TLGI of the serial numbers of the Securities of such series (or portions thereof) so selected. The Trustee, in the name and at the expense of ~~LGII~~ TLGI (or ~~LGII~~TLGI, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of ~~LGII~~TLGI. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section 12.05. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of and interest, if any, on, the Securities of such series at maturity. On or before each sinking fund payment date, ~~LGII~~ TLGI shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest, if any, accrued to the date fixed for redemption of Securities to be redeemed on such sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default with respect to such series except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ TLGI a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article Seven and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 6.05 or the default cured on or before the 60th day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section 12.05 to the redemption of such Securities.

Appears in 1 contract

Samples: Loewen Group International Inc

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an "optional sinking fund payment". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Issuer and delivered to the Trustee for cancellation pursuant to Section ~~2.12~~2.10, (b~~) receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c~~) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date or the 30th day next preceding the last day of any applicable Redemption Notice Period relating to a sinking fund payment date for any series, ~~LGII~~ the Issuer will deliver to the Trustee an Officer's Certificate (which need not contain the statements required by Section 11.05) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series ~~to be so credited~~ has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are ~~continuing,~~ continuing and (d) stating whether or not ~~LGII~~ the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section ~~2.12~~ 2.10 to the Trustee with such Officer's Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's Certificate shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Issuer, on or before any such 60th day or 30th day, if applicable, to deliver such Officer's Certificate and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Issuer will make no optional sinking fund payment with respect to such series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Foreign Currency) or a lesser sum in Dollars (or the equivalent thereof in any Foreign Currency) if ~~LGII~~ the Issuer shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $50,000 (or the equivalent thereof in any Foreign Currency) or less and ~~LGII~~ the Issuer makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Foreign Currency) is available. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by ~~LGII~~the Issuer) inform ~~LGII~~ the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. Securities shall be excluded from eligibility for redemption under this Section if they are identified by registration and certificate number in an Officer's Certificate delivered to the Trustee at least 60 days prior to the sinking fund payment date or at least 30 days prior to the last day of any applicable Redemption Notice Period relating to a sinking fund payment date as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such Officer's Certificate as directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer. The Trustee, in the name and at the expense of ~~LGII~~ the Issuer (or ~~LGII~~the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of ~~LGII~~the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such series at maturity. On or before each sinking fund payment date, ~~LGII~~ the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities to be redeemed on ~~such~~ the next following sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default ~~with respect to such series~~ except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, 77 provided that it shall have received from ~~LGII~~ the Issuer a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article ~~Seven~~ 5 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section ~~6.05~~ 5.10 or the default cured on or before the ~~60th~~ sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.

Appears in 1 contract

Samples: Nvidia Corp/Ca

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "“mandatory sinking fund payment"”, and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an "“optional sinking fund payment"”. The date on which a sinking fund payment is to be made is herein referred to as the "“sinking fund payment date"”. In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Issuer and delivered to the Trustee for cancellation pursuant to Section ~~2.12~~2.10, (b~~) receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c~~) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date or the 30th day next preceding the last day of any applicable Redemption Notice Period relating to a sinking fund payment date for any series, ~~LGII~~ the Issuer will deliver to the Trustee an Officer's ’s Certificate (which need not contain the statements required by Section 11.05) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series ~~to be so credited~~ has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are ~~continuing,~~ continuing and (d) stating whether or not ~~LGII~~ the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section ~~2.12~~ 2.10 to the Trustee with such Officer's ’s Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's ’s Certificate shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Issuer, on or before any such 60th day or 30th day, if applicable, to deliver such Officer's ’s Certificate and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Issuer will make no optional sinking fund payment with respect to such series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Non-U.S. Currency) or a lesser sum in Dollars (or the equivalent thereof in any Non-U.S. Currency) if ~~LGII~~ the Issuer shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $50,000 (or the equivalent thereof in any Non-U.S. Currency) or less and ~~LGII~~ the Issuer makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Non-U.S. Currency) is available. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by ~~LGII~~the Issuer) inform ~~LGII~~ the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. Securities shall be excluded from eligibility for redemption under this Section if they are identified by registration and certificate number in an Officer’s Certificate delivered to the Trustee at least 60 days prior to the sinking fund payment date or at least 30 days prior to the last day of any applicable Redemption Notice Period relating to a sinking fund payment date as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such Officer’s Certificate as directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer. The Trustee, in the name and at the expense of ~~LGII~~ the Issuer (or ~~LGII~~the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of ~~LGII~~the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund ~~moneys~~ monies held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other ~~moneys~~monies, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such series at maturity. On or before each sinking fund payment date, ~~LGII~~ the Issuer or the Guarantor shall pay to the Trustee in cash or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities to be redeemed on ~~such~~ the next following sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund ~~moneys~~ monies or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default ~~with respect to such series~~ except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ the Issuer or the Guarantor a sum sufficient for such redemption. Except as aforesaid, any ~~moneys~~ monies in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any ~~moneys~~ monies thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article ~~Seven~~ 5 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section ~~6.05~~ 5.10 or the default cured on or before the ~~60th~~ sixtieth day preceding the sinking fund payment date in any year, such ~~moneys~~ monies shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.

