Qualified Offering Redemption Procedure Sample Clauses

Qualified Offering Redemption Procedure. The payment of cash pursuant to a Qualified Offering Redemption shall be payable (i) with respect to a Qualified Offering Redemption requested by the Holder, on a date specified in the notice, but not less than ten days after the Holder Notice Date nor more than 45 days after the Holder Notice Date, and (ii) with respect to a Qualified Offering Redemption requested by the Company, on a date specified in the notice, but not less than ten days after the Company Notice Date nor more than 45 days after the Company Notice Date. If any portion of the payment pursuant to an Qualified Offering Redemption shall not be paid by the Company by the applicable payment date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. The Holder may elect to convert the outstanding principal amount and accrued interest of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.