Redemption by payment definition

Redemption by payment means the amount you pay to cover any debt you owe in relation to a negotiable instrument a bank has refused to pay because, for example:
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Redemption by payment means, in relation to a promissory note rejected for payment by a financial institution for reasons such as insufficient funds, incorrect affixing of signature/chop, appointing a financial institution as paying agent of a promissory note without such institution’s prior consent or counter-banding (withdrawal of a payment request) before the expiry of the relevant presentation period of a promissory note and the accompanying “Reason(s) for Rejection”, the redemption of such promissory note by the Customer by way of a payment in the amount of such promissory note to discharge the debt owed thereon.
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Redemption by payment means a checking deposit account depositor redeems the dishonored negotiable instrument (which may be dishonored due to insufficient funds, drawer's signature or chop not conforming with authorized signature and chop, appointment of a financial institution as paying agent without obtaining the financial institution's consent, or a stop payment order given before a promissory note becomes stale, etc.) and the protest of non-payment by paying the amount of the negotiable instrument or by other means discharging the depositor from its liabilities on the negotiable instrument.
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Examples of Redemption by payment in a sentence

  • As discussed in Note 14, on November 13, 2003, the Company received notice from NBC that NBC has exercised its right under its investment agreement with the Company to demand that the Company redeem or arrange for a third party to acquire (the "Redemption"), by payment in cash, all 41,500 outstanding shares of the Company's Series B Convertible Exchangeable Preferred Stock held by NBC.


More Definitions of Redemption by payment

Redemption by payment means, in relation to an instrument rejected for reasons such as insufficient funds, incorrect affixing of signature/chop, appointing a financial institution as paying agent of a promissory note without such institution's prior consent or withdrawal of the payment instruction before the expiry of the relevant presentation period of a promissory note, the redemption of such instrument and the accompanying reason for rejection by the depositor of the check deposit account by way of a payment in the amount of such instrument to discharge the debt of the instrument owed thereon.
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Related to Redemption by payment

  • Redemption Fee means the fee applied by us for the return of funds to an IBAN Account holder, or Cardholder following a request for redemption by an IBAN Account holder Cardholder under this Agreement, as specified in the attached Fees & Limits Schedule;

  • Optional Redemption Premium means, with respect to any Series, the premium (expressed as a percentage of the Liquidation Preference of the shares of such Series) payable by the Fund upon the redemption of MuniFund Term Preferred Shares of such Series at the option of the Fund, as set forth in the Appendix for such Series.

  • Redemption Event has the meaning set forth in Section 3.4.

  • Redemption Premium means (i) in the case of the Events of Default described in Section 4(a)(i) - (vi) and (ix) - (xii), 125% or (ii) in the case of the Events of Default described in Section 4(a)(vii) - (viii), 100%.

  • Tax Event Redemption Price means an amount equal to the unpaid principal amount of this Note to be redeemed, which shall be determined by multiplying (1) the Outstanding Principal Amount of this Note by (2) the quotient derived by dividing (A) the outstanding principal amount to be redeemed by Principal Life of the Funding Agreement by (B) the outstanding principal amount of the Funding Agreement.

  • Redemption Amount means, as appropriate, the Final Redemption Amount, the Early Redemption Amount (Tax), the Optional Redemption Amount (Call), the Optional Redemption Amount (Put), the Early Termination Amount or such other amount in the nature of a redemption amount as may be specified in, or determined in accordance with the provisions of, the relevant Final Terms;

  • Redemption Period shall have the meaning set forth in Section 23(a) hereof.

  • Redemption Provisions Initial Redemption Date: Initial Redemption Percentage: Annual Redemption Percentage Reduction, if any: Repayment Provisions: Optional Repayment Date(s):

  • Redemption Rights means the redemption rights provided for in Section 9.2 of the SPAC Certificate of Incorporation.

  • Redemption Form means a standardized form prescribed by the Management Company to be duly filled by the investor to redeem Units and will be stated in this Offering Document.

  • Optional Redemption Price means $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) to the date fixed for redemption and excluding Additional Dividends plus any applicable redemption premium attributable to the designation of a Premium Call Period.

  • Optional Redemption Amount means the sum of (a) 120% of the then outstanding principal amount of the Debenture, (b) accrued but unpaid interest on the Debenture and (c) all liquidated damages and other amounts due in respect of the Debenture.

  • Special Event Redemption Price has the meaning specified in Section 11.2.

  • Redemption Notice means a notice in a form approved by the Company by which a holder of Public Shares is entitled to require the Company to redeem its Public Shares, subject to any conditions contained therein.

  • Note Redemption Price means, for the Redemption Date, an amount equal to the sum of:

  • Tax Redemption The meaning specified in Section 9.3(a) hereof.

  • Optional Redemption shall have the meaning set forth in Section 6(a).

  • Redemption Payment Date As defined in Section 13.1.

  • Tax Event Redemption means, if a Tax Event shall occur and be continuing, the redemption of the Notes, at the option of the Company, in whole but not in part, on not less than 30 days nor more than 60 days' written notice.

  • Redemption Right has the meaning provided in Section 8.5(a) hereof.

  • Triggering Redemption Amount means, for each share of Preferred Stock, the sum of (a) the greater of (i) 130% of the Stated Value and (ii) the product of (y) the VWAP on the Trading Day immediately preceding the date of the Triggering Event and (z) the Stated Value divided by the then Conversion Price, (b) all accrued but unpaid dividends thereon and (c) all liquidated damages and other costs, expenses or amounts due in respect of the Preferred Stock.

  • Final Redemption Amount means, in respect of any Note, its principal amount or such other amount as may be specified in, or determined in accordance with, the relevant Final Terms;

  • Redemption Limit means the sum of the Maximum Daily Redemption Limits applicable to the LS Margin Account Agreement relating to the ETP Securities.

  • Minimum Redemption means, in relation to the Euro Non-RDR ‘Retail’ Unhedged Distribution Shares, a minimum redemption of €250 or such lesser amount as may be agreed by the Directors;

  • Redemption Fund means the fund by that name established pursuant to Section 5.04.

  • Maturity Redemption Payment means an amount per Deposit to which you are entitled on the Maturity Date based on the performance of the Reference Portfolio which is equal to your Principal Amount x (1 + Variable Return).