Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days), Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 3 contracts
Sources: Merger Agreement (Xactly Corp), Merger Agreement (Cvent Inc), Merger Agreement (Tibco Software Inc)
Payment Procedures. Promptly following (i) As soon as practicable after the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail deliver:
(A) to each holder of record (holder, as of immediately prior to the Effective Time) , of (i1) a an outstanding certificate or certificates that which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and ) or (ii2) uncertificated shares of Company Common Stock that represented outstanding shares by book-entry (“Book-Entry Shares”), a customary letter of Company Common Stock transmittal (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated SharesLetter of Transmittal”) (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon proper delivery of the Certificates to the Payment Agent); Paying Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and (Bwhich shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration set forth in Section 2.1(b)(i); and
(B) to each holder of a Company Stock Option as of the Effective Time (1) an Option Surrender Agreement, and Uncertificated Shares (2) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Option Consideration.
(ii) Upon surrender of Certificates for cancellation to the Payment AgentPaying Agent of a Certificate or Book-Entry Shares, together with such letter the Letter of transmittalTransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the holders Surviving Corporation or the Paying Agent, the holder of such Certificates will Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock Merger Consideration for each share formerly represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), Certificate or Book-Entry Shares and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (such Certificate or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will shall then be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practicescanceled. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated or Book-Entry Shares on the Per Share Price Merger Consideration payable upon in respect of the surrender Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to an individual, partnership, limited liability company, corporation, joint stock company, trust, estate, joint venture, Governmental Entity, association or unincorporated organization, or any other form of business or professional entity (“Person”), other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such Certificates payment shall have paid any transfer and Uncertificated Shares pursuant other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.9(c2.5(b)(ii). Until so surrendered, outstanding Certificates each Certificate and Uncertificated Shares will each Book-Entry Share shall, subject to Section 2.2, be deemed from and at any time after the Effective Time to evidence represent only the right to receive upon such surrender the Merger Consideration as contemplated by this Article II.
(iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by the Surviving Corporation or the Paying Agent, the holder of the Company Stock Option shall be entitled to receive in exchange therefor the amount of cash which such holder has the right to receive pursuant to the provisions of Section 2.3, and the Company Stock Option so surrendered shall then be canceled. Until surrendered in accordance with the provisions of this Section 2.5(b)(iii), each Company Stock Option shall be deemed at any time after the Effective Time to represent for all purposes only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in Option Consideration as contemplated by this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 3 contracts
Sources: Merger Agreement, Merger Agreement (Hexion Specialty Chemicals, Inc.), Merger Agreement (Huntsman International LLC)
Payment Procedures. Promptly following (i) With respect to any certificate which immediately prior to the Effective Time represented outstanding Company Shares (and in any event within three Business Daysthe “Certificates”), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail mail, promptly following the Effective Time (but in no event later than the fifth (5th) Business Day thereafter), to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) such Certificates (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title reasonably satisfactory to the Certificates will passCompany and Parent, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares (or affidavits of loss in lieu thereof) in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article III. Upon surrender of Certificates (or affidavits of loss in lieu thereof) for cancellation to the Payment Paying Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may be required pursuant to such instructions, Parent shall cause the holders of such Certificates will be entitled Paying Agent to receive in exchange therefor an amount in cash equal to pay and deliver as promptly as practicable after the product obtained by multiplying (x) Effective Time the aggregate number of shares of Cash Amount payable for each Company Common Stock Share represented by such Certificate; by (y) the Per Share Price Certificate pursuant to Section 3.7 (less any applicable withholding Taxes payable in respect thereofTax pursuant to Section 3.8(e)), and the Certificates so surrendered will shall forthwith be cancelled. Upon canceled.
(ii) With respect to non-certificated Company Shares represented in book-entry form (the “Uncertificated Shares”), Parent shall cause the Paying Agent to pay and deliver the Cash Amount payable therefor (less any applicable withholding Tax pursuant to Section 3.8(e)), in each case promptly following the Effective Time and upon surrender thereof to the Paying Agent by receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) (but in no event later than the case of a book-entry transfer fifth (5th) Business Day thereafter). The Company and Parent shall cooperate to, and Parent shall cause the Paying Agent to, (A) deliver to DTC or its nominees, or to holders of Uncertificated Shares, in each case to the holders extent applicable or required, any notice with respect to the effectiveness of the Merger and any instructions for surrendering Uncertificated Shares and (B) establish procedures with the Paying Agent and DTC to ensure that the Paying Agent will transmit to DTC or its nominees as soon as practicable after the Effective Time, upon surrender of Company Shares held of record by DTC or its nominees in accordance with DTC’s customary surrender procedures, the Cash Amount payable for each such Uncertificated Shares will be entitled Share pursuant to receive in exchange therefor an amount in cash equal to the product obtained by multiplying Section 3.7.
(1iii) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Paying Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)3.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will (other than Certificates and Uncertificated Shares representing any Canceled Company Shares or Dissenting Company Shares) shall be deemed deemed, from and after the Effective Time Time, to evidence only the right to receive the Per Share PriceMerger Consideration, without interest thereon, less any applicable withholding Tax pursuant to Section 3.8(e), payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article III.
Appears in 3 contracts
Sources: Merger Agreement (Johnson & Johnson), Merger Agreement (Abiomed Inc), Merger Agreement (Johnson & Johnson)
Payment Procedures. Promptly following Any amount payable to a Tax Indemnitee pursuant to this Exhibit G shall be paid within 30 days after receipt of a written demand therefor from such Tax Indemnitee accompanied by a written statement describing in reasonable detail the Effective Time (and in any event within three Business Days), Parent basis for such indemnity and the Surviving Corporation will cause computation of the Payment Agent to mail to each holder of record (as of immediately amount so payable, provided that such amount need not be paid prior to the Effective Time) later of (i) a certificate or certificates that immediately 1 business day prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (date that the “Certificates”); and indemnifiable Taxes are due or (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, amounts which are being contested by the holders of such Uncertificated Shares will be entitled to receive Lessee in exchange therefor an amount in cash equal to good faith or by the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof Tax Indemnitee pursuant to Section 2.71.03, the time such contest is finally resolved. Notwithstanding anything Within 15 days following the Lessee's receipt of the computation of the amount of the indemnity, the Lessee may request that an accounting firm to be jointly selected by the Lessee and such Tax Indemnitee (but not including the accounting firm that regularly prepares the certified financial statements of the Lessee or such Tax Indemnitee unless such firm consists of one of the "Big 5" accounting firms in which case such firm shall be deemed acceptable to the contrary parties) determine whether such computations of the Tax Indemnitee are correct. The computations of such accounting firm shall be final, binding and conclusive upon the parties and the Lessee shall have no right to inspect the books, records or tax returns of the Tax Indemnitee to verify such computation. All fees and expenses payable in this Agreement, no holder of Uncertificated Shares will connection with such verification shall be required to provide a Certificate or borne by the Lessee unless such verification discloses an executed letter of transmittal error adverse to the Payment Agent Lessee of more than 5% of the amount computed by the Tax Indemnitee, in order to receive which case such fees and expenses shall be paid by the payment that such holder is entitled to receive pursuant to Section 2.7Tax Indemnitee.
Appears in 3 contracts
Sources: Aircraft Purchase Agreement (Republic Airways Holdings Inc), Aircraft Purchase Agreement (Republic Airways Holdings Inc), Aircraft Purchase Agreement (Republic Airways Holdings Inc)
Payment Procedures. Promptly following At or prior to the Effective Time Time, Parent shall deposit (or cause to be deposited) with the Company, by wire transfer of immediately available funds, the aggregate cash amount payable to holders of Company Options, Company Restricted Share Awards and in any event within Company RSU Awards pursuant to Section 2.2(b)(i), Section 2.2(b)(ii) and Section 2.2(b)(iii); provided that at least three Business Days)Days prior to such deposit, the Company shall have delivered to Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder a list of record (all Company Equity Awards that would be outstanding as of immediately prior to the Effective Time, setting out for each such Company Equity Award, the holder thereof, the type of such Company Equity Award, the number of Ordinary Shares subject thereto, the exercise price or purchase price (as applicable) thereof, the grant date thereof, and the vesting schedules or vesting conditions or other restrictions imposed upon such Company Equity Award. As promptly as reasonably practicable following the Closing Date, but in no event later than the next regularly scheduled payroll date that occurs more than three Business Days following the Closing Date, the applicable holders of Company Options, Company Restricted Share Awards and Company RSU Awards shall receive a cash payment from the Company or the Surviving Company, through its payroll system or payroll provider, of all cash amounts required to be paid to such holders in respect of its Company Options, Company Restricted Share Awards and Company RSU Awards pursuant to Section 2.2(b)(i), Section 2.2(b)(ii) and Section 2.2(b)(iii), as applicable (iafter giving effect to any required Tax withholdings as provided in Section 2.3(e)). Notwithstanding the foregoing, if any cash payment payable to a holder of Company Options, Company Restricted Share Awards or Company RSU Awards pursuant to Section 2.2(b)(i), Section 2.2(b)(ii) or Section 2.2(b)(iii), as applicable, cannot be made through the Company’s or the Surviving Company’s payroll system or payroll provider, then the Surviving Company shall issue a certificate check for such payment to such holder (after giving effect to any required Tax withholdings as provided in Section 2.3(e)), which check shall be sent by overnight courier to such holder as promptly as reasonably practicable following the Closing Date (but in any event on or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (next regularly schedule payroll date). Further notwithstanding the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effectedforegoing, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price extent that any amount payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time Section 2.2(b)(iv) relates to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant a Company RSU Award that is nonqualified deferred compensation subject to Section 2.7. Notwithstanding anything 409A of the Code, then such amount shall be paid at the earliest time permitted under the terms of the applicable agreement, plan or arrangement relating to such Company RSU Award that will not trigger a tax or penalty under Section 409A of the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Code.
Appears in 2 contracts
Sources: Merger Agreement (Centurium Capital Partners 2018, L.P.), Merger Agreement (China Biologic Products Holdings, Inc.)
Payment Procedures. Promptly following the Effective Time (and in any event within three two (2) Business Days), Parent and the Surviving Corporation will shall cause the Payment Exchange Agent to mail to each holder of record (as of immediately prior to the Effective Time) Time of (i) a certificate one or more certificates that immediately prior to the Effective Time represented issued and outstanding shares of Company Common Capital Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”” (if any); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Exchange Agent); , and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in to such holder with respect thereof to Company Capital Stock formerly represented thereby pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Exchange Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal the Merger Consideration payable to the product obtained by multiplying (x) the aggregate number of shares of such holder with respect to Company Common Capital Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Certificates, and the Certificates so surrendered will forthwith be cancelled. Upon Notwithstanding anything to the contrary in this Agreement, no record holder of uncertificated shares of Company Capital Stock (the “Uncertificated Shares”) will be required to deliver a Certificate or an executed letter of transmittal to the Exchange Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7 with respect to such Uncertificated Shares. In lieu thereof, such record holder, upon receipt of an “agent’s message” by the Payment Exchange Agent (or such other evidence, if any, of transfer as the Payment Exchange Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares), the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal the Merger Consideration payable to such holder with respect to the product obtained by multiplying (1) Company Capital Stock it held immediately prior to the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Effective Time, and the transferred Uncertificated Shares so surrendered will shall be cancelled. The Payment Exchange Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Exchange Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Cash Consideration payable upon the surrender of such Certificates and cancellation of Uncertificated Shares pursuant to this Section 2.9(c2.9(d). Until so surrenderedsurrendered or cancelled, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement (Infinera Corp), Merger Agreement (Nokia Corp)
Payment Procedures. Promptly following the Effective Time Closing (and in any event within three Business DaysDays following the Closing), Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Capital Stock (other than Dissenting Company Shares and Owned Company Shares, as applicable) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Capital Stock (other than Dissenting Company Shares and Owned Company Shares, as applicable) (the “Uncertificated Shares”) ): (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares Shares, as applicable, in exchange for the Per Share Price Price, payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Capital Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereofsubject to Section 2.12), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Capital Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereofsubject to Section 2.12), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Price, payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, Price without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement (Vista Equity Partners Fund Viii, L.P.), Merger Agreement (Duck Creek Technologies, Inc.)
Payment Procedures. Promptly As promptly as practicable following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will Merger Sub shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”), which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than shares cancelled pursuant to Section 2.7(a)(ii) hereof and Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form and reasonably acceptable to the Company (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Paying Agent); ) and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon surrender of Certificates for cancellation to the Payment AgentPaying Agent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes Merger Consideration payable in respect thereof)thereof pursuant to the provisions of this Article II, and the Certificates so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelledcanceled. The Payment Paying Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)2.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 2 contracts
Sources: Merger Agreement (Kellwood Co), Merger Agreement (Kellwood Co)
Payment Procedures. Promptly following the Effective Time (and but in any no event within three Business Dayslater than five (5) business days thereafter), Parent and the Surviving Corporation will Merger Sub shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”) or non-certificated Company Shares represented by book-entry (“Book-Entry Shares”), which immediately prior to the Effective Time represented outstanding shares of Company Common Stock Shares (other than Dissenting Canceled Company Shares and Owned Dissenting Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates or transfer of the Book-Entry Shares to the Payment Agent); ) and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated or transfer of Book-Entry Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon (i) surrender of Certificates for cancellation to the Payment AgentAgent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying or (xii) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of the transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Book-Entry Shares, the holders of such Uncertificated Certificates or Book-Entry Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes Merger Consideration payable in respect thereof)thereof pursuant to the provisions of this Article II, and the transferred Uncertificated Certificates so surrendered or Book-Entry Shares so surrendered will transferred shall forthwith be cancelledcanceled. The Payment Agent will shall accept such Certificates and transferred Uncertificated or Book-Entry Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated or Book-Entry Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated or transfer of Book-Entry Shares pursuant to this Section 2.9(c)2.6. Until so surrenderedsurrendered or transferred, outstanding Certificates and Uncertificated or Book-Entry Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 2 contracts
Sources: Acquisition Agreement (Ca, Inc.), Acquisition Agreement (Rally Software Development Corp)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after Parent’s deposit of the Effective Time (and in any event within three Business Days), Parent and the Surviving Corporation will cause Additional Merger Consideration portion of the Payment Fund pursuant to Section 2.4(a) hereof, the Paying Agent to mail shall deliver:
(A) to each holder of record (as of a certificate or certificates that, immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time , represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the each, a “CertificatesCertificate”); and (ii) uncertificated , which holder’s shares of Company Common Stock that represented outstanding shares were converted into the right to receive the Merger Consideration pursuant to Section 2.1: (x) a customary form of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) letter of transmittal (the “Uncertificated SharesLetter of Transmittal”) (A) a letter of transmittal in customary form (which will specify ), reasonably acceptable to Parent and the Company, specifying that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon proper delivery of the Certificates to the Payment Exchange Agent); and (By) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable Merger Consideration; and
(B) to each holder of an outstanding Company Stock Option entitled to receive the Option Consideration: (x) an option surrender agreement (an “Option Surrender Agreement”) that shall be in respect thereof pursuant to Section 2.7. substantially the form attached hereto as Exhibit A; and (y) instructions for use in effecting the surrender of such Company Stock Option in exchange for the Option Consideration.
(ii) Upon surrender of Certificates a Certificate for cancellation to the Payment Paying Agent, together with such letter the Letter of transmittalTransmittal, duly completed executed, or an “agent’s message” in the case of a book entry transfer, and validly executed in accordance with any other documents reasonably required by Parent or the instructions theretoPaying Agent, (A) the holders holder of such Certificates will a Certificate shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained of the Merger Consideration multiplied by multiplying (x) the aggregate number of shares of Company Common Stock formerly represented by such the surrendered Certificate; by , and (yB) the Per Share Price Certificate so surrendered shall forthwith be canceled. Until surrendered as contemplated by this Section 2.4, each Certificate shall be deemed at any time after the Effective Time to represent only the right to receive upon such surrender the appropriate amount of Merger Consideration as contemplated by Section 2.1. In no event shall the holder of any such surrendered Certificate be entitled to receive any interest on any cash to be received in the Merger.
(less any applicable withholding Taxes payable in respect thereof)iii) Upon surrender of a Company Stock Option for cancellation to the Paying Agent, together with the Option Surrender Agreement, duly executed, and any other documents reasonably required by Parent or the Certificates so surrendered will forthwith be cancelled. Upon receipt Paying Agent, (A) the holder of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will Company Stock Option shall be entitled to receive in exchange therefor an the amount in of cash equal that such holder has the right to receive pursuant to the product obtained by multiplying provisions of Section 2.2, and (1B) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares Option so surrendered will shall be cancelledcanceled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof Until surrendered in accordance with normal exchange practices. No interest will be paid or accrued for the benefit provisions of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered2.4, each outstanding Certificates and Uncertificated Shares will Company Stock Option shall be deemed from and at any time after the Effective Time to evidence represent for all purposes only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7Option Consideration. Notwithstanding anything to In no event shall the contrary in this Agreement, no holder of Uncertificated Shares will any Company Stock Option be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant any interest on any cash to Section 2.7be received in the Merger.
Appears in 2 contracts
Sources: Merger Agreement (Occupational Health & Rehabilitation Inc), Merger Agreement (Concentra Operating Corp)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three not later than the third Business Days)Day following the Closing Date, Parent and the Surviving Corporation will shall cause the Payment Exchange Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting or Company Shares and Owned Company Shares) (Preferred Stock whose shares were converted into the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (right to receive the “Uncertificated Shares”) Merger Consideration or the Preferred Merger Consideration, as applicable, pursuant to Section 2.1, (A) a letter of transmittal in customary form with respect to Book-Entry Shares (to the extent applicable) and Certificates (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon on delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Payment AgentExchange Agent and shall be in such form and have such other provisions as Parent and the Company may mutually reasonably agree); , and (B) instructions for use in effecting the surrender of Book-Entry Shares (to the extent applicable) or Certificates and Uncertificated Shares (or effective affidavits of loss in lieu thereof) in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon Merger Consideration or the Preferred Merger Consideration, as applicable.
(ii) On surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Exchange Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, or, in the holders case of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Book-Entry Shares, and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent Exchange Agent, and such other documents as may customarily be required by the Exchange Agent, the holder of such Certificates (or such other evidence, if any, effective affidavits of transfer as the Payment Agent may reasonably requestloss in lieu thereof) in the case of a bookor Book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Entry Shares will shall be entitled to receive in exchange therefor an therefor, and the Exchange Agent shall be required to promptly deliver to each such holder, the Merger Consideration or the Preferred Merger Consideration, as applicable, into which the shares represented by such Certificates or Book-Entry Shares have been converted pursuant to this Article 2 (together with any Fractional Share Cash Amount and any dividends or other distributions payable pursuant to Section 2.2(c)). No interest shall be paid or accrued on any amount payable on due surrender of Certificates (or effective affidavits of loss in cash equal lieu thereof) or Book-Entry Shares. If payment of the Merger Consideration or Preferred Merger Consideration, as applicable, is to be made to a Person other than the product obtained by multiplying Person in whose name the surrendered Certificate is registered, it shall be a condition precedent of payment that (1A) the aggregate number Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and (B) the Person requesting such payment shall have paid any transfer and other similar Taxes required by reason of shares the payment of the Merger Consideration or Preferred Merger Consideration, as applicable, to a Person other than the registered holder of the Certificate surrendered or shall have established that such Tax either has been paid or is not required to be paid.
(iii) The Exchange Agent, the Company, Parent and Merger Sub, as applicable, shall be entitled to deduct and withhold from any amounts otherwise payable to holders of Company Common Stock represented by or Company Preferred Stock pursuant to this Article 2 such holder’s transferred Uncertificated Sharesamounts as are required to be withheld or deducted under the Internal Revenue Code of 1986, as amended (the “Code”), or under any provision of state, local or foreign Tax Law with respect to the making of such payment; by it being understood that, provided that the representation and warranty of the Company in Section 3.15(c) is true and correct as of the Effective Time, no deduction or withholding shall be made under the Laws of Canada (2or any province thereof) the Per Share Price from any such amounts (less other than, for greater certainty, (A) any applicable withholding Taxes payable dividend or other distribution referenced in respect thereofSection 2.2(c), and (B) amounts referred to in Section 2.3 that are attributable to personal services performed by the transferred Uncertificated Shares so surrendered will applicable payee in Canada or any province thereof or by an applicable payee who is a resident, for income Tax purposes, of Canada) except to the extent that any such deduction or withholding shall be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof required by a change in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and Law after the Effective Time date of this Agreement. To the extent that amounts are so deducted or withheld and timely paid over to evidence only the right relevant Governmental Entity, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to receive the Per Share Price, without interest thereon, payable Person in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate which such deduction or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7withholding was made.
Appears in 2 contracts
Sources: Merger Agreement (Canadian National Railway Co), Merger Agreement (Kansas City Southern)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three not later than the second (2nd) Business Days)Day following the Closing Date, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior Shares whose Shares were converted into the right to receive the Effective Time) of (i) a certificate or certificates that immediately prior Merger Consideration pursuant to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) Section 2.1, (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment AgentPaying Agent and shall be in such form and have such other provisions as Parent and the Company may mutually reasonably agree); , and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Merger Consideration.
(ii) Upon surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Paying Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may customarily be required by the holders Paying Agent, the holder of such Certificates will (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying of (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by properly surrendered Certificates (2or effective affidavits of loss in lieu thereof) or Book-Entry Shares and (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practicesMerger Consideration. No interest will shall be paid or accrued for on any amount payable upon due surrender of Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares. In the benefit event of holders a transfer of ownership of Shares that is not registered in the transfer records of the Certificates and Uncertificated Shares on the Per Share Price payable Company, payment of Merger Consideration upon the due surrender of a Certificate may be paid to such Certificates and Uncertificated a transferee if the Certificate formerly representing such Shares pursuant is presented to this Section 2.9(c). Until so surrenderedthe Paying Agent, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time accompanied by all documents required to evidence only and effect such transfer and to evidence that any applicable stock transfer Taxes have been paid or are not applicable.
(iii) The Paying Agent, the right Company, Parent and Merger Sub (and their respective Affiliates or agents), as applicable, shall be entitled to receive deduct and withhold from any amounts otherwise payable under this Agreement such amounts as are required to be withheld or deducted under the Per Share PriceInternal Revenue Code of 1986, without interest thereonas amended (the “Code”), payable or under any provision of state, local or foreign Tax Law with respect to the making of such payment. To the extent that such amounts are so deducted or withheld and paid over to the relevant Governmental Entity within the time and in the manner required by applicable Law, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate which such deduction or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7withholding was made.
Appears in 2 contracts
Sources: Merger Agreement (Aerojet Rocketdyne Holdings, Inc.), Merger Agreement (L3harris Technologies, Inc. /De/)
Payment Procedures. Promptly (i) As soon as reasonably practicable after the Effective Time and in any event not later than the second business day following the Effective Time (and or, in any event within three Business Days)the case of clause (y) below, Parent and not later than the date the first payroll checks are paid to employees of the Surviving Corporation will cause following the Payment Effective Time), (x) the Paying Agent to shall mail to each holder of record (as of immediately prior Shares whose Shares were converted into the Merger Consideration pursuant to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) Section 2.1, (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment AgentPaying Agent and shall be in such form and have such other customary provisions as Parent and the Company may mutually agree); , and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Per Share Price Merger Consideration and (y) the Paying Agent or the Surviving Corporation shall pay to each holder of a Company Stock Option or a Company Stock-Based Award the amount due and payable in respect thereof to such holder pursuant to Section 2.7. 5.5 hereof in respect of such Company Stock Option or Company Stock-Based Award.
(ii) Upon surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Agent, Paying Agent together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may reasonably be required by the holders Paying Agent, the holder of such Certificates will or Book-Entry Shares shall be entitled to receive in exchange therefor a check in an amount in cash equal to the product obtained by multiplying of (x) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares multiplied by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practicesMerger Consideration. No interest will be paid or accrued for on any amount payable upon due surrender of Certificates or Book-Entry Shares. In the benefit event of holders a transfer of ownership of Shares that is not registered in the transfer records of the Certificates and Uncertificated Shares on the Per Share Price payable Company, a check for any cash to be paid upon the due surrender of the Certificate may be paid to such Certificates a transferee if the Certificate formerly representing such Shares is presented to the Paying Agent, accompanied by all documents required to evidence and Uncertificated effect such transfer and to evidence that any applicable stock transfer Taxes (as hereinafter defined) have been paid or are not applicable.
(iii) The Paying Agent shall, at the Surviving Corporation’s request, deduct and withhold from the consideration otherwise payable under this Agreement to any holder of Shares pursuant or holder of Company Stock Options or Company Stock-Based Awards, such amounts as are required to this Section 2.9(cbe withheld or deducted under the Internal Revenue Code of 1986 (the “Code”) or any provision of U.S. state or local Tax Law with respect to the making of such payment, and pay such amounts to the Surviving Corporation for payment over to the applicable Governmental Entity (as hereinafter defined). Until To the extent that amounts are so surrenderedwithheld or deducted and paid over to the applicable Governmental Entity, outstanding Certificates and Uncertificated such withheld or deducted amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the Shares will be deemed from and after or holder of the Effective Time to evidence only the right to receive the Per Share PriceCompany Stock Options or Company Stock-Based Awards, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that which such holder is entitled to receive pursuant to Section 2.7deduction and withholding were made.
Appears in 2 contracts
Sources: Merger Agreement (Ceridian Corp /De/), Merger Agreement (Comdata Network, Inc. Of California)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days), Parent and the Surviving Corporation will Company shall cause the Payment Paying Agent to mail or otherwise disseminate to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”) which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Paying Agent); and , and/or (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon surrender of Certificates for cancellation to the Payment AgentPaying Agent or to such other agent or agents as may be appointed by Acquisition, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereofMerger Consideration to which the holder thereof is entitled pursuant to Section 2.7(a)(ii), and the Certificates so surrendered will shall forthwith be cancelledcanceled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) in the case of a book-book entry transfer of Uncertificated uncertificated Shares, the holders of such Uncertificated uncertificated Shares will shall be entitled to receive in exchange therefor for the cancellation of such uncertificated Shares an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereofMerger Consideration to which the holder thereof is entitled pursuant to Section 2.7(a)(ii), and the transferred Uncertificated uncertificated Shares so surrendered will shall forthwith be cancelledcanceled. The Payment Paying Agent will shall accept such Certificates and transferred Uncertificated uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated uncertificated Shares pursuant to this Section 2.9(c)2.8. Until so surrendered, outstanding Certificates and Uncertificated uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share PriceMerger Consideration, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 2 contracts
Sources: Agreement and Plan of Merger (China Yida Holding, Co.), Merger Agreement (China Yida Holding, Co.)
Payment Procedures. Promptly (i) As soon as reasonably practicable after the Effective Time (but in no event later than (x) two Business Days following the Effective Time with respect to Cede & Co. and (and in any event within three y) five Business DaysDays following the Effective Time with respect to all other holders), Parent and will instruct the Surviving Corporation will cause the Payment Paying Agent to mail to each holder of record (as of immediately prior whose Shares were converted into the Merger Consideration pursuant to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) Section 3.1, (A) a form of letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and that risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or effective affidavits of loss accompanied by any bond required by Section 3.2(g) in lieu thereof) or Book-Entry Shares to the Payment AgentPaying Agent and shall be in such form and have such other provisions as Parent may reasonably specify that are consistent with the terms of this Agreement); , and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated (or effective affidavits of loss accompanied by any bond required by Section 3.2(g) in lieu thereof) or Book-Entry Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Merger Consideration.
(ii) Upon surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) to the Payment Agent, Paying Agent together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, or the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) in the case of a bookBook-entry transfer of Uncertificated Entry Shares, and such other documents as may customarily be required by the holders Paying Agent, the holder of such Uncertificated Certificates or Book-Entry Shares will shall be entitled to receive promptly in exchange therefor an amount (subject to any applicable withholding Tax as specified in cash Section 3.2(b)(iii)) equal to the product obtained by multiplying of (1x) the aggregate number of shares of Company Common Stock Shares represented by such holder’s transferred Uncertificated Shares; properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book- Entry Shares multiplied by (2y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Merger Consideration, and the transferred Uncertificated such Certificates or Book-Entry Shares so surrendered will shall be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price any amount payable upon the surrender of Certificates or Book-Entry Shares. In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Company, any amounts payable upon due surrender of the Certificate may be paid to such Certificates a transferee if the Certificate formerly representing such Shares is presented to the Paying Agent, is properly endorsed or otherwise in proper form for transfer and Uncertificated Shares pursuant is accompanied by all documents required to evidence and effect such transfer and to evidence to the Surviving Corporation’s reasonable satisfaction that any applicable Taxes have been paid or are not applicable. Until surrendered as contemplated by this Section 2.9(c). Until so surrendered3.2, outstanding Certificates and Uncertificated Shares will each Certificate or Book-Entry Share shall be deemed from and at any time after the Effective Time to evidence represent only the right to receive upon such surrender and in accordance with the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7terms hereof the Merger Consideration as contemplated by this Article III. Notwithstanding anything to the contrary contained in this Agreement, no any holder of Uncertificated Book-Entry Shares will shall not be required to provide deliver a Certificate or an executed letter of transmittal to the Payment Paying Agent in order to receive the payment amount of the aggregate Merger Consideration that such holder is entitled to receive pursuant to Section 2.7this Article III.
(iii) Notwithstanding anything to the contrary in this Agreement, each of Parent, Merger Sub and the Surviving Corporation shall be entitled to deduct and withhold, or cause the Paying Agent to deduct or withhold, from the consideration otherwise payable under this Agreement to any holder of Shares, Restricted Stock Units or Company Stock Options such amounts as are required to be withheld or deducted under the Code or any applicable provision of U.S. state, U.S. local or foreign Tax Law with respect to the making of such payment. To the extent that amounts are so withheld or deducted, such withheld or deducted amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the Shares, Restricted Stock Units or Company Stock Options in respect of which such deduction and withholding were made.
Appears in 2 contracts
Sources: Merger Agreement (FGX International Holdings LTD), Merger Agreement (Essilor International /Fi)
Payment Procedures. Promptly (a) Within ten (10) Business Days following receipt of any LO2A Consideration by the Effective Time Wize Subsidiaries, or to the extent applicable, by Wize, Wize shall deliver to the Rights Agent (and in any event within three Business Daysx) an Officer’s Certificate certifying the CVR Payment Amount, if any, received by the Wize Subsidiaries, or to the extent applicable, Wize (or its Affiliates), Parent with a copy to the Holders’ Representative (the “CVR Certificate”) and (y) the Surviving Corporation CVR Payment Amount. If the CVR Payment Amount is to be paid in cash, then such amount will cause be transferred by wire transfer of immediately available funds to an account designated in writing by the Rights Agent, the applicable CVR Payment Amount, if any. To the extent that any CVR Payment Amount is paid to the Rights Agent, such amounts shall be treated for all purposes of this Agreement as having been paid to the Holders and any delay, failure or mistake in payment by Rights Agent shall not be the liability or obligation of Wize or the Wize Subsidiaries, as applicable (it being clarified such delay, failure or mistake in payment by Rights Agent being treated, and subject to mail the liability limitations, set forth in Article III). If the Wize Subsidiaries, or to each holder of record the extent applicable, the Company fails to timely deliver the CVR Payment Amount (as may be adjusted upwards following resolution of immediately a disagreement underlying a Notice of Objection) due hereunder to the Rights Agent, other than due to reasons which are a ‘force majeur’ or act of God, then, without derogating from the other rights and remedies available herein, such CVR Payment Amount shall bear a default interest of 6% per annum (from the date it was due until the transfer date) and such default interest shall be added to, and become part of, the CVR Payment Amount.
