Payment by Issuance of Common Stock. On each Purchase Date, at the option of the Company, the Purchase Price of Debentures in respect of which a Purchase Notice pursuant to Section 801 has been given, or a specified percentage thereof, may be paid by the Company by the issuance of a number of shares of Common Stock equal to the quotient obtained by dividing (i) the amount of cash to which the Holders would have been entitled had the Company elected to pay all or such specified percentage, as the case may be, of the Purchase Price of such Debentures in cash by (ii) 95% of the Market Price of a share of Common Stock, subject to the next succeeding paragraph. The Company will not issue a fractional share of Common Stock in payment of the Purchase Price. Instead the Company will pay cash for the current market value of the fractional share. The current market value of a fraction of a share of Common Stock shall be determined by multiplying the Market Price by such fraction and rounding the product to the nearest whole cent with one half cent being rounded upwards. It is understood that if a Holder elects to have more than one Debenture purchased, the number of shares of Common Stock shall be based on the aggregate amount of Debentures to be purchased. Upon determination of the actual number of shares of Common Stock issuable in accordance with the provisions of this Section 804, the Company shall publish such information in The Wall Street Journal or another daily newspaper of national circulation. The Company's right to exercise its election to purchase the Debentures pursuant to this Article through the issuance of Common Stock shall be conditioned upon:
Appears in 3 contracts
Samples: Supplemental Indenture (Dte Energy Co), Supplemental Indenture (Dte Energy Co), Supplemental Indenture (Dte Energy Co)
