Interest Payment Election definition

Interest Payment Election means an election by the Corporation to raise funds in order to satisfy all or a part of an Interest Obligation in the manner described in the Interest Payment Election Notice.
Sample 1Sample 2
Interest Payment Election. The Company may elect, from time to time (including following conversion, at the time of redemption or at the time of maturity), subject to applicable regulatory approval and provided the Company is not in default under the indenture governing the Debentures, to satisfy the Company’s obligation to pay interest on the Debentures: (i) in cash; (ii) by delivering sufficient Common Shares to the Debenture Trustee for sale, to satisfy the Company’s obligation to pay interest, in which event holders of the Offered Debentures will be entitled to receive a cash payment equal to the interest payable from the proceeds of the sale of such Common Shares; or (iii) any combination of (i) and (ii) above. Ranking: The Debentures will be direct unsecured obligations of the Company ranking subordinate to all liabilities, except liabilities which by their terms rank in right of payment equally with or subordinate to the Debentures. The Debentures will rank pari passu with all subordinate debentures issued by the Company.
Sample 1
Interest Payment Election means an election by the Corporation to raise funds to satisfy all or part of an Interest Obligation on the applicable Interest Payment Date in the manner described in the Interest Payment Election Notice;
Sample 1

Examples of Interest Payment Election in a sentence

  • Such Common Share Interest Payment Election Notice shall provide that all or a portion of the Interest Obligation may be paid by the Corporation in Common Shares, and if only a portion of the Interest Obligation is to be paid in Common Shares, the Common Share Interest Payment Election shall state such portion to be paid in Common Shares and such portion to be paid in cash.

  • Any sale of Common Shares pursuant to this Article 9 may be made to one or more Persons whose bids are solicited, but all such sales with respect to a particular Interest Payment Election will take place concurrently on the Common Share Delivery Date.

  • The Issuers may make a one-time Semiannual Interest Payment Election at any time prior to the beginning of the interest period that begins immediately prior to the Stated Maturity of this Note by delivering a written notice to the Trustee and the Holders.

  • The Interest Payment Election Notice shall be delivered at least ten (10) Trading Days prior to the Maturity Date or within one Trading Day after the delivery of the Conversion Notice to the Company (as applicable).

  • If a Common Share Interest Payment Election is made, the sole right of a holder of Debentures in respect of interest will be to receive a cash payment equal to the interest owed on his Debentures from the Debenture Trustee out of the proceeds of the sale of Common Shares (plus any amount received by the Debenture Trustee from the Company) in full satisfaction of the Interest Obligation, and the holder of such Debentures will have no further recourse to the Company in respect of the Interest Obligation.

  • If the Interest Payment Election Notice is not delivered within the prescribed period set forth in the preceding sentence, then the Interest Amount shall be paid in Common Stock.

  • The Indenture will set out the procedures to be followed by the Company and the Debenture Trustee in order to effect the Common Share Interest Payment Election.

  • If the Corporation elects to exercise such option, it will deliver a Common Share Interest Payment Election Notice to the holders of the Debentures substantially in the form of Schedule D.

  • Neither the making of an Interest Payment Election nor the consummation of sales of Common Shares on a Common Share Delivery Date will (i) result in the Holders of the Debentures not being entitled to receive on the applicable Interest Payment Date cash in an aggregate amount equal to the Interest Obligation payable on such date, or (ii) entitle such Holders to receive any Common Shares in satisfaction of such Interest Obligation.

  • The amount received by a Holder in respect of the Interest Obligation will not be affected by whether or not the Corporation elects to satisfy the Interest Obligation pursuant to a Share Interest Payment Election.

Related to Interest Payment Election

  • Interest Payment means, in respect of an interest payment on an Interest Payment Date, the amount of interest payable on the presentation and surrender of the relevant Coupon for the relevant Interest Period in accordance with Condition 4 (Interest Payments);

  • Interest Payment Amount With respect to each outstanding Class of Notes and any Payment Date, the Interest Accrual Amount for such Class of Notes, less any Modification Loss Amount for such Payment Date allocated to reduce the Interest Payment Amount owed for such Class of Notes pursuant to Section 3.03(f) hereof, or plus any Modification Gain Amount for such Payment Date allocated to increase the Interest Payment Amount owed for such Class of Notes pursuant to Section 3.03(g) hereof.

