Redemption at the Option of the Corporation Clause Samples
The 'Redemption at the Option of the Corporation' clause grants the issuing company the right to repurchase or redeem its securities, such as shares or bonds, before their scheduled maturity or expiration. Typically, this clause outlines the conditions under which the corporation can exercise this right, including the timing, price, and notice requirements for redemption. For example, a company may choose to redeem bonds early if interest rates decline, allowing it to refinance at a lower cost. The core practical function of this clause is to provide the corporation with financial flexibility and control over its capital structure, while also managing potential future liabilities.
Redemption at the Option of the Corporation. Subject to applicable law and Section 5 hereof, upon giving notice as hereinafter provided, the Corporation may redeem at any time all, but not less than all, the outstanding Series 51 Preference Shares, on payment of the Applicable Redemption Price for each such share to be redeemed, in each case, together with accrued and unpaid dividends up to but excluding the date fixed for redemption, the whole constituting the redemption price. The Corporation shall give notice in writing not less than 45 days nor more than 60 days prior to the date on which the redemption is to take place to each person who at the date of giving such notice is the holder of Series 51 Preference Shares to be redeemed of the intention of the Corporation to redeem such shares. Any such notice shall be validly and effectively given on the date on which it is sent and such notice shall be given and sent by posting the same in a postage paid envelope addressed to each holder of Series 51 Preference Shares to be redeemed at the last address of such holder as it appears on the securities register of the Corporation, or in the case of joint holders, to the address of that one whose name appears first in the securities register of the Corporation as one of such joint holders or, in the event of the address of any holder not so appearing, then to the address of such holder as known to the Corporation, provided that the accidental failure or omission to give any such notices as aforesaid to one or more of such holders shall not affect the validity of the redemption as to the other holders of the Series 51 Preference Shares to be redeemed. Such notice shall set out the number of such Series 51 Preference Shares held by the person to whom it is addressed which are to be redeemed and the redemption price and shall also set out the date on which the redemption is to take place, and on and after the date so specified for redemption the Corporation shall pay or cause to be paid to the holders of such Series 51 Preference Shares to be redeemed the redemption price on presentation and surrender at any place or places within Canada designated by such notice, of the certificate or certificates for such Series 51 Preference Shares so called for redemption; such payment shall be made by cheque payable at par at any branch in Canada of the Corporation’s bankers for the time being or by any other reasonable means the Corporation deems desirable; from and after the date specified in any such notice, the Seri...
Redemption at the Option of the Corporation. To the extent the Corporation shall have funds legally available for such payment, the Corporation may, at its option, redeem shares of Senior Preferred Stock, at any time in whole but not in part, at redemption prices per share in cash set forth in the table below, together with accrued and unpaid cash dividends thereon to the date fixed for redemption, without interest: Prior to August 1, Percentage of Liquidation Value --------- ------------------------------- 2003 115.000 2004 107.500 2005 105.000 2006 102.500 Thereafter 100.000
Redemption at the Option of the Corporation. The Debentures shall be redeemable by the Corporation in accordance with the terms of this Section 2.3(k) and Article 4, provided that the Debentures will not be redeemable by the Corporation prior to September 22, 2026, except in the event of the satisfaction of certain conditions after a Change of Control has occurred as outlined in Section 2.3(l) or upon request of the Debentureholders pursuant to Section 2.3(m). From September 22, 2026 and prior to the Maturity Date, the Debentures shall be redeemable, in whole at any time, or in part from time to time, at the option of the Corporation on notice as provided for in Section 4.3 at a redemption price equal to the principal amount thereof plus accrued and unpaid interest up to the Redemption Date, provided that the Current Market Price on the date immediately prior to the date the Redemption Notice is given exceeds 130% of the Conversion Price and the Corporation shall have provided to the Trustee an Officer’s Certificate confirming such Current Market Price (and the applicable Exchange Rate, if any, used in determining the Current Market Price).
