Unwind Option definition
Examples of Unwind Option in a sentence
By Name Title [Date] The Tensar Corporation, LLC 5000 Xxxxxxxxx Xxxxx, Xxxxx 000 Xxxxxxx, XX 00000 Re: Put Option Letter — Illegality Unwind Option Notice — Lease Financing and Purchase Option Agreement, dated October ___, 2005, among The Tensar Corporation, LLC, TCO Funding Corp., Tensar Holdings, Inc.
If Pipeline exercises the Unwind Option set forth in the Purchase Agreement, this Agreement shall be null and void as of the Effective Date, and Redwood and Processing agree to be bound by the provisions of Article I, Section 3 of the Purchase Agreement.
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We hereby covenant and agree to complete and convey an acknowledgment in substantially the form set out in Schedule 2 hereto to you (i) immediately, in the case of our receipt of an Illegality Unwind Option Notice, and (ii) on the relevant exercise price payment date, in the case of our receipt of any of the other option exercise notices hereunder.
Furthermore, upon exercise of the Unwind Option by Gateway, Buyer shall assign to Gateway any and all rights they may have in and to any insurance proceeds payable in connection with the use or operation of the Assets during the period of time extending from the Effective Date through and including the Closing Date.
We hereby exercise the Illegality Unwind Option pursuant to the Put Option Letter and sell to you the Leased Assets on the Illegality Unwind Payment Date specified below, by issuing this Illegality Unwind Option Notice.
The remaining terms of the Unwind Option shall be based on this Agreement and the applicable Ancillary Documents, mutatis mutandis, and shall be negotiated in good faith by Holdings and Company Parent after notice of an Unwind Option is given by Company Parent.
If the affected party determines in good faith that it is unable, within any period which the relevant introduction, variation or change may allow, to avoid the effects of the same, then the Illegality Unwind Option may be exercised by TCO.
We hereby covenant and agree to complete and convey an acknowledgment in substantially the form set out in Schedule 7 hereto to you immediately upon receipt of a Default Option Notice, an Asset Sales Option Notice, an Equity Issuance Option Notice, a Financing Obligation Option Notice, an ECF Option Notice, or an Illegality Unwind Option Notice, provided that the failure to complete and convey such acknowledgment shall not affect our obligations hereunder.
The “Illegality Unwind Payment Date” means the date for payment of the Illegality Unwind Purchase Price, as specified in the Illegality Unwind Option Notice.