  • Interest Payment Dates July 1, October 1, January 1 and April 1. Record Dates: June 15, September 15, December 15 and March 15. Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

  • Interest Payment Period means the period from and including an Interest Payment Date, or in the case of the first Interest Payment Period, the original date of issuance of the Debt Securities, to, but excluding, the next succeeding Interest Payment Date or, in the case of the last Interest Payment Period, the Redemption Date, Special Redemption Date or Maturity Date, as the case may be.

  • Interest Payments With respect to any Purchased Asset, all payments of interest, income, receipts, dividends, and any other collections and distributions received from time to time in connection with any such Purchased Asset.

  • Interest Payment Date when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

  • Scheduled Interest Payment means the scheduled payment of interest due on the Mortgage Loan on a Monthly Payment Date.

  • LIBOR Interest Payment Date means, with respect to a LIBOR Rate Loan, the Termination Date and the last day of each Interest Period applicable to such Loan or, with respect to each Interest Period of greater than three months in duration, the last day of the third month of such Interest Period and the last day of such Interest Period.

  • Scheduled Interest Payment Date means (a) as to any Eurodollar Loan or Eurodollar Holder Advance, the last day of the Interest Period applicable to such Eurodollar Loan or Eurodollar Holder Advance (or respecting any Eurodollar Loan or Eurodollar Holder Advance having an Interest Period of six (6) months, the three (3) month anniversary of such Interest Period), (b) as to any ABR Loan or any ABR Holder Advance, the fifteenth day of each month, unless such day is not a Business Day and in such case on the next occurring Business Day and (c) as to all Loans and Holder Advances, the date of any voluntary or involuntary payment, prepayment, return or redemption, and the Maturity Date or the Expiration Date, as the case may be.

  • Fixed Interest Payment Date means such Business Day, on which the fixed interest is in fact due and payable. This may fall on a Fixed Coupon Date or may shift to the appropriated Business Day – if the Fixed Coupon Date falls on a day which is not a Business Day – based on the application of the adjustment provision as set out in § 5[(4)][(5)][(6)] (Business Day Convention).

  • Interest Payment Determination Date means the date two U.S. Government Securities Business Days before each Floating Rate Interest Payment Date.

  • First Interest Payment Date means the date specified in the relevant Final Terms; "Fixed Coupon Amount" has the meaning given in the relevant Final Terms;

  • Additional Interest Payment Date With respect to the Initial Securities, each Interest Payment Date.

  • Special Interest Payment Date has the meaning ascribed to it in Section 2.11 hereof.

  • Fixed Rate Interest Payment Date has the meaning set forth in clause (d) of Section 2.01 of this Supplemental Indenture.

  • Optional Interest Payment Date means any Interest Payment Date other than a Compulsory Interest Payment Date.

  • Extended Interest Payment Period shall have the meaning set forth in Section 4.1.

  • Floating Rate Interest Payment Date has the meaning provided in Section 2.7(b).

  • Compensating Interest Payment As defined in Section 6.06.

  • Last Payment Date means the date for the last payment shown in the Registered Mortgage.

  • Compulsory Interest Payment Date means any Interest Payment Date unless at the Assemblée Générale of the shareholders of the Issuer immediately preceding such date which was required to approve the annual accounts of the Issuer for the fiscal year ended immediately prior to such Assemblée Générale, no resolution was passed to pay a dividend on the ordinary share capital of the Issuer in respect of such previous fiscal year and

  • Compensating Interest Payments Any payment required to be made by the Master Servicer pursuant to Section 3.13 of this Agreement to cover Prepayment Interest Shortfalls.

  • First Payment Date shall have the meaning set forth in Section 5(b)(ii).

  • Interest Payable means in respect of the relevant Measurement Period ending on any Measurement Date, the aggregate of:

  • Next Payment Date means each date on which the next scheduled payment under any Transaction is due to be paid.

  • Regular Record Dates May 15 and November 15. Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.