Common use of Redemption at the Option of the Holder Clause in Contracts

Redemption at the Option of the Holder. (a) At any time after August 12, 2008, the holders of Series D Partnership Preferred Units shall have the right at any time that the Corporation's Common Stock has a Current Market Price at or below the Conversion Price per unit, to require the Partnership, to the extent the Partnership shall have funds legally available therefor, to redeem any or all of the Series D Partnership Preferred Units held by such holder at a repurchase price payable, at the option of the Partnership, in either (i) cash or (ii) such number of Partnership Common Units that shall be convertible into shares of the Corporation's Common Stock as shall have a Current Market Price in the aggregate on the day prior to the day such holder gives notice pursuant to Section 7(b) of its intention to redeem, equal to in either case, 100% of the Liquidation Preference thereof plus accrued and unpaid distributions whether or not declared, if any, to the date of repurchase or the date payment is made available (in the aggregate, the "Redemption Payment").

Appears in 1 contract

Samples: Westfield America Inc

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Redemption at the Option of the Holder. (a) At any time after August 12, 2008, the holders of Series D C-2 Partnership Preferred Units shall have the right at any time that the Corporation's Common Stock has a Current Market Price at or below the Conversion Price per unit, to require the Partnership, to the extent the Partnership shall have funds legally available therefor, to redeem any or all of the Series D C-2 Partnership Preferred Units held by such holder at a repurchase price payable, at the option of the Partnership, in either (i) cash or (ii) such number of Partnership Common Units that shall be convertible into shares of the Corporation's Common Stock as shall have a Current Market Price in the aggregate on the day prior to the day such holder gives notice pursuant to Section 7(b) of its intention to redeem, equal to in either case, 100% of the Liquidation Preference liquidation preference thereof plus accrued and unpaid distributions whether or not declared, if any, to the date of repurchase or the date payment is made available (in the aggregate, the "Redemption Payment").

Appears in 1 contract

Samples: Westfield America Inc

Redemption at the Option of the Holder. (a) At any time after August 12, 2008, the holders of Series D C Partnership Preferred Units shall have the right at any time that the Corporation's Common Stock has a Current Market Price at or below the Conversion Price per unit, to require the Partnership, to the extent the Partnership shall have funds legally available therefor, to redeem any or all of the Series D C Partnership Preferred Units held by such holder at a repurchase price payable, at the option of the Partnership, in either (i) cash or (ii) such number of Partnership Common Units that shall be convertible into shares of the Corporation's Common Stock as shall have a Current Market Price in the aggregate on the day prior to the day such holder gives notice pursuant to Section 7(b) of its intention to redeem, equal to in either case, 100% of the Liquidation Preference liquidation preference thereof plus accrued and unpaid distributions whether or not declared, if any, to the date of repurchase or the date payment is made available (in the aggregate, the "Redemption Payment").

Appears in 1 contract

Samples: Westfield America Inc

Redemption at the Option of the Holder. (a) a. At any time after August 12, 2008the tenth anniversary of the Grant Date, the holders of Series D E Partnership Preferred Units shall have the right at any time that the Corporation's Common Stock has a Current Market Price at or below the Conversion Price per unit, to require the Partnership, to the extent the Partnership shall have funds legally available therefor, to redeem any or all of the Series D E Partnership Preferred Units held by such holder at a repurchase price payable, at the option of the Partnership, in either (i) cash or (ii) such number of Partnership Common Units that shall be convertible into shares of the Corporation's Common Stock as shall have a Current Market Price in the aggregate on the day prior to the day such holder gives notice pursuant to Section 7(b8(b) of its intention to redeem, equal to in either case, 100% of the Liquidation Preference thereof plus accrued and unpaid distributions whether or not declared, if any, to the date of repurchase or the date payment is made available (in the aggregate, the "Redemption Payment").

Appears in 1 contract

Samples: Westfield America Inc

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Redemption at the Option of the Holder. (a) At any time after August 12, 2008, the holders of Series D C-1 Partnership Preferred Units shall have the right at any time that the Corporation's Common Stock has a Current Market Price at or below the Conversion Price per unit, to require the Partnership, to the extent the Partnership shall have funds legally available therefor, to redeem any or all of the Series D C-1 Partnership Preferred Units held by such holder at a repurchase price payable, at the option of the Partnership, in either (i) cash or (ii) such number of Partnership Common Units that shall be convertible into shares of the Corporation's Common Stock as shall have a Current Market Price in the aggregate on the day prior to the day such holder gives notice pursuant to Section 7(b) of its intention to redeem, equal to in either case, 100% of the Liquidation Preference liquidation preference thereof plus accrued and unpaid distributions whether or not declared, if any, to the date of repurchase or the date payment is made available (in the aggregate, the "Redemption Payment").

Appears in 1 contract

Samples: Westfield America Inc

Redemption at the Option of the Holder. (a) At any time after August 12, 2008, the holders of Series D D-1 Partnership Preferred Units shall have the right at any time that the Corporation's Common Stock has a Current Market Price at or below the Conversion Price per unit, to require the Partnership, to the extent the Partnership shall have funds legally available therefor, to redeem any or all of the Series D D-1 Partnership Preferred Units held by such holder at a repurchase price payable, at the option of the Partnership, in either (i) cash or (ii) such number of Partnership Common Units that shall be convertible into shares of the Corporation's Common Stock as shall have a Current Market Price in the aggregate on the day prior to the day such holder gives notice pursuant to Section 7(b) of its intention to redeem, equal to in either case, 100% of the Liquidation Preference thereof plus accrued and unpaid distributions whether or not declared, if any, to the date of repurchase or the date payment is made available (in the aggregate, the "Redemption Payment").

Appears in 1 contract

Samples: Westfield America Inc

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