Common use of Effective Date of Conversion Clause in Contracts

Effective Date of Conversion. Each conversion shall be deemed to have been effected immediately prior to the close of business on the date on which all of the conditions specified in Section 5.2 above shall have been satisfied, and the person or persons in whose name or names any certificate or certificates for shares of Common Stock shall be issuable upon such conversion shall be deemed to have become the holder or holders of record of the shares of Common Stock or other securities represented by those certificates at such time on such date and such conversion shall be at the Conversion Price (as hereinafter defined) in effect at such time on such date, unless the stock transfer books of the Company shall be closed on that date, in which event such person or persons shall be deemed to have become such holder or holders of record at the close of business on the next succeeding day on which such stock transfer hooks are open, but such conversion shall be at the Conversion Price in effect on the date upon which all of the conditions specified in Section 5.2 shall have been satisfied. All shares of Common Stock delivered upon conversion of the New Subordinated Notes will upon delivery be duly and validly issued and fully paid and nonassessable, free of all liens and charges and not subject to any preemptive rights. Upon the surrender of the New Subordinated Notes to be converted, such New Subordinated Notes shall no longer be deemed to be outstanding and all rights of a Holder with respect to the New Subordinated Notes surrendered for conversion shall immediately terminate except the right to receive the Common Stock or other securities, cash or other assets as herein provided. In the event of any New Subordinated Note which is converted in part only, upon such conversion the conversion agent shall execute and deliver to or on the order of the Holder thereof, at the expense of the Company, a replacement New Subordinated Note or New Subordinated Notes of authorized denomination in principal amounts equal to the unconverted portion of such New Subordinated Note.

Effective Date of Conversion. Each conversion shall be deemed to have been effected immediately prior to the close of business on the date on which all of the conditions specified in Section 5.2 above shall have been satisfied, and the person or persons in whose name or names any certificate or certificates for shares of Common Stock shall be issuable upon such conversion shall be deemed to have become the holder or holders of record of the shares of Common Stock or other securities represented by those certificates at such time on such date and such conversion shall be at the Conversion Price (as hereinafter defined) in effect at such time on such date, unless the stock transfer books of the Company shall be closed on that date, in which event such person or persons shall be deemed to have become such holder or holders of record at the close of business on the next succeeding day on which such stock transfer hooks books are open, but such conversion shall be at the Conversion Price in effect on the date upon which all of the conditions specified in Section 5.2 shall have been satisfied. All shares of Common Stock delivered upon conversion of the New Subordinated Notes will upon delivery be duly and validly issued and fully paid and nonassessable, free of all liens and charges and charges, not subject to any preemptive rightsrights and in accordance with applicable securities laws. Upon the surrender of the New Subordinated Notes to be converted, such New Subordinated Notes shall no longer be deemed to be outstanding and all rights of a Holder with respect to the New Subordinated Notes surrendered for conversion shall immediately terminate except the right to receive the Common Stock or other securities, cash or other assets as herein provided. In the event of any New Subordinated Note which is converted in part only, upon such conversion the conversion agent shall execute and deliver to or on the order of the Holder thereof, at the expense of the Company, a replacement New Subordinated new Note or New Subordinated Notes of authorized denomination in principal amounts equal to the unconverted portion of such New Subordinated Note.

Effective Date of Conversion. Each conversion shall be ---------------------------- deemed to have been effected immediately prior to the close of business on the date on which all of the conditions specified in Section 5.2 above shall have been satisfied, and the person or persons in whose name or names any certificate or certificates for shares of Common Stock shall be issuable upon such conversion shall be deemed to have become the holder or holders of record of the shares of Common Stock or other securities represented by those certificates at such time on such date and such conversion shall be at the Conversion Price (as hereinafter defined) in effect at such time on such date, unless the stock transfer books of the Company shall be closed on that date, in which event such person or persons shall be deemed to have become such holder or holders of record at the close of business on the next succeeding day on which such stock transfer hooks are open, but such conversion shall be at the Conversion Price in effect on the date upon which all of the conditions specified in Section 5.2 shall have been satisfied. All shares of Common Stock delivered upon conversion of the New Subordinated Notes will upon delivery be duly and validly issued and fully paid and nonassessable, free of all liens and charges and not subject to any preemptive rights. Upon the surrender of the New Subordinated Notes to be converted, such New Subordinated Notes shall no longer be deemed to be outstanding and all rights of a Holder with respect to the New Subordinated Notes surrendered for conversion shall immediately terminate except the right to receive the Common Stock or other securities, cash or other assets as herein provided. In the event of any New Subordinated Note which is converted in part only, upon such conversion the conversion agent shall execute and deliver to or on the order of the Holder thereof, at the expense of the Company, a replacement New Subordinated Note or New Subordinated Notes of authorized denomination in principal amounts equal to the unconverted portion of such New Subordinated Note.