Reservation Requirement. The Company covenants that it will at all times reserve and keep available out of its authorized and unissued Common Stock solely for the purpose of issuance upon conversion of the Debentures as herein provided, free from preemptive rights or any other present or contingent purchase rights of persons other than the Holders of the Debentures, 160% of the maximum number of shares of Common Stock as shall be issuable (taking into account the adjustments and restrictions of Sections 5 and 7 hereof) upon the conversion of all of the Debentures pursuant hereto. The Company covenants that all shares of Common Stock that shall be so issuable shall upon issue, be duly and validly authorized, issued and fully paid and nonassessable. Without in any way limiting the foregoing, so long as any Debentures remain outstanding the Company agrees to reserve and at all times keep available solely for purposes of conversion of Debentures such number of authorized but unissued shares of Common Stock that is set forth in the Purchase Agreement.
Reservation Requirement. The Company covenants that it will at ----------------------- all times reserve and keep available out of its authorized and unissued Common Stock solely for the purpose of the payment of Interest Shares and issuance upon conversion of the Debentures as herein provided, free from preemptive rights or any other present or contingent purchase rights of persons other than the Holders of the Debentures, 200% of the maximum number of shares of Common Stock as shall be issuable (taking into account the adjustments of Sections 5 and 6 hereof) upon the conversion of all of the Debentures pursuant hereto. The Company covenants that all shares of Common Stock that shall be so issuable shall upon issuance, be duly and validly authorized, issued and fully paid and nonassessable.
Reservation Requirement. The Company shall reserve and keep available at all times, free of preemptive rights shares of Common Stock for the purpose of enabling the Company to satisfy any obligation to issue shares of its Common Stock upon conversion of all of the Debentures pursuant hereto.
Reservation Requirement. So long as any Debentures remain outstanding the Company agrees to reserve and at all times keep available solely for purposes of conversion of Debentures such number of authorized but unissued shares of Common Stock that is set forth in Section 3.10 of the Purchase Agreement.
Reservation Requirement. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock such number of shares of Common Stock as shall be necessary for the purpose of effecting the conversion of Debentures, which shares shall be free of preemptive rights, for the purpose of enabling the Company to satisfy any obligation to issue shares of its Common Stock, or other securities, upon conversion of all Debentures pursuant hereto. The Company shall initially reserve a number of
Reservation Requirement. The Company covenants that it will at all times reserve and keep available out of its authorized and unissued Common Stock solely for the purpose of issuance upon conversion of the Debentures and/or payment of principal or interest in shares of Common Stock as herein provided, free from preemptive rights or any other present or contingent purchase rights of persons other than the Holders of the Debentures, the lesser of: (i) 200% of the maximum number of shares of Common Stock as shall be issuable (taking into account the adjustments and restrictions of Sections 5 and 6 hereof) upon the conversion of all of the Debentures pursuant hereto and (ii) the maximum amount allowable by the TSX Rules. The Company covenants that all shares of Common Stock that shall be so issuable shall upon issue, be duly and validly authorized, issued and fully paid and nonassessable. Without in any way limiting the foregoing, so long as any Debentures remain outstanding the Company agrees to reserve and at all times keep available solely for purposes of conversion and/or payment of principal or interest in shares of Common Stock of Debentures such number of authorized but unissued shares of Common Stock that is set forth in the Purchase Agreement.
Reservation Requirement. The Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, shares of Common Stock for the purpose of enabling the Company to satisfy any obligation to issue shares of its Common Stock upon conversion of the Debentures or upon exercise of Warrants; provided, however, that the number of shares so reserved shall at all times be at least 3,943,003 shares, of which _________ shares shall be so reserved, first, for issuance upon the exercise of any Warrants issued hereunder and any Warrants issued in connection with the August 7, 1996, Debentures, the August 29, 1996 Debentures and the September 13, 1996 Debentures second, for issuance upon the conversion of these Debentures, the August 7, 1996 Debentures, the August 29, 1996 Debentures and the September 13, 1996 Debentures, if and to the extent none or less than all of the Warrants are so issued or, if issued, expire without exercise. The number of shares so reserved may be reduced by the number of shares actually delivered pursuant to conversion of Debentures and exercise of Warrants (provided that, in no event shall the number of shares so reserved be less than the maximum number required to satisfy remaining conversion rights on the unconverted Debentures and remaining exercise rights under any Warrants issued hereunder) and the number of shares so reserved shall be increased or decreased proportionally to reflect stock splits, stock dividends, distributions or subdivisions or combinations of the Company's Common Stock.
Reservation Requirement. The Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, shares of Common Stock for the purpose of enabling the Company to satisfy any obligation to issue shares of its Common Stock upon conversion of the Debentures (including the Additional Shares) or upon exercise of Warrants; provided, however, that the number of shares so reserved shall at all times be at least 4,761,230 shares, of which 250,000 shares shall be so reserved, first, for issuance upon exercise of the First Warrants and, second, for issuance upon conversion of Debentures (including Additional Shares) and upon exercise of the Second Warrants if and to the extent the First Warrants expire unexercised. The number of shares so reserved may be reduced by the number of shares actually delivered pursuant to conversion of Debentures (including the purchase of Additional Shares) and exercise of Warrants (provided, that in no event shall the number of shares so reserved be less than the maximum number required to satisfy remaining conversion rights on the unconverted Debentures and remaining exercise rights under any Warrants) and the number of shares so reserved shall be increased or decreased proportionally to reflect stock splits, stock dividends, distributions or subdivisions or combinations of Common Stock.
Reservation Requirement. The Company shall reserve and keep available at all times, free of preemptive rights the number of shares of Common Stock equal to the Conversion Limit (less the number of shares issued upon conversion of Debentures) for the purpose of enabling the Company to satisfy any obligation to issue shares of its Common Stock upon conversion of all of the Debentures pursuant hereto.
Reservation Requirement. The Company covenants that it will at all times reserve and keep available out of its authorized and unissued Common Stock solely for the purpose of issuance upon conversion of the Debentures as herein provided, free from preemptive rights or any other present or contingent purchase rights of persons other than the Holders of the Debentures, 200% of the maximum number of shares of Common Stock as shall be issuable (taking into account the adjustments and restrictions of Sections 6 and 9 hereof) upon the conversion of all of the Debentures pursuant hereto.
