Exercise of Exchange Right. The Exchange Right shall be and remain vested in and exercisable by the Trustee. Subject to Section 6.15 hereof, the Trustee shall exercise the Exchange Right only on the basis of instructions received pursuant to this ARTICLE 5 from Beneficiaries entitled to instruct the Trustee as to the exercise thereof. To the extent that no instructions are received from a Beneficiary with respect to the Exchange Right, the Trustee shall not exercise or permit the exercise of the Exchange Right.
Exercise of Exchange Right. (a) In order to exercise the Exchange Right, an Initial Member or JDI shall deliver a written notice (an “Exchange Notice”) to such effect to the Company, not less than ten (10) Business Days prior to the date as of which the Initial Member or JDI desires the closing (the “Exchange Closing”) of the exchange to occur (such date, the “Proposed Exchange Closing Date”). The Exchange Notice shall include a representation and warranty by the Initial Member or JDI to the effect that such Initial Member or JDI owns, and will continue to own until the Exchange Closing, the Offered Units subject to the Exchange Notice, free and clear of all liens, charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements, obligations, understandings or arrangements or other restrictions on title or transfer of any nature whatsoever (“Liens”) other than Liens arising under this Agreement and Liens that will be discharged at or prior to Exchange Closing.
Exercise of Exchange Right. The Exchange Right shall be exercised by written notice from Purchaser to Holdings (an "Exchange Notice") stating that Purchaser desires to exercise an Exchange Right and setting forth: (i) the proposed closing date, which (subject to the earlier satisfaction or waiver of the condition set forth in Section 7) shall be within three days after the date of delivery of such notice; provided, however, if Holdings has not received the Notes BSRD described in Section 6(d) by such third day after the delivery of the Exchange Notice, the Closing shall occur as soon as practicable following the receipt of such Notes BSRD by Holdings, and (ii) the amount of Notes to be exchanged expressed as a Conversion Principal Amount and such Conversion Principal Amount shall be in multiples of $25,000.
Exercise of Exchange Right. Any Subsequent Holder shall, at its option, be entitled to exercise the Common Share Exchange Right if such Subsequent Holder is not then an affiliate of the Purchaser. In addition, at any time and from time to time after the Company has consummated the initial registered public offering of Common Shares in the United States, the Purchaser may exercise the Common Share Exchange Right only in order to effect the delivery of Common Shares in connection with sales into the public market, and such exchange shall be deemed to have been made upon delivery of the certificate or certificates representing such Common Shares together with an executed share transfer form. Notwithstanding the foregoing provisions of this Section 7.2, the Common Share Exchange Right may be exercised only to the extent that the person receiving Company Common Shares upon the exercise of such Common Share Exchange Rights would not, after such exchange, own more than 9.9% of the total Company Common Shares issued and outstanding (after application of the U.S. tax attribution and constructive ownership rules), unless such restriction is waived by the unanimous consent of the Board of Directors of the Company. Notwithstanding the foregoing, to the extent that after an exchange the Purchaser or any Subsequent Holder would own more than 9.9% of the total Company Common Shares issued and outstanding, the number of Company Common Shares that will be entitled to vote will be limited to that number that would equal no more than 9.9% of the total Company Common Shares issued and outstanding, unless such voting restriction is waived by the unanimous consent of the Board of Directors of the Company. The Purchaser or any Subsequent Holder shall exercise this Common Share Exchange Right by surrendering to the Company at the principal offices of the Company or the Company's registrar and transfer agent, or the Secretary of the Company in the event that the Company does not then have a registrar and transfer agent, at any time during normal business hours, the certificate or certificates representing the Max Re Non-Voting Common Shares to be exchanged together with an executed share transfer form and written notice (the "Exchange Request") stating (a) that such exchanging holder desires to exchange all or a portion of the Max Re Non-Voting Common Shares held by such exchanging holder, (b) the number of Max Re Non-Voting Common Shares desired to be exchanged and (c) the names and addresses in which each ...
Exercise of Exchange Right a) The Corporation, on behalf of the Fund, may establish a form of Royalty Unit exchange form (a "ROYALTY UNIT EXCHANGE FORM") to be submitted to the Fund and to the transfer agent of the Fund by any holder of Royalty Units that wishes to exchange such Royalty Units for Trust Units which Royalty Unit Exchange Form shall require the holder to elect and indicate irrevocably:
Exercise of Exchange Right. (a) As a condition precedent to the exercise of the Exchange Right, the Company and the exercising Founder must mutually agree that no gain or loss will be required to be recognized for U.S. federal tax purposes on account of such exercise and related Exchange (the “Exchange Condition”).
Exercise of Exchange Right. The Exchange Right shall be exercised by written notice from any Purchaser to the Company (an "Exchange Notice") stating that such Purchaser desires to exercise an Exchange Right and setting forth: (i) the proposed closing date, which (subject to the earlier satisfaction or waiver of conditions set forth in Section 7) shall be no earlier than three (3) days after and no later than twenty (20) days after the date of delivery of such notice, and (ii) the amount of Notes to be exchanged expressed as a Conversion Principal Amount.
Exercise of Exchange Right. The Exchange Right shall be and remain vested in and exercisable by each holder in respect of the Exchangeable Shares held by such holder.
Exercise of Exchange Right. No Adjustment for Interest or Dividends 60 Section 13.03. Cash Payments in Lieu of Fractional Shares 62 Section 13.04. Exchange Rate 62 Section 13.05. Adjustment of Exchange Rate 63 Section 13.06. Taxes on Shares Issued 70 Section 13.07. Reservation of Shares, Shares to Be Fully Paid; Compliance with 70 Governmental Requirements; Listing of Common Stock Section 13.08. Responsibility of Trustee 71 Section 13.09. Notice to Holders Prior to Certain Actions 71 Section 13.10. Settlement upon Exchange 72 PAGE
Exercise of Exchange Right. If any Member desires to exercise the Exchange Right and acquire shares of Odyssey Common Stock to this Section 2, such Member shall deliver to Odyssey:
