Rights Subsequent to Redemption. If the Redemption Notice shall have been duly given, and if on the Redemption Date the Redemption Price therefor is either paid or made available for payment through the deposit arrangement specified in subparagraph (e) below, then notwithstanding that the certificates evidencing any of the shares of Series M Preferred Stock so called for redemption shall not have been surrendered, all rights with respect to such shares shall forthwith terminate after such Redemption Date, except for the right of the holders to receive the Redemption Price without interest upon surrender of their certificate or certificates therefor, and such shares shall not thereafter be transferred on the books of the corporation or be deemed to be outstanding whatsoever. If the funds of the corporation legally available for redemption of shares of Series M Preferred Stock on the Redemption Date are insufficient to redeem the total number of shares of Series M Preferred Stock to be redeemed on such date, those funds which are legally available will be used to redeem the maximum possible number of such shares ratably among the holders of such shares to be redeemed based upon the number of shares of Series M Preferred Stock held by each of them. The shares of Series M Preferred Stock not redeemed shall remain outstanding and shall be entitled to all the rights and preferences provided herein. At any time thereafter when additional funds of the corporation are legally available for the redemption of shares of Series M Preferred Stock such funds will immediately be used to redeem the balance of the shares which the corporation has become obliged to redeem on the Redemption Date, but which it has not redeemed.
Appears in 2 contracts
Samples: Series C Preferred Stock Purchase Agreement (Genomic Solutions Inc), Series C Preferred Stock Purchase Agreement (Genomic Solutions Inc)
Rights Subsequent to Redemption. If the Redemption Notice shall have been duly given, and if on the Redemption Date the Redemption Price therefor is either paid or made available for payment through the deposit arrangement specified in subparagraph (ea) below, then notwithstanding that the certificates evidencing any of the shares of Series M Preferred Stock so called for redemption shall not have been surrendered, all rights with respect to such shares shall forthwith terminate after such Redemption Date, except for the right of the holders to receive the Redemption Price without interest upon surrender of their certificate or certificates therefor, and such shares shall not thereafter be transferred on the books of the corporation or be deemed to be outstanding whatsoever. If the funds of the corporation legally available for redemption of shares of Series M Preferred Stock on the Redemption Date are insufficient to redeem the total number of shares of Series M Preferred Stock to be redeemed on such date, those funds which are legally available will be used to redeem the maximum possible number of such shares ratably among the holders of such shares to be redeemed based upon the number of shares their holdings of Series M Preferred Stock held by each of themStock. The shares of Series M Preferred Stock not redeemed shall remain outstanding and shall be entitled to all the rights and preferences provided herein. At any time thereafter when additional funds of the corporation are legally available for the redemption of shares of Series M Preferred Stock such funds will immediately be used to redeem the balance of the shares which the corporation has become obliged to redeem on the Redemption Date, but which it has not redeemed.
Appears in 2 contracts
Samples: Series M Preferred Stock Purchase Agreement (Genomic Solutions Inc), Series B Preferred Stock Purchase Agreement (Genomic Solutions Inc)