(b) On or prior to the Effective Time) 10th Business Day immediately following delivery of the CVR Certificate and the applicable CVR Payment Amount to the Rights Agent in accordance with Section 2.05, the Rights Agent shall (i) send each Holder a certificate or certificates that immediately prior copy of such CVR Certificate to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); such Holder’s registered address and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (distribute the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the CVR Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidenceAmount, if any, to the Holders pro rata in accordance with their respective CVRs as reflected on the CVR Register, by checks (if such payment is to be made in cash) mailed to the respective addresses of transfer such Holders as the Payment Agent may reasonably request) reflected in the CVR Register (the earlier of such 10th Business Day and the date on which the Rights Agent distributes the CVR Payment in accordance with this subsection(b), in each case of if a book-entry transfer of Uncertificated SharesCVR Payment Amount shall have been required to be delivered to the Rights Agent in accordance with Section 2.05, the holders of such Uncertificated Shares will “CVR Payment Date”).
(c) The Wize Subsidiaries, or to the extent applicable, Wize shall be entitled to receive in exchange therefor an amount in cash equal deduct and withhold, or cause to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes be deducted or withheld, from each CVR Payment Amount otherwise payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)Agreement, such amounts as Wize or the applicable subsidiary of Wize is required to deduct and withhold with respect to the making of such payment under the U.S. Internal Revenue Code of 1986, as amended, or any provision of state, local or foreign tax law. Until To the extent that amounts are so surrenderedwithheld or paid over to or deposited with the relevant governmental entity, outstanding Certificates such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Holders in respect of which such deduction and Uncertificated Shares will withholding was made. The Wize Subsidiaries, or to the extent applicable, the Company and the Holders’ Representative may agree to defer any payment of the CVR Payment Amount as needed to secure a tax ruling or other procedure that would allow Wize to refrain from deducting or reduce the amount to be deemed deducted, at source from and the CVR Payment Amount.
(d) Any portion of a CVR Payment Amount that remains undistributed by the Rights Agent to the Holders (including by means of uncashed checks or invalid addresses on the CVR Register) twelve (12) months after the Effective Time relevant CVR Payment Date shall be delivered by the Rights Agent to evidence Wize, and any Holder shall thereafter look only the right to receive the Per Share PriceWize for payments of such CVR Payment Amount, without interest thereoninterest, payable but such Holder shall have no greater rights against Wize than those accorded to general unsecured creditors of Wize under applicable law. Neither Wize nor the Rights Agent shall be liable to any Holder in respect thereof of any cash delivered to a public official in compliance with any applicable state, federal or other abandoned property, escheat or similar law. If any checks delivered pursuant to Section 2.7. Notwithstanding anything the provisions hereof shall not have been cashed prior to the contrary date on which the cash in this Agreementrespect of such checks would otherwise escheat to or become the property of any governmental authority, no holder any cash in respect of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal such checks shall, to the Payment Agent in order extent permitted by law, immediately prior to receive such time become the payment that such holder is entitled to receive pursuant to Section 2.7property of Wize. Thereafter, Wize shall be responsible for compliance with unclaimed property obligations.
Appears in 2 contracts
Sources: Contingent Value Rights Agreement (Wize Pharma, Inc.), Contingent Value Rights Agreement (Wize Pharma, Inc.)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time Time, but in no event more than three (and in any event within three 3) Business DaysDays after the Closing Date, Parent shall cause the Exchange Agent to deliver to each record holder (other than record holders of Cancelled Shares or Appraisal Shares), Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) , of (iA) a an outstanding certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and ) or (iiB) uncertificated shares of Company Common Stock that were represented outstanding shares of Company Common Stock by book-entry (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Book-Entry Shares”) (A) a letter of transmittal in customary form (“Letter of Transmittal”) (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon proper delivery of the Certificates to the Payment Agent); Exchange Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the Letter of Transmittal, and (Bwhich shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates and Uncertificated Shares or, in exchange the case of Book-Entry Shares, the surrender of such shares, for payment of the Per Share Price Merger Consideration, together with any amounts payable in respect thereof pursuant to Section 2.7. 3.3(g), if applicable.
(ii) Upon surrender of Certificates for cancellation to the Payment AgentExchange Agent of a Certificate or Book-Entry Shares, together with such letter delivery of transmittal, a duly completed and validly executed in accordance with Letter of Transmittal, and such other customary documents as may be reasonably required by the instructions theretoExchange Agent, the holders holder of such Certificates will Certificate or Book-Entry Shares shall be entitled to promptly receive in exchange therefor an amount in cash equal the Merger Consideration that such holder has the right to the product obtained by multiplying (x) the aggregate number of shares receive pursuant to this Article III, together with any amounts payable pursuant to Section 3.3(g), if applicable, for each share of Company Common Stock formerly represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Certificate or Book-Entry Share, and the all Certificates so surrendered will shall be forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated or Book-Entry Shares on the Per Share Price Merger Consideration payable upon in respect of the surrender Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to a Person other than the record holder of such Certificates shares of Company Common Stock, it shall be a condition of payment that shares so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and Uncertificated Shares pursuant that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of such shares surrendered or shall have established to the satisfaction of the Surviving Entity that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.9(c3.3(b)(ii). Until so surrendered, outstanding Certificates each Certificate and Uncertificated Shares will each Book-Entry Share shall be deemed from and at any time after the Effective Time to evidence represent only the right to receive upon such surrender the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof of such shares of Company Common Stock, together with any amounts payable to such holder pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement3.3(g), no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7if applicable.
Appears in 2 contracts
Sources: Merger Agreement (Midstates Petroleum Company, Inc.), Merger Agreement (Amplify Energy Corp)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will Merger Sub shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”) or non-certificated Company Shares represented by book-entry (“Book-Entry Shares”), which immediately prior to the Effective Time represented outstanding shares of Company Common Stock Shares (other than Dissenting Canceled Company Shares and Owned Dissenting Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates or transfer of the Book-Entry Shares to the Payment Agent); ) and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated or transfer of Book-Entry Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon (i) surrender of Certificates for cancellation to the Payment AgentAgent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying or (xii) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of the transfer as the Payment Paying Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Book-Entry Shares, the holders of such Uncertificated Certificates or Book-Entry Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes Merger Consideration payable in respect thereof)thereof pursuant to the provisions of this Article II, and the transferred Uncertificated Certificates so surrendered or Book-Entry Shares so surrendered will transferred shall forthwith be cancelledcanceled. The Payment Agent will shall accept such Certificates and transferred Uncertificated or Book-Entry Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated or Book-Entry Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated or transfer of Book-Entry Shares pursuant to this Section 2.9(c)2.8. Until so surrenderedsurrendered or transferred, outstanding Certificates and Uncertificated or Book-Entry Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 2 contracts
Sources: Acquisition Agreement (Salesforce Com Inc), Acquisition Agreement (ExactTarget, Inc.)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will Merger Sub shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (ix) a certificate or certificates that (the “Certificates”) or (y) uncertificated shares represented by book-entry (“Book Entry Shares”), which, in each case, represented, immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Agent); Agent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the letter of transmittal, as applicable, and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated or Book-Entry Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article III. Upon surrender of Certificates or Book-Entry Shares for cancellation to the Payment AgentAgent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will or Book-Entry Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes Merger Consideration payable in respect thereof)thereof pursuant to the provisions of this Article III, and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a bookBook-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Entry Shares so surrendered will shall forthwith be cancelledcanceled. The Payment Agent will shall accept such Certificates and transferred Uncertificated or Book-Entry Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated or Book-Entry Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)3.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article III.
Appears in 2 contracts
Sources: Merger Agreement (Hewlett Packard Co), Merger Agreement (ArcSight Inc)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will shall cause the Payment Agent to mail be mailed to each holder of record (as of immediately prior to the Effective Time) Time of (i) a certificate or certificates that (the “Certificates”) which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and or (ii) uncertificated shares of Company Common Stock that represented outstanding by book-entry (“each, a “Book-Entry Share”), in each case, whose shares of Company Common Stock were converted into the right to receive the Merger Consideration pursuant to Section 3.7 (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ax) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon proper delivery of the Certificates to the Payment AgentAgent or, in the case of Book-Entry Shares, upon adherence to the procedures set forth in the letter of transmittal); , and (By) instructions for use in effecting the surrender of the Certificates and Uncertificated Book-Entry Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7Merger Consideration. Upon surrender of Certificates for cancellation to the Payment Agent, together with such a letter of transmittal, duly completed and validly executed in accordance with the instructions theretothereto and such other documents as may be required pursuant to such instructions, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal or delivery to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt Payment Agent of an “agent’s message” by the Payment Agent in respect of Book-Entry Shares (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares), the holders of such Uncertificated Shares will holder shall be entitled to receive in exchange therefor an a check in the amount in cash of U.S. dollars (after giving effect to any required withholdings pursuant to Section 3.10(d)) equal to the product obtained by multiplying of (1x) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated properly surrendered Certificates and/or Book-Entry Shares; by , as applicable, and (2y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)per share Merger Consideration, and the transferred Uncertificated Certificates and Book-Entry Shares so surrendered will shall forthwith be cancelledcanceled. The Payment Agent will shall accept such Certificates and transferred Uncertificated Book-Entry Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Book-Entry Shares.
Appears in 2 contracts
Sources: Merger Agreement (Brigham Exploration Co), Merger Agreement (Statoil Asa)
Payment Procedures. Promptly following (i) As promptly as practicable after the Effective Time (and but in any no event within more than three Business DaysDays thereafter), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of Person who was, immediately prior to the Effective Time) , a holder of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock Share Certificate (other than Dissenting Company a Share Certificate representing (A) Canceled Shares and Owned Company or (B) Appraisal Shares, which shall be treated in accordance with Section 2.06) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ax) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will such Share Certificate shall pass, only upon delivery of the Certificates such Share Certificate (or affidavits in lieu thereof in accordance with Section 2.02(d)) to the Payment Paying Agent); , which shall be in such form and shall have such other customary provisions as Parent and the Company may reasonably agree prior to the Closing Date, and (By) instructions for use in effecting the surrender of such Share Certificate to the Certificates and Uncertificated Shares Paying Agent in exchange for payment of the Per Share Price payable Merger Consideration as provided in respect thereof pursuant to Section 2.7. 2.01(c).
(ii) Upon surrender delivery of Certificates for cancellation to the Payment Agent, together with such a letter of transmittal, duly completed and validly executed in accordance with such letter’s instructions (and such other customary documents as may reasonably be required by the instructions theretoPaying Agent), and surrender to the holders Paying Agent of Share Certificates (or affidavits in lieu thereof in accordance with Section 2.02(d)), as contemplated in subsection (i) of this Section 2.02(b), Parent and the Surviving Corporation shall instruct the Paying Agent to, as promptly as practicable, pay and deliver to the holder of such Certificates will be entitled Share Certificate the aggregate Merger Consideration that such holder has the right to receive pursuant to this Agreement (in exchange therefor an amount in cash equal each case, with respect to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock formerly represented by such Share Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Share Certificates so surrendered will shall forthwith be cancelledcanceled. Upon receipt of an “agent’s message” Until surrendered as contemplated by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered2.02, outstanding Certificates and Uncertificated Shares will each Share Certificate shall be deemed from and at any time after the Effective Time to evidence represent only the right to receive the Per Share Price, without Merger Consideration as contemplated by this Article II. No interest thereon, shall be paid or accrue on any cash payable in respect thereof pursuant to this Section 2.7. Notwithstanding anything to 2.02.
(iii) (A) The Persons who were, at the contrary Effective Time, holders of Book-Entry Shares (other than (i) Canceled Shares or (ii) Appraisal Shares, which shall be treated in this Agreement, no holder of Uncertificated Shares will accordance with Section 2.06) shall not be required to provide deliver a Share Certificate or an executed letter of transmittal to the Payment Paying Agent in order or to take any other action to receive the payment Merger Consideration that such holder is entitled to receive pursuant to Section 2.72.01(c); provided, that such Persons may be required to comply with procedures as may customarily be required by the Paying Agent for holders of Book-Entry Shares.
Appears in 2 contracts
Sources: Merger Agreement (Western Union CO), Merger Agreement (International Money Express, Inc.)
Payment Procedures. Promptly following (i) As soon as possible after the Effective Time (and in any event within three (3) Business DaysDays thereafter), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate Certificate or certificates Certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Excluded Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will passshall pass to the Paying Agent, only upon delivery of the Certificates (or affidavits of loss in lieu thereof) to the Payment Paying Agent, and which letter shall be in such form and have such other provisions as Parent and the Company may reasonably agree); , (B) a draft of the declaration, in a form reasonably agreed by the Parties, in which the beneficial owner of Company Stock provides certain declarations and information necessary for Parent to determine, reasonably and in good faith, the Tax amounts (if any) which need to be withheld from the consideration payable to such beneficial owner pursuant to the terms of the Ordinance, the Code, or any provision of state, local, Israeli or foreign Law (a “Tax Declaration”), and (BC) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares (or affidavits of loss in lieu thereof) in exchange for the Per Share Price payable in respect Merger Consideration to which the holder thereof pursuant to Section 2.7is entitled. Upon surrender of Certificates for cancellation any Certificate (or affidavit of loss in lieu thereof) to the Payment Paying Agent, together with such letter of transmittal, duly executed and completed and validly executed in accordance with the instructions thereto, the holders Tax Declaration, and such other documents as may be reasonably required by the Paying Agent, the holder of such Certificates will Certificate shall be entitled to receive in exchange therefor an amount of cash in cash immediately available funds equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; Certificate (or affidavits of loss in lieu thereof) multiplied by (y) the Per Share Price Merger Consideration (less any applicable withholding Taxes payable required Tax withholdings as provided in respect thereofSection 2.08(h)), and the Certificates Certificate so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by In the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case event of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number ownership of shares of Company Common Stock represented by that is not registered in the transfer records of the Company, payment may be made to a Person other than the Person in whose name the Certificate so surrendered is registered, if such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable Certificate shall be properly endorsed or otherwise be in respect thereof), proper form for transfer and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept Person requesting such Certificates and transferred Uncertificated Shares upon compliance with payment shall pay any transfer or other Taxes required by reason of the payment to a Person other than the registered holder of such reasonable terms and conditions as Certificate or establish to the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practicessatisfaction of Parent that such Tax has been paid or is not applicable. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares accrue on the Per Share Price any cash payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. 2.08.
(ii) Notwithstanding anything to the contrary in this Agreement, no any holder of Uncertificated Book-Entry Shares will shall deliver to the Paying Agent the Tax Declaration, but shall not be required to provide deliver a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment Per Share Merger Consideration that such holder is entitled to receive pursuant to this Article 2. In lieu thereof, each holder of record of one or more Book-Entry Shares whose shares were converted into the right to receive the Per Share Merger Consideration shall upon receipt by the Paying Agent of an “agent’s message” in customary form (or such other documentation or evidence, if any, as the Paying Agent may reasonably request), be entitled to receive, and Parent shall cause the Paying Agent to pay and deliver as promptly as reasonably practicable after the Effective Time, the Per Share Merger Consideration in respect of each such share of Company Stock (less any required Tax withholdings as provided in Section 2.72.08(h)), and the Book-Entry Shares of such holder shall forthwith be cancelled.
Appears in 2 contracts
Sources: Merger Agreement (Magicjack Vocaltec LTD), Merger Agreement (B. Riley Financial, Inc.)
Payment Procedures. Promptly (i) As promptly as practicable following the Effective Time (and in any event within three not later than the third (3rd) Business Days)Day thereafter, Parent and the Surviving Corporation will Company shall cause the Payment Paying Agent to mail (and to make available for collection by hand) to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate Certificate or certificates Book-Entry Share that immediately prior to the Effective Time represented outstanding shares of Company Common Stock Shares (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (transmittal, which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will or Book-Entry Shares, as applicable, shall pass, only upon proper delivery of the Certificates (or affidavits of loss together with any required bond or indemnity in lieu thereof) or Book-Entry Shares to the Payment Agent); Paying Agent and which shall be in the form and have such other provisions as Parent and the Company may reasonably specify and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated or Book-Entry Shares in exchange for the Per Merger Consideration into which the number of Company Common Shares previously represented by such Certificate or Book-Entry Share Price payable in respect thereof shall have been converted pursuant to Section 2.7this Agreement. Parent shall require the paying agent agreement to provide that the Paying Agent deliver such letter of transmittal and instructions not later than three (3) Business Days after the Effective Time. Upon surrender of Certificates for cancellation (or effective affidavits of loss together with any required bond or indemnity in lieu thereof) to the Payment Paying Agent, including by the entry through a book-entry transfer agent of the surrender of any Company Common Shares held in book entry on a book-entry statement, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may customarily and reasonably be required by the holders Paying Agent, the holder of such Certificates will (or effective affidavits of loss together with any required bond or indemnity in lieu thereof) or Book-Entry Shares shall be entitled to receive from the Exchange Fund in exchange therefor an amount in cash equal to the product obtained by multiplying of (xA) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; by holder’s properly surrendered Certificates (yor effective affidavits of loss in lieu thereof) or Book-Entry Shares and (B) the Per Share Price Merger Consideration (less any applicable withholding Taxes payable in respect thereofTaxes), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued on any amount payable upon due surrender of Certificates (or effective affidavits of loss together with any required bond or indemnity in lieu thereof) or Book-Entry Shares. In the event of a transfer of ownership of Company Common Shares that is not registered in the transfer records of the Company, payment upon due surrender of the Certificate may be paid to such a transferee if the Certificate formerly representing such Company Common Shares is presented to the Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence that any applicable share transfer and other applicable Taxes have been paid or are not applicable. The Merger Consideration, paid in full (less any applicable withholding Taxes) with respect to any Company Common Share in accordance with the terms hereof, shall be deemed to have been paid in full satisfaction of all rights pertaining to such Company Common Share.
(ii) The Paying Agent, the Company and its Subsidiaries, Parent and Merger Sub, as applicable, shall be entitled to deduct and withhold from any amounts otherwise payable under this Agreement such amounts as are required to be withheld or deducted under the Internal Revenue Code of 1986 (the “Code”), and the regulations promulgated thereunder, or any provision of state, local or foreign Tax Law with respect to the making of such payment. To the extent that amounts are so deducted or withheld, such deducted or withheld amounts (A) shall be remitted by the applicable entity to the appropriate Governmental Entity and (B) shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction or withholding was made. The parties hereto agree to cooperate in good faith in requesting and providing any information or documentation allowing for the benefit reduction or elimination of holders of the Certificates any such deduction and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7withholding.
Appears in 2 contracts
Sources: Merger Agreement (Lexmark International Inc /Ky/), Merger Agreement (Kofax LTD)
Payment Procedures. Promptly (i) As soon as reasonably practicable following the Effective Time (and in any event within three Business Days)Closing, Parent and the Surviving Corporation will shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary the form supplied by Parent (which will specify the “Letter of Transmittal”) to each Company Stockholder, Company Warrantholder and each Non-Employee Company Option Holder at the address set forth opposite each such Person’s name on the Closing Spreadsheet.
(ii) For Company Stockholders, after receipt by the Payment Agent of a Letter of Transmittal (with respect to shares of Company Capital Stock) and any other documents (including applicable Tax forms and a duly executed Joinder Agreement) that delivery will be effectedParent or the Payment Agent may reasonably require in connection therewith (the “Exchange Documents”), duly completed and risk validly executed in accordance with the instructions thereto and the original certificate representing shares of loss and title Company Capital Stock (a “Company Stock Certificate”) or Affidavit of Loss therefor, Parent shall cause the Payment Agent to pay to the Certificates will pass, only upon delivery holder of such Company Stock Certificate in exchange therefor that portion of the Certificates Merger Consideration payable in respect thereto pursuant to Section 1.3(b)(i)-(x) (less (A) the Payment Agentcash amounts to be withheld and deposited in the Escrow Fund on such holder’s behalf pursuant to Section 2.3(b)(ii); and , and, if applicable, (B) instructions for use in effecting the surrender of cash amounts to be deposited with the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof Stockholders’ Representative on such holder’s behalf pursuant to Section 2.72.3(b)(iii)), and the Company Stock Certificate so surrendered shall be cancelled. Upon surrender No portion of Certificates for cancellation the Merger Consideration shall be paid or payable to the holder of any Company Stock Certificate until the holder of record of such Company Stock Certificate shall surrender such Company Stock Certificate (or Affidavit of Loss therefor) and validly executed Exchange Documents in accordance with the terms and conditions hereof.
(iii) For Company Warrantholders and Non-Employee Company Option Holders, after receipt by the Payment AgentAgent of the Exchange Documents and any other documents (including applicable Tax forms) that Parent or the Payment Agent may reasonably require in connection therewith (which for the avoidance of doubt, together with such letter will not include a Joinder Agreement), each of transmittal, which shall be duly completed and validly executed in accordance with the instructions thereto, Parent shall cause the holders of such Certificates will be entitled Payment Agent to receive pay to the applicable Company Warrantholder or Non-Employee Company Option Holder in exchange therefor an amount in cash equal to that portion of the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes Merger Consideration payable in respect thereofthereto pursuant to Section 1.3(c)(i) and Section 1.3(d) (as applicable), and . No portion of the Certificates so surrendered will forthwith Merger Consideration shall be cancelled. Upon receipt of an “agent’s message” by paid or payable to a Company Warrantholder or Non-Employee Company Option Holder without executed Exchange Documents in accordance with the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7hereof.
Appears in 2 contracts
Payment Procedures. Promptly following (i) As promptly as reasonably practicable after the Effective Time (and in any event within three two Business DaysDays thereafter), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) deliver a letter of transmittal (which will be in customary form and reviewed by the Company prior to delivery) (“Letter of Transmittal”) (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will certificates representing the shares of Company Class A Common Stock (the “Certificates”) shall pass, only upon proper delivery of the Certificates to the Payment AgentPaying Agent or, in the case of Company Class A Common Stock in book-entry (the “Book-Entry Shares”); , upon adherence to the procedures set forth in the Letter of Transmittal), which shall be in a customary form and (B) agreed to by the parties prior to the Closing and instructions for use in effecting the surrender of the Certificates and Uncertificated or, in the case of Book-Entry Shares, the surrender of such shares, for payment of the Merger Consideration, to each holder of record, as of immediately prior to the Effective Time, of (A) Certificates or (B) Book-Entry Shares. Each holder of Certificates or Book-Entry Shares in exchange may thereafter until the first (1st) anniversary of the Effective Time surrender such Certificates or Book-Entry Shares to the Paying Agent, as agent for such holder, under cover of the Per Share Price payable in respect thereof pursuant to Section 2.7. Letter of Transmittal, if applicable.
(ii) Upon surrender of Certificates for cancellation to the Payment AgentPaying Agent of a Certificate or Book-Entry Shares, together with such letter the Letter of transmittalTransmittal, if applicable, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by the holders Paying Agent, the holder of such Certificates will Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock Merger Consideration for each share formerly represented by such Certificate; by (y) the Per Certificate or Book-Entry Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith such Certificate or Book-Entry Share shall then be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practicescanceled. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated or Book-Entry Shares on the Per Share Price Merger Consideration payable upon in respect of the surrender Certificates or Book-Entry Shares. If payment of the Merger Consideration is to be made to a Person other than the holder of record of such Certificates shares of Company Class A Common Stock, it shall be a condition of payment that such shares of Company Class A Common Stock so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and Uncertificated Shares pursuant that the Person requesting such payment shall have paid any transfer and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of such shares surrendered or shall have established to the satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.9(c3.3(b)(ii). Until so surrendered, outstanding Certificates each Certificate and Uncertificated Shares will each Book-Entry Share shall be deemed from and at any time after the Effective Time to evidence represent only the right to receive upon such surrender the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in Merger Consideration as contemplated by this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article III.
Appears in 2 contracts
Sources: Merger Agreement (Maxwell W Keith III), Merger Agreement (Via Renewables, Inc.)
Payment Procedures. Promptly following (a) On or prior to the Effective Time Closing Date, Parent shall select a reputable bank or trust company to act as paying agent in the Merger (the “Paying Agent”). Promptly, and in any event within three (3) Business Days), after the Effective Time, Parent shall deposit or cause to be deposited with the Paying Agent cash in an amount equal to the total amount required for the payments in Section 2.4(a)(iii) and 2.4(a)(iv). The cash amount so deposited with the Surviving Corporation Paying Agent is referred to as the “Exchange Fund.”
(b) As soon as reasonably practicable after the Effective Time, the Paying Agent will cause the Payment Agent to mail to each holder the record holders of record (Company Shares as of immediately prior to the Effective Time) of , whether such Company Shares are represented by Certificates or Book-Entry Shares, (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form and containing such provisions as Parent may reasonably specify (which will specify including a provision confirming that delivery will of Company Share Certificates or Book-Entry Shares shall be effected, and risk of loss and title to the Company Share Certificates will or Book-Entry Shares shall pass, only upon delivery of the such Company Share Certificates or Book-Entry Shares to the Payment Paying Agent); , and (Bii) instructions for use in effecting the surrender of the Company Share Certificates and Uncertificated or Book-Entry Shares in exchange for the Per Share Price consideration payable in respect thereof pursuant to Section 2.72.4(a)(iii) and 2.4(a)(iv) for the number of Company Shares previously represented by such Company Share Certificates or Book-Entry Shares, together with a duly executed letter of transmittal and such other documents as may be reasonably required pursuant to such instructions by the Paying Agent or Parent. Until surrendered as contemplated by this Section 2.6, all Company Share Certificates or Book-Entry Shares shall be deemed, from and after the Effective Time, to represent only the right to receive the consideration payable pursuant to Section 2.4(a)(iii) and 2.4(a)(iv) as contemplated by Section 2. If any Company Share Certificate shall have been lost, stolen or destroyed, Parent may, in its discretion and as a condition to the payment of the consideration payable pursuant to Section 2.4(a)(iii), require the owner of such lost, stolen or destroyed Company Share Certificate to provide an appropriate affidavit of loss and to deliver a bond (in such sum as Parent may reasonably direct) as indemnity against any claim that may be made against the Paying Agent, Parent or the Surviving Corporation with respect to such Company Share Certificate.
(c) Upon surrender of Certificates a Company Share Certificate (or affidavit of loss and bond as indemnity, in accordance with Section 2.6(b), in lieu thereof) or Book-Entry Share for cancellation to the Payment Paying Agent, together with such a letter of transmittal, transmittal duly completed and validly executed in accordance with the instructions thereto, and such other documents as may be reasonably required pursuant to such instructions, the holders holder of such Certificates will Company Share Certificate or Book-Entry Share shall be entitled to receive the Per Share Merger Consideration in exchange therefor an amount in cash equal pursuant to Section 2.4(a)(iii), to be mailed (or made available for collection by hand if so elected by the product obtained by multiplying surrendering holder) within five (x5) Business Days following the later to occur of (i) the aggregate number Paying Agent’s receipt of shares of Company Common Stock represented by such Certificate; by the Exchange Fund, and (yii) the Per Paying Agent’s receipt of such Company Share Price Certificate (less any applicable withholding Taxes payable or affidavit of loss and bond as indemnity, in respect accordance with Section 2.6(b), in lieu thereof)) or Book-Entry Share, and the Certificates Company Share Certificate or Book-Entry Share so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent cancelled within five (or such other evidence, if any, of transfer as the Payment Agent may reasonably request5) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying Business Days.
(1d) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of the holders of the Certificates and Uncertificated Company Share Certificate or Book-Entry Shares on the Per Share Price consideration payable upon the surrender of to such Certificates and Uncertificated Shares holders pursuant to this Section 2.9(c). Until so surrendered, outstanding Agreement.
(e) Any portion of the Exchange Fund that remains undistributed to holders of Company Share Certificates and Uncertificated or Book-Entry Shares will be deemed from and as of the date twelve (12) months after the Effective Time date on which the Merger becomes effective shall be delivered to evidence Parent upon demand, and any holders of Company Share Certificates or Book-Entry Shares who have not theretofore surrendered their Company Share Certificates or Book-Entry Shares in accordance with this Section 2.6 shall thereafter look only the right to receive Parent for payment of the Per Share Price, without interest thereon, payable in respect thereof Merger Consideration pursuant to Section 2.72.4(a)(iii). Notwithstanding anything Parent or as otherwise instructed by Parent shall be the owner of any interest or other amounts earned on the Exchange Fund and Per Share Merger Consideration.
(f) Neither Parent nor the Surviving Corporation shall be liable to any holder or former holder of Company Shares or to any other Person with respect to any Per Share Merger Consideration delivered to any public official pursuant to any applicable abandoned property law, escheat law or similar Legal Requirement. In the event that this Agreement is terminated for any reason and any cash has been transmitted to the contrary in this AgreementPaying Agent, no holder of Uncertificated Shares will such cash shall promptly be required returned to provide a Certificate Parent or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7as otherwise instructed by Parent.
Appears in 2 contracts
Sources: Merger Agreement (Voltaire Ltd.), Merger Agreement (Mellanox Technologies, Ltd.)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days), Parent and the Surviving Corporation will shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective TimeTime (other than Owned Company Shares) of (i) a certificate one or more certificates that immediately prior to the Effective Time represented issued and outstanding shares of Company Common Stock (other than Dissenting Owned Company Shares and Owned Dissenting Company Shares, as applicable) (the “Certificates”” (if any); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); , and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in with respect thereof to the shares of Company Common Stock formerly represented thereby pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; Certificates by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon Notwithstanding anything to the contrary in this Agreement, no record holder of uncertificated shares of Company Common Stock (other than Owned Company Shares and Dissenting Company Shares, as applicable) (the “Uncertificated Shares”) will be required to deliver a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7 with respect of such Uncertificated Shares. In lieu thereof, such record holder, upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares), the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; Shares by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and transfer of Uncertificated Shares pursuant to this Section 2.9(c). Until so surrenderedsurrendered or transferred, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, Price without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement (Datto Holding Corp.), Merger Agreement (Datto Holding Corp.)
Payment Procedures. Promptly following the Effective Time (Time, and in any event within three not more than five (5) Business Days)Days thereafter, Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form and reasonably acceptable to the Company (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive receive, and the Payment Agent shall promptly pay, in exchange therefor therefor, an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive receive, and the Payment Agent shall promptly pay, in exchange therefor therefor, an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c2.10(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement (Monotype Imaging Holdings Inc.), Merger Agreement (Nutraceutical International Corp)
Payment Procedures. Promptly (i) As promptly as practicable following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail (and to make available for collection by hand) to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate Certificate or certificates Book-Entry Share that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (transmittal, which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will or Book-Entry Shares, as applicable, shall pass, only upon proper delivery of the Certificates (or affidavits of loss together with any required bond or indemnity in lieu thereof) or Book-Entry Shares to the Payment Agent); Paying Agent and which shall be in the form and have such other provisions as Parent and the Company may reasonably specify and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated or Book-Entry Shares in exchange for the Per Merger Consideration into which the number of shares of Common Stock previously represented by such Certificate or Book-Entry Share Price payable in respect thereof shall have been converted pursuant to Section 2.7this Agreement. Parent shall require the paying agent agreement to provide that the Paying Agent deliver such letter of transmittal and instructions not later than five (5) Business Days after the Effective Time. Upon surrender of Certificates for cancellation (or effective affidavits of loss together with any required bond or indemnity in lieu thereof) to the Payment Paying Agent, including by the entry through a book-entry transfer agent of the surrender of any Shares held in book entry on a book-entry statement, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may customarily and reasonably be required by the holders Paying Agent, the holder of such Certificates will (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive from the Exchange Fund in exchange therefor an amount in cash equal to the product obtained by multiplying of (xA) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by properly surrendered Certificates (2or effective affidavits of loss in lieu thereof) or Book-Entry Shares and (B) the Per Share Price Merger Consideration (less any applicable withholding Taxes payable in respect thereofTaxes), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued on any amount payable upon due surrender of Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares. In the event of a transfer of ownership of shares of Common Stock that is not registered in the transfer records of the Company, payment upon due surrender of the Certificate may be paid to such a transferee if the Certificate formerly representing such shares of Common Stock is presented to the Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence that any applicable stock transfer and other applicable Taxes have been paid or are not applicable. The Merger Consideration, paid in full (less any applicable withholding Taxes) with respect to any share of Common Stock in accordance with the terms hereof, shall be deemed to have been paid in full satisfaction of all rights pertaining to such shares of Common Stock.
