Failed Coupon Payment Date means the fifth Business Day immediately following an Interest Payment Date upon which the Bank does not pay interest on the Notes, and has not cured such non-payment by subsequently paying such interest prior to such fifth Business Day.
Failed Coupon Payment Date means the fifth business day immediately following an interest payment date upon which the Bank does not pay interest on the Notes and has not cured such non-payment by subsequently paying such interest prior to such fifth business day. The Bank will not redeem the Notes under any circumstances if such redemption would, directly or indirectly, result in the Bank’s breach of any provision of the Bank Act (Canada) or the Office of the Superintendent of Financial Institutions (Canada) (“OSFI”) Capital Adequacy Requirements (CAR) Guideline. Initial Treasury Benchmark: 4.125% UST due March 31, 2029 Initial Treasury Benchmark Price: 97-27+ Initial Treasury Yield: 4.613% Initial Re-Offer Spread to Treasury Benchmark: T + 288.7bps Interest to Initial Interest Reset Date: 7.500% Yield to Initial Interest Reset Date: 7.500% Fees: 1.000% Redemption: The Notes shall be redeemable by the Bank on the Initial Interest Reset Date and on each February 2, May 2, August 2, and November 2 thereafter, in whole but not in part on not less than 10 nor more than 60 days’ prior notice at the Redemption Price, only upon the redemption by the Bank of the Preferred Shares held by the LRT Trustee (as defined below) in the Limited Recourse Trust (as defined below) in accordance with the terms of such shares and with the prior written approval of the Superintendent of Financial Institutions (Canada) (the “Superintendent”). Upon redemption by the Bank of the Preferred Shares held by the LRT Trustee as described above prior to the Maturity Date (such redemption will be subject to the prior written approval of the Superintendent), outstanding Notes with an aggregate principal amount equal to the aggregate face amount of Preferred Shares redeemed by the Bank shall automatically and immediately be redeemed, for a cash amount equal to the Redemption Price thereof, without the consent of the Noteholders.
Failed Coupon Payment Date means the fifth business day immediately following an interest payment date upon which the Bank does not pay interest on the Notes in cash and has not cured such non-payment by subsequently paying such interest in cash prior to such fifth business day. Credit Spread:2 +274.7 bps over the GoC Curve (CAN 1.00% 01SEP2026 &CAN 1.00% 01JUN2027)
More Definitions of Failed Coupon Payment Date
Failed Coupon Payment Date means the fifth business day immediately following an interest payment date upon which the Bank does not pay interest on the Notes and has not cured such non-payment by subsequently paying such interest prior to such fifth business day. The Bank will not redeem the Notes under any circumstances if such redemption would, directly or indirectly, result in the Bank’s breach of any provision of the Bank Act or OSFI’s Capital Adequacy Requirements (CAR) Guideline. Credit Spread(2): +413.7 bps over the GoC Curve (CAN 0.5% 1SEP25 & CAN 1.5% 1JUN26) Yield to Interest Reset Date: 4.50% Issue Price: C$1,000.00 Redemption: The Notes shall be redeemable by the Bank every five years during the periodfrom October 24 to and including November 24, commencing in 2025, only upon the redemption by the Bank of the Preferred Shares held by the LRT Trustee (defined below) in the Limited Recourse Trust in accordance with the terms of such shares and with the prior written approval of the Superintendent of Financial Institutions (Canada) (the “Superintendent”), in whole but not in part on not less than 15 nor more than 60 days’ prior notice, at the Redemption Price. Upon redemption by the Bank of the Preferred Shares held by the LRT Trustee as described above prior to the Maturity Date (such redemption will be subject to the prior written approval of the Superintendent), outstanding Notes with an aggregate principal amount equal to the aggregate face amount of Preferred Shares redeemed by the Bank shall automatically and immediately be redeemed, for a cash amount equal to the Redemption Price thereof, without the consent of the Noteholders. Subject to the provisions of the Bank Act, the consent of the Superintendent and various restrictions on the retirement of the Preferred Shares, the Preferred Shares are redeemable at the option of the Bank during the period from October 24, 2025 to and including November 24, 2025 and during the period from October 24 to and including November 24 every fifth year thereafter and in certain other circumstances.See the Final Term Sheet for the Preferred Shares attached as Annex A (the “Preferred Share Final Term Sheet”) for circumstances under which the Preferred Shares may be redeemed by the Bank. For certainty, to the extent that the Bank has immediately prior to or concurrently with such Preferred Share redemption redeemed or purchased for cancellation a corresponding number of Notes in accordance with the terms of the Trust Indenture (defined...