Redesignation of Covered Debt. On or during the 30-day period immediately preceding any Redesignation Date with respect to the Covered Debt then in effect, the Corporation shall identify the series of Eligible Debt that will become the Covered Debt on and after such Redesignation Date in accordance with the following procedures: (i) the Corporation shall identify each series of its then outstanding unsecured long-term indebtedness for money borrowed that is Eligible Debt; (ii) if only one series of the Corporation’s then outstanding unsecured long-term indebtedness for money borrowed is Eligible Debt, such series shall become the Covered Debt commencing on the related Redesignation Date; (iii) if the Corporation has more than one outstanding series of unsecured long-term indebtedness for money borrowed that is Eligible Debt, then the Corporation shall identify the series that has the latest occurring final maturity date as of the date the Corporation is applying the procedures in this Section 3(b) and such series shall become the Covered Debt on the next Redesignation Date; (iv) if the Corporation has no outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, but National City Bank is a Subsidiary and National City Bank has only one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, such series shall become the Covered Debt commencing on the related Redesignation Date; (v) if the Corporation has no outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, but National City Bank or its successor is a Subsidiary and National City Bank has more than one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, then the Corporation shall identify the series that has the latest final maturity date as of the date the Corporation is applying the procedures in this Section 3(b) and such series shall become the Covered Debt on the next Redesignation Date; (vi) the series of outstanding long-term indebtedness for money borrowed that is determined to be Covered Debt pursuant to clause (ii), (iii), (iv) or (v) above shall be the Covered Debt for purposes of this Replacement Capital Covenant for the period commencing on the related Redesignation Date and continuing to but not including the Redesignation Date as of which a new series of outstanding long-term indebtedness is next determined to be the Covered Debt pursuant to the procedures set forth in this Section 3(b); and (vii) in connection with such identification of a new series of Covered Debt, the Corporation shall give the notice provided for in Section 3(d) within the time frame provided for in such section.
Appears in 2 contracts
Samples: Replacement Capital Covenant (National City Corp), Replacement Capital Covenant (National City Corp)
Redesignation of Covered Debt. On or during the 30-day period immediately preceding any Redesignation Date with respect to the Covered Debt then in effect, the Corporation shall identify the series of Eligible Debt that will become the Covered Debt on and after such Redesignation Date in accordance with the following procedures:
(i) the Corporation shall identify each series of its and its Depository Institution Subsidiaries’ then outstanding unsecured long-term indebtedness for money borrowed that is Eligible Debt;
(ii) if only one series of the Corporation’s then outstanding unsecured long-term indebtedness for money borrowed is Eligible Debt, such series shall become the Covered Debt commencing on the related Redesignation Date;
(iii) if the Corporation has more than one outstanding series of unsecured long-term indebtedness for money borrowed that is Eligible Debt, then the Corporation shall identify the series that has the latest occurring final maturity date as of the date the Corporation is applying the procedures in this Section 3(b) and such series shall become the Covered Debt on the next related Redesignation Date;
(iv) if the Corporation has no outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, but National City Bank is a and its Largest Depository Institution Subsidiary and National City Bank has only one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, such series shall become the Covered Debt commencing on the related Redesignation Date;
(v) if the Corporation has no outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, but National City Bank or its successor is a Largest Depository Institution Subsidiary and National City Bank has more than one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, then the Corporation shall identify the series that has the latest occurring final maturity date as of the date the Corporation is applying the procedures in this Section 3(b) and such series shall become the Covered Debt on the next related Redesignation Date;
(vi) the series of outstanding long-term indebtedness for money borrowed that is determined to be Covered Debt pursuant to clause (ii), (iii), (iv) or (v) above shall be the Covered Debt for purposes of this Replacement Capital Covenant for the period commencing on the related Redesignation Date and continuing to but not including the Redesignation Date as of which a new series of outstanding long-term indebtedness is next determined to be the Covered Debt pursuant to the procedures set forth in this Section 3(b); and
(vii) in connection with such identification of a new series of Covered Debt, the Corporation shall give the notice shall, as provided for in Section 3(d) 3(c), give a notice and file with the Commission a current report on Form 8-K including or incorporating by reference this Replacement Capital Covenant as an exhibit within the time frame provided for in such section.
Appears in 2 contracts
Samples: Replacement Capital Covenant (Wells Fargo & Co/Mn), Replacement Capital Covenant (Wells Fargo & Co/Mn)
Redesignation of Covered Debt. On or during the 30-day period immediately preceding any Redesignation Date with respect to the Covered Debt then in effect, the Corporation shall identify the series of Eligible Debt that will become the Covered Debt on and after such Redesignation Date in accordance with the following procedures:
(i) the Corporation shall identify each series of its then outstanding unsecured long-term indebtedness for money borrowed that is Eligible Debt;
(ii) if only one series of the Corporation’s then outstanding unsecured long-term indebtedness for money borrowed is Eligible Debt, such series shall become the Covered Debt commencing on the related Redesignation Date;
(iii) if the Corporation has more than one outstanding series of unsecured long-term indebtedness for money borrowed that is Eligible Debt, then the Corporation shall identify the series that has the latest occurring final maturity date as of the date the Corporation is applying the procedures in this Section 3(b) and such series shall become the Covered Debt on the next Redesignation Date;
(iv) if the Corporation has no outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, but National City Bank is a Subsidiary of the Corporation and National City Bank has only one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, such series shall become the Covered Debt commencing on the related Redesignation Date;
(v) if the Corporation has no outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, but National City Bank or its successor is a Subsidiary of the Corporation and National City Bank has more than one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, then the Corporation shall identify the series that has the latest final maturity date as of the date the Corporation is applying the procedures in this Section 3(b) and ), such series shall become the Covered Debt on the next Redesignation Date;
(vi) the series of outstanding long-term indebtedness for money borrowed that is determined to be Covered Debt pursuant to clause (ii), (iii), (iv) or (v) above shall be the Covered Debt for purposes of this Replacement Capital Covenant for the period commencing on the related Redesignation Date and continuing to but not including the Redesignation Date as of which a new series of outstanding long-term indebtedness is next determined to be the Covered Debt pursuant to the procedures set forth in this Section 3(b); and
(vii) in connection with such identification of a new series of Covered Debt, the Corporation shall give the notice provided for in Section 3(d3(c) within the time frame provided for in such section.