Appears in 1 contract

Samples: Indenture (Bank of America Corp /De/)

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "“mandatory sinking fund payment"”, and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an "“optional sinking fund payment"”. The date on which a sinking fund payment is to be made is herein referred to as the "“sinking fund payment date"”. In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Issuer and delivered to the Trustee for cancellation pursuant to Section ~~2.12~~2.10 and, ~~(b)~~ if applicable, receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (cb) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date for any series, ~~LGII~~ the Issuer will deliver to the Trustee an Officer's ’s Certificate (which need not contain the statements required by Section 11.05) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series ~~to be so credited~~ has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are ~~continuing,~~ continuing and (d) stating whether or not ~~LGII~~ the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section ~~2.12~~ 2.10 to the Trustee with such Officer's ’s Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's ’s Certificate shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Issuer, on or before any such 60th day, to deliver such Officer's ’s 49 Certificate and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Issuer will make no optional sinking fund payment with respect to such series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Foreign Currency or a lesser sum in Dollars or in any Foreign Currency if ~~LGII~~ the Issuer shall so ~~request~~ request) with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $50,000 (or the equivalent thereof in any Foreign Currency) or less and ~~LGII~~ the Issuer makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Foreign Currency) is available. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by ~~LGII~~the Issuer) inform ~~LGII~~ the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. Securities shall be excluded from eligibility for redemption under this Section if they are identified by registration and certificate number in an Officer’s Certificate delivered to the Trustee at least 60 days prior to the sinking fund payment date as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such Officer’s Certificate as directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer. The Trustee, in the name and at the expense of ~~LGII~~ the Issuer (or ~~LGII~~the Issuer, if it shall so request the Trustee in writing) ), shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of ~~LGII~~the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such ~~series~~ series, shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such series at maturity. The Issuer’s obligation to make a mandatory or optional sinking fund payment shall automatically be reduced by an amount equal to the sinking fund redemption price allocable to any Securities or portions thereof called for redemption pursuant to the preceding paragraph on any sinking fund payment date and converted into Common Stock; provided, that, if the Trustee is not the conversion agent for the Securities, the Issuer or such conversion agent shall give the Trustee written notice prior to the date fixed for redemption of the principal amount of Securities or portions thereof so converted. On or before each sinking fund payment date, ~~LGII~~ the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities to be redeemed on ~~such~~ the next following sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default ~~with respect to such series~~ except that, where the ~~giving~~ mailing of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ the Issuer a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article ~~Seven~~ 5 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section ~~6.05~~ 5.10, or the default cured on or before the 60th day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.. [Signature Page Follows]

Appears in 1 contract

Samples: Indenture (Idex Corp /De/)

Mandatory and Optional Sinking Funds. The minimum ------------------------------------- amount of any sinking fund payment provided for by the terms of ~~the~~ Debt Securities of any ~~series~~ series, resolution of the Board of Directors or a supplemental Indenture is herein referred to as a "mandatory sinking fund payment", ," and any payment in excess of such minimum amount provided for by the terms of ~~the~~ Debt Securities of any ~~series~~ series, resolution of the Board of Directors or a supplemental Indenture is herein referred to as an "optional sinking fund payment~~". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date".~~ ." In lieu of making all or any part of any mandatory sinking fund payment with respect to any Debt Securities of a series ~~of Securities~~ in cash, ~~LGII~~ the Company may at its option (a) deliver to the Trustee Debt Securities of ~~such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by LGII or receive credit for Securities of such~~ that series (~~not previously so credited~~together with the unmatured Coupons, if any, appertaining thereto) theretofore purchased or otherwise acquired ~~(except as aforesaid)~~ by ~~LGII and delivered to~~ the ~~Trustee for cancellation pursuant to Section 2.12,~~ Company or (b) receive credit for the principal amount of Debt Securities ~~(not previously so credited) converted into Common Stock and so delivered~~ of that series which have been redeemed either at the election of the Company pursuant to the ~~Trustee for cancellation, (c) receive credit for~~ terms of such Debt Securities or through the application of permitted optional sinking fund payments ~~(not previously so credited) made~~ pursuant to ~~this Section 2.09, or (d) receive credit for Securities of such series (not previously so credited) redeemed by LGII through any optional redemption provision contained in~~ the terms of such ~~series~~Debt Securities, resolution or supplemental Indenture; provided, however, that such Debt Securities have not -------- ------- been previously so credited. Such Debt Securities ~~so delivered or credited~~ shall be received or and credited for such purpose by the Trustee at the ~~sinking fund~~ redemption price specified in such Debt Securities~~. On~~ , resolution or before the 60th day next preceding each sinking fund payment date for any series, LGII will deliver to the Trustee an Officer's Certificate (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series to be so credited has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or cured or otherwise ceased to exist) and are continuing, and (d) stating whether or not LGII intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which LGII intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the Issue to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.12 to the Trustee with such Officer's Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's Certificate shall be irrevocable and upon its receipt by the Trustee LGII shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure to LGII, on or before any such 60th day, to deliver such Officer's Certificate and Securities (subject to the parenthetical clause in the second preceding sentence) specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as such date, the irrevocable election of LGII (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof, and (ii) that LGII will make no optional sinking fund payment with respect to such series as provided in this Section 12.05. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 or a lesser sum if LGII shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest, if any, to the date fixed for redemption. If such amount shall be $50,000 or less and LGII makes no such request, then it shall be carried over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in Section 12.02, supplemental Indenture for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by LGII) inform LGII of the serial numbers of the Securities of such series (or portions thereof) so selected. The Trustee, in the name and at the expense of LGII (or LGII, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of LGII. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section 12.05. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of and interest, if any, on, the Securities of such series at maturity. On or before each sinking fund payment date, LGII shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest, if any, accrued to the date fixed for redemption of Securities to be redeemed on such sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of Securities for such series by through operation of the sinking fund ~~during~~ and the continuance of a default in payment of interest on such Securities or of any Event of Default with respect to such series except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from LGII a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance amount of such default or Event of Default, be deemed to have been collected under Article Seven and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 6.05 or the default cured on or before the 60th day preceding the mandatory sinking fund payment ~~date in any year, such moneys~~ shall ~~thereafter~~ be ~~applied on the next succeeding sinking fund payment date in accordance with this Section 12.05 to the redemption of such Securities~~reduced accordingly.

