Payment or Distribution definition
Examples of Payment or Distribution in a sentence
A Payment or Distribution shall include any asset of any kind or character which is not unacceptable to the Trustee, and may consist of cash, securities or other property, by set-off or otherwise, and shall include, without limitation, any purchase, redemption or other acquisition of the Securities or the making of any deposit of funds or securities pursuant to this Indenture (including, without limitation, any deposit pursuant to Article 8 hereof).
A Payment or Distribution shall include any asset of any kind or character, and may consist of cash, securities or other property, by set-off or otherwise, and shall include, without limitation, any purchase, redemption or other acquisition of Securities or the making of any deposit of funds or securities pursuant to this Indenture (including, without limitation, any deposit pursuant to Article 8 hereof).
A Payment or Distribution shall include any asset of any kind or character, and may consist of cash, securities or other property, by set-off or otherwise, and shall include, without limitation, any purchase, redemption or other acquisition of Junior Securities of the series or the making of any deposit of funds or securities pursuant to this Indenture (including, without limitation, any deposit pursuant to Article 8 hereof).
Notwithstanding the foregoing, Restricted Payments and Distributions are permitted hereunder only to the extent that any such Restricted Payment or Distribution is made in accordance with applicable Law and constitutes a valid, non-voidable transaction.
The Maker may not make any Payment with respect to this Note or any Distribution of Assets if (i) there exists a default under any Senior Debt or there exists an event (an “Unmatured Default”) which but for the lapse of time of the giving of notice, or both, would constitute a default under any Senior Debt, or (ii) a default or Unmatured Default under any Senior Debt would exist upon giving effect to such Payment or Distribution of Assets.
All Redemption Payments and Distributions shall be paid by the Company, directly or through the Transfer Agent or through any other Person or agent, only to the Record Holder of the applicable Units as of the Record Date set for the Redemption Payment or Distribution, as applicable.
Such Redemption Payment or Distribution, as applicable, shall constitute full payment and satisfaction of the Company’s Liability in respect of such Redemption Payment or Distribution, regardless of any Claim of any Person who may have an interest in such payment by reason of an assignment or otherwise.
Notwithstanding the foregoing, Restricted Payments and Distributions are permitted hereunder only to the extent such Restricted Payment or Distribution is made in accordance with applicable Law and constitutes a valid, non-voidable transaction.
Notwithstanding any other provision of this Agreement, following an acceleration of the maturity of the Senior Obligations and as long as such acceleration shall continue unrescinded, all Senior Obligations shall first be paid in full in cash before any Payment or Distribution is made on account of or applied on the Subordinated Obligations.
In the event of any Proceeding involving an Obligor, the OpCo Lenders are entitled to receive Payment in Full of all monetary obligations due under any Senior Debt Obligations prior to any Payment or Distribution to the Purchaser on account of the Notes.