Equity Repayment definition
Examples of Equity Repayment in a sentence
SER = the sum of all Sponsors Gross Equity Repayment paid on or prior to the Calculation Date.
The Borrower shall cause the Lender to be credited a number of Equity Repayment Shares equal to the Equity Repayment Amount indicated in the applicable Equity Repayment Election Notice divided by applicable Equity Repayment Price, rounded down to the next integral number of shares, provided that if the Equity Repayment Shares are not so delivered, the Equity Repayment Election Notice shall be deemed void.
Together with the Equity Repayment Election Notice, the Borrower shall deliver a certificate duly executed by a Responsible Officer attaching and certifying the calculation setting forth the Equity Repayment Price.
Upon delivery of the Equity Repayment Shares in accordance with the foregoing the principal and accrued interest and fees thereon specified in the applicable Equity Repayment Election Notice shall be deemed satisfied in full, provided that in the event more than one Borrowing of Delayed Draw Term Loans is outstanding, any Equity Repayment shall be applied to reduce the principal balance of such outstanding Loans as designated by the Lender.
The existence of the Equity Repayment Option shall not limit or affect in any way the right or power of the Borrower to engage in any transaction described in this Section to the extent otherwise permitted by this Agreement.
Notwithstanding the above, no Equity Repayment shall be required in connection with up to an aggregate amount of $40,000,000 of the Net Offering Proceeds of any Equity Issuance occurring prior to March 30, 2008.
If on or prior to the Equity Repayment Date, Borrower Representative determines that the Equity Repayment Conditions are not met, it shall promptly notify Administrative Agent and the Equity Repayment Election Notice shall be deemed withdrawn.
The Company shall use its commercially reasonable efforts to cause its counsel to issue a legal opinion to the transfer agent at such time as any of the Unrestricted Conditions has been met, if required by the transfer agent to effect the issuance of the Conversion Shares or Equity Repayment Shares, as applicable, without a restrictive legend or removal of the legend hereunder, to the extent requested as set forth in the immediately following two sentences.
Any Term Lender may, in its discretion, notify the Borrower, in writing within ten (10) Business Days, that such Term Lender does not want to accept such Term Lender’s pro rata share of the Equity Repayment.
In the event that the Borrower elects the Equity Repayment Option, the Borrower shall issue to the entity entitled thereto the Repayment Shares as duly authorized and fully-paid and non-assessable shares.