Retraction Rights. The Investor acknowledges that the Shares are retractable by the Investor after a period of 12 months following the last day of the fiscal quarter of the Company in which the Shares being exercised for retraction (the “Retraction Shares”) were issued. Such retraction shall be effective (the "Effective Date") as follows:
(a) for Retraction Shares for which a notice of retraction (a Retraction Notice) is received by the Company on or before January 31st, the Effective Date shall be the following March 31st;
(b) for Retraction Shares for which a Retraction Notice is received by the Company on or before April 30th, the Effective Date shall be the following June 30th;
(c) for Retraction Shares for which a Retraction Notice is received by the Company on or before July 31st, the Effective Date shall be the following September 30th; and
(d) for Retraction Shares for which a Retraction Notice is received by the Company on or before October 31st, the Effective Date shall be the following December 31st. The Shares are retractable during any one year period after the issue date of the Share by delivering a Retraction Notice to the Company within 60 days before the 1st and any succeeding one year anniversary (each an “Anniversary”) of the last day of the calendar quarter (the “Determination Date’) in which fell the issue date of the Share. If the Investor does not deliver a Retraction Notice to the Company within 60 days before the applicable Anniversary, then the right of retraction by the Investor shall lapse and the Share shall not be retractable by the Investor except in connection with the next following Anniversary. A Retraction Notice must specify the share certificate number(s) representing the Retraction Shares and number of Shares the holder wishes to retract. The Company will redeem Shares for which it properly receives a Retraction Notice for an amount equal to the Retraction Price (as defined below) within 30 days from the Effective Date (the Initial Retraction Date) unless (the Retraction Limits):
(a) as a result of any of the Retractions the Company would cease to qualify as a mortgage investment corporation;
(b) the Company receives, during any one fiscal year, Retraction Notices for more than 20% of any one class of Retractable Shares outstanding as at the last day of the Company’s most recently completed fiscal year end prior to the Effective Date, and the directors of the Company determine in their sole discretion that sufficient funds are not availa...
Retraction Rights. As of December 31, 2026, and at any time thereafter, the holder shall have the right to retract, from time to time and at any time, any amount of its Series C Convertible Preferred Stock and cause the Company to pay the holder, within three (3) business days of holder’s request, the Stated Value for each share of Series C Convertible Preferred Share that the holder retracts to the Company.
