Common use of RESERVATION OF EXCHANGE SECURITIES Clause in Contracts

RESERVATION OF EXCHANGE SECURITIES. The Company or an Affiliate of the Company, as the case may be, shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Exchange Securities, for the purpose of effecting the conversion of Securities, the full number of Exchange Securities then issuable upon the conversion of all outstanding Securities of any series that has conversion rights.