Purchase of Series 2 Subordinated Debentures Sample Clauses

Purchase of Series 2 Subordinated Debentures. The Corporation shall have the right at any time and from time to time to purchase Series 2 Subordinated Debentures in the market, by tender or by private contract at any price. Section 5.01 ARTICLE FIVE Form of Series 2 Subordinated Debentures Section 5.01. Form of Series 2 Subordinated Debentures. The following is the form of Series 2 Subordinated Debentures referred to in Section 2.02: No. $ XXXX CANADA 7.65% SUBORDINATED DEBENTURE, SERIES 2, DUE 2031 XXXX CANADA (hereinafter called the “Corporation”) for value received hereby acknowledges itself indebted and promises to pay to ___ or registered assigns on December 30, 2031, or on such earlier date as the principal hereof may become due in accordance with the provisions of the Trust Indenture hereinafter mentioned, the principal sum of_______ DOLLARS in lawful money of Canada on presentation and surrender of this Subordinated Debenture at any branch in Canada of Bank of Montreal, at the holder’s option, and to pay interest on the said principal sum at the rate of 7.65% per annum in like money, subject to the right of the Corporation to extend an interest payment period as provided for herein, half-yearly on June 30, and December 30 in each year, commencing June 30, 1997, until payment of the said principal sum, from the date hereof or from the interest payment date next preceding the date of certification hereof, whichever shall be the later, unless such date of certification be an interest payment date, in which event this Subordinated Debenture shall bear interest from such interest payment date, such interest to be payable at any one of the said places at the holder’s option; and should the Corporation at any time make default in the payment of the principal or interest, to pay interest on the amount in default at the same rate in like money at the same places and half-yearly on the same dates. Interest hereon shall be payable (except at maturity when interest may at the option of the Corporation be paid on surrender hereof) by cheque mailed to the registered holder hereof as provided in the Trust Indenture and, subject to the provisions of the Trust Indenture, the mailing of such cheque shall satisfy and discharge the liability for interest on this Subordinated Debenture to the extent of the sum represented thereby plus the amount of any tax which the Corporation is required to and does withhold therefrom.