Common use of Mechanics of Automatic Conversion Clause in Contracts

Mechanics of Automatic Conversion. Upon automatic conversion as set forth in Section 7(a), the Series C Preferred shall be eliminated, and thereafter all shares of Series C Preferred shall become and be known as shares of “Common Stock” without further action or exchange on the part of the holders thereof. The holder of any certificate for Series C Preferred shall be entitled to request and to receive promptly from the Corporation a certificate or certificates setting forth the number of shares of Common Stock into which such Series C Preferred converted, by delivering a written notice to the attention of the Secretary or Treasurer of the Corporation at the Corporation’s principal place of business of its desire to receive such replacement certificate or certificates, specifying the number of shares of Series C Preferred that have been so converted and the holder’s calculation of the Conversion Rate. In the event of any disagreement between the Corporation and the holder as to the correct Conversion Rate, the Conversion Rate will be finally determined by an investment banking or brokerage firm with no material prior or current relationship with the Corporation or any of its subsidiaries selected by the Board in good faith, the fees and expenses of which will be paid by the Corporation. The Corporation will, promptly upon receipt of all certificates representing Series C Preferred as have been issued to such holder that have been converted, issue a certificate or certificates registering the appropriate number of shares of Common Stock to such holder.

Mechanics of Automatic Conversion. Upon automatic conversion as set forth in Section 7(a), the Series C A Preferred shall be eliminated, and thereafter all shares of Series C A Preferred shall become and be known as shares of “"Common Stock” " without further action or exchange on the part of the holders thereof. The holder of any certificate for Series C A Preferred shall be entitled to request and to receive promptly from the Corporation a certificate or certificates setting forth the number of shares of Common Stock into which such Series C A Preferred converted, by delivering a written notice to the attention of the Secretary or Treasurer of the Corporation at the Corporation’s 's principal place of business of its desire to receive such replacement certificate or certificates, specifying the number of shares of Series C A Preferred that have been so converted and the holder’s 's calculation of the Conversion Rate. In the event of any disagreement between the Corporation and the holder as to the correct Conversion Rate, the Conversion Rate will be finally determined by an investment banking or brokerage firm with no material prior or current relationship with the Corporation or any of its subsidiaries selected by the Board in good faith, the fees and expenses of which will be paid by the Corporation. The Corporation will, promptly upon receipt of all certificates representing Series C A Preferred as have been issued to such holder that have been converted, issue a certificate or certificates registering the appropriate number of shares of Common Stock to such holder.