Automatic Redemption Amount definition
Automatic Redemption Amount means an amount per Class A Restricted Voting Unit, payable in cash, equal to the pro-rata portion of: (A) the Escrow Funds then available in the Escrow Account, including any interest and other amounts earned thereon, less (B) an amount equal to the total of (i) any applicable taxes payable by the Corporation on such interest and other amounts earned in the Escrow Account, (ii) any taxes of the Corporation (including under Part VI.1 of the Tax Act) arising in connection with the redemption of the Class A Restricted Voting Units, and (iii) up to a maximum of $50,000 of interest and other amounts earned from the proceeds in the Escrow Account that may be released to pay actual and expected costs and expenses directly related to the Corporation’s Winding-Up, and directly related to the Corporation’s applications to cease to be a reporting issuer, its winding-up and/or its dissolution, as applicable, each as reasonably determined and certified by the Corporation;
Automatic Redemption Amount means an amount per Class A Restricted Voting Share, payable in cash, equal to the pro-rata portion (per Class A Restricted Voting Share) of: (A) the Escrow Funds then on deposit in the Escrow Account, including any interest and other amounts earned thereon, less (B) an amount equal to the total of (i) any applicable taxes payable by the Corporation on such interest and other amounts earned in the Escrow Account, (ii) any taxes of the Corporation (including under Part VI.1 of the Tax Act) arising in connection with the redemption of the Class A Restricted Voting Shares and (iii) up to a maximum of $50,000 of interest and other amounts earned from the proceeds in the Escrow Account that may be released to pay actual and expected costs and expenses directly related to the Corporation’s Winding-Up, as reasonably determined by the Corporation and certified by the Corporation;
Automatic Redemption Amount. : means, in respect of Observation Date 1, the Specified
Examples of Automatic Redemption Amount in a sentence
The Automatic Redemption Amount shall be due and payable within five (5) Business Days of the Automatic Redemption Date.
Subject to the provisions of this Section 6(a), contemporaneous with the Closing of any Subsequent Financing (or series of Subsequent Financings) with proceeds of $3,000,000, the Company shall be required to redeem all of the then outstanding principal amount of this Debenture for cash in an amount equal to the Automatic Redemption Amount contemporaneous with the closing of such Subsequent Financing(s) (such date, the "Automatic Redemption Date", and such redemption, the "Automatic Redemption").
Notwithstanding the foregoing, prior to the payment of the Automatic Redemption Amount by the Company, the Holder shall have the ability to exercise its rights in accordance with Section 4.18 of the Purchase Agreement.
The Automatic Redemption Amount is payable in full on the Automatic Redemption Date.
More Definitions of Automatic Redemption Amount
Automatic Redemption Amount means the sum of (a) 100% of the then outstanding principal amount of the Debenture, (b) accrued but unpaid interest and (c) all liquidated damages and other amounts due in respect of the Debenture.
Automatic Redemption Amount means an amount per Class A Restricted Voting Share, payable in cash, equal to the pro-rata portion (per Class A Restricted Voting Share) of: (A) the Escrow Funds then available in the Escrow Account, including any interest and other amounts earned thereon, less (B) an amount equal to the total of (i) any applicable taxes payable by the Corporation on such interest and other amounts earned in the Escrow Account, (ii) any taxes of the Corporation (including under Part VI.1 of the Tax Act) arising in connection with the redemption of the Class A Restricted Voting Shares, and (iii) up to a maximum of U.S.$50,000 of interest and other amounts earned from the proceeds in the Escrow Account that may be released to pay actual and expected costs and expenses directly related to the Corporation’s Winding-Up, and directly related to the Corporation’s applications to cease to be a reporting issuer, its winding-up and/or its dissolution, as applicable, each as reasonably determined and certified by the Corporation;
Automatic Redemption Amount means an amount per Restricted Voting Unit, payable in cash, equal to the pro-rata portion (per Restricted Voting Unit) of: (A) the Escrow Funds then available in the Escrow Account, including any interest and other amounts earned thereon, less (B) an amount equal to the total of (i) any applicable taxes payable by the Limited Partnership on such interest and other amounts earned in the Escrow Account, and (ii) up to a maximum of U.S.$50,000 of interest and other amounts earned from the proceeds in the Escrow Account that may be released to pay actual and expected costs and expenses directly related to the Limited Partnership’s Winding-Up, and directly related to the Limited Partnership’s applications to cease to be a reporting issuer, its winding-up and/or its dissolution, as applicable, each as reasonably determined and certified by the General Partner;