Direct Exchange definition
Examples of Direct Exchange in a sentence
With respect to any Redemption, the right to consummate a Direct Exchange pursuant to this Section 11.03 shall be exercisable for all (and not less than all) Redeemed Units that would have otherwise been subject to such Redemption.
In the event such withholding cannot be eliminated, such Member shall deliver to the Company (in the case of a Redemption) or Fubo (in the case of a Direct Exchange) cash constituting the amount that is required to be withheld, which cash shall be remitted by the Company or Fubo, as applicable, to the applicable Governmental Entity in accordance with applicable Law.
Upon the consummation of a Direct Exchange pursuant to this Section 11.03, Fubo shall acquire the Redeemed Units, and Fubo shall be treated for all purposes of this Agreement as the owner of such Common Units.
Except as otherwise provided in this Section 11.03, a Direct Exchange shall be consummated pursuant to the same timeframe and in the same manner as the relevant Redemption would have been consummated pursuant to this Article XI if Fubo had not delivered a Direct Exchange Election Notice.
A Direct Exchange Election Notice may be revoked by F▇▇▇ at any time in its sole discretion upon written notice to the Company and the Redeeming Member; provided that any such revocation does not prejudice the ability of the parties thereto to consummate an Exchange on the Redemption Date.