Terms of Subordinated Debentures Sample Clauses

Terms of Subordinated Debentures. The terms of the Subordinated Debentures shall be as set forth in the form of "STRATCOMM MEDIA LIMITED 14% SUBORDINATED DEBENTURE" attached hereto as Exhibit I (the "Debentures")
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Terms of Subordinated Debentures. The Subordinated Debentures shall be designated as "10% Subordinated Debentures Due 2004", shall mature on January 1, 2004, and shall bear interest at the rate of 10% per annum, from July 1, 1996, provided that interest on the Subordinated Debentures issued to Kleix xx the Kleix Xxxreholders shall begin to accrue on the effective date set forth in the acquisition agreement with Kleix. Xxterest shall be payable in quarterly installments on January 1, April 1, July 1 and October 1, commencing on the later of October 1, 1996 or the date of final closing of a particular acquisition, until the principal thereof is paid. Interest on the Subordinated Debentures shall be computed on the basis of a year of 12 30-day months. The person in whose name any Subordinated Debenture is registered at the close of business on any record date with respect to any interest payment date shall be entitled to receive the interest and principal payable on such interest payment date. The term "record date" with respect to any interest payment date shall mean the December 15, March 15, June 15 or September 15 preceding such January 1, April 1, July 1 or October 1 interest payment date. Principal on the Subordinated Debentures shall be paid quarterly on each interest payment date (commencing April 1, 1999) as follows: Payment Date Principal Payment October 1, 1996 $ 0 January 1, 1997 $ 0 April 1, 1997 $ 0 July 1, 1997 $ 0 October 1, 1997 $ 0 January 1, 1998 $ 0 April 1, 1998 $ 0 July 1, 1998 $ 0 October 1, 1998 $ 0 January 1, 1999 $ 0 April 1, 1999 $1,250,000 July 1, 1999 $1,250,000 October 1, 1999 $1,250,000 January 1, 2000 $1,250,000 April 1, 2000 $1,250,000 July 1, 2000 $1,250,000 October 1, 2000 $1,250,000 January 1, 2001 $1,250,000 April 1, 2001 $1,250,000 July 1, 2001 $1,250,000 October 1, 2001 $1,250,000 January 1, 2002 $1,250,000 April 1, 2002 $1,250,000 July 1, 2002 $1,250,000 October 1, 2002 $1,250,000 January 1, 2003 $1,250,000 April 1, 2003 $1,250,000 July 1, 2003 $1,250,000 October 1, 2003 $1,250,000 January 1, 2004 $1,250,000 Total $25,000,000 provided, however, that no holders of Subordinated Debentures shall be entitled to any payment of principal until the Senior Debentures have been paid in full. In the event that a scheduled payment of principal on the Subordinated Debentures cannot be made because the Senior Debentures have not been paid in full, then the amount otherwise payable as principal on the Subordinated Debentures shall be applied to the payment of the Sen...
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Related to Terms of Subordinated Debentures

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

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

  • The Senior Notes Section 2.01.

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

  • Senior Subordinated Notes The subordination provisions contained in the Senior Subordinated Notes and in the other Senior Subordinated Note Documents are enforceable against the Borrower and the holders of the Senior Subordinated Notes, and all Obligations are within the definition of "Senior Debt" included in such subordination provisions.

  • Reliance by Holders of Senior Indebtedness on Subordination Provisions Each Holder by accepting a Subordinated Security acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of the Securities, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness. This instrument may be executed in any number of counterparts, and by each party hereto on separate counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

  • Reference in Debt Securities to Supplemental Indentures Debt Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Debt Securities of any series so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Debt Securities of such series.

  • The Debentures SECTION 2.01.

  • Notation on Debentures Debentures authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article IX may bear a notation as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Debentures so modified as to conform, in the opinion of the Board of Directors of the Company, to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by the Company, authenticated by the Trustee or the Authenticating Agent and delivered in exchange for the Debentures then outstanding.

  • Debt Securities May Bear Notation of Changes by Supplemental Indentures Debt Securities of any series authenticated and delivered after the execution of any supplemental Indenture pursuant to the provisions of this Article IX may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental Indenture. New Debt Securities of any series so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental Indenture may be prepared and executed by the Partnership, authenticated by the Trustee and delivered in exchange for the Debt Securities of such series then Outstanding. Failure to make the appropriate notation or to issue a new Debt Security of such series shall not affect the validity of such amendment.

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