Common use of Procedure for Payment Clause in Contracts

Procedure for Payment. (i) Immediately after the Effective Time, (A) the Buyer will furnish to an exchange agent selected by it ("EXCHANGE AGENT") a stock certificate (issued in the name of the Exchange Agent or its nominee) representing that number of Preferred Shares equal to the product of (I) the Conversion Ratio times (II) the number of outstanding Target Shares (other than any Dissenting Shares and Buyer-owned Shares) and (B) the Buyer will mail a letter of transmittal (with instructions for its use) each record holder of outstanding Target Shares for the holder to use in surrendering the certificates which represented his or its Target Shares in exchange for a certificate representing the number of Buyer Shares to which he or it is entitled.

Procedure for Payment. (i) Immediately after the Effective Time, (A) the Buyer will furnish to an exchange agent selected by it ("EXCHANGE AGENT") a stock certificate (issued in the name of the Exchange Agent or its nominee) representing that number of Preferred Shares equal to the product of (I) the Conversion Ratio times (II) the number of outstanding Target Shares Units (other than any Dissenting Shares and Buyer-owned SharesUnits) and (B) the Buyer will mail a letter of transmittal (with instructions for its use) each record holder of outstanding Target Shares Units for the holder to use in surrendering the certificates which represented his or its Target Shares Units in exchange for a certificate representing the number of Buyer Preferred Shares to which he or it is entitled.