Common use of Settlement of Accrued Interest and Deemed Payment of Principal Clause in Contracts

Settlement of Accrued Interest and Deemed Payment of Principal. If a Holder converts a Note, the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on the Note, and the Company’s delivery of the Conversion Consideration due upon such conversion will be deemed to satisfy and discharge in full the Company’s obligation to pay the principal of such Note and accrued and unpaid interest, if any, on, such Note to, but excluding the Conversion Date; provided, however, that if a Holder converts a Note after a Regular Record Date and prior to the Open of Business on the corresponding Interest Payment Date, the Company will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note as of the Close of Business on such Regular Record Date. As a result, except as otherwise provided in the proviso to the immediately preceding sentence, any accrued and unpaid interest with respect to a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, if both cash and shares of the Common Stock are delivered upon the conversion of a Note, accrued and unpaid interest will be deemed to be paid first out of the amount of cash so delivered.

Appears in 5 contracts

Samples: First Supplemental Indenture (Par Technology Corp), Indenture (Par Technology Corp), Indenture (Par Technology Corp)

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Settlement of Accrued Interest and Deemed Payment of Principal. If a Holder converts a Note, the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on the such Note, and the Company’s delivery of the Conversion Consideration due upon such conversion Common Stock into which a Note is convertible will be deemed to satisfy and discharge in full the Company’s obligation to pay the principal of such Note of, and accrued and unpaid interest, if any, on, such Note to, but excluding excluding, the Conversion Date; as a result, in the case of conversion, such accrued interest if any, shall be deemed paid in full rather than cancelled, extinguished or forfeited; provided, however, that subject to Section 4.02(f), if a Holder converts a Note after the Close of Business on a Regular Record Date and prior to the Open of Business on the corresponding Interest Payment Date, the Company will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note as of the Close of Business on such Regular Record Date. As a result, except as otherwise provided in the proviso to the immediately preceding sentence, any accrued and unpaid interest with respect to a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, if both cash and shares of the Common Stock are delivered upon the conversion of a Note, accrued and unpaid interest will be deemed to be paid first out of the amount of cash so delivered.

Appears in 2 contracts

Samples: Indenture (Protalix BioTherapeutics, Inc.), Immunogen Inc

Settlement of Accrued Interest and Deemed Payment of Principal. If Notwithstanding anything to the contrary in this Indenture, if a Holder converts exchanges a Note, the Company Issuer will not adjust the Conversion Exchange Rate to account for any accrued and unpaid interest on the Note, such Note and the CompanyIssuer’s delivery of the Conversion Consideration number of ADSs due upon as part of the Issuer’s Exchange Obligation with respect to such conversion Note (and any payment of cash in lieu of fractional ADSs) will be deemed to satisfy and discharge in full the CompanyIssuer’s obligation to pay the principal of such the Note and accrued and unpaid interest, if any, on, such Note to, but excluding excluding, the Conversion Exchange Date; provided, however, that if a Holder converts exchanges a Note after the Close of Business on a Regular Record Date and but prior to the Open of Business on the corresponding Interest Payment Date, the Company Issuer will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note as of at the Close of Business on such Regular Record DateDate notwithstanding the exchange. As a result, except as otherwise provided in the proviso to the immediately preceding sentence, any accrued and unpaid interest with respect to a converted an exchanged Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, if both cash and shares of the Common Stock are delivered upon the conversion of a Note, accrued and unpaid interest will be deemed to be paid first out of the amount of cash so delivered.

Appears in 2 contracts

Samples: Indenture (Amarin Corp Plc\uk), Indenture (Amarin Corp Plc\uk)

Settlement of Accrued Interest and Deemed Payment of Principal. If a Holder converts a Note, the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on the Note, and the Company’s delivery of the Conversion Consideration due upon such conversion will be deemed to satisfy and discharge in full the Company’s obligation to pay the principal of such Note and accrued and unpaid interest, if any, on, such Note to, but excluding the Conversion Date; provided, however, that if a Holder converts a Note after a Regular Record Date and prior to the Open of Business on the corresponding Interest Payment Date, the Company will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note as of the Close of Business on such Regular Record Date. As a result, except as otherwise provided in the proviso to the immediately preceding sentence, any accrued and unpaid interest interest, if any, with respect to a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, if both cash and shares of the Common Stock are delivered upon the conversion of a Note, accrued and unpaid interest will be deemed to be paid first out of the amount of cash so delivered.

