Common use of Holder Options Clause in Contracts

Holder Options. If any Restrictions on Purchase exist on the proposed Put Redemption Date, the Holder may elect pursuant to written notice given by the Holder to the Company: (A) to the extent such Restrictions on Purchase are those described in Section 5(b), to take such actions as are set forth in Section 5(b) hereof, (B) that each Holder’s put rights pursuant to the Put Notice shall remain exercised and the Put Redemption Date shall be deferred until any of the first five Business Days after all such Restrictions on Purchase cease to exist; provided, that, as and to the extent that such Restrictions on Purchase cease to exist, the Company shall promptly make partial payments of the Put Redemption Price to the Holder, in which case there shall be a series of redemptions, each of which shall take place not more than five Business Days after such Restrictions on Purchase have ceased to exist to an extent that would permit such partial payments of the Put Redemption Price in increments of not less than $25,000; (C) the exercise of the put rights pursuant to Section 5(a) shall be rescinded in whole or in part at the sole option of the Holder (with the result that the Holder may require the Company to redeem this Warrant or any portion hereof at any time thereafter until the Expiration Date); or (D) to the extent the Company is unable to pay the Put Redemption Price in compliance with the terms of this Section 5, or otherwise fails to comply with the provisions of Section 5(b) hereof, such Put Redemption Price shall be paid by delivery to the Holder hereof of a promissory note of the Company dated the date of the applicable Put Redemption Date, (1) having a term of one year from the date thereof, (2) providing for a single payment of principal at the end of its term, (3) bearing interest at a rate per annum (computed for the actual number of days elapsed on the basis of a 360-day year) equal to 20% or the highest amount permitted under applicable law, (4) payable with monthly cash interest payments and (5) allowing for prepayment at any time without premium or penalty.

Holder Options. If Upon receipt of notice from the Company as provided in Section 10.04(a) or upon the Company’s failure to pay the Redemption Price for any Restrictions on Purchase exist on the proposed Put Redemption Datereason, the each Holder may elect pursuant to written notice given by the Holder thereby to the Company: Company to (Ai) to maintain the extent such Restrictions on Purchase are those described in Section 5(b), to take such actions as are set forth in Section 5(b) hereof, (B) that each Holder’s put exercise of its elective redemption rights pursuant to the Put Elective Redemption Notice shall remain exercised and to defer the Put Elective Redemption Date shall be deferred with respect to the Warrants until any of the first five (5) Business Days after all there are sufficient Legally Available Funds to effect such Restrictions on Purchase cease to existredemption; provided, that, as and to the extent that there are sufficient Legally Available Funds to effect such Restrictions on Purchase cease to existredemption, the Company shall promptly make partial payments of the Put Redemption Price to the HolderHolders of Warrants to be redeemed, in which case there shall be a series of redemptions, each of which shall take place not more than five (5) Business Days after there are sufficient Legally Available Funds to effect such Restrictions on Purchase have ceased to exist redemption to an extent that would permit such partial payments of the Put Redemption Price in increments of not less than Twenty-Five Thousand Dollars ($25,000) (“Partially Available Funds”); provided, further, that the Holders of a majority of the Warrants to be redeemed, (Cthe “Majority Exercising Holders”), in their sole and absolute discretion, provided that it would not cause a Senior Debt Default, may require the Company to issue a promissory note, in form and substance reasonably satisfactory to the Majority Exercising Holders, to the order of the Holders of Warrants to be redeemed, payable on demand at an interest rate equal to the prime rate of leading money center banks as quoted in The Wall Street Journal plus five hundred basis points (5.00%) compounded quarterly, to the extent that payment in such form rather than in cash would not result in insufficient Legally Available Funds or (ii) the exercise of the put elective redemption rights pursuant to Section 5(a10.02(a) shall be rescinded in whole or in part at the sole option of the Holder Majority Exercising Holders (with the result that the Holder Majority Exercising Holders may require the Company to redeem this Warrant or any portion hereof the Warrants at any time thereafter until the Expiration Datethereafter); or (D) to the extent the Company is unable to pay the Put Redemption Price in compliance with the terms of this Section 5, or otherwise fails to comply with the provisions of Section 5(b) hereof, such Put Redemption Price shall be paid by delivery to the Holder hereof of a promissory note of the Company dated the date of the applicable Put Redemption Date, (1) having a term of one year from the date thereof, (2) providing for a single payment of principal at the end of its term, (3) bearing interest at a rate per annum (computed for the actual number of days elapsed on the basis of a 360-day year) equal to 20% or the highest amount permitted under applicable law, (4) payable with monthly cash interest payments and (5) allowing for prepayment at any time without premium or penalty.

