Convertible Preferred Shares. All shares of Cornerstone to be issued upon conversion of the Operating Partnership Units (as described more fully in the Limited Partnership Agreement) will, at the time of issuance, be duly authorized, validly issued, fully paid and non-assessable, and will be free and clear of any Liens or other encumbrances which would prevent or otherwise encumber the delivery of such shares to the owners of the Operating Partnership Units upon their conversion.
Convertible Preferred Shares. “CPS”). The Series A Preferred issued to Purchaser hereunder at Closing will, upon issuance, be validly issued, fully paid and non-assessable, free and clear of liens and restrictions. Assuming the truth and accuracy of the representations and warranties in Article III below, the issuance of the Shares hereunder will be exempt from registration under the Securities Act of 1933, as amended (the “Act”), and any applicable state securities laws.
Convertible Preferred Shares. If, in the case of any such consolidation, merger, sale, transfer or lease, the shares of stock or beneficial interest or other securities and property (including cash) receivable thereupon by a holder of the Common Shares includes shares of stock or beneficial interest or other securities and property of a corporation other than the successor or purchasing corporation, as the case may be, in such consolidation, merger, sale, transfer or lease, then the charter document of such other corporation shall contain such additional provisions to protect the interests of the holders of Series D Convertible Preferred Shares as the Board of Trustees shall reasonably consider necessary by reason of the foregoing. The provisions of this Section 13.4(7)(l) shall similarly apply to successive consolidations, mergers, sales, transfers or leases.
Convertible Preferred Shares. Any shares of the Company’s Series A non-participating, voting, cumulative, convertible 7.0% preferred stock, par value $0.0001 per share.
Convertible Preferred Shares. This performance-based contract allows the Company to implement its proprietary science and technology.
Convertible Preferred Shares. The Employee shall receive 225,000 shares of the Preferred Stock. Each share of Preferred Stock is convertible into one (1) share of the Company's Common Stock at a conversion value of $5.00 per share, provided, however, the shares may only be converted after five (5) years or sooner in the event the Company attains the following revenues and pre-tax earnings during the following time period or fiscal year after the completion of the proposed public offering, each share of Preferred Stock shall be convertible into the following number shares of Common Stock at the following conversion value per share at no cost to the employees: Number of Pre-Tax Conversion Common Incentive Period Revenues Earnings Value Shares ---------------- -------- -------- ---------- -------- 15 Months After Public Offering $20,000,000 $1,000,000 $2.50 2.0 shares Two Years After Public Offering $40,000,000 $2,000,000 $2.00 2.5 shares Three Years After Public Offering $75,000,000 $3,750,000 $1.50 3.3 shares Of the 700,000,000 shares of Preferred Stock to be issued to the Company's Officers and Directors, up to 233,333 shares of Preferred Stock are convertible upon achieving the performance goals in accordance with the aforesaid formula at the end of each Incentive Period. In the event the Company does not attain any of the aforesaid goals, each share of Preferred Stock then outstanding shall automatically convert, at no cost to the holder, into one (1) share of Common Stock five (5) years from the effective date of the registration statement relative to the proposed public offering. Each share of Preferred Stock will have the same voting rights as a share of Common Stock.
Convertible Preferred Shares. In case FHIF is required to convert the preference shares into ordinary shares it would offload the ordinary shares within a period of three months of the ordinary shares being issued. Total investment by FHIF in Convertible Preferred Shares will not exceed 15% of its Net Asset Value; • Certificates of Investment issued by financial institutions having a minimum of A- (minus) rating by a credit rating agency approved by the Commission or State Bank of Pakistan; • Bank deposits; • Reverse Repo Transactions; • Units/Certificates of any other Money Market Fund or any other Money Market Instrument. The purchase and acquisition of Units of one Income/ Money Market Fund shall not exceed 10% of the Net Assets of First Habib Income Fund at the time of purchase, except as may otherwise be permitted under the rules; • Continuous Funding System (CFS); Investment in CFS shall be restricted upto a maximum of 50% of Net Asset value of the Fund, with not more than 20% of CFS amount in any one scrip at the time of investment; or any other system replace CFS subjected to the SEC approval; • Spread Transactions; FHIF will enter into transactions aimed at earning a spread in the price of shares resulting from the timing difference between ready and future settlements. FHIF will buy in the ready settlement market and sell in future settlement market. Both the transactions will be carried out simultaneously • so as to avoid any risk emanating from the movement in the prices of underlying shares; • Commercial Paper; • Derivative instruments as approved by the Commission; • Options; • Investment outside Pakistan - Total Investment by FHIF in overseas products/ instruments will be to the extent of 30% of Net Assets of the Fund subject to a cap of US$ 15 million. Overseas investments would be made according to the prescribed guidelines of SECP/ SBP and if guidelines are not available, specific approval from SECP/ SBP will be obtained The Fund Property will be invested in the International Market including the following with the permission of SECP/SBP: - International fixed profit bearing debt securities - International money market securities - Foreign currency bank deposits and certificates of investment - Foreign currency bank accounts in Pakistan - Money Market/ Fixed Income Market Fund - While investing in international fixed profit bearing debt securities and international money market securities, the Management Company will only invest through the following agencies unless i...
Convertible Preferred Shares. The Convertible Preferred Shares shall be entitled to the same rights and benefits (determined on the basis of the number of Common Shares into which Convertible Preferred Shares are convertible on the relevant Distribution Date) provided under this Rights Agreement (as amended) or under any replacement or alternative rights arrangements as are provided to the Common Shares. Each obligation of the Company and the Rights Agent to the holders of Common Shares under this Agreement shall apply equally (on such as-converted basis set forth in the prior sentence) for the benefit of the holders of the Convertible Preferred Shares. As soon as practicable after the Distribution Date, the Rights Agent will send, by first-class, postage-prepaid mail, to each record holder of Convertible Preferred Shares as of the close of business on the Distribution Date, at the address of such holder shown on the records of the Company, one or more Right Certificates, evidencing one Right (subject to adjustment as provided herein) for each Common Share into which the Convertible Preferred Shares held by such holder are then convertible. Any such Rights so issued with respect to such Convertible Preferred Shares shall be subject to rights, terms and conditions identical to those of the Rights evidenced by Right Certificates issued pursuant to Section 3.1 hereof and such holder of Convertible Preferred Shares shall be treated as a registered or record holder of such Rights."
Convertible Preferred Shares. The Corporation will provide each stockholder on request and without charge a copy of the certificate of designations setting forth the powers, designations, preferences and relative rights of the Series E 8% Cumulative Convertible Preferred Stock."
Convertible Preferred Shares. To the extent that Borrower may have been in violation thereof, Bank hereby waives said violation.