(ii) The Paying Agent, the Company and its Subsidiaries, Parent and Merger Sub, as applicable, shall be entitled to deduct and withhold from any amounts otherwise payable under this Agreement such amounts as are required to be withheld or deducted under the Internal Revenue Code of 1986 (the “Code”), and the regulations promulgated thereunder, or any provision of state, local or foreign Tax Law with respect to the making of such payment. To the extent that amounts are so deducted or withheld, such deducted or withheld amounts (A) shall be remitted by the applicable entity to the appropriate Governmental Entity and (B) shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction or withholding was made. The parties hereto agree to cooperate in good faith in requesting and providing any information or documentation allowing for the benefit reduction or elimination of holders of the Certificates any such deduction and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7withholding.
Appears in 2 contracts
Sources: Merger Agreement (MWI Veterinary Supply, Inc.), Merger Agreement (Amerisourcebergen Corp)
Payment Procedures. Promptly following the Effective Time (and but in any no event within three Business Daysmore than ten (10) business days thereafter), Parent and the Surviving Corporation will Merger Sub shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”), which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Agent); , and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon surrender of Certificates for cancellation to the Payment AgentAgent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes Merger Consideration payable in respect thereof)thereof pursuant to the provisions of this Article II, and the Certificates so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelledcanceled. The Payment Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)2.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 2 contracts
Sources: Merger Agreement (Synopsys Inc), Merger Agreement (Insilicon Corp)
Payment Procedures. Promptly following the Effective Time (and in any event within three five (5) Business Days), Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock Shares (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) subject to the last sentence of this Section 2.9(c), uncertificated shares of Company Common Stock Shares that represented outstanding shares of Company Common Stock Shares (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock Shares represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement, Merger Agreement (RealPage, Inc.)
Payment Procedures. (i) Promptly following after the Effective Time (and in any event within but no later than three (3) Business DaysDays after the Effective Time), Parent and the Surviving Corporation Exchange Agent will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that representing outstanding shares of Company Common Stock immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the a “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated SharesCertificate”) whose shares were converted into the right to receive the Merger Consideration pursuant to Section 2.01(a):
(A1) a letter of transmittal in customary form (transmittal, which will shall specify that delivery will shall be effected, and that risk of loss and title to the Certificates held by such holder will pass, only upon proper delivery of the such Certificates to the Payment Agent)Exchange Agent in accordance with the procedures set forth in the letter of transmittal and which shall be in form and substance reasonably satisfactory to Parent and the Company; and and
(B2) instructions for use in effecting the surrender of the such Certificates and Uncertificated Shares in exchange for the Per Share Price payable in Merger Consideration with respect thereof to such shares; provided, however, with respect to each holder of Certificates whose shares cease to be Dissenting Shares following the Effective Time pursuant to Section 2.72.05, Parent shall instruct the Exchange Agent promptly after the date on which Parent becomes aware that such Dissenting Shares have ceased to be Dissenting Shares to mail to such holder the letter of transmittal and instructions referred to above with respect to such shares. (ii) Upon surrender to, and acceptance in accordance with Section 2.03(b)(iii) by, the Exchange Agent of Certificates for cancellation to the Payment Agent, a Certificate (or affidavits of loss in lieu thereof under Section 2.03(g)) together with such the letter of transmittal, if applicable, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates holder thereof will be entitled to receive the Merger Consideration payable in exchange therefor an amount in cash equal to respect of the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock formerly represented by such Certificate; by Certificate surrendered under this Agreement.
(yiii) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Exchange Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Exchange Agent may impose to cause effect an orderly exchange thereof of the Certificates in accordance with normal customary exchange practices.
(iv) Notwithstanding anything herein to the contrary, any holder of uncertificated shares of Company Common Stock (including any shares held pursuant to the Company Benefit Plans) represented by book entry immediately prior to the Effective Time and whose shares were converted into the right to receive the Merger Consideration (“Book-Entry Shares”), shall not be required to deliver a Certificate or an executed letter of transmittal to the Exchange Agent. In lieu thereof, each holder of record of one (1) or more Book-Entry Shares that are converted into the right to receive the Merger Consideration shall automatically upon the Effective Time be entitled to receive, and Parent shall cause the Exchange Agent to pay and deliver as promptly as reasonably practicable after the Effective Time, cash in an amount equal to the Merger Consideration multiplied by the number of uncertificated shares of Company Common Stock previously represented by such Book-Entry Shares. No interest shall be paid or accrue on any cash payable upon conversion of any Book-Entry Shares.
(v) From and after the Effective Time, no further transfers may be made on the records of the Company or its transfer agent of Certificates or Book-Entry Shares, and if any Certificate or Book-Entry Share is presented to the Company for transfer, such Certificate or Book-Entry Share shall be canceled against delivery of the Merger Consideration payable in respect of the shares of Company Common Stock represented by such Certificate or Book-Entry Share.
(vi) If any Merger Consideration is to be remitted to a name other than that in which a Certificate or Book-Entry Share is registered, no Merger Consideration may be paid in exchange for such surrendered Certificate or Book-Entry Share unless:
(1) either (A) the Certificate so surrendered is properly endorsed, with signature guaranteed, or otherwise in proper form for transfer or (B) the Book-Entry Share is properly transferred; and
(2) the Person requesting such payment shall (A) pay any transfer or other Taxes required by reason of the payment to a Person other than the registered holder of the Certificate or Book-Entry Share or (B) establish to the satisfaction of the Exchange Agent that such Taxes have been paid or are not payable.
(vii) At any time after the Effective Time until surrendered as contemplated by this Section 2.03, each Certificate or Book-Entry Share shall be deemed to represent only the right to receive upon such surrender the Merger Consideration payable in respect of the shares of Company Common Stock represented by such Certificate or Book-Entry Share as contemplated by Section 2.01(a). No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated or Book-Entry Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to of the contrary in this Agreement, no holder shares of Uncertificated Shares will be required to provide a Certificate Company Common Stock represented by Certificates or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Book-Entry Shares.
Appears in 2 contracts
Sources: Merger Agreement (Allete Inc), Merger Agreement (Allete Inc)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will Merger Sub shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”) and each holder of record (as of immediately prior to the Effective Time) of shares of Company Common Stock held in book-entry form, in each case which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Agent); ) and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon surrender of Certificates for cancellation to the Payment AgentAgent or to such other agent or agents as may be appointed by Parent or delivery of an agents’ message in respect of shares held in book-entry form, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will or the holders of shares held in book-entry form shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes Merger Consideration payable in respect thereof)thereof pursuant to the provisions of this Article II, and the Certificates so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelledcanceled. The Payment Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)2.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 2 contracts
Sources: Merger Agreement (Autodesk Inc), Merger Agreement (Moldflow Corp)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the First Effective Time (and in any event within three not later than the third (3rd) Business Days)Day following the Closing Date, Parent and the Surviving Corporation will shall cause the Payment Exchange Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (whose shares were converted into the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (right to receive the “Uncertificated Shares”) Merger Consideration, pursuant to Section 2.1, (A) a letter of transmittal in customary form with respect to Book- Entry Shares (to the extent applicable) and Certificates (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon on delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Payment AgentExchange Agent and shall be in such form and have such other provisions as Parent and the Company may mutually reasonably agree); , and (B) instructions for use in effecting the surrender of Book-Entry Shares (to the extent applicable) or Certificates and Uncertificated Shares (or effective affidavits of loss in lieu thereof) in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon Merger Consideration.
(ii) On surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Exchange Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, or, in the holders case of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Book-Entry Shares, and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent Exchange Agent, and such other documents as may customarily be required by the Exchange Agent, the holder of such Certificates (or such other evidence, if any, effective affidavits of transfer as the Payment Agent may reasonably requestloss in lieu thereof) in the case of a bookor Book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Entry Shares will shall be entitled to receive in exchange therefor an amount in cash equal therefor, and the Exchange Agent shall be required to promptly deliver to each such holder, the product obtained by multiplying (1) Merger Consideration into which the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by Certificates or Book-Entry Shares have been converted pursuant to this Article 2 (2) the Per together with any Fractional Share Price (less Cash Amount and any applicable withholding Taxes dividends or other distributions payable in respect thereofpursuant to Section 2.2(c), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices). No interest will shall be paid or accrued for the benefit on any amount payable on due surrender of holders Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares. If payment of the Certificates Merger Consideration is to be made to a Person other than the Person in whose name the surrendered Certificate is registered, it shall be a condition precedent of payment that (A) the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and Uncertificated Shares on (B) the Per Share Price Person requesting such payment shall have paid any transfer and other similar Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established that such Tax either has been paid or is not required to be paid.
(iii) The Exchange Agent, the Company, Parent and each Merger Sub, as applicable, shall be entitled to deduct and withhold from any amounts otherwise payable upon to any Person under this Agreement such amounts as are required to be deducted and withheld related to the surrender making of such Certificates and Uncertificated Shares pursuant payment under applicable Law related to Taxes. To the extent that amounts are so deducted or withheld under this Section 2.9(c). Until so surrendered2.2(b)(iii) and timely paid over to the relevant Governmental Entity, outstanding Certificates and Uncertificated Shares will such deducted or withheld amounts shall be deemed from and after treated for purposes of this Agreement as having been paid to the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable Person in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate which such deduction or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7withholding was made.
Appears in 2 contracts
Sources: Merger Agreement (Union Pacific Corp), Merger Agreement (Norfolk Southern Corp)
Payment Procedures. Promptly following the Effective Time Closing (and in any event within three (3) Business DaysDays following the Closing), Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares, Owned Company Shares and Subsidiary Owned Company Shares, as applicable) (the “Certificates”); and ) or (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares, Owned Company Shares and Subsidiary Owned Company Shares, as applicable) (the “Uncertificated Shares”) ): (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares Shares, as applicable, in exchange for the Per Share Price Price, payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereofsubject to Section 2.13), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereofsubject to Section 2.13), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Price, payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c2.10(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, Price without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement (R1 RCM Inc. /DE), Merger Agreement (R1 RCM Inc. /DE)
Payment Procedures. Promptly following the Effective Time (and in any event within three (3) Business Days)) following the Effective Time, Parent and the Surviving Corporation will Merger Sub shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”), which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Agent); Agent and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article III. Upon surrender of Certificates for cancellation to the Payment AgentAgent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes Merger Consideration payable in respect thereof)thereof pursuant to the provisions of this Article III, and the Certificates so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelledcanceled. The Payment Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)3.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article III.
Appears in 2 contracts
Sources: Merger Agreement (Spectralink Corp), Merger Agreement (Polycom Inc)
Payment Procedures. Promptly following (i) With respect to any certificate which immediately prior to the Effective Time represented outstanding Company Shares (and in any event within three Business Daysthe “Certificates”), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail mail, promptly following the Effective Time (but in no event later than the fifth (5th) Business Day thereafter), to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) such Certificates (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title reasonably satisfactory to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); Company and Parent and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares (or affidavits of loss in lieu thereof) in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon surrender of Certificates (or affidavits of loss in lieu thereof) for cancellation to the Payment Paying Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may be required pursuant to such instructions, Parent shall cause the holders of such Certificates will be entitled Paying Agent to receive in exchange therefor an amount in cash equal to pay and deliver as promptly as practicable after the product obtained by multiplying (x) Effective Time the aggregate number of shares of Merger Consideration payable for each Company Common Stock Share represented by such Certificate; by (y) the Per Share Price Certificate pursuant to Section 2.7 (less any applicable withholding Taxes payable in respect thereofTax pursuant to Section 2.8(e)), and the Certificates so surrendered will shall forthwith be cancelled. Upon canceled.
(ii) With respect to non-certificated Company Shares represented in book-entry form (the “Uncertificated Shares”), Parent shall cause the Paying Agent to pay and deliver the Merger Consideration payable therefor (less any applicable withholding Tax pursuant to Section 2.8(e)), in each case promptly following the Effective Time and upon surrender thereof to the Paying Agent by receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) (but in no event later than the case of a book-entry transfer fifth (5th) Business Day thereafter). The Company and Parent shall cooperate to, and Parent shall cause the Paying Agent to, (A) deliver to DTC or its nominees, or to holders of Uncertificated Shares, in each case to the holders extent applicable or required, any notice with respect to the effectiveness of the Merger and any instructions for surrendering Uncertificated Shares and (B) establish procedures with the Paying Agent and DTC to ensure that the Paying Agent will transmit to DTC or its nominees as soon as practicable after the Effective Time, upon surrender of Company Shares held of record by DTC or its nominees in accordance with DTC’s customary surrender procedures, the Merger Consideration payable for each such Uncertificated Shares will be entitled Share pursuant to receive in exchange therefor an amount in cash equal to the product obtained by multiplying Section 2.7.
(1iii) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Paying Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)2.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will (other than Certificates and Uncertificated Shares representing any Canceled Company Shares or Dissenting Company Shares) shall be deemed deemed, from and after the Effective Time Time, to evidence only the right to receive the Per Share PriceMerger Consideration, without interest thereon, less any applicable withholding Taxes pursuant to Section 2.8(e), payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 2 contracts
Sources: Merger Agreement (Intra-Cellular Therapies, Inc.), Merger Agreement (Intra-Cellular Therapies, Inc.)
Payment Procedures. (i) Promptly following the Effective Time (Time, and in any event within not more than three (3) Business Days)Days thereafter, Parent and the Surviving Corporation will cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Shares, the Rollover Shares, and shares of Company Shares and Owned Company SharesCommon Stock described in Section 3.1(a)(iii)) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Shares, the Rollover Shares, and shares of Company Shares and Owned Company SharesCommon Stock described in Section 3.1(a)(iii)) (the “Uncertificated Shares”) ), (A) a letter of transmittal in customary form and reasonably acceptable to the Company (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Paying Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.73.1(a)(ii) and any dividends or other distributions to which they are entitled pursuant to clause (ii) of the first sentence of Section 3.3(c). Upon surrender of Certificates for cancellation to the Payment Paying Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive receive, and the Paying Agent shall promptly pay, in exchange therefor therefor, an amount in cash equal to the product obtained by multiplying (x) Merger Consideration payable in respect of the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive receive, and the Paying Agent shall promptly pay, in exchange therefor therefor, an amount in cash equal to the product obtained by multiplying (1) Merger Consideration payable in respect of the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Paying Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)Shares. Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share PriceMerger Consideration, without interest thereon, payable in respect thereof pursuant to Section 2.73.1(a)(ii) and any dividends or other distributions pertaining to Company Common Stock formerly represented by such Certificates or Uncertificated Shares as contemplated by clause (ii) of the first sentence of Section 3.3(c). Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Paying Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.73.1(a)(ii).
(ii) Prior to the Effective Time, Parent and the Company will cooperate to establish procedures with the Paying Agent and the Depository Trust Company with the objective that the Paying Agent will transmit to the Depository Trust Company or its nominees on the first Business Day after the Closing Date an amount in cash, by wire transfer of immediately available funds, equal to the Merger Consideration payable in respect of the number of shares of Company Common Stock (excluding any shares of Company Common Stock described in Section 3.1(a)(iii), the Rollover Shares and Dissenting Shares, and including any dividends or other distributions pertaining to such shares as contemplated by clause (ii) of the first sentence of Section 3.3(c)) held of record by the Depository Trust Company or such nominee immediately prior to the Effective Time.
Appears in 2 contracts
Sources: Merger Agreement (Qad Inc), Merger Agreement (Qad Inc)
Payment Procedures. Promptly following As soon as reasonably practicable after the Effective Time (and but in any no event within three more than five (5) Business DaysDays following the Effective Time), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock Shares (other than Dissenting Company Shares and Owned Company Excluded Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify as reasonably agreed by Purchaser and the Company specifying that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Payment Agent); Paying Agent and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares (or effective affidavits of loss in lieu thereof) in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7Merger Consideration. Upon the proper surrender of Certificates for cancellation a Certificate (or effective affidavit of loss in lieu thereof) to the Payment Paying Agent, together with such a properly completed letter of transmittal, duly completed executed, and validly executed in accordance with such other documents as may reasonably be requested by the instructions theretoPaying Agent, the holders holder of such Certificates Certificate will be entitled to receive in exchange therefor an cash in the amount (after giving effect to any required tax withholdings) that such holder has the right to receive pursuant to this Article III in cash equal the form of a check, to be mailed, as soon as reasonably practicable (but in no event more than five (5) Business Days after the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect receipt thereof), and the Certificates Certificate so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for on any amount payable upon due surrender of the benefit Certificates. In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Company, cash to be paid upon due surrender of the Certificate may be paid to such a transferee if the Certificate formerly representing such Shares is presented to the Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence that any applicable stock transfer Taxes have been paid or are not applicable. All payments owed to the holders of Stock Options or holders of Warrants shall be made from the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and Payment Fund as soon as reasonably practicable after the Effective Time to evidence only (but in no event more than five (5) Business Days after the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Effective Time).
Appears in 2 contracts
Sources: Merger Agreement (American Fiber Systems, Inc.), Merger Agreement (Fibernet Telecom Group Inc\)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (Time, and in any event within three not later than the fifth Business Days)Day following the Effective Time, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to (x) mail to each holder of record (of Shares as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior Time whose Shares were converted into the Merger Consideration pursuant to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) Section 2.1, (A) a letter of transmittal (which shall be in customary form (which will and shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or effective affidavits of loss in lieu thereof which are reasonably acceptable to Parent) or Book-Entry Shares to the Payment Agent); Paying Agent and shall be in such form and have such other provisions as Parent and the Company shall reasonably determine) and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Per Share Price Merger Consideration, and (y) pay, by check or wire transfer of immediately available funds to the account or accounts designated by the Company in writing no later than two Business Days prior to the Closing, to each holder of a Company Stock Option an amount in cash equal to the Option Consideration payable in respect thereof to such holder pursuant to Section 2.7. 2.1(d) hereof in respect of such Company Stock Option.
(ii) Upon surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Agent, Paying Agent together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may customarily be required by the holders Paying Agent, the holder of such Certificates will or Book-Entry Shares shall be entitled to receive in exchange therefor a check or, if requested in writing by the holder of such Certificates or Book-Entry Shares representing in excess of one percent (1%) of the Shares outstanding immediately prior to the Effective Time, a wire transfer of immediately available funds to an account designated by such holder, in an amount in cash equal to the product obtained by multiplying of (x) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares multiplied by (y) the Per Share Price Merger Consideration (less any applicable withholding Taxes payable in respect thereof), Taxes) and the Certificates Certificate or Book-Entry Shares so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for on any amount payable upon due surrender of Certificates or Book-Entry Shares. In the benefit event of holders a transfer of ownership of Shares that is not registered in the transfer or stock records of the Certificates and Uncertificated Shares on the Per Share Price payable Company, a check for any cash to be paid upon the due surrender of the Certificate may be paid to such Certificates a transferee if the Certificate formerly representing such Shares is presented to the Paying Agent (or in the case of Book-Entry Shares, upon adherence to the applicable procedures set forth in the letter of transmittal), accompanied by all documents required to evidence and Uncertificated Shares pursuant effect such transfer and to evidence that any applicable stock transfer Taxes (as hereinafter defined) have been paid or are not applicable. Until surrendered in accordance with this Section 2.9(c2.2(b)(ii). Until so surrendered, outstanding Certificates each Certificate and Uncertificated Shares will Book-Entry Share shall be deemed from and at any time after the Effective Time to evidence represent only the right to receive upon such surrender the Per Share Price, without interest thereon, payable in respect thereof Merger Consideration or such other consideration as may be due pursuant to Section 2.7. Notwithstanding anything 2.1(f).
(iii) The Surviving Corporation and the Paying Agent shall be entitled to deduct and withhold from the consideration otherwise payable under this Agreement to any holder of Shares or holder of Company Stock Options such amounts as are required to be withheld or deducted under the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable provision of federal, state, local or foreign Tax Law with respect to the contrary in making of such payment. To the extent that amounts are so withheld or deducted and paid over to the applicable Governmental Entity (as hereinafter defined), such withheld or deducted amounts shall be treated for all purposes of this Agreement, no Agreement as having been paid to the holder of Uncertificated the Shares will be required to provide a Certificate or an executed letter holder of transmittal to the Payment Agent Company Stock Options in order to receive the payment that respect of which such holder is entitled to receive pursuant to Section 2.7deduction and withholding were made.
Appears in 2 contracts
Sources: Merger Agreement, Merger Agreement (Silverleaf Resorts Inc)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will Merger Sub shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”) or non-certificated Company Shares represented by book-entry (“Book-Entry Shares”), which immediately prior to the Effective Time represented outstanding shares of Company Common Stock Shares (other than Dissenting Canceled Company Shares and Owned Dissenting Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates or transfer of the Book-Entry Shares to the Payment Agent); ) and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated or transfer of Book-Entry Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon (i) surrender of Certificates for cancellation to the Payment AgentAgent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying or (xii) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of the transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Book-Entry Shares, the holders of such Uncertificated Certificates or Book-Entry Shares will shall be entitled to receive receive, and Parent shall cause the Payment Agent to pay, in exchange therefor an amount the Merger Consideration payable in cash equal to the product obtained by multiplying (1) the aggregate number respect of shares of each Company Common Stock Share formerly represented by such holder’s transferred Uncertificated Shares; by (2) Certificate or Book-Entry Share pursuant to the Per Share Price (less any applicable withholding Taxes payable in respect thereof)provisions of this Article II, and the transferred Uncertificated Certificates so surrendered or Book-Entry Shares so surrendered will transferred shall forthwith be cancelledcanceled. The Payment Agent will shall accept such Certificates and transferred Uncertificated or Book-Entry Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated or Book-Entry Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated or transfer of Book-Entry Shares pursuant to this Section 2.9(c)2.7. Until so surrenderedsurrendered or transferred, outstanding Certificates and Uncertificated or Book-Entry Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 2 contracts
Sources: Merger Agreement (Fusion-Io, Inc.), Merger Agreement (Sandisk Corp)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three not later than the second Business Days)Day following the Effective Time, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record of Shares whose Shares were converted into the Merger Consideration pursuant to Section 2.1, (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ax) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will or Book-Entry Shares shall pass, only upon delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment AgentPaying Agent and shall be in such form and have such other provisions as Parent and the Company may reasonably specify); , and (By) instructions for use in effecting the surrender of the Certificates and Uncertificated (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Per Share Price Merger Consideration. On the Closing Date, Parent shall cause the Paying Agent also to deliver, or cause to be delivered, to each holder of a Company Stock Option by wire transfer the amount due and payable in respect thereof to such holder pursuant to Section 2.7. 5.5 hereof in respect of such Company Stock Option.
(ii) Upon surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment AgentPaying Agent together with, together with in the case of Certificates, such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, or, in the holders case of Book-Entry Shares, receipt by the Paying Agent of an “agent’s message,” and such other documents as may customarily be required by the Paying Agent, the holder of such Certificates will or Book-Entry Shares shall be entitled to receive in exchange therefor a check in an amount in cash equal to the product obtained by multiplying of (x) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares multiplied by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practicesMerger Consideration. No interest will be paid or accrued for on any amount payable upon due surrender of Certificates or Book-Entry Shares. In the benefit event of holders a transfer of ownership of Shares that is not registered in the transfer records of the Certificates and Uncertificated Shares on the Per Share Price payable Company, a check for any cash to be paid upon the due surrender of the Certificate or Book-Entry Share may be paid to such Certificates a transferee if the Certificate or Book-Entry Share formerly representing such Shares is presented to the Paying Agent, accompanied by all documents required to evidence and Uncertificated Shares pursuant effect such transfer and to evidence that any applicable stock transfer Taxes (as defined in Section 3.15(b)) have been paid or are not applicable. Until surrendered as contemplated by this Section 2.9(c). Until so surrendered2.2, outstanding Certificates and Uncertificated Shares will each Certificate or Company Book-Entry Share shall be deemed from and at any time after the Effective Time to evidence represent only the right to receive upon such surrender the Per Share Priceapplicable Merger Consideration as contemplated by this Article II.
(iii) For the avoidance of doubt, without interest thereonthe Paying Agent, the Surviving Corporation and Parent shall each be entitled to deduct and withhold from the consideration otherwise payable under this Agreement to any holder of Shares or holder of Company Stock Options, such amounts as are required to be withheld or deducted under the Internal Revenue Code of 1986, as amended (the “Code”), or any provision of state, local or foreign Tax Law with respect to the making of such payment. To the extent that amounts are so withheld or deducted and paid over to the applicable Governmental Entity (as defined in Section 3.3(b)), such withheld or deducted amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the Shares or holder of the Company Stock Options, in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that which such holder is entitled to receive pursuant to Section 2.7deduction and withholding were made.
Appears in 2 contracts
Sources: Merger Agreement (W R Grace & Co), Merger Agreement (Synthetech Inc)
Payment Procedures. Promptly (i) As promptly as practicable after the Effective Time, but in any event no later than three (3) Business Days following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to Person who was, at the Effective Time) , a registered holder of (i) a certificate or certificates that immediately prior Shares entitled to receive the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) Merger Consideration pursuant to Section 3.01(a): (A) a letter of transmittal (which shall be in customary form (which will specify that delivery will be effectedfor a company incorporated in the Cayman Islands reasonably acceptable to Parent and the Company, and risk of loss and title to shall specify the Certificates will pass, only upon manner in which the delivery of the Certificates Exchange Fund to registered holders of Shares (other than the Payment Agent); Excluded Shares and the Dissenting Shares) shall be effected and contain such other provisions as Parent and the Company may mutually agree) and (B) instructions for use in effecting the surrender of the Certificates Shares pursuant to such letter of transmittal. At the Effective Time, Parent shall also cause the Paying Agent to deliver to the Surviving Company a cash amount in immediately available funds sufficient to make the payments described under Section 3.04(b) and Uncertificated Shares in exchange for Section 3.04(c) and the Per Share Price payable in respect thereof Surviving Company shall make such payments to the Persons entitled to receive such amounts through its payroll or the designated agent of such Persons, subject to all applicable income and employment Taxes and other authorized deductions (including pursuant to Section 2.7. 3.06) as well as completeness of registrations under SAFE Share Incentive Rules and Regulations.
(ii) Upon surrender of Certificates for cancellation to the Payment Agent, together Paying Agent of a Share Certificate (or affidavit and indemnity of loss in lieu of the Share Certificate as provided in Section 3.02(g)) and/or such other documents as may be required pursuant to such instructions to the Paying Agent in accordance with the terms of such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders each registered holder of Shares represented by such Certificates will Share Certificate and each registered holder of Uncertificated Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; Share Certificate (or affidavit and indemnity of loss in lieu of the Share Certificate as provided in Section 3.02(g)) or the number of Uncertificated Shares multiplied by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Merger Consideration, and the Certificates Share Certificate so surrendered will shall forthwith be marked as cancelled. Upon receipt of an “agent’s message” by .
(iii) Prior to the Payment Effective Time, Parent and the Company shall establish procedures with the Paying Agent and the Depositary to ensure that (or such other evidence, if any, of transfer A) the Paying Agent will transmit to the Depositary as promptly as reasonably practicable following the Payment Agent may reasonably requestEffective Time (but in any event no later than three (3) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor Business Days) an amount in cash in immediately available funds equal to the product obtained by multiplying of (1x) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated ADSs issued and outstanding immediately prior to the Effective Time (other than ADSs representing Excluded Shares and Dissenting Shares; by ) and (2y) the Per Share Price Merger Consideration, and (less B) the Depositary will distribute the Merger Consideration to holders of ADSs pro rata to their holdings of ADSs (other than ADSs representing Excluded Shares and Dissenting Shares) upon surrender by them of the ADSs. The holders of ADSs shall bear any applicable withholding Taxes fees, charges and expenses of the Depositary and government charges due to or incurred by the Depositary in connection with distribution of the Merger Consideration to holders of ADSs, including applicable ADS cancellation fees, and any such fees, charges and expenses incurred by the Depositary shall be treated for all purposes of this Agreement as having been paid to the holders of ADSs.
(iv) No interest shall be paid or will accrue on any amount payable in respect thereof)of the Shares (including Shares represented by ADSs) pursuant to the provisions of this ARTICLE III. In the event of a transfer of ownership of Shares that is not registered in the register of members of the Company, and the transferred Uncertificated Merger Consideration in respect of such Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid to such transferee upon delivery of evidence to the satisfaction of Parent (or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender any agent designated by Parent) of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything transferee’s entitlement to the contrary in this Agreement, no holder of Uncertificated relevant Shares will be required to provide a Certificate and evidence that any applicable share transfer Taxes have been paid or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7are not applicable.
Appears in 2 contracts
Sources: Merger Agreement (Chen Chris Shuning), Merger Agreement (Pactera Technology International Ltd.)
Payment Procedures. Promptly following As soon as reasonably practicable after the Effective Time (and in any event within three five Business Days), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record of Shares (as of immediately prior other than Shares to the Effective Timebe cancelled in accordance with Section 2.4(b) of (iand Dissenting Shares) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting The Depository Trust Company Shares and Owned Company Shares(“DTC”)) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Aa) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Payment Agent); Paying Agent or, in the case of Uncertificated Shares, upon adherence to the procedures set forth in the letter of transmittal, and (Bb) instructions for use in effecting the surrender of the such Certificates and (or effective affidavits of loss in lieu thereof) or Uncertificated Shares in exchange for the Per Share Price applicable Merger Consideration payable in respect thereof pursuant to Section 2.7such letter of transmittal. The surrender of any Uncertificated Shares shall be effected in accordance with the Paying Agent’s customary procedures with respect to securities represented by book entry. Upon surrender of Certificates for cancellation a Certificate or Uncertificated Shares to the Payment Agent, Paying Agent together with such letter of transmittal, duly executed and completed and validly executed in accordance with the instructions theretothereto and such other documents as may reasonably be requested by the Paying Agent, or, in the case of DTC, the holders customary surrender procedures of DTC and the Paying Agent, the holder of such Certificates will Shares shall be entitled to receive in exchange therefor for such properly surrendered Shares, and Parent and the Surviving Corporation shall cause the Paying Agent to pay and deliver in exchange thereof as promptly as practicable after such proper surrender, cash in an amount in cash equal to the product obtained by multiplying of (x) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; Certificate or Uncertificated Shares, as the case may be, multiplied by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Merger Consideration, and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (Certificate or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will shall forthwith be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares will accrue on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Merger Consideration payable.
Appears in 2 contracts
Sources: Merger Agreement (Pep Boys Manny Moe & Jack), Merger Agreement (Icahn Enterprises Holdings L.P.)
