Common use of Cash Election Option Clause in Contracts

Cash Election Option. Not later than the close of business on the second NYSE trading day immediately preceding the first day of the AIMCO Reference Period, AIMCO shall deliver to IPT a written notice (the "Cash Election Notice"), which shall be irrevocable, in which AIMCO specifies a percentage, from 0% to 100%, of the Merger Consideration to be paid in cash (the "Cash Percentage"); provided, however, that if (x) AIMCO fails to timely deliver the Cash Election Notice to IPT or (y) the IPT Meeting Date is on or after March 1, 1999, then AIMCO shall not be entitled to deliver a Cash Election Notice (i.e., the Cash Percentage shall be deemed to be zero percent (0%) and AIMCO shall not be entitled to pay any portion of the Merger Consideration in cash). AIMCO shall use its best efforts to cause IPT to issue, on the date the Cash Election Notice is required to be delivered, via the Dow Xxxxx News Service and PR Newswire, a press release announcing the Cash Percentage.

Cash Election Option. Not later than the close of business on the second NYSE trading day immediately preceding the first day of the AIMCO Reference Period, AIMCO shall deliver to IPT a written notice (the "Cash Election Notice"), which shall be irrevocable, in which AIMCO specifies a percentage, from 0% to 100%, of the Merger Consideration to be paid in cash (the "Cash Percentage"); provided, however, that if (x) AIMCO fails to timely deliver the Cash Election Notice to IPT or (y) the IPT Meeting Date is on or after March 1, 1999, then AIMCO shall not be entitled to deliver a Cash Election Notice (i.e., the Cash Percentage shall be deemed to be zero percent (0%) and AIMCO shall not be entitled to pay any portion of the Merger Consideration in cash). AIMCO shall use its best efforts to cause IPT to issue, on the date the Cash Election Notice is required to be delivered, via the Dow Xxxxx News Jonex Xxxs Service and PR Newswire, a press release announcing the Cash Percentage.