Common Share Interest Payment Election definition

Common Share Interest Payment Election means an election to satisfy an Interest Obligation on the applicable Interest Payment Date in the manner described in the Common Share Interest Payment Election Notice;

Common Share Interest Payment Election has the meaning ascribed thereto in Section 2.14(b)(i)(B);

Common Share Interest Payment Election means the delivery by the Company to the Debenture Trustee for sale, a sufficient number of Common Shares to satisfy the Interest Obligation on the Interest Payment Date, in which event holders of the Debentures will be entitled to receive a cash payment equal to the interest payable from the proceeds of the sale of such Common Shares;

Examples of Common Share Interest Payment Election in a sentence

• For clarity, payment of such interest, whether in cash or by delivery of Freely Tradeable Common Shares pursuant to the exercise of the Common Share Interest Payment Election, may, at the option of the Corporation, be paid on the next regularly scheduled Interest Payment Date following the Date of Conversion.

• The Common Share Interest Payment Election Notice shall direct the Trustee to solicit and accept only, and each Common Share Bid Request shall provide that the acceptance of any bid is conditional on the acceptance of, sufficient bids to result in aggregate proceeds from such issue and sale of Common Shares which, together with the cash payments by the Corporation in lieu of fractional Common Shares, if any, equal the Interest Obligation on the Common Share Delivery Date.

• Such Common Share Interest Payment Election Notice shall provide that all or a portion of the Interest Obligation may be paid by the Corporation in Common Shares, and if only a portion of the Interest Obligation is to be paid in Common Shares, the Common Share Interest Payment Election shall state such portion to be paid in Common Shares and such portion to be paid in cash.

• At least one Business Day prior to the Interest Payment Date, the Trustee shall deposit amounts from the proceeds of the Common Share Proceeds Investment in the Interest Account to bring the balance of the Interest Account to the Common Share Interest Payment Election Amount.

• On the Interest Payment Date, the Trustee shall pay the funds held in the Interest Account to the holders of record of the Debentures on the Interest Payment Date (less any tax required to be deducted, if any) and, provided that there is no Event of Default, shall remit amounts, if any, in respect of income earned on the Common Share Proceeds Investment or otherwise in excess of the Common Share Interest Payment Election Amount to the Corporation.

More Definitions of Common Share Interest Payment Election

Common Share Interest Payment Election means an election by the Corporation to raise funds in order to satisfy all or a part of an Interest Obligation in the manner described in the Common Share Interest Payment Election Notice.

Common Share Interest Payment Election means an election by the Company to raise funds to satisfy all or part of an Interest Obligation on the applicable Interest Payment Date by the delivery of Common Shares in the manner described in the Common Share Interest Payment Election Notice;

Common Share Interest Payment Election means an election to satisfy all or any portion of the Interest Obligation on the applicable Interest Payment Date in the manner described in the Common Share Interest Payment Election Notice;

Common Share Interest Payment Election means Northland’s election to issue and deliver freely-tradable Common Shares to the Debenture Trustee in order to raise funds to satisfy all or any part of Northland’s obligations to pay interest on the Series B Debentures in accordance with the Indenture;

Common Share Interest Payment Election means an election made by the Corporation in its sole discretion to satisfy any interest payable to a Debentureholder by the issuance of Common Shares, in the manner described in the Common Share Interest Payment Election Notice;”

Common Share Interest Payment Election means an election to satisfy an Interest Obligation on the applicable Interest Payment Date in the mannerdescribed in the Common Share Interest Payment Election Notice.

Common Share Interest Payment Election means the sum of the amount of the aggregate proceeds resulting from the sale of Common Shares on theAmount”Common Share Delivery Date pursuant to acceptable bids obtained pursuant to the Common Share Bid Requests, together with any amount paid by the Issuer in respect of fractional Common Shares pursuant to Clause 25.8, that is equal to the aggregate amount of the Interest Obligation in respect of which the Common Share Interest Payment Election Notice was delivered. Notice”