Common use of Permitted Exchanges Clause in Contracts

Permitted Exchanges. (a) Notwithstanding Section 8.01, each Member (other than the Corporation) shall be entitled to exchange, at any time and from time to time, any or all of such Member’s Common Units, on a one-for-one basis, for the same number of shares of Common Stock (the number of shares of Common Stock for which a Common Unit is entitled to be exchanged referred to herein as the “Exchange Rate”) by delivering a written notice to the Manager (and to the Corporation, if the Corporation is not the Manager) stating that such Member desires to exchange a number of Common Units specified in such notice into an equal number of shares of Common Stock, accompanied by instruments of transfer to the Corporation, duly executed by such Member or such Member’s duly authorized attorney, and transfer tax stamps or funds therefor, if required pursuant to this Article VIII, in respect of the Common Units to be exchanged, in each case delivered during normal business hours at the principal executive offices of the Manager (and the Corporation, if the Corporation is not the Manager). The Manager shall use commercially reasonable efforts to effect any such exchange within one Business Day of receiving the requisite notice, instruments of transfer and transfer tax stamps or funds therefor, if required, as set forth in the preceding sentence. Notwithstanding the foregoing, no holder of a Common Unit shall be entitled to exchange such Common Unit for a share of Common Stock if such exchange would be prohibited under applicable federal or state securities laws or regulations. (b) Upon the date any such Common Units are surrendered for exchange pursuant to this Section 8.03, all rights of the holder of such Common Units as such holder shall cease. (c) The Exchange Rate shall be adjusted accordingly if there is: (1) any subdivision (by any unit split, unit distribution, reclassification, recapitalization or otherwise) or combination (by reverse unit split, reclassification, recapitalization or otherwise) of the Common Units that is not accompanied by an identical subdivision or combination of the Common Stock; or (2) any subdivision (by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of the Common Stock that is not accompanied by an identical subdivision or combination of the Common Units. In the event of a reclassification or other similar transaction as a result of which the shares of Common Stock are converted into another security, then a Member shall be entitled to receive upon exchange the amount of such security that such Member would have received if such exchange had occurred immediately prior to the effective date of such reclassification or other similar transaction.

Permitted Exchanges. (a) Notwithstanding Section 8.01, each Member (other than the Corporation) shall be entitled to exchange, at any time and from time to time, any or all of such Member’s Common Units, on a one-for-one basis, for the same number of shares of Common Stock (the number of shares of Common Stock for which a Common Unit is entitled to be exchanged referred to herein as the “Exchange Rate”) by delivering a written notice to the Manager (and to the Corporation, if the Corporation is not the Manager) stating that such Member desires to exchange a number of Common Units specified in such notice into an equal number of shares of Common Stock, accompanied by instruments of transfer to the Corporation, duly executed by such Member or such Member’s duly authorized attorney, and transfer tax stamps or funds therefor, if required pursuant to this Article VIII, in respect of the Common Units to be exchanged, in each case delivered during normal business hours at the principal executive offices of the Manager (and the Corporation, if the Corporation is not the Manager). The Manager shall use commercially reasonable efforts to effect any such exchange within one Business Day of receiving the requisite notice, instruments of transfer and transfer tax stamps or funds therefor, if required, as set forth in the preceding sentence. Notwithstanding the foregoing, no holder of a Common Unit shall be entitled to exchange such Common Unit for a share of Common Stock if such exchange would be prohibited under applicable federal or state securities laws or regulations. (b) Upon the date any such Common Units are surrendered for exchange pursuant to this Section 8.03, all rights of the holder of such Common Units as such holder shall cease. (c) The Exchange Rate shall be adjusted accordingly if there is: (1) any subdivision (by any unit split, unit distribution, reclassification, recapitalization or otherwise) or combination (by reverse unit split, reclassification, recapitalization or otherwise) of the Common Units that is not accompanied by an identical subdivision or combination of the Common Stock; or (2) any subdivision (by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of the Common Stock that is not accompanied by an identical subdivision or combination of the Common Units. In the event of a reclassification or other similar transaction as a result of which the shares of Common Stock are converted into another security, then a Member shall be entitled to receive upon exchange the amount of such security that such Member would have received if such exchange had occurred immediately prior to the effective date of such reclassification or other similar transaction.

Permitted Exchanges. (a) Notwithstanding Section 8.01, each Member (other than the Corporation) shall be entitled to exchange, at any time and from time to time, any or all of such Member’s Common 's Units, on a one-for-one basis, for the same number of shares of Common Stock (the number of shares of Common Stock for which a Common Unit is entitled to be exchanged referred to herein as the “"Exchange Rate”") by delivering a written notice to the Manager (and to the Corporation, if the Corporation is not the Manager) stating that such Member desires to exchange a number of Common Units specified in such notice into an equal number of shares of Common Stock, accompanied by instruments of transfer to the Corporation, duly executed by such Member or such Member’s 's duly authorized attorney, and transfer tax stamps or funds therefor, if required pursuant to this Article VIII, in respect of the Common Units to be exchanged, in each case delivered during normal business hours at the principal executive offices of the Manager (and the Corporation, if the Corporation is not the Manager). The Manager shall use commercially reasonable efforts to effect any such exchange within one Business Day of receiving the requisite notice, instruments of transfer and transfer tax stamps or funds therefor, if required, as set forth in the preceding sentence. Notwithstanding the foregoing, no holder of a Common Unit shall be entitled to exchange such Common Unit for a share of Common Stock if such exchange would be prohibited under applicable federal or state securities laws or regulations. (b) Upon the date any such Common Units are surrendered for exchange pursuant to this Section 8.03, all rights of the holder of such Common Units as such holder shall cease. (c) The Exchange Rate shall be adjusted accordingly if there is: (1) any subdivision (by any unit split, unit distribution, reclassification, recapitalization or otherwise) or combination (by reverse unit split, reclassification, recapitalization or otherwise) of the Common Units that is not accompanied by an identical subdivision or combination of the Common Stock; or (2) any subdivision (by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of the Common Stock that is not accompanied by an identical subdivision or combination of the Common Units. In the event of a reclassification or other similar transaction as a result of which the shares of Common Stock are converted into another security, then a Member shall be entitled to receive upon exchange the amount of such security that such Member would have received if such exchange had occurred immediately prior to the effective date of such reclassification or other similar transaction.