Common use of Redemption or Repurchase Clause in Contracts

Redemption or Repurchase. Borrower shall, after the date of this Agreement, redeem or repurchase (a) any shares of any class or series of its preferred stock or (b) more than Fifty Thousand Dollars ($50,000) in the aggregate of common stock, in each case whether pursuant to a mandatory redemption or otherwise; provided however, that if with respect to the Borrower’s Series B Convertible Preferred Stock, issued and outstanding on the date hereof (the “Series B Stock”), such Series B Stock shall be required to be redeemed or requested by the holders thereof to be redeemed in one or more redemptions in accordance with the terms for redemption set forth in Borrower’s Amended and Restated Certificate of Incorporation as currently filed in the State of Delaware (the “Charter”) (a “Redemption”) while any Obligations remain outstanding hereunder or under any of the Loan Documents and (i) Lender is provided not less than sixty (60) days prior written notice of such pending or requested Redemption, and (ii) such Redemption shall not result in Borrower’s available cash and cash equivalents aggregating less than Three Million Dollars immediately subsequent to such Redemption, then in such event such Redemption shall not constitute an Event of Default solely with respect to this Section 8.7.