Common use of No Additional Action Required Clause in Contracts

No Additional Action Required. Upon the occurrence of the events specified Sections 5.3.1 or 5.3.2 hereof, (x) the transferring Investor or Clearlake Investor shall provide written notice to the Company not less than 10 business days in advance of such proposed transfer, sale or disposition of Series A Preferred Stock, (y) the Company shall promptly notify (the "Conversion Notice") each holder of Series A Preferred Stock who is shown to be such a holder on the books of the Company as of the time immediately prior to such conversion of the fact that they are now required to convert (if so required), and (z) all holders of Series A Preferred Stock so converted shall surrender the certificates representing such shares at the office of the Company. Thereupon, there shall be issued and delivered to such holder promptly at such office and in its name as shown on such surrendered certificate or certificates, a certificate or certificates representing the number of shares of Common Stock into which the shares of Series A Preferred Stock surrendered were convertible on the date on which such automatic conversion occurred.

No Additional Action Required. Upon the occurrence of the events specified Sections 5.3.1 or 5.3.2 hereof, (x) the transferring Investor or Clearlake Investor shall provide written notice to the Company not less than 10 business days in advance of such proposed transfer, sale or disposition of Series A Preferred Stock, (y) the Company shall promptly notify (the "“Conversion Notice"”) each holder of Series A Preferred Stock who is shown to be such a holder on the books of the Company as of the time immediately prior to such conversion of the fact that they are now required to convert (if so required), and (z) all holders of Series A Preferred Stock so converted shall surrender the certificates representing such shares at the office of the Company. Thereupon, there shall be issued and delivered to such holder promptly at such office and in its name as shown on such surrendered certificate or certificates, a certificate or certificates representing the number of shares of Common Stock into which the shares of Series A Preferred Stock surrendered were convertible on the date on which such automatic conversion occurred.