Common use of Obligation to Make Deficiency Payment Clause in Contracts

Obligation to Make Deficiency Payment. In the event (each, a “Triggering Event”) that MLI: (a) fails to make full payment of any dividend declared on any MLI Preferred Shares on the date required for such payment; or (b) fails to make payment in full when due of any amounts payable by MLI following presentation and surrender of any MLI Preferred Shares which have been redeemed by MLI or which are then redeemable by the holder pursuant to the terms of such MLI Preferred Shares; or (c) becomes subject to a winding-up order; MFC hereby unconditionally agrees to pay to MLI, in trust for the benefit of holders of MLI Preferred Shares outstanding as of the Triggering Event, the Deficiency Payment.

Obligation to Make Deficiency Payment. In the event (each, a “"Triggering Event”") that MLI: (a) fails to make full payment of any dividend declared on any MLI Preferred Shares on the date required for such payment; or (b) fails to make payment in full when due of any amounts payable by MLI following presentation and surrender of any MLI Preferred Shares which have been redeemed by MLI or which are then redeemable by the holder pursuant to the terms of such MLI Preferred Shares; or (c) becomes subject to a winding-up winding‑up order; MFC hereby unconditionally agrees to pay to MLI, in trust for the benefit of holders of MLI Preferred Shares outstanding as of the Triggering Event, the Deficiency Payment.