Common use of Reclassification Clause in Contracts

Reclassification. If the Company at any time shall, by reclassification or otherwise, change the Common Stock into the same or a different number of securities of any class or classes, this Note, as to the unpaid Principal Amount and accrued interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities as would have been issuable as the result of such change with respect to the Common Stock (i) immediately prior to or (ii) immediately after, such reclassification or other change at the sole election of the Holder.

Appears in 23 contracts

Samples: Securities Purchase Agreement (Modtech Holdings Inc), Securities Purchase Agreement (Standard Management Corp), Waiver Agreement (Xfone Inc)

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Reclassification. If the Company at any time shall, by reclassification or otherwise, change the Common Stock into the same or a different number of securities of any class or classes, this Note, as to the unpaid Principal Amount and accrued interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities as would have been issuable as the result of such change with respect to the Common Stock (i) immediately prior to or (ii) immediately after, after such reclassification or other change at the sole election of the Holder.

Appears in 4 contracts

Samples: Numerex Corp /Pa/, Numerex Corp /Pa/, Earthfirst Technologies Inc

Reclassification. If the Company at any time shall, by ---------------- reclassification or otherwise, change the Common Stock into the same or a different number of securities of any class or classes, this Note, as to the unpaid Principal Amount and accrued interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities as would have been issuable as the result of such change with respect to the Common Stock (i) immediately prior to or (ii) immediately after, such reclassification or other change at the sole election of the Holder.

Appears in 3 contracts

Samples: New Century Energy Corp., New Century Energy Corp., New Century Energy Corp.

Reclassification. If the Company at any time shall, by reclassification or otherwise, change the Common Stock into the same or a different number of securities of any class or classes, this Note, as to the unpaid Principal Amount and accrued interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities as would have been issuable as the result of such change with respect to the Common Stock (i) immediately prior to or (ii) immediately after, such reclassification or other change at the sole election of the Holder.

Appears in 2 contracts

Samples: Catalyst Lighting Group Inc, Catalyst Lighting Group Inc

Reclassification. If the Company at any time shall, by reclassification ---------------- or otherwise, change the Common Stock into the same or a different number of securities of any class or classes, this Note, as to the unpaid Principal Amount and accrued interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities as would have been issuable as the result of such change with respect to the Common Stock (i) immediately prior to or (ii) immediately after, such reclassification or other change at the sole election of the Holder.

Appears in 1 contract

Samples: Windswept Environmental Group Inc

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Reclassification. If the Company at any time shall, by reclassification or otherwise, change the Common Stock Conversion Shares into the same or a different number of securities of any class or classes, this Note, as to the unpaid Accreted Principal Amount and accrued interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities as would have been issuable as the result of such change with respect to the Common Stock Conversion Shares (i) immediately prior to or (ii) immediately after, such reclassification or other change at the sole election of the Holder.

Appears in 1 contract

Samples: Healthcare Corp of America

Reclassification. If the Company at any time shall, by reclassification or otherwise, change the Common Stock into the same or a different number of securities of any class or classes, this Note, as to the unpaid Principal Amount and accrued interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted the number of such securities and kind of securities as that would have been issuable as the result of such change with respect issued to the Holder had the Holder converted this Note into Common Stock (i) immediately prior to or (ii) immediately after, before such reclassification or other change at the sole election of the Holderchange.

Appears in 1 contract

Samples: Miscor Group, Ltd.

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