No Violation of Applicable Law. Notwithstanding any provision of this Agreement to the contrary, if the redemption of the Shares 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 Law, such redemption shall be effected as soon as it is permitted under such law; provided, however, that from the 5th day after such redemption notice until such redemption price is paid in full, interest on any such unpaid amount shall accrue at the rate of 15% per annum.
Appears in 2 contracts
Samples: Convertible Preferred Stock Purchase Agreement (Usci Inc), Convertible Preferred Stock Purchase Agreement (Usci Inc)
No Violation of Applicable Law. Notwithstanding any provision of this Agreement to the contrary, if the redemption of the Shares or Underlying Shares 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 5th 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 annumannum in accordance with the applicable Certificate of Designation.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Level 8 Systems Inc), Exchange Agreement (Level 8 Systems Inc)
No Violation of Applicable Law. Notwithstanding any provision of this Agreement to the contrary, if the redemption of the Shares or Underlying Shares Preferred Stock otherwise required under this Agreement Agreement, the Certificate of Designation or the Registration Rights Agreement any other Transaction Document 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 5th 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 151% per annummonth in accordance with the Certificate of Designation.
Appears in 1 contract
Samples: Securities Purchase Agreement (Antex Biologics Inc)
No Violation of Applicable Law. Notwithstanding any provision of this ------------------------------- Agreement to the contrary, if the redemption of the Shares or Underlying Shares 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 5th 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 annumannum in accordance with the applicable Certificate of Designation.
Appears in 1 contract
Samples: Securities Purchase Agreement (Level 8 Systems Inc)
No Violation of Applicable Law. Notwithstanding any provision of this Agreement to the contrary, if the redemption of the Shares 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 Law, such redemption shall be effected as soon as it is permitted under such law; provided, however, that from the 5th day after such redemption notice until such redemption price is paid in full, interest on any such unpaid amount shall accrue at the rate of 15% per annum.
Appears in 1 contract
Samples: Convertible Preferred Stock Purchase Agreement (Cytogen Corp)
No Violation of Applicable Law. Notwithstanding any provision of this Agreement to the contrary, if the redemption of the Shares or Underlying Shares otherwise required under this Agreement or the Registration Rights Agreement any other Transaction Document 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 5th day after such redemption notice until such redemption price is paid in full, interest on any such unpaid amount shall accrue at the rate of 15% per annum.
Appears in 1 contract
Samples: Convertible Preferred Stock Purchase Agreement (Oncormed Inc)
No Violation of Applicable Law. Notwithstanding any provision of this ------------------------------ Agreement to the contrary, if the redemption of the Shares or Underlying Shares 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 5th fifth (5/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 annumannum in accordance with the applicable Certificate of Designation.
Appears in 1 contract