BPOP · Popular, Inc. · Debt

Verified covenant terms

• Section 2.05 · Restrictive Covenants Section 1009 of the Indenture (under the heading “Limitation Upon Creation of Liens on Voting Stock of Material Banking Subsidiaries”) shall not apply to the Notes. SECTION 2.05 Restrictive Covenants.
  Full wording and supporting evidence

  Source evidence: SECTION 2.05 *Restrictive Covenants*. Section 1009 of the Indenture (under the heading “Limitation Upon Creation of Liens on Voting Stock of Material Banking Subsidiaries”) shall not apply to the Notes.

  Target identity evidence: TENTH SUPPLEMENTAL INDENTURE, dated as of March 13, 2023 (the “Tenth Supplemental Indenture”), between POPULAR, INC., a corporation duly organized and existing under the laws of the Commonwealth of Puerto Rico (the “Company”), and The Bank of New York Mellon, a New York corporation, as trustee (the “Trustee”) to the senior indenture, dated as of February 15, 1995 (the “Original Indenture”), between the Company and the Trustee

  Target identity evidence: WHEREAS, as contemplated by Section 301 of the Indenture, the Company intends to issue a new series of Securities to be known as the Company’s “7.25% Senior Notes due 2028” (the “Notes”) under the Indenture;

  Target identity evidence: SECTION 2.01 *Creation of Series; Establishment of Form*.

  Target identity evidence: (a) There is hereby established a new series of Securities under the Indenture entitled “7.25% Senior Notes due 2028”.

  Target identity evidence: **CUSIP No. 733174 AL0**

  Target identity evidence: **ISIN No. US733174AL01**

• Section 2.06(a) · Events of Default Section 501(5) of the Indenture shall not apply to the Notes. SECTION 2.06 Events of Default.
  Full wording and supporting evidence

  Source evidence: (a) Section 501(5) of the Indenture shall not apply to the Notes.

  Target identity evidence: TENTH SUPPLEMENTAL INDENTURE, dated as of March 13, 2023 (the “Tenth Supplemental Indenture”), between POPULAR, INC., a corporation duly organized and existing under the laws of the Commonwealth of Puerto Rico (the “Company”), and The Bank of New York Mellon, a New York corporation, as trustee (the “Trustee”) to the senior indenture, dated as of February 15, 1995 (the “Original Indenture”), between the Company and the Trustee

  Target identity evidence: WHEREAS, as contemplated by Section 301 of the Indenture, the Company intends to issue a new series of Securities to be known as the Company’s “7.25% Senior Notes due 2028” (the “Notes”) under the Indenture;

  Target identity evidence: SECTION 2.01 *Creation of Series; Establishment of Form*.

  Target identity evidence: (a) There is hereby established a new series of Securities under the Indenture entitled “7.25% Senior Notes due 2028”.

  Target identity evidence: **CUSIP No. 733174 AL0**

  Target identity evidence: **ISIN No. US733174AL01**

• Section 2.06(b) · Events of Default The events described in Sections 501(6) and 501(7) of the Indenture shall constitute an Event of Default with respect to the Notes only if they occur with respect to the Company and not with respect to any Material Banking Subsidiary. Exceptions: only if they occur with respect to the Company and not with respect to any Material Banking Subsidiary SECTION 2.06 Events of Default.
  Full wording and supporting evidence

  Source evidence: (b) The events described in Sections 501(6) and 501(7) of the Indenture shall constitute an Event of Default with respect to the Notes only if they occur with respect to the Company and not with respect to any Material Banking Subsidiary.

  Target identity evidence: TENTH SUPPLEMENTAL INDENTURE, dated as of March 13, 2023 (the “Tenth Supplemental Indenture”), between POPULAR, INC., a corporation duly organized and existing under the laws of the Commonwealth of Puerto Rico (the “Company”), and The Bank of New York Mellon, a New York corporation, as trustee (the “Trustee”) to the senior indenture, dated as of February 15, 1995 (the “Original Indenture”), between the Company and the Trustee

  Target identity evidence: WHEREAS, as contemplated by Section 301 of the Indenture, the Company intends to issue a new series of Securities to be known as the Company’s “7.25% Senior Notes due 2028” (the “Notes”) under the Indenture;

  Target identity evidence: SECTION 2.01 *Creation of Series; Establishment of Form*.

  Target identity evidence: (a) There is hereby established a new series of Securities under the Indenture entitled “7.25% Senior Notes due 2028”.

  Target identity evidence: **CUSIP No. 733174 AL0**

  Target identity evidence: **ISIN No. US733174AL01**

• Section 2.04(e) · Optional Redemption (e) In the event that following the date hereof, there occurs a change in law or regulation or interpretation thereof and as a result thereof the Company or any agent thereof is required by law or regulation to pay any Additional Amounts pursuant to Section 1010 of the Indenture, then the Notes will be redeemable at the Company’s option, in whole but not in part, at any time upon not less than 10 nor more than 60 days’ notice given to the Holders as provided in this Section 204 at a Redemption Price equal… Springing Trigger: a change in law or regulation or interpretation thereof and as a result thereof the Company or any agent thereof is required by law or regulation to pay any Additional Amounts pursuant to Section 1010 of the Indenture SECTION 2.04 Optional Redemption.
  Full wording and supporting evidence

  Source evidence: (e) In the event that following the date hereof, there occurs a change in law or regulation or interpretation thereof and as a result thereof the Company or any agent thereof is required by law or regulation to pay any Additional Amounts pursuant to Section 1010 of the Indenture, then the Notes will be redeemable at the Company’s option, in whole but not in part, at any time upon not less than 10 nor more than 60 days’ notice given to the Holders as provided in this Section 204 at a Redemption Price equal to 100% of the principal amount of the Notes together with accrued interest thereon to the Redemption Date.

  Target identity evidence: TENTH SUPPLEMENTAL INDENTURE, dated as of March 13, 2023 (the “Tenth Supplemental Indenture”), between POPULAR, INC., a corporation duly organized and existing under the laws of the Commonwealth of Puerto Rico (the “Company”), and The Bank of New York Mellon, a New York corporation, as trustee (the “Trustee”) to the senior indenture, dated as of February 15, 1995 (the “Original Indenture”), between the Company and the Trustee

  Target identity evidence: WHEREAS, as contemplated by Section 301 of the Indenture, the Company intends to issue a new series of Securities to be known as the Company’s “7.25% Senior Notes due 2028” (the “Notes”) under the Indenture;

  Target identity evidence: SECTION 2.01 *Creation of Series; Establishment of Form*.

  Target identity evidence: (a) There is hereby established a new series of Securities under the Indenture entitled “7.25% Senior Notes due 2028”.

  Target identity evidence: **CUSIP No. 733174 AL0**

  Target identity evidence: **ISIN No. US733174AL01**