Preferred HITS definition
Examples of Preferred HITS in a sentence
The Trust will make Distributions on the Preferred HITS only to the extent it has received payments from the Sponsor on the Corresponding Assets.
The Coupon Rate is payable on the stated liquidation amount of $1,000 per Preferred HITS, such rate being the rate of interest payable on the Notes to be held by the Property Trustee on behalf of the Trust.
The signature to this assignment must correspond with the name as it appears upon the face of the within Preferred HITS Certificates in every particular, without alteration or enlargement or any change whatsoever.
The Trustee shall give notice of the Company’s election to begin or extend any Extension Period to the Property Trustee as holder of the Notes, to the Regular Trustees and to the holders of the Corporate HITS, and if such election is made prior to the Stock Purchase Date or, if earlier, the Remarketing Settlement Date, to the holders of the Preferred HITS.
So long as any Notes are held by or on behalf of the Trust, the Trustee shall provide to the holders of the Preferred HITS, Trust Common Securities and Corporate HITS such notices as it shall from time to time provide under Section 5.08 of the Base Indenture.
The Property Trustee shall promptly notify the Securities Registrar in writing of the Preferred HITS selected for redemption and, in the case of any Preferred HITS selected for partial redemption, the Liquidation Amount thereof to be redeemed.
The Preferred HITS are transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer as provided in Section 5.4 of the Declaration (as defined below).
In addition, the Trustee shall provide to the holders of the Preferred HITS, Trust Common Securities and Corporate HITS notice of any Event of Default or event that, with the giving of notice or lapse of time, or both, would become an Event of Default with respect to the Notes within 30 days after the actual knowledge of a Responsible Officer of the Trustee of such Event of Default or other event.
For so long as shares of Preferred Stock are included within the Trust Property, within five Business Days after the receipt of notice of the Sponsor’s determination not to pay dividends on a dividend payment date, the Property Trustee shall transmit, in the manner and to the extent provided in Section 12.8, notice of such decision to the Holders of the Preferred HITS and Treasury HITS, unless such notice shall have been revoked.
All deposits, deliveries or transfers by a Holder pursuant to this Section 5.13 of Preferred HITS, Corporate HITS and Qualifying Treasury Securities shall be made by Book-Entry Transfer unless the recipient of such deposit, delivery or transfer expressly agrees otherwise in writing.