Payment Event Clause Samples
A Payment Event clause defines the specific circumstances or triggers that require one party to make a payment to another under a contract. This clause typically outlines what constitutes a payment event, such as the delivery of goods, completion of services, or the occurrence of a milestone, and may specify the timing and method of payment. By clearly identifying when payments are due, the clause helps prevent disputes over payment obligations and ensures both parties understand their financial responsibilities.
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Payment Event. 4 - OEC design is completed; Detailed civil; mechanical and electrical design is substantially completed; Purchase orders for the following major items are issued: main transformer, substation; compressed air system; bulk of piping for gathering system.
Payment Event. Random Trading Days.......................................
Payment Event. On a Payment Event, the Trustee may institute bankruptcy proceedings exclusively in The Netherlands, but may not pursue any other legal remedy, including a judicial proceeding for the collection of the sums due and unpaid. To the extent the Trustee is not permitted to pursue the remedies provided for herein as a matter of Dutch law, the Holders of the Securities may pursue such remedies in accordance with the terms of the Subordinated Indenture. Notwithstanding the foregoing, Holders of this Security have the absolute and unconditional right to institute suit for the enforcement of any payment when due and such right may not be impaired without the consent of the Holder as provided in Section 508 of the Subordinated Indenture.
Payment Event. In the event of a Change in Control, the Grantee is eligible to receive an amount equal to his or her Award Percentage multiplied by the applicable Award Pool; provided, however, that the Grantee either (i) has not incurred a Termination of Service as of the day immediately prior to such Change in Control, or (ii) has incurred a Termination of Service within seventy-five (75) days of the Change in Control due to his or her termination without Cause or due to his or her death or disability. If there are no Transaction Proceeds after applicable deductions as referenced in the definition of such term, the Company shall have no obligation to make any payment to the Grantee and the associated Award shall terminate automatically. The Board shall have full discretion to determine the Transaction Proceeds and Total Enterprise Value in good faith, including full discretion to determine the extent to which Change in Control consideration that is non-cash or deferred (e.g., escrows or earn-outs) should be included.
Payment Event. If one or more of the following events (each, a “Payment Event”) shall have occurred:
(a) A closing of the Private Placement has occurred and resulted in proceeds of $10,000,000 or greater; or
(b) A closing of the Private Placement has occurred and resulted in proceeds of $2,000,000 or greater and Maker has provided written notice to Holder of its intention to proceed with the transactions contemplated by the Exchange Agreement. Upon the occurrence of a Payment Event, the entire outstanding principal and unpaid interest of this Note will be due and payable immediately. It being the intention of the parties that a portion of the funds raised in the Private Placement be used to satisfy the obligations of Maker pursuant to this Note, the parties agree to cooperate and work together to ensure that that the funds received in connection with the Private Placement and paid in connection with this Note may be used solely for the payment or other satisfaction of the obligations and amounts owing by Holder to the individuals and entities set forth on Schedule 2 to the Exchange Agreement.
Payment Event. 42 PBGC ...............................................................................................21 Person ................................................................................................7 Pre-Closing Tax Period..................................................................................18
Payment Event. On a Payment Event, the Trustee may institute bankruptcy proceedings exclusively in The Netherlands, but may not pursue any other legal remedy, including a judicial proceeding for the collection of the sums due and unpaid. To the extent the Trustee is not permitted to pursue the remedies provided for herein as a matter of Dutch law, the Holders of the Securities may pursue such remedies in accordance with the terms of the Subordinated Indenture.
Payment Event. Any transfer of the Executive's employment from the Company to an Affiliate, from an Affiliate to the Company, or from one Affiliate to another Affiliate, is not a termination of the Executive's employment by the Company for purposes of the Agreement (though any such transfer might, depending on the circumstances, constitute or result in a termination of employment by the Executive for Good Reason).
Payment Event. The occurrence of all, but not less than all, of the following events shall constitute a "Payment Event" for the purposes of this Note:
(a) a Default Notice shall have been issued, an Acceleration Default shall have occurred and be continuing or the Final Maturity Date of the Class A-1 Notes and class A-2 Notes shall have occurred;
(b) the Trustee and the Security Trustee shall have exercised remedies available under the Indenture and the Related Documents, and the "Collateral" (as defined in the Security Trust Agreement) shall have been disposed of and/or liquidated in full;
(c) the proceeds from the liquidation and/or disposition of such "Collateral" (the "Aggregate Disposition Amount") together with any fund on deposit in the Class A Contingent Collateral Account are insufficient to repay the Outstanding Principal Balance of, and accrued interest on, the Class A Notes in full; and
(d) the aggregate face amount of the outstanding Permitted Beneficial Notes shall exceed the Aggregate Disposition Proceeds (such excess, the "Excess Note Amount").
Payment Event. Upon the occurrence of any Payment Event (as hereinafter defined), ▇▇▇▇▇ shall, immediately at ▇▇▇▇▇' sole cost and without any demand or notice whatsoever, either (i) pay and satisfy in full the entire outstanding amount of the BofA Loan, including all principal, interest, and other amounts due thereunder, and cause the full and final release and termination of the Guaranty and the return to the Company of any and all collateral securing the Company's performance of the Guaranty, (ii) substitute such collateral, provide such substitute guarantors, and take such other actions as may be required by BofA and thereby obtain the full and final release and termination of the Guaranty and the return to the Company of any and all collateral securing the Company's performance of the Guaranty, or (iii) convey the Property to the Company by grant deed subject only to those exceptions to title to which the deed of trust is subject (with such conveyance of the Property releasing ▇▇▇▇▇ from any indemnity for Company claims related to impaired market value caused by market factors), and repay the amount of the Supplemental Loan.