Common use of Treatment of Company Preferred Shares Clause in Contracts

Treatment of Company Preferred Shares. At the Effective Time, by virtue of the Merger and without any further action on the part of Parent, Merger Sub, or the Company, each Company Preferred Share issued and outstanding immediately prior to the Effective Time will be converted into the right to receive cash in an amount (subject to any applicable withholding Tax) equal to one dollar ($1.00), without interest (the “Preferred Share Consideration”). The Preferred Share Consideration issued upon conversion of a Company Preferred Share in accordance with the terms hereof will be deemed to have been issued in full satisfaction of all rights pertaining to such Company Preferred Share. All Company Preferred Shares converted into the right to receive the Preferred Share Consideration pursuant to this Section 3.7 will cease to be outstanding and will automatically be canceled and will cease to exist when converted as a result of and pursuant to the Merger.

Treatment of Company Preferred Shares. At the Effective Time, by virtue of the Merger and without any further action on the part of Parent, Merger Sub, or the Company, each Each Company Preferred Share issued and outstanding immediately prior to the Effective Time (other than Company Preferred Shares owned by the Company as treasury shares) will be converted into the right to receive cash in an amount (subject to any applicable withholding Tax) equal to one dollar ($1.00)9, without interest (the “Preferred Share Consideration”). The Upon receipt by Stonepeak, the Preferred Share Consideration issued payable upon conversion of a Company Preferred Share in accordance with the terms hereof will be deemed to have been issued paid in full satisfaction of all rights pertaining to such Company Preferred Share. All Company Preferred Shares converted into the right to receive the Preferred Share Consideration pursuant to this Section 3.7 2.01(d) will cease to be outstanding and will automatically be canceled and will cease to exist when converted as a result of and pursuant to the Merger.