Company Election to Replace Certain Shares; Company Election to Reserve and Repurchase Certain Shares. In the event that the Company has sold, or has binding commitments to sell on or prior to the Effective Date, Permitted Replacement Shares, the Company may elect by written notice to each Purchaser to reduce the Total Purchase Amount by all or any portion of the number of such Permitted Replacement Shares as the Company may determine in its discretion; provided, that the Total Purchase Amount shall not be less than 190,000,000. No election by the Company under this Section 1.4(a) shall be effective unless received by each Purchaser on or prior to the date of notice of the time fixed for the hearing to approve the Confirmation Order under Bankruptcy Rule 2002. Any election by the Company under this Section 1.4(a) shall be binding and irrevocable.
Appears in 3 contracts
Samples: Stock Purchase Agreement (Pershing Square Capital Management, L.P.), Stock Purchase Agreement (General Growth Properties Inc), Stock Purchase Agreement (General Growth Properties Inc)
Company Election to Replace Certain Shares; Company Election to Reserve and Repurchase Certain Shares. In the event that the Company has sold, or has binding commitments to sell on or prior to the Effective Date, Permitted Replacement Shares, the Company may elect by written notice to each Purchaser to reduce the Total Purchase Amount by all or any portion of the number of such Permitted Replacement Shares as the Company may determine in its discretion; provided, that the Total Purchase Amount shall not be less than 190,000,000. No election by the Company under this Section 1.4(a) shall be effective unless received by each Purchaser on or prior to the date that is 15 days before the commencement of notice of the time fixed for the hearing to approve consider confirmation of the Confirmation Order under Bankruptcy Rule 2002Plan. Any election by the Company under this Section 1.4(a) shall be binding and irrevocable.
Appears in 1 contract
Samples: Stock Purchase Agreement (Pershing Square Capital Management, L.P.)