Common use of Status of Converted Stock Clause in Contracts

Status of Converted Stock. In the event any shares of Class A-1 Preferred Stock shall be converted pursuant to this Section 3, the shares so converted shall be canceled and shall not be reissued as Class A-1 Preferred Stock by the Corporation. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock to be created by resolution or resolutions of the board of directors, subject to the conditions and restrictions on issuance set forth herein.

Status of Converted Stock. In the event any shares of Class A-1 Series A Preferred Stock shall be converted pursuant to this Section 33 hereof, the shares so converted converted, redeemed or exchanged shall be canceled cancelled and shall not be reissued as Class A-1 Preferred Stock reissuable by the Corporation. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock to be created by resolution or resolutions of the board Board of directors, subject to the conditions and restrictions on issuance set forth hereinDirectors.