Company Must Have Immediately Available Funds or Credit Facilities. The Company shall not be entitled to send any Redemption Notice and begin the redemption procedure under Sections 10(a) unless it has: (i) the full amount of the redemption price in cash, available in a demand or other immediately available account in a bank or similar financial institution; or (ii) immediately available credit facilities, in the full amount of the redemption price with a bank or similar financial institution, or (iii) an agreement with a standby underwriter willing to purchase from the Company a sufficient number of shares of stock to provide proceeds necessary to redeem any stock that is not converted prior to redemptions; or (iv) a combination of the items set forth in (i), (ii), and (iii) above, aggregating the full amount of the redemption price.
Appears in 4 contracts
Samples: Securities Purchase Agreement (Bioshield Technologies Inc), Securities Purchase Agreement (Bioshield Technologies Inc), Securities Purchase Agreement (Bioshield Technologies Inc)
