Optional Conversion Privilege and Conversion Price Clause Samples

Optional Conversion Privilege and Conversion Price. Subject to and upon compliance with the provisions of this Article, at the option of the Holder thereof, any Series B Security or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000 may be converted at the principal amount thereof (without premium), or of such portion thereof, into fully paid and nonassessable shares (calculated as to each conversion to the nearest 1/100 of a share) of voting, or at the Holder's option, nonvoting Common Stock of the Company, at the conversion price, determined as hereinafter provided, in effect at the time of conversion. Such conversion right commences on and after July 31, 1998 and shall expire upon the indefeasible repayment in full of the Series B Securities. For the purposes hereof, any amounts required to be paid by a Holder to the holder of Senior Indebtedness pursuant to Article 9 hereof shall nevertheless be deemed to remain outstanding under the Series B Securities unless and until subsequently repaid or reimbursed to such Holder. In case a Series B Security or portion thereof is called for redemption, such conversion right in respect of the Series B Security or portion so called shall expire at the close of business on the Redemption Date, unless the Company defaults in making the payment due upon redemption (or the Holder is not indefeasibly entitled to retain such payment). The price at which shares of Common Stock shall be delivered upon conversion (herein called the "conversion price") shall be initially $3.30 per share of