Payment by Issuance of Shares. On each Purchase Date, at the option of the Issuer, the Purchase Price of Securities in respect of which a Purchase Notice pursuant to Section 3.08(a) has been given, or a specified percentage thereof, may be paid by the Issuer by the issuance of a number of Shares equal to the quotient obtained by dividing (i) the amount of 31 cash to which the Securityholders would have been entitled had the Issuer elected to pay all or such specified percentage, as the case may be, of the Purchase Price of such Securities in cash by (ii) the Market Price of a Share, subject to the next succeeding paragraph. The Issuer may not issue a fractional Share in payment of the Purchase Price. Instead the Issuer shall pay cash for the current market value of the fractional Share. The current market value of a fraction of a Share shall be determined, to the nearest 1/1,000th of a Share, by multiplying the Market Price by such fraction and rounding the product to the nearest whole cent. It is understood that if a Holder elects to have more than one Security purchased, the number of Shares shall be based on the aggregate amount of Securities to be purchased. The Issuer's right to exercise its election to purchase the Securities pursuant to Section 3.08 through the issuance of Shares shall be conditioned upon: (i) the Issuer's not having given its Issuer's Notice of an election to pay entirely in cash and its giving of a timely Issuer's Notice of election to purchase all or a specified percentage of the Securities with Shares as provided herein; (ii) the listing of the Shares to be issued in respect of the payment of the Purchase Price on the principal United States National Securities Exchange on which the Shares are then listed or quoted; (iii) the registration of the Shares to be issued in respect of the payment of the Purchase Price under the Securities Act and the Exchange Act, if required; and (iv) any necessary qualification or registration under applicable state securities laws or the availability of an exemption from such qualification and registration. The Issuer may pay the Purchase Price (or any portion thereof) in Shares only if the information necessary to calculate the Market Price is published in a daily newspaper of national circulation. If the foregoing conditions are not satisfied with respect to a Holder or Holders prior to the close of business on the Purchase Date and the Issuer has elected to purchase the Securities pursuant to this Section 3.08 through the issuance of Shares, the Issuer shall pay the entire Purchase Price of the Securities of such Holder or Holders in cash.
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Payment by Issuance of Shares. On each the 2004 and 2006 Purchase Date----------------------------- Dates, at the option of the Issuer, if the Purchase Price of Securities Notes in respect of which a Purchase Notice pursuant to Section 3.08(a3.07(a) has been given, or a specified percentage thereof, may be is paid by the Issuer Company by the issuance of a Shares, the number of Shares shall equal to the quotient obtained by dividing (i) the amount of 31 cash to which the Securityholders Holders would have been entitled had the Issuer Company elected to pay all or such specified percentage, as the case may be, of the Purchase Price of such Securities Notes in cash by (ii) 95% of the Market Price of a Share, subject to the next succeeding paragraph. The Issuer Company may not issue a fractional Share in payment of the Purchase Price. Instead the Issuer Company shall pay cash for the current market value of the fractional Share. The current market value of a fraction of a Share shall be determined, to the nearest 1/1,000th of a Share, by multiplying the Market Price by such fraction and rounding the product to the nearest whole cent. It is understood that if a Holder elects to have more than one Security Note purchased, the number of Shares shall be based on the aggregate amount of Securities Notes to be purchased. The IssuerCompany's right to exercise its election to purchase the Securities Notes on the 2004 and/or 2006 Purchase Dates pursuant to Section 3.08 3.07 through the issuance of Shares shall be conditioned upon:
(i) the IssuerCompany's not having given its IssuerCompany's Notice of an election to pay entirely in cash and its giving of a timely IssuerCompany's Notice of election to purchase all or a specified percentage of the Securities Notes with Shares as provided herein;
(ii) the listing of the Shares to be issued in respect of the payment of the Purchase Price on the principal United States National Securities Exchange on which the Shares are then listed or quoted;
(iii) the registration of the Shares to be issued in respect of the payment of the Purchase Price under the Securities Act and the Exchange Act, if required; and
(iv) any necessary qualification or registration under applicable state securities laws or the availability of an exemption from such qualification and registration. The Issuer Company may pay the Purchase Price (or any portion thereof) in Shares on the 2004 and/or 2006 Purchase Dates only if the information necessary to calculate the Market Price is published in a daily newspaper of national circulation. If the foregoing conditions are not satisfied with respect to a Holder or Holders prior to the close of business on the relevant Purchase Date and the Issuer Company has elected to purchase the Securities Notes pursuant to this Section 3.08 3.07 through the issuance of Shares, the Issuer Company shall pay the entire Purchase Price of the Securities Notes of such Holder or Holders in cash.
