Common use of Limitation on Amount of Conversion and Ownership Clause in Contracts

Limitation on Amount of Conversion and Ownership. Notwithstanding anything to the contrary in this Agreement, in no event shall the Purchaser be entitled to convert any of the Debentures to the extent that, after such conversion, that number of shares of Common Stock, which when added to the sum of the number of Debentures beneficially owned, (as such term is defined under Section 13(d) and Rule 13d-3 of the Securities Exchange Act of 1934 (the "1934 ACT")), by the Purchaser, would exceed 4.99% of the number of shares of Common Stock outstanding on the Conversion Date (as that term is defined in the Debenture), as determined in accordance with Rule 13d-1(j) of the 1934 Act. In no event shall the Purchaser purchase shares of the Common Stock other than pursuant to this Subscription Agreement and the Debenture until such date as the Purchaser has fully converted the Debentures into Common Stock.

Appears in 6 contracts

Samples: Subscription Agreement (Jacobson Resonance Enterprises Inc), Subscription Agreement (Diversified Product Inspections Inc), Subscription Agreement (Diversified Product Inspections Inc)

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Limitation on Amount of Conversion and Ownership. Notwithstanding anything to the contrary in this Agreement, in no event shall the Purchaser be entitled to convert any of the Debentures to the extent that, after such conversion, that number of shares of Common Stock, which when added to the sum of the number of Debentures beneficially owned, (as such term is defined under Section 13(d) and Rule 13d-3 of the Securities Exchange Act of 1934 (the "1934 ACT")), by the Purchaser, would exceed 4.999.99% of the number of shares of Common Stock outstanding on the Conversion Date (as that term is defined in the Debenture), as determined unless in accordance with Rule 13d-1(j) of the 1934 Act. In no event shall the Purchaser purchase shares of the Common Stock other than pursuant to this Subscription Agreement and the Debenture until such date as the Purchaser has fully converted the Debentures into Common Stock.

Appears in 1 contract

Samples: Subscription Agreement (Xtreme Companies Inc)

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Limitation on Amount of Conversion and Ownership. Notwithstanding anything to the contrary in this Agreement, in no event shall the Purchaser be entitled to convert any of the Debentures to the extent that, after such conversion, that number of shares of Common Stock, which when added to the sum of the number of Debentures beneficially owned, (as such term is defined under Section 13(d) and Rule 13d-3 of the Securities Exchange Act of 1934 (the "1934 ACTAct")), by the Purchaser, would exceed four and ninety-nine hundredths percent (4.99% %) of the number of shares of Common Stock outstanding on the Conversion Date (as that term is defined in the Debenture), as determined in accordance with Rule 13d-1(j) of the 1934 Act. In no event shall the Purchaser purchase shares of the Common Stock other than pursuant to this Subscription Agreement and the Debenture until such date as the Purchaser has fully converted the Debentures into Common Stock.

Appears in 1 contract

Samples: 5 G Wireless Communications Inc

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