Mandatory Repurchase. 19 SECTION 6.2.
Mandatory Repurchase. On the first Payment Date following the Termination Date when the Borrowing Base is less than 15% of the Borrowing Base as of the Termination Date, the Seller shall notify the Administrative Agent in writing of its intention to purchase all remaining Collateral. On the Payment Date next succeeding any such notice, the Seller shall (i) terminate all Hedge Transactions in accordance with their terms and (ii) purchase all remaining Collateral for a price equal to the Aggregate Unpaids and the proceeds of such purchase will be deposited into the Collection Account and paid in accordance with Section 2.10.
Mandatory Repurchase. Borrower, Parent or any Significant Subsidiary shall have been required to prepay or repurchase, prior to the stated maturity thereof, such Extension of Credit in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Extension of Credit.
Mandatory Repurchase. In the event any Person is or becomes the owner of Units in the Company and such ownership would result in the occurrence of any of the prohibited legal consequences in 9.1.4(a)-(d), the Board or the Investment Manager may cause the Company to repurchase the Units of such Person, or require such Person to Transfer their Units to another Person, and each Member consents to such mandatory repurchase or Transfer of Units as set forth in this 9.1.5.
Mandatory Repurchase. Any Loan Party or the Parent shall have been required to prepay or repurchase, prior to the stated maturity thereof, any such Extension of Credit in accordance with the provisions of any indenture, contract or instrument evidencing, providing for the creation of or otherwise concerning such Extension of Credit.
Mandatory Repurchase. Upon the occurrence of any Mandatory Repurchase Event, the Company shall give the Administrative Agent, the Paying Agent, the Collateral Agent and each of the Purchasers written notice of the occurrence of such Mandatory Repurchase Event in accordance with Section 7.2(a) of the Common Terms Agreement (the "Mandatory Repurchase Notice") on or prior to the date of such occurrence, and the Company shall offer to make a Mandatory Repurchase and the Purchasers shall sell, on the Euro-Dollar Business Day specified in the Mandatory Repurchase Notice, which date shall not be less than five (5) Euro-Dollar Business Days after the date of the Mandatory Repurchase Notice (the "Mandatory Repurchase Date"), the maximum principal amount of Notes (together with accrued and unpaid interest, if applicable, on such principal amount to the date of repurchase) that may be repurchased with the Mandatory Repurchase Amount, which amount shall be in Dollars and in immediately available funds (the "Repurchase Price") and shall be allocated among the Purchasers in accordance with Section 2.7(a) and Section 2.9; provided that the Mandatory Repurchase Amount shall, with respect to each Mandatory Repurchase, be applied first, to ratably repurchase the Tranche B Notes and Tranche C Notes, second, to Base Rate Notes and third, to purchase the Euro-Dollar Rate Notes held by each such Purchaser. Notwithstanding any of the foregoing, under no circumstances shall the Company be deemed a Purchaser or a Purchaser Party hereunder or under any other Note Document upon the occurrence of any Mandatory Repurchase.
Mandatory Repurchase. 19 Section 6.2 Conveyance of Reassigned Receivables......................... 20 ARTICLE VII
Mandatory Repurchase. If (i) the Remarketing Dealer does not elect to purchase all of the outstanding Securities on any Remarketing Date pursuant to paragraph 2 of this reverse of Security, (ii)(A) the Remarketing Dealer shall not have received in writing by the required time on the relevant Determination Date any firm, committed bids to purchase all of the Securities as described in subparagraph (a) of paragraph 5 of this reverse of Security or (B) no Pricing Agreement shall have been executed, in the event that the Company and the Co-Obligor have given notice to the Remarketing Dealer as provided in subparagraph (b) of paragraph 5 of this reverse of Security, or (iii) for any reason, all of the Securities are not purchased from tendering holders on any Remarketing Date by the Remarketing Dealer (or any other securities dealer or dealers that may be participating in the remarketing), then holders will be required to tender, and the Company and the Co-Obligor will be required to repurchase, on such Remarketing Date, at a price equal to 100% of their principal amount plus any accrued interest, all Securities that have not been purchased by the Remarketing Dealer (or any other securities dealer participating in such remarketing) on such Remarketing Date. Upon payment and delivery of any Securities so repurchased, the outstanding principal amount of the Securities shall be reduced accordingly.
Mandatory Repurchase. (i) If at any time there has occurred a Purchased Asset Issue with respect to any Purchased Asset, then the Asset Value thereof shall automatically be reduced to zero (unless otherwise determined by Buyer in its sole discretion) and Buyer may, in its sole discretion, with notice to the Seller detailing the basis by which Buyer has determined that such Purchased Asset Issue has occurred (as such notice is more particularly set forth below, a “Repurchase Notice”), require Seller to repurchase such asset. In the case of a repurchase, Seller, shall, at Buyer’s direction, be required to repurchase the affected Mortgage Loan as soon as is practicable but, in any case, not more than [***] after Buyer has delivered such Repurchase Notice to Seller. Seller shall be required to notify Buyer as soon as is practicable after obtaining knowledge of any fact that could be the basis for any Purchased Asset Issue, but, in any case, not more than [***] after obtaining knowledge thereof. For the sake of clarity, Seller shall ensure that such Repurchase Price (including without limitation any related expenses of Buyer incurred in connection therewith) is remitted directly to Buyer and not pursuant to Section 5 hereof. Any cash remitted to Buyer pursuant to this Section 3(f) shall be credited and applied to the Repurchase Price of the related Purchased Asset and any other amounts then due and payable by Seller with respect to such Purchased Asset.
Mandatory Repurchase. On the Repurchase Date, termination of the Transaction will be effected by reassignment to the Sellers or their designee of the Purchased Mortgage Loans or Contributed Assets, as applicable, (and any Income in respect thereof received by Buyer not previously credited or transferred to, or applied to the obligations of, the Sellers pursuant to Section 5) against the simultaneous transfer of the Repurchase Price to an account of Buyer. Such obligation to repurchase exists without regard to any prior or intervening liquidation or foreclosure with respect to any Purchased Mortgage Loan or Contributed Asset, as applicable (but liquidation or foreclosure proceeds received by Buyer shall be applied to reduce the Repurchase Price for such Purchased Mortgage Loan or Contributed Asset, as applicable, on each Payment Date except as otherwise provided herein). The Sellers are obligated to obtain the Asset Files from Buyer or its designee at Sellers’ expense on the Repurchase Date.
