Exchanges Not Deemed Payment Clause Samples
The "Exchanges Not Deemed Payment" clause defines that certain transfers or exchanges of assets, such as securities or property, are not considered payments under the agreement. In practice, this means that if parties swap assets or deliver something other than cash, these actions do not fulfill payment obligations unless explicitly stated otherwise. This clause is important because it clarifies that only specified forms of payment, typically cash or its equivalent, will discharge payment duties, thereby preventing disputes over whether non-cash exchanges satisfy contractual payment requirements.
Exchanges Not Deemed Payment. With respect to the Notes only, Section 12.10 of the Base Indenture is deleted in its entirety.
Exchanges Not Deemed Payment. With respect to the Securities only, Section 12.10 of the Subordinated Indenture is deleted in its entirety.
Exchanges Not Deemed Payment. For the purposes of this Article 12 only, delivery of Dollar Preference Shares or Exchange Securities upon exchange of Capital Securities in accordance with Article 13, if applicable to a particular series of Capital Securities, shall not be deemed to constitute a payment or distribution on account of the principal of Capital Securities or on account of the purchase or other acquisition of Capital Securities. Nothing contained in this Article or elsewhere in this Capital Securities Indenture or in the Capital Securities is intended to or shall impair, as among the Company, its creditors and the Holders of the Capital Securities, the right, which if applicable to
Exchanges Not Deemed Payment. For the purposes of this Article Twelve only, delivery of Dollar Preference Shares or Exchange Securities upon exchange of Subordinated Debt Securities in accordance with Article Thirteen, if applicable to a particular series of Subordinated Debt Securities, shall not be deemed to constitute a payment or distribution on account of the principal of Subordinated Debt Securities or on account of the purchase or other acquisition of Subordinated Debt Securities. Nothing contained in this Article or elsewhere in this Subordinated Debt Securities Indenture or in the Subordinated Debt Securities is intended to or shall impair, as among the Company, its creditors and the Holders of the Subordinated Debt Securities, the right, which if applicable to a particular series of Subordinated Debt Securities is absolute and unconditional, of the Company to exchange the Subordinated Debt Securities in accordance with Article Thirteen.