Payment on Giving the Phase 1 Notice Sample Clauses

Payment on Giving the Phase 1 Notice. Subject to the terms and conditions contained in the Subscription Agreement, upon the Trigger Date SkyTerra will issue to Inmarsat, and Inmarsat shall accept, a number of shares (the “Trigger Shares”) of SkyTerra Common Stock having an aggregate value of $31,250,000 based on a per share value equal to the Effective Date Value provided that with the agreement of Inmarsat, the MSV Parties may instead satisfy all or any part of such obligation by the payment of up to $31,250,000 in cash to Inmarsat. Notwithstanding the foregoing, in the event that the rules of any stock exchange or automatic quotation system on which SkyTerra Common Stock is then listed, traded or quoted specifically requires shareholder approval prior to the issuance of the Trigger Shares, then SkyTerra shall (a) issue on the Trigger Date the maximum number of Trigger Shares that can be issued without such shareholder approval, and (b) use its commercial best efforts to obtain all required shareholder approvals for the issue of the balance of the Trigger Shares (the “Trigger Balance Shares”) as soon as reasonably practicable thereafter, and in the event that such shareholder approvals are forthcoming within ninety days following the Trigger Date, (c) issue the Trigger Balance Shares promptly after the receipt of such shareholder approval and (d) in its absolute discretion elect instead of seeking the above shareholder approvals to pay Inmarsat (and shall, in the event that such shareholder approvals are not forthcoming after ninety days following the Trigger Date, pay Inmarsat) an amount in cash equal to the deemed value of the Trigger Balance Shares (deeming the Trigger Balance Shares to be valued on a per share value equal to the Effective Date Value). The Trigger Shares shall be subject to a lockup arrangement which shall prohibit any sale, transfer, pledge or other conveyance of the Trigger Shares for a period of two years from the Effective Date. Following expiration of the lockup arrangement, SkyTerra will provide Inmarsat with registration rights in respect of the Trigger Shares in accordance with and subject to the conditions of the Registration Rights Agreement.
Sample 1
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Related to Payment on Giving the Phase 1 Notice

  • Payment on Non-Business Days Whenever any payment to be made shall be due on a day which is not a Business Day, such payment may be due on the next succeeding Business Day.

  • Payment on Termination If an employee is terminated after the end of a year of employment, the employee is deemed to have been given any untaken leave from the date of termination and shall be paid for that leave accordingly. The employee shall also be paid for any public holidays falling within the period of leave in addition to payment for the leave. If an employee is terminated before the end of a full year of employment, the employee shall be paid pro-rata annual leave based on the period of service.

  • Placement on the Salary Schedule Members of the bargaining unit shall be placed on the salary schedule at the step appropriate for training and creditable years of experience.

  • Repayment on Termination Date The Borrower hereby agrees to repay the outstanding principal amount of (i) all Revolving Credit Loans in full on the Revolving Credit Maturity Date, and (ii) all Swingline Loans in accordance with Section 2.2(b) (but, in any event, no later than the Revolving Credit Maturity Date), together, in each case, with all accrued but unpaid interest thereon.

  • Payment on non-Business Day If any payment by the Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day: (a) the due date shall be extended to the next succeeding Business Day; or (b) if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to the immediately preceding Business Day, and interest shall be payable during any extension under paragraph (a) at the rate payable on the original due date.

  • Disagreement on Decision Should the parties disagree as to the meaning of the Board's decision, either party may apply to the Chairperson of the Arbitration Board to reconvene the Board to clarify the decision, which it shall make every effort to do within seven days.

  • Date of Completion The Developer must ensure that the Developer’s Works reach Completion on or before the date or milestone referred to in clause 1 of Schedule 3 of this document.

  • Payment on Early Termination Upon termination pursuant to Section 14 (Early Termination), District shall pay Contractor as follows: (i) If District terminates this Contract for its convenience under Section 14(a) or 14(b), then District must pay Contractor for work performed before the termination date if and only if Contractor performed in accordance with this Contract. District shall not be liable for any direct, indirect, or consequential damages. Termination by District shall not constitute a waiver of any other claim District may have against Contractor. (ii) If Contractor terminates this Contract under Section 14(c) due to District’s breach, then District shall pay Contractor for work performed before the termination date if and only if Contractor performed in accordance with this Contract. (iii) If District terminates this Contract under Sections 14(c) or 14(d) due to Contractor’s breach, then District must pay Contractor for work performed before the termination date less any setoff to which District is entitled and if and only if Contractor performed such work in accordance with this Contract.

  • Compensation for Holidays Falling Within Vacation Schedule If a paid holiday falls on or is observed during an Employee's vacation period, she shall be allowed an additional vacation day with pay at a time mutually agreed upon by the Employer and the Employee.

  • Holiday Falling on a Scheduled Workday An Employee who works on a designated holiday which is a scheduled workday shall be compensated at the rate of double time for hours worked, plus a day off in lieu of the holiday; except for Christmas and New Year's when the compensation shall be at the rate of double time and one-half (2½) for hours worked, plus a day off subject to this Agreement.

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