EFFECT OF EXERCISE OF PUT OPTION Sample Clauses

EFFECT OF EXERCISE OF PUT OPTION. Upon receipt of the Put Option by the Purchasing Shareholder and the Corporation, (a) the Purchasing Shareholder shall be obligated to purchase from the Vendor and the Vendor shall be obligated to sell to the Purchasing Shareholder, the number of the Common Shares owned by the Deceased Shareholder as at the date of death of the Deceased Shareholder that was specified in the notice by which the Put Option is exercised, upon the terms and conditions hereinafter set forth; (b) the Corporation shall be obligated to purchase from the Vendor and the Vendor shall be obligated to sell to the Corporation, the Common Shares owned by the Deceased Shareholder as at the date of such Deceased Shareholder’s death not specified by the Vendor to be acquired by the Purchasing Shareholder, upon the terms and conditions hereinafter set forth.
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EFFECT OF EXERCISE OF PUT OPTION. Upon receipt of a Put Option by the Corporation, the Corporation shall be obligated to purchase from the Surviving Spouse and the Surviving Spouse shall be obligated to sell to the Corporation, all the Common Shares owned by the Deceased Shareholder as at the date of death of the Deceased Shareholder, upon the terms and conditions hereinafter set forth.
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Related to EFFECT OF EXERCISE OF PUT OPTION

  • Effect of Exercise of Warrants (1) Upon compliance by the Warrantholder with the provisions of Section 3.1, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

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