Common use of Effectiveness of Conversion Clause in Contracts

Effectiveness of Conversion. Except as otherwise provided herein, each conversion of this Convertible Note will be deemed to have been effected as of the close of business on the date on which this Convertible Note has been surrendered for conversion at the office of the Company specified for delivery of notices pursuant to the Purchase Agreement. At such time as such conversion has been effected, the rights of the holder of this Convertible Note as such holder to the extent of the conversion will cease, and the Person or Persons in whose name or names any certificate or certificates for shares of Conversion Stock are to be issued upon such conversion will be deemed to have become the holder or holders of record of the shares of Conversion Stock represented thereby.