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

Sources: Supplemental Indenture (McData Corp), Supplemental Indenture (McData Corp)

Provisional Redemption. The Securities may be redeemed Subject to the other terms of this Article VI, the Company will have the right, exercisable at its election, to redeem all or part (in a principal amount that is an integral multiple of $1,000) of the Notes on at least 20 days a Redemption Date on or after June 16, 2025 and no more than 60 days noticeon or before the 25th Scheduled Trading Day immediately before the Stated Maturity, in whole or in part, for cash 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") , but only if (a) the Closing Last Reported Sale Price per share of the Common Stock has exceeded 175exceeds 130% of the Conversion Price for on (i) each of at least 20 Trading Days within a period of any Days, whether or not consecutive, during the 30 consecutive Trading Days ending on on, and including, the Trading Day prior to immediately before the date of mailing the Company sends the related redemption notice pursuant to Section 6.04; and (ii) the trading day immediately before the date the Company sends such redemption notice pursuant to Section 6.04; provided, however, that the Company will not call any Notes for Provisional Redemption pursuant to this Section 6.01(a) unless the excess of the principal amount of Notes outstanding as of the time the Company sends the related redemption notice pursuant to Section 6.04 over the aggregate principal amount of provisional Notes set forth in such redemption notice as being subject to such Provisional Redemption is at least $100,000,000 (it being understood, for the "Notice Date"avoidance of doubt, that the restriction set forth in this proviso will not apply to any REIT Preservation Redemption pursuant to Section 6.01(b)). If the Company elects to call less than all of the outstanding Notes for Provisional Redemption pursuant to this Section 6.01(a), and (b) the Holder of any Note, or any owner of a shelf registration statement covering resales beneficial interest in any Global Note, is reasonably not able to determine, before the Close of Business on the Securities 27th Scheduled Trading Day immediately before the relevant Redemption Date, whether such Note or beneficial interest, as applicable, is to be redeemed pursuant to such Provisional Redemption, then such Holder or owner, as applicable, will be entitled to convert such Note or beneficial interest, as applicable, at any time before the Close of Business on the second Business Day immediately before such Redemption Date, and the Common Stock issuable upon each such conversion thereof is effective and available for use and is expected will be deemed 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 be of a Note called for redemption to holders on the Notice Date in an amount equal to the aggregate amount Provisional Redemption for purposes 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 paidthis Section 6.01(a) 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 and for purposes of business on the relevant record datesSection 5.07.

Appears in 2 contracts

Sources: Indenture (Redwood Trust Inc), Indenture (Redwood Trust Inc)

Provisional Redemption. The Securities Company may be redeemed on at least 20 days and no more than 60 days noticeredeem for cash the Securities, in whole or in part, at any time prior to September 15, 2014 at the election of the Company, at a redemption price equal to 100% of the principal amount thereof Redemption Price plus the "Make-Whole Payment" described below (the "Redemption Price") , if (ai) the Closing Sale Price of the Common Stock has Ordinary Shares shall have exceeded 175140% of the then applicable Conversion Price for at least 20 Trading Days within a trading days in any consecutive 30 trading day period of any 30 consecutive Trading Days ending on the Trading Day trading day prior to the date of mailing of the notice of provisional redemption pursuant to Section 3.03 of the Indenture (the "Notice Date"), ”) and (bii) a shelf registration statement covering resales of the Securities Notes and the Common Stock issuable upon conversion thereof Ordinary Shares is effective and available for use and is expected to remain effective and available for use until for the 30 days following the Redemption Date Date, unless registration is no longer required. Any such redemption is a “Provisional Redemption.” Upon any such redemptionProvisional Redemption, the Company shall pay to the Holder tendering Securities called for redemption, an amount in cash additional payment (the "Make-“Make Whole Payment") with respect to the such redeemed Securities called for redemption to holders on the Notice Date in an amount equal to $396.67 per $1,000 Principal Amount of Securities, minus the aggregate amount of any interest that would have been payable on such Securities from the last day through which interest was actually paid or accrued and unpaid on the Securities (or February 20, 2002, if no interest has been paid) Security prior to the Maturity Redemption Date. If the Redemption Date is an Interest The Make Whole Payment Date, interest will be payable made on all Securities called for Provisional Redemption, including any Securities that are converted pursuant to Article 10 after the Holders date the Notice of Redemption is mailed. Pursuant to Section 3.9 hereof, the Make Whole Payment may be made, in whose names the Securities are registered whole or in part, at the close election of business on the relevant record datesCompany, in cash or Ordinary Shares or any combination of cash and Ordinary Shares.

Appears in 1 contract

Sources: Indenture (Apex Silver Mines LTD)

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

Sources: Indenture (Vector Group LTD)