Common use of Surrender to Financial Institution in Lieu of Exchange Clause in Contracts

Surrender to Financial Institution in Lieu of Exchange. Notwithstanding the provisions described above in this Section 7.03, in satisfaction of the Exchange Obligation, the Issuer may, at its election (a “Financial Institution Surrender Election”), direct the Exchange Agent to surrender, on or prior to the second Business Day following the Exchange Date, such Notes to a financial institution designated by the Issuer (a “Financial Institution Surrender”) in lieu of exchange. In order to accept any Notes surrendered for a Financial Institution Surrender, the designated financial institution(s) must agree to timely deliver, in exchange for such Notes, the cash, Ordinary Shares or combination of cash and Ordinary Shares, at the Issuer’s election, equal to the consideration due upon exchange (the “Exchange Consideration”) pursuant to this Section 7.03, as is designated to the Exchange Agent in writing by the Issuer. If the Issuer makes a Financial Institution Surrender Election, by the Close of Business on the second Business Day following the relevant surrender date, the Issuer shall (i) notify, in the manner provided in this Section 7.03, the Holder surrendering its Notes for exchange, the Exchange Agent (if other than the Trustee) and the Trustee, that the Issuer has made the Financial Institution Surrender Election and (ii) notify the designated financial institution of the relevant deadline for delivery of the Exchange Consideration. If the designated financial institution accepts any such Notes, they shall deliver the Exchange Consideration in accordance with this Section 7.03. Any Notes exchanged by the designated financial institution shall remain outstanding. If the designated financial institution agrees to accept any Notes for surrender but does not timely deliver the related Exchange Consideration, or if such designated financial institution does not accept the Notes for a Financial Institution Surrender, the Issuer shall deliver the relevant Exchange Consideration as if the Issuer had not made a Financial

Appears in 2 contracts

Samples: Indenture (Jazz Pharmaceuticals PLC), Horizon Pharma PLC

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Surrender to Financial Institution in Lieu of Exchange. Notwithstanding the provisions described above in this Section 7.03, in satisfaction of the Exchange Obligation, the Issuer may, at its election (a “Financial Institution Surrender Election”), direct the Exchange Agent to surrender, on or prior to the second Business Trading Day following the Exchange Date, such Notes to a one or more financial institution institutions designated by the Issuer (a “Financial Institution Surrender”) in lieu of exchange. In order to accept any Notes surrendered for a Financial Institution Surrender, the designated financial institution(s) must agree with the Issuer to timely deliver, in exchange for such Notes, the cash, Ordinary Common Shares or combination of cash and Ordinary Common Shares, at the Issuer’s election, equal to the consideration due upon exchange (the “Exchange Consideration”) pursuant to this Section 7.03, as is designated to the Exchange Agent in writing by the Issuer. If the Issuer makes a Financial Institution Surrender Election, by the Close of Business on the second Business Trading Day following the relevant surrender date, the Issuer shall (i) notify, in the manner provided in this Section 7.03, the Holder surrendering its Notes for exchange, the Exchange Agent (if other than the Trustee) and the Trustee, that the Issuer has made the Financial Institution Surrender Election and (ii) notify the designated financial institution institution(s) of the relevant deadline for delivery of the Exchange Consideration. If the designated financial institution institution(s) accepts any such Notes, it or they shall deliver the Exchange Consideration in accordance with this Section 7.03. Any Notes exchanged by the designated financial institution institution(s) shall remain outstanding, subject to the Applicable Procedures of the Depositary. If the designated financial institution institution(s) agrees to accept any Notes for surrender but does not timely deliver the related Exchange Consideration, or if such designated financial institution institution(s) does not accept the Notes for a Financial Institution Surrender, the Issuer shall deliver the relevant Exchange Consideration as if the Issuer had not made a Financial

Appears in 1 contract

Samples: Atlas Corp.

