Examples of Put Rights in a sentence
The Put Rights provide that cash consideration be paid for their equity interests (the “Redemption Amount”).
During May of 2008, the Company and holders of approximately $77.8 million in the aggregate face amount of 2023 Notes (collectively, the "Forbearing Holders") entered into Forbearance Agreements Relating to Senior Convertible Notes Due 2023 (collectively, the "Forbearance Agreements"), pursuant to which the Forbearing Holders agreed to forebear from exercising their 2008 Put Rights.
See “Certain Relationships and Related Party Transactions — Transactions Arising Out of Our Organizational Structure and Mr. Allen’s Investment in Charter and Its Subsidiaries — Equity Put Rights — CC VIII”.
Pursuant to the indenture dated June 16, 2003 (the "2003 Indenture"), among the Company, certain subsidiaries of the Company as guarantors, and US Bank N.A. as trustee (the "Trustee"), the holders of the 2023 Notes had the right to require the Company to repurchase the 2023 Notes on June 16, 2008 (the "2008 Put Rights") at a price of $397.27 per $1,000 of 2023 Notes plus any accrued and unpaid cash interest.
The fair value of these Put Rights was calculated on inception as the present value of the redemption amount and was reclassified from share capital.