Appears in 1 contract

Samples: Chirex Inc

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of ~~the~~ Securities of any ~~series~~ Series is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of ~~the~~ Securities of any ~~series~~ Series is herein referred to as an "optional sinking fund payment". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". In lieu of making all or any part of any mandatory sinking fund payment with respect to any ~~series~~ Series of Securities in cash, ~~LGII~~ the Company may at its option (a) deliver to the Trustee Securities of such ~~series~~ Series (together with the unmatured Coupons, if any, appertaining thereto) theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Company or receive credit for Securities of such ~~series~~ Series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Company and delivered to the Trustee for cancellation pursuant to Section 2.12, (b) receive credit for ~~Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c) receive credit for~~ optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such ~~series~~ Series (not previously so credited) redeemed by ~~LGII~~ the Company through any optional redemption provision contained in the terms of such ~~series~~Series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the ~~60th~~ sixtieth day next preceding each sinking fund payment date for any ~~series~~Series of Securities, ~~LGII~~ the Company will deliver to the Trustee a written statement (which need not contain the statements required by Section 11.5) signed by an ~~Officer's Certificate~~ authorized officer of the Company (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash in the currency or currency unit in which the Securities of such Series and Coupons, if any, appertaining thereto are payable (except as otherwise specified pursuant to Section 2.5 for the Securities of such Series and except as provided in Section 2.14(b), (e) and (f) hereof), and the portion to be satisfied by credit of Securities of such ~~series and the basis for such credit~~Series, (b) stating that none of the Securities of such ~~series to be so credited~~ Series has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such ~~series~~ Series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are continuing, ~~and~~ (d) stating whether or not ~~LGII~~ the Company intends to exercise its right to make an optional sinking fund payment with respect to such ~~series~~ Series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Company intends to pay on or before the next succeeding sinking fund payment date and (e) specifying such sinking fund payment date. Any Securities of such ~~series~~ Series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Company to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.12 to the Trustee with such ~~Officer's Certificate~~ written statement (or reasonably promptly thereafter if acceptable to the Trustee). Such ~~Officer's Certificate~~ written statement shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Company shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Company, on or before any such ~~60th~~ sixtieth day, to deliver such ~~Officer's Certificate~~ written statement and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Company (i) that the mandatory sinking fund payment for such ~~series~~ Series due on the next succeeding sinking fund payment date shall be paid entirely in cash (in the currency or currency unit described above) without the option to deliver 70 or credit Securities of such ~~series~~ Series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Company will make no optional sinking fund payment with respect to such ~~series~~ Series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash (in the currency or currency unit described above) on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $~~50,000~~ 100,000, or the equivalent in the currency or currency unit in which the Securities of such Series are payable (or a lesser sum if ~~LGII~~ the Company shall so ~~request~~ request) with respect to the Securities of any particular ~~series~~Series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such ~~series~~ Series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $~~50,000~~ 100,000, or the equivalent in the currency or currency unit in which the Securities of such Series are payable, or less and ~~LGII~~ the Company makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $~~50,000~~ 100,000, or the equivalent in the currency or currency unit in which the Securities of such Series are payable, is available. The Trustee shall select, in the manner provided in Section ~~12.02~~12.2, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such ~~series~~ Series to absorb said cash, as nearly as may bebe possible, and shall (if requested in writing by ~~LGII~~the Company) inform ~~LGII~~ the Company of the serial numbers of the Securities of such ~~series~~ Series (or portions thereof) so selected. Securities of any Series which are identified by registration and certificate number in an Officers' Certificate at least 60 days prior to the sinking fund payment date as being beneficially owned by, and not pledged or hypothecated by, the Company or an entity directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be excluded from Securities of such Series eligible for selection for redemption. The Trustee, in the name and at the expense of ~~LGII~~ the Company (or ~~LGII~~the Company, if it shall so ~~request~~ notify the Trustee in writing) shall cause notice of redemption of the Securities of such ~~series~~ Series to be given in substantially the manner provided in Section ~~12.02~~ 12.2 (and with the effect provided in Section ~~12.03~~12.3) for the redemption of Securities of such ~~series~~ Series in part at the option of ~~LGII~~the Company. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such ~~series~~ Series shall be added to the next cash sinking fund payment for such ~~series~~ Series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular ~~series~~ Series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such ~~series~~ Series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such ~~series~~ Series at maturity. On The Trustee shall not convert any currency or ~~before each~~ currency unit in which the Securities of such Series are payable for the purposes of such sinking fund application unless specifically requested to do so by the Company, and any such conversion agreed to by the Trustee in response to such request shall be for the account and at the expense of the Company and shall not affect the Company's obligation to pay the Holders in the currency or currency unit to which such Holder may be entitled. Not later than 9:00 a.m., Chicago time, on the sinking fund payment date, ~~LGII~~ the Company shall ~~pay~~ have paid to the Trustee in cash (in the currency or currency unit described in the third paragraph of this Section 12.5) or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued 71 to the date fixed for redemption of on Securities to be redeemed on ~~such~~ the next following sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a ~~series~~ Series with sinking fund moneys or ~~give~~ mail or publish any notice of redemption of Securities for such ~~series~~ Series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default ~~with respect to such series~~ except that, where the ~~giving~~ mailing or publication of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ the Company a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such ~~series~~ Series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article ~~Seven~~ Five and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section ~~6.05~~ 5.10 or the default cured on or before the ~~60th~~ sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.

