Applicable High Yield Discount Obligation Sample Clauses

The 'Applicable High Yield Discount Obligation' clause defines which debt instruments are considered high yield discount obligations for the purposes of the agreement. Typically, this clause outlines the criteria or characteristics—such as interest rate, maturity, or original issue discount—that a debt instrument must meet to fall under this classification. For example, it may specify that only bonds issued at a significant discount to face value and with a high interest rate qualify. The core function of this clause is to clearly identify which obligations are subject to special tax or regulatory treatment, thereby ensuring compliance and reducing ambiguity in financial transactions.
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Applicable High Yield Discount Obligation. Notwithstanding the preceding paragraph 2, if the sum of each Holder's total Minimum Redemption Amount would, but for this provision, exceed the Maximum Accrual, then all accrued and unpaid interest, and if necessary the principal amount of the Securities, in excess of an amount equal to the Maximum Accrual shall be paid in cash by the Company to the Holders on the Redemption Date and at the end of any accrual period thereafter (as defined in section 1272(a)(5) of the Code) to prevent the Securities from being treated as an "Applicable High Yield Discount Obligation" within the meaning of section 163(i)(l) of the Code.
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Applicable High Yield Discount Obligation. Notwithstanding the preceding Section 11.01(a), if the sum of each Holder's total Minimum Redemption Amount would, but for this provision, exceed an amount equal to the product of: (i) the issue price (as defined in sections 1273(b) and 1274(a) of the Code ) of the Securities; and (ii) the yield to maturity (interpreted in accordance with section 163(i) of the Code) of the Securities (such product, the "MAXIMUM ACCRUAL"), then all accrued and unpaid interest, and if necessary the Principal Amount of the Securities, in excess of an amount equal to the Maximum Accrual shall be paid in cash by the Company to the Holders on the Redemption Date and at the end of any accrual period thereafter (as defined in section 1272(a)(5) of the Code) to prevent the Securities from being treated as an "Applicable High Yield Discount Obligation" within the meaning of section 163(i)(l) of the Code.
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Applicable High Yield Discount Obligation. Notwithstanding Section 2 above, if, as of the end of any accrual period (as defined in Treasury Regulation section 1.1272-1(b)(1)(i)) ending after June 30, 2014, the Company determines that the aggregate amount of accrued but unpaid original issue discount (as defined in Section 1273(a)(1) of the Code) on the Securities would cause the Securities to have “significant original issue discount” (as defined in Section 163(i)(2) of the Code), the Company shall be obligated to pay on such dates so much of the accrued and unpaid interest, and if necessary, principal amount of the Securities, as is necessary to prevent the Securities from being treated as an “Applicable High Yield Discount Obligation” within the meaning of section 163(i)(1) of the Code.
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Applicable High Yield Discount Obligation. Notwithstanding anything to the contrary contained herein, if, as of the end of any accrual period (as defined in Treasury Regulation section 1.1272-1(b)(1)(i)) ending after June 30, 2014, the Company determines that the aggregate amount of accrued but unpaid original issue discount (as defined in Section 1273(a)(1) of the Code) on the Securities would, but for this paragraph, cause the Securities to have “significant original issue discount” (as defined in Section 163(i)(2) of the Code), the Company shall be obligated to pay on such dates so much of the accrued and unpaid interest, and if necessary, principal amount of the Securities, as is necessary to prevent the Securities from being treated as an “Applicable High Yield Discount Obligation” within the meaning of section 163(i)(1) of the Code.
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Applicable High Yield Discount Obligation. Notwithstanding the preceding paragraphs 2 or 3, if the aggregate amount of accrued and unpaid original issue discount (as defined in Section 1273(a)(1) of the Code) of the Securities (after taking into account the Mandatory Redemption Amount) would, but for this paragraph, exceed an amount equal to the product of (i) the issue price (as defined in sections 1273(b) and 1274(a) of the Code) of the Securities and (ii) the yield to maturity (interpreted in accordance with section 163(i) of the Code) of the Securities, then on the Mandatory Redemption Date and at the end of any accrual period thereafter (as defined in section 1272(a)(5) of the Code) the Company shall redeem on a pro rata basis from each Holder that Principal Amount of Securities necessary to prevent the Securities from being treated as an “Applicable High Yield Discount Obligation” within the meaning of section 163(i)(l) of the Code.
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Related to Applicable High Yield Discount Obligation

  • Repayment Obligation In the event that any State and/or federal funds are deferred and/or disallowed as a result of any audits or expended in violation of the laws applicable to the expenditure of such funds, the Contractor shall be liable to the Agency for the full amount of any claim disallowed and for all related penalties incurred. The requirements of this paragraph shall apply to the Contractor as well as any subcontractors.

