Optional Redemption by the Holder Clause Samples
Optional Redemption by the Holder. On or prior to the Expiration Date, the Holder may redeem his shares of Series A Preferred Stock by redeeming all of the 2,000,000 shares of Series A Preferred Stock held by the Holder to the Corporation in exchange for the Existing Green Dragon Business (the “Holder Optional Redemption”), subject to applicable state and federal regulatory requirements. It being understood that if the Corporation needs shareholder approval to effect a Holder Optional Redemption, the Expiration Date shall be extended to the Extended Expiration Date.
Optional Redemption by the Holder. Upon the occurrence of (i) a Change of Control (and concurrent with the closing of any such transaction) and (ii) a sale of all or substantially all of the Borrower and its Subsidiaries’ assets, Holder may elect to sell to the Borrower and the Borrower shall be required to purchase the Note held by such Holder in full by payment in Cash in full of the entire outstanding principal balance thereof (including all interest that has been added to the outstanding principal amount of such Note pursuant to Section 3.1(a)). If the Holder elects to sell the Note the Holder shall deliver an irrevocable written notice to the Borrower that the Holder will exercise its right, which notice shall be delivered no less than five (5) Business Days prior to any such transaction.