Mandatory Exchange for Additional 7.125% Notes Clause Samples

Mandatory Exchange for Additional 7.125% Notes. (a) Upon completion of the Acquisition, the Issuers shall, within 20 Business Days thereafter, send a notice to each Holder that the Acquisition has occurred and that, on the date specified in such notice (which date shall be not more than 20 Business Days and not sooner than 10 Business Days from the date of such notice (or, if the date of such notice is after a Record Date and before an Interest Payment Date, not earlier than the day after such Interest Payment Date and not more than 20 Business Days thereafter)), the Notes will be automatically exchanged (in accordance with the applicable procedures of the Depositary), without any action by, and without the consent of, any Holder (the “Mandatory Exchange”), for an equivalent principal amount of 7.125% Senior Notes due 2024 issued under the 2016 Indenture (the “Additional 7.125% Notes”). No accrued and unpaid interest shall be paid or owed on the Notes (except as set forth in Section 2.14(b)) and instead the Additional 7.125% Notes issued in respect thereof shall accrue interest from the most recent interest payment date with respect to the Notes. (b) If the Issuers fail to complete the Mandatory Exchange when required pursuant to this Section 2.14, additional interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum beginning on the date that is 40 Business Days after the date the Acquisition is completed (or such later date when the Mandatory Exchange must be completed in the event notice thereof is sent after a Record Date as set forth in Section 2.14(a)). Such additional interest shall cease to accrue when the Mandatory Exchange occurs, and shall be payable to Holders on each Interest Payment Date prior to the date of Mandatory Exchange and on the date of such Mandatory Exchange in connection with such exchange. The Issuers shall notify the Trustee in writing of the amounts and payment dates of any additional interest that may become payable under this Section 2.14(b). The Trustee shall not at any time be under any duty or responsibility to any Holder to determine any additional interest payable under this Section 2.14(b), or with respect to the nature, extent or calculation of the amount of such additional interest owed, or with respect to the method employed in such calculation of such additional interest. (c) Other than the accrual of additional interest pursuant to Section 2.14(b), there shall be no penalty if the Issuers fail to complete the Mandatory Exchange, and ...