Common use of Satisfaction of Arrears of Distribution by payment Clause in Contracts

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.