Appears in 1 contract

Samples: Navistar International Corp

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an "optional sinking fund payment". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Issuer and delivered to the Trustee for cancellation pursuant to Section ~~2.12~~2.10, (b~~) receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c~~) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date or the 30th day next preceding the last day of any applicable Redemption Notice Period relating to a sinking fund payment date for any series, ~~LGII~~ the Issuer will deliver to the Trustee an Officer's Certificate (which need not contain the statements required by Section 11.05) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series ~~to be so credited~~ has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are ~~continuing,~~ continuing and (d) stating whether or not ~~LGII~~ the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section ~~2.12~~ 2.10 to the Trustee with such Officer's Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's Certificate shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Issuer, on or before any such 60th day or 30th day, if applicable, to deliver such Officer's Certificate and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Issuer will make no optional sinking fund payment with respect to such series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Non-U.S. Currency) or a lesser sum if LGII shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest, if any, to the date fixed for redemption. If such amount shall be $50,000 or less and LGII makes no such request, then it shall be carried over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by LGII) inform LGII of the serial numbers of the Securities of such series Dollars (or ~~portions thereof) so selected. The Trustee, in~~ the name and at the expense of LGII (or LGII, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of LGII. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section 12.05. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of and interest, if any, on, the Securities of such series at maturity. On or before each sinking fund payment date, LGII shall pay to the Trustee in cash or shall otherwise provide for the payment of all interest, if any, accrued to the date fixed for redemption of Securities to be redeemed on such sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default with respect to such series except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from LGII a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article Seven and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 6.05 or the default cured on or before the 60th day preceding the sinking fund payment date equivalent thereof in any ~~year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section 12.05 to the redemption of such Securities.~~Non-U.S.

Appears in 1 contract

Samples: Indenture (Abn Amro Bank Nv)

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "“mandatory sinking fund payment"”, and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an "“optional sinking fund payment"”. The date on which a sinking fund payment is to be made is herein referred to as the "“sinking fund payment date"”. In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Issuer and delivered to the Trustee for cancellation pursuant to Section ~~2.12~~2.10, (b~~) receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c~~) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date or the 30th day next preceding the last day of any applicable Redemption Notice Period relating to a sinking fund payment date for any series, ~~LGII~~ the Issuer will deliver to the Trustee an Officer's ’s Certificate (which need not contain the statements required by Section 11.05) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series ~~to be so credited~~ has theretofore been so credited, (c) stating that no defaults in the payment of interest or Defaults or Events of Default with respect to such series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are ~~continuing,~~ continuing and (d) stating whether or not ~~LGII~~ the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section ~~2.12~~ 2.10 to the Trustee with such 77 Officer's ’s Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's ’s Certificate shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Issuer, on or before any such 60th day or 30th day, if applicable, to deliver such Officer's ’s Certificate and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Issuer will make no optional sinking fund payment with respect to such series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Foreign Currency) or a lesser sum in Dollars (or the equivalent thereof in any Foreign Currency) if ~~LGII~~ the Issuer shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $50,000 (or the equivalent thereof in any Foreign Currency) or less and ~~LGII~~ the Issuer makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Foreign Currency) is available. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by ~~LGII~~the Issuer) inform ~~LGII~~ the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. Securities shall be excluded from eligibility for redemption under this Section if they are identified by registration and certificate number in an Officer’s Certificate delivered to the Trustee at least 60 days prior to the sinking fund payment date or at least 30 days prior to the last day of any applicable Redemption Notice Period relating to a sinking fund payment date as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such Officer’s Certificate as directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer. The Trustee, in the name and at the expense of ~~LGII~~ the Issuer (or ~~LGII~~the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of ~~LGII~~the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such series at maturity. On or before each sinking fund payment date, ~~LGII~~ the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities to be redeemed on ~~such~~ the next following sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any ~~Event of~~ Default ~~with respect to such series~~ except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ the Issuer a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or ~~Event of~~ Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or ~~Event of~~ Default, be deemed to have been collected under Article ~~Seven~~ 5 and held for the payment of all such Securities. In case such ~~Event of~~ Default shall have been waived as provided in Section ~~6.05~~ 5.10 or the default cured on or before the ~~60th~~ sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.

Appears in 1 contract

Samples: Indenture (Morgan Stanley Capital Trust XI)

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of ~~the~~ any Series of Securities ~~of any series~~ is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of ~~the~~ any Series of Securities ~~of any series~~ is herein referred to as an "optional sinking fund payment". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". In lieu of making all or any part of any mandatory sinking fund payment with respect to any ~~series~~ Series of Securities in cash, ~~LGII~~ the Company may at its option (a) deliver to the Trustee Securities of such ~~series~~ Series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Company or receive credit for Securities of such ~~series~~ Series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Company and delivered to the Trustee for cancellation pursuant to Section 2.12, (b) receive credit for ~~Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c) receive credit for~~ optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such ~~series~~ Series (not previously so credited) redeemed by ~~LGII~~ the Company through any optional redemption provision contained in the terms of such ~~series~~Series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the ~~60th~~ sixtieth day next preceding each sinking fund payment date for any ~~series~~Series, ~~LGII~~ the Company will deliver to the Trustee a written statement signed by an ~~Officer's Certificate~~ authorized officer of the Company (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such ~~series and the basis for such credit~~Series, (b) stating that none of the Securities of such ~~series to be so credited~~ Series has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such ~~series~~ Series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are continuing, ~~and~~ (d) stating whether or not ~~LGII~~ the Company intends to exercise its right to make an optional sinking fund payment with respect to such ~~series~~ Series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Company intends to pay on or before the next succeeding sinking fund payment date, and (e) specifying such sinking fund payment date. Any Securities of such ~~series~~ Series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Company to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.12 to the Trustee with such ~~Officer's Certificate~~ written statement (or reasonably promptly thereafter if acceptable to the Trustee). Such ~~Officer's Certificate~~ written statement shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Company shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Company, on or before any such ~~60th~~ sixtieth day, to deliver such ~~Officer's Certificate~~ written statement and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Company (i) that the mandatory sinking fund payment for such ~~series~~ Series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such ~~series~~ Series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Company will make no optional sinking fund payment with respect to such ~~series~~ Series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or a lesser sum if ~~LGII~~ the Company shall so ~~request~~ request) with respect to the Securities of any particular ~~series~~Series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such ~~series~~ Series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $50,000 or less and ~~LGII~~ the Company makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in Section ~~12.02~~3.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such ~~series~~ Series to absorb said cash, as nearly as may bebe possible, and shall (if requested in writing by ~~LGII~~the Company) inform ~~LGII~~ the Company of the serial numbers of the Securities of such ~~series~~ Series (or portions thereof) so selected. Securities of any Series which are (a) owned by the Company or an entity known by the Trustee to be directly or indirectly controlling or controlled by or under direct or indirect common control with the Company, as shown by the Security register, and not known to the Trustee to have been pledged or hypothecated by the Company or any such entity or (b) identified in an Officers' Certificate at least 60 days prior to the sinking fund payment date as being beneficially owned by, and not pledged or hypothecated by, the Company or an entity directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be excluded from Securities of such Series eligible for selection for redemption. The Trustee, in the name and at the expense of ~~LGII~~ the Company (or ~~LGII~~the Company, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such ~~series~~ Series to be given in substantially the manner provided in Section ~~12.02~~ 3.03 (and with the effect provided in Section ~~12.03~~3.04) for the redemption of Securities of such ~~series~~ Series in part at the option of ~~LGII~~the Company. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such ~~series~~ Series shall be added to the next cash sinking fund payment for such ~~series~~ Series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular ~~series~~ Series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such ~~series~~ Series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such ~~series~~ Series at maturity. ~~On or~~ At least one business day before each sinking fund payment date, ~~LGII~~ the Company shall pay to the Trustee in cash or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities to be redeemed on ~~such~~ the next following sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a ~~series~~ Series with sinking fund moneys or ~~give~~ mail any notice of redemption of Securities for such ~~series~~ Series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default with respect to such ~~series~~ Securities except that, where the ~~giving~~ mailing of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ the Company a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such ~~series~~ Series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article ~~Seven~~ Six and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section ~~6.05~~ 6.06 or the default cured on or before the ~~60th~~ sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.

Appears in 1 contract

Samples: Avaya Inc

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of ~~the~~ Securities of any ~~series~~ Series is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of ~~the~~ Securities of any ~~series~~ Series is herein referred to as an "optional sinking fund payment". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". In lieu of making all or any part of any mandatory sinking fund payment with respect to any ~~series~~ Series of Securities in cash, ~~LGII~~ the Company may at its option (a) deliver to the Trustee Securities of such ~~series~~ Series (together with the unmatured Coupons, if any, appertaining thereto) theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Company or receive credit for Securities of such ~~series~~ Series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Company and delivered to the Trustee for cancellation pursuant to Section 2.12, (b) receive credit for ~~Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c) receive credit for~~ optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such ~~series~~ Series (not previously so credited) redeemed by ~~LGII~~ the Company through any optional redemption provision contained in the terms of such ~~series~~Series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the ~~60th~~ sixtieth day next preceding each sinking fund payment date for any ~~series~~Series of Securities, ~~LGII~~ the Company will deliver to the Trustee a written statement (which need not contain the statements required by Section 11.5) signed by an ~~Officer's Certificate~~ authorized officer of the Company (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash in the currency or currency unit in which the Securities of such Series and Coupons, if any, appertaining thereto are payable (except as otherwise specified pursuant to Section 2.5 for the Securities of such Series and except as provided in Section 2.14(b), (e) and (f) hereof), and the portion to be satisfied by credit of Securities of such ~~series and the basis for such credit~~Series, (b) stating that none of the Securities of such ~~series to be so credited~~ Series has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such ~~series~~ Series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are continuing, ~~and~~ (d) stating whether or not ~~LGII~~ the Company intends to exercise its right to make an optional sinking fund payment with respect to such ~~series~~ Series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Company intends to pay on or before the next succeeding sinking fund payment date and (e) specifying such sinking fund payment date. Any Securities of such ~~series~~ Series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Company to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.12 to the Trustee with such ~~Officer's Certificate~~ written statement (or reasonably promptly thereafter if acceptable to the Trustee). Such ~~Officer's Certificate~~ written statement shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Company shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Company, on or before any such ~~60th~~ sixtieth day, to deliver such ~~Officer's Certificate~~ written statement and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Company (i) that the mandatory sinking fund payment for such ~~series~~ Series due on the next succeeding sinking fund payment date shall be paid entirely in cash (in the currency or currency unit described above) without the option to deliver or credit Securities of such ~~series~~ Series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Company will make no optional sinking fund payment with respect to such ~~series~~ Series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash (in the currency or currency unit described above) on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $~~50,000~~ 100,000, or the equivalent in the currency or currency unit in which the Securities of such Series are payable (or a lesser sum if ~~LGII~~ the Company shall so ~~request~~ request) with respect to the Securities of any particular ~~series~~Series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such ~~series~~ Series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $~~50,000~~ 100,000, or the equivalent in the currency or currency unit in which the Securities of such Series are payable, or less and ~~LGII~~ the Company makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $~~50,000~~ 100,000, or the equivalent in the currency or currency unit in which the Securities of such Series are payable, is available. The Trustee shall select, in the manner provided in Section ~~12.02~~12.2, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such ~~series~~ Series to absorb said cash, as nearly as may bebe possible, and shall (if requested in writing by ~~LGII~~the Company) inform ~~LGII~~ the Company of the serial numbers of the Securities of such ~~series~~ Series (or portions thereof) so selected. Securities of any Series which are identified by registration and certificate number in an Officers' Certificate at least 60 days prior to the sinking fund payment date as being beneficially owned by, and not pledged or 70 hypothecated by, the Company or an entity directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be excluded from Securities of such Series eligible for selection for redemption. The Trustee, in the name and at the expense of ~~LGII~~ the Company (or ~~LGII~~the Company, if it shall so ~~request~~ notify the Trustee in writing) shall cause notice of redemption of the Securities of such ~~series~~ Series to be given in substantially the manner provided in Section ~~12.02~~ 12.2 (and with the effect provided in Section ~~12.03~~12.3) for the redemption of Securities of such ~~series~~ Series in part at the option of ~~LGII~~the Company. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such ~~series~~ Series shall be added to the next cash sinking fund payment for such ~~series~~ Series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund moneys held on the stated maturity date of the Securities of any particular ~~series~~ Series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such ~~series~~ Series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such ~~series~~ Series at maturity. On The Trustee shall not convert any currency or ~~before each~~ currency unit in which the Securities of such Series are payable for the purposes of such sinking fund application unless specifically requested to do so by the Company, and any such conversion agreed to by the Trustee in response to such request shall be for the account and at the expense of the Company and shall not affect the Company's obligation to pay the Holders in the currency or currency unit to which such Holder may be entitled. Not later than 9:00 a.m., Chicago time, on the sinking fund payment date, ~~LGII~~ the Company shall ~~pay~~ have paid to the Trustee in cash (in the currency or currency unit described in the third paragraph of this Section 12.5) or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities to be redeemed on ~~such~~ the next following sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a ~~series~~ Series with sinking fund moneys or ~~give~~ mail or publish any notice of redemption of Securities for such ~~series~~ Series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default ~~with respect to such series~~ except that, where the ~~giving~~ mailing or publication of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ the Company a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such ~~series~~ Series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article ~~Seven~~ Five and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section ~~6.05~~ 5.10 or the default cured on or before the ~~60th~~ sixtieth day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.

