Non-Payment Election. ‌ Notwithstanding this Condition 5, each of the Issuer and the Guarantor may in its sole discretion elect that any Interest Payment Amount will not be paid (in whole or in part) on any Interest Payment Date (a Non-Payment Election). The foregoing shall not, however, apply once the Issuer has given notice to Securityholders that the Capital Securities will be redeemed in whole in accordance with Condition 7.

Non-Payment Election. In the event the Company's Business becomes a Section 45 Business and, simultaneously or subsequently thereto NexGen fails to make any or all of the Installment Payments to ADA as required by Section 2.2 of this Agreement (a "Non-payment Election") then NexGen shall, without request or any further action on the part of ADA, transfer, convey and deliver unto ADA, free and clear of all Liens, and without payment of any additional consideration therefor by ADA, that number of Units (including any fractional number of Units) equal to: (i) the total unpaid amount owing under Section 2.2 of this Agreement from the date of the Non-payment Election through June 30, 2009, divided by (ii) One Hundred Thousand Dollars ($100,000). NexGen shall deliver any certificate representing such Units to ADA, endorsed as appropriate to effect such transfer, and shall deliver any other documents reasonably requested by ADA to vest title to such Units in ADA. Except for the obligations of NexGen under this Section 2.3 of this Agreement or any other Section of this Agreement which by its terms continues to be applicable following a Non-payment Election, NexGen and its Affiliates, shall have no further rights or obligations with respect to the Company or ADA hereunder, and all rights of NexGen with respect to its remaining Units shall be as set forth in the Operating Agreement.

Non-Payment Election. In the event the Company’s Business becomes a Section 45 Business and, simultaneously or subsequently thereto NexGen fails to make any payment of Distributed Cash to ADA as required by Section 2.2 of this Agreement (a “Non-payment Election”) then NexGen shall, without request or any further action on the part of ADA, transfer, convey and deliver unto ADA, free and clear of all Liens, and without payment of any additional consideration therefor by ADA, that number of Units (including any fractional number of Units) equal to: (i) the total of the remaining balances of all Tonnage Notes plus the remaining balance of the Additional Cash Consideration divided by (ii) One Hundred Thousand Dollars ($100,000). NexGen shall deliver any certificate representing such Units to ADA, endorsed as appropriate to effect such transfer, and shall deliver any other documents reasonably requested by ADA to vest title to such Units in ADA. Upon a Non-payment Election in respect of a Tonnage Note, the amount of the Distributed Cash previously allocated to the Monetization giving rise to such Tonnage Note shall be recalculated as of the date of such Tonnage Note assuming that NexGen owned only the number of Units owned after giving effect to the transfer associated with a Non-payment Election pursuant to this Section 2.3. The difference between the two calculations of Distributed Cash shall be owing by NexGen to ADA and the unpaid balance thereof shall bear interest at the rate of 5% per annum compounded quarterly (based on a 360 day year) commencing as of the date of such Tonnage Note. Such difference and the accrued interest thereon shall be paid only out of the Distributed Cash received by NexGen following the Non-payment Election and only to the extent that payments measured with reference thereto are not otherwise required to be made by NexGen in accordance with Section 2.2 herein. The payment of such difference shall be deemed to be an increase in the Additional Cash Consideration and not a retroactive reallocation of income, gain, loss, deduction and credit of the Company. Except for the obligations of NexGen under this Section 2.3 and Section 2.2 of this Agreement or any other Section of this Agreement which by its terms continues to be applicable following a Non-payment Election, if and only if NexGen shall affirmatively make a Non-payment Election by a specific writing signed by NexGen and delivered to ADA (i.e., other than by any nonpayment), NexGen and its Affiliates ...

Non-Payment Election. Notwithstanding Condition 5.1 (Interest Payments), the Bank may in its sole discretion elect that Interest Payment Amounts shall not be paid to holders of the Capital Securities on any Interest Payment Date (each a Non-Payment Election). The foregoing shall not apply in respect of any amounts due on any date on which the Capital Securities are to be redeemed in full in accordance with Condition 9.1 (Redemption and Variation). For the avoidance of doubt, the Bank will have the right to otherwise use any Interest Payment Amounts not paid to holders of the Capital Securities and such non-payment will not impose any restriction on the Bank other than as set out in Condition 6.4 (Dividend and Redemption Restrictions).‌

Non-Payment Election. Notwithstanding Condition 5.1 (Interest – Interest Payments), the Bank may in its sole discretion elect that Interest Payment Amounts shall not be paid to holders of the Capital Securities on any Interest Payment Date (each a "Non-Payment Election"). The foregoing shall not apply in respect of any amounts due on any date on which the Capital Securities are to be redeemed in full in accordance with Condition 9.1 (Redemption and Variation – Redemption and Variation).

