GTL Common Stock definition
Examples of GTL Common Stock in a sentence
Each GTL Warrant represents the right to purchase one share of common stock, par value $1.00 per share, of GTL (the "GTL Common Stock").
In the event that GTL shall be required to pay a cash adjustment in lieu of any issuance of fractional interests in GTL Common Stock as provided in its Bye-Laws and GTL shall not have cash available to make such payment, then the Partnership shall make a cash distribution to GTL, in lieu of a payment of such amount in OPIs under this Agreement and to the extent that funds shall be legally available thereof, to allow GTL to make such cash adjustments.
If, within 10 business days after the date of delivery of the Requirement Notice, LMC and SpaceCom cannot agree on the number of shares of GTL Common Stock or amount of cash, as the case may be, to be received by LMC in consideration of the Transferred Shares pursuant to Section 3.1 hereof (the "Consideration"), then the Consideration shall be determined by such nationally recognized investment bank as LMC and SpaceCom shall jointly select (the "Designated Investment Bank").
GTL Common Stock, respectively, which shares shall be free and clear of any lien, claim or encumbrance, and in the case of the GTL Common Stock, shall be validly issued, fully paid and non-assessable, and (ii) such instruments of transfer and evidence of ownership and authority as the other party may reasonably request.
Upon the exercise of any GTL Warrant by a holder thereof, GTL will purchase from Globalstar, and Globalstar will sell to GTL, a number of Ordinary Partnership Interests equal to the number of shares of GTL Common Stock issuable upon the exercise of the GTL Warrants, for a purchase price equal to the Exercise Price as each may be adjusted from time to time in accordance with the provisions of the GTL Warrant certificate.
Upon the receipt of the Requisite Shareholder Approval, GTL will at all times reserve and keep available, free from preemptive rights out of the aggregate of its authorized but unissued GTL Common Stock for the purpose of enabling it to satisfy any obligation to issue shares of GTL Common Stock upon exercise of GTL Warrants, the maximum number of shares of GTL Common Stock which may then be deliverable upon the exercise of all outstanding GTL Warrants.
If the Call Right Amount is greater than the amount of Warrant Shares or Warrant Interests then held by the defaulting Partner Guarantor, the defaulting Partner Guarantor shall purchase such number of shares of GTL Common Stock in the open market as would be necessary to enable it to satisfy its obligations under this Section 3.2.
LMC and SpaceCom shall use their best efforts to cause the determination of the Consideration by the Designated Investment Bank to be completed in five business days if SpaceCom Securities and GTL Common Stock are both publicly traded securities and otherwise in 60 days, in each case, after the date of engagement of the Designated Investment Bank.
Following receipt of the Requirement Notice by LMC, each of LMC and SpaceCom will use their reasonable efforts to reach an agreement on the number of shares of GTL Common Stock to be transferred, or the amount of cash to be paid, as the case may be, pursuant to Section 3.1(c) hereof, to LMC in exchange for the Transferred Shares.
In the event that GTL shall be required to pay a cash adjustment in lieu of any issuance of fractional interests in GTL Common Stock as provided in the Indenture and GTL shall not have cash available to make such payment, then the Partnership shall make a cash distribution to GTL, in lieu of a payment of such amount in OPIs under this Agreement and to the extent that funds shall be legally available thereof, to allow GTL to make such cash adjustments.