Appears in 1 contract

Samples: Navistar International Corp

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "“mandatory sinking fund payment"”, and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an "“optional sinking fund payment"”. The date on which a sinking fund payment is to be made is herein referred to as the "“sinking fund payment date"”. In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Issuer and delivered to the Trustee for cancellation pursuant to Section ~~2.12~~2.10, (b~~) receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c~~) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date or the 30th day next preceding the last day of any applicable Redemption Notice Period relating to a sinking fund payment date for any series, ~~LGII~~ the Issuer will deliver to the Trustee an Officer's ’s Certificate (which need not contain the statements required by Section 11.05) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series ~~to be so credited~~ has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are ~~continuing,~~ continuing and (d) stating whether or not ~~LGII~~ the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section ~~2.12~~ 2.10 to the Trustee with such Officer's ’s Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's ’s Certificate shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Issuer, on or before any such 60th day or 30th day, if applicable, to deliver such Officer's ’s Certificate and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Issuer will make no optional sinking fund payment with respect to such series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Non-U.S. Currency) or a lesser sum in Dollars (or the equivalent thereof in any Non-U.S. Currency) if ~~LGII~~ the Issuer shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $50,000 (or the equivalent thereof in any Non-U.S. Currency) or less and ~~LGII~~ the Issuer makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Non-U.S. Currency) is available. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by ~~LGII~~the Issuer) inform ~~LGII~~ the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. Securities shall be excluded from 66 eligibility for redemption under this Section if they are identified by registration and certificate number in an Officer’s Certificate delivered to the Trustee at least 60 days prior to the sinking fund payment date or at least 30 days prior to the last day of any applicable Redemption Notice Period relating to a sinking fund payment date as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such Officer’s Certificate as directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer. The Trustee, in the name and at the expense of ~~LGII~~ the Issuer (or ~~LGII~~the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of ~~LGII~~the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund ~~moneys~~ monies held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other ~~moneys~~monies, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such series at maturity. On or before each sinking fund payment date, ~~LGII~~ the Issuer or the Guarantors shall pay to the Trustee in cash or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities to be redeemed on ~~such~~ the next following sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund ~~moneys~~ monies or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default ~~with respect to such series~~ except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ the Issuer or the Guarantors a sum sufficient for such redemption. Except as aforesaid, any ~~moneys~~ monies in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any ~~moneys~~ monies thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article ~~Seven~~ 5 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section ~~6.05~~ 5.10 or the default cured on or before the ~~60th~~ sixtieth day preceding the sinking fund payment date in any year, such ~~moneys~~ monies shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.

Appears in 1 contract

Samples: Abn Amro Bank Nv

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an "optional sinking fund payment". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Issuer and delivered to the Trustee for cancellation pursuant to Section ~~2.12~~2.10, (b~~) receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c~~) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date or the 30th day next preceding the last day of any applicable Redemption Notice Period relating to a sinking fund payment date for any series, ~~LGII~~ the Issuer will deliver to the Trustee an Officer's Certificate (which need not contain the statements required by Section 11.05) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series ~~to be so credited~~ has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are ~~continuing,~~ continuing and (d) stating whether or not ~~LGII~~ the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section ~~2.12~~ 2.10 to the Trustee with such Officer's Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's Certificate shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Issuer, on or before any such 60th day or 30th day, if applicable, to deliver such Officer's Certificate and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Issuer will make no optional sinking fund payment with respect to such series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Non-U.S. Currency) or a lesser sum in Dollars (or the equivalent thereof in any Non-U.S. Currency) if ~~LGII~~ the Issuer shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $50,000 (or the equivalent thereof in any Non-U.S. Currency) or less and ~~LGII~~ the Issuer makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Non-U.S. Currency) is available. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by ~~LGII~~the Issuer) inform ~~LGII~~ the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. Securities shall be excluded from eligibility for redemption under this Section if they are identified by registration and certificate number in an Officer's Certificate delivered to the Trustee at least 60 days prior to the sinking fund payment date or at least 30 days prior to the last day of any applicable Redemption Notice Period relating to a sinking fund payment date as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such Officer's Certificate as directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer. The Trustee, in the name and at the expense of ~~LGII~~ the Issuer (or ~~LGII~~the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of ~~LGII~~the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund ~~moneys~~ monies held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other ~~moneys~~monies, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such series at maturity. On or before each sinking fund payment date, ~~LGII~~ the Issuer or the Guarantor shall pay to the Trustee in cash or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities to be redeemed on ~~such~~ the next following sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund ~~moneys~~ monies or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default ~~with respect to such series~~ except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ the Issuer or the Guarantor a sum sufficient for such redemption. Except as aforesaid, any ~~moneys~~ monies in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any ~~moneys~~ monies thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article ~~Seven~~ 5 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section ~~6.05~~ 5.10 or the default cured on or before the ~~60th~~ sixtieth day preceding the sinking fund payment date in any year, such ~~moneys~~ monies shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.

