Adjustment of Rights. In the event that the outstanding shares of Common Stock are at any time increased or decreased or changed into or exchanged for a different number or kind of share or other security of Borrower, or of another corporation through reorganization, merger, consolidation, liquidation, recapitalization, stock split, combination of shares or stock dividends payable with respect to such Common Stock, appropriate adjustments in the number and kind of such securities then subject to the Note shall be made effective as of the date of such occurrence so that the position of holder of the Note upon exercise will be the same as it would have been had it owned immediately prior to the occurrence of such events the Common Stock issuable upon conversion of the Note. Such adjustment shall be made successively whenever any event listed above shall occur and Borrower will notify the holder of the Note of each such adjustment. Any fraction of a share resulting from any adjustment shall be eliminated and the price per share of the remaining shares subject to the Note adjusted accordingly.
Appears in 6 contracts
Samples: Subordinated Convertible Note Purchase Agreement (Pharmhouse Corp), Subordinated Convertible Note Purchase Agreement (Pharmhouse Corp), Subordinated Convertible Note Purchase Agreement (Pharmhouse Corp)
