Universal Group Right Sample Clauses

Universal Group Right. The Universal Group shall have the right, from time to time, subject to the terms and conditions of this Agreement, to exchange a number of LLC Shares at the then applicable Exchange Rate (as of the Exchange Date (as defined below)), rounded down to the nearest whole number, for shares of HSN Stock, so long as, after giving effect to such issuance, the Foreign Ownership Limitation would not be exceeded and Universal (or its permitted transferee) is otherwise permitted by law to Own such shares. Universal shall also be entitled to receive upon such Exchange the kind and amount of Other Property (other than shares of HSN Stock) for which such LLC Shares are then exchangeable pursuant to Article 3 hereof. Subject to the provisions of the Investment Agreement, Universal shall be entitled to elect whether to receive shares of HSN Common Stock or HSN Class B Stock in connection with such exchange.
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Related to Universal Group Right

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