Appears in 2 contracts
Samples: Replacement Capital Covenant (National City Corp), Replacement Capital Covenant (National City Corp)
Redesignation of Covered Debt. On or during the 30-day period immediately preceding any Redesignation Date with respect to the Covered Debt then in effect, the Corporation shall identify the series of Eligible Debt that will become the Covered Debt on and after such Redesignation Date in accordance with the following procedures:
(i) the Corporation shall identify each series of its then outstanding unsecured long-term indebtedness for money borrowed that is Eligible Debt;
(ii) if only one series of the Corporation’s then outstanding unsecured long-term indebtedness for money borrowed is Eligible Debt, such series shall become the Covered Debt commencing on the related Redesignation Date;
(iii) if the Corporation has more than one outstanding series of unsecured long-term indebtedness for money borrowed that is Eligible Debt, then the Corporation shall identify the series that has the latest occurring final maturity date as of the date the Corporation is applying the procedures in this Section 3(b) and such series shall become the Covered Debt on the next Redesignation Date;
(iv) if the Corporation has no outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, but National City Bank Banco Popular de Puerto Rico is a Subsidiary and National City Bank Banco Popular de Puerto Rico has only one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, such series shall become the Covered Debt commencing on the related Redesignation Date;
(v) if the Corporation has no outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, but National City Bank Banco Popular de Puerto Rico or its successor is a Subsidiary and National City Bank Banco Popular de Puerto Rico has more than one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, then the Corporation shall identify the series that has the latest final maturity date as of the date the Corporation is applying the procedures in this Section 3(b) and such series shall become the Covered Debt on the next Redesignation Date;
(vi) the series of outstanding long-term indebtedness for money borrowed that is determined to be Covered Debt pursuant to clause (ii), (iii), (iv) or (v) above shall be the Covered Debt for purposes of this Replacement Capital Covenant for the period commencing on the related Redesignation Date and continuing to but not including the Redesignation Date as of which a new series of outstanding long-term indebtedness is next determined to be the Covered Debt pursuant to the procedures set forth in this Section 3(b); and
(vii) in connection with such identification of a new series of Covered Debt, the Corporation shall give the notice provided for in Section 3(d) within the time frame provided for in such section.
Appears in 1 contract
Redesignation of Covered Debt. (a) Section 3(b) of each Replacement Capital Covenant is hereby deleted and replaced in its entirety with the following:
(b) On or during the 30-day period immediately preceding any Redesignation Date with respect to the Covered Debt then in effect, the Corporation shall identify the series of Eligible Debt that will become the Covered Debt on and after such Redesignation Date in accordance with the following procedures:
(i) the Corporation shall identify each series of its and U.S. Bank’s then outstanding unsecured long-term indebtedness for money borrowed that is Eligible Debt;
(ii) if only the Corporation shall designate one of such series to be the series of the Corporation’s then outstanding unsecured long-term indebtedness for money borrowed is Eligible Debt, such series shall Debt that will become the Covered Debt commencing on the related and after such Redesignation Date;
(iii) if the Corporation has more than one outstanding series of unsecured long-term indebtedness for money borrowed that is Eligible Debt, then the Corporation shall identify the series that has the latest occurring final maturity date as of the date the Corporation is applying the procedures in this Section 3(b) and such series shall become the Covered Debt on the next Redesignation Date;
(iv) if the Corporation has no outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, but National City Bank is a Subsidiary and National City Bank has only one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, such series shall become the Covered Debt commencing on the related Redesignation Date;
(v) if the Corporation has no outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, but National City Bank or its successor is a Subsidiary and National City Bank has more than one outstanding series of long-term indebtedness for money borrowed that is Eligible Debt, then the Corporation shall identify the series that has the latest final maturity date as of the date the Corporation is applying the procedures in this Section 3(b) and such series shall become the Covered Debt on the next Redesignation Date;
(vi) the series of outstanding long-term indebtedness for money borrowed that is determined to be Covered Debt pursuant to clause (ii), (iii), (iv) or (v) above shall be the Covered Debt for purposes of this Replacement Capital Covenant for the period commencing on the related Redesignation Date and continuing counting to but not including the Redesignation Date as of which a new series of outstanding long-term indebtedness is next determined to be the Covered Debt pursuant to the procedures set forth in this Section 3(b); and
(viiiv) in connection with such identification of a new series of Covered Debt, the Corporation shall give the notice shall, as provided for in Section 3(d) 3(c), give a notice and file with the Commission a current report on Form 8-K including or incorporating by reference this Replacement Capital Covenant as an exhibit within the time frame provided for in such section.”
(b) Section 3(c) of the 2007 Replacement Capital Covenant, the 2008 Replacement Capital Covenant and the 2010 Replacement Capital Covenant is hereby deleted in its entirety and Section 3(d) is hereby re-designated as Section 3(c).
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