Common use of DELIVERY OF PURCHASE NOTICES Clause in Contracts

DELIVERY OF PURCHASE NOTICES. (a) The Company may exercise its right to sell Shares (including Blocks) hereunder by delivering (in accordance with Section 12 hereof) on any Exchange Business Day (as defined below) a written notice to the Agent of its election to sell Shares (each such notice, a "Purchase Notice"). Each Purchase Notice shall specify: (i) whether such Shares shall be sold through the Agent acting as principal or whether the Company and the Agent have expressly agreed that the Company shall sell such shares to the Agent acting as agent; (ii) the number of Shares that the Company intends to sell (the "Specified Number of Shares"), which shall be no less than 5% and no more than 20% of the average daily trading volume in the Common Stock on the Exchange for the thirty (30) Exchange Business Days preceding the date of delivery of the Purchase Notice, except as otherwise agreed in writing by the Agent in its sole discretion; (iii) whether the Company will grant the Agent the right to elect to purchase additional Shares in accordance with subsection (c) below; and (iv) in the case of a purchase of Shares by the Agent acting as principal, whether the Company elects to give the Agent the option to increase the number of Shares to be sold by the Company and purchased by the Agent acting as principal on such Purchase Date.

DELIVERY OF PURCHASE NOTICES. (a) The Company may exercise its right to sell Shares (including Blocks) hereunder by delivering (in accordance with Section 12 hereof) on any Exchange Business Day (as defined below) a written notice to the Agent of its election to sell Shares (each such notice, a "“Purchase Notice"”). Each Purchase Notice shall specify: (i) whether such Shares shall be sold through the Agent acting as principal or whether the Company and the Agent have expressly agreed that the Company shall sell such shares to the Agent acting as agentagent or to the Agent acting as principal; (ii) the number of Shares that the Company intends to sell (the "“Specified Number of Shares"”), which shall be no less than 5% and no more than 2025% of the average daily trading volume in the Common Stock on the Exchange for the thirty (30) Exchange Business Days preceding the date of delivery of the Purchase Notice, except as otherwise agreed in writing by the Agent in its sole discretion; (iii) whether the Company will grant the Agent the right to elect to purchase additional Shares in accordance with subsection (c) below; and; (iv) in the case of a purchase of Shares by the Agent acting as principal, whether the Company elects to give the Agent the option to increase the number of Shares to be sold by the Company and purchased by the Agent acting as principal on such Purchase Date; and (v) the price per Share below which no sales of Shares shall be made.