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

Settlement of Accrued Interest and Deemed Payment of Principal. Notwithstanding anything to the contrary in this Indenture, if a Holder exchanges a Note, the Issuer will not adjust the Exchange Rate to account for any accrued and unpaid interest on such Note and the Issuer’s delivery of the number of ADSs due as part of the Issuer’s Exchange Obligation with respect to such Note (and any payment of cash in lieu of fractional ADSs) will be deemed to satisfy and discharge in full the Issuer’s obligation to pay the principal of the Note and accrued and unpaid interest, if any, on, such Note to, but excluding, the Exchange Date; provided, however, that if a Holder exchanges a Note after the Close of Business on a Regular Record Date but prior to the Open of Business on the corresponding Interest Payment Date, the Issuer will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note at the Close of Business on such Regular Record Date 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 an exchanged Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited.

Appears in 2 contracts

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

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Settlement of Accrued Interest and Deemed Payment of Principal. Notwithstanding anything to the contrary in this Indenture, if If a Holder exchanges converts a Note, the Issuer Company will not adjust the Exchange Conversion Rate to account for any accrued and unpaid interest on such Note the Note, and the IssuerCompany’s delivery of the number of ADSs Conversion Consideration due as part of the Issuer’s Exchange Obligation with respect to upon such Note (and any payment of cash in lieu of fractional ADSs) conversion will be deemed to satisfy and discharge in full the IssuerCompany’s obligation to pay the principal of the such Note and accrued and unpaid interest, if any, on, such Note to, but excluding, excluding the Exchange Conversion Date; provided, however, that if a Holder exchanges converts a Note after the Close of Business on a Regular Record Date but and prior to the Open of Business on the corresponding Interest Payment Date, the Issuer Company will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note at as of the Close of Business on such Regular Record Date notwithstanding the exchangeDate. 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 an exchanged 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. Notwithstanding anything to the contrary in this IndentureNote, if a Holder exchanges a Note, the Issuer will not adjust the Exchange Rate to account for any accrued and unpaid interest on such Note and the Issuer’s delivery of the number of ADSs due as part of the Issuer’s Exchange Obligation with respect to such Note (and any payment of cash in lieu of fractional ADSs) will be deemed to satisfy and discharge in full the Issuer’s obligation to pay the principal of the Note and accrued and unpaid interest, if any, on, such Note to, but excluding, the Exchange Date; provided, however, that if a Holder exchanges a Note after the Close of Business on a Regular Record Date but prior to the Open of Business on the corresponding Interest Payment Date, the Issuer will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note at the Close of Business on such Regular Record Date 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 an exchanged Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited.

Appears in 1 contract

Samples: Note Purchase Agreement (Amarin Corp Plc\uk)

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Settlement of Accrued Interest and Deemed Payment of Principal. Notwithstanding anything to the contrary in this Indenture, if a Holder exchanges a Note, the Issuer will not adjust the Exchange Rate to account for any accrued and unpaid interest on such Note and the Issuer’s delivery payment or delivery, as the case may be, of the amount of cash, number of ADSs or the amount of cash and the number of ADSs due as part of the Issuer’s Exchange Obligation with respect to such Note (and any payment of cash in lieu of fractional ADSs) will be deemed to satisfy and discharge in full the Issuer’s obligation to pay the principal of the Note and accrued and unpaid interest, if any, on, such Note to, but excluding, the Exchange Date; provided, however, that if a Holder exchanges a Note after the Close of Business on a Regular Record Date but prior to the Open of Business on the corresponding Interest Payment Date, the Issuer will still be obligated to pay the interest due on such Interest Payment Date to the Holder of such Note at the Close of Business on such Regular Record Date 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 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 ADSs, accrued and unpaid interest will be deemed to be paid first out of the amount of cash delivered upon such exchange.

Appears in 1 contract

Samples: Indenture (Amarin Corp Plc\uk)

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