Common use of Conversion of Series A Preferred Stock into AWT Common Stock Clause in Contracts

Conversion of Series A Preferred Stock into AWT Common Stock. Upon the terms and subject to the conditions set forth in this Agreement, at the close of business on the Trading Day (as hereinafter defined) immediately preceding the Record Date (as hereinafter defined), the outstanding 1,200,000 shares having an aggregate liquidation preference of $60,000,000 of the 5 1/2% Series A Convertible Exchangeable Preferred Stock of AWT (the "Series A Preferred Stock") held by CGE or its subsidiaries (representing all of the issued and outstanding shares of Series A Preferred Stock of AWT) shall be automatically exchanged for such number of shares (the "Exchange Common Shares") of Class A Common Stock, par value $.001 per share, of AWT (the "Class A Common Stock") equal to the quotient obtained by dividing $60,000,000 by an exchange price per share equal to the Subscription Price (as defined hereinafter). As soon as practicable following 4:00 p.m. on the Trading Day immediately preceding the Record Date (as hereinafter defined), CGE and Anjou shall deliver to AWT the certificates held by them formerly representing Series A Preferred Stock in exchange for certificates representing the duly authorized, validly issued, fully-paid and non- assessable Exchange Common Shares, in such names and denominations as CGE may request.