Procedure for Redemption Sample Clauses
The Procedure for Redemption clause outlines the specific steps and requirements that must be followed when redeeming securities, shares, or other financial instruments. Typically, this clause details the notice period, the method of notification, the price or formula for redemption, and any documentation that must be provided by the party seeking redemption. For example, it may require written notice to be given to the issuer a certain number of days in advance and specify how payment will be made. The core function of this clause is to ensure a clear, orderly, and predictable process for redemption, thereby reducing disputes and providing certainty to both parties involved.
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Procedure for Redemption. (a) In the event that fewer than all the outstanding shares of Exchangeable Preferred Stock are to be redeemed, the number of shares to be redeemed shall be determined, subject to the provisions of paragraphs 4(b) and 4(d) of this Section 5.4, by the Board of Directors of the Corporation and the shares to be redeemed shall be selected by lot or pro rata as may be determined by the Board of Directors, except that in any redemption of fewer than all the outstanding shares of Exchangeable Preferred Stock, the Corporation may first redeem all shares held by any holders of a number of shares not to exceed 100 as may be specified by the Corporation.
(b) In the event the Corporation shall redeem shares of Exchangeable Preferred Stock, notice of such redemption shall be given by first class mail, postage prepaid, and mailed not less than 30 days nor more than 60 days prior to the redemption date, to each holder of record of the shares to be redeemed at such holder's address as the same appears on the stock register of the Corporation; provided, however, that no failure to give such notice nor any defect therein shall affect the validity of the proceeding for the redemption of any shares of Exchangeable Preferred Stock to be redeemed except as to the holder to whom the Corporation has failed to give said notice or except as to the holder whose notice was defective. Each such notice shall state: (i) the redemption date; (ii) the number of shares of Exchangeable Preferred Stock to be redeemed and, if less than all the shares held by such holder are to be redeemed, the number of shares of Exchangeable Preferred Stock held by such holder to be redeemed; (iii) the redemption price; (iv) the place or places where certificates for such shares are to be surrendered for payment of the redemption price; and (v) that dividends on the shares to be redeemed will cease to accrue on such redemption date or the date of exchange.
(c) Notice having been mailed as aforesaid and provided that on or before the redemption date all funds necessary for such redemption shall have been set aside by the Corporation, separate and apart from its other funds, in trust for the pro rata benefit of the holders of the shares so called for redemption so as to be and to continue to be available therefor, then, from and after the redemption date, dividends on the shares of Exchangeable Preferred Stock so called for redemption shall cease to accrue, and said shares shall no longer be deemed to be outst...
Procedure for Redemption. 16 Section 3.04.
Procedure for Redemption. In the event that fewer than all the outstanding shares of Convertible Preferred Stock are to be redeemed pursuant to paragraph II.H.1, the number of shares to be redeemed shall be determined by the Board of Directors and the shares so redeemed shall be selected pro rata (with any fractional shares being rounded to the nearest whole share) according to the number of whole shares held by each holder of Convertible Preferred Stock.
Procedure for Redemption. (a) On any Redemption Date, in accordance with a Redemption Notice, the Company shall pay or cause to be paid in cash to or to the order of the Series D Preferred Holder of the Series D Preferred Shares to be redeemed the aggregate Milestone Redemption Price for such shares, on presentation and surrender at the registered office of the Company or any other place designated in such Redemption Notice of the certificate or certificates representing such Series D Preferred Shares called for Redemption. If only part of the Series D Preferred Shares represented by any certificate shall be redeemed, a new certificate representing the balance of such Series D Preferred Shares shall be issued to the Series D Preferred Holder at the expense of the Company upon presentation and surrender of the first mentioned certificate.
(b) From and after the Redemption Date specified in any such Redemption Notice, the Series D Preferred Shares called for Redemption shall thereupon be redeemed and the Series D Preferred Holder shall not be entitled to exercise any of the rights in respect thereof unless payment of the applicable Milestone Redemption Price shall not be made upon presentation of a certificate or certificates in accordance with the foregoing provisions in which case the rights of the Series D Preferred Holder shall remain unaffected. 10
(c) The Series D Preferred Shares which are redeemed in accordance herewith shall be cancelled.
