Common use of Restriction on Conversions Clause in Contracts

Restriction on Conversions. In no event shall the Fund be entitled to -------------------------- convert any portion of the Preferred Stock into the Company's common stock which would result in the number of shares of common stock beneficially owned by the Fund being more than 4.99% of the outstanding shares of the Company's common stock. For purposes of this Section, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulations 13D-G thereunder, except as otherwise provided herein.

Appears in 1 contract

Sources: Investment Exchange Agreement (T & G2)

Restriction on Conversions. In no event shall the Fund be entitled to -------------------------- convert any portion of the Preferred Stock into the Company's common stock which would result in the number of shares of common stock beneficially owned by the Fund being more than that 4.99% of the outstanding shares of the Company's common stock. For purposes of this Section, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulations 13D-G thereunder, except as otherwise provided herein.

Appears in 1 contract

Sources: Investment Exchange Agreement (Intelligent Motor Cars Group Inc)