Appears in 1 contract

Samples: Indenture (Layne Christensen Co)

Settlement of Accrued Interest and Deemed Payment of Principal. If a Holder converts a Note, the Company Issuer will not adjust the Conversion Rate to account for any accrued and unpaid interest on the such Note, and the CompanyIssuer’s delivery or payment of the Conversion Consideration due upon such conversion shares of Common Stock into which a Note is convertible will be deemed to satisfy and discharge in full the CompanyIssuer’s obligation to pay the principal of such Note of, and accrued and unpaid interest, if any, on, such Note to, but excluding excluding, the Conversion Date; provided, however, that subject to Section 12.02(f), if a Holder converts a Note after the Close of Business on a Regular Record Date and prior to the Open of Business on the corresponding Interest Payment Date, the Company Issuer will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note as of the Close of Business on such Regular Record Date. As a result, except as otherwise provided in the proviso to the immediately preceding sentence, any accrued and unpaid interest with respect to a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, if both cash and shares of the Common Stock are delivered upon the conversion of a Note, accrued and unpaid interest will be deemed to be paid first out of the amount of cash so delivered.

Appears in 1 contract

Samples: Sears Holdings Corp

Settlement of Accrued Interest and Deemed Payment of Principal. If a Holder holder converts a Note, the Company Issuer will not adjust the Conversion Rate to account for any accrued and unpaid interest on the such Note, and the CompanyIssuer’s delivery or payment of the Conversion Consideration due upon such conversion shares of Common Stock into which a Note is convertible will be deemed to satisfy and discharge in full the CompanyIssuer’s obligation to pay the principal of such Note of, and accrued and unpaid interest, if any, on, such Note to, but excluding excluding, the Conversion Date; provided, however, that subject to Section 10.02(f), if a Holder holder converts a Note after the Close of Business on a Regular Record Date and prior to the Open of Business on the corresponding Interest Payment Date, the Company Issuer will still be obligated to pay the interest due on such Interest Payment Date to the Holder holder of such Note as of the Close of Business on such Regular Record Date. As a result, except as otherwise provided in the proviso to the immediately preceding sentence, any accrued and unpaid interest with respect to a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, if both cash and shares of the Common Stock are delivered upon the conversion of a Note, accrued and unpaid interest will be deemed to be paid first out of the amount of cash so delivered.

Appears in 1 contract

Samples: Indenture (CAESARS ENTERTAINMENT Corp)

Settlement of Accrued Interest and Deemed Payment of Principal. If Notwithstanding anything to the contrary in this Indenture, if a Holder converts exchanges a Note, the Company Issuer will not adjust the Conversion Exchange Rate to account for any accrued and unpaid interest on the Note, such Note and the CompanyIssuer’s delivery payment or delivery, as the case may be, of the Conversion Consideration amount of cash, number of ADSs or the amount of cash and the number of ADSs due upon as part of the Issuer’s Exchange Obligation with respect to such conversion Note will be deemed to satisfy and discharge in full the CompanyIssuer’s obligation to pay the principal of such the Note and accrued and unpaid interest, if any, on, such Note to, but excluding excluding, the Conversion Exchange Date; provided, however, that if a Holder converts exchanges a Note after the Close of Business on a Regular Record Date and but prior to the Open of Business on the corresponding Interest Payment Date, the Company Issuer will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note as of at the Close of Business on such Regular Record DateDate notwithstanding the exchange. As a result, except as otherwise provided in the proviso to the immediately preceding sentence, any accrued and unpaid interest with respect to a converted an exchanged Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, if the Exchange Obligation for any Note includes both cash and shares of the Common Stock are delivered upon the conversion of a NoteADSs, accrued and unpaid interest will be deemed to be paid first out of the amount of cash so delivereddelivered upon such exchange.

