Common use of Procedure for Payment Clause in Contracts

Procedure for Payment. (i) Immediately after the Effective Time, (A) the Buyer will furnish to an exchange agent selected by it ("EXCHANGE AGENT") a stock certificate (issued in the name of the Exchange Agent or its nominee) representing that number of Preferred Shares equal to the product of (I) the Conversion Ratio times (II) the number of outstanding Target Units (other than any Buyer-owned Units) and (B) the Buyer will mail a letter of transmittal (with instructions for its use) each record holder of outstanding Target Units for the holder to use in surrendering the certificates which represented his or its Target Units in exchange for a certificate representing the number of Preferred Shares to which he or it is entitled.

Procedure for Payment. (i) Immediately after the Effective Time, (A) the Buyer will furnish to an exchange agent selected by it ("EXCHANGE AGENT") a stock certificate (issued in the name of the Exchange Agent or its nominee) representing that number of Preferred Shares equal to the product of (I) the Conversion Ratio times (II) the number of outstanding Target Units Shares (other than any Dissenting Shares and Buyer-owned UnitsShares) and (B) the Buyer will mail a letter of transmittal (with instructions for its use) each record holder of outstanding Target Units Shares for the holder to use in surrendering the certificates which represented his or its Target Units Shares in exchange for a certificate representing the number of Preferred Buyer Shares to which he or it is entitled.