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Payment by Issuance of Shares. On each Purchase Date, at the option of the Issuer, If the Purchase Price of Securities Notes in respect of which a Purchase Notice pursuant to Section 3.08(a3.07(a) has been given, or a specified percentage thereof, may be is paid by the Issuer Company by the issuance of a Shares, the number of Shares shall equal to the quotient obtained by dividing (i) the amount of 31 cash to which the Securityholders Holders would have been entitled had the Issuer Company elected to pay all or such specified percentage, as the case may be, of the Purchase Price of such Securities Notes in cash by (ii) 100% of the Market Price of a Share, subject to the next succeeding paragraph. The Issuer Company may not issue a fractional Share in payment of the Purchase Price. Instead the Issuer Company shall pay cash for the current market value of the fractional Share. The current market value of a fraction of a Share shall be determined, to the nearest 1/1,000th of a Share, by multiplying the Market Price by such fraction and rounding the product to the nearest whole cent. It is understood that if a Holder elects to have more than one Security Note purchased, the number of Shares shall be based on the aggregate amount of Securities Notes to be purchased. The IssuerCompany's right to exercise its election to purchase the Securities Notes pursuant to Section 3.08 3.07 through the issuance of Shares shall be conditioned upon:
(i) the IssuerCompany's not having given its IssuerCompany's Notice of an election to pay entirely in cash and its giving of a timely IssuerCompany's Notice of election to purchase all or a specified percentage of the Securities Notes with Shares as provided herein;
(ii) the listing of the Shares to be issued in respect of the payment of the Purchase Price on the principal United States National Securities Notes Exchange on which the Shares are then listed or quoted;
(iii) the registration of the Shares to be issued in respect of the payment of the Purchase Price under the Securities Act and the Exchange Act, if required; and
(iv) any necessary qualification or registration under applicable state securities laws or the availability of an exemption from such qualification and registration. The Issuer Company may pay the Purchase Price (or any portion thereof) in Shares on the Purchase Dates only if the information necessary to calculate the Market Price is published in a daily newspaper of national circulation. If the foregoing conditions are not satisfied with respect to a Holder or Holders prior to the close of business on the relevant Purchase Date and the Issuer Company has elected to purchase the Securities Notes pursuant to this Section 3.08 3.07 through the issuance of Shares, the Issuer Company shall pay the entire Purchase Price of the Securities Notes of such Holder or Holders in cash.
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Payment by Issuance of Shares. On each Purchase Date, at the option of the Issuer, the Purchase Price of Securities in respect of which a Purchase Notice pursuant to Section 3.08(a) has been given, or a specified percentage thereof, may be paid by the Issuer by the issuance of a number of Shares equal to the quotient obtained by dividing (i) the amount of 31 cash to which the Securityholders would have been entitled had the Issuer elected to pay all or such specified percentage, as the case may be, of the Purchase Price of such Securities in cash by (ii) the Market Price of a Share, subject to the next succeeding paragraph. The Issuer may not issue a fractional Share in payment of the Purchase Price. Instead the Issuer shall pay cash for the current market value of the fractional Share. The current market value of a fraction of a Share shall be determined, to the nearest 1/1,000th of a Share, by multiplying the Market Price by such fraction and rounding the product to the nearest whole cent. It is understood that if a Holder elects to have more than one Security purchased, the number of Shares shall be based on the aggregate amount of Securities to be purchased. The Issuer's right to exercise its election to purchase the Securities pursuant to Section 3.08 through the issuance of Shares shall be conditioned upon:
(i) the Issuer's not having given its Issuer's Notice of an election to pay entirely in cash and its giving of a timely Issuer's Notice of election to purchase all or a specified percentage of the Securities with Shares as provided herein;
(ii) the listing of the Shares to be issued in respect of the payment of the Purchase Price on the principal United States National Securities Exchange on which the Shares are then listed or quoted;
(iii) the registration of the Shares to be issued in respect of the payment of the Purchase Price under the Securities Act and the Exchange Act, if required; and
(iv) any necessary qualification or registration under applicable state securities laws or the availability of an exemption from such qualification and registration. The Issuer may pay the Purchase Price (or any portion thereof) in Shares only if the information necessary to calculate the Market Price is published in a daily newspaper of national circulation. If the foregoing conditions are not satisfied with respect to a Holder or Holders prior to the close of business on the Purchase Date and the Issuer has elected to purchase the Securities pursuant to this Section 3.08 through the issuance of Shares, the Issuer shall pay the entire Purchase Price of the Securities of such Holder or Holders in cash.
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Payment by Issuance of Shares. On each Purchase Date, at the option of the Issuer, the Purchase Price of Securities in respect of which a Purchase Notice pursuant to Section 3.08(a3.07(a) has been given, or a specified percentage thereof, may be paid by the Issuer by the issuance of a number of Shares equal to the quotient obtained by dividing (i) the amount of 31 cash to which the Securityholders would have been entitled had the Issuer elected to pay all or such specified percentage, as the case may be, of the Purchase Price of such Securities in cash by (ii) the Market Price of a Share, subject to the next succeeding paragraph. The Issuer may not issue a fractional Share in payment of the Purchase Price. Instead the Issuer shall pay cash for the current market value of the fractional Share. The current market value of a fraction of a Share shall be determined, to the nearest 1/1,000th of a Share, by multiplying the Market Price by such fraction and rounding the product to the nearest whole cent. It is understood that if a Holder elects to have more than one Security purchased, the number of Shares shall be based on the aggregate amount of Securities to be purchased. The Issuer's right to exercise its election to purchase the Securities pursuant to Section 3.08 3.07 through the issuance of Shares shall be conditioned upon:
(i) the Issuer's not having given its Issuer's Notice of an election to pay entirely in cash and its giving of a timely Issuer's Notice of election to purchase all or a specified percentage of the Securities with Shares as provided herein;
(ii) the listing of the Shares to be issued in respect of the payment of the Purchase Price on the principal United States National Securities Exchange on which the Shares are then listed or quoted;
(iii) the registration of the Shares to be issued in respect of the payment of the Purchase Price under the Securities Act and the Exchange Act, if required; and
(iv) any necessary qualification or registration under applicable state securities laws or the availability of an exemption from such qualification and registration. The Issuer may pay the Purchase Price (or any portion thereof) in Shares only if the information necessary to calculate the Market Price is published in a daily newspaper of national circulation. If the foregoing conditions are not satisfied with respect to a Holder or Holders prior to the close of business on the Purchase Date and the Issuer has elected to purchase the Securities pursuant to this Section 3.08 through the issuance of Shares, the Issuer shall pay the entire Purchase Price of the Securities of such Holder or Holders in cash.
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