Non-Payment Election. The Mudareb may in its sole discretion elect that the Rab-al-Maal Mudaraba Profit (in whole or in part) will not be paid to the Rab-al-Maal on any Mudaraba Profit Distribution Date, provided that the foregoing in this Clause 5.6 (Non-Payment Election) shall not apply in respect of Rab-al-Maal Final Mudaraba Profit payable on any Mudaraba End Date (any such election being a “Non-Payment Election”). The Mudareb may not, however, make a Non- Payment Election once it has given notice to the Rab-al-Maal regarding the liquidation of the Mudaraba as may be required in accordance with Clause 7 (Liquidation of the Mudaraba).

Related to Non-Payment Election

Deferral Election A Participant may elect to defer all or a specified percentage of the Compensation earned in a Plan Year by such Participant for serving as a member of the Board of any Participating Fund or as a member of any committee or subcommittee thereof. Reimbursement of expenses of attending meetings of the Board, committees of the Board or subcommittees of such committees may not be deferred. Such election shall be made by executing before the first day of such Plan Year such election notice as the Administrator may prescribe; provided, however, that upon first becoming eligible to participate in the Plan by reason of appointment to a Board, a Participant may file a Deferral Election not later than 30 days after the effective date of such appointment, which election shall apply to Compensation earned in the portion of the Plan Year commencing the day after such election is filed and ending on the last day of such Plan Year.
Joint Election As a condition of the Units granted hereunder, you agree to accept any liability for secondary Class 1 National Insurance Contributions (the “Employer NICs”), which may be payable by the Company or your Employer with respect to the Units and/or payment of the Units and issuance of Shares pursuant to the Units, the assignment or release of the Units for consideration, or the receipt of any other benefit in connection with the Units. Without limitation to the foregoing, you agree to make an election (the “Election”), in the form specified and/or approved for such election by HMRC, that the liability for your Employer NICs payments on any such gains shall be transferred to you to the fullest extent permitted by law. You further agree to execute such other elections as may be required between you and any successor to the Company and/or your Employer. You hereby authorize the Company and your Employer to withhold such Employer NICs by any of the means set forth in Section III of the Agreement. Failure by you to enter into an Election, withdrawal of approval of the Election by HMRC or a joint revocation of the Election by you and the Company or your Employer, as applicable, shall be grounds for the forfeiture and cancellation of the Units, without any liability to the Company or your Employer.
Initial Election The Director shall make an initial deferral election under this Agreement by filing with the Company a signed Election Form within 30 days after the Effective Date of this Agreement. The Election Form shall set forth the amount of Fees to be deferred and shall be effective to defer only Fees earned after the date the Election Form is received by the Company.
Lump Sum Payment Upon award of the contract for this improvement, the LA will pay to the STATE, in lump sum, an amount equal to 80% of the LA’s estimated obligation incurred under this Agreement, and will pay to the STATE the remainder of the LA’s obligation (including any nonparticipating costs) in a lump sum, upon completion of the project based upon final costs. Method B - Monthly Payments. Upon award of the contract for this improvement, the LA will pay to the STATE, a specified amount each month for an estimated period of months, or until 80% of the LA’s estimated obligation under the provisions of the Agreement has been paid, and will pay to the STATE the remainder of the LA’s obligation (including any nonparticipating costs) in a lump sum, upon completion of the project based upon final costs.
Early Termination Benefit If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under this Article.
Termination of Payment Fund Any portion of the Payment Fund that remains undistributed to the holders of Certificates and Book Entry Shares for twelve months after the Effective Time shall be delivered by the Paying Agent to the Parent, upon demand, and any holder of a Certificate or Book Entry Shares who has not theretofore complied with this Article II shall thereafter look only to the Parent for payment of the Merger Consideration, but shall have no greater rights against the Parent than may be accorded to general unsecured creditors of the Parent under applicable law.
Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.
Termination for Non-Payment We may terminate this Agreement with immediate effect by giving written notice to you if you fail to pay any amount due under this Agreement on the due date for payment and remain in default not less than thirty
Non-Payment The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) within three days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or
Election Period The period which begins on the first day of the Plan Year in which the Participant attains age thirty-five (35) and ends on the date of the Participant’s death. If a Participant separates from Service prior to the first day of the Plan Year in which age thirty-five (35) is attained, the Election Period shall begin on the date of separation, with respect to the account balance as of the date of separation.

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Related to Non-Payment Election