  • Payment Obligations Absolute The Company’s obligation during and after the Employment Period to pay the Executive the amounts and to make the benefit and other arrangements provided herein shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any setoff, counterclaim, recoupment, defense or other right which the Company may have against him or her or anyone else. Except as provided in Section 15, all amounts payable by the Company hereunder shall be paid without notice or demand. Each and every payment made hereunder by the Company shall be final, and the Company will not seek to recover all or any part of such payment from the Executive, or from whomsoever may be entitled thereto, for any reason whatsoever.

  • Determination of Amount Outstanding On each Quarterly Date and, in addition, promptly upon the receipt by the Administrative Agent of a Currency Valuation Notice (as defined below), the Administrative Agent shall determine the aggregate Revolving Multicurrency Credit Exposure. For the purpose of this determination, the outstanding principal amount of any Loan that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan, determined as of such Quarterly Date or, in the case of a Currency Valuation Notice received by the Administrative Agent prior to 11:00 a.m., New York City time, on a Business Day, on such Business Day or, in the case of a Currency Valuation Notice otherwise received, on the first Business Day after such Currency Valuation Notice is received. Upon making such determination, the Administrative Agent shall promptly notify the Multicurrency Lenders and the Borrower thereof.

  • Local Church’s Payment Obligations At Closing or otherwise prior to or on the Disaffiliation Date, Local Church shall pay to the Annual Conference, in a manner specified by Annual Conference, the following: (a) Local Church shall have the right to retain its Real Property and Personal Property, tangible and intangible property without charge. Any costs relating to Local Church’s retention of its property will be borne by Local Church. (b) Any unpaid apportionments for the twelve (12) months immediately prior to the Disaffiliation Date, as calculated by Annual Conference, totaling Seven Thousand Nine Hundred Fifty-Two and 00/100 Dollars ($7,952.00) (for clarity, any amounts paid within the twelve (12) month period set out above shall be credited to the Local Church at Closing); (c) An additional twelve (12) months of apportionments, as calculated by Annual Conference, totaling Seven Thousand Nine Hundred Fifty-Two and 00/100 Dollars ($7,952.00); (d) An amount equal to Local Church’s pro rata share, as determined by Annual Conference, of Annual Conference’s unfunded pension obligations, based on the Annual Conference’s aggregate funding obligations as determined by the General Board of Pension and Health Benefits using market factors similar to a commercial annuity provider, totaling Nineteen Thousand Eight Hundred Thirty-Seven and 00/100 Dollars ($19,837.00); (e) If any clergy currently appointed to the Local Church will remain in The United Methodist Church after the Local Church disaffiliation, an amount equal to six (6) months salary, housing (if receiving a housing allowance), and pension/health benefits for the clergy, being Zero and 00/100 Dollars ($0.00). The intent of this provision is to provide salary and benefits to the clergy from January 1, 2024 through July 1, 2024, which is a period of time in which the clergy will not have an appointment to a church. (f) Any unpaid loans (secured or unsecured) owed to the Annual Conference or other United Methodist entities such as The United Methodist Foundation of Western North Carolina (unless those loans are assigned or transferred per Section 3.2 below), and any investment portfolio needs which require modifications or assignments; (g) The aggregate amount of any and all grants awarded and paid to Local Church by Annual Conference or any affiliate or subsidiary thereof within the prior ten (10) years; and, (h) All costs of the transfer of any assets involved hereunder and transactions set out herein, as well as the legal fees of the Annual Conference incurred in connection with this Agreement.

  • Reimbursement Obligation The Borrower agrees unconditionally, irrevocably and absolutely to pay immediately to the Agent, for the account of the Lenders, the amount of each advance which may be drawn under or pursuant to a Letter of Credit or an L/C Draft related thereto (such obligation of the Borrower to reimburse the Agent for an advance made under a Letter of Credit or L/C Draft being hereinafter referred to as a "REIMBURSEMENT OBLIGATION" with respect to such Letter of Credit or L/C Draft). If the Borrower at any time fails to repay a Reimbursement Obligation pursuant to this SECTION 3.6, the Borrower shall be deemed to have elected to borrow Revolving Loans from the Lenders, as of the date of the advance giving rise to the Reimbursement Obligation, equal in amount to the amount of the unpaid Reimbursement Obligation. Such Revolving Loans shall be made as of the date of the payment giving rise to such Reimbursement Obligation, automatically, without notice and without any requirement to satisfy the conditions precedent otherwise applicable to an Advance of Revolving Loans. Such Revolving Loans shall constitute a Floating Rate Advance, the proceeds of which Advance shall be used to repay such Reimbursement Obligation. If, for any reason, the Borrower fails to repay a Reimbursement Obligation on the day such Reimbursement Obligation arises and, for any reason, the Lenders are unable to make or have no obligation to make Revolving Loans, then such Reimbursement Obligation shall bear interest from and after such day, until paid in full, at the interest rate applicable to a Floating Rate Advance.