Appears in 1 contract

Samples: Abn Amro Bank Nv

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of ~~the~~ Securities of any series is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of ~~the~~ Securities of any series is herein referred to as an "optional sinking fund payment". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as -58- 66 aforesaid) by ~~LGII~~ the Issuer and delivered to the Trustee for cancellation pursuant to Section 2.12, (b) receive credit for ~~Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c) receive credit for~~ optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities, and the amount of such mandatory sinking fund payment shall be reduced accordingly. On or before the ~~60th~~ sixtieth day next preceding each sinking fund payment date for any ~~series~~series of Securities, ~~LGII~~ the Issuer will deliver to the Trustee a certificate of the Issuer (which need not contain the statements required by the Trust Indenture Act of 1939) signed by an ~~Officer's~~ officer of the Issuer who is one of the officers authorized to sign an Officers' Certificate (a) specifying the ~~portion~~ portion, if any, of the mandatory sinking fund payment to be satisfied by payment of cash and the ~~portion~~ portion, if any, to be satisfied by credit of Securities of such ~~series and the basis for such credit~~series, (b) stating that none of ~~the~~ such Securities ~~of such series to be so credited~~ has theretofore been so credited, (c) stating that no ~~defaults in the payment of interest or Events~~ Event of Default with respect to such series ~~have~~ has occurred (which ~~have~~ has not been waived or ~~cured or otherwise ceased to exist~~cured) and ~~are~~ is continuing, and (d) stating whether or not ~~LGII~~ the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.12 to the Trustee with such ~~Officer's Certificate (or reasonably promptly thereafter if acceptable to the Trustee)~~certificate. Such ~~Officer's Certificate~~ certificate shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Issuer shall become ~~unconditionally~~ obligated to make all the cash payments or payments therein referred to, if ~~any~~any (which cash may be deposited with the Trustee or with one or more paying agents, or, if the Issuer is acting as its own paying agent, segregated and held in trust as required by the Trust Indenture Act of 1939), on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Issuer, on or before any such ~~60th~~ sixtieth day, to deliver such ~~Officer's Certificate~~ certificate and ~~Securities (subject to the parenthetical clause in the second preceding sentence)~~ securities specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof, and (ii) that ~~LGII~~ the Issuer will make no optional sinking fund payment with respect to such series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed ~~$50,000~~ U.S.$100,000 or, if payments on Securities of such series are to be made in a currency other than Dollars or in units or composites of two more currencies, the equivalent thereof in the relevant currency or unit or composite currency (or such other amount as is specified for a particular series of Securities pursuant to Section 2.5), or a lesser sum if ~~LGII~~ the Issuer shall so ~~request~~ request, with respect to the Securities of any particular series, such cash shall be applied by the Trustee (or by the Issuer if the Issuer is acting as its own paying agent) on the ~~next succeeding~~ sinking fund payment date on which such payment is made (or, if such payment is made before a sinking fund payment date, on the next sinking fund payment date following the date of such payment) to the redemption of such Securities ~~of such series~~ at the sinking fund redemption price specified in such Securities for operation of the sinking fund together with accrued interest, if any, to the date fixed for redemption. If such amount shall be $50,000 or less and LGII makes no such request, then it shall be carried over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in Section ~~12.02~~10.2, for redemption on such sinking fund payment date ~~a sufficient principal amount of~~ Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by ~~LGII~~the Issuer) inform ~~LGII~~ the Issuer of the serial numbers or other distinguishing symbols of the Securities of such series (or portions thereof) so selected. If the Trustee shall be required to select Securities of any series for the sinking fund and is not acting as repository of the Register for such series, at least 60 days prior to the sinking fund payment date, the Issuer shall furnish to the Trustee a current list of all Outstanding Securities of such series. Securities of any series which are (a) owned by the Issuer or an entity known by the Trustee to be directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer, as shown by the Register, and not known to the Trustee to have been pledged or hypothecated by the Issuer or any such entity, or (b) identified in an Officers' Certificate at least 60 days prior to the sinking fund payment date as being beneficially owned by, and not pledged or hypothecated by, the Issuer or an entity directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer, shall be excluded from Securities of such series eligible for selection for redemption. The Trustee, in the name and at the expense of ~~LGII~~ the Issuer (or ~~LGII~~the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section ~~12.02~~ 10.2, except that the notice of redemption shall also state that the Securities are being redeemed by operation of the sinking fund (and with the effect provided in Section ~~12.03~~10.3) for the redemption of Securities of such series in part at the option of ~~LGII~~the Issuer. The amount of any sinking fund payments not so applied or allocated by the Trustee (or by the Issuer if the Issuer is acting as its own paying agent) to the redemption of Securities of such series shall be added to the next cash sinking fund payment received by the Trustee (or if the Issuer is acting as its own paying agent, segregated and held in trust as required by the Trust Indenture Act of 1939) for such series and, together with such ~~payment~~payment (or such amount so segregated), shall be applied in accordance with the provisions of this Section ~~12.05~~10.5. Any and all sinking fund moneys held by the Trustee (or if the Issuer is acting as its own paying agent, segregated and held in trust as required by the Trust Indenture Act of 1939) on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be ~~applied~~applied by the Trustee (or by the Issuer if the Issuer is acting as its own paying agent), together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such series at maturity. On or before each sinking fund payment date, ~~LGII~~ the Issuer shall pay to the Trustee in cash (or if the Issuer is acting as its own paying agent will segregate and hold in trust as required by the Trust Indenture Act of 1939) or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities (or portions thereof) to be redeemed on such sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default with respect to such series except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from LGII a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article Seven and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section 6.05 or the default cured on or before the 60th day preceding the sinking fund payment date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section 12.05 to the redemption of such Securities.

