Reserved Conversion Shares Sample Clauses
The Reserved Conversion Shares clause defines a specific number of shares that a company sets aside to fulfill potential future conversions, typically related to convertible securities such as convertible notes or preferred stock. In practice, this means the company earmarks a portion of its authorized but unissued shares to ensure it can meet its obligations if holders of these convertible instruments choose to convert them into equity. This clause is essential for providing certainty to investors and the company alike, as it prevents dilution disputes and ensures that conversions can occur smoothly without requiring additional shareholder approvals or amendments.
Reserved Conversion Shares. The Company at all times from and after the date hereof shall have such number of shares of Common Stock duly and validly authorized and reserved for issuance as shall be sufficient for the conversion in full of, and the payment of dividends on, the Preferred Shares and the exercise in full of the Warrants.
Reserved Conversion Shares. The Company at all times from and after the date hereof shall have a sufficient number of shares of Common Stock duly and validly authorized and reserved for issuance to satisfy the conversion, in full, of the Preferred Shares and upon the exercise of the Warrants and the Redemption Warrants.
Reserved Conversion Shares. The Company at all times from and after the date hereof shall have a sufficient number of shares of Common Stock duly and validly authorized and reserved for issuance to satisfy the conversion, in full, of the 1,550 Preferred Shares (assuming for purposes of this Section IV.F., a Conversion Price (as defined in the Certificate of Amendment) of $4.50) and upon the exercise of the Warrants. In the event the Current Market Price (as defined in the Certificate of Amendment) declines to $2.50, the Company shall, within 10 days of the occurrence of such event, authorize and reserve for issuance such additional shares of Common Stock sufficient in number for the conversion, in full, of the Preferred Shares, assuming for purposes of this Section IV.F. a Conversion Price (as defined in the Certificate of Amendment) of $1.95 per share.
Reserved Conversion Shares. The Company at all times from and after the date hereof shall have such number of shares of Common Stock duly and validly authorized and reserved for issuance as shall be sufficient for issuance in full of the Conversion Shares. The Company shall take all action reasonably necessary to at all times have authorized, and reserved for the purpose of issuance, such number of shares of Common Stock as shall be necessary to effect the full conversion of the Debenture and the Additional Debentures outstanding, if any. If at any time the number of authorized shares of Common Stock of the Company is insufficient to effect the full conversion of the Debenture and the Additional Debentures outstanding, if any, the Company shall call and hold a special meeting of the shareholders of the Company within thirty (30) days of such occurrence, for the sole purpose of increasing the number of authorized shares of the Common Stock. The Company's management shall recommend to the shareholders to vote in favor of increasing the number of shares of authorized Common Stock. Management shall also vote all of its shares in favor of increasing the number of authorized shares of Common Stock.
Reserved Conversion Shares. Subject to Section 8 of the Certificate of Designations and Section 2(d) of the Registration Rights Agreement, the Company at all times from and after the date hereof shall have a sufficient number of shares of Common Stock duly and validly authorized and reserved for issuance to satisfy the conversion, in full, of the Preferred Stock, including payment of the Additional Amount (assuming for purposes of this Section IV.E., a Conversion Price of as defined in the Certificate of Designations), and upon the exercise of the Warrants.
Reserved Conversion Shares. The Company at all times from and after the date hereof shall have a sufficient number of shares of Common Stock duly and validly authorized and reserved for issuance to satisfy the conversion (pursuant to the Certificate of Designations), in full, of 4,960 Shares of Series C Preferred Stock issued to the Purchasers hereunder (assuming for purposes of this Section 4.5, a Conversion Price (as defined in the Certificate of Designations) of $2.80) and the exercise in full of all of the Warrants issued to the Purchasers hereunder.
Reserved Conversion Shares. Subject to Article 6 of the Amendment, the Company at all times from and after the date hereof shall have a sufficient number of shares of Common Stock duly and validly authorized and reserved for issuance to satisfy the conversion, in full, of the Series C Shares (assuming for purposes of this Section IV.E., a Conversion Price of $1.50 per share. In the event the Current Market Price (as defined in the Amendment) declines to $1.25, the Company shall, within 10 days of the occurrence of such event, authorize and reserve for issuance such additional shares of Common Stock sufficient in number for the conversion, in full, of the Series C Shares, assuming for purposes of this Section IV.E. a Conversion Price of not greater than $ 1.00 per share, subject to Article 6 of the Amendment.
Reserved Conversion Shares. (1) Subject to Section 8 of the Certificate of Designations and Section 2(d) of the Registration Rights Agreement, the Company at all times from and after the date hereof shall have a sufficient number of shares of Common Stock duly and validly authorized and reserved for issuance to satisfy the conversion, in full, of the Preferred Stock, including payment of the Additional Amount (assuming for purposes of this Section IV.E., a Conversion Price of as defined in the Certificate of Designations), and upon the exercise of the Warrants.
(2) The Company agrees to increase the percentage of shares on reserve to 200% upon conclusion of the 2002 annual shareholders meeting, where the shareholders will be voting on increasing the number of authorized shares..
Reserved Conversion Shares. Subject to Section 6.11 of the Amendment, the Company at all times from and after the date hereof shall have a sufficient number of shares of Common Stock duly and validly authorized and reserved for issuance to satisfy the conversion, in full, of the Preferred Stock (assuming for purposes of this Section IV.F., a Conversion Price of not greater than $1.83) and upon the exercise of the Warrants. In the event the Current Market Price (as defined in the Amendment) declines to $1.75, the Company shall, within 10 days of the occurrence of such event, authorize and reserve for issuance such additional shares of Common Stock sufficient in number for the conversion, in full, of the Preferred Stock, assuming for purposes of this Section IV.F. a Conversion Price of not greater than $1.00 per share, subject to Section 6.11 of the Amendment.
Reserved Conversion Shares. Subject to Section 5.11 of the Certificate of Designations and Section 2(d) of the Registration Rights Agreement, the Company at all times from and after the date hereof shall have a sufficient number of shares of Common Stock duly and validly authorized and reserved for issuance to satisfy the conversion, in full, of the Preferred Stock, including payment of the Additional Amount (assuming for purposes of this Section IV.E., a Conversion Price of $0.25), and upon the exercise of the Warrants.