Common use of Distributions on the Clause in Contracts

Distributions on the. Trust Securities shall be cumulative, and shall accumulate whether or not there are funds of the Trust available for the payment of Distributions. Distributions shall accumulate from July 26, 2000, and, except as provided in clause (ii) below, shall be payable semi-annually in arrears on January 19 and July 19 of each year, commencing on January 19, 2001. If any date on which a Distribution is otherwise payable on the Trust Securities is not a Business Day, then the payment of such Distribution shall be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day falls in the next calendar year, such payment will be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on such date. (each date on which distributions are payable in accordance with this Section 4.1(a), a "Distribution Date");

Appears in 1 contract

Sources: Trust Agreement (Bnccorp Inc)

Distributions on the. Trust Securities shall be cumulative, and shall will accumulate whether or not there are funds of the Trust available for the payment of Distributions. Distributions shall accumulate from July 26_________, 20001997, and, except as provided in clause (ii) belowduring any Extended Interest Payment Period with respect to the Debentures, shall be payable semi-annually quarterly in arrears on January 19 March 31, June 30, September 30 and July 19 December 31 of each year, commencing on January 19June 30, 20011997 (each date on which distributions are payable in accordance with the foregoing a "Distribution Date"). If any date on which a Distribution is otherwise payable on the Trust Securities is not a Business Day, then the payment of such Distribution shall be made on the next succeeding day that is a Business Day (and without any additional Distributions, interest or other payment in respect of any such delay), except that, if such Business Day falls in the next calendar year, such payment will be made on the immediately preceding Business Day, in each case, case with the same force and effect as if made on the date such date. (each date on which distributions are payable in accordance with this Section 4.1(a), a "Distribution Date");payment was originally payable.

Appears in 1 contract

Sources: Trust Agreement (Pikeville National Corp)