Failure to Deposit definition
Failure to Deposit means, with respect to shares of a Series of VRDP Shares, a failure by the Corporation to pay to the Tender and Paying Agent, not later than 12:00 noon, New York City time, (A) on the Business Day immediately preceding any Dividend Payment Date for shares of such Series, in funds available on such Dividend Payment Date in The City of New York, New York, the full amount of any dividend (whether or not earned or declared) to be paid on such Dividend Payment Date on any share of such Series or (B) on the Business Day immediately preceding any redemption date in funds available on such redemption date for shares of such Series in The City of New York, New York, the Redemption Price to be paid on such redemption date for any share of such Series after Notice of Redemption is provided pursuant to paragraph (c) of Section 10 of Part I of these Articles Supplementary; provided, however, that the foregoing clause (B) shall not apply to the Corporation's failure to pay the Redemption Price in respect of shares of a Series of VRDP Shares when the related Notice of Redemption provides that redemption of such shares is subject to one or more conditions precedent and any such condition precedent shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption.
Failure to Deposit with respect to shares of a series of Preferred Shares, shall mean a failure by the Trust to pay to the Auction Agent, not later than 12:00 noon, Eastern time, (A) on any Distribution Payment Date for shares of the Series, in funds available on such Distribution Payment Date in New York, New York, the full amount of any distribution (whether or not earned or declared) to be paid on such Distribution Payment Date on any share of the Series or (B) on any redemption date in funds available on such redemption date for shares of the Series in New York, New York, the Redemption Price to be paid on such redemption date for any share of the Series after notice of redemption is mailed pursuant to paragraph (c) of Section 11 of Part I of Article X of these Bylaws; provided, however, that the foregoing clause (B) shall not apply to the Trust's failure to pay the Redemption Price in respect of Preferred Shares when the related Notice of Redemption provides that redemption of such shares is subject to one or more conditions precedent and any such condition precedent shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption.
Failure to Deposit means any failure to make the deposit required by Section 9.02(a)(i) or 9.02(b)(i) by the time specified therein.
Examples of Failure to Deposit in a sentence
If, prior to 12:00 noon, New York City time, on the fourth Business Day preceding the next scheduled Auction Date of the Series ____ MuniPreferred, such Failure to Deposit is not cured or the applicable Late Charge is not paid, the next Auction will not be held.
If, prior to 12:00 noon, New York City time, on the fourth Business Day preceding the next scheduled Auction Date of the Series ____ Preferred Shares, such Failure to Deposit is not cured or the applicable Late Charge is not paid, the next Auction will not be held.
Notwithstanding the foregoing, the Auction Agent shall conduct an Auction on an Auction Date which occurs simultaneously with the date of commencement of a Failure to Deposit.
If, prior to 12:00 noon, New York City time, on the fourth Business Day preceding the next scheduled Auction Date of the Series __ Municipal Preferred, such Failure to Deposit is not cured or the applicable Late Charge is not paid, the next Auction will not be held.
Notice of the next Auction for the Series ___ MuniPreferred will be delivered when such Failure to Deposit is cured and the applicable Late Charge is paid./1/] [NAME OF FUND] ----------- /1/Include this language if a Failure to Deposit exists.
More Definitions of Failure to Deposit
Failure to Deposit means any failure to make the deposits required by Section 2.13 by the time specified therein.
Failure to Deposit means the failure by the Corporation to pay to the Paying Agent by 11:00 A.M., New York City Time, in immediately available funds, (i) on a Dividend Payment Date, the full amount of any dividend (whether or not earned or declared) to be paid on such Dividend Payment Date on any shares of Preferred Stock or (ii) on any redemption date, the full redemption price (including accumulated and unpaid dividends), to be paid on such redemption date for any shares of Preferred Stock.
Failure to Deposit with respect to the APS, shall mean a failure by the Trust to pay to the Auction Agent, not later than 12:00 noon, New York City time, (A) on the Business Day next preceding any Dividend Payment Date for such APS, in funds available on such Dividend Payment Date in New York City, the full amount of any dividend (whether or not earned or declared) to be paid on such Dividend Payment Date on any share of such APS or (B) on the Business Day next preceding any redemption date in funds available on such redemption date for such APS in New York City, the Redemption Price to be paid on such redemption date for such APS after notice of redemption is given pursuant to paragraph (b) of Section 3 of this Part I.
Failure to Deposit means the failure by the Corporation to pay to the Paying Agent, not later than noon (A) on the Business Day next preceding any Dividend Payment Date in funds available on such Dividend Payment Date in the City of New York, New York, the full amount of any dividend (whether or not earned or declared) to be paid on such Dividend Payment Date on any shares of STRAPS or (B) on the Business Day next preceding any redemption date in funds available on such redemption date in the City of New York, New York, the Redemption Price of any shares of STRAPS to be redeemed on such redemption date, plus accumulated and unpaid dividends thereon to the redemption date. In the event that the Corporation is acting as the Paying Agent, Failure to Deposit shall mean that the Corporation has not, on the applicable Dividend Payment Date for any Series of STRAPS, deposited with the United States Postal Service for delivery by first class mail, postage prepaid, to the registered holders of the STRAPS, the dividend payment checks with respect to such Dividend Payment Date.
Failure to Deposit means a failure by the Fund to pay to the Tender and Paying Agent, not later than 12:00 noon, New York City time, (A) on the Business Day immediately preceding any Dividend Payment Date for VRDM Shares, in funds available on such Dividend Payment Date in The City of New York, New York, the full amount of any dividend (whether or not earned or declared) to be paid on such Dividend Payment Date on any VRDM Share or (B) on the Business Day immediately preceding any redemption date in funds available on such redemption date for VRDM Shares in The City of New York, New York, the Redemption Price to be paid on such redemption date for any VRDM Share after Notice of Redemption is provided pursuant to Section 2.11; provided, however, that the foregoing clause (B) shall not apply to the Fund’s failure to pay the Redemption Price in respect of VRDM Shares when the related Notice of Redemption provides that redemption of such shares is subject to one or more conditions precedent and any such condition precedent shall not have been satisfied at the time or times and in the manner specified in such Notice of Redemption.
Failure to Deposit with respect to the APS, shall mean a failure by the Fund to pay to the Auction Agent, not later than 12:00 noon, New York City time, (A) on the Business Day next preceding any Dividend Payment Date for such APS, in funds available on such Dividend Payment Date in The City of New York, New York, the full amount of any dividend (whether or not earned or declared) to be paid on such Dividend Payment Date on any of the APS or (B) on the Business Day next preceding any redemption date in funds available on such redemption date for such APS in The City of New York, New York, the Redemption Price to be paid on such redemption date for the APS after notice of redemption is given pursuant to paragraph (b) of Section 3 of this Part I.
Failure to Deposit means the failure by the Corporation to pay to the Paying Agent by 11:00 A.M., New York City Time, in immediately available funds,