Redemption at the Option of the Corporation. The Corporation, at its sole option and discretion, shall be entitled to redeem Preferred Stock from any holder of record of issued and outstanding Preferred Stock (“Preferred Stockholder”) at any time following the first to occur of (i) the date any Preferred Stockholder ceases to be an employee of the Corporation for any reason; and (ii) May 15, 2008 (“Final Redemption Date”). The redemption price (the “Preferred Stock Redemption Price”) shall be as follows:
(1) in the event a Preferred Stockholder is terminated at any time for cause, the Original Issue Price plus accrued and unpaid cumulative dividends; and
(2) on the occurrence of the Final Redemption Date, or in the event a Preferred Stockholder ceases to be employed by the Corporation (unless following termination for cause) or due to the death, disability or termination without “cause” of the Preferred Stockholder, the greater of (y) the redemption price which would be payable under subsection (1) above; or (z) an amount equal to the book value as of the most recent quarter end of the Common Stock into which the Preferred Stock would have been convertible if a Liquidity Event (as defined in Section 5(a)) had then occurred.
Redemption at the Option of the Corporation. At any time, and from time to time, after the Original Issue Date, the Corporation may, at its option, upon fifteen (15) days’ written notice, redeem shares of the Series A Preferred Stock, in whole or in part, for cash at a redemption price of $[·] per share (as may be adjusted for stock splits, recapitalizations, combinations, reclassifications and similar events which affect the shares of Series A Preferred Stock as provided in Section 7 below), plus, subject to the provisions set forth in the first sentence of Section 6(e)(iii) below, accrued and unpaid dividends thereon up to and including the date fixed for redemption, without interest, to the extent the Corporation has funds legally available therefor. If less than all of the outstanding shares of Series A Preferred Stock are to be redeemed, the shares of Series A Preferred Stock to be redeemed may be selected by any equitable method determined by the Board of Directors provided that such method does not result in the creation of fractional shares.
Redemption at the Option of the Corporation. At any time after [___________], 2002, to the extent the corporation shall have funds legally available for such payment, the corporation may, at its option as determined by the Special Committee and upon at least 10 Business Days prior written notice to Holders, redeem shares of Convertible Preferred Stock in whole or in part, at a redemption price per share in cash equal to 100% of the then liquidation preference of such shares, plus (without duplication) accrued and unpaid cash dividends thereon to the date fixed for redemption, without interest.
Redemption at the Option of the Corporation. Subject to the Act, the Corporation shall, at its option, be entitled to redeem at any time or times all or any part of the Preferred Shares registered in the name of any holder of any such Preferred Shares on the books of the Corporation with or without the consent of such holder by giving notice in writing to such holder specifying:
Redemption at the Option of the Corporation. The Debentures shall be redeemable by the Corporation in accordance with the terms of Article 4, provided that the Debentures will not be redeemable by the Corporation on or prior to June 10, 2019, except in the event of the satisfaction of certain conditions after a Change of Control has occurred as outlined in Section 2.3(l). From June 10, 2019 and prior to the Maturity Date, the Debentures shall be redeemable, in whole at any time, or in part from time to time, at the option of the Corporation on notice as provided for in Section 4.3 at a redemption price equal to the principal amount thereof plus accrued and unpaid interest up to the Redemption Date, provided that the Current Market Price on the date immediately prior to the date the Redemption Notice is given exceeds 130% of the Conversion Price and the Corporation shall have provided to the Trustee an Officer’s Certificate confirming such Current Market Price.
Redemption at the Option of the Corporation. (a) Redemption Prior to October 15, 2024; Generally. Other than in accordance with Section 7(c), prior to October 15, 2024, the Series A Preferred Stock shall not be redeemable at the option of the Corporation.
Redemption at the Option of the Corporation. At any time on and after the Section 7
(a) Redemption Effective Date, the Corporation may, at its sole discretion, redeem all or less than all of the outstanding shares of Convertible Preferred Stock at the Redemption Price (as defined below).