Common use of Automatic Conversion upon Expiration Clause in Contracts

Automatic Conversion upon Expiration. So long as PFG is the Holder, in the event that, upon the Expiration Date (other than upon expiration by termination of this Warrant due to Holder’s conversion of its loan to the Company referenced in Section 1.1(ii) hereof), the Fair Market Value of one share of Warrant Stock (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.4 above is greater than the Exercise Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be converted pursuant to Section 1.4 above as to all Warrant Stock (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver a certificate representing the Warrant Stock (or such other securities) issued upon such conversion to the Holder.

Automatic Conversion upon Expiration. So long as PFG is the Holder, in the event that, upon the Expiration Date (other than upon expiration by termination of this Warrant due to Holder’s conversion of its loan to the Company referenced in Section 1.1(ii) hereof), the Fair Market Value of one share of Warrant Stock (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.4 1.3 above is greater than the Exercise Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be converted pursuant to Section 1.4 1.2 above as to all Warrant Stock (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver a certificate representing the Warrant Stock (or such other securities) issued upon such conversion to the Holder.