Common use of Conversion Restriction Clause in Contracts

Conversion Restriction. A Buyer will not submit a Conversion Notice (as defined in the Certificate of Designation) unless, individually or in the aggregate, Buyer(s) have submitted one or more Conversion Notices for the conversion of at least 200 shares of Preferred Stock on the same day. Notwithstanding the foregoing, nothing shall restrict an individual Buyer from submitting a Conversion Notice for the Conversion of less than 200 shares of Preferred Stock if (i) such Buyer on the Conversion Date holds less than 200 shares of Preferred Stock and (ii) such Buyer submits a Conversion Notice for all Preferred Shares held by such Buyer.

Conversion Restriction. A Buyer will not submit a Conversion Notice (as defined in the Certificate of Designation) unless, individually or in the aggregate, Buyer(s) have submitted one or more Conversion Notices for the conversion of at least 200 500 shares of Preferred Stock on the same day. Notwithstanding the foregoing, nothing shall restrict an individual Buyer from submitting a Conversion Notice for the Conversion of less than 200 500 shares of Preferred Stock if (i) such Buyer on the Conversion Date holds less than 200 500 shares of Preferred Stock and (ii) such Buyer submits a Conversion Notice for all Preferred Shares held by such Buyer.