Common use of Redemption Upon Triggering Events Clause in Contracts

Redemption Upon Triggering Events. (a) Upon the occurrence of a Triggering Event (as defined below), each Holder shall (in addition to all other rights it may have hereunder or under applicable law), have the right, exercisable at the sole option of such Holder, to require the Corporation to redeem all or a portion of the issued and outstanding shares of Series A Preferred Stock then held by such Holder for a redemption price, in cash, equal to the Original Issue Price. The Original Issue Price shall be due and payable within ten (10) Trading Days of the date on which the notice for the payment therefore is provided by a Holder. If the Corporation fails to pay the aggregate Original Issue Price owed under this Section in full pursuant to this Section 7 on the date such amount is due in accordance with this Section 7, the Corporation will pay interest thereon at a rate of 18% per annum (or the lesser amount permitted by applicable law), accruing daily from such date until the aggregate Original Issue Price owed under this Section, plus all such interest thereon, is paid in full. For purposes of this Section 7, a share of Series A Preferred Stock is outstanding from the date of its issuance until such date as the Holder shall have received either: (i) shares of Common Stock upon a conversion (or attempted conversion) thereof that meets the requirements hereof; or (ii) cash equal to the Original Issue Price upon a redemption. For the avoidance of doubt, the right of redemption under this Section 7 shall not apply to any shares of Series A Preferred Stock issued after the date on which a particular Triggering Event occurred unless and until the occurrence of another Triggering Event (which may be the continuation of an uncured Triggering Event in Section 7(b)(i) or Section 7(b)(ii) hereof).

Redemption Upon Triggering Events. (a) Upon the occurrence of a Triggering Event (as defined below)Event, each Holder shall (in addition to all other rights it may have hereunder or under applicable law), have the right, exercisable at the sole option of such Holder, to require the Corporation Company to redeem all or a portion of the issued and outstanding shares of Series A Preferred Stock then held by such Holder for a redemption price, in cash, equal to the Original Issue Pricesum of (i) the Mandatory Redemption Amount (as defined in Section 9) plus (ii) the product of (A) the number of Underlying Shares issued in respect of conversions hereunder and then held by the Holder (the "REMAINING SHARES") and (B) the Per Share Market Value on the date such redemption is demanded or the date the redemption price hereunder is paid in full, whichever is greater (such sum, the "REDEMPTION AMOUNT"). The Original Issue Price Redemption Amount shall be due and payable within ten five (105) Trading Days of the date on which the notice for the payment therefore therefor is provided by a Holder. If the Corporation Company fails to pay the aggregate Original Issue Price owed under this Section Redemption Amount hereunder in full pursuant to this Section 7 on the date such amount is due in accordance with this Section 7Section, the Corporation Company will pay interest thereon at a rate of 18% per annum (or the lesser amount permitted by applicable law), accruing daily from such date until the aggregate Original Issue Price owed under this SectionRedemption Amount, plus all such interest thereon, is paid in full. For purposes of this Section 7Section, a share of Series A Preferred Stock is outstanding from the date of its issuance until such date as the Holder shall have received either: (i) shares of Common Stock Underlying Shares upon a conversion (or attempted conversion) thereof that meets the requirements hereof; or (ii) cash equal . Upon receipt of the Redemption Amount, the Holder shall return the Remaining Shares to the Original Issue Price upon a redemption. For the avoidance of doubt, the right of redemption under this Section 7 shall not apply to any shares of Series A Preferred Stock issued after the date on which a particular Triggering Event occurred unless and until the occurrence of another Triggering Event (which may be the continuation of an uncured Triggering Event in Section 7(b)(i) or Section 7(b)(ii) hereof)Company.

Redemption Upon Triggering Events. (a) Upon the occurrence of a Triggering Event (as defined below)Event, each Holder shall (in addition to all other rights it may have hereunder or under applicable law), have the right, exercisable at the sole option of such Holder, to require the Corporation Company to redeem all or a portion of the issued Preferred Stock and outstanding such shares of Series A Preferred Common Stock as described below then held by such Holder for a redemption price, in cash, equal to the Original Issue sum of (i) the Mandatory Redemption Amount plus (ii) the product of (A) the number of Underlying Shares issued in respect of conversions of shares of Preferred Stock hereunder within thirty Trading Days of the Holder's demand for redemption pursuant to this Section 6, and then held by the Holder and (B) the Closing Price on the date such redemption is demanded or the date the redemption price hereunder is paid in full, whichever is greater (such sum, the "Redemption Price"). The Original Issue Redemption Price shall be due and payable within ten (10) five Trading Days of the date on which the notice for the payment therefore therefor is provided by a Holder. If the Corporation Company fails to pay the aggregate Original Issue Redemption Price owed under this Section hereunder in full pursuant to this Section 7 on the date such amount is due in accordance with this Section 7Section, the Corporation Company will pay interest thereon at a rate of 18% per annum (or the lesser amount permitted by applicable law), accruing daily from such date until the aggregate Original Issue Price owed under this SectionRedemption Price, plus all such interest thereon, is paid in full. For purposes of this Section 7Section, a share of Series A Preferred Stock is outstanding from the date of its issuance until such date as the Holder shall have received either: (i) shares of Common Stock Underlying Shares upon a conversion (or attempted conversion) thereof that meets the requirements hereof; or (ii) cash equal to the Original Issue Price upon a redemption. For the avoidance of doubt, the right of redemption under this Section 7 shall not apply to any shares of Series A Preferred Stock issued after the date on which a particular Triggering Event occurred unless and until the occurrence of another Triggering Event (which may be the continuation of an uncured Triggering Event in Section 7(b)(i) or Section 7(b)(ii) hereof).

Redemption Upon Triggering Events. (a) Upon the occurrence of a Triggering Event (as defined below)Event, each Holder shall (in addition to all other rights it may have hereunder or under applicable law), have the right, exercisable at the sole option of such Holder, to require the Corporation Company to redeem all or a portion of the issued and outstanding shares of Series A Preferred Stock then held by such Holder for a redemption price, in cash, equal to the Original Issue sum of (i) the Mandatory Redemption Amount plus (ii) the product of (A) the number of Underlying Shares issued in respect of conversions or as payment of dividends hereunder and then held by the Holder and (B) the Per Share Market Value on the date such redemption is demanded or the date the redemption price hereunder is paid in full, whichever is greater (such sum, "Redemption Price"). The Original Issue Redemption Price shall be due and ---------------- payable within ten (10) Trading Days days of the date on which the notice for the payment therefore therefor is provided by a Holder. If the Corporation Company fails to pay the aggregate Original Issue Price owed under this Section redemption price hereunder in full pursuant to this Section 7 on the date such amount is due in accordance with this Section 7Section, the Corporation Company will pay interest thereon at a rate of 18% per annum (or the lesser amount permitted by applicable law)annum, accruing daily from such date until the aggregate Original Issue Price owed under this Sectionredemption price, plus all such interest thereon, is paid in full. For purposes of this Section 7Section, a share of Series A Preferred Stock is outstanding from the date of its issuance until such date as the Holder shall have received either: (i) shares of Common Stock Underlying Shares upon a conversion (or attempted conversion) thereof that meets the requirements hereof; or (ii) cash equal to the Original Issue Price upon a redemption. For the avoidance of doubt, the right of redemption under this Section 7 shall not apply to any shares of Series A Preferred Stock issued after the date on which a particular Triggering Event occurred unless and until the occurrence of another Triggering Event (which may be the continuation of an uncured Triggering Event in Section 7(b)(i) or Section 7(b)(ii) hereof).