Holder Options. If any Restrictions on Purchase exist on the proposed Put Redemption Date, the Holder Required Holders may elect pursuant to written notice given by the Holder Required Holders to the Company: (A) to the extent such Restrictions on Purchase are those described in Section 5(b), to take such actions as are set forth in Section 5(b) hereof, (B) that each Holder’s holder's put rights pursuant to the Put Notice shall remain exercised and the Put Redemption Date shall be deferred until any of the first five Business Days after all such Restrictions on Purchase cease to exist; provided, that, as and to the extent that such Restrictions on Purchase cease to exist, the Company shall promptly make partial payments of the Put Redemption Price to the Holderholders of Warrant Securities to be redeemed, in which case there shall be a series of redemptions, each of which shall take place not more than five Business Days after such Restrictions on Purchase have ceased to exist to an extent that would permit such partial payments of the Put Redemption Price in increments of not less than $25,000; (CB) the exercise of the put rights pursuant to Section 5(a9(a) shall be rescinded in whole or in part at the sole option of the Holder Required Holders (with the result that the Holder Required Holders may require the Company to redeem this the Warrant or any portion hereof Securities at any time thereafter until 18 months after the Expiration Datedate the Required Holders give notice to rescind the exercise of such put rights); or (DC) to the extent the Company is unable to pay the Put Redemption Price in compliance with the terms of this Section 5, or otherwise fails to comply with the provisions of Section 5(b) hereof10(f)(iii), such Put Redemption Price shall be paid by delivery to the Holder hereof of a promissory note of the Company dated the date of the applicable Put Redemption Date, (1) having a term of one year from the date thereof, (2) providing for a single payment of principal at the end of its term, (3) bearing interest at a rate per annum (computed for the actual number of days elapsed on the basis of a 360-day year) equal to 2016% or the highest amount permitted under applicable law, (4) payable with monthly cash quarterly interest payments and (5) allowing for prepayment at any time without premium or penalty.

Holder Options. If any Restrictions on Purchase exist on the proposed Put Redemption Date, the Holder Required Holders may elect pursuant to written notice given by the Holder Required Holders to the Company: (A) to the extent such Restrictions on Purchase are those described in Section 5(b), to take such actions as are set forth in Section 5(b) hereof, (B) that each Holder’s holder's put rights pursuant to the Put Notice shall remain exercised and the Put Redemption Date shall be deferred until any of the first five Business Days after all such Restrictions on Purchase cease to exist; provided, that, as and to the extent that such Restrictions on Purchase cease to exist, the Company shall promptly make partial payments of the Put Redemption Price to the Holderholders of Warrant Securities to be redeemed, in which case there shall be a series of redemptions, each of which shall take place not more than five Business Days after such Restrictions on Purchase have ceased to exist to an extent that would permit such partial payments of the Put Redemption Price in increments of not less than $25,000; (CB) the exercise of the put rights pursuant to Section 5(a11(a) shall be rescinded in whole or in part at the sole option of the Holder Required Holders (with the result that the Holder Required Holders may require the Company to redeem this the Warrant or any portion hereof Securities at any time thereafter until the Expiration Datelater of 18 months after the date the Required Holders give notice to rescind the exercise of such put rights); or (DC) to the extent the Company is unable to pay the Put Redemption Price in compliance with the terms of this Section 5, or otherwise fails to comply with the provisions of Section 5(b) hereof12(f), such Put Redemption Price shall be paid by delivery to the Holder hereof of a promissory note of the Company dated the date of the applicable Put Redemption Date, (1) having a term of one year from the date thereof, (2) providing for a single payment of principal at the end of its term, (3) bearing interest at a rate per annum (computed for the actual number of days elapsed on the basis of a 360-day year) equal to 2015% or the highest amount permitted under applicable law, (4) payable with monthly cash quarterly interest payments payable in cash or in kind and (5) allowing for prepayment at any time without premium or penalty.