Common use of Reservation of Stock Issuable Upon Conversion Clause in Contracts

Reservation of Stock Issuable Upon Conversion. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock solely for the purpose of effecting the conversion of this Note such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of the Note; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of the entire outstanding principal amount and, if applicable, accrued and unpaid interest, of the Note, without limitation of such other remedies as shall be available to the Lender of this Note, the Company will use its best efforts to take such corporate action as may, in the opinion of counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes.

Appears in 4 contracts

Samples: Convertible Promissory Note (Delta Mutual Inc), Convertible Promissory Note (Delta Mutual Inc), Convertible Promissory Note (Delta Mutual Inc)

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Reservation of Stock Issuable Upon Conversion. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock solely for the purpose of effecting the conversion of this the Note such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of the Note; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of the entire outstanding principal amount and, if applicable, accrued and unpaid interest, of the this Note, without limitation of in addition to such other remedies as shall be available to the Lender holder of this Note, the Company will use its best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes.

Appears in 4 contracts

Samples: Convertible Loan Agreement (Utix Group Inc), Business Loan Agreement (Utix Group Inc), Convertible Loan Agreement (Utix Group Inc)

Reservation of Stock Issuable Upon Conversion. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock Stock, solely for the purpose of effecting the conversion of this Note the shares of the Series A2 Preferred, such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of the Note; and if Series A2 Preferred. If at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of the entire all then outstanding principal amount and, if applicable, accrued and unpaid interest, shares of the Note, without limitation of such other remedies as shall be available to the Lender of this NoteSeries A2 Preferred, the Company will use its best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposespurpose.

Appears in 1 contract

Samples: Preferred Stock Purchase Agreement (Metricom Inc / De)

Reservation of Stock Issuable Upon Conversion. The Company IGCA shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock solely for the purpose of effecting the conversion of this Note such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of the this Note; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of the entire outstanding principal amount and, if applicable, accrued and unpaid interest, of the this Note, without limitation of in addition to such other remedies as shall be available to the Lender holder of this Note, the Company IGCA will use its best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes.

Appears in 1 contract

Samples: Note Agreement (Innovative Gaming Corp of America)

Reservation of Stock Issuable Upon Conversion. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Company Common Stock solely for the purpose of effecting the conversion of this the Note such number of its shares of Company Common Stock as shall from time to time be sufficient to effect the conversion of the Note; and if at any time the number of authorized but unissued shares of Company Common Stock shall not be sufficient to effect the conversion of the entire outstanding principal amount and, if applicable, accrued and unpaid interest, of the this Note, without limitation of in addition to such other remedies as shall be available to the Lender holder of this Note, the Company will use its best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Company Common Stock to such number of shares as shall be sufficient for such purposes.

Appears in 1 contract

Samples: Convertible Subordinated Note Purchase Agreement (Interface Systems Inc)

Reservation of Stock Issuable Upon Conversion. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock solely for the purpose of effecting the conversion of this Note the Debenture such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of the NoteDebenture; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of the entire outstanding principal amount andamount, if applicable, accrued and unpaid interest, of the Note, without limitation of in addition to such other remedies as shall be available to the Lender Holder of this NoteDebenture, the Company will use its best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes.

Appears in 1 contract

Samples: Convertible Subordinated Debenture (Trimark Holdings Inc)

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Reservation of Stock Issuable Upon Conversion. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock solely for the purpose of effecting the conversion of this Note such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of the this Note; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of the entire outstanding principal amount and, if applicable, accrued and unpaid interest, of the this Note, without limitation of in addition to such other remedies as shall be available to the Lender holder of this Note, the Company will use its best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes.

Appears in 1 contract

Samples: Convertible Subordinated Note (Clark/Bardes Holdings Inc)

Reservation of Stock Issuable Upon Conversion. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock Stock, solely for the purpose of effecting the conversion of this Note the shares of the Series A1 Preferred, such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of the Note; and if Series A1 Preferred. If at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of the entire all then outstanding principal amount and, if applicable, accrued and unpaid interest, shares of the Note, without limitation of such other remedies as shall be available to the Lender of this NoteSeries A1 Preferred, the Company will use its best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposespurpose.

Appears in 1 contract

Samples: Preferred Stock Purchase Agreement (Metricom Inc / De)

Reservation of Stock Issuable Upon Conversion. The Company Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock solely for the purpose of effecting the conversion of this Note the shares of the Series A Preferred such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of the Note; and if Series A Preferred. If at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of the entire all then outstanding principal amount and, if applicable, accrued and unpaid interest, shares of the Note, without limitation of such other remedies as shall be available to Series A Preferred the Lender of this Note, the Company Corporation will use its best efforts to take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposespurpose.

Appears in 1 contract

Samples: Series a Preferred Stock Purchase Agreement (Zitel Corp)

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