Payment Procedures. Promptly following the Effective Time (Time, and in any event within three Business Days), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”) which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); , and (ii) uncertificated shares of Company Common Stock that non-certificated Shares represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) by book-entry (the “Uncertificated Shares”) ), in each case, whose shares were converted into the right to receive the Merger Consideration pursuant to Section 2.7, (A) a letter of transmittal in customary form reasonably satisfactory to the Company and Parent (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Paying Agent); , and (B) instructions for use in effecting the surrender of the Certificates (or affidavits of loss in lieu thereof) and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon surrender of Certificates for cancellation to the Payment Paying Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; Certificate that were converted into the right to receive the Merger Consideration pursuant to Section 2.7, by (y) the Per Share Price Merger Consideration (less any applicable withholding Taxes payable in respect thereofTax pursuant to Section 2.9(e)), and the Certificates so surrendered will shall forthwith be cancelledcanceled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1x) the aggregate number of shares of Company Common Stock Shares represented by such holder’s transferred Uncertificated Shares; Shares that were converted into the right to receive the Merger Consideration pursuant to Section 2.7, by (2y) the Per Share Price Merger Consideration (less any applicable withholding Taxes payable in respect thereofTax pursuant to Section 2.9(e)), and the transferred Uncertificated Shares so surrendered will shall forthwith be cancelledcanceled. The Payment Paying Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)Shares. Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed (other than Certificates and Uncertificated Shares representing any Dissenting Shares) shall, from and after the Effective Time to Time, evidence only the right to receive the Per Share PriceMerger Consideration, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 2 contracts
Sources: Agreement and Plan of Merger, Merger Agreement (Black Box Corp)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three not later than the second (2nd) Business Days)Day following the Closing Date, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior Shares whose Shares were converted into the right to receive the Effective Time) of (i) a certificate or certificates that immediately prior Merger Consideration pursuant to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) Section 2.1, (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment AgentPaying Agent and shall be in such form and have such other provisions as Parent and the Company may mutually reasonably agree); , and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Merger Consideration.
(ii) Upon surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Paying Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may customarily be required by the holders Paying Agent, the holder of such Certificates will (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying of (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by properly surrendered Certificates (2or effective affidavits of loss in lieu thereof) or Book-Entry Shares and (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practicesMerger Consideration. No interest will shall be paid or accrued for on any amount payable upon due surrender of Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares. In the benefit event of holders a transfer of ownership of Shares that is not registered in the transfer records of the Certificates and Uncertificated Shares on Company, payment of the Per Share Price payable Merger Consideration upon the due surrender of a Certificate may be paid to such Certificates and Uncertificated a transferee if the Certificate formerly representing such Shares pursuant is presented to this Section 2.9(c). Until so surrenderedthe Paying Agent, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time accompanied by all documents required to evidence only and effect such transfer and to evidence that any applicable stock transfer Taxes have been paid or are not applicable.
(iii) The Paying Agent, the right Company, the Surviving Corporation, Parent and Merger Sub, as applicable, shall be entitled to receive deduct and withhold from any amounts otherwise payable under this Agreement such amounts as are required to be withheld or deducted under the Per Share PriceInternal Revenue Code of 1986, without interest thereonas amended (the “Code”), payable or under any provision of applicable state, local or foreign Tax Law with respect to the making of such payment. To the extent that amounts are so deducted or withheld and timely and properly paid over to the relevant Governmental Entity, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate which such deduction or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7withholding was made.
Appears in 2 contracts
Sources: Merger Agreement (National Instruments Corp), Merger Agreement (Emerson Electric Co)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three not later than the fifth Business Days)Day following the Closing Date, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (whose shares were converted into the “Certificates”right to receive the Merger Consideration pursuant to Section 1.4(b); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) , (A) a letter of transmittal in customary form with respect to Book-Entry Shares (to the extent applicable) and Certificates (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon on delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Payment AgentPaying Agent and shall be in such form and have such other provisions as Parent and the Company may mutually reasonably agree); , and (B) instructions for use in effecting the surrender of Book-Entry Shares (to the extent applicable) or Certificates and Uncertificated Shares (or effective affidavits of loss in lieu thereof) in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon Merger Consideration.
(ii) On surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Paying Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, or, in the holders case of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Book-Entry Shares, and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent Paying Agent, and such other documents as may customarily be required by the Paying Agent, the holder of such Certificates (or such other evidence, if any, effective affidavits of transfer as the Payment Agent may reasonably requestloss in lieu thereof) in the case of a bookor Book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Entry Shares will shall be entitled to receive in exchange therefor an amount in cash equal therefor, and the Paying Agent shall be required to promptly deliver to each such holder, the product obtained by multiplying (1) Merger Consideration into which the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Certificates or Book-Entry Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose have been converted pursuant to cause an orderly exchange thereof in accordance with normal exchange practicesthis Section 2.3. No interest will shall be paid or accrued for the benefit on any amount payable on due surrender of holders Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares. If payment of the Certificates Merger Consideration is to be made to a Person other than the Person in whose name the surrendered Certificate is registered, it shall be a condition precedent of payment that (A) the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and Uncertificated Shares on (B) the Per Share Price payable upon Person requesting such payment shall have paid any transfer and other similar Taxes required by reason of the surrender payment of such Certificates and Uncertificated Shares pursuant the Merger Consideration to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after a Person other than the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no registered holder of Uncertificated Shares will be the Certificate surrendered or shall have established that such Tax either has been paid or is not required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7be paid.
Appears in 2 contracts
Sources: Merger Agreement (UserTesting, Inc.), Merger Agreement (Proofpoint Inc)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three not later than the second (2nd) Business Days)Day following the Closing Date, Parent and shall direct the Surviving Corporation will cause the Payment Paying Agent to mail to each holder of record (as of immediately prior Shares represented by Certificates or book entry whose Shares were converted into the right to receive the Effective Time) of (i) a certificate or certificates that immediately prior Merger Consideration pursuant to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) Section 3.01, (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Payment AgentPaying Agent or, with respect to Book-Entry Shares, only upon delivery of an “agent’s message” regarding the book-entry transfer of Book-Entry Shares (or such other evidence, if any, of the book-entry transfer of Book-Entry Shares as the Paying Agent may reasonably request) and shall be in such form and have such other provisions as Parent and the Company may mutually reasonably agree); , and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Per Share Price payable Merger Consideration.
(ii) Parent shall cause the Paying Agent to deliver, upon (A) in respect thereof pursuant to Section 2.7. Upon the case of a Certificate, surrender of Certificates for cancellation such Certificate (or effective affidavits of loss in lieu thereof) to the Payment AgentPaying Agent for cancellation, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may customarily be required by the holders Paying Agent or (B) in the case of such Certificates will be entitled to receive in exchange therefor an amount in cash equal Book-Entry Shares, the later of (i) the Effective Time and (ii) to the product obtained extent required by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) Paying Agent, the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of time when an “agent’s message” is received by the Payment Paying Agent (or such other evidence, if any, of the transfer as the Payment Paying Agent may reasonably request), to the holder of such Certificate (or effective affidavits of loss in lieu thereof) in the case of a bookor Book-entry transfer of Uncertificated SharesEntry Share, the holders Merger Consideration for each share of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock theretofore represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereofCertificate or Book-Entry Share, as applicable, pursuant to Section 3.01(a), and the transferred Uncertificated Shares Certificate or Book-Entry Share, as applicable, so surrendered will shall forthwith be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for on any amount payable upon due surrender of Certificates (or effective affidavits of loss in lieu thereof) or cancellation of Book-Entry Shares. In the benefit event of holders a transfer of ownership of Shares that is not registered in the transfer records of the Certificates and Uncertificated Shares on Company, payment of the Per Share Price payable Merger Consideration upon the due surrender of a Certificate may be paid to such Certificates and Uncertificated a transferee if the Certificate formerly representing such Shares pursuant is presented to this Section 2.9(c). Until so surrenderedthe Paying Agent in proper form for transfer, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time accompanied by all documents required to evidence only and effect such transfer and to evidence that any applicable stamp, stock transfer or similar Taxes have been paid or are not applicable.
(iii) Notwithstanding anything herein to the right contrary, the Paying Agent, the Company, the Surviving Corporation, Parent and Merger Sub (and their respective Affiliates or agents), as applicable, and any other applicable withholding agent shall be entitled to receive deduct and withhold (or cause to be deducted and withheld) from any amounts payable under this Agreement such amounts as are required to be withheld or deducted under the Per Share PriceInternal Revenue Code of 1986, without interest thereonas amended (the “Code”) or the Treasury Regulations, payable or under any provision of applicable U.S. federal, state or local or non-U.S. Tax Law with respect to the making of such payment. To the extent that such amounts are so deducted or withheld and paid over to the relevant Governmental Entity, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect thereof pursuant to Section 2.7of which such deduction or withholding was made. Notwithstanding anything herein to the contrary in contrary, any compensatory amounts payable to any current or former employee or service provider of the Company pursuant to or as contemplated by this Agreement, no holder of Uncertificated Shares will Agreement shall be required to provide a Certificate or an executed letter of transmittal remitted to the Payment Agent applicable payor for payment to the applicable Person through regular payroll procedures, as applicable, or, at the election of the Company and Parent, through a payroll agent, in order either case subject to receive the payment that such holder is entitled to receive pursuant to Section 2.7any required deductions or withholdings.
Appears in 2 contracts
Sources: Agreement and Plan of Merger (Radius Recycling, Inc.), Agreement and Plan of Merger (Radius Recycling, Inc.)
Payment Procedures. Promptly following 6.1 Prior to the Closing Date, JAKKS shall appoint American Stock Transfer and Trust Company or another Person (reasonably acceptable to Toymax), to act as the Paying Agent. Prior to or at the Closing, JAKKS shall deposit with the Paying Agent, in trust for the benefit of the holders of Toymax Common Stock outstanding at the Effective Time Time, cash in an amount sufficient to pay the Cash Payment, the Fractional Share Payment, any payment required pursuant to Section 5.6 or, if applicable, pursuant to Section 5.2, the total Merger Consideration (and in any event within three Business Daysthe "Payment Fund"), Parent and shall enter into a written agreement with the Surviving Corporation will Paying Agent under which (i) the Paying Agent shall be required to invest the Payment Fund as directed by JAKKS; (ii) any interest, dividends or other income thereon shall be added to and constitute a portion of the Payment Fund; (iii) if at any time the amount of the Payment Fund shall exceed the amount of the Cash Payment remaining to be paid, the Paying Agent shall be required to, upon request by JAKKS, remit to JAKKS cash in an amount less than or equal to the amount of such excess; and (iv) if at any time the amount of the Payment Fund shall be less than the amount of the Cash Payment remaining to be paid, the Paying Agent shall promptly give to JAKKS Notice to such effect and JAKKS shall promptly deliver to the Paying Agent funds in an amount equal to or greater than the amount of such deficiency. At, or as promptly as practicable after, the Effective Time, JAKKS shall authorize and direct the Paying Agent, as transfer agent and registrar for the JAKKS Stock, to issue certificates representing the Stock Payment to be made to each holder of Toymax Common Stock outstanding at the Effective Time.
6.2 JAKKS shall cause the Payment Agent Paying Agent, promptly after the Effective Time, to mail to each holder of record (as of immediately prior to Toymax Common Stock at the Effective Time, at such holder's address as shown on Toymax's regular stockholders list, (a) a letter of transmittal, in customary form reasonably acceptable to Toymax and the Paying Agent, which shall state that (i) a certificate or certificates that immediately prior such holder is entitled to receive the Effective Time represented outstanding Merger Consideration in respect of the shares of Company Toymax Common Stock (other than Dissenting Company Shares so held by such holder upon surrender of his Certificate or Certificates, as specified therein, including the amount of the Cash Payment, the amount of the Fractional Share Payment, any payment required pursuant to Section 5.6 and Owned Company Shares) (the “Certificates”); number of whole shares of JAKKS Stock comprising the Stock Payment, and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will such surrender shall be effected, and risk of loss and title to the such Certificate or Certificates will pass, shall pass only upon proper delivery thereof to the Paying Agent, and (b) instructions specifying the place at which and the manner in which such Certificate or Certificates are so to be delivered. No fractional share of JAKKS Stock shall be issued as part of the Certificates Merger Consideration, but in lieu thereof, the Fractional Share Payment shall be paid in an amount equal to the Payment Agent); product of the fraction of the share that, but for this provision, would have been issued and (B) instructions for use in effecting $18.797 or, if the Value of JAKKS Stock on the Effective Date is less than $16.9173, the Value of JAKKS Stock on the Effective Date. Upon such surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agentany such Certificate, together with which such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and the holders delivery of such Certificates will other documents as may reasonably be required by the Paying Agent, the holder of such Certificate shall be entitled to receive the Merger Consideration payable in exchange therefor an amount in cash equal to respect of the product obtained by multiplying (x) the aggregate number of shares of Company Toymax Common Stock represented by such Certificate; by (y) . JAKKS shall thereupon cause the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Paying Agent to promptly mail to such holder at such holder's address as shown on Toymax's regular stockholders list or, and if a different address is indicated on the Certificates so surrendered will forthwith be cancelled. Upon receipt letter of an “agent’s message” by the Payment Agent (or transmittal, such other evidenceaddress (i) a check payable to the order of the holder or, if any, of transfer as the Payment Agent may reasonably request) a different Person is indicated in the case letter of a book-entry transfer of Uncertificated Sharestransmittal, the holders of such Uncertificated Shares will be entitled to receive other Person, in exchange therefor an amount in cash equal to the product obtained by multiplying sum of the Cash Payment, the Fractional Share Payment and any payment required pursuant to Section 5.6, or, if applicable in accordance with Section 5.2, the total Merger Consideration, and (1ii) a certificate representing the aggregate whole number of shares of Company Common JAKKS Stock represented by included in the Stock Payment registered in the name of the holder or, if a different Person is indicated in the letter of transmittal and there is delivered to the Paying Agent such holder’s transferred Uncertificated Shares; by (2) additional documents as the Per Share Price (less Paying Agent may reasonably request to evidence compliance with applicable securities and other Law and the payment in full of any applicable withholding Taxes stock transfer Taxes, such other Person. No interest shall accrue for the benefit of, or be payable to, any such holder on account of the Merger Consideration payable in respect thereof)of such shares of Toymax Common Stock. In the event of a transfer of ownership of any share of Toymax Common Stock which is not registered in the stock transfer records for the Toymax Common Stock, the Paying Agent shall be entitled to, and JAKKS shall cause the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Paying Agent will accept to, pay the Merger Consideration and mail a check and stock certificate therefor to the transferee thereof, if the Certificate representing such Certificates and transferred Uncertificated Shares upon compliance shares is presented to the Paying Agent, together with such reasonable terms and conditions documents as the Payment Paying Agent may impose reasonable request to cause an orderly exchange thereof evidence such transfer and the payment in accordance with normal exchange practices. No interest will full of any applicable stock transfer Taxes.
6.3 Notwithstanding the failure of any Certificate to be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of surrendered as hereinabove provided, each such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrenderedCertificate, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence Time, shall not represent any interest in the Surviving Corporation, or any Assets thereof, but shall represent only the right of the holder thereof at the Effective Time to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof upon surrender of such Certificate pursuant hereto. The stock transfer books of Toymax shall be closed immediately at the Effective Time and no transfer of shares of Toymax Common Stock shall be effective or registered thereafter.
6.4 If any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit to such effect by the Person claiming to be the holder of such Certificate and, if required by JAKKS, the posting by such Person of a bond as an indemnity against any claim that may be made against it with respect to such Certificate, JAKKS shall cause the Paying Agent to pay to such Person the Merger Consideration with respect to the shares represented by such Certificate.
6.5 Promptly after the Effective Time, JAKKS shall grant to each holder of an Eligible Option a JAKKS Option payable in respect thereof and issue and mail to such holder, at the address shown in the option agreement or certificate relating to such Eligible Option, a stock option agreement covering such JAKKS Option.
6.6 The Paying Agent shall be entitled to deduct and withhold from the amount of the Merger Consideration otherwise payable pursuant to Section 2.7. Notwithstanding anything this Agreement to any holder of shares of Toymax Common Stock at the Effective Time or any holder of an Eligible Option such amounts as it is required to deduct and withhold with respect to the contrary in payment of the Merger Consideration or the issuance of the JAKKS Option under the Code or any corresponding provision of any other Law relating to Taxes. To the extent that any amount is so withheld, such amount shall be deemed for all purposes of this Agreement, no Agreement to have been paid as part of the Merger Consideration to the holder of Uncertificated Shares will the shares of Toymax Common Stock at the Effective Time or to have been paid to the holder of the Eligible Option that would otherwise have been entitled actually to receive such amount.
6.7 None of JAKKS, the Surviving Corporation, or the Paying Agent, or any officer, employee or agent thereof, shall be required liable to provide any Person in respect of any Merger Consideration that is delivered to a public official pursuant to and in accordance with any applicable abandoned property, escheat or similar Law.
6.8 If any portion of the Payment Fund remains undistributed six months after the Effective Time, JAKKS shall ensure that the balance thereof shall be delivered to JAKKS or to the Person designated by JAKKS, and any holder of a Certificate that shall not have theretofore complied with the provisions of this Article for the surrender of such Certificate and that shall not have received the Merger Consideration payable in respect thereof shall thereafter look only to JAKKS for the payment of such Merger Consideration. Any portion of the Merger Consideration remaining unclaimed by holders of shares of Toymax Common Stock at the Effective Time five years after the Effective Time (or an executed letter such earlier date as such amount would otherwise escheat to or become the property of transmittal any Governmental Authority) shall, to the Payment Agent in order to receive fullest extent permitted by Law, become the payment that such holder is property of the Surviving Corporation, free and clear of any claims or interests of any Person previously entitled to receive pursuant to Section 2.7thereto.
Appears in 2 contracts
Sources: Merger Agreement (Jakks Pacific Inc), Merger Agreement (Toymax International Inc)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three not later than the fifth Business Days)Day following the Closing Date, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (whose shares were converted into the “Certificates”right to receive the Merger Consideration pursuant to Section 1.4(b); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) , (A) a letter of transmittal in customary form with respect to Book-Entry Shares (to the extent applicable) and Certificates (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon on delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Payment AgentPaying Agent and shall be in such form and have such other provisions as Parent and the Company may mutually reasonably agree); , and (B) instructions for use in effecting the surrender of Book-Entry Shares (to the extent applicable) or Certificates and Uncertificated Shares (or effective affidavits of loss in lieu thereof) in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon Merger Consideration.
(ii) On surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Paying Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, or, in the holders case of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Book-Entry Shares, and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent Paying Agent, and such other documents as may customarily be required by the Paying Agent, the holder of such Certificates (or such other evidence, if any, effective affidavits of transfer as the Payment Agent may reasonably requestloss in lieu thereof) in the case of a bookor Book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Entry Shares will shall be entitled to receive in exchange therefor an amount in cash equal therefor, and the Paying Agent shall be required to promptly deliver to each such holder, the product obtained by multiplying (1) Merger Consideration into which the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Certificates or Book-Entry Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose have been converted pursuant to cause an orderly exchange thereof in accordance with normal exchange practicesthis Section 2.3. No interest will shall be paid or accrued for the benefit on any amount payable on due surrender of holders Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares. If payment of the Certificates Merger Consideration is to be made to a Person other than the Person in whose name the surrendered Certificate is registered, it shall be a condition precedent of payment that
(A) the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and Uncertificated Shares on (B) the Per Share Price payable upon Person requesting such payment shall have paid any transfer and other similar Taxes required by reason of the surrender payment of such Certificates and Uncertificated Shares pursuant the Merger Consideration to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after a Person other than the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no registered holder of Uncertificated Shares will be the Certificate surrendered or shall have established that such Tax either has been paid or is not required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7be paid.
Appears in 2 contracts
Sources: Merger Agreement (Sailpoint Technologies Holdings, Inc.), Merger Agreement (Sailpoint Technologies Holdings, Inc.)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three not later than the fifth (5th) Business Days)Day following the Effective Time, Parent and the Surviving Corporation will shall cause the Payment Exchange Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (whose shares were converted into the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (right to receive the “Uncertificated Shares”) Merger Consideration pursuant to Section 2.1, (A) a letter of transmittal transmittal, in customary form and substance reasonably satisfactory to the Company (which will approval shall not be unreasonably withheld, conditioned or delayed), with respect to Book-Entry Shares (to the extent applicable) and Certificates (which shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon on delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Payment AgentExchange Agent and shall be in such form and have such other provisions as Parent and the Company may mutually reasonably agree); , and (B) instructions for use in effecting the surrender of Book-Entry Shares (to the extent applicable) or Certificates and Uncertificated Shares (or effective affidavits of loss in lieu thereof) in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon Merger Consideration.
(ii) On surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Exchange Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, or, in the holders case of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Book-Entry Shares, and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent Exchange Agent, and such other documents as may customarily be required by the Exchange Agent, the holder of such Certificates (or such other evidence, if any, effective affidavits of transfer as the Payment Agent may reasonably requestloss in lieu thereof) in the case of a bookor Book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Entry Shares will shall be entitled to receive in exchange therefor an amount in cash equal therefor, and the Exchange Agent shall be required to promptly deliver to each such holder, the product obtained by multiplying (1) Merger Consideration, into which the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by Certificates or Book-Entry Shares have been converted pursuant to this Article 2 (2) the Per together with any Fractional Share Price (less Cash Amount and any applicable withholding Taxes dividends or other distributions payable in respect thereofpursuant to Section 2.2(c), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices). No interest will shall be paid or accrued for the benefit on any amount payable on due surrender of holders Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares. If payment of the Certificates Merger Consideration is to be made to a Person other than the Person in whose name the surrendered Certificate is registered, it shall be a condition precedent of payment that (A) the Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and Uncertificated Shares on (B) the Per Share Price payable upon Person requesting such payment shall have paid any transfer and other similar Taxes required by reason of the surrender payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered or shall have established that such Certificates Tax either has been paid or is not required to be paid.
(iii) The Parties and Uncertificated Shares any other Person that has any withholding obligation with respect to any payment made pursuant to this Section 2.9(cAgreement as determined by such Party or person in good faith shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from any payment such amounts as are required to be withheld or deducted under the Internal Revenue Code of 1986, as amended (the “Code”), or under any provision of state, local or non-U.S. Tax Law. Until To the extent that amounts are so surrenderedwithheld and paid over to the appropriate Governmental Entity, outstanding Certificates and Uncertificated Shares will such amounts shall be deemed from and after treated for all purposes of this Agreement as having been paid to the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable Person in respect thereof of which the deduction and withholding was made. The Parties shall use reasonable best efforts to reduce or eliminate withholding tax in connection with any payment made pursuant to Section 2.7. Notwithstanding anything 7.3 hereof to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7extent permitted by applicable Law.
Appears in 2 contracts
Sources: Merger Agreement (Enerflex Ltd.), Merger Agreement (Exterran Corp)
Payment Procedures. Promptly following As soon as possible after the Effective Time (and but in any no event within later than three (3) Business DaysDays thereafter), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate Certificate or certificates Certificates or Book-Entry Shares that immediately prior to the Effective Time represented outstanding shares of Company Common Stock Shares (other than Dissenting Company Excluded Shares and Owned Company Dissenting Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will passor Book-Entry Shares shall pass to the Paying Agent, only upon delivery of the Certificates (or affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Paying Agent); , and which letter shall be in such form and have such other provisions as Parent may reasonably specify) and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated or Book-Entry Shares in exchange for to which the Per Share Price payable in respect holder thereof pursuant to Section 2.7is entitled. Upon surrender of Certificates any Certificate (or affidavits of loss in lieu thereof) or Book-Entry Shares for cancellation to the Payment Paying Agent, together with such letter of transmittal, duly executed and completed and validly executed in accordance with the instructions thereto, and such other documents as may reasonably be required by the holders Paying Agent, the holder of such Certificates will Certificate or Book-Entry Shares shall be entitled to receive in exchange therefor an the amount of Merger Consideration payable in cash equal to in respect of the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock Shares previously represented by such Certificate; Certificate or Book-Entry Shares pursuant to the provisions of this Article II, to be paid within three (3) Business Days (or such longer period required by the Paying Agent) of the Paying Agent’s receipt of such Certificate (yor affidavits of loss in lieu thereof) or Book-Entry Shares, the Per Share Price (less duly executed and completed letter of transmittal and any applicable withholding Taxes payable in respect thereof)other documents as reasonably required by the Paying Agent, and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (Certificate or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a bookBook-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Entry Shares so surrendered will shall forthwith be cancelledcanceled. The Payment Agent will accept In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Company, payment may be made to a Person other than the Person in whose name the Certificate so surrendered is registered, if such Certificates Certificate shall be properly endorsed or otherwise be in proper form for transfer and transferred Uncertificated Shares upon compliance with the Person requesting such reasonable terms and conditions as payment shall pay any transfer or other Taxes required by reason of the Payment Agent may impose payment to cause an orderly exchange thereof in accordance with normal exchange practicesa Person other than the registered holder of such Certificate or establish to the satisfaction of Parent that such Tax has been paid or is not applicable. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares accrue on the Per Share Price any cash payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.72.2.
Appears in 2 contracts
Sources: Merger Agreement (Ingredion Inc), Merger Agreement (Penford Corp)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”) which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting non-certificated Company Shares and Owned Company Shares) represented in book-entry form (the “Uncertificated Shares”) ), in each case, whose shares were converted into the right to receive the Merger Consideration pursuant to Section 2.7 (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title reasonably satisfactory to the Certificates will passCompany and Parent, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares (or affidavits of loss in lieu thereof) in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon surrender of Certificates (or affidavits of loss in lieu thereof) for cancellation to the Payment Paying Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may be required pursuant to such instructions, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; Certificate that were converted into the right to receive the Merger Consideration pursuant to Section 2.7, by (y) the Per Share Price Merger Consideration (less any applicable withholding Taxes payable in respect thereofTax pursuant to Section 2.8(e)), and the Certificates so surrendered will shall forthwith be cancelledcanceled. Upon Notwithstanding the foregoing, upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1x) the aggregate number of shares of Company Common Stock Shares represented by such holder’s transferred Uncertificated Shares; Shares that were converted into the right to receive the Merger Consideration pursuant to Section 2.7, by (2y) the Per Share Price Merger Consideration (less any applicable withholding Taxes payable Tax deductible in respect thereofthereof pursuant to Section 2.8(e)), and the transferred Uncertificated Shares so surrendered will transferred shall forthwith be cancelledcanceled. The Payment Paying Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)2.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will (other than Certificates and Uncertificated Shares representing any Canceled Company Shares or Dissenting Company Shares) shall be deemed deemed, from and after the Effective Time Time, to evidence only the right to receive the Per Share PriceMerger Consideration, without interest thereon, less any applicable withholding Tax pursuant to Section 2.8(e), payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 2 contracts
Sources: Merger Agreement (Ambrx Biopharma, Inc.), Merger Agreement (Ambrx Biopharma, Inc.)
Payment Procedures. Promptly following (a) The Borrower hereby authorizes the Effective Time (and in any event within three Business Days), Parent and the Surviving Corporation will cause the Payment Agent to mail charge the Loan Account with the amount of all principal, interest, fees, expenses and other payments to each holder be made hereunder and under the other Loan Documents. The Agent may, but shall not be obligated to, discharge the Borrower's payment obligations hereunder by so charging the Loan Account.
(b) Each payment by the Borrower on account of record (as of immediately prior principal, interest, fees or expenses hereunder shall be made to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders the Agent and the Lenders according to the their respective rights thereto. All payments to be made by the Borrower hereunder and under the Notes, whether on account of principal, interest, fees or otherwise, shall be made without setoff, deduction or counterclaim and shall be made prior to 2:00 P.M. (New York time) on the due date thereof to the Agent, for the account of the Certificates and Uncertificated Lenders according to their Pro Rata Shares (except as expressly otherwise provided), at the Agent's Payment Account in immediately available funds. Except for payments which are expressly provided to be made (i) for the account of the Agent only or (ii) under the settlement provisions of Section 2.3(i), the Agent shall distribute all payments to the Lenders on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable Business Day following receipt in respect thereof pursuant to Section 2.7like funds as received. Notwithstanding anything to the contrary contained in this Agreement, no holder if a Lender exercises its right of Uncertificated Shares will setoff under Section 11.3 or otherwise, any amounts so recovered shall promptly be required shared by such Lender with the other Lenders according to provide a Certificate their respective Pro Rata Shares.
(c) The Agent shall apply all amounts received by it on account of the Obligations from the Borrower, from the Blocked Account Banks or an executed letter of transmittal from any other source first, to fees, costs and expenses, second, to interest and third, to the Payment principal amount of the Obligations, except that, during the continuance of an Event of Default, the Agent may, with the consent of the Required Lenders, apply such amounts to such of the Obligations and in such order as it may elect in its sole and absolute discretion.
(d) Whenever any payment to receive be made hereunder shall be stated to be due on a day that is not a Business Day, the payment that may be made on the next succeeding Business Day (except as specified in clause (ii) of the definition of Interest Period) and such holder is entitled to receive pursuant to Section 2.7extension of time shall be included in the computation of the amount of interest due hereunder.
Appears in 2 contracts
Sources: Loan and Security Agreement (American Railcar Industries, Inc./De), Loan and Security Agreement (American Railcar Industries, Inc./De)
Payment Procedures. Promptly following the Effective Time Closing (and in any event within three Business DaysDays following the Closing), Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Capital Stock (other than Dissenting Company Shares and Owned Company Shares, as applicable) (the “Certificates”); and or (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Capital Stock (other than Dissenting Company Shares and Owned Company Shares, as applicable) (the “Uncertificated Shares”) ): (A) in the case of holders of Certificates, a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares Shares, as applicable, in exchange for the Per Share Price Price, payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)) equal to the product obtained by multiplying (1) the aggregate number of shares of Company Capital Stock represented by such Certificate; by (2) the Per Share Price, and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)) equal to the product obtained by multiplying (x) the aggregate number of shares of Company Capital Stock represented by such ▇▇▇▇▇▇’s transferred Uncertificated Shares; by (y) the Per Share Price, and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Price, payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, Price without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 2 contracts
Sources: Merger Agreement (Restaurant Brands International Limited Partnership), Merger Agreement (Carrols Restaurant Group, Inc.)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and but in any no event within three later than five Business DaysDays following the Effective Time), the Parent and the Surviving Corporation will cause the Payment Paying Agent to mail to each holder of record (as of immediately prior whose Shares were converted into the right to receive the Effective Time) of (i) a certificate or certificates that immediately prior Merger Consideration pursuant to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) Section 3.1, (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and that risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or effective affidavits of loss accompanied by any bond required by Section 3.2(g) in lieu thereof) or Book-Entry Shares to the Payment AgentPaying Agent and shall be in such form and have such other provisions as agreed between the Parent and the Company); , and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated (or effective affidavits of loss accompanied by any bond required by Section 3.2(g) in lieu thereof) or Book-Entry Shares in exchange for the Per Share Price payable Merger Consideration. The Exchange Fund shall not be used for any purpose other than to fund payments in respect thereof pursuant to Section 2.7. accordance with this Agreement.
(ii) Upon surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) to the Payment Agent, Paying Agent together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, or the holders receipt of an “agent’ s message” by the Paying Agent (or such evidence, if any, of transfer as the Paying Agent may reasonably request) in the case of Book-Entry Shares, and such other documents as may customarily be required by the Paying Agent, including a declaration form in which the holder of record of Certificate Shares states whether the holder is a resident of Israel as defined in the Israeli Tax Code and provides such other information as is required pursuant to the Israeli Tax Code and the Israeli Withholding Tax Ruling, if obtained, the holder of such Certificates will or Book-Entry Shares shall be entitled to receive in exchange therefor an amount (subject to any applicable withholding Tax as specified in cash Section 3.2(b)(iii)) equal to the product obtained by multiplying of (x) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; holder’s properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares multiplied by (y) the Per Share Price Merger Consideration, not later than five (less any applicable withholding Taxes payable 5) Business Day following Payment Agent’s receipt of such Certificates (or affidavit of loss in respect lieu thereof)) or Book-Entry Shares, and the such Certificates so surrendered will forthwith or Book-Entry Shares shall be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price any amount payable upon the surrender of Certificates or Book-Entry Shares. In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Company, any amounts payable upon due surrender of the Certificate may be paid to such Certificates a transferee if the Certificate formerly representing such Shares is presented to the Paying Agent, is properly endorsed or otherwise in proper form for transfer and Uncertificated Shares pursuant is accompanied by all documents required to evidence and effect such transfer and to evidence to the Surviving Corporation’s reasonable satisfaction that any applicable Taxes have been paid or are not applicable. Until surrendered as contemplated by this Section 2.9(c). Until so surrendered3.2, outstanding Certificates and Uncertificated Shares will each Certificate or Book-Entry Share shall be deemed from and at any time after the Effective Time to evidence represent only the right to receive upon such surrender and in accordance with the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. terms hereof the Merger Consideration as contemplated by this Article III.
