Accelerated Conversion Clause Samples
Accelerated Conversion. (a) Accelerated Conversion Event
(i) the Issuer or the Guarantor fails to pay any amount payable under these Terms of the MACCS or the Guarantee, respectively, when and as the same becomes due and payable, and such failure continues for a period of ten Trading Days; or
(ii) the Issuer or the Guarantor fails to perform or comply with any of its obligations under these Terms of the MACCS or the Guarantee, respectively (other than those described in clause (i) of this Condition 9 (a)) and such failure is incapable of remedy or, if capable of remedy, is not remedied within 30 Trading Days after notice of such failure shall have been given by the Principal Paying and Conversion Agent to the Issuer; or
(iii) the Issuer or CSG is (or is deemed by law or a court or a competent regulator to be) bankrupt or unable to pay its debts, stops or suspends payment of all or a material part of its debts, initiates or becomes subject to proceedings relating to itself under any applicable bankruptcy, liquidation,
Accelerated Conversion. If an offer to purchase all of the issued and outstanding capital stock of the Company is approved by the respective boards of directors of Buyer and the Company, then all Series B Preferred shall become immediately convertible on the effective date of any such sale. If Buyer shall fail to make the investments defined as Payment Two, Payment Three and Payment Four required above within twelve months of the Closing Date, then all Series B Preferred shall become immediately convertible.
Accelerated Conversion. The City requests specific HPS and other non-LED fixtures be converted prior to MEC’s planned conversion at a per fixture charge of $100.00. An MEC representative will contact the City and document the locations desired by the City for early conversion and begin working on the process to change the street lights. MEC owns approximately 1800 street lights within the City of Rock Island that qualify for this initiative. Therefore, executing both options concurrently will allow for the expeditious conversion of critically low light areas while allowing MEC to proceed with the standard conversion, based on their recommendations and project plans.
Accelerated Conversion. Upon the earlier of (i) the fifth anniversary of the issuance of the Convertible Preferred Stock and (ii) a Change in Control, all unconverted shares of Convertible Preferred Stock outstanding shall automatically convert into shares of Common Stock in accordance with the applicable conversion ratio set forth in either Section 5(a) or 5(b).