Senior Secured Repurchase Clause Samples
Senior Secured Repurchase. (a) No Obligor or member of the Group may make a legally binding commitment or offer for a Senior Secured Repurchase if:
(i) any amount is due to be prepaid under the Facility or the relevant time period for Lenders to elect for a prepayment has not expired following a Change of Control; or
(ii) any Event of Default is continuing or would occur as a result of the Senior Secured Notes Repurchase.
(b) The Parent shall procure that any Senior Secured Indebtedness the subject of a Senior Secured Indebtedness Repurchase is, subject to the terms of the Senior Secured Indebtedness, extinguished at the time of such Senior Secured Repurchase unless it elects not to do so for the purpose of mitigating tax costs in the Group.
Senior Secured Repurchase. (a) If a Senior Secured Repurchase occurs, or an offer to make a Senior Secured Repurchase has been made, the Parent will, promptly upon becoming aware of that event, notify the Agent of the details of the event, including the amount of the (proposed) Senior Secured Repurchase.
(b) If the aggregate principal amount outstanding under the Senior Secured Indebtedness immediately following any Senior Secured Repurchase is or would be equal to or less than the Senior Secured Repurchase Threshold:
(i) the Facility shall, at the time the Senior Secured Repurchase is completed, be cancelled (with the Commitments of the Lenders being cancelled rateably) in such an amount that the Total Commitments immediately following such cancellation do not exceed the Relevant Proportion of the Total Commitments as at the date of this Agreement; and
(ii) following such cancellation, the relevant Borrowers shall promptly (and by no later than five Business Days after the cancellation make such prepayment necessary to ensure that the Base Currency Amount of all outstanding Utilisations and Ancillary Outstandings do not exceed the Total Commitments. For the purposes of this paragraph (b):