FAILURE TO PAY REDEMPTION AMOUNTS Sample Clauses

FAILURE TO PAY REDEMPTION AMOUNTS. If the Company fails to pay the Mandatory Redemption Price within ten (10) business days of the Payable Date therefor, then the Holder shall have the right at any time, so long as the Company remains in default, to require the Company, upon written notice, to immediately issue, in lieu of the Mandatory Redemption Price, the number of shares of GGD Stock of the Company equal to the Mandatory Redemption Price DIVIDED BY the Conversion Price in effect on such Conversion Date as is specified by the Holder in writing to the Company.
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FAILURE TO PAY REDEMPTION AMOUNTS. If the Corporation fails to pay the Mandatory Redemption Price within ten (10) Business Days of the Mandatory Redemption Date therefor, then the Holder shall have the right to either (A) to require the Corporation, upon written notice, to immediately issue, in lieu of the Mandatory Redemption Price, the number of shares of Common Stock of the Corporation equal to the Mandatory Redemption Price divided by the Conversion Price in effect on such Conversion Date as is specified by the Holder in writing to the Corporation or (B) to regain, as of the date of delivery of written notice thereof to the Corporation (a "Mandatory Redemption Default Notice"), its rights as the Holder of this Debenture, in which case the Conversion Price upon any subsequent conversion hereof will be equal to the lesser of (x) the lowest Conversion Price occurring during the period beginning on the date on which the Mandatory Redemption Notice is delivered to the Holder and ending on the date on which the Mandatory Redemption Default Notice is delivered to the Corporation and (y) the Conversion Price in effect on
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FAILURE TO PAY REDEMPTION AMOUNTS. If the Company fails to pay --------------------------------- the Mandatory Redemption Price on the Mandatory Redemption Date, then the Holder shall have the right (but not the obligation) at any time, so long as the Company remains in default, to require the Transfer Agent, on written notice, promptly to register in the name of the Holder (or its designee), and deliver to the Holder, the number of shares of BLCI Stock equal to (x) the outstanding principal amount of this Note subject to Mandatory Redemption, together with compoundings of interest at the rate and as provided pursuant to Section 2.1(b), divided by (y) (i) eighty-three percent (83%) times (ii) the average of the Closing Bid Prices for BLCI Stock on the seven (7) Trading Days occurring immediately prior to (but not including) the Mandatory Redemption Date; provided, that if the Registration Statement is not in effect on the date of such notice, or ceases to be in effect at any time during the thirty (30) day period thereafter, the Holder may require the Transfer Agent, on written notice, promptly to register in the name of the Holder (or its designee), and deliver to the Holder, such additional number of shares of BLCI Stock as shall be required to permit the aggregate number of shares delivered to the Holder under this Section 5.5 to equal (x) the outstanding principal amount of this Note subject to Mandatory Redemption, together with compoundings of interest at the rate and as provided pursuant to Section 2.1(b), divided by (y) (i) seventy percent (70%) times (ii) the average of the Closing Bid Prices for BLCI Stock on the seven (7) Trading Days occurring immediately prior to (but not including) the Mandatory Redemption Date. Upon the expiry of such 30 day period, the delivery of the shares of BLCI Stock required pursuant to this Section 5.5 shall discharge the Company's obligation to pay the Mandatory Redemption Price otherwise due on the Mandatory Redemption Date. 11
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FAILURE TO PAY REDEMPTION AMOUNTS. In the case of a Mandatory Redemption Event, if the Corporation fails to pay the Mandatory Redemption Amount within five business days of written notice that such amount is due and payable, then (assuming there are sufficient authorized shares) in addition to all other available remedies, Holder shall have the right at any time, so long as the Mandatory Redemption Event continues, to require the Corporation, upon written notice, to issue as soon as practicable thereafter (in accordance with and subject to the terms of Article II below, including paragraph A(2) thereof), in lieu of the Mandatory Redemption Amount, the number of shares of Common Stock of the Corporation equal to such applicable redemption amount divided by any Conversion Price, as chosen in the sole discretion of Holder, in effect from the date of the Mandatory Redemption Event until the date Holder elects to exercise its rights pursuant to this Article I.C. In the case of a Trading Market Redemption Event, if the Corporation fails to pay the Mandatory Redemption Amount within five business days after the occurrence of the Trading Market Redemption Event, the Corporation shall be required to immediately deliver to the holders of the Notes the Share Limit Waiver, provided that the conditions set forth in Article I.B(1)(i) or (ii) have been satisfied.
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FAILURE TO PAY REDEMPTION AMOUNTS. In the case of a Mandatory Redemption Event, if the Corporation fails to pay the Mandatory Redemption Amount within five (5) business days of written notice that such amount is due and payable, then (assuming there are sufficient authorized shares) in addition to all other available remedies, Holder shall have the right at anytime, so long as the Mandatory Redemption Event continues, to require the Corporation, upon written notice, to issue as soon as practicable thereafter (in accordance with and subject to the terms of Article II below, including paragraph A.2 thereof), in lieu of the Mandatory Redemption Amount, the number of shares of Common Stock of the Corporation equal to such applicable redemption amount divided by any Conversion Price (as defined below), as chosen in the sole discretion of Holder, in effect from the date of the Mandatory Redemption Event until the date Holder elects to exercise its rights pursuant to this Article I.C.
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FAILURE TO PAY REDEMPTION AMOUNTS. If the Company fails to ---------------------------------- pay the Mandatory Redemption Price within ten (10) business days of the payable date therefor, and has not exercised the Penalty Option (as defined below) in accordance with paragraph F below, then the Holder shall have the right at any time, so long as the Company remains in default, to require the Company, upon written notice, to immediately issue, in lieu of the Mandatory Redemption Price, the number of shares of Common Stock of the Company equal to the Mandatory Redemption Price divided by the Conversion Price in effect on such Conversion ---------- Date as is specified by the Holder in writing to the Company.
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FAILURE TO PAY REDEMPTION AMOUNTS. In the case of a Mandatory --------------------------------- Redemption Event (other than a Mandatory Redemption Event specified in subparagraph (xi) of Article I.A.) or the delivery of a Redemption In Lieu of Conversion Notice, if the Borrower fails to pay the Mandatory Redemption Amount or Redemption In Lieu of Conversion Amount, as applicable, within ten (10) business days of written notice that such amount is due and payable, then (assuming there are sufficient authorized shares) in addition to all other available remedies, each holder of Notes shall have the right at any time, so long as the Mandatory Redemption Event continues, or at any time after delivery of a Redemption In Lieu of Conversion Notice, to require the Borrower, upon written notice, to immediately issue (in accordance with and subject to the terms of Article II below), in lieu of the Mandatory Redemption Amount or Redemption In Lieu of Conversion Amount, as applicable, the number of shares of Common Stock of the Borrower equal to such applicable redemption amount divided by any Conversion Price, as chosen in the sole discretion of the holder of Notes, in effect from the date of the Mandatory Redemption Event (or the date of delivery of a Redemption In Lieu of Conversion Notice) until the date such holder elects to exercise its rights pursuant to this Article I.C.
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Related to FAILURE TO PAY REDEMPTION AMOUNTS

