Special Purchase Option Clause Samples
A Special Purchase Option clause grants one party the right to buy a specific asset under predetermined terms, often before the end of a contract or lease. This clause typically outlines the conditions under which the purchase can occur, such as timing, price, and any required notice to the other party. Its core function is to provide flexibility and certainty for both parties by establishing clear rules for an early or preferential purchase, thereby reducing potential disputes and facilitating smoother transactions.
Special Purchase Option. On the EBO Date, Lessee shall have the option, upon at least ninety (90) days' irrevocable prior notice to Lessor and, if any Secured Certificates are then outstanding, the Indenture Trustee, to purchase the Aircraft on such date for a purchase price equal to [, at Lessee's option, either (a)] the Special Purchase Price [, or (b) the amount set forth under the heading "Initial Installment" on Exhibit B (the "Initial Installment") (payable on the EBO Date) plus the Remaining Installments]. In addition, if on such date there shall be any Secured Certificates outstanding, Lessee shall have the option to assume, pursuant to Section 8(x) of the Participation Agreement and Section 2.13 of the Trust Indenture, all of the obligations of Lessor under the Trust Indenture. If such assumption is made, in lieu of paying the Special Purchase Price on the EBO Date Lessee shall pay Lessor a purchase price equal to (I) [(x) in the event Lessee has elected to pay the Special Purchase Price,] the Special Purchase Price [or (y) in the event Lessee has elected to pay the Initial Installment and the Remaining Installments, the Initial Installment] minus [in either event] (II) an amount equal to principal of, and accrued but unpaid interest on, any Secured Certificates that are outstanding on such date. Upon such payment in full and payment of any other amounts then due hereunder (including costs or expenses of the Owner Participant in connection with such purchase, any installments of Basic Rent due prior to such date and, if Basic Rent is payable in arrears on such date as indicated on Exhibit B, on such date (but not any installment of Basic Rent due on such date if Basic Rent is payable in advance on such date), and all unpaid Supplemental Rent due on or prior to such date), [and, in the event that Lessee has elected to pay the Initial Installment and the Remaining Installments, after Lessee shall have provided Lessor with its undertaking to pay the amounts due on the dates set forth under the heading "Remaining Installments" on Exhibit B (the "Remaining Installments"),] Lessor will transfer to Lessee, without recourse or warranty (except as to the absence of Lessor Liens, including for this purpose Liens which would be Lessor Liens but for the proviso in the definition of Lessor Liens), all of Lessor's right, title and interest in and to the Aircraft and under the Trust Indenture and, unless there shall be any Secured Certificates outstanding after such payment, exercise su...
Special Purchase Option. The Early Termination Date referenced in Section 19(a) of the Lease is that date which is sixty (60) months after the Base Lease Commencement Date. The Early Termination Percentage referenced in Section 19(a) of the Lease is $548,979.67 (computed as 33.051154%). DATE OF EXECUTION: September ___, 2002 BANC OF AMERICA LEASING & CARAUSTAR INDUSTRIAL AND ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇ PRODUCTS GROUP, INC. Lessor Co-Lessee By: /s/ Michael T. Spiva By: /s/ H. Lee Thrash, III ---------------------------- ---------------------------------------- 2031 Carolina Place Fort Mill, Sout▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇: ▇▇▇-▇▇▇-▇▇▇▇ State of Incorporation: ▇▇▇▇▇▇▇▇ Federal Employer Identification No.: 58-2260608 Organizational No.: 2244▇▇▇ BANC OF AMERICA LEASING & CAPITAL, LLC -------------------------------------------------------------------------------- SCHEDULE OF EQUIPMENT Lessee: CARAUSTAR INDUSTRIES, INC. and CARAUSTAR INDUSTRIAL AND CONSUMER PRODUCTS GROUP, INC. Approved by _______________________________ Page No. 1 of 2 total pages (Lessee to initial each page) Attached to Equipment Schedule No. 2 Equipment located at: _______________________________ Street No. _______________________________ City County State ZIP Code --------------------------------------------------------------------------------------------------------------- LONG ASSET DESCRIPTION LOCATION MANUFACTURER MODEL NO. SERIAL NO. COST --------------------------------------------------------------------------------------------------------------- PACO WINDER & GLUE POT Beardstown Tube Paco ▇▇ ▇ A2230-383 69,000 SPACK 25-400 PROGRAMMABLE Beardstown Tube Spack 25-400 1062 70,000 CORE CU▇▇▇▇ HOGGER/BALER Beardstown Tube Soco/Blo Opco 4F7-5036 10937694 68,000 GLUE POT Beardstown Tube Spirotech 28,000 LINEAL CONTROL SPIRAL SAW Beardstown Tube Paco CS16 17,000 HYDRAULIC WINDER Beardstown Tube 16,000 40HP GARDNER D AIR COMPRESSOR Beardstown Tube Gardner Denver 9,000 STRETCH ▇▇▇▇ ▇ACHINE Beardstown Tube 8,000 --------------------------------------------------------------------------------------------------------------- PACO EHR65 AUTO MATIC TUBE Crossett Tube Paco EHR 65 A2314-38 ▇▇▇,▇▇▇ RECUTTER HOGGER/BALER Crossett Tube Selco/Blo Apco HS12XHDM3044/ 30947745/831267 ▇▇▇,▇▇▇ 4FT-5036 SPACK IN-LINE BALDE CUTTER Crossett Tube Spack 25-400 1063 ▇▇,▇▇▇ TYPE 25-▇▇▇ SLITTER Crossett Tube ▇▇,▇▇▇ CREEL Crossett Tube Custom Built ▇▇,▇▇▇ AIR COMPRESSOR Crossett Tube ▇▇,▇▇▇ GLUE TANK Crossett Tube ▇▇,▇▇▇ LARGE DIAMETER TUBE SPLITTER...
