Common use of Securities Acquisition Election Clause in Contracts

Securities Acquisition Election. The Stockholders acting as a ------------------------------- group may elect, by written notice to Parent delivered on or before January 31, 1999 (the "Election Notice") to call upon Parent to acquire, for the cash amount of $2,244,576 plus simple interest thereon at the rate of 8% per annum from the date hereof to the date of the closing of such acquisition (the "Securities Acquisition Consideration") all of the shares of Parent Common Stock and Parent Preferred Stock issued by Parent to the Stockholders pursuant to this Agreement (the "Securities Acquisition Transaction"). In the event that Parent determines not to agree to acquire such shares in the Securities Acquisition Transaction, Parent shall, within 90 days of receipt of the Election Notice, give written notice to the Stockholders ("Parent Rejection Notice") that it has so determined not to agree to acquire such shares. In the event Parent determines to agree to acquire such shares in the Securities Acquisition Transaction, Parent shall, within 90 days of receipt of the Election Notice, give written notice to the Stockholders ("Parent Acceptance Notice") that it agrees to acquire such shares. The Parent Acceptance Notice shall also specify the date, time and place of the closing of the Securities Acquisition Transaction; provided that such closing shall be held not more than 60 days after delivery of the Parent Acceptance Notice. At such closing, the Stockholders shall deliver or cause to be delivered to Parent or its designee stock certificates evidencing the Parent Common Stock and Parent Preferred Stock duly endorsed and in proper form for transfer on the stock records of the Companies with customary written warranties of good title, authority to transfer and absence of liens or other exceptions to title hereto, and Parent or its designee shall deliver or cause to be delivered to the Stockholders the Securities Acquisition Consideration and a letter containing customary representations and warranties evidencing compliance with applicable securities laws. If the Parent Acceptance Notice is not delivered to the Stockholders within 90 days of Parent's receipt of the Election Notice, Parent will conclusively be deemed to have delivered a Parent Rejection Notice to the Stockholders on the 90th day after Parent's receipt of the Election Notice. Upon delivery or deemed delivery of the Parent Rejection Notice, the Stockholders shall have no right to request Parent to acquire any Parent Common Stock or Parent Preferred Stock pursuant to this Section 4.5.1.

Securities Acquisition Election. The Stockholders acting as a Attorney-in-Fact may ------------------------------- group may elect, by written notice to Parent delivered on or before January 31, 1999 (the "Election Notice") to call upon Parent to acquire, for the cash amount equal to the sum of $2,244,576 (i) the value of the shares of Parent Common Stock and Parent Preferred Stock issued in the Xxxxxxx Offering and in the Division Vice Presidents Option and (ii) the Aggregate Consideration less the cash component thereof, plus simple interest thereon on such sum at the rate of 8% per annum from the date hereof Closing Date to the date of the closing of such acquisition (the "Securities Acquisition Consideration") (i) all of the shares of Parent Common Preferred Stock and Parent Preferred Common Stock issued by Parent to the Stockholders pursuant to this Agreement and (ii) all of the Parent Preferred Stock and Parent Common Stock issued by Parent in the (a) Parent Employee Stock Offering pursuant to Article 5, (b) the Xxxxxxx Offering and (c) the Division Vice Presidents Option ("Securities Acquisition Transaction"). In the event that Parent determines not to agree to acquire such shares and in the Securities Acquisition Transaction, Parent shall, within 90 days of receipt of the Election Notice, give written notice to the Stockholders Attorney-in- Fact ("Parent Rejection Notice") that it has so determined not to agree to acquire such shares. In the event Parent determines to agree to acquire such shares in the Securities Acquisition Transaction, Parent shall, within 90 days of receipt of the Election Notice, give written notice to the Stockholders Attorney-in-Fact ("Parent Acceptance Notice") that it agrees to acquire such shares. The Parent Acceptance Notice shall also specify the date, time and place of the closing of the Securities Acquisition Transaction; provided that such closing shall be held not more than 60 days after delivery of the Parent Acceptance Notice. At such closing, the Stockholders Attorney-in-Fact shall deliver or cause to be delivered to Parent or its designee stock certificates evidencing the Parent Common Preferred Stock and the Parent Preferred Common Stock duly endorsed and in proper form for transfer on the stock records of the Companies Parent with customary written warranties of good title, authority to transfer and absence of liens or other exceptions to title hereto, and Parent or its designee shall deliver or cause to be delivered to the Stockholders Attorney-in-Fact the Securities Acquisition Consideration and a letter containing customary representations and warranties evidencing compliance with applicable securities laws. If the Parent Acceptance Notice is not delivered to the Stockholders Attorney-in-Fact within 90 days of Parent's receipt of the Election Notice, Parent will conclusively be deemed to have delivered a Parent Rejection Notice to the Stockholders Attorney-in-Fact on the 90th day after Parent's receipt of the Election Notice. Upon delivery or deemed delivery of the Parent Rejection Notice, neither the Stockholders Attorney-in-Fact nor any holder of Parent Common Stock, or Parent Preferred Stock shall have no right any rights to request Parent to acquire any Parent Common Stock or Parent Preferred Stock of same pursuant to this Section 4.5.1461.

