Common use of Holder’s Conversion Right Clause in Contracts

Holder’s Conversion Right. Subject to the provisions of Section 6(d), at any time or times on or after the Corporation receives the Authorized Share Approval, any Holder shall be entitled to convert any whole number of Preferred Stock into fully paid and nonassessable shares of Common Stock in accordance with Section 6(a)(iii) at the Conversion Rate (as defined below). Notwithstanding anything herein to the contrary, shares of Preferred Stock shall be convertible into shares of Common Stock immediately following the Original Issue Date to the extent that a Holder then holds outstanding securities convertible into Common Stock, which shares of Common Stock are reserved for issuance by the Corporation, and such Holder elects, in its sole discretion, to use such reserved shares for the issuance of shares of Common Stock under the Preferred Stock rather than for issuance under such outstanding securities.