Special Purchase Option. If Lessee shall have elected both (i) to assume all of the rights and obligations of Lessor under the Trust Indenture in accordance with Section 7.03 of the Trust Indenture and (ii) to pay to Lessor the installments specified in the proviso to Section 18.2(c) of the Lease, then, as further conditions precedent to those specified in paragraphs (c) and (d) of Section 18.2 of the Lease to such assumption:
(1) the Indenture Trustee shall have received evidence reasonably satisfactory to it that the Trust Indenture, after giving effect to the transactions contemplated by Section 18.2(d) of the Lease, constitutes a first priority and perfected security interest in the Aircraft, which evidence shall include an opinion of the tenor contemplated by Section 7.03(h) of the Trust Indenture; and (2) the Indenture Trustee and the Owner Trustee shall execute and deliver an intercreditor agreement that covers the following matters:
Special Purchase Option. If (a) the Company shall (i) request the Lender to consent to a waiver under (1) Section 5.13 of the Indenture or (2) Article Seven-C of the Indenture, or (ii) give notice to the Lender that it requests, pursuant to Section 10.02 of the Indenture, its consent to an indenture or indentures supplemental to the Indenture, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture, or any such supplemental indenture (other than a supplemental indenture for which, under the proviso to such Section 10.02, the consent of the holders of 100% of the Notes of every Series affected thereby is required), or a supplemental indenture waiving or amending Section 5.17 of the Indenture, (b) the Company shall concurrently request of the holders of all other Series of Notes entitled to vote or act with respect thereto (i) a like waiver of (1) such Section 5.13 of the Indenture, or (2) the provision of Article Seven-A or Seven-B of the Indenture corresponding to the provision of such Article Seven-C to which the waiver requested of the Lender pertains, or (ii) its consent to such supplemental indenture or indentures, as the case may be, (c) the Company shall have obtained the consents referred to in clause (b) of this Section from the holders of each other Series of Notes whose consent is required for such matters, and the Company shall give notice of such fact to the Lender, which notice shall state that if the Lender does not consent to such matter, the Series J Note, including any interests of Participating Banks, shall be subject to the Company's right to purchase the Series J Note under this paragraph, and stating the date by which such consent must be given if the Company's purchase right is not to arise (which date shall be not less than 15 days after the expiration of 30 days from the later of the effective date of the Company's notice of its request under clause (a) of this Section, or the effective date of the Company's notice under this clause (c), (d) the Lender shall not have consented to the matters requested of it by the effective date of the Company's notice under clause (c) of this sentence, and (e) such consent shall not be given by the date specified in the Company's notice under clause (c) of this sentence as the date after which the Company's right to purchase the Series J Note will arise, then, at any time within 120 days after such date, the Company may at its option, upon at least 10 days...
Special Purchase Option. Security for Lessor's Obligation to Holders of Secured Certificates..............................................
Special Purchase Option. Upon 30 days' prior written notice to the Lessor, unless a Default or an Event of Default shall have occurred or be continuing or an Event of Loss or Deemed Loss Event shall have occurred, if the Lessee shall determine that upon a refunding of the Initial Series Note (and the Releveraging Note, if theretofore issued) such refunding would violate any limitation then imposed by the NMPSC, the Lessee shall have the right to purchase the Undivided Interest and the Real Property Interest for a purchase price equal to the greater of (i) the Fair Market Sales Value thereof and (ii) Casualty Value as of the Basic Rent Payment Date first preceding the date of such purchase (or as of the date of such purchase, if such date shall be a Basic Rent Payment Date) plus, if such date shall not be a Basic Rent Payment Date, a pro ration of Basic Rent to the date of purchase.
Special Purchase Option. If Lessee shall have elected both (i) to assume all of the rights and obligations of Lessor under the Trust Indenture in accordance with Section 7.03 of the Trust Indenture and (ii) to pay to Lessor the installments specified in the proviso to Section 18.2(c) of the Lease, then, as further conditions precedent to those specified in paragraphs (c) and (d) of Section 18.2 of the Lease to such assumption:
Special Purchase Option. The Early Termination Date referenced in Section B(1) of Rider No. 1 to the Lease is that date which is forty-eight (48) months after the Base Lease Commencement Date. The Early Termination Percentage referenced in Section B(1) of Rider No. 1 to the Lease is 41%.