Securities Acquisition Election. The Stockholders acting as a jointly ------------------------------- group may elect, by written notice to Parent delivered on or before January 31, 1999 (the "Election Notice") to call upon Parent to acquire, for the cash amount of $2,244,576 1.00 per share of Parent Preferred Stock and $6.30 per share of Parent Common Stock (taking into account any stock splits or other similar events since the Closing), plus simple interest thereon at the rate of 8% per annum from the date hereof to the date of the closing of such acquisition (the "Securities Acquisition Consideration") all of the shares of Parent Common Preferred Stock and Parent Preferred Common Stock issued by Parent to the Stockholders pursuant to this Agreement (the "Securities Acquisition Transaction")Agreement. In the event that Parent determines not to agree to acquire such shares in the Securities Acquisition Transaction, Parent shall, within 90 days of receipt of the Election Notice, give written notice to the Stockholders ("Parent Rejection Notice") that it has so determined not to agree to acquire such shares. In the event Parent determines to agree to acquire such shares in the Securities Acquisition Transaction, Parent shall, within 90 days of receipt of the Election Notice, give written notice to the Stockholders ("Parent Acceptance Notice") that it agrees to acquire such shares. The Parent Acceptance Notice shall also specify the date, time and place of the closing of the Securities Acquisition Transaction; provided that such closing shall be held not more than 60 days after delivery of the Parent Acceptance Notice. At such closing, the Stockholders shall deliver or cause to be delivered to Parent or its designee stock certificates evidencing the Parent Common Preferred Stock and the Parent Preferred Common Stock duly endorsed and in proper form for transfer on the stock records of the Companies Company with customary written warranties of good title, authority to transfer and absence of liens or other exceptions to title hereto, and Parent or its designee shall deliver or cause to be delivered to the Stockholders the Securities Acquisition Consideration and a letter containing customary representations and warranties evidencing compliance with applicable securities laws. If the Parent Acceptance Notice is not delivered to the Stockholders within 90 days of Parent's receipt of the Election Notice, Parent will conclusively be deemed to have delivered a Parent Rejection Notice to the Stockholders on the 90th day after Parent's receipt of the Election Notice. Upon delivery or deemed delivery of the Parent Rejection Notice, the Stockholders shall have no right to request Parent to acquire any Parent Common Stock or Parent Preferred Stock pursuant to this Section 4.5.1.