(iii) Notwithstanding anything to the contrary in this Agreement, no each of the Paying Agent, Merger Sub, the Parent and the Surviving Corporation shall be entitled to deduct and withhold from any consideration payable pursuant to this Agreement to any holder or former holder of Uncertificated Company Shares will and Company Share Options (in the case of Company Share Options subject to the provisions of Section 3.3 hereunder), such amounts as may be required to provide be deducted or withheld therefrom under the Code, the Israeli Tax Code, or under any provision of state, local, Israeli or other applicable Law or any other applicable legal requirement; provided that (i) if the Israeli Withholding Tax Ruling is obtained, deduction and withholding of any amounts under the Israeli Tax Code or any other provision of Israeli law, if any, shall be made only in accordance with the provisions of the Israeli Withholding Tax Ruling, and (ii) if any holder of Company Shares provides the Paying Agent, the Parent or the Surviving Corporation with a Certificate valid approval or an executed letter ruling issued by the applicable Governmental Authority regarding the withholding (or reduction or exemption from withholding) of transmittal Israeli Tax from the consideration payable or otherwise deliverable pursuant to this Agreement, which in the reasonable discretion of Israeli counsel to the Payment Agent in order Parent is sufficient to receive enable the payment Parent to conclude that no withholding or a reduced rate of withholding, as applicable, of Israeli Tax is required, then the deduction and withholding of any amounts under the Israeli Tax Code or any other provision of Israeli law, if any, from the consideration payable to such holder shall be made only in accordance with the provisions of such approval or ruling. To the extent such amounts are so deducted or withheld, (i) the Paying Agent, the Parent and/or the Surviving Corporation, as applicable, shall provide the holder of Company Shares from whom an amount was deducted or withheld with a written notice, as may be required by any applicable Law, stating the amount so deducted or withheld, (ii) such amounts shall be treated for all purposes under this Agreement as having been paid to the Person to whom such amounts would otherwise have been paid, and (iii) the Paying Agent and/or the Parent shall cause such amounts to be paid to the proper taxing authorities in accordance with applicable Laws not earlier than three (3) Business Days prior to the last day on which such payment is entitled required, provided, however, that any such withheld or deducted amounts (or such applicable portion thereof) shall be released to receive pursuant any holder of Company Shares when and to Section 2.7the extent that the Paying Agent or the Parent has received, at least four (4) Business Days prior to the last day on which the amounts so withheld or deducted must be paid to the applicable authority (and before such amounts are paid), certificates or forms issued by the applicable tax authority as are sufficient, under applicable Law, to establish that withholding is not required, in whole or in part, with respect to Merger Consideration payable to such holder of Company Shares.
Appears in 2 contracts
Sources: Merger Agreement (Shamir Optica Holdings A.C.S. Ltd.), Merger Agreement (Essilor International /Fi)
Payment Procedures. Promptly following (a) Purchaser shall pay to Icon the Effective Time aggregate purchase price for the Media Advertising in the amount of $4,103,125.00 (the “Purchase Price”). All purchases hereunder shall be non-commissionable. The foregoing Purchase Price is an estimate based on the assumption that all Media Advertising purchased will have a Minimum Credit Ratio (as hereafter defined) of 20%, resulting in total Guaranteed Minimum Credits of $820,625.00. In the event that the actual mix of Media Advertising purchased shall change based on the mutual agreement of Icon and Purchaser, Purchaser shall purchase a sufficient amount of Media Advertising such that the total Guaranteed Minimum Credits accrued shall still equal $820,625.00, with the Purchase Price being adjusted up or down accordingly.
(b) Purchases of Media Advertising pursuant to Section 4(a) will generate Guaranteed Minimum Credits (as defined in any event within three Business DaysSection 7(a)(i) hereof) which are credited against the Guaranteed Minimum Payment (as defined in Section 7(a)(ii) hereof) in arriving at Purchaser’s Minimum Payment obligations pursuant to Section 7(b) hereof.
(c) Payment for the Media Advertising shall be made to Icon as follows:
(i) Icon will submit to Purchaser invoices, accompanied by the applicable proof of performance (affidavits of performance provided to Icon by the media providers), Parent for the amounts payable based on the Media Schedule authorized by Purchaser. Purchaser is not responsible for making payment to Icon for any Media Advertising ordered but not provided by Icon, including make-good advertising, until such advertising is provided and the Surviving Corporation applicable proof of performance is submitted to Purchaser. Purchaser is not responsible for making payment to Icon for any Media Advertising Discrepancies until such discrepancies are resolved to the satisfaction of Purchaser. Media Advertising Discrepancies that have been resolved will cause be invoiced by Icon (including applicable proof of performance). For purposes of this Agreement “Media Advertising Discrepancies” shall be defined as: a) any Media Advertising ordered by Purchaser and not provided by Icon, including any make–good advertising; b) Media Advertising provided by Icon not ordered by Purchaser; and c) Media Advertising provided by Icon, ordered by Purchaser, but not provided in accordance with Purchaser’s order.
(ii) Subject to Section 4(c)(i), Purchaser shall pay each invoice in full within thirty (30) days after the Payment Agent invoice date.
(iii) Subject to mail to each holder Section 4(c)(i), if payment of record any amounts due hereunder are not paid on time or when due and payable in strict accordance with the terms and conditions of this Agreement, Purchaser shall pay interest at the prime rate (as quoted by J▇ ▇▇▇▇▇▇ C▇▇▇▇ Bank), plus 2% or, if less, the maximum rate allowed by law on any and all unpaid balances due hereunder.
(iv) Without limiting the generality or effect of immediately any other provision hereof, and subject to Section 4(c)(i), the obligation of Purchaser to pay each invoice after delivery of the applicable conforming Media Advertising, on an individual transaction by transaction basis, shall be absolute and unconditional, and not subject to any offset or recoupment right or any other defense or counterclaim which Purchaser may have against Icon, the applicable media advertising provider or any other person or entity now or in the future either hereunder or otherwise.
(v) Upon the occurrence of a Purchaser Default as set forth in Section 10 below, the payment and credit terms set forth in this Section 4(c) shall no longer apply and thereafter Purchaser shall be required to deliver the price for Media Advertising to Icon prior to the Effective Timeordering of any of such Media Advertising. In addition, any issued and unpaid invoices not yet due under this Section 4(c) at the time of the occurrence of such Purchaser Default or determination shall become immediately due and payable.
(ivi) a certificate All payments by Purchaser shall be by check or certificates that immediately prior wire transfer made payable to the Effective Time represented outstanding shares order of Company Common Stock Icon International, Inc. Checks shall be addressed as follows: Icon International, Inc., P.▇. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇. Wire transfers shall be sent as follows: Chase Manhattan Bank, O▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇, ABA # 0▇▇▇▇▇▇▇▇, for the account of Icon International, Inc., account # 910 2 737773.
(other than Dissenting Company Shares d) In the event Purchaser shall utilize the services of an agent in connection with the payment of Icon invoices, Purchaser shall remain liable to Icon (and Owned Company Sharesits assigns) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title pursuant to the Certificates will passterms of this Agreement until such agent has fully performed Purchaser’s payment obligations hereunder. Icon shall have no obligation to pay any agency commission, only upon service or brokers commissions, sales and use taxes, freight or delivery of the Certificates to the Payment Agent); and (B) instructions for use charges or any other similar add on fees in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance connection with the instructions thereto, the holders provision of such Certificates will be entitled Media Advertising or Additional Goods and Services (as hereafter defined) to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares Purchaser pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 1 contract
Sources: Vendor Subscription Agreement (Lions Gate Entertainment Corp /Cn/)
Payment Procedures. (i) Promptly following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will Company shall cause the Payment Paying Agent to mail (or in the case of the Depository Trust Company, deliver) to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that Company Shares, including Company Shares which immediately prior to the Effective Time were (x) represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) by a certificate or certificates (the “Certificates”); ) and (iiy) uncertificated shares of Company Common Stock that not represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) by a certificate or certificates (the “Uncertificated Shares”) which were cancelled and exchanged into the right to receive the Per Share Merger Consideration pursuant to Section 3.1(b) (and excluding, for the avoidance of doubt, the Excluded Shares), (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Paying Agent); , and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article III. Promptly after a Dissenting Shareholder has effectively withdrawn or lost his, her or its Dissenter Rights under the Cayman Companies Act, Parent shall cause the Paying Agent to mail to such Dissenting Shareholder such letter of transmittal and instructions.
(ii) Upon surrender of Certificates for cancellation to the Payment AgentPaying Agent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of the Company Shares represented by such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) of the aggregate number of shares of Company Common Stock Shares represented by such Certificate; Certificates multiplied by (y) the Per Share Price Merger Consideration to which the holder thereof is entitled pursuant to Section 3.1(b) (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as confirmation by the Payment Agent may reasonably request) in Company that the case of a book-entry transfer of Uncertificated SharesShares have been cancelled, the holders of such Uncertificated Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) of the aggregate number of shares of Company Common Stock represented such Uncertificated Shares multiplied by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price Merger Consideration to which the holder thereof is entitled pursuant to Section 3.1(b) (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Paying Agent will shall accept such Certificates and transferred such confirmation by the Company with respect to the Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Company Shares represented by the Certificates and the holders of such Uncertificated Shares on the aggregate Per Share Price Merger Consideration payable upon the surrender of such Certificates and cancellation of Uncertificated Shares pursuant to this Section 2.9(c)3.2. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive an amount in cash equal to the product of the number of Company Shares represented by such Certificates multiplied by the Per Share PriceMerger Consideration, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything the provisions of this Article III.
(iii) Prior to the contrary Effective Time, Parent and the Company shall establish procedures with the Paying Agent and the Depositary to ensure that (x) the Paying Agent will transmit to the Depositary promptly following the Effective Time an amount in this cash in immediately available funds equal to the product of (1) the number of ADSs issued and outstanding immediately prior to the Effective Time (other than ADSs representing Excluded Shares) multiplied by (2) the Per ADS Merger Consideration and (y) the Depositary will distribute the Per ADS Merger Consideration to ADS holders (other than with respect to ADSs representing Excluded Shares) upon surrender by them of the ADSs. Pursuant to the Deposit Agreement, no the ADS holders will pay any applicable fees, charges and expenses of the Depositary and government charges (including withholding Taxes if any) due to or incurred by the Depositary in connection with the cancellation of the ADSs surrendered and distribution of the aggregate Per ADS Merger Consideration to ADS holders. No interest will be paid or accrued on any amount payable in respect of the ADSs.
(iv) Remittances for the Per Share Merger Consideration or the Per ADS Merger Consideration, as the case may be, shall not be sent to holders of Company Shares or ADSs who are untraceable unless and until, except as provided below, they notify the Paying Agent or the Depositary, as applicable, of their current contact details. A holder of Uncertificated Company Shares or ADSs will be required deemed to provide be untraceable if (x) such Person has no registered address in the register of members (or branch register) maintained by the Company or the Depositary, as applicable, (y) on the last two (2) consecutive occasions on which a Certificate dividend has been paid by the Company a check payable to such Person either (A) has been sent to such person and has been returned undelivered or has not been cashed or (B) has not been sent to such person because on an executed letter of transmittal earlier occasion a check for a dividend so payable has been returned undelivered, and in any such case no valid claim in respect thereof has been communicated in writing to the Payment Agent Company or the Depositary, as applicable or (z) notice of the Company Shareholders Meeting convened to vote on the Merger has been sent to such Person and has been returned undelivered. Monies otherwise due to Dissenting Shareholders and monies due to shareholders of the Company who are untraceable shall be returned to the Surviving Company on demand and held in order a non-interest bearing bank account for the benefit of Dissenting Shareholders and shareholders of the Company (including holders of ADSs) who are untraceable. Monies unclaimed after a period of seven (7) years from the Closing Date shall, subject to receive all applicable Laws, be forfeited and revert to the payment that such holder is entitled to receive pursuant to Section 2.7Surviving Company.
Appears in 1 contract
Payment Procedures. Promptly following the Effective Time (and in any event within three five (5) Business Days)) following the Effective Time, Parent and the Surviving Corporation will Merger Sub shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”), which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Agent); ) and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article III. Upon surrender of Certificates for cancellation to the Payment AgentAgent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes Merger Consideration payable in respect thereof)thereof pursuant to the provisions of this Article III, and the Certificates so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelledcanceled. The Payment Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)3.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article III.
Appears in 1 contract
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days)Time, Parent Investor and the Surviving Corporation will shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates (the “Certificates”) that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) ), in each case, whose shares were converted into the right to receive the Merger Consideration pursuant to Section 2.7(a)(i), (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Agent); ) and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to the provisions of Section 2.72.7(a)(i). Upon surrender of Certificates for cancellation to the Payment AgentAgent or to such other agent or agents as may be appointed by Investor, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as the Payment Agent may reasonably require, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; Certificate that were converted into the right to receive the Merger Consideration pursuant to Section 2.7(a)(i), by (y) the Per Share Price Merger Consideration (less any applicable withholding Taxes taxes payable in respect thereof), and the Certificates so surrendered will shall forthwith be cancelledcanceled. Upon In the case of a book-entry transfer of Uncertificated Shares, upon receipt of an “agent’s message” by the Payment Agent and confirmation of the book-entry transfer of such Uncertificated Shares into the Payment Agent’s account with Depository Trust Company (or and such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares), the holders of such Uncertificated Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1x) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; Shares that were converted into the right to receive the Merger Consideration pursuant to Section 2.7(a)(i), by (2y) the Per Share Price Merger Consideration (less any applicable withholding Taxes taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will shall forthwith be cancelledcanceled. The Payment Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)Merger Consideration. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share PriceMerger Consideration, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 1 contract
Payment Procedures. Promptly following (i) As soon as practicable after the Effective Time Time, but in no event more than two (and in any event within three 2) Business Days)Days after the Closing Date, Parent and the Surviving Corporation will shall cause the Payment Exchange Agent to mail deliver to each holder of record (holder, as of immediately prior to the Effective Time) , of (i) a an outstanding certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Eligible Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (“Letter of Transmittal”) (which will with respect to holders of Certificates, shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will held by such person shall pass, only upon proper delivery of the Certificates to the Payment Exchange Agent); , and (Bwhich shall be in a customary form and agreed to by Parent and the Company prior to the Closing) and instructions for use in effecting the surrender of the Certificates and Uncertificated Shares for payment of the Merger Consideration as set forth in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. 3.1.
(ii) Upon surrender of Certificates for cancellation to the Payment AgentExchange Agent of a Certificate, together with such letter the Letter of transmittalTransmittal, duly completed and validly executed in accordance with the instructions thereto, and such other customary documents as may be reasonably required by Parent or the holders Exchange Agent, the holder of such Certificates will Certificate shall be entitled to receive in exchange therefor an amount (A) one or more shares of Parent Common Stock (which shall be in cash equal to uncertificated book-entry form) representing, in the product obtained by multiplying (x) aggregate, the aggregate whole number of shares of Company Parent Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidenceStock, if any, of transfer as that such holder has the Payment Agent may reasonably requestright to receive pursuant to Section 3.1 (after taking into account all Eligible Shares then held by such holder) and (B) a check in the case amount equal to the cash payable in lieu of a any fractional shares of Parent Common Stock pursuant to Section 3.4(i) and in respect of any post-Effective Time dividends and other distributions with respect to Parent Common Stock payable pursuant to Section 3.4(g). As promptly as practicable after the Effective Time and in any event not later than the third Business Day thereafter, the Surviving Company shall cause the Exchange Agent to issue and send to each holder of uncertificated Eligible Shares represented by book entry (“Book-Entry Shares”) (1) that number of whole shares of Parent Common Stock to which such holder of Book-Entry Shares shall have become entitled pursuant to the provisions of Section 3.1(b)(i) (which shall be in uncertificated book-entry transfer of Uncertificated Shares, form) and (2) a check in the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number cash payable in lieu of any fractional shares of Company Parent Common Stock represented by such holder’s transferred Uncertificated Shares; by (2pursuant to Section 3.4(i) the Per Share Price (less any applicable withholding Taxes payable and in respect thereof)of any post- Effective Time dividends and other distributions with respect to Parent Common Stock payable pursuant to Section 3.4(h) without such holder being required to deliver a Certificate or an executed Letter of Transmittal to the Exchange Agent, and the transferred Uncertificated such Book-Entry Shares so surrendered will shall then be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated or Book-Entry Shares on the Per Share Price Merger Consideration payable upon in respect of the surrender Certificates or Book-Entry Shares, as applicable. Payment of the Merger Consideration is to be made only to a Person that is the record holder of such Certificates shares of Company Common Stock, and Uncertificated Shares pursuant it shall be a condition of such payment that shares of Company Common Stock so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and that the Person requesting such payment shall have paid any Transfer Taxes and other Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of such shares surrendered or shall have established to the satisfaction of Parent that such Taxes either have been paid or are not applicable. Until surrendered as contemplated by this Section 2.9(c3.4(b)(ii). Until so surrendered, outstanding Certificates each Certificate and Uncertificated Shares will each Book-Entry Share shall be deemed from and at any time after the Effective Time to evidence represent only the right to receive upon such surrender the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant thereof, cash in lieu of any fractional shares of Parent Common Stock to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that which such holder is entitled to receive pursuant to Section 2.73.4(i) and in respect of any post-Effective Time dividends or other distributions with respect to Parent Common Stock to which such holder is entitled pursuant to Sections 3.4(g) or 3.4(h).
Appears in 1 contract
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three Business Days)not later than the third (3rd) business day following the Effective Time, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail (A) to each holder of record of Shares whose Shares were converted into the Merger Consideration pursuant to Section 2.1, (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ax) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Agent); Paying Agent and shall be in such form and have such other provisions as the Parents and the Company may mutually agree) and (By) instructions for use in effecting the surrender of the Certificates and Uncertificated (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Per Share Price Merger Consideration and (B) to each holder of a Company Stock Option, a Company Restricted Share, a Company Restricted Stock Unit or a Company Stock-Based Award, a check in an amount due and payable in respect thereof to such holder pursuant to Section 2.7. 5.5 hereof in respect of such Company Stock Option, Company Restricted Share, Company Restricted Stock Unit or Company Stock-Based Award; provided that, in lieu of the payments contemplated by subsection (B), the Parents and the Surviving Corporation may direct the Paying Agent to reimburse the Surviving Corporation (or its designees) for (but only to the extent of) any amounts actually paid by or on behalf of the Surviving Corporation to the holders of Company Stock Options, Company Restricted Shares, Company Restricted Stock Units or Company Stock-Based Awards in respect of the consideration payable therefor pursuant to Section 5.5.
(ii) Upon surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Agent, Paying Agent together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may customarily be required by the holders Paying Agent, the holder of such Certificates will or Book-Entry Shares shall be entitled to receive in exchange therefor a check in an amount in cash equal to the product obtained by multiplying of (xA) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; properly surrendered Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares multiplied by (2B) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practicesMerger Consideration. No interest will be paid or accrued for on any amount payable upon due surrender of Certificates or Book-Entry Shares. In the benefit event of holders a transfer of ownership of Shares that is not registered in the transfer records of the Certificates and Uncertificated Shares on the Per Share Price payable Company, a check for any cash to be paid upon the due surrender of the Certificate may be paid to such Certificates and Uncertificated a transferee if the Certificate formerly representing such Shares pursuant is presented to this Section 2.9(c). Until so surrenderedthe Paying Agent, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time accompanied by all documents required to evidence only and effect such transfer and to evidence that any applicable stock transfer Taxes have been paid or are not applicable.
(iii) Each of the right Company, Metro Parent, Cable Buyer, the Surviving Corporation and the Paying Agent shall be entitled to receive deduct and withhold from the Per Share Priceconsideration otherwise payable under this Agreement to any holder of Shares or holder of Company Stock Options, without interest thereonCompany Restricted Shares, payable Company Restricted Stock Units or Company Stock-Based Awards such amounts as are required to be withheld or deducted by such person under the Internal Revenue Code of 1986 (the “Code”) or any provision of U.S. state or local Tax Law with respect to the making of such payment. To the extent that amounts are so withheld or deducted and paid over to the applicable Governmental Entity, such withheld or deducted amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the Shares or the holder of the Company Stock Options, Company Restricted Shares, Company Restricted Stock Units or Company Stock-Based Awards, in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that which such holder is entitled to receive pursuant to Section 2.7deduction and withholding were made.
Appears in 1 contract
Sources: Merger Agreement (RCN Corp /De/)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will Merger Sub shall cause the Payment Agent to mail to each holder of record (of Shares as of immediately prior to the Effective Time) of : (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon proper delivery of the Certificates or transfer of the Uncertificated Shares to the Payment Agent); and (Bii) instructions for use in effecting the surrender of the Certificates and or transfer of the Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon Each holder of Shares that have been converted into the right to receive the Merger Consideration shall be entitled to receive the Merger Consideration in respect of the Shares represented by a Certificate or Uncertificated Share, upon (x) surrender of Certificates for cancellation to the Payment AgentAgent of a Certificate, together with such letter of transmittal, a duly completed and validly executed in accordance with letter of transmittal and such other documents as may reasonably be requested by the instructions theretoPayment Agent, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by or (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrenderedsurrendered or transferred, outstanding Certificates and Uncertificated Shares will be deemed as the case may be, from and after the Effective Time to evidence each such Certificate or Uncertificated Share shall represent for all purposes only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Notwithstanding anything If Certificates are presented to the contrary Surviving Corporation after the Effective Time for any reason, they shall be canceled and exchanged for the Merger Consideration as provided for, and in accordance with the procedures set forth, in this Agreement, no holder Article I. No interest shall be paid or accrued on the cash payable upon the surrender or transfer of Uncertificated Shares will be required to provide a such Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Uncertificated Share.
Appears in 1 contract
Payment Procedures. (i) Promptly following the Effective Time (and in any event within three Business Days)Time, Parent Holdco, Parent, Midco and the Surviving Corporation will Company shall cause the Payment Paying Agent to mail (or in the case of the Depositary Trust Company, deliver) to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that Company Shares, including Company Shares which immediately prior to the Effective Time were (i) represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) by a certificate or certificates (the “"Certificates”); ") and (ii) uncertificated shares of Company Common Stock that not represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) by a certificate or certificates (the “"Uncertificated Shares”") which were cancelled and exchanged into the right to receive the Per Share Merger Consideration pursuant to Section 3.1(b), (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Paying Agent); and , and/or (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article III. Upon surrender of Certificates for cancellation to the Payment AgentPaying Agent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of the Company Shares represented by such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) of the aggregate number of shares of Company Common Stock Shares represented by such Certificate; Certificates multiplied by (y) the Per Share Price Merger Consideration to which the holder thereof is entitled pursuant to Section 3.1(b) (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will shall forthwith be cancelledcanceled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as confirmation by the Payment Agent may reasonably request) in Company that the case of a book-entry transfer of Uncertificated SharesShares have been canceled, the holders of such Uncertificated Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) of the aggregate number of shares of Company Common Stock represented such Uncertificated Shares multiplied by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price Merger Consideration to which the holder thereof is entitled pursuant to Section 3.1(b) (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Paying Agent will shall accept such Certificates and transferred such confirmation by the Company with respect to the Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Company Shares represented by the Certificates and the holders of such Uncertificated Shares on the aggregate Per Share Price Merger Consideration payable upon the surrender of such Certificates and cancellation of Uncertificated Shares pursuant to this Section 2.9(c)3.2. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive an amount in cash equal to the product of the number of Company Shares represented by such Certificates multiplied by the Per Share PriceMerger Consideration, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything the provisions of this Article III.
(ii) Prior to the contrary Effective Time, the Parent Parties and the Company shall establish procedures with the Paying Agent and the Depositary to ensure that (x) the Paying Agent will transmit to the Depositary promptly following the Effective Time an amount in this cash in immediately available funds equal to the product of (1) the number of ADSs issued and outstanding immediately prior to the Effective Time multiplied by (2) the Per ADS Merger Consideration and (y) the Depositary will distribute the Per ADS Merger Consideration to ADS holders upon surrender by them of the ADSs. Pursuant to the Deposit Agreement, no holder the ADS holders will pay any applicable fees, charges and expenses of Uncertificated Shares the Depositary and government charges (including withholding Taxes if any) due to or incurred by the Depositary in connection with the cancellation of the ADSs surrendered and distribution of the aggregate Per ADS Merger Consideration to ADS holders. No interest will be required to provide a Certificate paid or an executed letter accrued on any amount payable in respect of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7ADSs.
Appears in 1 contract
Payment Procedures. Promptly Within five (5) days following the Effective Time (and in any event within three Business Days)Closing Date, Parent and or the Surviving Corporation will cause the Payment Exchange Agent to shall mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary the form set forth in Exhibit D (which will specify that delivery will be effected, a “Letter of Transmittal”) and risk of loss and title a Joinder to each Preferred Stockholder at the address or e-mail address set forth opposite each such Stockholder’s name on the Payment Spreadsheet (except to the Certificates will pass, only upon delivery extent any of the Certificates such documents have previously been received by Parent prior to the Payment AgentClosing from such Stockholder); and . Promptly (Bbut in no event more than five Business Days) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation following delivery to the Payment AgentExchange Agent of a duly completed and executed Letter of Transmittal, together with Joinder and any applicable tax forms that the Exchange Agent may reasonably require in connection therewith (except to the extent any of such letter of transmittaldocuments have previously been received by Parent prior to the Closing from such Stockholder) (the “Exchange Documents”), duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of and a certificate representing shares of Company Common Capital Stock, if any (the “Company Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereofTable of Contents Certificates”), (i) Parent shall cause the Exchange Agent to pay to the Stockholder for delivering such Exchange Documents and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidenceCompany Stock Certificates, if any, the cash portion of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes Merger Consideration payable in respect thereof)thereto pursuant to Section 1.6(b)(i) at Closing as set forth in the Payment Spreadsheet and (ii) Parent shall cause its transfer agent to issue to the Stockholder the shares of Parent Common Stock issuable in respect thereto pursuant to Section 1.6(b)(i) as set forth in the Payment Spreadsheet, and the transferred Uncertificated Shares Company Stock Certificate so surrendered will surrendered, if any, shall be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, each Company Stock Certificate outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time will be deemed, for all corporate purposes thereafter, to evidence only the right to receive the Per Share Price, Merger Consideration payable hereunder in exchange for shares of Company Capital Stock (without interest thereon, payable in respect thereof pursuant interest). Subject to Section 2.7. Notwithstanding anything 1.7(e), no portion of the Merger Consideration will be paid to the contrary in this Agreement, no holder of Uncertificated Shares will be required any unsurrendered Company Stock Certificate with respect to provide a shares of Company Capital Stock represented thereby until the holder of record of such Company Stock Certificate or an shall surrender such Company Stock Certificate (if any) and validly executed letter Exchange Documents pursuant hereto.
1.5 A new Section 1.7(k) of transmittal to the Payment Agent in order to receive the payment that such holder Merger Agreement is entitled to receive pursuant to Section 2.7.hereby added as follows:
Appears in 1 contract
Sources: Merger Agreement (Roku, Inc)
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three not later than the fifth (5th) Business Days)Day following the Effective Time, Parent and the Surviving Corporation will Company shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Certificates whose Company Shares and Owned Company Shares) (were converted into the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (right to receive the “Uncertificated Shares”) Merger Consideration pursuant to Section 3.1, (A) a letter of transmittal in customary form and accompanying instructions for use in effecting the surrender of Certificates (which will or effective affidavits of loss and any indemnity required by Section 3.2(g) in lieu thereof, as applicable) and claiming payment of the Merger Consideration, and shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery proper receipt of the Certificates to the Payment Agent(or affidavits of loss in lieu thereof as provided in Section 3.2(g); ), and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares (or affidavits of loss in exchange for lieu thereof as provided in Section 3.2(g)).
(ii) Upon the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender return of Certificates for cancellation the letter of transmittal to the Payment Paying Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions theretothereto and accompanied by Certificates representing outstanding Company Shares (or effective affidavits of loss accompanied by any indemnity required by Section 3.2(g) in lieu thereof), if applicable, together with such other documents as may reasonably be required by the Paying Agent, the holders holder of such Certificates will be entitled to receive in exchange therefor therefor, and Parent shall cause the Paying Agent to pay to each such holder an amount in cash equal to the product obtained by multiplying of (x) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; holder’s properly surrendered Certificates (or effective affidavits of loss accompanied by any indemnity required by Section 3.2(g) in lieu thereof) that were cancelled at the Effective Time multiplied by (y) the Per Share Price Merger Consideration.
(less any applicable withholding Taxes payable in respect iii) No holder of Book-Entry Shares shall be required to deliver a Certificate or an executed letter of transmittal to the Paying Agent to receive the Merger Consideration that such holder is entitled to receive pursuant to Section 3.1(a). In lieu thereof), and the Certificates so surrendered will forthwith be cancelled. Upon upon receipt of an “agent’s message” by the Payment Paying Agent (from each holder of Book-Entry Shares of any appropriate documentation or such other evidenceconfirmations reasonably required by the Paying Agent, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders such holder of such Uncertificated Book-Entry Shares will be entitled to receive in exchange therefor therefor, and Parent shall cause the Paying Agent to pay to each such holder by wire transfer of immediately available funds, as promptly as practicable after the Effective Time, but in no event more than five (5) Business Days following, an amount in cash equal to the product obtained by multiplying of (1x) the aggregate number of shares of Company Common Stock represented Book-Entry Shares held by such holder’s transferred Uncertificated Shares; holder that were cancelled at the Effective Time multiplied by (2y) the Per Share Price Merger Consideration.
(less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. iv) No interest will be paid or accrued on any amount payable. In the event of a transfer of ownership of Company Shares that is not registered in the transfer records of the Company, or the Merger Consideration is to be paid in a name other than that in which the Certificates or Book-Entry Shares surrendered in exchange therefor are registered in the transfer records of the Company, the Merger Consideration may be paid to a Person other than the Person in whose name the Certificate or the Book-Entry Shares so surrendered is registered in the transfer records of the Company if all appropriate documents reasonably required by the Paying Agent to evidence and effect such transfer (and any Certificate formerly representing such Company Shares) are presented to the Paying Agent, accompanied by evidence that any applicable share transfer Taxes have been paid or are not applicable. Until surrendered as contemplated by this Section 3.2, for the benefit avoidance of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendereddoubt, outstanding Certificates and Uncertificated Shares will each Certificate shall be deemed from and at any time after the Effective Time to evidence only the right to receive upon such surrender the Per Share Price, without interest thereon, payable Merger Consideration in respect thereof pursuant to Section 2.7. accordance with this Article III.
(v) Notwithstanding anything to the contrary in this Agreement, no Parent, Merger Sub, the Surviving Corporation and the Paying Agent will be entitled to deduct and withhold from the consideration otherwise payable under this Agreement to any holder of Uncertificated Company Shares will be or holder of Performance Share Awards, PSU Awards, RSU Awards or Stock Appreciation Rights or any other Person entitled to any payment hereunder, such amounts as are required to provide a Certificate be withheld or an executed letter deducted under the Code or any provision of transmittal U.S. federal, U.S. state, U.S. local or non-U.S. Tax Law with respect to the Payment Agent making of such payment. To the extent that amounts are so withheld or deducted and paid over to the applicable Taxing Authority, such withheld or deducted amounts shall be treated for all purposes of this Agreement as having been paid to the holder of Company Shares or holder of Performance Share Awards, PSU Awards, RSU Awards or Stock Appreciation Rights, in order to receive the payment that respect of which such holder is entitled to receive pursuant to Section 2.7deduction and withholding were made.
