Payment of Distribution. Rights to Distributions Preserved; Distribution Rate Reset; Notice............................ 27
Payment of Distribution. The distribution provided for in paragraph (c) of this Section 3.8 shall be paid in three equal annual installments bearing no interest, with the first such installment payment due within 90 days following the end of the fiscal year of the Company in which the Termination Date falls, unless the Manager approves a shorter payment period with equal periodic payments. The subsequent installment payments shall be due within the same time period in subsequent years. Notwithstanding the foregoing, no payment may be made by the Company pursuant to this Section if such payment would (i) render the Company insolvent or materially impair or threaten the financial stability of the Company, as determined by the Manager; (ii) reduce the Company’s capital below the amount needed to provide adequate surplus or reserves; (iii) jeopardize the Company’s licensure by the Montana Department of Insurance; (iv) be opposed or otherwise not approved by the Montana Department of Insurance; or (v) otherwise be prohibited by law. The distribution owed to the Member shall be subordinated to all legal debts, obligations and liabilities of the Company.
Payment of Distribution. The Ambulance Service may pay the distribution required upon withdrawal pursuant to Section 8.4 above in seven (7) equal consecutive annual payments, without interest, commencing one (1) year from the effective date of withdrawal, provided however, that the total annual distributions required upon the withdrawal of one or more Member Municipalities, whether said municipalities withdraw during the same year or in separate years, shall not exceed Four Thousand Dollars ($4,000). In the event that the total annual distributions required upon withdrawal of one or more Member Municipalities exceeds Four Thousand Dollars ($4,000), the number of consecutive annual payments to be made shall be increased so as to reduce the total annual payments to be made to all withdrawn Member Municipalities to Four Thousand Dollars ($4,000).
Payment of Distribution. Rights to Distributions Preserved; Distribution Rate Reset. Distributions on the Preferred Securities which are made on any Payment Date shall, subject to receipt thereof by the Agent, be payable to the Holders as they appear on the books and records of the Agent at the close of business on the relevant Record Dates. Distributions on the Preferred Securities which are made on any Remarketing Settlement Date shall, subject to receipt thereof by the Agent, be payable to (or, in the case of Section 5.1, for the account of) the Holders as they appear on the books and records of the Agent at the close of business on the Remarketing Date. If the Securities are represented by one or more Global Units, the relevant Record Dates shall be the close of business on the Business Day preceding the corresponding Payment Date, unless a different Record Date is established or provided for the corresponding distributions on the Preferred Securities. If the Securities are not represented by one or more Global Units, the relevant Record Dates shall be at least one Business Day prior to the corresponding Payment Dates, or such other dates as may be selected by the Agent. Each Certificate evidencing Preferred Securities (or Debentures) delivered under this Agreement upon registration of transfer of or in exchange for or in lieu of any other Certificate shall carry the rights to distributions accumulated and unpaid, and to accumulate distributions, which were carried by the Preferred Securities (or Debentures) underlying such other Certificate. The applicable Coupon Rate on the Debentures on and after the Remarketing Date shall be equal to the Reset Rate established in the Remarketing on such date.
Payment of Distribution. The distribution shall be paid in a single cash payment to the Participant as soon as administratively feasible after the Valuation Date which next follows the date of approval of the Participant’s request for a hardship distribution. The account(s) from which the distribution is made shall be reduced accordingly as of the Valuation Date of the distribution.
Payment of Distribution. Rights to Distributions Preserved; Distribution SECTION 4.02. Notice and Voting SECTION 4.03. Tax Event Redemption SECTION 4.04. CUSIP Numbers ARTICLE V THE PURCHASE CONTRACTS
Payment of Distribution
