Common use of Pro-Rata Redemption Clause in Contracts

Pro-Rata Redemption. If, at the time of any redemption pursuant to this Section 7, the funds of the Corporation legally available for redemption of the Series A Preferred Stock are insufficient to redeem the number of shares required to be redeemed, those funds that are legally available shall be used to redeem the maximum possible number of such shares, pro rata based upon the number of shares to be redeemed. At any time thereafter when additional funds of the Corporation become legally available for the redemption of the Series A Preferred Stock, such funds shall immediately be used to redeem the balance of the shares of the Series A Preferred Stock that the Corporation has become obligated to redeem pursuant to this section, but that it has not redeemed.

Pro-Rata Redemption. If, at the time of any redemption pursuant to this Section 7, the funds of the Corporation legally available for redemption of the Series A B Preferred Stock are insufficient to redeem the number of shares required to be redeemed, those funds that are legally available shall be used to redeem the maximum possible number of such shares, pro rata based upon the number of shares to be redeemed. At any time thereafter when additional funds of the Corporation become legally available for the redemption of the Series A B Preferred Stock, such funds shall immediately be used to redeem the balance of the shares of the Series A B Preferred Stock that the Corporation has become obligated to redeem pursuant to this section, but that it has not redeemed.