Common use of Prepayment of Notes Clause in Contracts

Prepayment of Notes. Upon the occurrence of a Prepayment Event prior to the Share Purchase Date or the earlier successful remarketing of the Notes pursuant to Section 5.4 of the Purchase Contract Agreement and the receipt in full by the Collateral Agent of the principal amount of and accrued interest, if any, on the Pledged Notes, the Collateral Agent will, at the written direction of the Company, purchase the Prepayment Treasury Consideration and promptly remit the remaining portion, if any, of the amounts received in respect of the principal and accrued interest on the Pledged Notes to the Purchase Contract Agent for payment to the Holders of Normal Units. The Collateral Agent shall transfer the Prepayment Treasury Consideration to the Collateral Account to secure the obligation of all Holders of Normal Units to purchase Common Shares of the Company under the Purchase Contracts constituting a part of such Normal Units, in substitution for the Pledged Notes. Thereafter the Collateral Agent shall have such security interests, rights and obligations with respect to the Prepayment Treasury Consideration as it had in respect of the Pledged Notes as provided in Articles II, III, IV, V and VI, and any reference herein to the Notes shall be deemed to be reference to such Prepayment Treasury Consideration, and any reference herein to interest on the Notes shall be deemed to be a reference to corresponding distributions on such Prepayment Treasury Consideration.

Appears in 1 contract

Samples: Pledge Agreement (Platinum Underwriters Holdings LTD)

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Prepayment of Notes. Upon the occurrence prepayment in full of a Prepayment Event the principal of the Notes prior to the Share Purchase Date or the earlier to occur of a successful remarketing of the Notes pursuant to the provisions of Section 5.4 of and a Termination Event (a "Prepayment Event"), the Purchase Contract Agreement and the receipt in full by Company shall instruct the Collateral Agent of the principal amount of in writing to purchase, and accrued interest, if any, on the Pledged Notesupon such written instruction, the Collateral Agent will, at the written direction of the Company, shall purchase the Prepayment Treasury Consideration on behalf of the Holders of Normal Units and promptly remit the remaining portion, if any, portion of the amounts any payments received in with respect of the principal and accrued interest on the Pledged to such Notes to the Purchase Contract Agent for payment to the Holders of such Normal Units. Any distribution to Holders of excess funds shall be payable at the Corporate Trust Office or, at the option of the Holder, by check mailed to the address of the Person entitled thereto at such address as it appears on the Register or by wire transfer to an account maintained in the United States specified by the Holder. The Collateral Agent shall transfer the Prepayment Treasury Consideration will be substituted for the Pledged Notes, and will be pledged to the Collateral Account Agent in accordance with the terms of the Pledge Agreement to secure the obligation of all Holders each Holder of a Normal Units Unit to purchase the Common Shares of the Company under the Purchase Contracts Contract constituting a part of such Normal UnitsUnit. Following the occurrence of a Prepayment Event, in substitution for the Pledged Notes. Thereafter Holders of Normal Units and the Collateral Agent shall have such security interests, rights and obligations with respect to the Prepayment Treasury Consideration as it the Holder of Normal Units and the Collateral Agent had in respect of the Pledged Notes Notes, as the case may be, subject to the Pledge thereof as provided in Articles II, III, IV, V and VIVI of the Pledge Agreement, and any reference herein or in the Certificates to the Notes shall be deemed to be reference to such Prepayment Treasury Consideration, and any reference herein to interest on the Notes Note shall be deemed to be a reference to corresponding distributions on such Prepayment Treasury Consideration.. The Company may cause to be made in any Normal Unit Certificates thereafter to be issued such change in phraseology and form (but not in substance) as may be appropriate to reflect the substitution of the Prepayment Treasury Consideration for Notes as collateral. 39

Appears in 1 contract

Samples: Purchase Contract Agreement (Platinum Underwriters Holdings LTD)

Prepayment of Notes. Upon the occurrence of a Prepayment Event prior to the Share Purchase Date or the earlier successful remarketing of the Notes pursuant to Section 5.4 of the Purchase Contract Agreement and the receipt in full by the Collateral Agent of the principal amount of and accrued interest, if any, on the Pledged Notes, the Collateral Agent will, at the written direction of the Company, purchase the Prepayment Treasury Consideration and promptly remit the remaining portion, if any, of the amounts received in respect of the principal of and accrued interest on the Pledged Notes to the Purchase Contract Agent for payment to the Holders of Normal Units. The Collateral Agent shall transfer the Prepayment Treasury Consideration to the Collateral Account to secure the obligation of all Holders of Normal Units to purchase Common Shares of the Company under the Purchase Contracts constituting a part of such Normal Units, in substitution for the Pledged Notes. Thereafter the Collateral Agent shall have such security interests, rights and obligations with respect to the Prepayment Treasury Consideration as it had in respect of the Pledged Notes as provided in Articles II, III, IV, V and VI, and any reference herein to the Notes shall be deemed to be reference to such Prepayment Treasury Consideration, and any reference herein to interest on the Notes shall be deemed to be a reference to corresponding distributions on such Prepayment Treasury Consideration.

Appears in 1 contract

Samples: Pledge Agreement (Platinum Underwriters Holdings LTD)

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Prepayment of Notes. Upon the occurrence prepayment in full of a Prepayment Event the principal of the Notes prior to the Share Purchase Date or the earlier to occur of a successful remarketing of the Notes pursuant to the provisions of Section 5.4 of and a Termination Event (a "Prepayment Event"), the Purchase Contract Agreement and the receipt in full by Company shall instruct the Collateral Agent of the principal amount of in writing to purchase, and accrued interest, if any, on the Pledged Notesupon such written instruction, the Collateral Agent will, at the written direction of the Company, shall purchase the Prepayment Treasury Consideration on behalf of the Holders of Normal Units and promptly remit the remaining portion, if any, portion of the amounts any payments received in with respect of the principal and accrued interest on the Pledged to such Notes to the Purchase Contract Agent for payment to the Holders of such Normal Units. Any distribution to Holders of excess funds shall be payable at the Corporate Trust Office or, at the option of the Holder, by check mailed to the address of the Person entitled thereto at such address as it appears on the Register or by wire transfer to an account maintained in the United States specified by the Holder. The Collateral Agent shall transfer the Prepayment Treasury Consideration will be substituted for the Pledged Notes, and will be pledged to the Collateral Account Agent in accordance with the terms of the Pledge Agreement to secure the obligation of all Holders each Holder of a Normal Units Unit to purchase the Common Shares of the Company under the Purchase Contracts Contract constituting a part of such Normal UnitsUnit. Following the occurrence of a Prepayment Event, in substitution for the Pledged Notes. Thereafter Holders of Normal Units and the Collateral Agent shall have such security interests, rights and obligations with respect to the Prepayment Treasury Consideration as it the Holder of Normal Units and the Collateral Agent had in respect of the Pledged Notes Notes, as the case may be, subject to the Pledge thereof as provided in Articles II, III, IV, V and VIVI of the Pledge Agreement, and any reference herein or in the Certificates to the Notes shall be deemed to be reference to such Prepayment Treasury Consideration, and any reference herein to interest on the Notes Note shall be deemed to be a reference to corresponding distributions on such Prepayment Treasury Consideration. The Company may cause to be made in any Normal Unit Certificates thereafter to be issued such change in phraseology and form (but not in substance) as may be appropriate to reflect the substitution of the Prepayment Treasury Consideration for Notes as collateral.

Appears in 1 contract

Samples: Purchase Contract Agreement (Platinum Underwriters Holdings LTD)

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