Examples of Tax Event Redemption in a sentence
Any reduction in the principal or interest payable in respect of the Notes on the Adverse Tax Event Redemption Date shall be determined by the person specified for this purpose in the Terms, acting as calculation agent under the Swap Agreement, and shall be binding on the Issuer, the Trustee, the Agent, the Noteholders and all other persons in the absence of manifest error.
For the purposes of Condition 8(b), an Early Redemption Event in the form of a “Tax Event Redemption Event” will occur on the fourth Scheduled Valuation Day after the date of the Tax Event Redemption Notice.
Before the Company publishes or delivers a notice of redemption in respect of a Tax Event Redemption Date as described in this Section 3.03, the Company will deliver to the Trustee an Officers’ Certificate to the effect that the Company cannot avoid the obligation to pay Additional Amounts by taking reasonable measures available to it and, if required, the opinion of independent tax counsel described above.
As described herein, the Notes are subject to a Tax Event Redemption on any Payment Date, at the option of the Issuer acting at the direction of at least 66-2/3% of the Preferred Shares, if as a result of a change in tax law, rule or regulation or the interpretation thereof, the payments to be received on the Portfolio Collateral are reduced as a result thereof as described herein.
In the event that payment of the Optional Redemption Price in respect of any Preferred Security is improperly withheld or refused and not paid by the Issuer, Distributions on such Preferred Security, subject as described in paragraphs 2.3 and 2.4, will continue to accrue, from the Optional Redemption Date, Tax Event Redemption Date or Capital Disqualification Event Redemption Date, as the case may be, to the date of actual payment of such Optional Redemption Price.