Common use of SALE UPON DEFAULT ON INDEBTEDNESS Clause in Contracts

SALE UPON DEFAULT ON INDEBTEDNESS. If a Director Holder defaults on any indebtedness referred to in Section 1.3, the Corporation shall have the option, exercisable upon notice to the Director Holder at any time following a default, to purchase all or any portion of the Director Shares with respect to which such debt was incurred at a purchase price equal to (i) 85% of Book Value Per Share, if the Corporation is not a Public Company at the time of the closing of the purchase or (ii) 85% of Market Price Per Share, if the Corporation is a Public Company at the time of the closing of the purchase.

SALE UPON DEFAULT ON INDEBTEDNESS. If a Director Management Holder defaults on any indebtedness referred to in Section 1.3, the Corporation shall have the option, exercisable upon notice to the Director Management Holder at any time following a default, to purchase all or any portion of the Director Management Shares with respect to which such debt was incurred at a purchase price equal to (i) 85% of Book Value Per Share, if the Corporation is not a Public Company at the time of the closing of the purchase or (ii) 85% of Market Price Per Share, if the Corporation is a Public Company at the time of the closing of the purchase.