Examples of Payment Condition in a sentence
Broadly, a Payment Condition exists where IAG is prevented from paying the Distribution by APRA’s capital adequacy requirements, insolvency or APRA objecting to the payment.• Distributions are non-cumulative which means that Capital Note 2 Holders will not have any claim or right to compensation if IAG does not pay a Distribution.
Distributions are also only payable if no Payment Condition exists.
Table 5: Payment Schedule Milestone Payment % Payment Condition Kick Off Meeting * After Kick Off Meeting Issue Validation of Feasibility Study Report * Upon approval of validation of the Feasibility Study Report Issue draft FEED Report * Upon submission of FEED Report CAPEX and economics review * Upon receipt of cost estimate and economic model (IFR) and completion of review workshop.
As respects this endorsement only, Loss Payment Condition 6.d. in the Businessowners Coverage Form is deleted and replaced with the following: d.
A Distribution will only be paid if:• BOQ in its absolute discretion elects to pay the Distribution on the Relevant Distribution Payment Date; and• no Payment Condition exists on the Relevant Distribution Payment Date.• Distributions are expected to be fully franked.• If Distributions are franked, the value and availability of franking credits to a Holder will depend on that Holder’s particular circumstances and the tax rules that apply at the time of each Distribution.