Deemed Exercises Sample Clauses
The "Deemed Exercises" clause establishes circumstances under which certain rights, options, or obligations are considered to have been exercised automatically, even if no explicit action has been taken by the relevant party. For example, if a party fails to provide notice of intent to exercise an option within a specified timeframe, the clause may stipulate that the option is treated as exercised by default. This mechanism ensures that contractual processes move forward without unnecessary delays or ambiguity, thereby preventing parties from exploiting inaction to avoid commitments or disrupt the agreement's intended operation.
Deemed Exercises. If a Rights Offeree has not indicated the number of Rights being exercised, or if the Subscription Price payment forwarded by such Rights Offeree to the Subscription Agent is not sufficient to purchase the number of Units subscribed for, the Rights Offeree will be deemed to have exercised the Basic Subscription Right with respect to the maximum number of Rights which may be exercised for the Subscription Price delivered to the Subscription Agent and, to the extent that the Subscription Price payment delivered by such Rights Offeree exceeds the Subscription Price multiplied by the maximum number of Rights which may be exercised (the "Subscription Excess"), the Rights Offeree will have been deemed to have exercised its Over-Subscription Right to purchase, except as provided in Section 8.2, that number of Units equal to the quotient obtained by dividing the Subscription Excess by the Subscription Price, up to the maximum number of Units purchasable by such Rights Offeree. The Subscription Agent, as soon as practicable after the exercise of the Rights, shall mail to such Rights Offerees any portion of the Subscription Excess not applied to the purchase of Units pursuant to the Over-Subscription Right, without interest or deduction.
Deemed Exercises. If a Rights Holder has not indicated the number of Rights being exercised, or if the Rights Price payment forwarded by such Rights Holder to the Rights Agent is not sufficient to purchase the number of Rights Securities subscribed for, the Rights Holder will be deemed to have exercised the Rights with respect to the maximum number of Rights which may be exercised for the Rights Price delivered to the Rights Agent.