Common use of Conversion Condition Clause in Contracts

Conversion Condition. So long as the New York Stock Exchange Inc. ("NYSE") stockholder approval requirements shall be applicable, a Note shall be convertible only to the extent that such conversion is approved by the stockholders of the Company, if so required. The parties understand that no stockholder approval would be required for any conversion of Notes made in connection with a rights offering to all stockholders at a per share cash price equal to the Conversion Price pursuant to which the stockholders (other than Abaco whose rights to purchase shares in the offering would be deemed exercised and consummated by the conversion) could purchase the number of shares proportional to the number of shares issued upon conversion ("Rights Offering").