Voluntary Exchange Sample Clauses
Voluntary Exchange. Two or more teachers may initiate a request for voluntary exchange for a period of one (1) school year. Approved voluntary exchanges may, on the request of the teachers involved, be extended for a maximum of one (1) additional school year. Such request(s) will be subject to the approval of the Principals of the schools impacted by the exchange. Such request(s), with the written approval of the Principals, will be submitted for the consideration of the Superintendent of Education (Human Resource Services) or designate prior to February 15th for effect September 1st of the following school year. Approval/denial of the request(s) will be communicated in writing by May 15.
Voluntary Exchange. The Lender has the right to exchange all or any portion of the principal and accrued and unpaid interest with respect to each Note at the Conversion Price for fully paid and nonassessable shares of Common Stock and cash in lieu of fractional shares as described in paragraph 6.4 upon written notice to Borrower.
Voluntary Exchange. Subject to adjustment as provided in this Section 3.9, each Member shall be entitled to exchange with the Company (or, if Habit so elects, with Habit), from and after the expiration of the lock-ups imposed by the Underwriters (the “First Exchange Date”) and each subsequent Weekly Exchange Date, any (but no less than 1,000 Common Units) or all of such Member’s Common Units (other than any Unvested Common Units) free and clear of all liens, encumbrances, rights of first refusal, and the like. Each such Unit, together with one share of Class B Common Stock (which will be cancelled in connection with any such exchange), will be exchangeable for, at the option of Habit, (i) a Cash Exchange Payment calculated with respect to such surrendered Common Units , payable in accordance with the instructions provided in the Exchange Notice or (ii) the issuance to such Member a number of shares of Class A Common Stock that is equal to the product of the number of Common Units surrendered by such Member and the Exchange Rate. As any such existing owner exchanges its Common Units, Habit’s interest in the Company will increase. Each such
Voluntary Exchange. From and after the first anniversary of the date of the closing of the initial public offering and sale of Common Stock (as contemplated by the Corporation’s Registration Statement on Form S-1 (File No. 333-191607) (the “IPO”), in the event that any LLC Unitholder wishes to effect an exchange pursuant to this Section 2.1(a)(i) with respect to any of its LLC Units (other than Unvested Common Units), such LLC Unitholder shall (A) deliver to Norcraft LLC an Exchange Notice and (B) surrender such LLC Units (other than Unvested Common Units) to the Corporation (in each case, free and clear of all liens, encumbrances, rights of first refusal and the like) in consideration for, at the option of the Corporation, either: (x) a Cash Exchange Payment calculated with respect to such surrendered LLC Units by the Corporation, payable in accordance with the instructions provided in the Exchange Notice or (y) the issuance by the Corporation to such LLC Unitholder a number of shares of Common Stock that is equal to the product of the number of LLC Units surrendered multiplied by the Exchange Rate (any exchange pursuant to (x) or (y), a “Voluntary Exchange”); provided, that any such exchange pursuant to this Section 2.1(a)(i) is for a minimum of the lesser of 1,000 LLC Units or all of the LLC Units (other than Unvested Common Units) held by such LLC Unitholder.
Voluntary Exchange. If the Note Amount is not paid in full on ------------------ or prior to February 15, 2002, then, at any time thereafter while this Note is outstanding, Holder may, at the Holder's option, exchange this Note including accrued interest thereon to the date of exchange, in accordance with the provisions of paragraph (b) below hereof, in whole or in part, for a Series A Note in the initial principal amount equal to the amount of this Note being exchanged, including all accrued and unpaid interest on this Note.
