Repurchase Upon Reorganization Clause Samples
Repurchase Upon Reorganization. In the event that a Reorganization occurs, then the Notes shall become due and payable and the Issuer shall, as a condition to the effectiveness of such Reorganization, repurchase this Note for a repurchase price equal to the sum of (a) two hundred and fifty percent (250%) of the outstanding Principal Amount of this Note, plus (b) simple interest on the Principal Amount outstanding under this Note from the date a Principal Advance was advanced to the date of repurchase at the rate of ten percent (10%) per annum. The Issuer shall not consummate a Reorganization unless, as a condition thereto, the Notes are repurchased pursuant to this Section 1 at the closing of such Reorganization.
Repurchase Upon Reorganization. In the event that a Reorganization (as defined in the Restated Certificate of Incorporation as in effect on the Third Closing Date) occurs, then the Pre-IPO Notes shall become due and payable and the Issuer shall, as a condition to the effectiveness of such Reorganization, repurchase this Pre-IPO Note for a repurchase price equal to the sum of (a) two hundred and fifty percent (250%) of the outstanding Principal Amount of this Pre-IPO Note, plus (b) simple interest on the Principal Amount outstanding under this Pre-IPO Note from the date a Principal Advance was advanced to the date of repurchase at the rate of ten percent (10%) per annum. The Issuer shall not consummate a Reorganization unless, as a condition thereto, the Pre-IPO Notes are repurchased pursuant to this Section 1 at the closing of such Reorganization.