Common use of Right of Conversion Clause in Contracts

Right of Conversion. Each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of the Corporation or any transfer agent for the Series A Preferred Stock, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the $100.00 by the Conversion Price. The "Conversion Price" for the Series A Preferred Stock shall initially be $3.00 which shall be subject to adjustment as set forth in Paragraph I(5)(c) hereof.

Right of Conversion. (i) Each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of the Corporation or any transfer agent for the Series A Preferred Stock, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the $100.00 Original Series A Issue Price (as defined in paragraph B) by the Conversion Price. The "Conversion Price" for the Series A Preferred Stock shall initially be $3.00 which shall be subject to adjustment Price (as set forth in Paragraph I(5)(c) hereofdefined below).