Additional Subordinated Notes will be consolidated and form a single series with, and will have the same terms as to ranking, redemption, waivers, amendments or otherwise as, the Subordinated Notes, and will vote together as one class on all matters with respect to the Subordinated Notes.
Section 2.03 Principal Payment Date. The principal amount of the Subordinated Notes outstanding (together with any accrued and unpaid interest) shall be payable in a single installment on June 15, 2060 (the Stated Maturity).
Section 2.04 Interest on the Subordinated Notes.
(a) The Subordinated Notes will bear interest at the rate of 6.25% per annum, accruing from June 2, 2020, or from the most recent Interest Payment Date through which interest has been paid or duly provided for.
(b) Interest on the Subordinated Notes will be payable quarterly on each March 15, June 15, September 15 and December 15 (each such date, an Interest Payment Date), beginning on September 15, 2020, until the principal amount has been paid or made available for payment, to Holders at the close of business on March 1, June 1, September 1 or December 1 (whether or not a Business Day), as the case may be, immediately preceding the applicable Interest Payment Date (each such date, a Regular Record Date).
(c) If any Interest Payment Date, Stated Maturity or Redemption Date falls on a day that is not a Business Day, the payment due on such date will be made on the next Business Day, and no interest will accrue for the period from and after such Interest Payment Date, Stated Maturity or Redemption Date.
(d) Interest on the Subordinated Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full monthly period shall be computed on the basis of the actual number of calendar days elapsed in such period.
Section 2.05 Place of Payment. The place where the Subordinated Notes may be presented or surrendered for payment, where the Subordinated Notes may be surrendered for registration of transfer or exchange and where notices and demand to or upon the Company in respect of the Subordinated Notes and the Indenture may be served, shall be the Corporate Trust Office of the Trustee or the Paying Agents office maintained for that purpose in the Borough of Manhattan, City of New York.
Section 2.06 Sinking Fund Obligations. The Company has no obligation to redeem or purchase any Subordinated Notes pursuant to any sinking fund or at the option of the Holders.
Section 2.07 Denomination. The Subordinated Notes will be issued in the form of one or more fully registered global securities, without coupons, in minimum denominations of $25 and integral multiples of $25 in excess thereof.