Common use of Reclassification, Exchange and Substitution Clause in Contracts

Reclassification, Exchange and Substitution. If the Conversion Securities issuable on conversion of this Note shall be changed into the same or a different number of shares of any other class or classes of stock, whether by capital reorganization, reclassification, or otherwise (other than a subdivision or combination of shares provided for above), the holder of this Note shall, upon its conversion, be entitled to receive, in lieu of the Conversion Securities which the holder would have become entitled to receive but for such change, a number of shares of such other class or classes of stock that would have been subject to receipt by the holder if it had exercised its right to conversion of this Note immediately before that change.

Appears in 3 contracts

Samples: Convertible Note (Gatefield Corp), Convertible Note (Gatefield Corp), Convertible Note (Gatefield Corp)

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Reclassification, Exchange and Substitution. If the Conversion Securities Common Stock issuable on upon conversion of this Note shall be changed into the same or a different number of shares of any other class or classes of stock, whether by capital reorganization, reclassification, or otherwise (other than a subdivision or combination of shares provided for above), the holder of this Note Note, shall, upon on its conversion, conversion be entitled to receive, receive in lieu of the Conversion Securities Common Stock which the holder Holder would have become entitled to receive but for such change, a number of shares of such other class or classes of stock equivalent to the number of shares of Common Stock that would have been subject to receipt received by the holder if it had exercised its right to on conversion of this Note immediately before that change.

Appears in 1 contract

Samples: Note Purchase Agreement (Ilinc Communications Inc)

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Reclassification, Exchange and Substitution. If the Conversion Securities Note Shares issuable on conversion of this Note shall be changed into the same or a different number of shares of any other class or classes of stock, whether by capital reorganization, reclassification, or otherwise (other than a subdivision or combination of shares provided for above), the holder Holder of this the Note shall, upon its conversion, be entitled to receive, in lieu of the Conversion Securities Note Shares which the holder Holder would have become entitled to receive but for such change, a number of shares of such other class or classes of stock that would have been subject to receipt by the holder Holder if it had exercised its right to of conversion of this Note immediately before that change.

Appears in 1 contract

Samples: Convertible Promissory Agreement (Xtralink Energy Corp)

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