Appears in 1 contract
Payment Procedures. Promptly following the Effective Time (and in any event within three five (5) Business Days)) following the Effective Time, Parent and the Surviving Corporation will Merger Sub shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the "Certificates"), which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Agent); ) and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article III. Upon surrender of Certificates for cancellation to the Payment AgentAgent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes Merger Consideration payable in respect thereof)thereof pursuant to the provisions of this Article III, and the Certificates so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelledcanceled. The Payment Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)3.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article III.
Appears in 1 contract
Payment Procedures. Promptly following the Effective Time (a) Borrower agrees and in any event within three Business Days)acknowledges that Borrower will, Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder immediately upon an Event of record (as Default or an Other RF Event of immediately prior to the Effective Time) of Default (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock re-register any securities (other than Dissenting Company Shares and Owned Company Sharesthe Excess Cash Flow Certificate) (the “Certificates”); delivered as Collateral hereunder into Lender's name and (ii) uncertificated shares subject to Section 5.5(d) of Company Common Stock that represented outstanding shares the Pooling and Servicing Agreement, upon the request of Company Common Stock Lender, re-register the Excess Cash Flow Certificate in the name of a Bankruptcy Remote Entity designated by Lender.
(b) On or prior to the Closing Date, Borrower will provide Trustee under the Pooling and Servicing Agreement with a notice providing for, among other than Dissenting Company Shares things, all remittances on the Excess Cash Flow Certificate to be paid to Lender to the full extent of Borrower's Obligations to Lender hereunder and Owned Company Shares) (Borrower's Other RF Obligations to Lender under the “Uncertificated Shares”) (A) a letter of transmittal in customary form (Other Residual Financing Agreements, which will specify that delivery notice to Trustee will be effectedirrevocable for so long as any of the Obligations or Other RF Obligations remain outstanding (unless otherwise consented to in writing by Lender). All amounts received in respect of the Excess Cash Flow Certificate or other Collateral will be applied first to satisfy the Obligations and then to satisfy the Other RF Obligations. Any amounts received by Lender in excess of the Obligations and Other RF Obligations due and owing to Lender shall be remitted by Lender to Borrower.
(c) All payments to Lender hereunder or under the Note shall be made in immediately available funds, and risk free and clear of loss and title without deduction for any taxes, levies, duties, charges, counterclaims, set-offs, fees or withholdings of any nature hereafter imposed, assessed or collected, not later than the due date for such payment through the Federal Reserve Fedwire System for credit to the Certificates will passaccount of Lender (Account No. 140095961 at Chase Manhattan Bank, only upon delivery of the Certificates to the Payment AgentABA No. ▇▇▇▇▇▇▇▇▇); .
(d) Any payments made hereunder shall be applied first against costs and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof expenses due hereunder pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate9.1; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidencethen against default interest, if any, of transfer as ; then against interest due on the Payment Agent may reasonably request) in Loan; and thereafter against the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders unpaid principal of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Loan.
Appears in 1 contract
Sources: Credit and Security Agreement (Long Beach Holdings Corp)
Payment Procedures. Promptly Reasonably promptly following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”), which immediately prior to the Effective Time represented outstanding shares of Company Common Capital Stock (other than treasury shares, shares held by Parent, Merger Sub or any Subsidiary of the Company, Dissenting Company Shares and Owned Company Redeemed Series B Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Paying Agent); ) and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the applicable Per Share Price Amount payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon surrender of Certificates for cancellation to the Payment AgentPaying Agent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Capital Stock represented evidenced by such Certificate; , by (y) the applicable Per Share Price Amount (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelledcanceled. The Payment Paying Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the applicable Per Share Price Amount payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)2.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the applicable Per Share PriceAmount, without interest thereon, payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Promptly following the receipt of a letter of transmittal and the Certificate(s) from a holder of record, Parent and the Surviving Corporation shall cause the Paying Agent to pay to such holder of record (as of immediately prior to the Effective Time) of outstanding shares of Company Capital Stock (other than treasury shares, shares held by Parent, Merger Sub or any Subsidiary of the Company, Dissenting Company Shares and Redeemed Series B Shares) represented by book-entry on the records of the Company or the Companys transfer agent on behalf of the Company, an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Capital Stock held by such holder immediately prior to the Effective Time and (y) the applicable Per Share Amount, less any applicable withholding, Taxes payable in respect thereof. Notwithstanding anything herein to the contrary contrary, Consideration payable in this Agreementrespect of each Company Warrants, no holder of Uncertificated Shares will Company Options and Company Stock-Based Awards shall be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive payable pursuant to Section 2.72.7 and Section 2.8(c) and not pursuant to this Section 2.8(d), and no deposit shall be made with the Paying Agent by Parent in respect of the Company Warrants, Company Options and Company Stock-Based Awards.
Appears in 1 contract
Sources: Merger Agreement (SoftBrands, Inc.)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days), Parent and the Surviving Corporation will shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective TimeTime (other than Owned Company Shares, Dissenting Company Shares, Company Restricted Shares and Company PSUs, as applicable) of (i) a certificate one or more certificates that immediately prior to the Effective Time represented issued and outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares, Dissenting Company Shares, Company Restricted Shares and Company PSUs, as applicable) (the “Certificates”” (if any); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); , and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in with respect thereof to the shares of Company Common Stock formerly represented thereby pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (xa) the aggregate number of shares of Company Common Stock represented by such Certificate; Certificates by (yb) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Price, and the Certificates so surrendered will forthwith be cancelled. Upon Notwithstanding anything to the contrary in this Agreement, no record holder of uncertificated shares of Company Common Stock (other than Owned Company Shares, Dissenting Company Shares, Company Restricted Shares and Company PSUs, as applicable) (the “Uncertificated Shares”) will be required to deliver a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7 with respect to such Uncertificated Shares. In lieu thereof, such record holder, upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares), the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; Shares by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Price, and the transferred such Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and transfer of Uncertificated Shares pursuant to this Section 2.9(c). Until so surrenderedsurrendered or transferred, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, Price without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 1 contract
Sources: Merger Agreement (Perficient Inc)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days), Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by Table of Contents multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 1 contract
Sources: Merger Agreement (MINDBODY, Inc.)
Payment Procedures. Promptly following the Effective Time (a) Borrower agrees and in any event within three Business Days)acknowledges that Borrower will, Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder immediately upon an Event of record (as Default or an Other RF Event of immediately prior to the Effective Time) of Default (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock re-register any securities (other than Dissenting Company Shares and Owned Company Sharesthe Certificate) (the “Certificates”); delivered as Collateral hereunder into Lender's name and (ii) uncertificated shares subject to Section 3.7 of Company Common Stock that represented outstanding shares the Trust Agreement, upon the request of Company Common Stock Lender, re-register the Certificate in the name of a Bankruptcy Remote Entity designated by Lender.
(b) On or prior to the Closing Date, Borrower will provide Trust Collateral Agent under the Sale and Servicing Agreement with a notice providing for, among other than Dissenting Company Shares things, all remittances on the Certificate to be paid to Lender to the full extent of Borrower's Obligations to Lender hereunder and Owned Company Shares) (Borrower's Other RF Obligations to Lender under the “Uncertificated Shares”) (A) a letter of transmittal in customary form (Other Residual Financing Agreements, which will specify that delivery notice to Trust Collateral Agent will be effected, and risk of loss and title to the Certificates will pass, only upon delivery irrevocable for so long as any of the Certificates Obligations or Other RF Obligations remain outstanding (unless otherwise consented to the Payment Agentin writing by Lender); and (B) instructions for use . All amounts received in effecting the surrender respect of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates Certificate or other Collateral will be entitled to receive applied as set forth in exchange therefor an amount Section 3.15. Any amounts received by Lender in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders excess of the Certificates Obligations and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates Other RF Obligations due and Uncertificated Shares owing to Lender shall be remitted by Lender to Borrower. Any amounts received by Lender pursuant to this Section 2.9(c). Until so surrendered2.7(b) prior to 6:00 p.m., outstanding Certificates and Uncertificated Shares will New York City time, on any Business Day shall be deemed from to be received on such Business Day, and any amounts received by Lender after 6:00 p.m., New York City time, on any Business Day shall be deemed to be received on the Effective Time next succeeding Business Day.
(c) All payments to evidence only Lender hereunder or under the right Promissory Note shall be made in immediately available funds, and free and clear of and without deduction for any taxes, levies, duties, charges, counterclaims, set-offs, fees or withholdings of any nature hereafter imposed, assessed or collected, not later than the due date for such payment through the Federal Reserve Fedwire System for credit to receive the Per Share Priceaccount of Lender (Account No. 140095961 at The Chase Manhattan Bank, without interest thereonABA No. ▇▇▇▇▇▇▇▇▇, payable or such other account or accounts as Lender shall specify to Borrower in respect thereof writing no later than one Business Day prior to the related due date).
(d) Any payments made hereunder shall be applied first against costs and expenses due hereunder pursuant to Section 2.7. Notwithstanding anything to 9.1; then against default interest, if any; then against interest due on the contrary in this Agreement, no holder Loan; and thereafter against the unpaid principal of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Loan.
Appears in 1 contract
Sources: Credit and Security Agreement (Long Beach Holdings Corp)
Payment Procedures. Promptly following (i) As promptly as practicable after the Effective Time (and but in any no event within three more than five (5) Business DaysDays thereafter), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of Person who was, immediately prior to the Effective Time) , a holder of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock represented by a Share Certificate or Book-Entry Shares not held, directly or indirectly, through The Depository Trust Company (“DTC”) (other than Dissenting Company Shares and Owned Company Shares(x) (the “Certificates”); and (ii) uncertificated shares a Share Certificate representing a share of Company Common Stock that represented outstanding shares of Company Common Stock or Book-Entry Shares to be canceled in accordance with Section 2.01(b) and (other than Dissenting Company Shares and Owned Company y) Appraisal Shares) (the “Uncertificated Shares”, which shall be treated in accordance with Section 2.07) (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Share Certificates will or such Book-Entry Shares shall pass, only upon delivery of the Share Certificates (or affidavits in lieu thereof together with any bonds and such other customary documents as may reasonably be required by the Paying Agent) to the Payment AgentPaying Agent or, in the case of such Book-Entry Shares, upon adherence to the procedures set forth in the letter of transmittal); , and (B) instructions for use in effecting the surrender of the Share Certificates and Uncertificated or Book-Entry Shares to the Paying Agent, as applicable, in exchange for payment of the Per Share Price payable Merger Consideration as provided in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation Section 2.01(c), which in each case shall be in a form reasonably acceptable to the Payment Agent, together with such Company and finalized prior to the Effective Time.
(ii) Upon delivery of a letter of transmittal, transmittal (duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal ) and either (A) surrender to the product obtained Paying Agent of Share Certificates (or affidavits of loss in lieu thereof as provided in this Section 2.02 together with any bonds and such other customary documents as may reasonably be required by multiplying the Paying Agent) or (xB) the aggregate number transfer of shares of Company Common Stock represented Book-Entry Shares not held through DTC, by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon book receipt of an “agent’s message” in customary form by the Payment Paying Agent in connection with the surrender of Book-Entry Shares (or such other reasonable evidence, if any, of transfer surrender with respect to such Book-Entry Shares, as the Payment Paying Agent may reasonably request), in each case as contemplated in subsection (i) in the case of a book-entry transfer of Uncertificated Sharesthis Section 2.02(b), the holders holder of such Uncertificated Share Certificate or Book-Entry Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares Merger Consideration for each share of Company Common Stock formerly represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)Certificate or Book-Entry Share, and the transferred Uncertificated Shares Share Certificate so surrendered will shall forthwith be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)canceled. Until so surrenderedsurrendered as contemplated by this Section 2.02, outstanding Certificates and Uncertificated Shares will each Share Certificate or Book-Entry Share shall be deemed from and at any time at or after the Effective Time to evidence represent only the right to receive the Per Share PriceMerger Consideration as contemplated by this Article II.
(iii) The Persons who were, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything immediately prior to the contrary Effective Time, holders of Book-Entry Shares (other than (x) shares of Company Common Stock to be canceled in this Agreementaccordance with Section 2.01(b) or (y) Appraisal Shares, no holder of Uncertificated Shares will which shall be treated in accordance with Section 2.07) held, directly or indirectly, through DTC shall not be required to provide deliver a Share Certificate or an executed letter of transmittal to the Payment Paying Agent in order to receive the payment Merger Consideration that such holder is entitled to receive pursuant to Section 2.7this Section 2.02. With respect to such Book-Entry Shares held, directly or indirectly, through DTC, Parent and the Company shall cooperate to establish procedures with the Paying Agent, DTC, DTC’s nominees and such other necessary third-party intermediaries to ensure that the Paying Agent will transmit to DTC or its nominees as promptly as practicable after the Effective Time, upon surrender of Book-Entry Shares held of record by DTC or its nominees in accordance with DTC’s customary surrender procedures and such other procedures as agreed by Parent, the Company, the Paying Agent, DTC, DTC’s nominees and such other necessary third-party intermediaries, the Merger Consideration to which the beneficial owners thereof are entitled to receive as a result of the Merger pursuant to this Section 2.02.
(iv) If payment of the Merger Consideration is to be made to a Person other than the Person in whose name the surrendered Share Certificate is registered, Parent may cause the Paying Agent to pay the Merger Consideration to such Person only if such Share Certificate (if applicable) is presented to the Paying Agent, accompanied by all documents required to evidence and effect such transfer and to evidence to the reasonable satisfaction of the Paying Agent that any applicable stock transfer or similar Taxes have been paid or are not applicable. Payment of the Merger Consideration with respect to Book-Entry Shares shall only be made to the Persons in whose name such Book-Entry Shares are registered in the stock transfer records of the Company.
(v) No interest will be paid or accrued on any amount payable upon surrender of any Company Common Stock.
Appears in 1 contract
Sources: Merger Agreement (Air Transport Services Group, Inc.)
Payment Procedures. (i) Promptly following after the Effective Time (and in any event within three not later than the second Business Days)Day following the Effective Time, Parent and the Surviving Corporation will shall cause the Payment Agent to mail be mailed to each holder of record (holder, as of immediately prior to the Effective Time, of Shares that have converted pursuant to Section 3.1(a) of (i) a certificate or certificates that immediately prior into the right to receive the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) applicable Merger Consideration with respect thereto a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) containing instructions for use in effecting the surrender of the Certificates (the “Letter of Transmittal”). The Letter of Transmittal shall specify that delivery of Shares shall be effected, and Uncertificated risk of loss and title shall pass, only upon (x) in the case of certificated Shares, proper delivery of the Certificates to the Paying Agent and (y) in the case of Book-Entry Shares, reasonable and customary provisions regarding delivery of an “agent’s message” with respect to such Book-Entry Shares.
(ii) In the case of certificated Shares, upon surrender to the Paying Agent of a Certificate representing any such Shares in exchange for that have been converted into the Per Share Price payable in respect thereof right to receive Merger Consideration pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent3.1(a), together with such letter a Letter of transmittalTransmittal, duly completed and validly executed in accordance with the instructions thereto, Parent shall cause the holders Paying Agent to deliver to the record holder of such Certificates will be entitled to receive in exchange therefor an Certificate a check or wire transfer for the amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock applicable Merger Consideration for each Share formerly represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith such Certificate shall then be cancelled. Upon canceled.
(iii) With respect to Book-Entry Shares, upon receipt by Paying Agent of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) with respect to any Book-Entry Shares representing any Shares that have been converted in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof Merger Consideration pursuant to Section 2.7. Notwithstanding anything 3.1(a), Parent shall cause the Paying Agent to deliver to the contrary in this Agreement, no record holder of Uncertificated such Book‑Entry Shares will be required to provide a Certificate check or an executed letter wire transfer for the amount of transmittal to the Payment Agent in order to receive the payment Merger Consideration that such record holder is entitled to receive pursuant to Section 2.73.1(a) of this Agreement in respect of such Book‑Entry Shares, and such Book‑Entry Shares shall then be canceled.
(iv) No interest shall be paid or accrued on the cash payable upon the surrender or transfer of any Certificate or Book-Entry Share. In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Company, or if payment of the Merger Consideration is to be made to a Person other than the Person in whose name the surrendered Certificate is registered, it shall be a condition of payment that such Certificate so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer or such Book‑Entry Share shall be properly transferred and that the Person requesting such payment shall have paid any transfer and other taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate or Book‑Entry Share surrendered or shall have established to the reasonable satisfaction of Parent or the Paying Agent that such Tax either has been paid or is not applicable.
(v) Promptly after the Effective Time, and in any event, not later than the first Business Day after the Effective Time, the Paying Agent shall deliver to the Surviving Corporation an amount, in cash, sufficient to make all payments pursuant to Section 3.3, and Parent shall cause, promptly after the receipt of such payment by the Surviving Corporation, and in any event no later than ten Business Days following the Closing Date, each Option Holder and RSU Holder to be paid through a payroll or other appropriate account of the Surviving Corporation or any its Affiliates the amounts provided for in Section 3.3, subject to deductions of any applicable withholding Tax in accordance with Section 3.2(h).
Appears in 1 contract
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (Time, and in any event within three not later than the fifth Business Days)Day following the Closing Date, Parent and the Surviving Corporation will cause the Payment Paying Agent to shall mail to each holder of record (as of immediately prior a Certificate representing Shares that were converted into the Merger Consideration pursuant to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) Section 2.1, (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or effective affidavits of loss in lieu thereof) to the Payment Agent); Paying Agent and shall be in such form and have such other provisions as Parent and the Company may mutually agree) and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares (or effective affidavits of loss in lieu thereof) in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Merger Consideration.
(ii) Upon surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) to the Payment Agent, Paying Agent together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may customarily be required by the holders Paying Agent, the holder of such Certificates will (or effective affidavits of loss in lieu thereof) shall be entitled to promptly receive in exchange therefor an amount in cash equal to the product obtained by multiplying of (xA) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; by holder’s properly surrendered Certificates (yor effective affidavits of loss in lieu thereof) and (B) the Per Share Price Merger Consideration (less any applicable withholding Taxes payable in respect thereofTaxes), . Holders of Book-Entry Shares shall not be required to deliver a Certificate or an executed letter of transmittal and such Book-Entry Shares shall automatically be exchanged at the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by Effective Time for the Payment right to receive from the Paying Agent (or such other evidence, if any, of transfer as promptly as practicable following the Payment Agent may reasonably requestEffective Time and in any event not later than the second Business Day following the Closing Date) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying of (1x) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by Book-Entry Shares and (2y) the Per Share Price Merger Consideration (less any applicable withholding Taxes payable in respect thereofTaxes), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for on any amount payable upon due surrender of Certificates (or effective affidavits of loss in lieu thereof) or exchange of Book-Entry Shares. In the benefit event of holders a transfer of ownership of Shares that is not registered in the transfer records of the Certificates and Uncertificated Shares on the Per Share Price payable Company, a check for any cash to be paid upon the due surrender of the Certificate may be paid to such Certificates and Uncertificated a transferee if the Certificate formerly representing such Shares pursuant is presented to this Section 2.9(c). Until so surrenderedthe Paying Agent, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time accompanied by all documents required to evidence and effect such transfer and to evidence that any applicable stock transfer Taxes have been paid or are not applicable.
(iii) The Paying Agent, the Company, Parent, Merger Sub, the Surviving Corporation and any other withholding agent, as applicable, shall be entitled to deduct and withhold from any amounts otherwise payable under this Agreement such amounts only to the right extent required to receive be withheld or deducted under the Per Share PriceInternal Revenue Code of 1986, without interest thereonas amended (the “Code”), or any provision of state, local or foreign Tax Law with respect to the making of such payment. To the extent that amounts are so deducted or withheld, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to the person in respect of which such deduction or withholding was made. In addition, any compensatory amount, to the extent applicable, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to, or as contemplated by, this Agreement shall be paid to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7applicable person through regular payroll procedures.
Appears in 1 contract
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three Business Days)not later than the thirty (30) days following the Effective Time, Parent and the Surviving Corporation will Entity shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior Units whose Units were converted into the Merger Consideration pursuant to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”Section 2.1(a); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) , (A) a letter of transmittal in customary form (the “Letter of Transmittal”) (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof pursuant to Section 2.2(g)) to the Payment Agent); Paying Agent or, in the case of Book-Entry Units, upon adherence to the procedures set forth in the Letter of Transmittal, and shall be in such customary form and have such other provisions as Parent and the Partnership Parties shall reasonably determine) and (B) instructions for use in effecting the surrender surrendering Certificates (or affidavits of the Certificates and Uncertificated Shares loss in lieu thereof pursuant to Section 2.2(g)) or Book-Entry Units in exchange for the Per Share Price payable Merger Consideration.
(ii) Upon (A) surrender of a Certificate (or an affidavit of loss in respect lieu thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation 2.2(g)) or Book-Entry Units to the Payment Paying Agent, together with such letter accompanied by a properly completed Letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying Transmittal or (xB) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) in the case of a bookcertain Book-entry transfer Entry Units represented by DTC participants for the benefit of Uncertificated Sharescertain beneficial owners of Units that hold such Units in “street name”, the holders holder of such Uncertificated Shares will Certificate or Book-Entry Units shall be entitled to receive promptly after the Effective Time, but in exchange therefor any event within ten (10) Business Days after such surrender, a check in an amount in cash equal to the product obtained by multiplying of (1x) the aggregate number of shares of Company Common Stock Units represented by such holder’s transferred Uncertificated Shares; properly surrendered Certificates (or affidavits of loss in lieu thereof pursuant to Section 2.2(g)) or Book-Entry Units multiplied by (2y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practicesMerger Consideration. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares or Book-Entry Units on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof pursuant of the Certificates or Book-Entry Units. In the event of a transfer of ownership of Units that is not registered in the unit transfer register of the Partnership, a check for any amount to Section 2.7. Notwithstanding anything be paid upon due surrender of the Certificate may be paid to such a transferee if the Certificate formerly representing such Units is presented to the contrary in this Agreement, no holder of Uncertificated Shares will be Paying Agent accompanied by all documents required to provide a Certificate evidence and effect such transfer and to evidence that any applicable unit transfer or an executed letter other Taxes have been paid or are not applicable.
(iii) Parent, the Surviving Entity and the Paying Agent shall be entitled to deduct and withhold from the consideration otherwise payable under this Agreement to any Unitholder such amounts as are required to be withheld or deducted under the Internal Revenue Code of transmittal 1986, as amended (the “Code”), or any provision of federal, state, local or foreign Tax Law with respect to the Payment Agent making of such payment. To the extent that amounts are so withheld or deducted and paid over to the applicable Governmental Entity, such withheld or deducted amounts shall be treated for all purposes of this Agreement as having been paid to the Unitholder in order to receive the payment that respect of which such holder is entitled to receive pursuant to Section 2.7deduction and withholding were made.
Appears in 1 contract
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days), Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately At least 30 (thirty) days prior to a Payment Date, MCC will submit an invoice (substantially in the Effective Time represented outstanding shares form of Company Common Stock invoice provided in Schedule (other than Dissenting Company Shares and Owned Company Shares2) (the “Certificates”); and (iihereto) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will passEscrow Agent and the Company, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed prepared in accordance with the instructions theretoFinancing Agreement and reflecting the amounts due on the immediately next scheduled Payment Date and the Escrow Agent shall pay the invoice amount on the Payment Date, to MCC the required payment by wire transfer to the address set forth on such invoice, from the Service Account and in the event of shortfall, to the extent required from the Reserve Account, subject to the availability of such funds in the Reserve Account. Notwithstanding the foregoing, the holders Company may, from time to time, upon its request in writing to MCC at least ten (10) days prior to a particular Payment Date, with MCC's prior written consent, not be unreasonably withheld, elect to make payment of amounts due under any Promissory Note, directly to MCC, and MCC, in such event, agrees not to draw on the Accounts for such payment. The Escrow Agent is authorized by the Company to effect payment in accordance with the invoice of MCC, which shall be deemed to be conclusive evidence of the amount payable by the Company to MCC. The payments will be made to MCC by conversion of the funds in the Service Account (and to the extent of shortfall if any, from the Reserve Account) into US Dollars, subject to SBP making US dollar funds available for repatriation to MCC at the official rate of exchange. It will be the sole responsibility of the Company to provide all the necessary documents to the Escrow Agent, required for approvals form the SBP, for the repatriation of said payments at least 28 calendar days before the Payment Date. The Company will also copy a set of these documents to MCC simultaneously. The Escrow Agent undertakes to ensure that the documents are submitted to the SBP within a period of 10 calendar days of the receipt of documents. In the event the Escrow Agent fails to do so, all cost, losses or charges incurred by the Company or MCC as a direct result of such Certificates will failure shall be entitled for the account of the Escrow Agent.
(ii) At least 30 (thirty) days prior to receive any due date for payment of interest/profit/▇▇▇▇-up or principal in exchange therefor an amount respect of Approved Loans, the Company shall notify the Escrow Agent and MCC in cash equal writing, of amounts required to be paid along with details of the Lender, break-up of principal and interest/profit/▇▇▇▇-up and the due date for payment substantially in the form of advance provided in Schedule (3) hereto ("the Approved Loan Payment Advice"). Unless notice is received in writing from MCC by the Escrow Agent, countermanding the Approved Loan Payment Advice at least 10 (ten) days prior to the product obtained date of payment, stating that as per determination of MCC, a breach under the Finance Agreement will occur if such payment is made; the Escrow Agent will make payment in accordance with the Approved Loan Payment Advice from the Service Account. In case of any shortfall in the Service Account, funds in the Reserve Account will only be utilized if and to the extent that written waiver is issued by multiplying (x) MCC in favour of the aggregate number Company for doing so and such waiver is notified to the Escrow Agent prior to the due date of shares payment in accordance with the Approved Loan Payment Advice. The Escrow Agent is authorized to effect payment in accordance with the Approved Loan Payment Advice, which shall be deemed to be conclusive evidence of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes amounts payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Approved Loans.
Appears in 1 contract
Sources: Financing and Security Agreement (International Wireless Communications Holdings Inc)
Payment Procedures. (i) Promptly following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will Company shall cause the Payment Paying Agent to mail (or in the case of the Depository Trust Company, deliver) to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that Company Shares, including Company Shares which immediately prior to the Effective Time were (x) represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) by a certificate or certificates (the “Certificates”); ) and (iiy) uncertificated shares of Company Common Stock that not represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) by a certificate or certificates (the “Uncertificated Shares”) which were cancelled and exchanged into the right to receive the Per Share Merger Consideration pursuant to Section 3.1(b) (and excluding, for the avoidance of doubt, the Excluded Shares), (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Paying Agent); , and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article III. Promptly after a Dissenting Shareholder has effectively withdrawn or lost his, her or its appraisal rights under the Cayman Companies Law, Parent shall cause the Paying Agent to mail to such Dissenting Shareholder such letter of transmittal and instructions.
(ii) Upon surrender of Certificates for cancellation to the Payment AgentPaying Agent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of the Company Shares represented by such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) of the aggregate number of shares of Company Common Stock Shares represented by such Certificate; Certificates multiplied by (y) the Per Share Price Merger Consideration to which the holder thereof is entitled pursuant to Section 3.1(b) (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will shall forthwith be cancelledcanceled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as confirmation by the Payment Agent may reasonably request) in Company that the case of a book-entry transfer of Uncertificated SharesShares have been canceled, the holders of such Uncertificated Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) of the aggregate number of shares of Company Common Stock represented such Uncertificated Shares multiplied by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price Merger Consideration to which the holder thereof is entitled pursuant to Section 3.1(b) (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Paying Agent will shall accept such Certificates and transferred such confirmation by the Company with respect to the Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Company Shares represented by the Certificates and the holders of such Uncertificated Shares on the aggregate Per Share Price Merger Consideration payable upon the surrender of such Certificates and cancellation of Uncertificated Shares pursuant to this Section 2.9(c)3.2. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive an amount in cash equal to the product of the number of Company Shares represented by such Certificates multiplied by the Per Share PriceMerger Consideration, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything the provisions of this Article III.
(iii) Prior to the contrary Effective Time, Parent and the Company shall establish procedures with the Paying Agent and the Depositary to ensure that (x) the Paying Agent will transmit to the Depositary promptly following the Effective Time an amount in this cash in immediately available funds equal to the product of (1) the number of ADSs issued and outstanding immediately prior to the Effective Time (other than ADSs representing Excluded Shares) multiplied by (2) the Per ADS Merger Consideration and (y) the Depositary will distribute the Per ADS Merger Consideration to ADS holders (other than with respect to ADSs representing Excluded Shares) upon surrender by them of the ADSs. Pursuant to the Deposit Agreement, no the ADS holders will pay any applicable fees, charges and expenses of the Depositary and government charges (including withholding Taxes if any) due to or incurred by the Depositary in connection with the cancellation of the ADSs surrendered and distribution of the aggregate Per ADS Merger Consideration to ADS holders. No interest will be paid or accrued on any amount payable in respect of the ADSs.
(iv) Remittances for the Per Share Merger Consideration or the Per ADS Merger Consideration, as the case may be, shall not be sent to holders of Company Shares or ADSs who are untraceable unless and until, except as provided below, they notify the Paying Agent or the Depositary, as applicable, of their current contact details. A holder of Uncertificated Company Shares or ADSs will be required deemed to provide be untraceable if (x) such Person has no registered address in the register of members (or branch register) maintained by the Company or the Depositary, as applicable, (y) on the last two (2) consecutive occasions on which a Certificate dividend has been paid by the Company a check payable to such Person either (A) has been sent to such person and has been returned undelivered or has not been cashed or (B) has not been sent to such person because on an executed letter of transmittal earlier occasion a check for a dividend so payable has been returned undelivered, and in any such case no valid claim in respect thereof has been communicated in writing to the Payment Agent Company or the Depositary, as applicable or (z) notice of the Company Shareholders Meeting convened to vote on the Merger has been sent to such Person and has been returned undelivered. Monies due to Dissenting Shareholders and shareholders of the Company who are untraceable shall be returned to the Surviving Company on demand and held in order a non-interest bearing bank account for the benefit of Dissenting Shareholders and shareholders of the Company (including holders of ADSs) who are untraceable. Monies unclaimed after a period of seven (7) years from the Closing Date shall be forfeited and shall revert to receive the payment that such holder is entitled to receive pursuant to Section 2.7Surviving Company.
Appears in 1 contract
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”) which immediately prior to the Effective Time represented outstanding shares of Company Common Stock who is entitled to receive the Per Share Price pursuant to Section 2.7(a)(i): (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Agent); , and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon surrender of Certificates for cancellation to the Payment AgentAgent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may be required by the instructions, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented evidenced by such Certificate; , by (y) the Per Share Price (less any applicable withholding Taxes taxes payable in respect thereof), without any interest thereon, and the Certificates so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the The Payment Agent (or shall accept such other evidence, if any, of transfer Certificates upon compliance with such reasonable terms and conditions as the Payment Agent may reasonably requestimpose to effect an orderly exchange thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates on the Per Share Price payable upon the surrender of such Certificates pursuant to this Section 2.8. Until so surrendered, outstanding Certificates shall be deemed, from and after the Effective Time, to evidence only the right to receive the Per Share Price (less any applicable withholding taxes payable in respect thereof), without interest thereon, payable in respect thereof pursuant to the provisions of this Article II. Promptly following the Effective Time, Parent and the Surviving Corporation shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) in of outstanding shares of Company Common Stock who is entitled to receive the case of a Per Share Price pursuant to Section 2.7(a)(i) represented by book-entry on the records of the Company or the Company’s transfer agent on behalf of Uncertificated Sharesthe Company: (A) a letter of transmittal in customary form and (B) instructions for use in effecting the surrender of the book-entry shares in exchange for the Per Share Price payable in respect thereof pursuant to the provisions of Article II. Upon return of a duly completed and validly executed letter of transmittal (in accordance with the instructions thereto), and such other documents that may be required by the instructions, the holders of such Uncertificated Shares will book-entry shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1x) the aggregate number of shares of Company Common Stock represented held by such holder’s transferred Uncertificated Shares; by holder immediately prior to the Effective Time, and (2y) the Per Share Price (less any applicable withholding Taxes taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, ) without any interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 1 contract
Payment Procedures. Promptly following (i) Prior to the Effective Time (Closing, Buyer, the Company and in any event within three Business Days), Parent and the Surviving Corporation will cause the Payment Agent shall agree upon a form of letter of transmittal. The Company may distribute letters of transmittal in the form agreed upon by Buyer, the Company and the Payment Agent (each, a “Letter of Transmittal”) to mail to each holder of record (as of immediately certain Company Shareholders prior to the Effective Time) Closing. As soon as reasonably practicable following the Closing, Buyer or the Payment Agent shall distribute Letters of (i) a certificate or certificates Transmittal, to each Company Shareholder that immediately prior has not already returned to the Effective Time represented outstanding shares Payment Agent a Letter of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (Transmittal distributed by the “Certificates”); and Company, at the address or email address set forth opposite each such Person’s name on the Closing Payment Spreadsheet.