Appears in 1 contract

Samples: Textron Financial Corp

Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any series is herein referred to as a "mandatory sinking fund payment", and any payment in excess of such minimum amount provided for by the terms of the Securities of any series is herein referred to as an "optional sinking fund payment". The date on which a sinking fund payment is to be made is herein referred to as the "sinking fund payment date". In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, ~~LGII~~ the Issuer may at its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by ~~LGII~~ the Issuer or receive credit for Securities of such series (not previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by ~~LGII~~ the Issuer and delivered to the Trustee for cancellation pursuant to Section ~~2.12~~2.10, (b~~) receive credit for Securities (not previously so credited) converted into Common Stock and so delivered to the Trustee for cancellation, (c~~) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this ~~Section 2.09~~Section, or (dc) receive credit for Securities of such series (not previously so credited) redeemed by ~~LGII~~ the Issuer through any optional redemption provision contained in the terms of such series. Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price specified in such Securities. On or before the 60th day next preceding each sinking fund payment date or the 30th day next preceding the last day of any applicable Redemption Notice Period relating to a sinking fund payment date for any series, ~~LGII~~ the Issuer will deliver to the Trustee an Officer's Certificate (which need not contain the statements required by Section 11.05) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series ~~to be so credited~~ has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of Default with respect to such series have occurred (which have not been waived or ~~cured or otherwise ceased to exist~~cured) and are ~~continuing,~~ continuing and (d) stating whether or not ~~LGII~~ the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series and, if so, specifying the amount of such optional sinking fund payment which ~~LGII~~ the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any Securities of such series to be credited and required to be delivered to the Trustee in order for the ~~Issue~~ Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section ~~2.12~~ 2.10 to the Trustee with such Officer's Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such Officer's Certificate shall be irrevocable and upon its receipt by the Trustee ~~LGII~~ the Issuer shall become unconditionally obligated to make all the cash payments or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. Failure ~~to LGII~~of the Issuer, on or before any such 60th day or 30th day, if applicable, to deliver such Officer's Certificate and Securities ~~(subject to the parenthetical clause in the second preceding sentence)~~ specified in this paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of ~~LGII~~ the Issuer (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect ~~thereof,~~ thereof and (ii) that ~~LGII~~ the Issuer will make no optional sinking fund payment with respect to such series as provided in this ~~Section 12.05~~Section. If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Non-U.S. Currency) or a lesser sum in Dollars (or the equivalent thereof in any Non-U.S. Currency) if ~~LGII~~ the Issuer shall so request with respect to the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued ~~interest, if any,~~ interest to the date fixed for redemption. If such amount shall be $50,000 (or the equivalent thereof in any Non-U.S. Currency) or less and ~~LGII~~ the Issuer makes no such ~~request,~~ request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Non-U.S. Currency) is available. The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund payment date a sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in writing by ~~LGII~~the Issuer) inform ~~LGII~~ the Issuer of the serial numbers of the Securities of such series (or portions thereof) so selected. Securities shall be excluded from eligibility for redemption under this Section if they are identified by registration and certificate number in an Officer's Certificate delivered to the Trustee at least 60 days prior to the sinking fund payment date or at least 30 days prior to the last day of any applicable Redemption Notice Period relating to a sinking fund payment date as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such Officer's Certificate as directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer. The Trustee, in the name and at the expense of ~~LGII~~ the Issuer (or ~~LGII~~the Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the Securities of such series to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of ~~LGII~~the Issuer. The amount of any sinking fund payments not so applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this ~~Section 12.05~~Section. Any and all sinking fund ~~moneys~~ monies held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series shall be applied, together with other ~~moneys~~monies, if necessary, sufficient for the purpose, to the payment of the principal of of, and ~~interest, if any,~~ interest on, the Securities of such series at maturity. On or before each sinking fund payment date, ~~LGII~~ the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all ~~interest, if any,~~ interest accrued to the date fixed for redemption of on Securities to be redeemed on ~~such~~ the next following sinking fund payment date. The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund ~~moneys~~ monies or give any notice of redemption of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default ~~with respect to such series~~ except that, where the giving of notice of redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from ~~LGII~~ the Issuer a sum sufficient for such redemption. Except as aforesaid, any ~~moneys~~ monies in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any ~~moneys~~ monies thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been collected under Article ~~Seven~~ 5 and held for the payment of all such Securities. In case such Event of Default shall have been waived as provided in Section ~~6.05~~ 5.10 or the default cured on or before the ~~60th~~ sixtieth day preceding the sinking fund payment date in any year, such ~~moneys~~ monies shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this Section ~~12.05~~ to the redemption of such Securities.

Appears in 1 contract

Samples: Abn Amro Bank Nv

Common use of Mandatory and Optional Sinking Funds Clause in Contracts