Common use of Amount of Deferred Payments Clause in Contracts

Amount of Deferred Payments. The El Paso Settling Parties jointly and severally (subject to Paragraph 4.1(d)(iv) below as to EPNG only) agree to pay to the Settlement Fund the principal amount of Eight Hundred Seventy-Five Million Six Hundred Twenty-Six Thousand Seventy Two Dollars ($875,626,072) (the "Deferred Payments"), which amount shall be paid in forty (40) semi-annual installments, each in the amount of $21,890,651.80, unless adjusted as provided below, commencing on July 1, 2004, and thereafter on the first day of each January and July until paid in full; provided, however, that: (A) if the Effective Date does not occur on or before July 1, 2004, then the first installment due hereunder (and any other installments due prior to the Effective Date) shall be paid into the Escrow Account on such date; and (B) if El Paso Corporation is Investment Grade for a period of at least six (6) consecutive months at any time after the date of this Agreement (but before January 1, 2019) and no Monetization has taken place, then all Deferred Payments outstanding shall, at the option of and after written notice by the Designated Representative, be reamortized, commencing as of the next payment date, to thereafter provide for equal semi-annual installments in an amount sufficient to retire the balance of the Deferred Payments by January 1, 2019; and (C) if El Paso Corporation is Investment Grade for a period of at least six (6) consecutive months at any time after the date of this Agreement (but before January 1, 2019) (the "Investment Grade Date") and one or more Monetizations have taken place while El Paso Corporation was not Investment Grade, then the Deferred Payments due hereunder shall, at the option of and after written notice to El Paso Corporation by the Designated Representative, be bifurcated into the following amortized obligations: (1) the Monetization obligations, which shall remain unchanged and continue to have a maturity date as set forth in the Monetization, and (2) an obligation having a maturity date of January 1, 2019, payable to the Settlement Fund in equal, semi-annual installments, commencing as of the next payment date, that has a discounted value as of the Investment Grade Date equal to the difference between the Investment Grade Discounted Amount of all Deferred Payments outstanding and the Non-Investment Grade Discounted Amount of all Deferred Payments outstanding used to secure the Monetization, using a discount rate of 7.48071747914203%.

Amount of Deferred Payments. The El Paso Settling Parties jointly and severally (subject to Paragraph 4.1(d)(iv) below as to EPNG only) agree to pay to the Settlement Fund the principal amount of Eight Hundred Seventy-Five Million Six Hundred Twenty-Six Thousand Seventy Two Dollars ($875,626,072) (the "“Deferred Payments"”), which amount shall be paid in forty (40) semi-annual installments, each in the amount of $21,890,651.80, unless adjusted as provided below, commencing on July 1, 2004, and thereafter on the first day of each January and July until paid in full; provided, however, that: (A) if the Effective Date does not occur on or before July 1, 2004, then the first installment due hereunder (and any other installments due prior to the Effective Date) shall be paid into the Escrow Account on such date; and (B) if El Paso Corporation is Investment Grade for a period of at least six (6) consecutive months at any time after the date of this Agreement (but before January 1, 2019) and no Monetization has taken place, then all Deferred Payments outstanding shall, at the option of and after written notice by the Designated Representative, be reamortized, commencing as of the next payment date, to thereafter provide for equal semi-annual installments in an amount sufficient to retire the balance of the Deferred Payments by January 1, 2019; and (C) if El Paso Corporation is Investment Grade for a period of at least six (6) consecutive months at any time after the date of this Agreement (but before January 1, 2019) (the "“Investment Grade Date"”) and one or more Monetizations have taken place while El Paso Corporation was not Investment Grade, then the Deferred Payments due hereunder shall, at the option of and after written notice to El Paso Corporation by the Designated Representative, be bifurcated into the following amortized obligations: (1) the Monetization obligations, which shall remain unchanged and continue to have a maturity date as set forth in the Monetization, and (2) an obligation having a maturity date of January Janua ry 1, 2019, payable to the Settlement Fund in equal, semi-annual installments, commencing as of the next payment date, that has a discounted value as of the Investment Grade Date equal to the difference between the Investment Grade Discounted Amount of all Deferred Payments outstanding and the Non-Investment Grade Discounted Amount of all Deferred Payments outstanding used to secure the Monetization, using a discount rate of 7.48071747914203%.