Common use of Exchange Settlement Clause in Contracts

Exchange Settlement. (1) Yankees hereby assigns to the CFST and the CFST hereby accepts in partial payment of the Yankees Debt, $11,696.95, of the Explorations' Debt (the "CFST Assigned Debt"), evinced by a partial assignment of Yankees' rights under the Explorations' Notes equivalent thereto, the transaction being effected without registration under the Securities Act or the Florida Act, based on the exemption from registration provided by Section 4(2) of the Securities Act and Section 517.061(11) of the Florida Act. (2) Yankees hereby assigns to the TFST and the TFST hereby accepts in partial payment of the Yankees Debt, $11,696.95, of the Explorations' Debt (the "TFST Assigned Debt," the CFST Assigned Debt and the TFST Assigned debt being hereinafter collectively and generically referred to as the "Assigned Debt"), evinced by a partial assignment of Yankees' rights under the Explorations' Notes equivalent thereto, the transaction being effected without registration under the Securities Act or the Florida Act, based on the exemption from registration provided by Section 4(2) of the Securities Act and Section 517.061(11) of the Florida Act. (3) The CFST and the TFST hereby accept the Assigned Debt, in partial payment of the Yankees' Debt. (B) (1) Yankees hereby exchanges the Explorations' Notes with Explorations for three new notes to be issued directly by Explorations, the first to Yankees in the principal sum of $2,500, the second to the CFST in the principal sum of $11,696.95 and the third to the TFST in the principal sum of $11,695.95, in each case in the form annexed hereto and made a part hereof as exhibit II(B)(1) (collectively and generically hereinafter referred to as the "Replacement Notes"), the receipt of which by each Party is hereby acknowledged.