Redemption by the Holders Sample Clauses
The 'Redemption by the Holders' clause grants security holders the right to require the issuer to repurchase or redeem their securities under specified conditions. Typically, this clause outlines the circumstances under which holders can exercise this right, such as after a certain date, upon a change of control, or if certain financial thresholds are not met, and details the process and price for redemption. Its core function is to provide investors with an exit mechanism, thereby offering protection and flexibility in managing their investment risk.
Redemption by the Holders. (i) Unless prohibited by applicable law governing distribution to stockholders, shares of Preferred Stock shall be redeemed by the Corporation at a purchase price equal to the Accrued Value (the “Redemption Price”), if at any time and from time to time after the fifth (5th) anniversary of the Closing, the Required Holders deliver to the Corporation a written notice demanding redemption of all shares of Preferred Stock (the “Redemption Request”). The 20th day after the date of the Corporation Notice shall be referred to as the “Redemption Date.” Upon receipt of a Redemption Request, the Corporation shall apply all of its assets to any such redemption, and to no other corporate purpose, until the Redemption Price has been paid in full, except to the extent prohibited by Nevada law governing distributions to stockholders.
(ii) Following receipt of a Redemption Request, the Corporation shall send written notice of the mandatory redemption (the “Redemption Notice”) to each Holder of record of Preferred Stock not less than 15 days prior to the Redemption Date. The Redemption Notice shall state:
a. the number of shares of Preferred Stock held by the Holder that the Corporation shall redeem on the Redemption Date;
b. the Redemption Date and the Redemption Price;
c. the date upon which the Holder’s right to convert such shares terminates; and
d. for Holders of shares in certificated form, that the Holder is to surrender to the Corporation, in the manner and at the place designated, his, her or its certificate or certificates representing the shares of Preferred Stock to be redeemed. If the Corporation receives, on or prior to the 10th day after the date of delivery of the Redemption Notice to a Holder of Preferred Stock, written notice from a Holder of greater than 10% of the outstanding shares of Preferred Stock that such Holder elects to be excluded from the redemption provided in this Section 8(b), then the shares of Preferred Stock registered on the books of the Corporation in the name of such Holder at the time of the Corporation’s receipt of such notice shall thereafter be “Excluded Shares.” Excluded Shares shall not be redeemed or redeemable pursuant to this Section 8(b), whether on such Redemption Date or thereafter.
(iii) On the Redemption Date, the Corporation shall redeem the Preferred Stock owned by each Holder; provided, however, that Excluded Shares shall not be redeemed. If on the Redemption Date Nevada law governing distributions to stockholders pre...
Redemption by the Holders. (i) On or at any time following the eight-year anniversary of the Original Issuance Date, a holder of Series A Preferred Stock, at its sole option, may cause the Company to redeem all or part its shares of Series A Preferred Stock (including all or part of its PIK Preferred Shares) upon the delivery of a Holder Redemption Notice (as defined below) at a redemption price per share (the “Redemption Price”), payable in cash, equal to the sum of (A) the Original Purchase Price plus (B) all accrued and unpaid dividends on such share of Series A Preferred Stock, in each case as adjusted for any stock dividends, splits, combinations and similar events.
(ii) A holder of Series A Preferred Stock may request the redemption of its Series A Preferred Stock in cash pursuant to Section 6(a)(i) at any time following the eight-year anniversary of the Original Issuance Date by delivering to the Company (i) thirty (30) days’ written notice (a “Holder Redemption Notice”) requesting the redemption of its Series A Preferred Stock pursuant to Section 6(a)(i), and (ii) to the extent that the Holder was issued physical certificates, the original certificate(s) evidencing the shares of Series A Preferred Stock being redeemed.
Redemption by the Holders. Unless prohibited by applicable law governing distribution to stockholders, shares of Preferred Stock shall be redeemed by the Corporation at a purchase price equal to the Accrued Value (the “Redemption Price”), if at any time and from time to time after the fifth (5th) anniversary of the Closing, the Required Holders deliver to the Corporation a written notice demanding redemption of all shares of Preferred Stock (the “Redemption Request”). The 20th day after the date of the Corporation Notice shall be referred to as the “Redemption Date.” Upon receipt of a Redemption Request, the Corporation shall apply all of its assets to any such redemption, and to no other corporate purpose, until the Redemption Price has been paid in full, except to the extent prohibited by Delaware law governing distributions to stockholders.
Redemption by the Holders. At any time after the twenty-fourth (24th) month from the First Issue Date, the Holders may, by not less than two months’ prior written notice to the Issuer (the date of such notice must not be earlier than the first (1st) day of the twenty-fifth (25th) month after the First Issue Date), notify the Issuer the Holders’ intention to redeem the Notes or any part thereof outstanding on a Business Day (which must be a day on or after the first (1st) day of the twenty-seventh (27th) month after the First Issue Date and before the Maturity Date) specified in such notice. On the day specified in such early redemption notice, the Issuer shall pay to the Holders the relevant Redemption Amount and where the early redemption is not in respect of full principal amount of the Notes outstanding, the Issuer shall issue replacement Certificates to such Holders. Whether or not the original Certificate is delivered by the Holders to the Issuer for cancellation, after the Issuer has paid the relevant Redemption Amount to such Holders and issued a replacement Certificate (where appropriate) in accordance with this Condition 8.4, the original Certificate shall be deemed to be cancelled.