Mandatory Repurchase of Notes Clause Samples
The Mandatory Repurchase of Notes clause requires the issuer to buy back outstanding notes from noteholders under certain predefined circumstances. Typically, this clause is triggered by specific events such as a change of control, asset sales, or regulatory requirements, obligating the issuer to repurchase the notes at a set price, often including accrued interest. Its core function is to protect investors by ensuring they have an exit option and can recover their investment if significant changes occur that might affect the risk profile or value of the notes.
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Mandatory Repurchase of Notes. As soon as possible, and in any event within five (5) Business Days after the occurrence of a Mandatory Repurchase Event, the Company shall furnish to each Noteholder written notice setting forth in reasonable detail the facts and circumstances underlying such Mandatory Repurchase Event and shall also state if the Convertible Notes are still outstanding that the Noteholders have the right to convert the Convertible Notes at any time. The occurrence of any such Mandatory Repurchase Event shall constitute an irrevocable offer (subject to the last sentence of this sub-section 2.6.4) by the Company to purchase all of the Convertible Notes or the Notes, as applicable, held by such Noteholder, at the price set forth in Section 2.6.2 as though the mandatory redemption were an optional redemption by the Company, on a date to be specified by the Company, which date shall be not less than thirty (30) days nor more than ninety (90) days after the occurrence of such Mandatory Repurchase Event together with all accrued and unpaid interest on the amount so purchased through the date of purchase. Following receipt of any offer to purchase the Convertible Notes or the Notes, as applicable, hereunder, each Noteholder shall advise the Company, by written notice, within ten (10) Business Days after receipt of such offer, as to whether it desires to sell all or any of the Convertible Notes or the Notes, as applicable, held by it (in integral multiples of $500,000), specifying the principal amount of the Convertible Notes or the Notes, as applicable, to be sold by it. If a Noteholder accepts such offer but does not specify an amount it wishes to receive, it will be deemed to have elected to sell all of the Convertible Notes or the Notes, as applicable, held by it. If a Noteholder fails to respond to such offer by the Company within the ten (10) Business Day acceptance period, such offer shall expire in accordance with its terms and the Company shall not be obligated to purchase any Convertible Note or Note, as applicable, of such Noteholder.
Mandatory Repurchase of Notes. As soon as possible, and in any event within five (5) Business Days after the occurrence of a Mandatory Repurchase Event, the Borrower shall furnish to each Noteholder written notice setting forth in reasonable detail the facts and circumstances underlying such Mandatory Repurchase Event. The occurrence of any such Mandatory Repurchase Event shall constitute an irrevocable offer by the Borrower to purchase all of the Notes held by such Noteholder at one hundred percent (100%) of the principal amount thereof, on a date to be specified by the Borrower, which date shall be not less than thirty (30) days nor more than ninety (90) days after the occurrence of such Mandatory Repurchase Event, together with all accrued and unpaid interest on the amount so purchased through the date of purchase and together with any amounts otherwise payable pursuant to SUB-SECTION 2.5.
Mandatory Repurchase of Notes. As soon as possible, and provided that the Borrower has such advance notice, no less than twenty (20) Business Days prior to the occurrence of a Mandatory Repurchase Event, Borrower shall furnish to each Noteholder written notice setting forth in reasonable detail the facts and circumstances underlying such Mandatory
Mandatory Repurchase of Notes. 13 2.6.5 No Other Acquisition of Convertible Notes or Notes.................14 2.7 Default Rate of Interest......................................................14 2.8 Maximum Legal Rate of Interest................................................14 2.9 Payment on Non-Business Days..................................................14 2.10 Transfer and Exchange of Convertible Notes or Notes...........................14 2.11 Replacement of Convertible Notes or Notes.....................................15 2.12
Mandatory Repurchase of Notes. In accordance with Section 2.11 and subject to the subordination provisions contained in Section 2.14 hereof and the restrictions contained in the Senior Loan Documents, the Borrower shall furnish to each Noteholder written notice setting forth in reasonable detail the facts and circumstances underlying such Mandatory