Treasury Reserve Clause Samples

Treasury Reserve. Solely if three (3) or more (or such larger number as may be determined by the Required Holders) Conversion Failures (as defined in the Notes) have occurred (a “Conversion Failure Event”), from the date of such Conversion Failure Event until such time as no Notes remain outstanding)(the “Treasury Period”), the Company shall keep at least 5,000,000 ADSs as treasury ADSs (the “Treasury Reserve”). If the Company fails at any time during the Treasury Period to timely deliver (or cause the delivery of) Ordinary Shares to the Investor as necessary to effect the issuance of ADSs upon any conversion of the Notes, the Company shall transfer such ADSs from the Treasury Reserve to such Investor, as applicable, to satisfy such Conversion ADSs delivery obligations pursuant to such Conversion Notice (each, an “Treasury Reserve Withdrawal”).