AHYDO Redemption. On the first interest payment date following the fifth anniversary of the “issue date” (as defined in Treasury Regulation Section 1.1273- 2) of the Notes, the Company shall redeem a portion of the principal amount of each then outstanding Note in an amount equal to the AHYDO Catch-Up Payment for such interest payment date with respect to such Note. The “AHYDO Catch-Up Payment” means the minimum principal prepayment sufficient to ensure that as of the close of such interest payment date, the aggregate amount which would be includible in gross income with respect to such Note before the close of such interest payment date (as described in Section 163(i)(2)(A) of the Code) does not exceed the sum (as described in Section 163(i)(2)(B) of the Code) of (i) the aggregate amount of interest to be paid on such Note (including for this purpose any AHYDO Catch-Up Payment) before the close of such interest payment date plus (ii) the product of the “issue price” of such Note and its yield to maturity, with the result that the Notes are not treated as having “significant original issue discount” within the meaning of Section 163(i)(1)(C) of the Code. It is intended that no Note will be an “applicable high yield discount obligation” (an “AHYDO”) within the meaning of Section 163(i)(1) of the Code. The computations and determinations required in connection with any AHYDO Catch-Up Payment will be made by us in our good faith reasonable discretion and will be binding upon the holders absent manifest error. Unless otherwise provided herein, any redemption pursuant to this Section 3.07 shall comply with Section 3.01 through Section 3.06 hereof.
AHYDO Redemption. If the B Notes would otherwise constitute “applicable high yield discount obligations” within the meaning of Section 163(i)(1) of the Code, at the end of each Interest Period ending after the fifth anniversary of the Issue Date (each, an “AHYDO Redemption Date”), the Issuer will be required to redeem on or before the end of such Interest Period for cash a portion of each B Note then Outstanding equal to the Mandatory Principal Redemption Amount (defined below) (such redemption, a “Mandatory Principal Redemption”). The redemption price for the portion of each Note redeemed pursuant to a Mandatory Principal Redemption will be 100% of the principal amount of such portion plus any accrued interest thereon and any other amounts owing in respect thereof on the date of redemption. The “Mandatory Principal Redemption Amount” means the portion of a Note determined by the Issuer to be required to be redeemed to prevent such Note from being treated as an “applicable high yield discount obligation” within the meaning of Section 163(i)(1) of the Code. No partial redemption or repurchase of the Notes prior to any AHYDO Redemption Date pursuant to any other provision of this Indenture will alter the Issuer’s obligations to make the Mandatory Principal Redemption with respect to any Notes that remain Outstanding on such AHYDO Redemption Date. The Issuer will provide notice of any redemption pursuant to this Section 3.08, in the manner prescribed for notice under Section 3.07, not less than fifteen (15) days prior to such redemption.
AHYDO Redemption. On April 25, 2006 and each Interest Payment Date thereafter, excluding the Interest Payment Date that falls on the Stated Maturity Date, the Company shall redeem a principal amount of the Outstanding Notes on such date on a pro rata basis at a redemption price of 100% of the principal amount of the Notes so redeemed (the amount paid in order to redeem such Notes, the "PIK REDEMPTION AMOUNT"), such that the sum of the PIK Redemption Amount plus interest to be paid on such date with respect to all Outstanding Notes equals the AHYDO Amount. The AHYDO Amount will equal the excess of (i) the aggregate amount includible in gross income with respect to the Notes (I.E., the amount of interest, including original issue discount accrued with respect to the Notes) from the date of issuance of the Notes through and including each accrual period of the Notes ending after the fifth year of the issuance of the Notes (each, an "ACCRUAL PERIOD"), determined as set forth in Section 163(i)(2)(A) of the Code, over (ii) the sum of (A) the product of the issue price of the Notes and their annual yield to maturity (calculated as twice the semi-annual yield to maturity ), determined as set forth in Section 163(i)(2)(B)(ii) of the Code, plus (B) the aggregate amount of interest payments paid on the Notes before the close of each such Accrual Period (excluding the PIK Redemption Amount and current interest payable in such Accrual Period), determined as set forth in Section 163(i)(2)(B)(i) of the Code. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of Securities to be redeemed. If less than all the Notes are to be redeemed pursuant to the two immediately preceding paragraphs, the Notes shall be redeemed PRO RATA from each Holder.
AHYDO Redemption. Borrower shall pay on the first Monthly Payment Date occurring after the fifth anniversary of the date of this Agreement and on each subsequent Monthly Payment Date (or, if earlier, before the close of any “accrual period” (as defined in Section 1272(a)(5) of the Code) ending after five (5) years from the date of this Agreement) a portion of the accrued but unpaid interest on the Note (including any such accrued interest added to principal and any original issue discount) in an amount sufficient to ensure that the Note will not be an “applicable high yield discount obligation” within the meaning of Section 163(i)(1) of the Code and that the Note shall be treated as not having “significant original issue discount” within the meaning of Section 163(i)(2) of the Code. This Section 2.3.2 shall be interpreted in a manner consistent with the intent that the Note will not be an “applicable high yield discount obligation” and that the Note will be treated as not having “significant original issue discount”, as such terms are defined above.
AHYDO Redemption. At the end of the interest payment periods ending after the fifth anniversary of the Issue Date (the “AHYDO Redemption Date”), Revel will be required to redeem for cash a portion of each Note then outstanding equal to the “Mandatory Principal Redemption Amount” (such redemption, a “Mandatory Principal Redemption”). The redemption price for the portion of each Note redeemed pursuant to a Mandatory Principal Redemption will be 100% of the principal amount of such portion plus any accrued and unpaid interest thereon to but not including the date of redemption. The “
AHYDO Redemption. At the end of the interest payment periods ending after the fifth anniversary of the Issue Date (the “AHYDO Redemption Date”), Revel will be required to redeem for cash a portion of each Note then outstanding equal to the “Mandatory Principal Redemption Amount” (such redemption, a “Mandatory Principal Redemption”). The redemption price for the portion of each Note redeemed pursuant to a Mandatory Principal Redemption will be 100% of the principal amount of such portion plus any accrued and unpaid interest thereon to but not including the date of redemption. The “Mandatory Principal Redemption Amount” means the portion of a Note required to be redeemed to prevent such Note from being treated as an “applicable high yield discount obligation” within the meaning of Section 163(i)(1) of the Code. No partial redemption or repurchase of the Notes prior to any AHYDO Redemption Date pursuant to any other provisions of the Indenture will alter Revel’s obligation to make any Mandatory Principal Redemption with respect to any Notes that remain outstanding on the AHYDO Redemption Date.
