Common use of Closing Date Redemptions Clause in Contracts

Closing Date Redemptions. If and to the extent that the IPO Underwriters exercise the Option to Purchase Additional Common Shares, the Company shall use the resulting net proceeds to redeem from CEI on the closing date(s) of such exercise, at the same price per Common Share sold to the public in the initial public offering, less underwriting discounts and commissions, a number of Common Shares equal to the number of additional Common Shares purchased by the Underwriters pursuant to such exercise. No notice to any party shall be required for any redemption effected in accordance with this Section 4.9. Each such redemption shall be effective upon the delivery of the applicable redemption price by the Company to CEI by check or wire transfer of immediately available funds to the account(s) designated by CEI. After the effective date of each redemption under this Section 4.9, the applicable Common Shares redeemed from CEI shall no longer be Outstanding.