Common use of Provisional Redemption Clause in Contracts

Provisional Redemption. The Securities may be redeemed on at least 20 days and no more than 60 days notice, in whole or in part, at the election of the Company, at a redemption price equal to 100% of the principal amount thereof plus the "Make-Whole Payment" described below (the "Redemption Price") if (a) the Closing Price of the Common Stock has exceeded 175% of the Conversion Price for at least 20 Trading Days within a period of any 30 consecutive Trading Days ending on the Trading Day prior to the date of mailing of the notice of provisional redemption (the "Notice Date"), and (b) a shelf registration statement covering resales of the Securities and the Common Stock issuable upon conversion thereof is effective and available for use and is expected to remain effective and available for use until the Redemption Date unless registration is no longer required. Upon any such redemption, the Company shall pay an amount in cash (the "Make-Whole Payment") with respect to the Securities called for redemption to holders on the Notice Date in an amount equal to the aggregate amount of interest that would have been payable on such Securities from the last day through which interest was paid on the Securities (or February 20, 2002, if no interest has been paid) to the Maturity Date. If the Redemption Date is an Interest Payment Date, interest will be payable to the Holders in whose names the Securities are registered at the close of business on the relevant record dates.

Appears in 2 contracts

Samples: McData Corp, McData Corp

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Provisional Redemption. The Securities may be redeemed on At any time between July 15, 2003 and July 15, 2004, the Company may, at least 20 days and no more than 60 days noticeits option, redeem the Notes in whole or in partpart on any date from time to time, at the election of the Companyupon notice as set forth in Section 3.05, at a redemption price price, payable in cash, equal to 100% $1,000 per $1,000 principal amount of the principal amount thereof Notes redeemed plus accrued and unpaid interest and Liquidated Damages, if any (such amount, together with the "Make-Whole Payment" Payment described below below, the "Provisional Redemption Price"), to but excluding the date of redemption (the "Provisional Redemption PriceDate") if ), subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on any Interest Payment Date that is on or prior to such Provisional Redemption Date, if: (ai) the Closing Price of the Common Stock has exceeded 175150% of the Conversion Price (as defined in Article 10 and as such may be adjusted from time to time) then in effect for a period of at least 20 Trading Days within a in any consecutive 30-Trading Day period of any 30 consecutive Trading Days ending on the Trading Day prior to the date of mailing of the notice of provisional redemption pursuant to Section 3.05 (the "Notice Date"), ) and (bii) a shelf registration statement covering resales of the Securities Notes and the Common Stock issuable upon conversion thereof is effective and available for use and is expected to remain effective and available for use until the 30 days following the Provisional Redemption Date Date, unless registration is no longer requiredrequired (such redemption, a "Provisional Redemption"). Upon any such redemptionProvisional Redemption, the Company shall pay make an amount in cash additional payment (the "Make-Make Whole Payment") ), payable in cash, with respect to the Securities called for redemption to holders on the Notice Date Notes redeemed in an amount equal to the aggregate amount present value of interest that would have been payable on such Securities from the last day through which interest was paid on the Securities (or February 20, 2002, if no interest has been paid) to the Maturity Date. If the Redemption Date is an Interest Payment Date, interest will be payable to the Holders in whose names the Securities are registered at the close of business on the relevant record dates.aggregate

Appears in 1 contract

Samples: Indenture (Vector Group LTD)

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Provisional Redemption. The Securities Issuer may be redeemed on redeem, at its option, all or part of the Notes if the Last Reported Sale Price of the Common Stock has been at least 120% of the Exchange Price then in effect for at least 20 days Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period ending on, and no more than 60 days noticeincluding, in whole or in partthe Trading Day immediately preceding the date on which the Issuer provides written notice of redemption (a “Provisional Redemption”, at and such date of redemption, the election of “Redemption Date”). The Issuer shall redeem the Company, Notes pursuant to a Provisional Redemption at a redemption price (a “Redemption Price”) equal to 100% of the principal amount thereof plus the "Make-Whole Payment" described below (the "Redemption Price") if (a) the Closing Price Capitalized Principal Amount of the Common Stock Notes to be redeemed, plus accrued interest that has exceeded 175% of not been paid or capitalized to, but excluding, the Conversion Price for at least 20 Trading Days within Redemption Date, unless the Redemption Date falls after a period of any 30 consecutive Trading Days ending on the Trading Day Regular Record Date and prior to the date of mailing of the notice of provisional redemption (the "Notice Date"), and (b) a shelf registration statement covering resales of the Securities and the Common Stock issuable upon conversion thereof is effective and available for use and is expected to remain effective and available for use until the Redemption Date unless registration is no longer required. Upon any such redemption, the Company shall pay an amount in cash (the "Make-Whole Payment") with respect to the Securities called for redemption to holders on the Notice Date in an amount equal to the aggregate amount of interest that would have been payable on such Securities from the last day through which interest was paid on the Securities (or February 20, 2002, if no interest has been paid) to the Maturity Date. If the Redemption Date is an corresponding Interest Payment Date, in which case the Issuer will not pay such interest to any Holder of Notes to be redeemed, and will be payable instead pay the full amount of the relevant interest payment on such Interest Payment Date to the Holders in whose names Holder of record on such a Regular Record Date and the Securities are registered at Redemption Price shall be equal to 100% of the close Capitalized Principal Amount of business on the relevant record datesNotes to be redeemed. Neither the Trustee nor the Paying Agent shall have any responsibility to calculate the Redemption Price.

Appears in 1 contract

Samples: Indenture (Pernix Therapeutics Holdings, Inc.)

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