Common use of PAYMENT OF CONTINGENT CASH INTEREST Clause in Contracts

PAYMENT OF CONTINGENT CASH INTEREST. (a) If applicable, Contingent Cash Interest on any Security that is payable, and is punctually paid or duly provided for, on any Contingent Cash Interest Payment Date shall be paid to the person in whose name that Security is registered on the Contingent Cash Interest Record Date or the Ordinary Shares Record Date, as applicable, at the office or agency of the Company maintained for such purpose. Each payment of Contingent Cash Interest on any Security shall be paid (A) if such Security is held in the form of a Global Security, in same-day funds by transfer to an account maintained by the payee located inside the United States, or (B) if such Security is held in the form of a Certificated Security, by check, mailed to the address of such Holder as set forth in the Security Register. In the case of a Global Security, Contingent Cash Interest payable, will be paid on the applicable Contingent Cash Interest Payment Date to the Depositary with respect to that portion of such Global Security held for its account by Cede & Co., for the purpose of permitting such party to credit the interest received by it in respect of such Global Security to the accounts of the beneficial owners thereof. (b) Any Contingent Cash Interest on any Security that is payable, but is not punctually paid or duly provided for, within 30 days following any Contingent Cash Interest Payment Date (herein called "Defaulted Interest", which term shall include any accrued and unpaid interest that has accrued on such defaulted amount), shall forthwith cease to be payable to the registered Holder thereof on the relevant Record Date or Contingent Cash Interest Record Date, as applicable, by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company at its election in each case, as provided in clause (i) or (ii) below: (i) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security and the date of the proposed payment (which shall not be less than 20 days after such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date (the "Special Record Date") for the payment of such Defaulted Interest which shall be not more than 15 days and not less than ten (10) days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities at his address as it appears on the list of Securityholders maintained pursuant to Section 2.5, not less than 10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar notice to be published at least once in The Wall Street Journal, but such publications shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the persons in whose names the Securities are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (ii). (ii) The Company may make payment of any Defaulted Interest on the Securities in any lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

Appears in 2 contracts

Samples: Indenture (Xl Capital LTD), Indenture (Xl Capital LTD)

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PAYMENT OF CONTINGENT CASH INTEREST. (a) If applicableContingent Cash Interest for any Measurement Period shall be paid on April 27 and October 27 (each, an "INTEREST PAYMENT DATE") of each year, to Securityholders of record as of the date 15 days preceding each Interest Payment Date (the "INTEREST RECORD DATE"). (b) The Company will pay Contingent Cash Interest to a person other than the Securityholder of record on the Interest Record Date if the Company elects to redeem, or Securityholders elect to require us to repurchase, the Securities on a date that is after a Interest Record Date but on or prior to the corresponding Interest Payment Date. In that instance, the Company will pay accrued and unpaid Contingent Cash Interest on any Security that is payablethe Securities being redeemed or repurchased to, and is punctually paid or duly provided forbut not including, on any Contingent Cash Interest Payment Date shall be paid to the person in whose name that Security is registered on the Contingent Cash Interest Record Redemption Date, Purchase Date or the Ordinary Shares Record Change of Control Purchase Date, as applicablethe case may be, at to the office same person to whom it will pay the Redemption Price, Purchase Price or agency Change of Control Purchase Price, as the Company maintained case may be, for such purpose. those Securities. (c) Each payment of Contingent Cash Interest on any Security shall be paid (Ai) if such Security is held in the form of a Global Security, in same-day funds by transfer to an account maintained by the payee located inside the United States, or (Bii) if such Security is held in the form of a Certificated SecuritySecurity with an aggregate principal amount at maturity of $5,000,000 or less, by check, mailed to the address of such Holder as set forth in the Security Register; or (iii) if such Security is held in the form of a Certificated Security with an aggregate principal amount at maturity of more than $5,000,000, upon the request of the Holder of such Certificated Security, by wire transfer in immediately available funds to the account specified by such Holder. In the case of a Global Security, Contingent Cash Interest payable, payable on any Interest Payment Date will be paid on the applicable Contingent Cash Interest Payment Date to the Depositary with respect to that portion of such Global Security held for its account by Cede & Co., for the purpose of permitting such party DTC to credit the interest payment received by it in respect of such Global Security to the accounts of the beneficial owners thereof. (b) Any Contingent Cash Interest on any Security that is payable, but is not punctually paid or duly provided for, within 30 days following any Contingent Cash Interest Payment Date (herein called "Defaulted Interest", which term shall include any accrued and unpaid interest that has accrued on such defaulted amount), shall forthwith cease to be payable to the registered Holder thereof on the relevant Record Date or Contingent Cash Interest Record Date, as applicable, by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company at its election in each case, as provided in clause (i) or (ii) below: (i) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security and the date of the proposed payment (which shall not be less than 20 days after such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date (the "Special Record Date") for the payment of such Defaulted Interest which shall be not more than 15 days and not less than ten (10) days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities at his address as it appears on the list of Securityholders maintained pursuant to Section 2.5, not less than 10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar notice to be published at least once in The Wall Street Journal, but such publications shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the persons in whose names the Securities are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (ii). (ii) The Company may make payment of any Defaulted Interest on the Securities in any lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

