Common use of Other Redemptions Clause in Contracts

Other Redemptions. In the event that any Organic Change (as defined below) is to occur, any holder of Series A Cumulative Preferred Stock may require the Corporation to redeem, at the Redemption Price, all or any portion of the holder's shares of Series A Cumulative Preferred Stock immediately prior to the consummation of the Organic Change. The Corporation will give written notice of any impending Organic Change, stating the substance and intended date of consummation of it not more than thirty (30) nor less than fifteen (15) days prior to the date of consummation thereof, to each holder of Series A Cumulative Preferred Stock. Each such holder shall have fifteen (15) days (the "Notice Period") from the date of such notice to demand (by written notice mailed to the Corporation) redemption of all or any portion of the shares of Series A Cumulative Preferred Stock owned by such holder. If by the expiration of the Notice Period any holders have so elected to demand redemption, the Corporation will give prompt written notice of such election (stating the total number of shares so demanded to be redeemed) to each other holder of Series A Cumulative Preferred Stock within five (5) days after the expiration of the Notice Period. Each holder who has not demanded redemption will be afforded ten (10) days from the date of the notice to demand redemption of all or any portion of the holder's shares of Series A Cumulative Preferred Stock by mailing written notice of it to the Corporation. Immediately prior to the consummation of the Organic Change, the Corporation will redeem all shares of Series A Cumulative Preferred Stock as to which redemption rights under this subparagraph (c)