Conversion Procedures by Holder Sample Clauses
The "Conversion Procedures by Holder" clause defines the process by which a security holder can convert their securities, such as convertible notes or preferred shares, into another form, typically common stock. This clause outlines the steps the holder must follow, such as providing written notice to the issuer, specifying the amount to be converted, and adhering to any timing or documentation requirements. Its core practical function is to ensure a clear, standardized method for holders to exercise their conversion rights, thereby reducing confusion and potential disputes over how and when conversions can occur.
Conversion Procedures by Holder. To effect a conversion, a holder of the Designated Preferred Stock shall: (i) with respect to a conversion pursuant to Section 6, 9 or 10, complete and manually sign the conversion notice, if any, provided by the Corporation or, if applicable, the conversion agent appointed by the Corporation, or a facsimile of the conversion notice; (ii) with respect to a conversion pursuant to Section 6, 9 or 10, deliver the completed conversion notice, (iii) with respect to any conversion, deliver the certificated shares of Designated Preferred Stock to be converted to the Corporation or, if applicable, the conversion agent appointed by the Corporation; and (iv) with respect to any conversion, if required, furnish appropriate endorsements and transfer documents. If a holder’s interest is a beneficial interest in a global certificate representing the Designated Preferred Stock, a holder must comply with the Depositary’s procedures for converting a beneficial interest in a global security.