GSCR Preferred Stock Sample Clauses
The GSCR Preferred Stock clause defines the rights and privileges associated with a specific class of preferred shares issued by a company, typically labeled as GSCR Preferred Stock. This clause outlines features such as dividend preferences, liquidation priorities, and potential conversion rights relative to common stockholders. For example, holders of GSCR Preferred Stock may receive dividends before common shareholders and have priority in the event of company liquidation. The core function of this clause is to clearly establish the preferential treatment and protections afforded to GSCR Preferred Stock holders, thereby attracting investment and allocating risk between different classes of shareholders.
GSCR Preferred Stock. Subject to the provisions of Sections 2.2 and 2.3, each share of GSCR preferred stock (the "GSCR Preferred Stock Shares") issued and outstanding immediately prior to the Effective Time (other than shares canceled in accordance with Section 2.1(c)) shall be converted on a 1 to 1 basis, or into 1 (the "Preferred Stock Exchange Ratio") validly issued, fully paid and nonassessable share of Company Preferred Stock (the "Company Preferred Stock Shares") having the same rights and privileges with respect to the CR Surviving Corporation as the GSCR Preferred Stock Shares have with respect to GSCR. As of the Effective Time, each GSCR Preferred Stock Share shall no longer be outstanding and shall automatically be canceled and cease to exist, and each holder of a certificate representing any GSCR Preferred Stock Share shall cease to have any rights with respect thereto other than the right to receive Company Preferred Stock Shares to be issued in consideration therefor upon the surrender of such certificate, properly endorsed to the Company.