Voluntary Exchange. Concluding a lease contract is a voluntary exchange, implying that it is only accepted if the expected result of the agreement is individually and mutually advantageous to both parties (▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇, 1992). Each lease contract contains co-ordination mechanisms. The relationship between contracts and co-ordination mechanisms deserves further attention. First, there is no one-to-one relation between the two, because certain contracts – including lease contracts – can make use of a mix of different co-ordination mechanisms (cf. Hennart, 1993). Secondly, co-ordination is a central issue in a governance structure. The contract has to specify what needs to be co-ordinated and how the co-ordination is achieved in governance structures such as spot markets, firms and contracts. Figure 1 gives an overview of four groups of co-ordination mechanisms. Co- ordination can take place by one of the four groups or by a combination of them. On the left side we have the ‘invisible hand’ group. The co-ordination mechanism here is the price. The price is the co-ordination mechanism for the governance structure ‘spot market’. In land lease contracts, purchase and delivery (or quid and quo) do not take place at the same moment. This means that the price, like in pure spot markets cannot be the sole co-ordination mechanism for lease contracts. At the bottom of Figure 1 we have the so-called ‘handbook’ group. The ‘handbook’ – as a co-ordination mechanism – is often used for the governance structure ‘contracts’. For detailed contracts the emphasis is on the handbook. Contracts often also contain a price as a co-ordination mechanism. In that case the co-ordination mechanism of contracts consists of a combination of ‘handbook’ and ‘invisible hand’. In general, the type of contract determines which co-ordination mechanism will prevail and what role the price will play in the relationship between the two parties. For regular land lease contracts, the co-ordination mechanism consists of rules, directives and safeguards based on the Lease Regulation. This means that the co- ordination mechanism for regular lease contracts emphasizes the ‘handbook’, given by lease regulation. Important characteristics of these contracts include: a fixed duration (12 years for farmstead and 6 years for plots of land), price control by lease-price Handshake Mutual adjustment Common values and norms Identity matters Invisible hand Price Co-ordination Visible hand Authority Direct supervision Handbook Ru...
Voluntary Exchange. Subject to Section 3.9(a)(ii), and subject to adjustment as provided in this Section 3.9, each Member shall be entitled to exchange with the Company (or, if Habit so elects, with Habit), from and after the expiration or written waiver of the lock-ups imposed by the Underwriters (the “First Exchange Date”) and each subsequent Weekly Exchange Date, or upon the written waiver of the lock-ups by the Underwriters, any (but no less than 1,000 Common Units, except with the consent of the Company) or all of such Member’s Common Units (other than any Unvested Common Units) free and clear of all liens, encumbrances, rights of first refusal, and the like. Each such Unit, together with one share of Class B Common Stock (which will be cancelled in connection with any such exchange), will be exchangeable for, at the option of Habit, (i) a Cash Exchange Payment calculated with respect to such surrendered Common Units, payable in accordance with the instructions provided in the Exchange Notice or (ii) the issuance to such Member a number of shares of Class A Common Stock that is equal to the product of the number of Common Units surrendered by such Member and the Exchange Rate. As any such existing owner exchanges its Common Units, Habit’s interest in the Company will increase. Each such exchange of Common Units for Class A Common Stock shall to the extent permitted by Law be treated for U.S. federal income tax reporting purposes as a taxable exchange of the Member’s Common Units for Class A Common Stock and corresponding payments under the Tax Receivable Agreement.
Voluntary Exchange. The Purchaser shall have the right to exchange all or any portion of the principal and accrued and unpaid interest with respect to such Purchaser’s Convertible Note at the Conversion Price for fully paid and nonassessable shares of Common Stock and cash in lieu of fractional shares as described in paragraph 6.3 upon written notice to the Company in substantially the form attached to this Agreement as Exhibit B.
Voluntary Exchange. Subject to Section 3.8(a)(ii), and subject to adjustment as provided in this Section 3.8, each Existing Member shall be entitled to exchange with the Company (or, if PetIQ so elects, with PetIQ), from and after the expiration or written waiver of the lock-ups imposed by the Underwriters (the “First Exchange Date”) and each subsequent Weekly Exchange Date, or upon the written waiver of the lock-ups by the Underwriters, the lesser of 1,000 Units or all of such Existing Member’s Units free and clear of all liens, encumbrances, rights of first refusal, and the like. Each such Unit, together with one share of Class B Common Stock (which will be cancelled in connection with any such exchange), will be exchangeable for, at the option of PetIQ, (i) a Cash Exchange Payment calculated with respect to such surrendered Units, payable in accordance with the instructions provided in the Exchange Notice or (ii) the issuance to such Existing Member a number of shares of Class A Common Stock that is equal to the product of the number of Units surrendered by such Existing Member and the Exchange Rate. As any such existing owner exchanges its Units, PetIQ’s interest in the Company will increase. Each such exchange of Units for Class A Common Stock shall to the extent permitted by law be treated for U.S. federal income tax reporting purposes as a taxable exchange of the Existing Member’s Units for Class A Common Stock.
Voluntary Exchange. A. An employee may arrange for an exchange of teaching assignment with another employee, provided both employees are eligible for retention under the provisions of Article VIII. Mutual agreement by the employees involved in the exchange and approval of the affected building principals/program managers is required. Such exchange may be between levels or programs. The exchange must be for a mutually agreed, specified period of time not to exceed one (1) school year.