Common use of Upon Early Settlement of Purchase Contracts by a Holder of the related Securities Clause in Contracts

Upon Early Settlement of Purchase Contracts by a Holder of the related Securities. the Company shall issue, and the Holder shall be entitled to receive, Common Shares on account of each Purchase Contract as to which Early Settlement is effected (the "Early Settlement Rate"); provided, however, that upon the Early Settlement of the Purchase Contracts, the Holder of such related Securities will forfeit the right to receive any Deferred Contract Adjustment Payments. The Early Settlement Rate shall be adjusted in the same manner and at the same time as the Settlement Rate is adjusted. As promptly as practicable after Early Settlement of Purchase Contracts in accordance with the provisions of this Section 5.9, the Company shall issue and shall deliver to the Agent at the Corporate Trust Office a certificate or certificates for the full number of Common Shares issuable upon such Early Settlement together with payment in lieu of any fraction of a share, as provided in Section 5.10.

Appears in 1 contract

Sources: Purchase Contract Agreement (Arvin Industries Inc)

Upon Early Settlement of Purchase Contracts by a Holder of the related Securities. the Company shall issue, and the Holder shall be entitled to receive, 1.0395 shares of Common Shares Stock on account of each Purchase Contract as to which Early Settlement is effected (the "Early Settlement Rate"); provided, however, that upon the Early Settlement of the Purchase Contracts, the Holder of such related Securities will forfeit the right to receive any Deferred Contract Adjustment Payments. The Early Settlement Rate shall be adjusted in the same manner and at the same time as the Settlement Rate is adjusted. As promptly as practicable after Early Settlement of Purchase Contracts in accordance with the provisions of this Section 5.9, the Company shall issue and shall deliver to the Agent at the Corporate Trust Office a certificate or certificates for the full number of shares of Common Shares Stock issuable upon such Early Settlement together with payment in lieu of any fraction of a share, as provided in Section 5.10.

Appears in 1 contract

Sources: Purchase Contract Agreement (Cendant Corp)