Surrender to Financial Institution in Lieu of Exchange. Notwithstanding the provisions described above in this Section 7.03, in satisfaction of the Exchange Obligation, the Issuer may, at its election (a “Financial Institution Surrender Election”), direct the Exchange Agent to surrender, on or prior to the second Business Trading Day following the Exchange Date, such Notes to a one or more financial institution institutions designated by the Issuer (a “Financial Institution Surrender”) in lieu of exchange. In order to accept any Notes surrendered for a Financial Institution Surrender, the designated financial institution(s) must agree to timely deliver, in exchange for such Notes, the cash, Ordinary Shares or combination of cash and Ordinary Shares, at the Issuer’s election, equal to the consideration due upon exchange (the “Exchange Consideration”) pursuant to this Section 7.03, as is designated to the Exchange Agent in writing by the Issuer. If the Issuer makes a Financial Institution Surrender Election, by the Close of Business on the second Business Trading Day following the relevant surrender date, the Issuer shall (i) notify, in the manner provided in this Section 7.03, the Holder surrendering its Notes for exchange, the Exchange Agent (if other than the Trustee) and the Trustee, that the Issuer has made the Financial Institution Surrender Election and (ii) notify the designated financial institution institution(s) of the relevant deadline for delivery of the Exchange Consideration. If the designated financial institution institution(s) accepts any such Notes, it or they shall deliver the Exchange Consideration in accordance with this Section 7.03. Any Notes exchanged by the designated financial institution institution(s) shall remain outstanding, subject to the Applicable Procedures of the Depositary. If the designated financial institution institution(s) agrees to accept any Notes for surrender but does not timely deliver the related Exchange Consideration, or if such designated financial institution institution(s) does not accept the Notes for a Financial Institution Surrender, the Issuer shall deliver the relevant Exchange Consideration as if the Issuer had not made a Financial

Appears in 1 contract

Samples: Indenture (Jazz Pharmaceuticals PLC)

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Surrender to Financial Institution in Lieu of Exchange. Notwithstanding the provisions described above in this Section 7.03, in satisfaction of the Exchange Obligation, the Issuer may, at its election (a “Financial Institution Surrender Election”), direct the Exchange Agent to surrender, on or prior to the second Business Day following the Exchange Date, such Notes to a one or more financial institution institutions designated by the Issuer (a “Financial Institution Surrender”) in lieu of exchange. In order to accept any Notes surrendered for a Financial Institution Surrender, the designated financial institution(s) must agree to timely deliver, in exchange for such Notes, the cash, Ordinary Shares ADSs or combination of cash and Ordinary SharesADSs, at the Issuer’s election, equal to the consideration due upon exchange (the “Exchange Consideration”) pursuant to this Section 7.03, as is designated to the Exchange Agent in writing by the Issuer. If the Issuer makes a Financial Institution Surrender Election, by By the Close of Business on the second Business Day following the relevant surrender date, the Issuer shall (i) notify, in the manner provided in this Section 7.03, the Holder surrendering its Notes for exchangeNotes, the Exchange Agent (if other than the Trustee) and the Trustee, that the Issuer has made the Financial Institution Surrender Election and (iisuch financial institution(s) shall be required to notify the designated financial institution of the relevant deadline for delivery of Exchange Agent and such Holder whether it will deliver the Exchange ConsiderationConsideration upon surrender. If the designated financial institution accepts institution(s) accept any such Notes, they shall deliver the Exchange Consideration in accordance with this Section 7.03. Any Notes exchanged by the designated financial institution institution(s) shall remain outstanding. If the designated financial institution agrees institution(s) agree to accept any Notes for surrender but does do not timely deliver the related Exchange Consideration, or if such designated financial institution does institution(s) do not accept the Notes for a Financial Institution Surrendersurrender, the Issuer shall deliver shall, no later than the relevant Exchange Consideration third VWAP Trading Day immediately following the last VWAP Trading Day of the related Observation Period, exchange the Notes into cash and, if applicable, the appropriate number of ADSs due upon exchange pursuant to this Section 7.03 as if the Issuer had not made an Financial Institution Surrender Election. The Issuer’s designation of a Financialfinancial institution to which the Notes may be submitted for a Financial Institution Surrender does not require such institution to accept any Notes.

Appears in 1 contract

Samples: Amarin Corp Plc\uk

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