Procedure for Redemption. 6.1 In the event of a redemption occurring pursuant to Condition 5 as aforesaid, the Noteholder shall give notice of redemption to the Issuer and present the original of the Certificate to the Issuer at its address specified in Condition 13 for redemption of the whole or such part (as the case may be) of the Note outstanding at the relevant Redemption Amount subject to the following provisions of this Condition 6. The Noteholder shall also do and execute or procure to be done and executed all such further acts, deeds, documents and things as may be reasonable and appropriate for it to do or execute or procure to be done in order to implement and complete the redemption subject to the terms and conditions herein contained.
6.2 The payment of the Redemption Amount to the Noteholder shall be made within sixty (60) days of the date of issue of the notice of redemption to the Issuer in accordance with Condition 6.
1. The redemption shall be effective and the original of the Certificate cancelled upon the payment of the Redemption Amount to the designated account. If the Issuer fails to pay the Redemption Amount in accordance with the Conditions, IPO shall not proceed and the Noteholder is entitled to at any time thereafter exercise all rights available to it at law including but not limited to undertaking a conversion in accordance with Condition 8.
Procedure for Redemption. The Series B Preferred Stock shall be redeemed in the following manner:
(i) Shares of Series B Preferred Stock redeemed, purchased or otherwise acquired by the Corporation shall be held as treasury shares and may be sold or disposed of or shall be reclassified or retired and canceled as may be determined by the Board of Directors.
Procedure for Redemption. In the event any of the Bonds are called for redemption, the Trustee shall give notice, of the redemption of such Bonds in accordance with the Indenture. Notice of redemption shall be given by mailing a copy of the redemption notice by first-class mail at least thirty (30) days prior to the date fixed for redemption to the registered owners of the Bonds to be redeemed at the addresses shown on the registration books maintained by the Registrar and Paying Agent; provided, however, that failure to give notice or any defects in such notice shall not affect the proceedings for the redemption of the Bonds for which notice has been properly given. Any redemption may be conditioned on the receipt of moneys by the Registrar and Paying Agent sufficient to pay the redemption price on the redemption date of Bonds called for redemption, if the notice of redemption so states.
Procedure for Redemption. If the Participant incurs a Termination for any reason, then, Subject to Section 5, unless otherwise determined by the Committee, in its sole discretion, Immediately following such Termination, the Participant shall be required to initiate its Redemption Right with respect to all Common Units issued in settlement of the RLUs, and therefore the provisions of Section 11.01 of the LLC Agreement shall be deemed to apply as though the Participant had sent a Redemption Notice thereunder on the date of such Termination. Notwithstanding anything in the LLC Agreement, the Participant shall not have the right to deliver a Retraction Notice or to revoke the Redemption. The Redemption hereunder shall otherwise be governed by the terms and conditions of the LLC Agreement.
Procedure for Redemption. Whenever the Corporation wishes to redeem the shares of the Series A Convertible Preferred Stock as provided herein, written notice ("Redemption Notice") shall be given by the Corporation by facsimile and by first-class mail, postage prepaid, to each holder of Series A Convertible Preferred Stock at such holder's address as the same appears on the stock ledger of the Corporation; provided, however, that no failure to give such notice nor any deficiency therein shall affect the validity of the procedure for the redemption of any shares of Series A Convertible Preferred Stock to be redeemed except as to the holders thereof to whom the Corporation has failed to give such notice or except as to the holders thereof whose notice was defective. The Redemption Notice shall state:
Procedure for Redemption. Immediately following a Redemption Event, the Participant shall be required to initiate its Redemption Right with respect to all Common Units, and therefore the provisions of Section 11.01 of the LLC Agreement shall be deemed to apply as though the Participant had sent a Redemption Notice thereunder on the date of the Redemption Event. Notwithstanding anything in the LLC Agreement, the Participant shall not have the right to deliver a Retraction Notice or to revoke the Redemption. The Redemption hereunder shall otherwise be governed by the terms and conditions of the LLC Agreement. In the case of Unvested Common Units that are redeemed pursuant to this Section 5(b) following a Qualified Separation, the Shares received upon the redemption of such Common Units shall be restricted Shares subject to the same vesting terms and conditions as such Common Units.