Common use of Optional Redemptions Clause in Contracts

Optional Redemptions. In addition to the redemption of the Notes required under sub-Section 2.5.1, Borrower may, at any time upon the prior written approval of each of a majority of the members of Borrower's board of directors and a majority of the independent members of Borrower's board of directors, voluntarily redeem the Notes, in whole or in part (in integral multiples of Five Hundred Thousand Dollars ($500,000)), together with all accrued and unpaid interest on the amount so redeemed through the date of redemption, at a redemption price equal to: (a) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs on or prior to the first anniversary of this Agreement, one hundred six percent (106%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; (b) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs after the first anniversary of this Agreement but on or prior to the second anniversary of this Agreement, one hundred five percent (105%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; (c) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs after the second anniversary of this Agreement but on or prior to the third anniversary of this Agreement, one hundred four percent (104%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; (d) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs after the third anniversary of such Agreement but on or prior to the fourth anniversary of this Agreement, one hundred three percent (103%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; (e) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs after the fourth anniversary of this Agreement but on or prior to the fifth anniversary of this Agreement, one hundred two percent (102%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; or (f) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs after the fifth anniversary but prior to the sixth anniversary of this Agreement, one hundred one percent (101%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon.

Optional Redemptions. In addition to the redemption of the Notes required under subSUB-Section SECTION 2.5.1, the Borrower may, may at any time upon the prior written approval of each of a majority of the members of Borrower's board of directors and a majority of the independent members of Borrower's board of directors, voluntarily redeem the Notes, in whole or in part (in integral multiples of Five Hundred Thousand Dollars ($500,000)), together with all accrued and unpaid interest on the amount so redeemed through the date of redemption, at a redemption price equal to: (a) if such voluntary redemption, including a redemption pursuant to subSUB-Section SECTION 2.5.4, occurs on or prior to the first (1st) anniversary of this Agreement, one hundred six percent (106%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; (b) if such voluntary redemption, including a redemption pursuant to subSUB-Section SECTION 2.5.4, occurs after the first (1st) anniversary of this Agreement but on or prior to the second (2nd) anniversary of this Agreement, one hundred five four percent (105104%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; (c) if such voluntary redemption, including a redemption pursuant to subSUB-Section SECTION 2.5.4, occurs after the second (2nd) anniversary of this Agreement but on or prior to the third anniversary of this Agreement, one hundred four percent (104%3rd) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; (d) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs after the third anniversary of such Agreement but on or prior to the fourth anniversary of this Agreement, one hundred three percent (103%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; (e) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs after the fourth anniversary of this Agreement but on or prior to the fifth anniversary of this Agreement, one hundred two percent (102%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; or (fd) if such voluntary redemption, including a redemption pursuant to subSUB-Section 2.5.4, SECTION 2.5.4 occurs after the fifth anniversary but prior to the sixth third (3rd) anniversary of this Agreement, one hundred one percent (101%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon.

Optional Redemptions. In addition to the redemption of the Notes required under sub-Section section 2.5.1, the Borrower may, subject to the subordination provisions contained in Section 2.14 hereof and the restrictions contained in the Senior Credit Agreement, at any time upon the prior written approval of each of a majority of the members of Borrower's board of directors and a majority of the independent members of Borrower's board of directors, voluntarily redeem the Notes, in whole or in part (in integral multiples of Five Hundred Thousand Dollars ($500,000)), together with all accrued and unpaid interest on the amount so redeemed through the date of redemption, at a redemption price equal to: (a) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs on or prior to the first (1st) anniversary of this Agreement, one hundred six percent (106%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; (b) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs after the first (1st) anniversary of this Agreement but on or prior to the second (2nd) anniversary of this Agreement, one hundred five percent (105%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; (c) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs after the second (2nd) anniversary of this Agreement but on or prior to the third (3rd) anniversary of this Agreement, one hundred four two and one-half percent (104102.5%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; (d) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs after the third anniversary of such Agreement but on or prior to the fourth anniversary of this Agreement, one hundred three percent (103%3rd) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; (e) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs after the fourth anniversary of this Agreement but on or prior to the fifth anniversary of this Agreement, one hundred two percent fourth (102%4th) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon; or (f) if such voluntary redemption, including a redemption pursuant to sub-Section 2.5.4, occurs after the fifth anniversary but prior to the sixth anniversary of this Agreement, one hundred one percent (101%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon.; or (e) if such voluntary redemption occurs after the fourth (4th) anniversary of this Agreement, one hundred percent (100%) of the sum of the principal amount to be redeemed plus any accrued but unpaid interest thereon;