  • Monthly Redemption On each Monthly Redemption Date, the Company shall redeem the Monthly Redemption Amount (the “Monthly Redemption”). The Monthly Redemption Amount payable on each Monthly Redemption Date shall be paid in cash at the rate of 110% of the Monthly Redemption Amount; provided, however, as to any Monthly Redemption and upon 30 Trading Days’ prior written irrevocable notice (the “Monthly Redemption Notice”), in lieu of a cash redemption payment the Company may elect to pay all or part of a Monthly Redemption Amount in Conversion Shares based on a conversion price equal to the lesser of (i) the then Conversion Price and (ii) 80% of the average of the VWAPs for the 5 consecutive Trading Days ending on the Trading Day that is immediately prior to the applicable Monthly Redemption Date (subject to adjustment for any stock dividend, stock split, stock combination or other similar event affecting the Common Stock during such 5 Trading Day period) (the price calculated during the 5 Trading Day period immediately prior to the Monthly Redemption Date, the “Monthly Conversion Price” and such 5 Trading Day period, the “Monthly Conversion Period”); provided, further, that the Company may not pay the Monthly Redemption Amount in Conversion Shares unless (y) from the date the Holder receives the duly delivered Monthly Redemption Notice through and until the date such Monthly Redemption is paid in full, the Equity Conditions have been satisfied, unless waived in writing by the Holder, and (z) as to such Monthly Redemption, prior to such Monthly Conversion Period (but not more than 5 Trading Days prior to the commencement of the Monthly Conversion Period), the Company shall have delivered to the Holder’s account with The Depository Trust Company a number of shares of Common Stock to be applied against such Monthly Redemption Amount equal to the quotient of (x) the applicable Monthly Redemption Amount divided by (y) the lesser of (A) the Conversion Price and (B) 80% of the average of the 5 VWAPs during the period ending on the 3rd Trading Day immediately prior to the date of the Monthly Redemption Notice (the “Pre-Redemption Conversion Shares”). The Holder may convert, pursuant to Section 4(a), any principal amount of this Debenture subject to a Monthly Redemption at any time prior to the date that the Monthly Redemption Amount, plus accrued but unpaid interest, liquidated damages and any other amounts then owing to the Holder are due and paid in full. Unless otherwise indicated by the Holder in the applicable Notice of Conversion, any principal amount of this Debenture converted during the applicable Monthly Conversion Period until the date the Monthly Redemption Amount is paid in full shall be first applied to the principal amount subject to the Monthly Redemption Amount payable in cash and then to the Monthly Redemption Amount payable in Conversion Shares. Any principal amount of this Debenture converted during the applicable Monthly Conversion Period in excess of the Monthly Redemption Amount shall be applied against the last principal amount of this Debenture scheduled to be redeemed hereunder, in reverse time order from the Maturity Date; provided, however, if any such conversion is applied against such Monthly Redemption Amount, the Pre-Redemption Conversion Shares, if any were issued in connection with such Monthly Redemption or were not already applied to such conversions, shall be first applied against such conversion. The Company covenants and agrees that it will honor all Notices of Conversion tendered up until such amounts are paid in full. The Company’s determination to pay a Monthly Redemption in cash, shares of Common Stock or a combination thereof shall be applied ratably to all of the holders of the then outstanding Debentures based on their (or their predecessor’s) initial purchases of Debentures pursuant to the Purchase Agreement. At any time the Company delivers a notice to the Holder of its election to pay the Monthly Redemption Amount in shares of Common Stock, the Company shall file a prospectus supplement pursuant to Rule 424 disclosing such election.

