Common use of Procedures for Conversion Clause in Contracts

Procedures for Conversion. (a) To convert a Security, a Holder must (i) complete and sign the conversion notice attached to a Security, (ii) surrender a Security to the Company or its Conversion Agent, (iii) furnish required endorsements and transfer documents and (iv) pay any transfer tax or similar tax if required. A Holder may convert a portion of a Security only if the portion is $100 or an integral multiple of $100. (b) As promptly as practicable after the surrender of a Security for conversion, the Company shall deliver, to or upon the written order of the Holder, certificates representing the number of fully paid and nonassessable shares of Common Stock into which the Security may be converted in accordance with the provisions of the Security and this Indenture. Such conversion shall be deemed to have been made at the close of business on the date that a Security shall have been surrendered for conversion with a written notice of conversion duly executed in satisfactory form for conversion. At such time, the rights of the Holder of a Security as such a Holder shall cease, and, subject to the provisions of subsection (c) below, the person or persons entitled to receive the shares of Common Stock upon conversion of a Security shall be treated for all purposes as having become the record holder or holders of such shares of Common Stock at such time. Any such