Appears in 1 contract

Samples: Indenture (General Mills Inc)

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PAYMENT OF CONTINGENT CASH INTEREST. (a) SECTION 501 Contingent Cash Interest Payments. If applicable, Contingent Cash Interest on any Security Note that is payable, and is punctually paid or duly provided for, on any Contingent Cash Interest Payment Date shall be paid to the person in whose name that Security Note is registered on the Contingent Cash Interest Record Date or the Ordinary Shares Contingent Cash Interest Record Date, as applicable, at the office or agency of the Company maintained for such purpose. Each payment of Contingent Cash Interest on any Security Note shall be paid (A) if such Security Note is held in the form of a Global SecurityNote, in same-day funds by transfer to an account maintained by the payee located inside the United States, or (B) if such Security Note is held in the form of a Certificated SecurityNote, by check, mailed to the address of such Holder as set forth in the Security Register. In the case of a Global SecurityNote, Contingent Cash Interest payable, payable on any applicable payment date will be paid on the applicable Contingent Cash Interest Payment Date to the Depositary Depositary, with respect to that portion of such Global Security Note held for its account by Cede & Co., Co. for the purpose of permitting such party to credit the interest received by it in respect of such Global Security Note to the accounts of the beneficial owners thereof. (b) . SECTION 502 Defaulted Interest. Any Contingent Cash Interest on any Security Note that is payable, but is not punctually paid or duly provided for, within 30 days following any Contingent Cash Interest Payment Date (herein called "Defaulted Interest", which term shall include any accrued and unpaid interest that has accrued on such defaulted amountamount in accordance with paragraph 1 in the Notes), shall forthwith cease to be payable to the registered Holder thereof on the relevant Record Date or Contingent Cash Interest Record Date, as applicable, by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company at its election in each case, as provided in clause (ia) or (iib) below: (ia) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities Notes are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security Note and the date of the proposed payment (which shall not be less than 20 days after such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date (the "Special Record Date") for the payment of such Defaulted Interest which shall be not more than 15 days and not less than ten (10) days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities Notes at his address as it appears on the list of Securityholders Noteholders maintained pursuant to Section 2.5305 of the Original Indenture, as amended by Article 7 of this Supplemental Indenture, not less than 10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar notice to be published at least once in The Wall Street Journal, but such publications shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the persons in whose names the Securities Notes are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (iib). (iib) The Company may make payment of any Defaulted Interest on the Securities Notes in any lawful manner not inconsistent with the requirements of any securities exchange on which such Securities Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

Appears in 1 contract

Samples: Supplemental Indenture (Markel Corp)

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