Securities Acquisition Election. The Stockholders acting as a jointly may ------------------------------- group may elect, by written notice to Parent delivered on or before January 31, 1999 (the "Third 1 Election Notice") ), to call upon Parent to acquire, for the cash amount of $2,244,576 8,232,000 plus simple interest thereon at the rate of 8% per annum from the date hereof to the date of the closing of such acquisition (the "Securities Acquisition Consideration") all of the shares of Parent Common Preferred Stock and Parent Preferred Common Stock issued by Parent to the Stockholders pursuant to this Agreement and all Rights and all Employee Options and all Option Shares (the "Securities Acquisition Transaction"). In the event that Parent determines not to agree to acquire such shares shares, Rights, and Employee Options and Option Shares in the Securities Acquisition Transaction, Parent shall, within 90 days of receipt of the Third Election Notice, give written notice to the Stockholders ("Parent Second Rejection Notice") that it has so determined not to agree to acquire such shares, Rights, Employee Options and Option Shares. In the event Parent determines to agree to acquire such shares shares, Rights, Employee Options and Option Shares in the Securities Acquisition Transaction, Parent shall, within 90 days of receipt of the Third Election Notice, give written notice to the Stockholders ("Parent Second Acceptance Notice") that it agrees to acquire such shares, Rights, Employee Options and Option Shares. The Parent Second Acceptance Notice shall also specify the date, time and place of the closing of the Securities Acquisition Transaction; provided that such closing shall be held not more than 60 days after delivery of the Parent Second Acceptance Notice. At such closing, the Stockholders shall deliver or cause to be delivered to Parent or its designee stock certificates evidencing the Parent Preferred Stock and the Parent Common Stock and Parent Preferred Stock Option Shares duly endorsed and in proper form for transfer on the stock records of the Companies Company with customary written warranties of good title, authority to transfer and absence of liens or other exceptions to title heretohereto and a release of all of the Stockholder's Rights and all Employee Options, and Parent or its designee shall deliver or cause to be delivered to the Stockholders the Securities Acquisition Consideration and a letter containing customary representations and warranties evidencing compliance with applicable securities laws. If the Parent Second Acceptance Notice is not delivered to the Stockholders within 90 days of Parent's receipt of the Third Election Notice, Parent will conclusively be deemed to have delivered a Parent Second Rejection Notice to the Stockholders on the 90th day after Parent's receipt of the Third Election Notice. Upon delivery or deemed delivery of the Parent Rejection Notice, the Stockholders shall have no right to request Parent to acquire any shares of Parent Common Stock or Stock, Parent Preferred Stock Stock, Rights, Employee Options or Option Shares pursuant to this Section 4.5.14.6.1.

Securities Acquisition Election. The Stockholders acting as a ------------------------------- group Transferor may elect, ------------------------------- by written notice to Parent Transferee delivered on or before January 31, 1999 (the "Third Election Notice") to call upon Parent Transferee to acquire, for the cash amount of $2,244,576 2,476,776 plus simple interest thereon at the rate of 8% per annum Reference Rate from the date hereof to the date of the closing of such acquisition (the "Securities Acquisition Consideration") all of the shares of Parent Common GMAC Preferred Stock and Parent Preferred GMAC Common Stock issued by Parent Transferee to the Stockholders Transferor pursuant to this Agreement (the "Securities Acquisition Transaction")) within 90 days of Transferee's receipt of the Third Election Notice. In the event that Parent Transferee determines not to agree to acquire such shares within 90 days of Transferee's receipt of the Third Election Notice in the Securities Acquisition Transaction, Parent Transferee shall, within 90 60 days of receipt of the Third Election Notice, give written notice to the Stockholders Transferors ("Parent Transferee Second Rejection Notice") that it has so determined not to agree to acquire such shares. In the event Parent Transferee determines to agree to acquire such shares in the Securities Acquisition Transaction, Parent Transferee shall, within 90 60 days of receipt of the Third Election Notice, give written notice to the Stockholders Transferors ("Parent Transferee Second Acceptance Notice") that it agrees to acquire such shares. The Parent Transferee Second Acceptance Notice shall also specify the date, time and place of the closing of the Securities Acquisition Transaction; provided that such closing shall be held not more than 60 90 days after delivery of the Parent Acceptance Third Election Notice. At such closing, the Stockholders Transferor shall deliver or cause to be delivered to Parent Transferee or its designee stock certificates evidencing the Parent Common GMAC Preferred Stock and Parent Preferred the GMAC Common Stock duly endorsed and in proper form for transfer on the stock records of the Companies Company with customary written warranties of good title, authority to transfer and absence of liens or other exceptions to title hereto, and Parent Transferee or its designee shall deliver or cause to be delivered to the Stockholders Transferor the Securities Acquisition Consideration and a letter containing customary representations and warranties evidencing compliance with applicable securities laws. If the Parent Transferee Second Acceptance Notice is not delivered to the Stockholders Transferor within 90 60 days of ParentTransferee's receipt of the Third Election Notice, Parent Transferee will conclusively be deemed to have delivered a Parent Transferee Second Rejection Notice to the Stockholders Transferor on the 90th 60th day after ParentTransferee's receipt of the Third Election Notice. Upon delivery or deemed delivery of the Parent Transferee Rejection Notice, the Stockholders Transferors shall have no right to request Parent Transferee to acquire any Parent shares of GMAC Common Stock or Parent Stock, GMAC Preferred Stock Stock, pursuant to this Section 4.5.14.8.1.