Common use of Elective Redemptions Clause in Contracts

Elective Redemptions. (a) Elective Redemptions. Each IBG Holdings Member shall be entitled to cause the redemption of such IBG Holdings Member’s IBG Holdings Shares (or portion thereof) so redeemable in accordance with the following schedule and the procedures set forth in this Article IV: (i) 10.0% of such IBG Holdings Member’s IBG Holdings Shares on the IPO Date, (ii) an additional 12.5% of such IBG Holdings Member’s IBG Holdings Shares on each of the first seven anniversaries of the IPO Date, and (iii) the remaining portion of such IBG Holdings Member’s IBG Holdings Shares on the eighth anniversary of the IPO Date; provided that, a holder of IBG Holdings Series C Shares may cause the redemption of its IBG Holdings Series C Shares (x) only subsequent to the redemption of all of such holder’s IBG Holdings Series B Shares and (y) only if such holder remains in compliance with the covenants set forth in Sections 8.7 and 8.8 of the IBG Holdings Operating Agreement. Each redemption subsequent to the IPO Date (an “Elective Redemption”) shall occur: (i) on or about the date that is the first anniversary of the IPO Date and on or about each subsequent anniversary date thereof (each such anniversary date, a “General Redemption Date”), or (ii) if not on or about a General Redemption Date, with the prior written consent of the managing member of IBG Holdings; provided that, an IBG Holdings Member must be in compliance with all applicable covenants and obligations under the IBG Holdings Operating Agreement in order to remain entitled to cause an Elective Redemption.

Elective Redemptions. (a) Elective Redemptions. Each IBG Holdings Member shall be entitled to cause the redemption of such IBG Holdings Member’s IBG Holdings Shares (or portion thereof) so redeemable in accordance with the following schedule and the procedures set forth in this Article IV: (i) 10.05% of such IBG Holdings Member’s IBG Holdings Shares on the IPO Date, (ii) an additional 12.5% of such IBG Holdings Member’s IBG Holdings Shares on each of the first seven anniversaries of the IPO Date, and (iii) the remaining portion 7.5% of such IBG Holdings Member’s IBG Holdings Shares on the eighth anniversary of the IPO Date; provided that, a holder of IBG Holdings Series C Shares may cause the redemption of its IBG Holdings Series C Shares (x) only subsequent to the redemption of all of such holder’s IBG Holdings Series B Shares and (y) only if such holder remains in compliance with the covenants set forth in Sections 8.7 and 8.8 of the IBG Holdings Operating Agreement. Each redemption subsequent to the IPO Date (an “Elective Redemption”) shall occur: (i) on or about the date that is the first anniversary of the IPO Date and on or about each subsequent anniversary date thereof (each such anniversary date, a “General Redemption Date”), or (ii) if not on or about a General Redemption Date, with the prior written consent of the managing member of IBG Holdings; provided that, an IBG Holdings Member must be in compliance with all applicable covenants and obligations under the IBG Holdings Operating Agreement in order to remain entitled to cause an Elective Redemption.

Elective Redemptions. (a) Elective Redemptions. Each IBG Holdings Member shall be entitled to cause the redemption of such IBG Holdings Member’s IBG Holdings Shares (or portion thereof) so redeemable in accordance with the following schedule and the procedures set forth in this Article IV the following schedule and the procedures set forth in this Article IV: (i) 10.05% of such IBG Holdings Member’s 's IBG Holdings Shares on the IPO Date, (ii) an additional 12.5% of such IBG Holdings Member’s 's IBG Holdings Shares on each of the first seven anniversaries of the IPO Date, and (iii) the remaining portion 7.5% of such IBG Holdings Member’s 's IBG Holdings Shares on the eighth eight anniversary of the IPO Date; provided that, a holder of IBG Holdings Series C Shares may cause the redemption of its IBG Holdings Series C Shares (x) only subsequent to the redemption of all of such holder’s 's IBG Holdings Series B Shares and (y) only if such holder remains in compliance with the covenants set forth in Sections 8.7 and 8.8 of the IBG Holdings Operating Agreement. Each redemption subsequent to the IPO Date (an “Elective Redemption”) shall occur: (i) on or about the date that is the first anniversary of the IPO Date and on or about each subsequent anniversary date thereof (each such anniversary date, a “General Redemption Date”), or (ii) if not on or about a General Redemption Date, with the prior written consent of the managing member of IBG Holdings; provided that, an IBG Holdings Member must be in compliance with all applicable covenants and obligations under the IBG Holdings Operating Agreement in order to remain entitled to cause an Elective Redemption.