If Spectrum Assets are not acquired due to a failure to obtain required regulatory approvals, Clearwire would, within 30 days following termination of the spectrum purchase agreement, repay the PIK Debenture plus interest at 6% per annum.

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If Clearwire is unable to repay the PIK Debenture during this 30 day period, it would be entitled to convert the principal amount and accrued interest on the PIK Debenture into a note on terms comparable to the 2015 Senior Secured Notes previously repaid, having a maturity of December 1, 2015.

ENGADGET: Dish Network makes an offer to buy Clearwire, even though Sprint was already buying Clearwire

In these deals NIR would provide cash to a publicly-traded company in exchange for a convertible debenture that entitled NIR to receive interest and repayment in the form of cash or discounted equity securities.

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