Payment Event Date definition
Examples of Payment Event Date in a sentence
The Supplemental Severance Payment shall be payable to Executive on the 60th day after the Payment Event Date.
The Payment Event Date is the date within twelve months of receipt by the Company of first cash resulting from a Payment Event, on which the Company has received, in the aggregate, at least $25,000,000.
The First Payment Event Date shall occur when the first Payment Event has achieved a Payment Event Date at which time a payment is due to the Participant as described in Section 1(c) above.
For any period following the Payment Event Date, interest on the Notes shall accrue and shall be payable as set forth in the Agreement.
Similarly, the Second Payment Event Date shall occur when the second Payment Event has reached a Payment Event Date at which time a payment is due to the Participant as described in Section 1(c) above.
The amount of the Supplemental Severance Payment shall be equal to six months of Executive’s annual base salary at the rate in effect under paragraph 3.1 on the Payment Event Date (as defined below), increased by an additional one month of such base salary for each full month after September 30, 2012 that Executive is employed with Company, provided that the Supplemental Severance Payment shall not exceed an amount equal to one times such base salary.
Within ten (10) Business Days after the First CVR Payment Event Date, Holdco shall give written notice to the Escrow Agent and the Stockholders’ Representative calculating in reasonable detail the First CVR Payment Amount (the “First CVR Payment Notice”).
Notwithstanding anything to the contrary contained in the Agreement, for the period commencing on October 1, 2012 and ending on the Payment Event Date, interest on the Notes shall accrue as set forth in the Agreement but shall not be payable until the earlier of (i) the Payment Event Date and (ii) Agent’s declaration that all Note Indebtedness to be immediately due and payable pursuant to Section 8.2 of the Agreement.
If any portion of the First CVR Disputed Amount is determined to be payable as a result of the dispute resolution procedure in Section 3.7 of this Agreement, then such amount shall be paid to the Rights Agent within five (5) Business Days after resolution of the dispute, unless the Stockholders Representative (in its sole and absolute discretion) has previously elected by written notice to the Escrow Agent to defer such payment until the Second CVR Payment Event Date.
Notwithstanding anything to the contrary contained in the Agreement, for the period commencing on October 1, 2012 and ending on the Payment Event Date, interest on the Notes shall not be paid in cash and instead such interest shall be added to the then outstanding principal amount of the Notes on the date such interest payment is due.