Common use of No Violation of Applicable Law Clause in Contracts

No Violation of Applicable Law. Notwithstanding any provision of this ------------------------------- Agreement to the contrary, if the redemption of shares of Preferred Stock otherwise required under this Agreement or the Registration Rights Agreement would be prohibited by the relevant provisions of the Delaware General Corporation Law, such redemption shall be effected as soon as it is permitted under such law; provided, however, that from the fifth (5th) day after such redemption notice until such redemption price is paid in full, interest on any such unpaid amount shall accrue and be payable at the rate of 15% per annum in accordance with the applicable Certificate of Designation.

Appears in 1 contract

Samples: Securities Purchase Agreement (Level 8 Systems Inc)

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No Violation of Applicable Law. Notwithstanding any provision of this ------------------------------- ------------------------------ Agreement to the contrary, if the redemption of shares of Preferred Stock otherwise required under this Agreement or the Registration Rights Agreement Agreements (as amended by the Registration Rights Amendments) would be prohibited by the relevant provisions of the Delaware General Corporation Law, such redemption shall be effected as soon as it is permitted under such law; provided, however, that from the fifth (5th5/th/) day after such redemption notice until such redemption price is paid in full, interest on any such unpaid amount shall accrue and be payable at the rate of 15% per annum in accordance with the applicable Certificate of Designation.

Appears in 1 contract

Samples: Exchange Agreement (Level 8 Systems Inc)

No Violation of Applicable Law. Notwithstanding any provision of this ------------------------------- Agreement to the contrary, if the redemption of shares of Preferred Stock Securities or Underlying Shares otherwise required under this Agreement Agreement, any applicable Certificate of Designations or the Registration Rights Agreement would be prohibited by the relevant provisions of the Delaware General Corporation LawLaw of the State of Delaware, such redemption shall be effected as soon as it is permitted under such law; provided, however, that from the fifth (5th) day after such redemption notice until such redemption price is paid in full, interest on any such unpaid amount shall accrue and be payable at the rate of 15% per annum in accordance with the applicable Certificate of Designation.

Appears in 1 contract

Samples: Securities Purchase Agreement (Thermoview Industries Inc)

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No Violation of Applicable Law. Notwithstanding any provision of this ------------------------------- Agreement to the contrary, if the redemption of shares of Preferred Stock Debentures or Underlying Shares otherwise required under this Agreement or the Registration Rights Agreement would be prohibited by the relevant provisions of the Delaware General Corporation LawLaw of the Stare of Delaware, if applicable, such redemption shall be effected as soon as it is permitted under such law; provided, however, that from the fifth (5th) day after such redemption notice until such redemption price is paid in full, interest on any such unpaid amount shall accrue and be payable at the rate of 15% per annum in accordance with the applicable Certificate of DesignationDebentures.

Appears in 1 contract

Samples: Securities Purchase Agreement (Igen International Inc /De)

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