Common use of Payment of Taxes or Other Clause in Contracts

Payment of Taxes or Other. Governmental Charges. Holders of Receipts shall be obligated to make payments -------------------- to the Depositary of certain charges and expenses, as provided in Section 5.07. Registration of transfer of any Receipt or any withdrawal of Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all the Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Receipt remaining liable for any deficiency.

Appears in 3 contracts

Samples: Deposit Agreement, Deposit Agreement (Merrill Lynch Preferred Capital Trust V), Deposit Agreement (Merrill Lynch & Co Inc)

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Payment of Taxes or Other. Governmental Charges. Holders of Receipts shall be obligated -------------------- to make payments -------------------- to the Depositary of certain charges and expenses, expenses as provided in Section 5.07. Registration of transfer of any Receipt or any withdrawal of Stock and delivery of all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or all or any part of or all the Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Receipt remaining liable for any deficiency.

Appears in 1 contract

Samples: Deposit Agreement (Armstrong World Industries Inc)

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