  • Payment Upon Redemption (a) If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.03).

  • Mandatory Redemption The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes.

  • No Mandatory Redemption The Company shall not be required to make mandatory redemption payments with respect to the Securities.

  • Mandatory Redemptions (a) The Sponsor may mandatorily redeem part or all of the Units held by a particular Investor if the Sponsor determines that: (i) such Investor’s continued holding of Units could result in adverse consequences to this FuturesAccess Fund; (ii) such Investor has a history of excessive exchanges between different FuturesAccess Funds and/or HedgeAccess Funds that is contrary to the purpose and/or efficient management of FuturesAccess and/or HedgeAccess; (iii) such Investor’s investment in the Units, or aggregate investment in FuturesAccess, is below the minimum level established by the Sponsor (including any increase in such minimum level that the Sponsor may implement in the future); (iv) such Investor holds Class M Units and is no longer eligible to hold such Units; or (v) for any other reason.

  • Withholding; No Additional Amounts; Tax Event and Redemption All amounts due on this Note will be made without any applicable withholding or deduction for or on account of any present or future taxes, duties, levies, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of any governmental authority, unless such withholding or deduction is required by law. Unless otherwise specified on the face hereof, the Trust will not pay any additional amounts to the Holder of this Note in respect of such withholding or deduction, any such withholding or deduction will not give rise to an event of default or any independent right or obligation to redeem this Note and the Holder will be deemed for all purposes to have received cash in an amount equal to the portion of such withholding or deduction that is attributable to such Holder’s interest in this Note as equitably determined by the Trust.

  • Notes Payable on Redemption Date The Notes or portions thereof to be redeemed shall, following notice of redemption as required by Section 10.02, on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

  • Early Redemption The Company shall have the right, but not the obligation, to redeem (“Optional Redemption”) early a portion or all amounts outstanding under this Debenture as described in this Section; provided that (i) the trading price of the Common Stock is less than the Fixed Conversion Price and (ii) the Company provides the Holder with at least 5 Business Days’ prior written notice (each, a “Redemption Notice”) of its desire to exercise an Optional Redemption. Each Redemption Notice shall be irrevocable and shall specify the outstanding balance of the Convertible Debentures to be redeemed and the applicable Redemption Premium. The “Redemption Amount” shall be equal to the outstanding Principal balance being redeemed by the Company, plus the applicable Redemption Premium, plus all accrued and unpaid interest. After receipt of the Redemption Notice, the Holder shall have 5 Business Days to elect to convert all or any portion of Convertible Debentures. On the 6th Business Day after the Redemption Notice, the Company shall deliver to the Holder the Redemption Amount with respect to the Principal amount redeemed after giving effect to conversions effected during the 5 Business Day period.

  • Redemption Payments Upon receipt of monies paid to it by the Custodian with respect to any redemption of Series shares, pay or cause such monies to be paid pursuant to instructions by the appropriate Account or Institution.

  • Payment of the Redemption Price Without limiting the Company’s obligation to deposit the Redemption Price by the time proscribed by Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption to be paid to the Holder thereof on or before the applicable Redemption Date. For the avoidance of doubt, interest payable pursuant to the proviso to Section 4.03(E) on any Note (or portion thereof) subject to Redemption must be paid pursuant to such proviso.

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