REDEMPTION OF CLASS A PREFERRED STOCK. Statesman covenants and agrees that if on any TAPOS Determination Date the amount of Statesman Class A Preferred Stock held by the Cooperative exceeds the Minimum Class A Investment computed as of such date, it will, subject to the provisions of Section 9.04, upon written demand by the Cooperative redeem for cash at its par value those shares held by the Cooperative which are in excess of the Minimum Class A Investment determined as of such date. The Cooperative covenants and agrees that notwithstanding the provisions contained in paragraph (v) of subsection 5(b) of Article II of the Articles of Incorporation of Statesman the Cooperative shall not have any right to redeem shares held by it except as provided herein.
Appears in 3 contracts
Samples: Revolving Credit Agreement (Southern States Capital Trust I), Financing Services and Contributed Capital Agreement (Southern States Capital Trust I), Revolving Credit Agreement (Southern States Cooperative Inc)
REDEMPTION OF CLASS A PREFERRED STOCK. Statesman covenants ------------------------------------- and agrees that if on any TAPOS Determination Date the amount of Statesman Class A Preferred Stock held by the Cooperative exceeds the Minimum Class A Investment computed as of such date, it will, subject to the provisions of Section 9.04, upon written demand by the Cooperative redeem for cash at its par value those shares held by the Cooperative which are in excess of the Minimum Class A Investment determined as of such date. The Cooperative covenants and agrees that notwithstanding the provisions contained in paragraph (v) of subsection 5(b) of Article II of the Articles of Incorporation of Statesman the Cooperative shall not have any right to redeem shares held by it except as provided herein.
Appears in 2 contracts
Samples: Financing Services and Contributed Capital Agreement (Southern States Capital Trust Ii), Financing Services and Contributed Capital Agreement (Southern States Cooperative Inc)
