Common use of Mandatory Redemption at Subscriber’s Election Clause in Contracts

Mandatory Redemption at Subscriber’s Election. Upon the occurrence of: (i) an Event of Default (as defined in the Note or in this Agreement), which continues for more than thirty (30) Business Days, or (ii) a Change in Control (as defined below), or (iii) of the liquidation, dissolution or winding up of the Company, then at the Subscriber's election, the Company must pay to the Subscriber ten (10) business days after request by the Subscriber, a sum of money equal to 115% of the outstanding principal amount of the Note designated by the Subscriber together with accrued but unpaid interest thereon ("Mandatory Redemption Payment"). Upon receipt of the Mandatory Redemption Payment, the corresponding Note principal and interest will be deemed paid and no longer outstanding. For purposes of this Section 7.2, “Change in Control” shall mean (i) if the holders of the Company’s Common Stock as of the Closing Date beneficially own at any time after the Closing Date less than forty percent of the Common Stock owned by them on the Closing Date (other than as a result of their having sold their stock except under a tender offer), (ii) the Company becoming a Subsidiary of another entity (other than a corporation formed by the Company for purposes of reincorporation in another U.S. jurisdiction), or (iii) sale, lease or transfer of all or substantially all the assets of the Company.

Mandatory Redemption at Subscriber’s Election. Upon In the occurrence of: event (i) an of the occurrence of any Event of Default (as defined in the Note or in this Agreement), ) which continues for more than thirty (30) Business Daysbusiness days, or (ii) a Change in Control (as defined below), or (iii) of the liquidation, dissolution or winding up of the Company, then at the Subscriber's ’s election, the Company must pay to the Subscriber ten (10) business days after request by the SubscriberSubscriber (“Calculation Period”), a sum of money equal to 115% of multiplying up to the outstanding principal amount of the Note designated by the Subscriber by 120%, together with accrued but unpaid interest thereon ("“Mandatory Redemption Payment"”). Upon receipt of the Mandatory Redemption Payment, the corresponding Note principal and interest will be deemed paid and no longer outstanding. For purposes of this Section 7.26.5, “Change in Control” shall mean (i) if the holders Company no longer having a class of the Company’s Common Stock as of the Closing Date beneficially own at any time after the Closing Date less than forty percent of the Common Stock owned by them shares publicly traded or listed on the Closing Date (other than as a result of their having sold their stock except under a tender offer)Principal Market, (ii) the Company becoming a Subsidiary of another entity (other than a corporation formed by the Company for purposes of reincorporation in another U.S. jurisdiction), or (iii) the sale, lease or transfer of all or substantially all the assets of the CompanyCompany or Subsidiaries.