Common use of Cumulative Convertible Preferred Stock Clause in Contracts

Cumulative Convertible Preferred Stock. Upon the Effective Date, each of the issued and outstanding shares of Series A Preferred Stock of the Colorado Company and all rights in respect thereof shall be converted into one fully paid and nonassessable share of Class A Preferred Stock of the Oklahoma Company, and each certificate nominally representing shares of Series A Preferred Stock of the Colorado Company shall for all purposes be deemed to evidence the ownership of a like number of shares of Class A Preferred Stock of the Oklahoma Company. The holders of such certificates shall not be required immediately to surrender the same in exchange for certificates of Class A Preferred Stock of the Oklahoma Company; provided, however, that as certificates nominally representing shares of Series A Preferred Stock of the Colorado Company are surrendered for transfer, the Oklahoma Company will cause to be issued certificates representing shares of Class A Preferred Stock of the Oklahoma Company and, at any time upon surrender by any holder of certificates nominally representing shares of Series A Preferred Stock of the Colorado Company, the Oklahoma Company will cause to be issued therefor certificates for a like number of shares of Class A Preferred Stock of the Oklahoma Company.

Cumulative Convertible Preferred Stock. Upon the Effective Date, each of the issued and outstanding shares of Series A C Preferred Stock of the Colorado Company and all rights in respect thereof shall be converted into one fully paid and nonassessable share of Class A C Preferred Stock of the Oklahoma Company, and each certificate nominally representing shares of Series A C Preferred Stock of the Colorado Company shall for all purposes be deemed to evidence the ownership of a like number of shares of Class A C Preferred Stock of the Oklahoma Company. The holders of such certificates shall not be required immediately to surrender the same in exchange for certificates of Class A C Preferred Stock of the Oklahoma Company; provided, however, that as certificates nominally representing shares of Series A C Preferred Stock of the Colorado Company are surrendered for transfer, the Oklahoma Company will cause to be issued certificates representing shares of Class A C Preferred Stock of the Oklahoma Company and, at any time upon surrender by any holder of certificates nominally representing shares of Series A C Preferred Stock of the Colorado Company, the Oklahoma Company will cause to be issued therefor certificates for a like number of shares of Class A C Preferred Stock of the Oklahoma Company.