Satisfaction of Arrears of Distribution by payment Sample Clauses
The 'Satisfaction of Arrears of Distribution by payment' clause defines how any outstanding or unpaid distributions owed to stakeholders are to be settled through actual payment. In practice, this means that if there are accumulated amounts due from previous periods, the responsible party must fulfill these obligations by making the required payments, rather than by other means such as offsets or credits. This clause ensures that recipients receive the full value of distributions they are entitled to, addressing the issue of delayed or missed payments and providing clarity on how arrears are to be resolved.
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Satisfaction of Arrears of Distribution by payment. The Company may, at its option, pay and discharge any Arrears of Distribution (in whole or in part) at any time by giving notice of such election to the Holders, the Trustee and the Principal Paying Agent not more than 15 nor less than 10 Business Days prior to the relevant Payment Date specified in such notice (which notice shall be irrevocable and shall oblige the Company to pay the relevant Arrears of Distribution on the Payment Date specified in such notice (such date the “Arrears of Distribution Discharge Date”)). Distribution will continue to accrue on such portion of Arrears of Distribution to be paid and discharged up to, but excluding, the Arrears of Distribution Discharge Date, in accordance with this Section 2.05. Any partial payment of outstanding Arrears of Distribution by the Company shall be paid to the Holders of all outstanding Securities on a pro-rata basis.
Satisfaction of Arrears of Distribution by payment. The Issuer:
(A) may satisfy any Arrears of Distribution (in whole or in part) at any time by giving notice of such election to the Holders (in accordance with Condition 14 (Notices)) and the Fiscal Agent not more than 20 nor less than 10 Business Days prior to the relevant payment date specified in such notice (which notice is irrevocable and shall oblige the Issuer to pay the relevant Arrears of Distribution on the payment date specified in such notice); and
(B) in any event must satisfy any outstanding Arrears of Distribution (in whole but not in part) on the earlier of (1) the date of redemption of the Securities in accordance with Conditions 5(b) (Redemption – Redemption for tax reasons), 5(c) (Redemption – Redemption for accounting reasons), 5(d) (Redemption – Redemption at the option of the Issuer), 5(e) (Redemption – Redemption upon a Change of Control), 5(f) (Redemption upon an initial public offering) or 5(g) (Redemption – Redemption for minimum outstanding amount); (2) the next Distribution Payment Date on the occurrence of a breach of Condition 4(e)(iv) (Distribution – Restrictions in the case of Deferral) and (3) the date such amount becomes due under Condition 8 (Non-payment). Any partial payment of outstanding Arrears of Distribution by the Issuer shall be shared by the Holders of all outstanding Securities on a pro rata basis.
Satisfaction of Arrears of Distribution by payment. Subject to Condition 5(C)(vii), Distributions are cumulative. The Issuer:
(I) may satisfy any Arrears of Distribution (in whole or in part) at any time by giving notice of such election to the Securityholders (in accordance with Condition 11) and to the Fiscal Agent and the Paying Agent in writing not more than 30 nor less than 15 Business Days prior to the relevant payment date specified in such notice (which notice is irrevocable and shall oblige the Issuer to pay the relevant Arrears of Distribution on the payment date specified in such notice);
(II) in any event must satisfy any outstanding Arrears of Distribution (in whole but not in part) on the earlier of (1) the date of redemption of the Securities in accordance with Condition 8; (2) the next Distribution Payment Date on the occurrence of a breach of Condition 5(C)(v) and (3) the date such amount becomes due under Condition 10; and
(III) in any event must satisfy any outstanding Arrears of Distribution in respect of a Security, upon delivery by the Issuer of the Shares issuable by it in accordance with Condition 6 following the exercise of the relevant Securityholder’s Conversion Right of such Security, provided, however, that this Condition 5(C)(vi) shall only apply where the exercise of the relevant Securityholder’s Conversion Right takes place following the Issuer giving notice requiring the redemption of any Securities pursuant to Condition 8 (a “Subsequent Conversion”). In the case of Conditions 5(C)(vi)(I) and 5(C)(vi)(II), any partial payment of outstanding Arrears of Distribution by the Issuer shall be shared by the Securityholders of all outstanding Securities on a pro-rata basis.
Satisfaction of Arrears of Distribution by payment. Subject to Condition 4(C)(vii), Distributions are cumulative. The Issuer: