Common use of Shares to Be Converted Clause in Contracts

Shares to Be Converted. If any share of Convertible Preferred Stock is to be converted, then, at the Close of Business on the Conversion Date for such conversion (unless there occurs a default in the delivery of the Conversion Consideration due pursuant to Section 8 upon such conversion): (1) such Convertible Preferred Stock will be deemed to cease to be outstanding (without limiting the Company’s obligations pursuant to Section 4(c)); (2) Regular Dividends will cease to accumulate on such Convertible Preferred Stock from and after such Conversion Date; and (3) the rights of the Holders of such Convertible Preferred Stock, as such, will terminate with respect to such Convertible Preferred Stock, other than the right to receive such Conversion Consideration as provided in Section 8 (and, if applicable, declared Dividends as provided in Section 4(c)).

Appears in 1 contract

Samples: Preferred Stock Purchase Agreement (Benefitfocus, Inc.)

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Shares to Be Converted. If any share of Convertible Preferred Stock Share is to be converted, then, at the Close of Business on the Conversion Date for such conversion (unless there occurs a default in the delivery of the Conversion Consideration due pursuant to Section 8 10 upon such conversion): (1) such Convertible Preferred Stock Share will be deemed to cease to be outstanding (without limiting the Company’s obligations pursuant to Section 4(c5(b)); (2) Regular Dividends will cease to accumulate on such Convertible Preferred Stock Share from and after such Conversion Date; and (3) the rights of the Holders of such Convertible Preferred StockShare, as such, will terminate with respect to such Convertible Preferred StockShare, other than the right to receive such Conversion Consideration as provided in Section 8 10 (and, if applicable, declared Dividends as provided in Section 4(c5(b)) and any Holder Received Dividend pursuant to Section 10(f)(viii).

Appears in 1 contract

Samples: Investment Agreement (Agilysys Inc)

Shares to Be Converted. If any share of Convertible Preferred Stock is to be converted, then, at the Close of Business on the Conversion Date for such conversion (unless there occurs a default in the delivery of the Conversion Consideration due pursuant to Section 8 10 upon such conversion): (1) such Convertible Preferred Stock will be deemed to cease to be outstanding (without limiting the Company’s obligations pursuant to Section 4(c))outstanding; (2) Regular Dividends will cease to accumulate on such Convertible Preferred Stock from and after such Conversion DateDate (without limiting the Company’s obligations pursuant to Section 5(c)); and (3) the rights of the Holders of such Convertible Preferred Stock, as such, will terminate with respect to such Convertible Preferred Stock, other than the right to receive such Conversion Consideration as provided in Section 8 10 (and, if applicable, declared Dividends as provided in Section 4(c5(c)).

Appears in 1 contract

Samples: Exchange Agreement (Comtech Telecommunications Corp /De/)

Shares to Be Converted. If any share of Convertible Preferred Stock is to be converted, then, at the Close of Business on the Conversion Date for such conversion (unless there occurs a default in the delivery of the Conversion Consideration due pursuant to Section 8 12 upon such conversion): (1) such Convertible Preferred Stock will be deemed to cease to be outstanding (without limiting the Company’s obligations pursuant to Section 4(c5(c)); (2) Regular Dividends will cease to accumulate on such Convertible Preferred Stock from and after such Conversion Date; and (3) the rights of the Holders of such Convertible Preferred Stock, as such, will terminate with respect to such Convertible Preferred Stock, other than the right to receive such Conversion Consideration as provided in Section 8 12 (and, if applicable, declared Dividends as provided in Section 4(c5(c)).

Appears in 1 contract

Samples: Merger Agreement (M3-Brigade Acquisition II Corp.)

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Shares to Be Converted. If any share of Convertible Preferred Stock is to be converted, then, at the Close of Business on the Conversion Date for such conversion (unless there occurs a default in the delivery of the Conversion Consideration due pursuant to Section 8 10 upon such conversion): (1) such Convertible Preferred Stock will be deemed to cease to be outstanding (without limiting the Company’s obligations pursuant to Section 4(c5(c)); (2) Regular Dividends will cease to accumulate on such Convertible Preferred Stock from and after such Conversion Date; and (3) the rights of the Holders of such Convertible Preferred Stock, as such, will terminate with respect to such Convertible Preferred Stock, other than the right to receive such Conversion Consideration as provided in Section 8 10 (and, if applicable, declared Regular Dividends as provided in Section 4(c5(c)).

Appears in 1 contract

Samples: Subscription Agreement (Dream Finders Homes, Inc.)

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