Exchange Election Sample Clauses

Exchange Election. If on or before the Closing Date SELLER has notified PURCHASER of its election to effect an exchange of the PROPERTY or portions of the PROPERTY for properties of a like-kind pursuant to section 1031 of the Internal Revenue Code of 1986, as amended, then at Closing:

Exchange Election. 4 (a) PAYMENT.............................................................5 (b) CONVEYANCE..........................................................5 (c) NON-FOREIGN AFFIDAVITS..............................................5

Exchange Election. At the Purchaser’s election, the Purchaser may cause the Shareholders to exchange their Notes for shares of Purchase Stock (“Exchange Election”). The shares of Purchaser Common Stock that are issuable to the Shareholder pursuant to an Exchange Election are referred to herein as the “Exchange Shares”. The number of Exchange Shares that the Purchaser will issue to each Shareholder in exchange for the Note held by such Shareholder will equal the quotient obtained by dividing (i) the principal and accrued but unpaid interest on such Note by (ii) the Share Price. To exercise the Exchange Election, the Purchaser shall send written notice to each Shareholder (“Election Notice”), which Election Notice shall state the number Exchange Shares that will be issued to the Shareholder and the date that the exchange will take place, which exchange date must be a date within ten (10) business days after the date the Election Notice is delivered (the date of the exchange, the “Exchange Date”). The Purchaser covenants and undertakes to not engage in any Subdebt Issuance or issue any Purchaser Common Stock pursuant to the Warrant Exchange Agreement described in Section 1.2.2 (or any successor or similar agreement among the parties thereto) unless the Purchaser has issued or simultaneously issues to the Shareholders all of the Exchange Shares and thereby fully redeems the Promissory Note.

Exchange Election. 4 (a) Payment................................................................................................4 (b) Conveyance.............................................................................................4 (c) Non-foreign Affidavits.................................................................................4 (d) 3-D Seismic License....................................................................................4

Exchange Election. Section 7.01. Right To Exchange 16 Section 7.02. Exchange Closing 17 Section 7.03. Effect Of Exchange 17 Section 7.04. Definitions 18 Section 8.01. Grounds for Termination 18 Section 8.02. Effect of Termination 19

Exchange Election. Subject to the applicable procedures of DTC in the case of Global Notes, a Holder electing to not have its Notes redeemed pursuant to this Article 16 must deliver to the Paying Agent a written notice of election so as to be received by the Paying Agent prior to the close of business on the second Business Day immediately preceding the Redemption Date; provided that a Holder that complies with the requirements for exchange in Section 14.02(b) shall be deemed to have delivered a notice of its election to not have its Notes so redeemed. A Holder may withdraw any notice of election (other than such a deemed notice of election in connection with an exchange) by delivering to the Paying Agent a written notice of withdrawal prior to the close of business on the Business Day immediately preceding the Redemption Date (or, if the Company fails to pay the Redemption Price on the Redemption Date, such later date on which the Redemption Price has been paid or duly provided for). If no election is made or deemed to have been made, the Holder shall have its Notes redeemed without any further action.

Exchange Election. Subject to Section 2.12(e), each Series A Lender may elect, at any time and from time to time during the Exchangeability Period, to exchange the relevant portion of the principal amount of the Series A Loans held by such Series A Lender (the “Exchange Right”), into NEXT Shares (the “Exchange Shares”) at the Exchange Price pursuant to an Exchange Election Notice, to be delivered at the direction of applicable Series A Lender by the Administrative Agent to the Borrower and NEXT; provided, that, unless 100% of the then outstanding Series A Loans are being exchanged, no Exchange Election Notice shall be effective if the aggregate outstanding principal amount of the Series A Loans after giving effect thereto would be less than $19,000,000. An Exchange Election Notice, once delivered, shall be irrevocable unless otherwise agreed in writing by the Borrower and NEXT.

Exchange Election