Conversion of the Note. This Note shall be convertible according to the following terms:
Conversion of the Note. This Note and any amounts due hereunder shall be convertible into Conversion Shares in accordance with the terms of Section 2.2 of the Purchase Agreement. As promptly as practicable after the conversion of this Note, the Company at its expense shall issue and deliver to the holder of this Note, upon surrender of the Note, a certificate or certificates for the number of full Conversion Shares issuable upon such conversion.
Conversion of the Note. 4.1 Subject to and upon compliance with the terms and provisions of this Note, at any time Lender or Borrower (subject to the requirements of Section 4.3) shall have the right to convert the unpaid Principal Amount of, and interest due under, this Note into shares of common stock of Borrower as set forth below.
Conversion of the Note. Upon the Next Qualified Equity Financing (as defined below), the principal amount of the Note plus any accrued but unpaid interest will be automatically converted into that number of shares of the Company's Next Stock issued in the Next Qualified Equity Financing as is equal to the then principal balance of the Note plus any accrued but unpaid interest divided by the price per share of the Company's Next Stock.
Conversion of the Note. 8 3.01. CONVERSION...................................................................... 8 3.02.
Conversion of the Note. This Note and any amounts due hereunder shall be convertible into Conversion Shares in accordance with the terms of Section 2.2
Conversion of the Note. At the option and written instruction of the Lender, upon the maturity of the Note as specified on clause 3, the Lender shall have the right to convert the balance of the Note and the accrued interests to common stocks of the Company. The conversion price is based on the closing quote of the Borrower's share price on the OTC Bulletin Board with 25% discount on the date of conversion.
Conversion of the Note. Upon the Next Qualified Equity Financing (as defined below), the principal amount of the Note plus any accrued but unpaid interest will be automatically converted into that number of shares of the Company's Next Stock issued in the Next Qualified Equity Financing as is equal to the then principal balance of the Note plus any accrued but unpaid interest divided by the price per share of the Company's Next Stock; PROVIDED, HOWEVER, the amounts outstanding under the Note shall not be subject to conversion without the written consent of the Investor unless, as of the closing of such Next Qualified Equity Financing, the Chief Executive Officer candidate previously identified to Greenwich, has entered into an employment contract with the Company and commenced employment with the Company.
Conversion of the Note. (i) At any time on or after the consummation of a Qualified IPO, each Purchaser shall have the right, upon at least ten (10) Business Days prior written notice to the Administrative Agent stating the conversion date (which conversion date shall not be more than forty five (45) days following the date of such notice), to cause to be converted all or any portion of the aggregate principal amount of Senior Secured Notes (such portion to be converted, a “Principal Conversion Amount”) into Converted Shares, and the principal amount of the Notes so converted shall thereby be deemed to have been repaid in full; provided that the total aggregate of all Principal Conversion Amounts for all conversions pursuant to this Section 2.06(d)(i) shall not exceed $20,000,000, allocated among all Purchasers on a pro rata basis in accordance with the aggregate principal amounts of the Senior Secured Notes issued to such Purchaser pursuant hereto relative to all other Purchasers, and the aggregate Principal Conversion Amounts for each conversion pursuant to this Section 2.06(d)(i) shall not be less than $1,000,000 (or lower if such amount is the remainder of either the outstanding principal amount of the Senior Secured Notes or the $20,000,000 conversion amount limit). In the event that any Senior Secured Notes issued by any Issuer other than the Company are elected to be converted into Converted Shares pursuant hereto, then the principal amount of such Notes so converted shall thereby be deemed to have been repaid in full by such Issuer, and shall be either discharged by payment or set-off of a corresponding amount by such Issuer to the Company or recorded as a loan made by the Company to such Issuer). For the avoidance of doubt, any accrued and unpaid interest that has accrued prior to the date of the conversion of any Principal Conversion Amounts pursuant to this Section 2.06(d)(i) shall remain outstanding and payable by the applicable Issuer as contemplated in this Agreement.
Conversion of the Note. At the option and written instruction of the Lender, upon the maturity of the secured promissory note (the "Note") as specified on clause 3, the Lender shall have the right to convert the balance of the Note and the accrued interests to common stocks of the Company. The conversion price is based on the closing quote of the Borrower's share price on the OTC Bulletin Board with 25% discount on the date of conversion. ------------------------------------------------------------------ IN WITNESS whereof and acknowledging acceptance and agreement of the foregoing, BORROWER and LENDER affix their signatures hereto. SIGNED by: /s/ Xxx Xx --------------------------- Name: Xxx Xx Title: CEO and Chairman of the Board for and on behalf of KIWA BIO-TECH PRODUCTS GROUP CORPORATION SIGNED by: /s/ Xxxxxx Xxxxxxx ---------------------------
