Common use of Unconditional Right of Holders to Receive Purchase Contract Payments and to Purchase Shares of Common Stock Clause in Contracts

Unconditional Right of Holders to Receive Purchase Contract Payments and to Purchase Shares of Common Stock. Each Holder of a PEPS Unit or Treasury PEPS Unit shall have the right, which is absolute and unconditional, (1) subject to the payment by such Holder of Purchase Contract Payments pursuant to Section 5.9(a), to receive each Purchase Contract Payment with respect to the Purchase Contract constituting a part of such Security on the respective Payment Date for such Security, provided, however, that a Holder will have no right to receive any accrued deferred Purchase Contract Payments if he effects an Early Settlement or if a Termination Event shall occur and (2) to purchase shares of Common Stock pursuant to such Purchase Contract and, in each such case, to institute suit for the enforcement of any such Purchase Contract Payment and right to purchase shares of Common Stock, and such rights shall not be impaired without the consent of such Holder.

Appears in 2 contracts

Samples: Purchase Contract Agreement (Ucu Capital Trust I), Purchase Contract Agreement (Ucu Capital Trust I)

AutoNDA by SimpleDocs

Unconditional Right of Holders to Receive Purchase Contract Payments and to Purchase Shares of Common Stock. Each Holder of a PEPS Unit or Treasury PEPS Unit Security shall have the right, which is absolute and unconditional, (1) subject to the payment by such Holder of Purchase Contract Payments pursuant to Section 5.9(a), to receive each Purchase Contract Payment with respect to the Purchase Contract constituting a part of such Security on the respective Payment Date for such Security, provided, however, that a Holder will have no right to receive any accrued deferred Purchase Contract Payments if he effects an Early Settlement or if a Termination Event shall occur and (2) to purchase shares of Common Stock pursuant to such Purchase Contract and, in each such case, to institute suit for the enforcement of any such Purchase Contract Payment and right to purchase shares of Common Stock, and such rights shall not be impaired without the consent of such Holder.

Appears in 2 contracts

Samples: Purchase Contract Agreement (Valero Energy Corp/Tx), Purchase Contract Agreement (Vec Trust Ii)

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.