(ii) uncertificated shares After receipt by the Payment Agent of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form and any other documents (which will specify including applicable tax forms) that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to Buyer or the Payment AgentAgent may reasonably require in connection therewith (the “Exchange Documents”); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, Buyer shall cause the holders Payment Agent to pay to the holder of such Certificates will be entitled to receive Company Shares in exchange therefor the Total Closing Consideration payable in respect thereto pursuant to Section 1.3. No portion of the Total Closing Consideration shall be paid or payable to the holder of any Company Shares until the holder of such Company Shares and delivered validly executed Exchange Documents in accordance with the terms and conditions hereof. Notwithstanding the foregoing, Buyer shall cause the Payment Agent to pay to each Company Shareholder that has returned a Letter of Transmittal at least three (3) Business Days prior to the Closing Date and whose Company Share Closing Payment amounts to at least $10,000,000 in the aggregate, the Company Share Closing Payment payable in respect of such Company Shareholder’s Company Shares pursuant to Section 1.3 at the Closing.
(iii) In the event that any Person entitled to consideration hereunder has outstanding loans from the Company or any Subsidiary as of the Effective Time, the consideration payable to such Person pursuant to Section 1.3 shall be reduced by an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidenceoutstanding principal plus accrued interest, if any, of transfer such Person’s loans as of the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated SharesEffective Time, the holders of plus any other amounts owed by such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal Person to the product obtained Company or any Subsidiary (collectively, such Person’s “Loan Repayment Amount”). Such loans shall be satisfied as to the amount by multiplying (1) which the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares consideration is reduced pursuant to this Section 2.9(c2.3(c)(iii). Until To the extent the consideration payable to such Person is so surrenderedreduced, outstanding Certificates and Uncertificated such amount shall be treated for all purposes under this Agreement as having been paid to such Person.
(iv) The cash amounts paid in respect of the cancellation of Company Shares will in accordance with the terms of this Agreement shall be deemed from to be full satisfaction of all rights pertaining to such Company Shares, and after there shall be no further registration of transfers on the records of the Surviving Corporation of Company Shares which were outstanding immediately prior to the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Time.
(v) Notwithstanding anything to the contrary in this AgreementSection 2.3, no holder none of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to Buyer, the Payment Agent in order Agent, the Surviving Corporation, nor any party hereto shall be liable to receive the payment that such holder is entitled any Person for any amount paid to receive a public official pursuant to Section 2.7any applicable abandoned property, escheat or similar law.
Appears in 1 contract
Sources: Merger Agreement (F5 Networks, Inc.)
Payment Procedures. Promptly following (i)
(a) Prior to the Closing, Buyer shall (A) select a nationally recognized bank or trust company reasonably acceptable to Company to act as paying agent for the payment of the Consideration (the “Paying Agent”) and (B) enter into a Paying Agent agreement, in form and substance reasonably acceptable to Company, with the Paying Agent. On the Closing Date, Buyer shall deposit, or cause to be deposited, with the Paying Agent, for the benefit of the Company Shareholders, cash in an amount equal to the aggregate Consideration. All cash deposited with the Paying Agent pursuant to the preceding sentence shall hereinafter be referred to as the “Payment Fund”.
(b) As promptly as reasonably practicable after the Effective Time (Time, and in any event within three (3) Business Days)Days after the Effective Time, Parent and Buyer shall direct the Surviving Corporation will cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting or non-certificated Company Shares and Owned Company Shares) represented by book-entry (the “Uncertificated Book-Entry Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title is entitled to receive the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof Consideration pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such 2.1 a letter of transmittal, which shall be in such form and have such other provisions as Buyer and the Paying Agent may reasonably specify. The Paying Agent agreement shall require that each holder of Company Shares that have been converted into the right to receive the Consideration shall be entitled to receive the Consideration in respect of the Company Shares represented by a Certificate, within two (2) Business Days upon delivery to the Paying Agent of a duly completed and validly executed in accordance with the instructions theretoletter of transmittal, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon or receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) in the case of a bookBook-entry transfer of Uncertificated Entry Shares, and, in each case, delivery to the holders Paying Agent of such Uncertificated Shares will other documents as may be entitled to receive in exchange therefor an amount in cash equal to reasonably requested by the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelledPaying Agent. The Payment Paying Agent will shall accept such Certificates and transferred Uncertificated letters of transmittal, “agent’s message” with respect to Book-Entry Shares or other documents upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause an effect orderly exchange thereof payments of the Consideration in accordance with normal exchange practices. No interest will If payment of the Consideration is to be made to a person other than the person in whose name the Certificate is registered, it shall be a condition precedent to payment that the person requesting such payment shall have paid (and provided all requested documentation thereof) any transfer and other similar Taxes required by reason of the payment of the Consideration to a person other than the registered holder of the Certificate surrendered or shall have established to the satisfaction of Buyer and the Paying Agent that such Tax either has been paid or accrued for the benefit of holders is not required to be paid. Payment of the Certificates Consideration with respect to Book-Entry Shares shall only be made to the person in whose name such Book-Entry Shares are registered. Each Certificate and Uncertificated Shares on the Per Book-Entry Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and at any time after the Effective Time to evidence represent only the right to receive the Per Share PriceConsideration as contemplated by this Article III, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything Any portion of the Payment Fund which has not been transferred to the contrary in this Agreementholders of Company Shares within twelve (12) months of the Effective Time shall be delivered to Buyer or its designee(s) promptly upon request by ▇▇▇▇▇, it being understood that no holder of Uncertificated Shares will be required to provide such delivery shall affect any legal right that a Certificate or an executed letter of transmittal to the Payment Agent in order Company Shareholder may have to receive the payment that such holder is entitled Consideration. None of Buyer, Parent, Company or the Paying Agent or any of their respective Affiliates or Representatives or agents shall be liable to receive any Person in respect of any Consideration (or dividends or distributions with respect thereto) from the Payment Fund delivered to a public official pursuant to Section 2.7any applicable abandoned property, escheat or similar Law.
Appears in 1 contract
Sources: Transaction Agreement
Payment Procedures. Promptly following the Effective Time (and but in any no event within three more than two (2) Business DaysDays thereafter), Parent and the Surviving Corporation will shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”) which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) by book-entry (the “Uncertificated Shares”) (A) a letter of transmittal in customary such form and having such provisions as the Company and Parent may reasonably specify (and which will specify shall specify, in the case of tendered Certificates, that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or appropriate affidavits of loss in lieu thereof) to the Payment Agent); and , and/or (B) instructions for use in effecting the surrender of the Certificates (or appropriate affidavits of loss in lieu thereof) and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. the provisions of this Article I. Upon surrender of Certificates for cancellation to the Payment AgentAgent or to such other agent or agents as may be appointed by Parent in accordance with the terms hereof, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may customarily be required by the Payment Agent, the holders of record of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; , by (y) the Per Share Price (less any applicable withholding Taxes taxes payable in respect thereof), and the Certificates so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1x) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; , by (2y) the Per Share Price (less any applicable withholding Taxes taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will shall forthwith be cancelled. The Payment Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)1.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.Article IArticle I.
Appears in 1 contract
Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three not later than the second (2nd) Business Days)Day following the Closing Date, Parent and the Surviving Corporation will cause the Payment Paying Agent to shall mail to each holder of record (as of immediately prior Shares whose Shares were converted into the Merger Consideration pursuant to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) Section 3.1 (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment AgentPaying Agent and shall be in such form and have such other provisions as Parent and the Company may mutually agree prior to the Closing); , and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Merger Consideration.
(ii) Upon surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Agent, Paying Agent together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may customarily be required by the holders Paying Agent, the holder of such Certificates will (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying of (xA) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; by holder’s properly surrendered Certificates (yor effective affidavits of loss in lieu thereof) or Book-Entry Shares and (B) the Per Share Price Merger Consideration (less any applicable withholding Taxes payable in respect thereofTaxes), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for on any amount payable upon due surrender of Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares. In the benefit event of holders a transfer of ownership of Shares that is not registered in the transfer records of the Certificates and Uncertificated Shares on the Per Share Price payable Company, a check for any cash to be paid upon the due surrender of the Certificate may be paid to such Certificates and Uncertificated a transferee if the Certificate formerly representing such Shares pursuant is presented to this Section 2.9(c). Until so surrenderedthe Paying Agent, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time accompanied by all documents required to evidence only and effect such transfer and to evidence that any applicable stock transfer Taxes have been paid or are not applicable.
(iii) The Paying Agent, the right Company, Parent and Merger Sub, as applicable, shall be entitled to receive deduct and withhold from any amounts otherwise payable under this Agreement such amounts as are required to be withheld or deducted under the Per Share PriceInternal Revenue Code of 1986, without interest thereonas amended (the “Code”), payable or any provision of state, local or foreign Law relating to Tax with respect to the making of such payment. To the extent that amounts are so deducted or withheld and paid over to the applicable taxing authority, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate which such deduction or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7withholding was made.
Appears in 1 contract
Sources: Merger Agreement (Saks Inc)
Payment Procedures. Promptly following (a) Within thirty (30) days after the Effective Time receipt of any portion of the Total Payment Amount, Parent shall (i) deliver to the Rights Agent a certificate certifying to and specifying in reasonable detail (A) the amount of the applicable Total Payment Amount received by Parent or its Affiliates, (B) a calculation of the CVR Payment Amount and CVR Payment, and (C) the Permitted Deductions reflected in such CVR Payment Amount, (ii) deliver to the Rights Agent an amount equal to the aggregate CVR Payment Amount in immediately available funds (each, a “CVR Payment”) and (iii) instruct the Rights Agent to deliver the CVR Payment to the Holders. The Rights Agent will promptly, and in any event within three ten (10) Business Days after receipt of each applicable CVR Payment, pay to each Holder, by check mailed to the address of each Holder as reflected in the CVR Register as of the close of business on the date of the receipt of the CVR Payment statement, such Holder’s CVR Payment Amount less any applicable tax withholding. Until such certificate, CVR Payment and instructions are received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that such portion of the Total Payment Amount has not been received.
(b) All payments by Parent to the Rights Agent under this Agreement shall be made in U.S. dollars.
(c) Parent shall be entitled to deduct or withhold, or cause the Rights Agent to deduct or withhold from any CVR Payment Amount otherwise payable or otherwise deliverable pursuant to this Agreement, in each case directly or through an authorized payroll agent, such amounts as are reasonably determined to be required to be deducted or withheld therefrom under the Code or any other provision of any applicable federal, state, local or non-U.S. Tax Law as may be determined by Parent. To the extent such amounts are so deducted or withheld and paid over or deposited with the relevant Tax authority, such amounts shall be treated for all purposes under this Agreement as having been paid to the Holder(s) to whom such amounts would otherwise have been paid or delivered. Prior to making any such Tax withholdings or causing any such Tax withholdings to be made with respect to any Holder, Parent shall instruct the Rights Agent, to the extent practicable, to provide notice to the Holder of such potential withholding and a reasonable opportunity for the Holder to provide any necessary Tax forms (including an IRS Form W-9 or an applicable IRS Form W-8) in order to avoid or reduce such withholding amounts; provided, that the time period for payment of a CVR Payment Amount by the Rights Agent set forth in Section 2.4(a) shall be extended by a period equal to any delay caused by the Holder providing such forms; provided, further, that in no event shall such period be extended for more than ten (10) Business Days, unless otherwise requested by the Holder for the purpose of delivering such forms and agreed to by the Rights Agent.
(d) Any portion of any CVR Payment that remains undistributed to any Holder six (6) months after such CVR Payment is received by the Rights Agent from Parent, provided, that the Rights Agent has fully complied with Section 2.4(a), Parent and will be delivered by the Surviving Corporation will cause the Payment Rights Agent to mail Parent, upon demand, and such Holder will thereafter look only to each holder Parent for payment of record its share of such returned CVR Payment, without interest.
(as e) Neither Parent nor the Rights Agent will be liable to any person in respect of any CVR Payment Amount delivered to a public official pursuant to any applicable abandoned property, escheat or similar Law. If, despite Parent’s and/or the Rights Agent’s commercially reasonable efforts to deliver a CVR Payment Amount to the applicable Holder, such CVR Payment Amount has not been paid immediately prior to the Effective Time) date on which such CVR Payment Amount would otherwise escheat to or become the property of (i) a certificate or certificates that immediately prior any Governmental Body, any such CVR Payment Amount will, to the Effective Time represented outstanding shares extent permitted by applicable Law, become the property of Company Common Stock (Parent, free and clear of all claims or interest of any person previously entitled thereto. In addition to and not in limitation of any other than Dissenting Company Shares indemnity obligation herein, ▇▇▇▇▇▇ agrees to indemnify and Owned Company Shares) (hold harmless the “Certificates”); Rights Agent with respect to any liability, penalty, cost or expense the Rights Agent may incur or be subject to in connection with transferring such property to Parent and (ii) uncertificated shares such indemnification obligation shall survive the termination of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (this Agreement, the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effectedresignation, and risk of loss and title to the Certificates will pass, only upon delivery replacement or removal of the Certificates to the Payment Rights Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidencepayment, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), termination and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders expiration of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7CVRs.
Appears in 1 contract
Sources: Agreement and Plan of Merger and Reorganization (Sesen Bio, Inc.)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail (or in the case of the Depository Trust Company, deliver) to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that Company Shares, including Company Shares which immediately prior to the Effective Time were (i) represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) by a certificate or certificates (the “Certificates”); ) and (ii) uncertificated shares of Company Common Stock that not represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) by a certificate or certificates (the “Uncertificated Shares”) which were cancelled and exchanged into the right to receive the Per Share Merger Consideration pursuant to Section 3.1, (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Paying Agent); and , and/or (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article III. Upon surrender of Certificates for cancellation to the Payment AgentPaying Agent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price Merger Consideration to which the holder thereof is entitled pursuant to Section 3.1(b) (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will shall forthwith be cancelledcanceled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as confirmation by the Payment Agent may reasonably request) in Company that the case of a book-entry transfer of Uncertificated SharesShares have been canceled, the holders of such Uncertificated Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price Merger Consideration to which the holder thereof is entitled pursuant to Section 3.1(b) (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Paying Agent will shall accept such Certificates and transferred such confirmation by the Company with respect to the Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and the cancellation of such Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and cancellation of Uncertificated Shares pursuant to this Section 2.9(c)3.2. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share PriceMerger Consideration, without interest thereon, payable in respect thereof pursuant to Section 2.7the provisions of this Article III. Notwithstanding anything Prior to the contrary Effective Time, Parent and the Company shall establish procedures with the Paying Agent and the Depositary to ensure that (x) the Paying Agent will transmit to the Depositary promptly following the Effective Time an amount in this cash in immediately available funds equal to the product of (1) the number of ADSs issued and outstanding immediately prior to the Effective Time and (2) the Per ADS Merger Consideration and (y) the Depositary will distribute the Per ADS Merger Consideration to ADS holders pro rata to their holdings of ADSs upon surrender by them of the ADSs. Pursuant to the Deposit Agreement, no holder the ADS holders will pay any applicable fees, charges and expenses of Uncertificated Shares the Depositary and government charges (other than withholding Taxes if any) due to or incurred by the Depositary in connection with the cancellation of the ADSs surrendered and distribution of the Per ADS Merger Consideration to ADS holders. No interest will be required to provide a Certificate paid or an executed letter accrued on any amount payable in respect of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7ADSs.
Appears in 1 contract
Sources: Merger Agreement (China Nuokang Bio-Pharmaceutical Inc.)
Payment Procedures. Promptly following (i) With respect to any certificate which immediately prior to the Effective Time represented outstanding Company Shares (and in any event within three Business Daysthe “Certificates”), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail mail, promptly following the Effective Time (but in no event later than the fifth (5th) Business Day thereafter), to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) such Certificates (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title reasonably satisfactory to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); Company and Parent and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares (or affidavits of loss in lieu thereof) in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon surrender of Certificates (or affidavits of loss in lieu thereof) for cancellation to the Payment Paying Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may be required pursuant to such instructions, Parent shall cause the holders of such Certificates will be entitled Paying Agent to receive in exchange therefor an amount in cash equal to pay and deliver as promptly as practicable after the product obtained by multiplying (x) Effective Time the aggregate number of shares of Merger Consideration payable for each Company Common Stock Share represented by such Certificate; by (y) the Per Share Price Certificate pursuant to Section 2.7 (less any applicable withholding Taxes payable in respect thereofTax pursuant to Section 2.8(e)), and the Certificates so surrendered will shall forthwith be cancelled. Upon canceled.
(ii) With respect to non-certificated Company Shares represented in book-entry form (the “Uncertificated Shares”), Parent shall cause the Paying Agent to pay and deliver the Merger Consideration payable therefor (less any applicable withholding Tax pursuant to Section 2.8(e)), in each case promptly following the Effective Time and upon surrender thereof to the Paying Agent by receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) (but in no event later than the case of a book-entry transfer fifth (5th) Business Day thereafter). The Company and Parent shall cooperate to, and Parent shall cause the Paying Agent to, (A) deliver to DTC or its nominees, or to holders of Uncertificated Shares, in each case to the holders extent applicable or required, any notice with respect to the effectiveness of the Merger and any instructions for surrendering Uncertificated Shares and (B) establish procedures with the Paying Agent and DTC to ensure that the Paying Agent will transmit to DTC or its nominees as soon as practicable after the Effective Time, upon surrender of Company Shares held of record by DTC or its nominees in accordance with DTC’s customary surrender procedures, the Merger Consideration payable for each such Uncertificated Shares will be entitled Share pursuant to receive in exchange therefor an amount in cash equal to the product obtained by multiplying Section 2.7.
(1iii) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Paying Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)2.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will (other than Certificates and Uncertificated Shares representing any Excluded Shares or Dissenting Company Shares) shall be deemed deemed, from and after the Effective Time Time, to evidence only the right to receive the Per Share PriceMerger Consideration, without interest thereon, less any applicable withholding Tax pursuant to Section 2.8(e), payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in provisions of this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Article II.
Appears in 1 contract
Payment Procedures. Promptly following the Effective Time Closing (and in any event within three (3) Business DaysDays following the Closing), Parent and the Surviving Corporation Entities will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Holdings Merger Effective Time or the Company Merger Effective Time, as applicable) of (i) a certificate or certificates that immediately prior to the Company Merger Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares, as applicable) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares, as applicable) (the “Uncertificated Shares”) and (iii) Holdings Units, (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Certificates, Uncertificated Shares and Holdings Units, as applicable, in exchange for the Per Share Price or the Per Unit Price, as applicable, payable in respect thereof pursuant to Section 2.7. Upon With respect to holders of Certificates, upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon With respect to holders of Uncertificated Shares, upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. With respect to the holders of Holdings Units, upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a transfer of Holdings Units, the holders of such Holdings Units will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of Holdings Units so held; by (2) the Per Unit Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Holdings Units so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares and Holdings Units upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Certificates, Uncertificated Shares and Holdings Units on the Per Share Price or the Per Unit Price, as applicable, payable upon the surrender of such Certificates and Uncertificated Units or Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Certificates, Uncertificated Shares and Holdings Units will be deemed from and after the Holdings Merger Effective Time or the Company Merger Effective Time, as applicable, to evidence only the right to receive the Per Share Price or the Per Unit Price, as applicable, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 1 contract
Sources: Agreement and Plan of Merger (E2open Parent Holdings, Inc.)
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days), Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail (and The Depository Trust Company to deliver) to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”) which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) ), in each case, whose shares were converted into the right to receive the Per Share Merger Consideration pursuant to Section 2.7 (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Paying Agent); and , and/or (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon surrender of Certificates for cancellation to the Payment AgentPaying Agent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price Merger Consideration to which the holder thereof is entitled pursuant to Section 2.7(a)(ii) (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will shall forthwith be cancelledcanceled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price Merger Consideration to which the holder thereof is entitled pursuant to Section 2.7(a)(ii) (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will shall forthwith be cancelledcanceled. The Payment Paying Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)2.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share PriceMerger Consideration, without interest thereon, payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Notwithstanding anything Prior to the contrary Effective Time, Parent and the Company shall establish procedures with the Paying Agent and the Depositary to ensure that (x) the Paying Agent will transmit to the Depositary promptly following the Effective Time an amount in this cash in immediately available funds equal to the product of (1) the number of ADSs issued and outstanding immediately prior to the Effective Time and (2) the Per ADS Merger Consideration and (y) the Depositary will distribute the Per ADS Merger Consideration to ADS holders pro rata to their holdings of ADSs upon surrender by them of the ADSs. Pursuant to the Deposit Agreement, no holder the ADS holders will pay any applicable fees, charges and expenses of Uncertificated Shares the Depositary and government charges (other than withholding Taxes if any) due to or incurred by the Depositary in connection with distribution of the Per ADS Merger Consideration to ADS holders. No interest will be required to provide a Certificate paid or an executed letter accrued on any amount payable in respect of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7ADSs.
Appears in 1 contract
Sources: Merger Agreement (WSP Holdings LTD)
Payment Procedures. Promptly following the Effective Time (a) Borrower agrees and in any event within three Business Days)acknowledges that Borrower will, Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder immediately upon an Event of record (as Default or an Other RF Event of immediately prior to the Effective Time) of Default (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock re-register any securities (other than Dissenting Company Shares and Owned Company Sharesthe Certificate) (the “Certificates”); delivered as Collateral hereunder into Lender's name and (ii) uncertificated shares subject to Section 3.7 of Company Common Stock that represented outstanding shares the Trust Agreement, upon the request of Company Common Stock Lender, re-register the Certificate in the name of a Bankruptcy Remote Entity designated by Lender.
(b) On or prior to the Closing Date, Borrower will provide Trust Collateral Agent under the Sale and Servicing Agreement with a notice providing for, among other than Dissenting Company Shares things, all remittances on the Certificate to be paid to Lender to the full extent of Borrower's Obligations to Lender hereunder and Owned Company Shares) (Borrower's Other RF Obligations to Lender under the “Uncertificated Shares”) (A) a letter of transmittal in customary form (Other Residual Financing Agreements, which will specify that delivery notice to Trust Collateral Agent will be effected, and risk of loss and title to the Certificates will pass, only upon delivery irrevocable for so long as any of the Certificates Obligations or Other RF Obligations remain outstanding (unless otherwise consented to the Payment Agentin writing by Lender); and (B) instructions for use . All amounts received in effecting the surrender respect of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates Certificate or other Collateral will be entitled applied first to receive satisfy the Obligations and then to satisfy the Other RF Obligations. Any amounts received by Lender in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders excess of the Certificates Obligations and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates Other RF Obligations due and Uncertificated Shares owing to Lender shall be remitted by Lender to Borrower. Any amounts received by Lender pursuant to this Section 2.9(c). Until so surrendered2.7(b) prior to 6:00 p.m., outstanding Certificates and Uncertificated Shares will New York City time, on any Business Day shall be deemed from to be received on such Business Day, and any amounts received by Lender after 6:00 p.m., New York City time, on any Business Day shall be deemed to be received on the Effective Time next succeeding Business Day.
(c) All payments to evidence only Lender hereunder or under the right Promissory Note shall be made in immediately available funds, and free and clear of and without deduction for any taxes, levies, duties, charges, counterclaims, set-offs, fees or withholdings of any nature hereafter imposed, assessed or collected, not later than the due date for such payment through the Federal Reserve Fedwire System for credit to receive the Per Share Priceaccount of Lender (Account No. 140095961 at The Chase Manhattan Bank, without interest thereonABA No. ▇▇▇▇▇▇▇▇▇, payable or such other account or accounts as Lender shall specify to Borrower in respect thereof writing no later than one Business Day prior to the related due date).
(d) Any payments made hereunder shall be applied first against costs and expenses due hereunder pursuant to Section 2.7. Notwithstanding anything to 9.1; then against default interest, if any; then against interest due on the contrary in this Agreement, no holder Loans; and thereafter against the unpaid principal of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Loans.
Appears in 1 contract
Sources: Credit and Security Agreement (Long Beach Holdings Corp)
Payment Procedures. (i) Promptly following the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will Company shall cause the Payment Paying Agent to mail (or in the case of the Depository Trust Company, deliver) to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that Company Shares, including Company Shares which immediately prior to the Effective Time were (x) represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) by a certificate or certificates (the “Certificates”); ) and (iiy) uncertificated shares of Company Common Stock that not represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) by a certificate or certificates (the “Uncertificated Shares”) which were cancelled in exchange for the right to receive the Per Share Merger Consideration pursuant to Section 3.1 (and excluding, for the avoidance of doubt, the Excluded Shares), (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Paying Agent); , and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article III. Promptly after a Dissenting Shareholder has effectively withdrawn or lost his, her or its appraisal rights under the Cayman Companies Law, Parent shall cause the Paying Agent to mail to such Dissenting Shareholder such letter of transmittal and instructions.
(ii) Upon surrender of Certificates for cancellation to the Payment AgentPaying Agent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of the Company Shares represented by such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) of the aggregate number of shares of Company Common Stock Shares represented by such Certificate; Certificates multiplied by (y) the Per Share Price Merger Consideration to which the holder thereof is entitled pursuant to Section 3.1(b) (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will shall forthwith be cancelledcanceled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as confirmation by the Payment Agent may reasonably request) in Company that the case of a book-entry transfer of Uncertificated SharesShares have been canceled, the holders of such Uncertificated Shares will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) of the aggregate number of shares of Company Common Stock represented such Uncertified Shares multiplied by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price Merger Consideration to which the holder thereof is entitled pursuant to Section 3.1(b) (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Paying Agent will shall accept such Certificates and transferred such confirmation by the Company with respect to the Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Company Shares represented by the Certificates and the cancellation of such Uncertificated Shares on the aggregate Per Share Price Merger Consideration payable upon the surrender of such Certificates and cancellation of Uncertificated Shares pursuant to this Section 2.9(c)3.2. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive an amount in cash equal to the product of the number of Company Shares represented by such Certificates multiplied by the Per Share PriceMerger Consideration, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything the provisions of this Article III.
(iii) Prior to the contrary Effective Time, Parent and the Company shall establish procedures with the Paying Agent and the Depositary to ensure that (x) the Paying Agent will transmit to the Depositary promptly following the Effective Time an amount in this cash in immediately available funds equal to the product of (1) the number of ADSs issued and outstanding immediately prior to the Effective Time (other than ADSs representing Excluded Shares) multiplied by (2) the Per ADS Merger Consideration and (y) the Depositary will distribute the Per ADS Merger Consideration to ADS holders (other than with respect to ADSs representing Excluded Shares) upon surrender by them of the ADSs. Pursuant to the Deposit Agreement, no the ADS holders will pay any applicable fees, charges and expenses of the Depositary and government charges (including withholding Taxes if any) due to or incurred by the Depositary in connection with the cancellation of the ADSs surrendered and distribution of the aggregate Per ADS Merger Consideration to ADS holders. No interest will be paid or accrued on any amount payable in respect of the ADSs.
(iv) Remittances for the Per Share Merger Consideration or the Per ADS Merger Consideration, as the case may be, shall not be sent to holders of Company Shares or ADSs who are untraceable unless and until, except as provided below, they notify the Paying Agent or the Depositary, as applicable, of their current contact details. A holder of Uncertificated Company Shares or ADSs will be required deemed to provide be untraceable if (x) such Person has no registered address in the register of members (or branch register) maintained by the Company or the Depositary, as applicable, (y) on the last two (2) consecutive occasions on which a Certificate dividend has been paid by the Company a check payable to such Person either (A) has been sent to such person and has been returned undelivered or has not been cashed or (B) has not been sent to such person because on an executed letter of transmittal earlier occasion a check for a dividend so payable has been returned undelivered, and in any such case no valid claim in respect thereof has been communicated in writing to the Payment Agent Company or the Depositary, as applicable or (z) notice of the Company Shareholders Meeting convened to vote on the Merger has been sent to such Person and has been returned undelivered. Monies due to Dissenting Shareholders and shareholders of the Company who are untraceable shall be returned to the Surviving Company on demand and held in order a non-interest bearing bank account for the benefit of Dissenting Shareholders and shareholders of the Company (including holders of ADSs) who are untraceable. Monies unclaimed after a period of seven (7) years from the Closing Date shall be forfeited and shall revert to receive the payment that such holder is entitled to receive pursuant to Section 2.7Surviving Company.
Appears in 1 contract
Payment Procedures. Promptly following At or prior to the Effective Time Closing, Parent shall deposit (or cause to be deposited) with the Company, by wire transfer of immediately available funds, the aggregate Vested Equity Award Consideration owed to all holders of Company Options, Vested Company RSUs and Vested Company PSUs (collectively, the “Equity Award Holders”). As promptly as reasonably practicable, but in any event within three no later than the first regularly scheduled payroll date that is no less than five Business Days), Parent and Days after the Surviving Corporation will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions theretoClosing Date, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest Equity Award Holders will be paid by the Company or accrued for the benefit Surviving Corporation, through its payroll system or payroll provider, all amounts required to be paid to such holders in respect of holders of the Certificates Company Options, Vested Company RSUs and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates Vested Company PSUs that are cancelled and Uncertificated Shares converted pursuant to this Section 2.9(c). Until so surrendered2.8, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof less any required withholding pursuant to Section 2.72.12. Notwithstanding anything to the contrary in this AgreementSection 2.8(d) (and, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal with respect to the Payment Agent in order to receive Section 102 Shares, if any, also Section 2.9 below), the payment that such holder is entitled to receive Option Consideration payable pursuant to Section 2.72.8(a) with respect to Section 102 Options and Section 3(i) Options (if any), the Vested RSU Consideration and Cash Replacement Company RSU Amounts payable pursuant to Sections 2.8(b)(i)-(ii) with respect to S▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇(▇) ▇▇▇▇ (▇▇ any), the Vested PSU Consideration and Cash Replacement Company PSU Amounts payable pursuant to Sections 2.8(c)(i)-(ii) with respect to Section 102 PSUs and Section 3(i) PSUs (if any) and the consideration payable pursuant to Section 2.7 with respect to Section 102 Shares (collectively, the “102 Trustee Amounts”) shall be paid (either directly or indirectly) to the Section 102 Trustee for the benefit of the beneficial owners thereof, who shall pay out the 102 Trustee Amounts, as applicable, and withhold the applicable tax either directly or through the applicable Israeli Subsidiary of the Company, in each case in accordance with the provisions of Section 102 or Section 3(i), as applicable, the Interim Options Tax Ruling, if obtained, and the Options Tax Ruling, if obtained.
Appears in 1 contract
Payment Procedures. Promptly following (a) The Borrower hereby authorizes the Effective Time (and in any event within three Business Days), Parent and the Surviving Corporation will cause the Payment Administrative Agent to mail charge the Loan Account with the amount of all principal, interest, fees, expenses and other payments to each holder be made hereunder and under the other Loan Documents. The Administrative Agent may, but shall not be obligated to, discharge the Borrower's payment obligations hereunder by so charging the Loan Account.
(b) Each payment by the Borrower on account of record (as of immediately prior principal, interest, fees or expenses hereunder shall be made to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Administrative Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders the Administrative Agent and the Lenders according to the their respective rights thereto. All payments to be made by the Borrower hereunder and under the Notes, whether on account of principal, interest, fees or otherwise, shall be made without setoff, deduction or counterclaim and shall be made prior to 2:00 P.M. (New York time) on the due date thereof to the Administrative Agent, for the account of the Certificates and Uncertificated Shares Lenders according to their Pro Rata shares (except as expressly otherwise provided), in immediately available funds. Any payment after such time shall be deemed made on the Per Share Price payable upon next Business Day. Borrower may, at the surrender time of payment, specify to the Administrative Agent the Obligations to which such Certificates and Uncertificated Shares pursuant payment is to this Section 2.9(c). Until so surrenderedbe applied, outstanding Certificates and Uncertificated Shares will be deemed from and after but the Effective Time to evidence only Administrative Agent shall in all events retain the right to receive apply such payment in such manner as the Per Share PriceAdministrative Agent, without interest thereon, payable in respect thereof is permitted to direct pursuant to the provisions of this Agreement. Except for payments which are expressly provided to be made (i) for the account of the Administrative Agent only or (ii) under the settlement provisions of Section 2.72.3(i), the Administrative Agent shall distribute all payments to the Lenders on the Business Day following receipt in like funds as received. Notwithstanding anything to the contrary contained in this Agreement, no holder if a Lender exercises its right of Uncertificated Shares will setoff under Section 10.3 or otherwise, any amounts so recovered shall promptly be required shared by such Lender with the other Lenders according to provide their respective Pro Rata shares.
(c) Whenever any payment to be made hereunder shall be stated to be due on a Certificate day that is not a Business Day, the payment may be made on the next succeeding Business Day (except as specified in clause (ii) of the definition of Interest Period) and such extension of time shall be included in the computation of the amount of interest due hereunder.
(d) At any time that an Event of Default exists or the Administrative Agent receives a payment or Collateral proceeds in an executed letter of transmittal amount that is insufficient to pay all amounts then due and payable to the Administrative Agent and Lenders, all monies to be applied to the Obligations, whether such monies represent voluntary or mandatory payments or prepayments by one or more the Borrower or are received pursuant to demand for payment or realized from any disposition of Collateral and irrespective of any designation by Borrower of the Obligations that are intended to be satisfied, shall be allocated among the Administrative Agent and such of the Lenders as are entitled thereto (and, with respect to monies allocated to Lenders, on a Pro Rata basis unless otherwise provided herein): (i) first, to the Administrative Agent to pay the amount of Extraordinary Expenses that have not been reimbursed to the Administrative Agent by Borrower or Lenders, together with interest accrued thereon at the rate applicable to Revolving Credit Loans that are Base Rate Advances, until Full Payment of all such Obligations; (ii) second, to the Administrative Agent to pay principal and accrued interest on any portion of the Revolving Credit Loans which the Administrative Agent may have advanced on behalf of any Lender and for which the Administrative Agent has not been reimbursed by such Lender or Borrower, until Full Payment of all such Obligations; (iii) third, to BofA to pay the principal and accrued interest on any portion of the Swingline Loans outstanding, to be shared with Lenders that have acquired and paid for a participating interest in order such Swingline Loans, until Full Payment of all such Obligations; (iv) fourth, to receive the extent that Issuing Bank has not received from any Participating Lender a payment as required by Section 2.2, to Issuing Bank to pay all such required payments from each Participating Lender, until Full Payment of all such Obligations; (v) fifth, to the Administrative Agent to pay any Claims that such holder is entitled have not been paid pursuant to receive any indemnity of the Agent Indemnitees by the Borrower, or to pay amounts owing by Lenders to the Agent Indemnitees pursuant to Section 2.79.6, in each case together with interest accrued thereon at the rate applicable to Revolving Credit Loans that are Base Rate Advances, until Full Payment of all such Obligations; (vi) sixth, to the Administrative Agent to pay any fees due and payable to the Administrative Agent, until Full Payment of all such Obligations; (vii) seventh, to each Lender, ratably, for any Claims that such Lender has paid to the Agent Indemnitees pursuant to its indemnity of the Agent Indemnitees and any Extraordinary Expenses that such Lender has reimbursed to the Administrative Agent or such Lender has incurred, to the extent that such Lender has not been reimbursed by the Borrower therefor, until Full Payment of all such Obligations; (viii) eighth, to Issuing Bank to pay principal and interest with respect to LC Obligations (or to the extent any of the LC Obligations are contingent and an Event of Default then exists, deposited in the Cash Collateral Account to Cash Collateralize the LC Obligations), which payment shall be shared with the Participating Lenders in accordance with Section 2.2, until Full Payment of all such Obligations; (ix) ninth, to Lenders in payment of the unpaid principal and accrued interest in respect of the Loans and other Obligations (excluding Banking Relationship Indebtedness) then outstanding, in such order of application as shall be designated by the Administrative Agent (acting at the direction or with the consent of the Required Lenders), until Full Payment of all such Obligations; and (x) tenth, to BofA or any Lender or any Affiliate of BofA or of any Lender in payment of any Banking Relationship Indebtedness owed to such Person and secured by the Collateral hereunder, until Full Payment of all such Obligations. The allocations set forth in this Section 2.9(d) are solely to determine the rights and priorities of the Administrative Agent and Lenders as among themselves and may be changed by the Administrative Agent and Lenders without notice to or the consent or approval of the Borrower or any other Person.
(e) The Administrative Agent shall not be liable for any allocation or distribution of payments made by it in good faith and, if any such allocation or distribution is subsequently determined to have been made in error, the sole recourse of any Lender to which payment was due but not made shall be to recover from the other Lenders any payment in excess of the amount to which such other Lenders are determined to be entitled (and such other Lenders hereby agree to return to such Lender any such erroneous payments received by them).
(f) The Borrower irrevocably waives the right to direct the application of any payments or Collateral proceeds, and agrees that the Administrative Agent shall have the continuing, exclusive right to apply and reapply same against the Obligations, in such manner as the Administrative Agent deems advisable, notwithstanding any entry by the Administrative Agent in its records; provided, however, that any payments or proceeds of Collateral received by the Administrative Agent on any date that an Event of Default does not exist shall be applied in accordance with any provisions of this Agreement that govern the application of such payment or proceeds. If, as a result of the Administrative Agent's receipt of Payment Items or proceeds of Collateral, a credit balance exists, the balance shall not accrue interest in favor of the Borrower and shall be made available to the Borrower as long as no Default or Event of Default exists.
Appears in 1 contract
Sources: Loan and Security Agreement (Westpoint International Inc)
Payment Procedures. Promptly following (a) Parent or Merger Sub shall deposit the Merger Consideration with such bank or trust company identified by Parent and Company (the “Disbursing Agent”) upon the Closing before the Effective Time (and in any event within three Business Days), Parent and by wire transfer of immediately available funds according to wire instructions supplied by the Surviving Corporation will cause the Payment Disbursing Agent to mail to each holder of record Parent (as of immediately prior to such excess, the “Payment Fund”).
(b) Within one business day after the Effective Time) , Parent will instruct the Disbursing Agent to pay by check or, in some cases, wire transfer of (i) a certificate or certificates that immediately prior same day funds, to the Effective Time represented outstanding shares of each record Company Common Stock (Securityholder such Company Securityholder’s portion thereof under Section 2.2.2 other than Dissenting the portion of the Merger Consideration to be deposited with the Escrow Agent; provided, that, as a condition to receipt of its portion of the Merger Consideration, each Company Shares and Owned Company Shares) (Securityholder shall comply with the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) provisions set forth in a letter of transmittal (the “Letter of Transmittal”) delivered to each Company Securityholder by the Disbursing Agent, including, at the request of Surviving Company, delivery of Certificates representing all of the Company Shares (as defined in customary form Section 3.1.2(a)) held by such Company Securityholder (which Certificate will specify then be canceled). (If any Certificate has been lost, stolen, or destroyed, upon the making of an affidavit of that delivery fact by the person claiming such document to be lost, stolen, or destroyed and, if required by the Disbursing Agent, the payment of any bond premiums, the Disbursing Agent will issue the applicable payment to which the Company Securityholder is entitled.) Parent shall direct the Disbursing Agent to make available to each Company Securityholder the form of Letter of Transmittal promptly after the Closing Date.
(c) Any portion of the Payment Fund (including the proceeds of any investments thereof) that remains undistributed for 12 months after the Effective Time may be effecteddelivered to Surviving Company upon its demand, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated any Company Securityholder who has not theretofore exchanged such Company Securityholder’s Company Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with this Section 2.2.3 and the instructions theretoset forth in the Letter of Transmittal will thereafter look only to Surviving Company or its agent (subject to abandoned property, escheat, or other similar laws) only as a general creditor of Surviving Company for payment of its portion of the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable Merger Consideration without interest deliverable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or each Company Share such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares Securityholder holds upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the due surrender of such Company Securityholder’s Certificates and Uncertificated Shares as determined pursuant to this Section 2.9(c)Agreement. Until so surrenderedNone of Parent, outstanding Certificates and Uncertificated Shares Surviving Company, or the Disbursing Agent will be deemed liable for any portion of the Merger Consideration delivered to a public official pursuant to any applicable abandoned property, escheat, or other similar law.
(d) At the Effective Time, the Register shall be closed and from and after the Effective Time, there shall be no further registration of transfers of Company Shares that were outstanding on the records of Company immediately before the Effective Time. From and after the Effective Time, the Company Securityholders immediately before the Effective Time shall cease to evidence only have any rights with respect to such Company Shares (other than the right to receive the Per Share PriceMerger Consideration attributable to such Company Shares (as defined in Section 3.1.2(a)), without interest thereonexcept as otherwise provided herein or by Law. At or after the Effective Time, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything any Certificates presented to the contrary in this Agreement, no holder Disbursing Agent or Surviving Company for any reason shall be cancelled and at the request of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7Surviving Company surrendered.
Appears in 1 contract
Sources: Merger Agreement (Renren Inc.)
Payment Procedures. Promptly At or prior to the Closing, Parent will deposit (or cause to be deposited) with the Company, by wire transfer of immediately available funds, or otherwise ensure that the Company has available to it, the aggregate amounts to be paid to holders of Vested In-the-Money Company Options pursuant to Section 2.2(a)(i) and to holders of Vested Company RSUs pursuant to Section 2.2(b)(i). The applicable holders of Vested In-the-Money Company Options and Vested Company RSUs will receive a payment from the Surviving Corporation, through its payroll system or payroll provider, of all amounts required to be paid to such holders in respect of Vested In-the-Money Company Options and Vested Company RSUs that are cancelled and converted pursuant to Section 2.2(a) or Section 2.2(b)(i), not later than the next regularly scheduled payroll date that is at least five (5) Business Days following the Effective Time (Closing Date. Notwithstanding the foregoing, if any payment owed to a holder of Vested In-the-Money Company Options or Vested Company RSUs pursuant to Section 2.2(a) or Section 2.2(b)(i) is to be made to a Person not subject to withholding and in any event within three Business Days)otherwise not required to be paid through Company’s or the Surviving Corporation’s payroll processes, Parent then the Company shall use its commercially reasonable efforts to contact such Persons prior to Closing to obtain such Persons’ wire instructions and/or mailing addresses, and the Surviving Corporation will cause will, (i) if such holder has delivered wire instructions to the Payment Agent to mail to each holder of record (as of immediately Company prior to the Effective TimeClosing for purposes of such payment, wire such payment to such holder, or (ii) of if no such wire instructions are delivered pursuant to the immediately preceding clause (i) a certificate or certificates that immediately and such holder has delivered to the Company such holder’s mailing address prior to the Effective Time represented outstanding shares Closing for purposes of Company Common Stock (other than Dissenting Company Shares such payment, issue and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) mail a letter of transmittal in customary form check for such payment to such holder (which will specify that delivery check will be effected, and risk of loss and title sent by overnight courier to the Certificates will pass, only upon delivery of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereofholder), and in each case promptly following the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent Closing Date (or such other evidence, if any, of transfer as the Payment Agent may reasonably requestbut in no event more than five (5) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereofBusiness Days thereafter), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7.
Appears in 1 contract
Payment Procedures. Promptly following the Effective Time (and in any event within three (3) Business Days), Parent and the Surviving Corporation will Company shall cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective TimeTime (other than Excluded Company Shares) of (i) a certificate one or more certificates that immediately prior to the Effective Time represented issued and outstanding shares of Company Common Stock Shares (other than Dissenting Company Shares and Owned Excluded Company Shares) (the “Certificates”” (if any); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will specify that delivery will be effected, and risk of loss and title to the Certificates will pass, only upon delivery of the Certificates to the Payment AgentAgent (or affidavit and indemnity of loss in lieu of such certificate as provided for in Section 2.11); ), and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares (or such affidavit of loss) in exchange for the applicable Per Share Price payable in with respect thereof to the Company Shares formerly represented thereby pursuant to Section 2.72.7. Upon surrender of Certificates (or such affidavit of loss) for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock Shares represented by such Certificate; Certificates by (y) the applicable Per Share Price (less any applicable withholding Taxes payable in respect thereof)Price, and the Certificates so surrendered (or the subject of an affidavit of loss so provided) will forthwith be cancelled. Upon Notwithstanding anything to the contrary in this Agreement, no record holder of uncertificated Company Shares (other than Excluded Company Shares) (the “Uncertificated Shares”) will be required to deliver a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7 with respect of such Uncertificated Shares. In lieu thereof, such record holder, upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares), the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock Shares represented by such holder’s transferred Uncertificated Shares; Shares by (2) the applicable Per Share Price (less any applicable withholding Taxes payable in respect thereof)Price, and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the applicable Per Share Price payable upon the surrender of such Certificates and transfer of Uncertificated Shares pursuant to this Section 2.9(c2.9(c). Until so surrenderedsurrendered or transferred, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the applicable Per Share Price, without interest thereon, Price payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.72.7.
Appears in 1 contract
Payment Procedures. Promptly following the Effective Time (and in any event within three Business Days), Parent and the Surviving Corporation will Company shall cause the Payment Paying Agent to mail or otherwise disseminate to each holder of record (other than holders of Excluded Shares) (as of immediately prior to the Effective Time) of (i) a certificate or certificates that (the “Certificates”) which immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) ), in each case, whose shares were converted into the right to receive the Per Share Merger Consideration pursuant to Section 2.7 (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Paying Agent); and , and/or (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price Merger Consideration payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Upon surrender of Certificates for cancellation to the Payment AgentPaying Agent or to such other agent or agents as may be appointed by Parent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, the holders of such Certificates will shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereofMerger Consideration to which the holder thereof is entitled pursuant to Section 2.7(a)(ii), and the Certificates so surrendered will shall forthwith be cancelledcanceled. Upon receipt of an “agent’s message” by the Payment Paying Agent (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) in the case of a book-book entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will shall be entitled to receive in exchange therefor for the cancellation of such Uncertificated Shares an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereofMerger Consideration to which the holder thereof is entitled pursuant to Section 2.7(a)(ii), and the transferred Uncertificated Shares so surrendered will shall forthwith be cancelledcanceled. The Payment Paying Agent will shall accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Paying Agent may impose to cause effect an orderly exchange thereof in accordance with normal exchange practices. No interest will shall be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price Merger Consideration payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)2.8. Until so surrendered, outstanding Certificates and Uncertificated Shares will shall be deemed from and after the Effective Time Time, to evidence only the right to receive the Per Share PriceMerger Consideration, without interest thereon, payable in respect thereof pursuant to Section 2.7the provisions of this Article II. Notwithstanding anything Prior to the contrary Effective Time, Parent and the Company shall establish procedures with the Paying Agent and the Depositary to ensure that (x) the Paying Agent will transmit to the Depositary at the Effective Time an amount in this cash in immediately available funds equal to the product of (x) the number of ADSs issued and outstanding immediately prior to the Effective Time (other than ADSs representing Excluded Shares) and (y) the Per ADS Merger Consideration and (y) the Depositary will distribute the Per ADS Merger Consideration to ADS holders pro rata to their holdings of ADSs (other than ADSs representing Excluded Shares) upon surrender by them of the ADSs. Pursuant to the Deposit Agreement, no holder the ADS holders will pay any applicable fees, charges and expenses of Uncertificated Shares the Depositary and government charges (other than withholding Taxes if any) due to or incurred by the Depositary in connection with distribution of the Per ADS Merger Consideration to ADS holders. No interest will be required to provide a Certificate paid or an executed letter accrued on any amount payable in respect of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive ADSs payable pursuant to this Section 2.72.8.
Appears in 1 contract
Payment Procedures. Promptly following (a) At the Effective Time (and in any event within three Business Days)Closing, Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder of record (as of immediately prior to the Effective Time) of shall deliver (i) a certificate to Wilmington Trust Corp. (or certificates that another payment agent designated by Parent and reasonably acceptable to the Company), acting as payment agent in connection with the Merger (the "Payment Agent"), in exchange for shares of the Company Capital Stock outstanding immediately prior to the Effective Time represented outstanding the portion of the Merger Consideration as set forth on Allocation Spreadsheet, (ii) to the Escrow Agent, an amount (the "Escrowed Amount") equal to the sum of (x) Two Million Dollars ($2,000,000) plus (y) 150% of the aggregate amount of consideration that would otherwise be payable pursuant to this Agreement to holders (the "Non-Consenting Stockholders") of Company Capital Stock that have not delivered to the Company as of the date immediately prior to the Closing Date written consents approving this Agreement and the consummation of the transactions contemplated hereby (the portion of the Escrowed Amount determined pursuant to this clause (y) is herein referred to as the "Dissenting Shares Escrow Amount"), (iii) to each holder of record of shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Capital Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (were converted into the “Uncertificated Shares”) right to receive cash, (A) a letter of transmittal in customary form (including an accompanying Substitute Form W-9) (each, a "Letter of Transmittal") (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will certificates representing outstanding shares of Company Capital Stock (each, a "Company Certificate") shall pass, only upon delivery of the Company Certificates to the Payment Agent); Agent and (B) instructions for use in effecting the surrender of the Company Certificates and Uncertificated Shares in exchange for the Per Share Price payable relevant portion of the Merger Consideration and (iv) to the Stockholder Representative any remaining amounts set forth on the Allocation Spreadsheet to be distributed by the Stockholder Representative in respect thereof pursuant accordance with the Allocation Spreadsheet.
(b) The Escrowed Amount shall be deposited into escrow with the Escrow Agent and subject to the terms of the Escrow Agreement and this Agreement, subject to release as described in Section 2.7. 1.9 below.
(c) Upon surrender of Company Certificates for cancellation to the Payment Agent, together with such letter of transmittaltransmittal (including the accompanying Substitute Form W-9), duly completed and validly executed in accordance with the instructions thereto, the holders holder of such Company Certificates will shall be entitled to receive in exchange therefor an the amount in of cash equal to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by which such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof)holder is entitled pursuant to Section 1.6, and the Certificates Company Certificate so surrendered will shall forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c)canceled. Until so surrendered, each outstanding Certificates and Uncertificated Shares Company Certificate that, prior to the Effective Time, represented one or more shares of Company Capital Stock will be deemed from and after the Effective Time Time, for all corporate purposes to evidence only the right to receive that portion of the Per Share Price, without interest thereon, Merger Consideration payable in respect thereof of such shares of Company Capital Stock pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.71.6.
Appears in 1 contract
Payment Procedures. Promptly following (a) Promptly, but in no event later than three Business Days after the Effective Time (and in any event within three Business Days)Time, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior to the Effective Time) of (i) a certificate or certificates that immediately prior to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting holders of Company Book-Entry Shares and Owned Company Sharesheld through The Depository Trust Company) (that, immediately prior to the “Certificates”); and (ii) uncertificated Effective Time, represented shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shareswere converted into the right to receive the Merger Consideration pursuant to Section 2.8(a) (the “Uncertificated Shares”) (Ai) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates to the Payment Agent); Paying Agent or, in the case of Company Book-Entry Shares, upon adherence to the procedures set forth in the letter of transmittal) and (Bii) instructions for use in effecting the surrender of the Certificates and Uncertificated or Company Book-Entry Shares in exchange for the Per Share Price payable Merger Consideration. Such letter of transmittal shall be in respect thereof customary form and have such other provisions as Parent may reasonably specify (such letter to be reasonably acceptable to the Company prior to the Effective Time). Notwithstanding anything to the contrary contained in this Agreement, no holder of Company Book-Entry Shares shall be required to deliver a Certificate or, in the case of Company Book-Entry Shares held through The Depository Trust Company, an executed letter of transmittal to the Paying Agent to receive the Merger Consideration that such holder is entitled to receive pursuant to Section 2.72.8(a). In lieu thereof, each holder of record of one or more Company Book-Entry Shares held through The Depository Trust Company whose Company Book-Entry Shares were converted into the right to receive the Merger Consideration shall automatically upon the Effective Time be entitled to receive, and Parent shall cause the Paying Agent to pay and deliver as promptly as practicable after the Effective Time, in respect of each such Company Book-Entry Share, a cash amount in immediately available funds equal to the Merger Consideration, subject to any withholding of Taxes as required by applicable Laws, and such Company Book-Entry Shares of such holder shall forthwith be canceled.
(b) Upon surrender of Certificates a Certificate for cancellation to the Payment AgentPaying Agent or to such other agent or agents as Parent may appoint, together with such letter of transmittal, duly completed executed and validly executed in accordance with completed, and such other documents as the instructions theretoPaying Agent may reasonably require, the holders of such Certificates will be entitled to receive in exchange therefor an amount in cash equal or delivery to the product obtained by multiplying (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt Paying Agent of an “agent’s message” by the Payment Agent in respect of Company Book-Entry Shares not held through The Depository Trust Company (or such other evidence, if any, of transfer as the Payment Paying Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares), the holders of such Uncertificated Shares will holder shall be entitled to receive the Merger Consideration, subject to any withholding of Taxes as required by applicable Laws, in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares for each share of Company Common Stock so surrendered formerly represented by such holder’s transferred Uncertificated properly surrendered Certificates and/or Company Book-Entry Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), as applicable, and the transferred Uncertificated Certificate and/or Company Book-Entry Shares so surrendered will shall forthwith be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practicescanceled. No interest will shall be paid or accrued for accrue on the benefit of holders Merger Consideration.
(c) If any portion of the Certificates and Uncertificated Merger Consideration is to be made to a Person other than the Person in whose name the applicable surrendered Certificate or Company Book-Entry Shares on not held through The Depository Trust Company are registered, then it shall be a condition to the Per Share Price payable upon the surrender payment of such Certificates Merger Consideration that (i) the Certificate or Company Book-Entry Shares so surrendered shall be properly endorsed or shall be otherwise in proper form for transfer and Uncertificated (ii) the Person requesting such payment shall have (A) paid any transfer and other Taxes required by reason of such payment in a name other than that of the registered holder of the Certificate or Company Book-Entry Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything surrendered or (B) established to the contrary in this Agreement, no holder reasonable satisfaction of Uncertificated Shares will be required to provide a Certificate Parent that any such Taxes either have been paid or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7are not payable.
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Payment Procedures. Promptly following (i) As soon as reasonably practicable after the Effective Time (and in any event within three not later than the second (2nd) Business Days)Day following the Closing Date, Parent and the Surviving Corporation will shall cause the Payment Paying Agent to mail to each holder of record (as of immediately prior Shares whose Shares were converted into the right to receive the Effective Time) of (i) a certificate or certificates that immediately prior Merger Consideration pursuant to the Effective Time represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and (ii) uncertificated shares of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) Section 2.1, (A) a letter of transmittal in customary form (which will shall specify that delivery will shall be effected, and risk of loss and title to the Certificates will shall pass, only upon delivery of the Certificates (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment AgentPaying Agent and shall be in such form and have such other provisions as Parent and the Company may mutually reasonably agree); , and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated (or effective affidavits of loss in lieu thereof) or Book-Entry Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Merger Consideration.
(ii) Upon surrender of Certificates for cancellation (or effective affidavits of loss in lieu thereof) or Book-Entry Shares to the Payment Paying Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may customarily be required by the holders Paying Agent, the holder of such Certificates will (or effective affidavits of loss in lieu thereof) or Book-Entry Shares shall be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying of (x) the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by properly surrendered Certificates (2or effective affidavits of loss in lieu thereof) or Book-Entry Shares and (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practicesMerger Consideration. No interest will shall be paid or accrued for on any amount payable upon due surrender of Certificates (or effective affidavits of loss in lieu thereof) and Book-Entry Shares. In the benefit event of holders a transfer of ownership of Shares that is not registered in the transfer records of the Certificates and Uncertificated Shares on the Per Share Price payable Company, payment upon the due surrender of the Certificate may be paid to such Certificates and Uncertificated transferee if the Certificate formerly representing such Shares pursuant is presented to this Section 2.9(c). Until so surrenderedthe Paying Agent, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time accompanied by all documents required to evidence only and effect such transfer and to evidence that any applicable stock transfer Taxes have been paid or are not applicable.
(iii) The Paying Agent, the right Company, Parent and Merger Sub, as applicable, shall be entitled to receive deduct and withhold from any amounts otherwise payable under this Agreement such amounts as are required to be withheld or deducted under the Per Share PriceInternal Revenue Code of 1986, without interest thereonas amended (the “Code”), payable or under any provision of state, local or foreign Tax Law with respect to the making of such payment. To the extent that amounts are so deducted or withheld and paid over to the relevant Governmental Entity, such deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate which such deduction or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled to receive pursuant to Section 2.7withholding was made.
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Payment Procedures. Promptly (i) At the Closing, Purchaser shall cause to be deposited with a paying agent, the identity of which to be mutually agreed upon by the parties as soon as reasonably practicable following the Effective Time (Agreement Date and in any no event within three Business Days), Parent and the Surviving Corporation will cause the Payment Agent to mail to each holder of record later than ten (as of immediately 10) business days prior to the Effective TimeClosing (the “Paying Agent”), the cash portion of the Closing Payment and the Aggregate Share Consideration, as set forth on the Closing Spreadsheet. The Aggregate Share Consideration shall be delivered and deposited by Purchaser as follows: upon the Closing, Purchaser shall deliver to Purchaser’s transfer agent (with a copy to the Company) duly executed irrevocable instructions instructing the transfer agent to deliver, on an expedited basis, a certificate(s) evidencing a number of Purchaser Ordinary Shares equal to the Aggregate Share Consideration, registered in the name of the Paying Agent and, to the extent applicable, in the name of the 102 Trustee. Purchaser shall pay the fees and expenses (excluding wire fees) of the Paying Agent in its capacity as the paying agent and not in its capacity as the 102 Trustee.
(ii) The Paying Agent will be instructed to pay by wire transfer of same-day funds the applicable Cash Consideration and cash portion of the Option Amount (as set forth on the Closing Spreadsheet), in each case subject to Section 1.1(c), to each Company Shareholder and Company Optionholder. Notwithstanding the foregoing, any Cash Consideration and Option Amount payable to Company Shareholders and Company Optionholders, as applicable, holding Company Shares and Company Options pursuant to Section 102(b) shall be paid to the 102 Trustee. If any Converting Instrument shall have been lost, stolen, or destroyed, upon the making of an affidavit of that fact by the Person claiming such document to be lost, stolen, or destroyed and, if required by Purchaser, the payment of any reasonable fees, and the indemnity against any claim that may be made against it with respect to such document, the Paying Agent will issue in exchange for such lost, stolen, or destroyed document, the applicable consideration to which the holder is entitled pursuant to Section 1.1.
(iii) As soon as reasonably practicable after the earlier of: (i) a certificate or certificates that immediately prior the Withholding Drop Date applicable to the Effective Time represented outstanding shares of each Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Certificates”); and Shareholder, (ii) uncertificated shares delivery of Company Common Stock that represented outstanding shares of Company Common Stock (other than Dissenting Company Shares and Owned Company Shares) (the “Uncertificated Shares”) (A) a letter of transmittal in customary form (which will specify that delivery will be effectedQualified Withholding Certificate, and risk of loss and title to (iii) the Certificates will pass, only upon delivery written request of the Certificates to the Payment Agent); and (B) instructions for use in effecting the surrender of the Certificates and Uncertificated Shares in exchange for the Per Share Price payable in respect thereof pursuant to Section 2.7. Upon surrender of Certificates for cancellation to the Payment Agent, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions theretoCompany Shareholder, the holders of Paying Agent will cause to be delivered to such Certificates will be entitled to receive in exchange therefor an amount in cash equal to Company Shareholder the product obtained by multiplying (x) applicable Cash Consideration and a certificate representing the aggregate number of shares of Company Common Stock represented by such Certificate; by (y) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the Certificates so surrendered will forthwith be cancelled. Upon receipt of an “agent’s message” by the Payment Agent (or such other evidence, if any, of transfer as the Payment Agent may reasonably request) in the case of a book-entry transfer of Uncertificated Shares, the holders of such Uncertificated Purchaser Ordinary Shares will be entitled to receive in exchange therefor an amount in cash equal to the product obtained by multiplying (1) the aggregate number of shares of Company Common Stock represented by such holder’s transferred Uncertificated Shares; by (2) the Per Share Price (less any applicable withholding Taxes payable in respect thereof), and the transferred Uncertificated Shares so surrendered will be cancelled. The Payment Agent will accept such Certificates and transferred Uncertificated Shares upon compliance with such reasonable terms and conditions as the Payment Agent may impose to cause an orderly exchange thereof in accordance with normal exchange practices. No interest will be paid or accrued for the benefit of holders of the Certificates and Uncertificated Shares on the Per Share Price payable upon the surrender of such Certificates and Uncertificated Shares pursuant to this Section 2.9(c). Until so surrendered, outstanding Certificates and Uncertificated Shares will be deemed from and after the Effective Time to evidence only the right to receive the Per Share Price, without interest thereon, payable in respect thereof pursuant to Section 2.7. Notwithstanding anything to the contrary in this Agreement, no holder of Uncertificated Shares will be required to provide a Certificate or an executed letter of transmittal to the Payment Agent in order to receive the payment that such holder is entitled has the right to receive pursuant to Section 2.71.1, in accordance with the provisions of the Paying Agent Agreement, in respect of such holder’s Company Shares, in each case subject to Sections 1.1(a)-(c).
(iv) A portion of the cash portion of the Closing Payment otherwise payable to the Company Shareholders equal to $200,000 (the “Rep Reimbursement Amount”), shall not be paid at the Closing to the Company Shareholders, but shall instead be deposited with the Paying Agent, to be used by the Shareholders’ Agent for the payment of expenses incurred by the Shareholders’ Agent in performing his duties pursuant to this Agreement. The portion of the Closing Payment to be contributed hereunder to the Rep Reimbursement Amount shall be based on the respective Pro Rata Share of each Company Shareholder. In the event that the Shareholders’ Agent has not used the entire Rep Reimbursement Amount at such time as the termination of the Set-off Right, any remaining amount shall be distributed by the Paying Agent to the Company Shareholders according to the respective Pro Rata Share. If the Rep Reimbursement Amount shall be insufficient to reimburse each of the Shareholders’ Agent’s expenses in accordance with this Agreement, then upon written request of the Shareholders’ Agent, each Company Shareholder shall make a payment of its respective share of such additional expenses to the Shareholders’ Agent, based on such Company Shareholder Pro Rata Share.
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