Payment; Interest Rights Preserved Clause Samples
The "Payment; Interest Rights Preserved" clause ensures that the obligation to make payments under the agreement remains intact, even if other rights or claims are being pursued. In practice, this means that a party must continue to pay amounts due, such as fees or installments, regardless of any disputes or ongoing negotiations about other aspects of the contract. This clause is important because it prevents one party from withholding payment as leverage, thereby maintaining the financial stability of the agreement and ensuring that interest rights or claims for late payment are not waived or diminished.
Payment; Interest Rights Preserved. Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Senior Debt Securities, interest, if any, on any Senior Debt Securities which is payable, and is paid or duly provided for, on any Interest Payment Date shall be paid to the Holder (including if held through a Paying Agent of the Company designated pursuant to Section 3.01 outside the United Kingdom for collection by the Holder) at the close of business on the Regular Record Date for such interest. In the case of Senior Debt Securities where payment is to be made in Dollars, payment at any Paying Agent’s office outside The City of New York will be made in Dollars by check drawn on, or, at the request of the Holder, by transfer to a Dollar account maintained by the payee with, a bank in The City of New York. In the case of Senior Debt Securities where payment is to be made in a Foreign Currency, payment will be made as established pursuant to Section 3.01. Subject to the foregoing provisions of this Section, each Senior Debt Security delivered under this Senior Debt Securities Indenture upon registration of transfer of or in exchange for or in lieu of any other Senior Debt Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Senior Debt Security.
Payment; Interest Rights Preserved. Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Subordinated Debt Securities, interest, if any, on any Subordinated Debt Securities which is payable, and is paid or duly provided for, on any Interest Payment Date shall be paid, in the case of registered Subordinated Debt Securities, to the Person in whose name that Subordinated Debt Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest or, in the case of Global Securities held by any Holder, to the Holder including through a Paying Agent of the Company designated pursuant to Section 3.01 outside the United Kingdom for collection by the Holder. In the case of registered Subordinated Debt Securities where payment is to be made in Dollars, payment at any Paying Agent’s office outside The City of New York will be made in Dollars by check drawn on, or, at the request of the Holder, by transfer to a Dollar account maintained by the payee with, a bank in The City of New York. …
Payment; Interest Rights Preserved. With respect to the Securities only, Section 3.07 is amended and restated in its entirety and shall read as follows:
Payment; Interest Rights Preserved. Except as otherwise provided as contemplated by Section 2.4 with respect to any series of Securities, interest on any series of Securities which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered in the Security Register at the close of business on the Regular Record Date for such interest. In the case of Securities where payment is to be made in U.S. dollars, payment at any paying agent’s office outside The City of New York will be made in U.S. dollars by check drawn on, or, at the request of the Holder, by wire transfer of same-day funds to a U.S. dollar account maintained by the payee with, a bank in The City of New York. Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date is herein called “Deferred Interest.” Deferred Interest on any Security of any series shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue then of having been such Holder, and such Deferred Interest may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below:
(a) The Company may elect to make payment of any Deferred Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered in the Security Register at the close of business on a Special Record Date for the payment of such Deferred Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Deferred Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Deferred Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Deferred Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Deferred Interest in respect of such Securities of such series which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by t...
Payment; Interest Rights Preserved. With respect to the Securities only, the following Sections of the Senior Indenture are amended and restated in their entirety and shall read as follows:
Payment; Interest Rights Preserved. Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Subordinated Debt Securities, interest, if any, on any Subordinated Debt Securities which is payable, and is paid or duly provided for, on any Interest Payment Date shall be paid, in the case of registered Subordinated Debt Securities, to the Person in whose name that Subordinated Debt Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest or, in the case of Global Securities held by any Holder, to the Holder including through a Paying Agent of the Company designated pursuant to Section 3.01 for collection by the Holder.
Payment; Interest Rights Preserved. Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Contingent Convertible Securities, interest, if any, on any Contingent Convertible Securities which is payable, and is paid or duly provided for, on any Interest Payment Date shall be paid, in the case of definitive Contingent Convertible Securities, to the Person in whose name such Contingent Convertible Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, or, in the case of Global Securities, to the Holder, including through a Paying Agent designated pursuant to Section 3.01, by wire transfer of same-day funds to the Holder. Payment of interest, if any, in respect of any Contingent Convertible Security may be made by wire transfer or transfer by any other means acceptable to the Paying Agent to an account designated in writing by the Person entitled thereto to the Paying Agent at least 15 days prior to such payment date or by any other means specified pursuant to Section 3.01. Where payment is to be made in a Foreign Currency or Euro, payment shall be made as established pursuant to Section 3.01. Subject to the foregoing provisions of this Section, each Contingent Convertible Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Contingent Convertible Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Contingent Convertible Security.
Payment; Interest Rights Preserved. Interest on any Junior Notes which is payable, and is punctually paid or duly provided for, on any Junior Note Interest Payment Date shall be paid (a) in the case of Definitive Registered Junior Notes, to the Person in whose name that Definitive Registered Junior Note (or one or more Predecessor Junior Notes) is registered at the close of business on the Regular Record Date for such payment of interest and (b) in the case of Global Junior Notes, to the Holder through the Paying Agent by wire transfer of same-day funds to the Holder. In the case of Definitive Registered Junior Notes where payment is to be made in United States Dollars, payment at the Paying Agent's office will be made in US Dollars by check drawn on, or, at the request of the Holder, by wire transfer of same-day funds to a United States dollar account maintained by the payee with, a bank in The City of New York. In the case of Definitive Registered Junior Notes where payment is to be made in British pounds sterling pursuant to Section 3.11 (Optional Payment of Redemption Amounts in British Pounds Sterling), payment at the Paying Agent's office will be made in British pounds sterling by check drawn on, or, at the request of the Holder, by wire transfer of same-day fund to a British pounds sterling account maintained by the payee with, a bank in London.
Payment; Interest Rights Preserved. Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Subordinated Debt Securities, interest, if any, on any Subordinated Debt Securities which is payable, and is paid or duly provided for, on any Interest Payment Date shall be paid, in the case of registered Subordinated Debt Securities, to the Person in whose name that Subordinated Debt Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest or, in the case of Global Securities held by any Holder, to the Holder including through a Paying Agent of the Company designated pursuant to Section 3.01 for collection by the Holder. In the case of registered Subordinated Debt Securities where payment is to be made in pounds sterling, payment at any Paying Agent’s office will be made in pounds sterling by check drawn on, or, at the request of the Holder, by transfer to a pounds sterling account maintained by the payee with, a bank in London or, in the case of Global Securities, in accordance with customary procedures with the Clearing Systems.
Payment; Interest Rights Preserved. Failure to give notice of redemption or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. If any Junior Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and any premium) and accrued and unpaid interest and Additional Amounts, if any, shall, to the fullest extent lawful and until paid, bear interest from the scheduled Repayment Date at the Default Rate in accordance with the terms of such Junior Note and this Indenture.