Common use of Exchange Exemption Clause in Contracts

Exchange Exemption. Securities Act Section 3(a)(9), Securities Exempted by Act, Subsubsection (9), Securities Exchanged with Security Holders. "Except as hereinafter expressly provided the provisions of this title shall not apply to any of the following classes of securities: ....(9) Except with respect to a security exchanged in a case under title 11 of the United States Code, any security exchanged by the issuer with its existing security holders exclusively where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange ....