Settlement Mechanics Sample Clauses
The Settlement Mechanics clause defines the procedures and timelines for finalizing payments or obligations between parties after a transaction or event. It typically outlines how and when payments must be made, the acceptable methods of payment, and any conditions that must be met before settlement occurs. For example, it may specify that funds are to be transferred within a certain number of business days following delivery of goods or completion of services. This clause ensures both parties have a clear understanding of their settlement responsibilities, reducing the risk of disputes and facilitating smooth financial transactions.
Settlement Mechanics. The Parties agree that, upon the date of delivery of the documents set out in Section 2 (the “Settlement Date”), the Parties shall settle and resolve the Disputes as follows:
Settlement Mechanics i. If, on the Settlement Date, the Settlement Amount is greater than the Reference Amount, MLI will pay the Companies an amount in cash or Paired Shares (valued at the Closing Price on the Settlement Date) equal to the difference.
ii. If the number of Paired Shares sold by MLI pursuant to Section 3.1 is greater than the number of Settlement Shares, the Companies shall deliver to MLI, on the Settlement Date, a number of Paired Shares equal to the difference. If the number of Paired Shares sold by MLI pursuant to Section 3.1 is less than the number of Settlement Shares, MLI shall deliver to the Companies, on the Settlement Date, a number of Paired Shares equal to the difference.
iii. In all events, MLI will pay to the Companies an amount equal to all cash distributions received by MLI that are payable to holders of the Paired Shares but not paid prior to the Settlement Date, on a number of Paired Shares equal to the Settlement Shares, on the Business Day after the relevant distribution payment date declared by the Board of Directors of the REIT and OPCO.
iv. If MLI, in connection with any Settlement, receives net sales proceeds, as calculated pursuant to the definition of Settlement Amount, from the sale of Paired Shares prior to the applicable Settlement Date, MLI, on the Settlement Date, shall pay the Companies an amount in cash representing interest that could have been earned on such net sales proceeds at the USD LIBOR rate having a designated maturity of 1 month, plus 75 basis points, for the period from the date that such net sales proceeds are received by MLI until such Settlement Date.
Settlement Mechanics. Investec shall, at its sole election, call for settlement (in tranches) over the duration of the term in a specified number of (ASX and/or JSE listed) GDO shares. Upon delivery of the GDO shares into a securities account specified by Investec, the outstanding balance of the Facility Amount will be reduced by the number of GDO shares delivered multiplied by 97% of the arithmetic average of the daily VWAP of the applicable GDO share price. Over the 15 trading days preceding the date that Investec calls for partial settlement in shares. GDO, may at its sole election, settle in the Loan For Shares Facility in cash or shares (as above) after 13 months, subject to a minimum of $50 million being settled in GDO shares.
Settlement Mechanics. (i) After November 11, 1998 and any Business Day thereafter, any and all cash amounts in the Collateral Account (if any) shall be transferred to MLI to reduce the Reference Amount.
(ii) After November 11, 1998, the Companies can no longer direct the settlement of Adjustment Shares pursuant to Section 3.1 of this Agreement without the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Parties' consent.
ii. [Intentionally omitted]
iii. If, on the Settlement Date, the Settlement Amount is greater than the Reference Amount, MLI will pay the Companies an amount in cash equal to the difference.
iv. In all events, MLI will pay to the Companies an amount equal to all cash distributions received by MLI that are payable to holders of the Paired Shares but not paid prior to the Settlement Date, on a number of Paired Shares equal to the Settlement Shares, on the Business Day after the relevant distribution payment date declared by the Boards of Directors of the REIT and OPCO.
v. If the number of Paired Shares sold by MLI pursuant to Section 4.1 is greater than the number of Settlement Shares, the Companies shall deliver to MLI, on the Settlement Date, a number of Paired Shares equal to the difference. If the number of Paired Shares sold by MLI pursuant to Section 4.1 is less than the number of Settlement Shares, MLI shall deliver to the Companies, on the Settlement Date, a number of Paired Shares equal to the difference.
vi. If MLI, in connection with any Settlement, receives net sales proceeds, as calculated pursuant to the definition of Settlement Amount, from the sale of Paired Shares prior to the applicable Settlement Date, MLI, on the Settlement Date, shall pay the Companies an amount in cash representing interest that could have been earned on such net sales proceeds at the USD LIBOR rate having a designated maturity of 1 month, plus 75 basis points, for the period from the date that such net sales proceeds are received by MLI until such Settlement Date.
Settlement Mechanics. (a) The Issuer shall include a form of Settlement Instruction with each Partial Conversion Notice and Mandatory Redemption Notice. The form of Settlement Instruction shall also be available on the Bondholder Website.
(b) As a precondition to the delivery to it of any Class A Shares in accordance with Conditions 6.1 or 6.2, each Bondholder must complete, execute and send a Settlement Instruction at the Bondholder’s own expense to the Issuer (or as may be otherwise specified in the applicable Conversion Notice), no later than the date specified in the relevant Conversion Notice (which date shall be no later than the fifth (5th) Business Day prior to the Final Maturity Date or the relevant Conversion Date (as the case may be) (the “Settlement Instruction Cut-Off Date”)).
(c) A Settlement Instruction, once delivered, shall be irrevocable and may not be withdrawn without the consent in writing of the Issuer.
(d) Failure to properly complete and deliver a Settlement Instruction may result in such Settlement Instruction being treated as null and void. Any determination as to whether any Settlement Instruction has been properly completed and delivered as provided in this Condition 6.4 shall be made by the Issuer or its Agent in its sole discretion, acting in good faith and shall, in the absence of manifest error, be conclusive and binding on the relevant Bondholder(s).
(e) On the Conversion Date, or as soon as reasonably practicable thereafter (but in any case within thirty (30) calendar days after the Conversion Date), the Issuer shall allocate Subscription Rights to the Bondholders that have returned a duly completed Settlement Instruction (or such person as a Bondholder shall direct in a Settlement Instruction) and provided each such person complies with Condition 3.3 and satisfies any other securities laws and regulations applicable to the issuance of the Class A Shares, the Issuer shall, subject to the provisions of the Articles of Association, exchange the allocated Subscription Rights for the issuance of a corresponding number of Class A Shares. Accordingly, each such Bondholder shall be recorded in the Register as holder of the applicable number of Class A Shares.
(f) If a duly completed Settlement Instruction is not delivered to the specified office of the Issuer on or before the Settlement Instruction Cut-Off Date, then the Issuer shall, subject to the provisions of the Articles of Association, either elect to:
(i) convert any Subscription Rights allocat...
Settlement Mechanics