Holder Redemption Election Clause Samples
Holder Redemption Election. At any time after the date that is the nine year anniversary of the Issue Date, each holder of outstanding Series B First Preferred Shares shall have the right, but not the obligation, to elect to cause the Corporation to redeem any or all of such holder’s outstanding Series B First Preferred Shares by delivery to the Corporation of written notice thereof (the “Redemption Election”). Upon receipt of a Redemption Election from a holder of Series B First Preferred Shares, the Corporation shall redeem the number of outstanding Series B First Preferred Shares such holder has elected to redeem pursuant to such Redemption Election at a redemption price per share equal to (1) the sum of the Redemption Value per share of the Series B First Preferred Shares to be redeemed plus (2) an amount equal to any Dividends accumulated but unpaid thereon (whether or not declared) to but excluding the date of redemption.
Holder Redemption Election. (i) Subject to the below, the Holder may elect to require the Company to redeem all or any portion of this Note at par in an amount equal to the Optional Holder Redemption Amount on the First Optional Holder Redemption Date and/or the Second Optional Holder Redemption Date by delivering to the Company a written notice of any such election, including the Principal Amount to be redeemed (an “Optional Holder Redemption Notice”), on or before the First Optional Holder Redemption Date or the Second Optional Holder Redemption Date, as applicable. Following the delivery of any Optional Holder Redemption Notice, the Company shall pay the Holder the Optional Holder Redemption Amount by wire transfer of immediately available funds on the First Optional Holder Redemption Date or the Second Optional Holder Redemption Date, as applicable (the date on which the Optional Holder Redemption Amount is received by the Holder is referred to herein as the “Optional Holder Redemption Date”). Notwithstanding the foregoing, if the Company has consummated one or more Equity Issuances resulting in aggregate gross unrestricted, unencumbered cash proceeds equal to or exceeding eight million dollars ($8,000,000) during the period beginning on March 9, 2023 and ending on the immediately preceding Business Day prior to the First Optional Holder Redemption Date, the Holder may no longer require the Company to redeem all or any portion of this Note pursuant to this Section 8(B)(i) on the First Optional Holder Redemption Date, irrespective of whether or not the Holder has delivered an Optional Holder Redemption Notice; provided, that for avoidance of doubt, the foregoing sentence shall not impact the Holder’s right to require the Company to redeem all or any portion of this Note pursuant to this Section 8(B)(i) on the Second Optional Holder Redemption Date; and provided, further, that for the purposes of this Section 8(B), the Holder’s right to receive any Cash Sweep Payment pursuant to this Note or any other note outstanding and issued by the Company to the Holder pursuant to the Transaction Documents shall not constitute a restriction or encumbrance. If this Note is to be redeemed in full pursuant to this Section 8(B)(i), then, from and after the Optional Holder Redemption Date, this Note will cease to be outstanding.
(ii) The Holder may elect to retire a Principal Amount in an amount up to ten million dollars ($10,000,000) in exchange for an Optional Exchange Note (as such term is defin...