Patronage Certificates definition
Examples of Patronage Certificates in a sentence
NRTC shall provide prompt written notice to the record holders of the Patronage Certificates of any distributions, redemptions or other payments made with respect to any patronage certificates.
A "Trigger Event" is, and shall be limited to, any distribution (i) that NRTC's Board of Directors, in its sole discretion, may authorize, pursuant to NRTC's bylaws, in connection with the retirement, repayment or rotation generally of patronage capital certificates of the same class as the Patronage Certificates, or (ii) that results from the actual dissolution of NRTC (individually, a "Trigger Event" and, collectively, the "Trigger Events").
On the Effective Date, NRTC shall deliver to the Pegasus Debtors: (i) all previously unissued Patronage Certificates for 2003, and (ii) interim certificates for the period from January 1, 2004 through June 1, 2004, and NRTC shall replace such interim certificates with Patronage Certificates for 2004 when NRTC makes its normal distribution of patronage certificates for 2004 to all of its patrons.
The Pegasus Debtors, the Committee, DIRECTV and any Pegasus Successor (or permitted transferee pursuant to Section 4.c above) further agree that the patronage amounts reflected in the Patronage Certificates are not required to be paid unless and until a Trigger Event occurs.
Notwithstanding anything to the contrary in this Agreement or applicable law, the Pegasus Successor (and any permitted transferee pursuant to Section 4.c below) shall have no right to receive any distribution relating to the Patronage Certificates other than in connection with a Trigger Event.
On or before the Effective Date, the Pegasus Debtors shall deliver the Patronage Certificates to NRTC to enable NRTC to place such a legend on them.
Any Pegasus Successor (and any permitted transferee pursuant to Section 4.c below) agrees that notwithstanding anything to the contrary in this Agreement or applicable law, it shall have no right to receive any distribution relating to the Patronage Certificates other than in connection with a Trigger Event.
NRTC agrees that the Pegasus Successor (and any permitted transferee pursuant to Section 4.c below) shall have the right to hold the Patronage Certificates and receive any distributions relating to the Patronage Certificates that may be made in connection with any Trigger Event (as defined below).
All Parties agree that the Patronage Certificates shall remain in full force and effect after August 31, 2004 and until full payment is made thereunder, but in all other respects subject to NRTC's bylaws, applicable law and actions of NRTC's Board of Directors, including restrictions on transferability.
In any event, any transfer of the Patronage Certificates will be subject to the terms and conditions of this Agreement (including, without limitation, Sections 4.b and 4.d) and, except as set forth in this Agreement, of NRTC's Articles of Incorporation and bylaws.