Common use of Optional Redemption Right Clause in Contracts

Optional Redemption Right. (i) The Corporation shall have the right at any time to repurchase (a “Optional Redemption”) all of the then outstanding Series C Preferred Stock at a price equal to 105% of the Stated Value of such shares of Series C Preferred Stock (the “Optional Redemption Price”), plus all accrued but unpaid dividends thereon to the date of payment, in cash. The Corporation must deliver a notice of the Optional Redemption to the Holders at least twenty (20) Trading Days prior the date of the Optional Redemption (the “Optional Redemption Date”), which notice shall state the date of the Optional Redemption Date and the Optional Redemption Price. (ii) Upon receipt of payment of the Optional Redemption Price by the Holders of Series C Preferred Stock, each Holder will deliver the certificate(s) evidencing the Series C Preferred Stock redeemed by the Corporation, unless such Holder is awaiting receipt of a new certificate evidencing such shares from the Corporation pursuant to another provision hereof. At any time on or prior to the Optional Redemption Date, the Holders may convert any or all of the shares of Series C Preferred Stock, and the Corporation shall honor any such conversions in accordance with the terms hereof.

Optional Redemption Right. (i) The At any time following the 30th Trading Day following the Effective Date, the Corporation shall have the right at any time to repurchase (a an “Optional Redemption”) all of the then outstanding Series C D Preferred Stock at a price equal to 105% of the Stated Value of such shares of Series C D Preferred Stock (the “Optional Redemption Price”), plus all accrued but unpaid dividends thereon to the date of payment, in cash. The Corporation must deliver a notice of the Optional Redemption to the Holders at least twenty (20) Trading Days prior the date of the Optional Redemption (the “Optional Redemption Date”), which notice shall state the date of the Optional Redemption Date and the Optional Redemption Price. (ii) Upon receipt of payment of the Optional Redemption Price by the Holders of Series C D Preferred Stock, each Holder will deliver the certificate(s) evidencing the Series C D Preferred Stock redeemed by the Corporation, unless such Holder is awaiting receipt of a new certificate evidencing such shares from the Corporation pursuant to another provision hereof. At any time on or prior to the Optional Redemption Date, the Holders may convert any or all of the shares of Series C D Preferred Stock, and the Corporation shall honor any such conversions in accordance with the terms hereof.