Common use of Exchange Upon Satisfaction of Trading Price Condition Clause in Contracts

Exchange Upon Satisfaction of Trading Price Condition. During the five consecutive Trading Day period following any five consecutive Trading Days in which the average of the Trading Prices per $1,000 principal amount of Securities during such five consecutive Trading Day period was less than 98% of the product of the average of Closing Sale Prices of the Common Stock for such period, multiplied by the average of the Applicable Exchange Rates for each Trading Day in effect during such five consecutive Trading Day period. The Trustee shall have no obligation to determine the Trading Price of the Securities unless the Issuer shall have requested such determination, and the Issuer shall have no obligation to make such request unless a Holder provides the Issuer with reasonable evidence that the Trading Price per $1,000 principal amount of Securities would be less than 98% of the Closing Sale Price per share of Common Stock multiplied by the Applicable Exchange Rate, whereupon the Issuer shall instruct the Trustee to determine the Trading Price of the Securities beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Securities is greater than or equal to 98% of the Closing Sale Price per share of Common Stock multiplied by the Applicable Exchange Rate. If the Issuer does not request a determination from the Trustee when so required by the Holders, the Trading Price of the Securities shall be deemed to be less than 98% of the Closing Sale Price per share of Common Stock multiplied by the Applicable Exchange Rate on each day that the Issuer fails to do so.

Appears in 1 contract

Sources: Indenture (Northstar Realty)

Exchange Upon Satisfaction of Trading Price Condition. During the five consecutive Trading Day period following any five 20 consecutive Trading Days in which the average of the Trading Prices per $1,000 principal amount of Securities during such five 20 consecutive Trading Day period was less than 98% of the product average of the average of Closing Sale Prices of the Common Stock for such period, multiplied by the average of the Applicable Exchange Rates for each Trading Day in effect during such five 20 consecutive Trading Day period. The Trustee shall have no obligation to determine the Trading Price of the Securities unless the Issuer shall have requested such determination, and the Issuer shall have no obligation to make such request unless a Holder provides the Issuer with reasonable evidence that the Trading Price per $1,000 principal amount of Securities would be less than 98% of the Closing Sale Price per share of Common Stock multiplied by the Applicable Exchange Rate, whereupon the Issuer shall instruct the Trustee to determine the Trading Price of the Securities beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Securities is greater than or equal to 98% of the Closing Sale Price per share of Common Stock multiplied by the Applicable Exchange Rate. If the Issuer does not request a determination from the Trustee when so required by the Holders, the Trading Price of the Securities shall be deemed to be less than 98% of the Closing Sale Price per share of Common Stock multiplied by the Applicable Exchange Rate on each day that the Issuer fails to do so.

Appears in 1 contract

Sources: Indenture (General Growth Properties Inc)

Exchange Upon Satisfaction of Trading Price Condition. During the five consecutive Trading Day period following any five consecutive Trading Days in which the average of the Trading Prices per $1,000 principal amount of Securities during such five consecutive Trading Day period was less than 98102% of the product of the average of Closing Sale Prices of the Common Stock for such period, multiplied by the average of the Applicable Exchange Rates for each Trading Day in effect during such five consecutive Trading Day period. The Trustee shall have no obligation to determine the Trading Price of the Securities unless the Issuer shall have requested such determination, and the Issuer shall have no obligation to make such request unless a Holder provides the Issuer with reasonable evidence that the Trading Price per $1,000 principal amount of Securities would be less than 98102% of the Closing Sale Price per share of Common Stock multiplied by the Applicable Exchange Rate, whereupon the Issuer shall instruct the Trustee to determine the Trading Price of the Securities beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Securities is greater than or equal to 98102% of the Closing Sale Price per share of Common Stock multiplied by the Applicable Exchange Rate. If the Issuer does not request a determination from the Trustee when so required by the Holders, the Trading Price of the Securities shall be deemed to be less than 98102% of the Closing Sale Price per share of Common Stock multiplied by the Applicable Exchange Rate on each day that the Issuer fails to do so.

Appears in 1 contract

Sources: Indenture (Northstar Realty)