Exchange for XM Common Stock Sample Clauses

Exchange for XM Common Stock. The Holder, at its option, may, on two Business Days prior written notice (each an "Exchange Notice"), on one or more occasions any time after the earlier of an Exchange Event and January 15, 2000, and on or prior to repayment in full of principal, interest and any other amounts due and owing hereunder (each an "Exchange Date"), exchange all of the principal then outstanding on this Note, or a portion thereof in an amount not less than $250,000 (and if greater than $250,000, in increments of $1,000 above such amount), for (i) XM Owned Shares, (ii) XM Note Shares issued to the Company on or prior to such Exchange Date, or (iii) rights to XM Note Shares issuable to the Company, at an exchange rate of $875,000 principal amount for each one (1) share of XM Owned Shares or XM Note Shares issued or issuable to the Company (the "Exchange Price"). Any principal exchanged under this Section 7(a) shall be exchanged first for, and to the extent of, XM Owned Shares, second for XM Note Shares issued to the Company, if any, and then for the XM Note. Upon full exchange of this Note, the Company shall be forever released from all its obligations and liabilities under this Note. If, on the Maturity Date, the Company has not received a timely Exchange Notice for the then outstanding principal amount under this Note, the Company may, at its option, (x) require the Holder to exchange such remaining principal for XM Owned Shares and/or XM Note Shares pursuant to the terms set forth in this Section 7 in full satisfaction of all Obligations hereunder, or (y) repay all remaining principal and accrued interest due as of the Maturity Date. Upon such exchange or repayment pursuant to the immediately preceding sentence, the Company shall be forever released from all its obligations and liabilities under this Note.
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Related to Exchange for XM Common Stock

  • Common Stock 1 Company........................................................................1

  • Merger Sub Common Stock At the Effective Time, each share of common stock, par value $0.01 per share, of Merger Sub (“Merger Sub Common Stock”) issued and outstanding immediately prior to the Effective Time shall be automatically converted into one fully paid and nonassessable share of common stock, par value $0.01 per share, of the Surviving Corporation.

  • Class A Common Stock Subject to applicable law and the rights, if any, of the holders of any outstanding series of Preferred Stock having a preference over or the right to participate with the Class A Common Stock with respect to the payment of dividends and other distributions in cash, stock of any corporation or property of the Corporation, the holders of Class A Common Stock shall be entitled to receive ratably, taken together as a single class, in proportion to the number of shares held by each such stockholder such dividends and other distributions as may from time to time be declared by the Board in its discretion out of the assets of the Corporation that are by law available therefor at such times and in such amounts as the Board in its discretion shall determine.

  • Common Shares 4 Company...................................................................................... 4

  • Class B Common Stock 2 Closing........................................................................5

  • Ordinary Shares The Ordinary Shares included in the Units have been duly authorized and, when issued and delivered against payment for the Offered Securities by the Underwriters pursuant to this Agreement and registered in the Company’s register of members, will be validly issued, fully paid and non-assessable. The holders of such Ordinary Shares are not and will not be subject to personal liability by reason of being such holders; such Ordinary Shares are not and will not be subject to any preemptive or other similar contractual rights granted by the Company.

  • Parent Common Stock At and after the Effective Time, each share of Parent Common Stock issued and outstanding immediately prior to the Effective Time shall remain an issued and outstanding share of common stock of the Surviving Corporation and shall not be affected by the Merger.

  • Fractional Shares of Common Stock (a) The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever any fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of such fraction to the nearest whole Warrant (rounded down).

  • Changes in Common Stock or Preferred Stock If, and as often as, there is any change in the Common Stock or the Preferred Stock by way of a stock split, stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions hereof so that the rights and privileges granted hereby shall continue with respect to the Common Stock or the Preferred Stock as so changed.

  • Company Stock The Certificates and stock powers, duly endorsed, transferring the Company Stock to Subsidiary and the officer and director resignations required in Section 4.6;

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