Restriction on Issuance. The Series B Convertible Preferred Stock ------------------------- may only be issued to and held by members of the Board of Directors of the Corporation. In the event of any holder's resignation or removal from the Board, the conversion provisions of Section 4 shall apply.
Restriction on Issuance. No additional Class "B" Shares shall be issued by the Corporation at any particular time if, at that time, there are any Class "B" Shares of the Corporation then issued and outstanding.
Restriction on Issuance. The Borrower agrees not to issue any common stock or any security exchangeable or convertible into common stock or enter into any contract to issue a security exchangeable or convertible into common stock at a price below $0.01 per share of common stock or with a variable exercise or conversion price. Provided however, that if the Borrower seeks to issue any common stock or any security exchangeable or convertible into common stock at a fixed price below $0.01 and reprice all securities issued to Lender, including the New Note to such lower price, Lender will not unreasonably withhold its consent to such issuance.
Restriction on Issuance. The Company shall not issue or sell (or agree to issue or sell) any Common Stock or Convertible Securities (other than in an Exempt Issuance) during the period commencing on the Closing Date and ending at 5:00 p.m. (New York time) on the sixtieth (60th) day after the effective date of the First Registration Statement.
Restriction on Issuance. The Company covenants and agrees not to issue more than 9,800,000 shares of the Company’s Common Stock and no more than 3,700,000 shares issuable upon exercise of a Warrant to purchase Common Stock to Carlyle in connection with the Carlyle Debt Cancellation.