Appears in 1 contract

Samples: Amarin Corp Plc\uk

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Settlement of Accrued Interest and Deemed Payment of Principal. If a Holder converts a Note, the Company will not make any separate cash payment or adjust the Conversion Rate to account for any accrued and unpaid interest (including any applicable Dividend Pass-Through Payment) on the Note, and the Company’s delivery of the Conversion Consideration due upon number of shares of Common Stock and the amount of cash that the Company will pay to such conversion Holder in lieu of fractional shares of Common Stock, if any, into which a Note is convertible will be deemed to satisfy and discharge in full the Company’s obligation to pay the principal of such Note and accrued and unpaid interestinterest (including any applicable Dividend Pass-Through Payment), if any, on, such Note to, but excluding excluding, the Conversion Date; provided, however, that if a Holder converts a Note after the Close of Business on a Regular Record Date and prior to the Open of Business on the corresponding Interest Payment Date, the Company will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note as of the Close of Business on such Regular Record Date. As a result, except as otherwise provided in the proviso to the immediately preceding sentence, any accrued and unpaid interest (and any applicable Dividend Pass-Through Payment) with respect to a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, if both cash and shares of the Common Stock are delivered upon the conversion of a Note, accrued and unpaid interest will be deemed to be paid first out of the amount of cash so delivered.

Appears in 1 contract

Samples: Second Supplemental Indenture (Vector Group LTD)

Settlement of Accrued Interest and Deemed Payment of Principal. If a Holder converts a Note, the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on the Note, and the Company’s 's delivery of the Conversion Consideration due upon such conversion number of shares of Common Stock and the amount of cash, if any, into which a Note is convertible will be deemed to satisfy and discharge in full the Company’s 's obligation to pay the principal of such Note and accrued and unpaid interest, if any, on, such Note to, but excluding the Conversion Date; provided, however, that if a Holder converts a Note after a Regular Record Date and prior to the Open of Business on the corresponding Interest Payment Date, the Company will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note as of the Close of Business on such Regular Record Date. Date As a result, except as otherwise provided in the proviso to the immediately preceding sentence, any accrued and unpaid interest with respect to a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, if both cash and shares of the Common Stock are delivered upon the conversion of a Note, accrued and unpaid interest will be deemed to be paid first out of the amount of cash so delivered.

Appears in 1 contract

Samples: Indenture (Ultrapetrol Bahamas LTD)

Settlement of Accrued Interest and Deemed Payment of Principal. If Notwithstanding anything to the contrary in this Note, if a Holder converts exchanges a Note, the Company Issuer will not adjust the Conversion Exchange Rate to account for any accrued and unpaid interest on the Note, such Note and the CompanyIssuer’s delivery of the Conversion Consideration number of ADSs due upon as part of the Issuer’s Exchange Obligation with respect to such conversion Note (and any payment of cash in lieu of fractional ADSs) will be deemed to satisfy and discharge in full the CompanyIssuer’s obligation to pay the principal of such the Note and accrued and unpaid interest, if any, on, such Note to, but excluding excluding, the Conversion Exchange Date; provided, however, that if a Holder converts exchanges a Note after the Close of Business on a Regular Record Date and but prior to the Open of Business on the corresponding Interest Payment Date, the Company Issuer will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note as of at the Close of Business on such Regular Record DateDate notwithstanding the exchange. As a result, except as otherwise provided in the proviso to the immediately preceding sentence, any accrued and unpaid interest with respect to a converted an exchanged Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, if both cash and shares of the Common Stock are delivered upon the conversion of a Note, accrued and unpaid interest will be deemed to be paid first out of the amount of cash so delivered.

Appears in 1 contract

Samples: Amarin Corp Plc\uk

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