Undated ECNs Clause Samples

Undated ECNs. Any amounts payable to and received by the Trustee in respect of the Undated ECNs pursuant to the provisions of this Trust Deed shall, despite any appropriation of all or part of them by the relevant Issuer or the Guarantor, be held by the Trustee on trust to apply them (subject to Clauses 5.6 and 7.2): (i) first, in payment or satisfaction of all amounts then due and unpaid under Clause 11 to the Trustee and/or any Appointee and in retention of an amount which the Trustee acting reasonably, considers necessary to pay any amounts that it considers will thereafter become due to be paid under Clause 11 to it or any Appointee, to the extent it considers that moneys received by it thereafter under this Trust Deed will be insufficient and/or will not be received in time to pay such amounts (ii) secondly, (except where Condition 3(b) or 4(b) applies) if prior to receipt of any such moneys or within 30 days thereafter the Trustee is provided with a certificate pursuant to Clause 6.2.2 (which shall have been requested by the Trustee on receipt of any such moneys) which states that either Guarantor could not make or could not have made such payment in whole or in part and still be solvent for the purposes of Clause 6.2 immediately thereafter, in the return to such Guarantor (in each case after any necessary deductions pursuant to sub-paragraph (i) of this Clause) of the whole of such payment, or (if less) such part thereof as could not have been made without thereby rendering such Guarantor insolvent (and any moneys so returned shall then be treated for the purposes of such Guarantor’s obligations under this Trust Deed as if they had not been paid by such Guarantor and their original payment shall not be deemed to have discharged any of the obligations of such Guarantor or the Issuer under this Trust Deed) (iii) thirdly, unless and to the extent attributable, in the opinion of the Trustee, to a particular Series of Undated ECNs, by apportioning the same pari passu and rateably between each Series of Undated ECNs, and all such moneys received by the Trustee to the extent attributable in the opinion of the Trustee to a particular Series of Undated ECNs or which are apportioned to such Series as aforesaid, shall be applied in or towards any amounts owing in respect of such Series of Undated ECNs and Coupons; and (iv) fourthly, in payment of any balance to the relevant Issuer for itself or, if any moneys were received from the Guarantor and to the extent of such moneys...
View Source

Related to Undated ECNs

  • STATEMENT OF EARNINGS AND PROFITS As promptly as practicable, but in any case within sixty days after the Closing Date, the Acquired Fund shall furnish the Acquiring Fund, in such form as is reasonably satisfactory to the Acquiring Fund, a statement of the earnings and profits of the Acquired Fund for federal income tax purposes that will be carried over by the Acquiring Fund as a result of Section 381 of the Code, and which will be certified by the Trust's Treasurer.

  • Instrument for the Payment of Money Each Guarantor hereby acknowledges that the guarantee in this Article XI constitutes an instrument for the payment of money, and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213.

  • Payment of Monthly Bills 10.3.1 SECI shall pay the amount payable under the Monthly Bill/Supplementary Bill by the Due Date to such account of the SPD, as shall have been previously notified by the SPD as below. 10.3.2 All payments required to be made under this Agreement shall also include any deduction or set off for: i) deductions required by the Law; and ii) amount claimed by SECI, if any, from the SPD, will be adjusted from the monthly energy payment. In case of any excess payment adjustment, the interest applicable will be same as rate of Late Payment surcharge will be applicable on day to day basis. The SPD shall open a bank account (the “SPD’s Designated Account") for all Tariff Payments (including Supplementary Bills) to be made by SECI to the SPD, and notify SECI of the details of such account at least ninety (90) Days before the dispatch of the first Monthly Bill. SECI shall also designate a bank account at New Delhi ("SECI Designated Account") for payments to be made by the SPD to SECI, if any, and notify the SPD of the details of such account ninety (90) Days before the SCSD. SECI and the SPD shall instruct their respective bankers to make all payments under this Agreement to the SPD’s Designated Account or SECI’s Designated Account, as the case may be, and shall notify either Party of such instructions on the same day.

  • Payment of Earnings The Borrower undertakes with each Creditor Party to ensure that throughout the Security Period (subject only to provisions of the relevant General Assignment), all the Earnings of each Ship are paid to the Earnings Account for that Ship.

  • Delivery of Earnings Statements As soon as practicable, the Company will make generally available to its security holders and to the Representative an earnings statement or statements of the Company and its subsidiaries which will satisfy the provisions of Section 11(a) of the Act and Rule 158.