Common use of Default of the Issuer Clause in Contracts

Default of the Issuer. In case of a default of the Issuer under these Terms and Conditions which has not been remedied within 30 days after notice thereof by the Subscriber, the following provisions will apply: 9.4.1 The Subscriber or its designee will have the right to subscribe to one share per EUR 25 of the amount in default, where applicable converted into EUR at the exchange rate applicable at the time of subscription, rounded up or down to the nearest EUR 25. 9.4.2 The Subscriber must notify the Issuer of its decision to subscribe to shares pursuant to Clause 9.4.1 within 14 days of the end of the above 30-day period. 9.4.3 The new shares to be issued by the Issuer pursuant to this Clause will be issued at par value as set forth in the articles of association through a capital increase in kind to be fully paid up by the Subscriber. 9.4.4 All amounts with respect to the Bonds, which are not converted into capital pursuant to Clause 9.4.1, shall become immediately due and payable by the Issuer, including the principal, Redemption Price and the accrued and payable interest at the time of such Resolution. The Issuer shall pay these amounts in cash within fourteen days of this notification, provided that, prior to such payment, all amounts due by the Issuer under the Senior Credit Agreement have been repaid in full.

Default of the Issuer. In case of a default of the Issuer under these Terms and Conditions which has not been remedied within 30 days after notice thereof by the Subscriber, the following provisions will apply: 9.4.1 The Subscriber or its designee will have the right to subscribe to one share per EUR 25 of the amount in default, where applicable converted into EUR at the exchange rate applicable at the time of subscription, rounded up or down to the nearest EUR 25. 9.4.2 The Subscriber must notify the Issuer of its decision to subscribe to shares pursuant to Clause 9.4.1 within 14 days of the end of the above 30-day period. 9.4.3 The new shares to be issued by the Issuer pursuant to this Clause will be issued at par value as set forth in the articles of association through a capital increase in kind to be fully paid up by the Subscriber. 9.4.4 All amounts with respect to the Additional Mezzanine Bonds, which are not converted into capital pursuant to Clause 9.4.1, shall become immediately due and payable by the Issuer, including the principal, Redemption Price and the accrued and payable interest at the time of such Resolution. The Issuer shall pay these amounts in cash within fourteen days of this notification, provided that, prior to such payment, all amounts due by the Issuer under the Senior Credit Agreement have been repaid in full.