Payment to Holders Clause Samples
The 'Payment to Holders' clause defines the obligations and procedures for making payments to individuals or entities that possess certain rights or interests, such as shareholders, bondholders, or noteholders. Typically, this clause outlines the timing, method, and conditions under which payments like dividends, interest, or principal are distributed, and may specify how payments are calculated or prioritized among different classes of holders. Its core practical function is to ensure that all eligible recipients receive their due payments in a clear and orderly manner, thereby reducing disputes and providing transparency regarding financial distributions.
Payment to Holders. No payment shall be made with respect to the principal of or interest on the Notes (including, but not limited to, the Fundamental Change Repurchase Price in accordance with Article 15, but excluding the settlement of the Conversion Obligation in accordance with Article 14), except payments and distributions made by the Trustee as permitted by the first or second paragraph of Section 13.05, if:
(i) a default in the payment of principal, premium, interest or other amounts due on any Senior Debt, or in respect of any redemption or repurchase obligation under any Senior Debt, occurs and is continuing (or, in the case of Senior Debt for which there is a period of grace, in the event of such a default that continues beyond the period of grace, if any, specified in the instrument or lease evidencing such Senior Debt) (a “Payment Default”); or
(ii) a default, other than a Payment Default, on any Senior Debt occurs and is continuing that then permits holders of such Senior Debt (or any Representative) to accelerate its maturity (a “Non-Payment Default”) and a Responsible Officer of the Trustee receives at the Corporate Trust Office a written notice of the default (a “Payment Blockage Notice”) from the Company or a Representative of Senior Debt. Notwithstanding the foregoing, following the delivery of a Payment Blockage Notice to a Responsible Officer of the Trustee, no new Payment Blockage Notice may be delivered and no new period of payment blockage with respect to the Notes may begin until both (i) 360 consecutive days have elapsed since the Company’s receipt of the first Payment Blockage Notice and (ii) all scheduled payments of principal of and interest with respect to the Notes that have come due have been paid in full in cash. No default that existed or was continuing on the date of delivery to the Trustee of any Payment Blockage Notice with respect to the Senior Debt whose holders delivered the Payment Blockage Notice may be made the basis of a subsequent Payment Blockage Notice by the holders of such Senior Debt, whether or not within a period of 360 consecutive days. The Company may and shall resume payments on the Notes upon:
(i) in the case of a Payment Default, the date upon which the default is cured or waived or ceases to exist, and
(ii) in the case of a Non-Payment Default, on the earlier to occur of (A) the date on which such default is cured or waived or otherwise ceases to exist, or (B) 179 days after the date on which the applicable Payment Bloc...
Payment to Holders. Unless otherwise specified herein, prior to 10:00 a.m. (New York City time), on each due date of the principal, interest or any other amounts due hereunder, the Issuers shall pay to each Holder a sum sufficient to pay such principal, interest or other amount then so becoming due in accordance with Article 8.
Payment to Holders. The Owner shall pay directly to each Holder of a Junior Note from time to time within five Business Days of the presentation by such Holder of the certificate specified in the second sentence of Section 3(k)(iii) hereof such amounts as such Holder may reasonably determine to be necessary to compensate such Holder for any increase in actual costs that such Holder reasonably determines are attributable to its making or maintaining of its Commitment or the loans evidenced by its Junior Notes or funding arrangements utilized in connection with such loans, or any reduction in any amount receivable by such Holder hereunder in respect of any of Commitments, such loans or such arrangements (such increases in costs and reductions in amounts receivable being herein called “Increased Costs”), resulting from any Change in Law under which:
Payment to Holders. All payments to be made by the Escrow Agent pursuant to Section 5 shall be made by check or, if provided with wire instructions at least two (2) business days in advance of the date of disbursement, by wire transfer.
Payment to Holders. 45 11.5 Payment Permitted If No Default...............................................................46 11.6 Subrogation to Rights of Holders of Senior Debt...............................................46 11.7 Provisions Solely to Define Relative Rights...................................................47 11.8
Payment to Holders. If the Adjusted Working Capital exceeds the Closing Date Working Capital Estimate, the aggregate Merger Consideration shall be increased on a dollar-for-dollar basis by the amount of such excess, and Parent shall, within five (5) calendar days following the date of delivery of the final Closing Balance Sheet to Parent and the Stockholder Representative as contemplated by Section 2.6(c) above, (i) deposit such excess into the Reconciliation Fund (with the Reconciliation Amount adjusted upward to reflect the amount deposited) and (ii) direct that the Escrow Agent promptly distribute to each Holder such Holder’s Pro Rata Share of the Reconciliation Amount (as adjusted for the amount deposited pursuant to clause (i) hereof and after providing for the payment of any expenses of the Stockholder Representative contemplated in Section 2.7) in accordance with the terms of the Reconciliation Agreement.
Payment to Holders. The Trustee shall give notice to the Holders in accordance with the Conditions of the date fixed for any payment under Clause 9.1 ( ). Any payment to be made in respect of the Securities by the Issuer or the Trustee may be made in the manner provided in the Conditions, the Agency Agreement and this Trust Deed and any payment so made shall be a good discharge to the extent of such payment, by the Issuer or the Trustee, as the case may be.
Payment to Holders