Common use of Redemption at Option of Holder Clause in Contracts

Redemption at Option of Holder. A holder of Preference Shares will be entitled to require the Company to redeem, subject to the requirements of the Business Corporations Act, at any time the whole or from time to time any part of the Preference Shares then held by such holder by delivering an irrevocable request in writing specifying that the holder desires to have all or any part of the Preference Shares registered in such holder's name redeemed by the Company, together with the share certificate or certificates, if any, representing the Preference Shares which the registered holder desires to have the Company redeem. Upon receipt of such a request together with the share certificate or certificates representing the Preference Shares, if the Preference Shares which the holder desires to have the Company redeem are certificated, the Company will redeem such Preference Shares by paying to such holder the Redemption Amount for each such Preferred Share being redeemed. The Preference Shares will be redeemed and the holder of such shares will cease to be entitled to dividends and will not be entitled to exercise any of the rights of a holder of Preference Shares in respect thereof unless payment of the Redemption Amount is not made on the date specified for redemption, in which event the rights of the holder of the said Preference Shares will remain unaffected.

Redemption at Option of Holder. (i) A holder of a Preference Shares will Share shall be entitled to require the Company to redeem, subject to the requirements of the Business Corporations Actapplicable law, at any time the whole or from time to time any part Preference Share registered in the name of such holder on the books of the Company by tendering to the Company at its registered office a share certificate evidencing the Preference Shares then held by such holder by delivering an irrevocable Share (or a Certificate Indemnity) together with a request in writing (the “Request”) specifying (i) that the holder desires to have all or any part of the Preference Shares registered in such holder's name redeemed by the Company, together with the share certificate or certificates, if any, representing the Preference Shares which the registered holder desires to have the Preference Share represented by such certificate redeemed by the Company redeem. Upon receipt of such a request together with and (ii) the share certificate or certificates representing business day (herein referred to as the Preference Shares, if the Preference Shares “Redemption Date”) on which the holder desires to have the Company redeem are certificatedsuch Preference Share. The Redemption Date shall be not less than 20 days after the day on which the Request is received by the Company. (ii) Upon receipt of a share certificate evidencing the Preference Share (or a Certificate Indemnity) together with the Request, the Company will shall on the Redemption Date redeem such Preference Shares Share by paying to such registered holder the Redemption Amount for each such Preferred Share being redeemedPreference Share. Such payment shall be made by cheque payable at par at any branch of the Company’s bankers for the time being. The cheque shall be sent to the Shareholder by letter, postage prepaid, addressed to the Shareholder at his address as it appears on the register of members of the Company or such other address as may be designated in the Request. (iii) The Preference Shares will Share shall be redeemed and the holder of such shares will cease to be entitled to dividends and will not be entitled to exercise any of the rights of a holder of Preference Shares in respect thereof unless payment of on the Redemption Amount Date and for such purposes, unless the contrary is not made on the date specified for redemption, in which event the rights of the holder of the said Preference Shares will remain unaffected.proven:

Redemption at Option of Holder. A holder of Preference Shares will be entitled to require the Company to redeem, subject to the requirements of the Business Corporations Act, at any time the whole or from time to time any part of the Preference Shares then held by such holder by delivering an irrevocable request in writing specifying that the holder desires to have all or any part of the Preference Shares registered in such holder's ’s name redeemed by the Company, together with the share certificate or certificates, if any, representing the Preference Shares which the registered holder desires to have the Company redeem. Upon receipt of such a request together with the share certificate or certificates representing the Preference Shares, if the Preference Shares which the holder desires to have the Company redeem are certificated, the Company will redeem such Preference Shares by paying to such holder the Redemption Amount for each such Preferred Share being redeemed. The Preference Shares will be redeemed and the holder of such shares will cease to be entitled to dividends and will not be entitled to exercise any of the rights of a holder of Preference Shares in respect thereof unless payment of the Redemption Amount is not made on the date specified for redemption, in which event the rights of the holder of the said Preference Shares will remain unaffected.