Conversion Default Clause Samples

Conversion Default. With respect to outstanding obligations under any Note, any breach by the Company with respect to its obligations to issue shares of Common Stock upon conversion of such Note pursuant to Section 3 thereof.

Conversion Default. The Company shall send notice to the Holder of the authorization of additional shares of Common Stock, the Authorization Date and the amount of ▇▇▇▇▇▇'s accrued Conversion Default Payments. The accrued Conversion Default Payments for each calendar month shall be paid in cash to the Holder by the fifth (5th) Business Day of the month following the month in which it has accrued. Nothing herein shall limit the Holder's right to pursue actual damages (to the extent in excess of the conversion Default Payments) for the Company's failure to maintain a sufficient number of authorized shares of Common Stock, and each Holder shall have the right to pursue all remedies available at law or in equity (including degree of specific performance and/or injunctive relief).

Conversion Default. If all of the Conditions to Conversion are not satisfied on or before the Construction Loan Maturity Date, an Event of Default shall automatically be deemed to have occurred under this Agreement, and all amounts owing under the Notes shall be immediately due and payable.

Conversion Default. In addition, the Borrower shall pay to the holder payments ("Conversion Default Payments") for a Conversion Default in the amount of (a) .24, multiplied by (b) the sum of the Principal Amount and accrued and unpaid interest thereon held by such holder through the Authorization Date (as defined below), multiplied by (c) (N/365), where N = the number of days from the day the holder submits a Notice of Conversion giving rise to a Conversion Default (the "Conversion Default Date") to the date (the "Authorization Date") that the Borrower authorizes a sufficient number of shares of Common Stock to effect conversion of the full Principal Amount and accrued and unpaid interest thereon. The Borrower shall send notice to the holder of the authorization of additional shares of Common Stock, the Authorization Date and the amount of holder's accrued Conversion Default Payments. The accrued Conversion Default Payment for each calendar month shall be paid in cash or shall be convertible into Common Stock at the applicable Conversion Price, at the holder's option, as follows:

Conversion Default. The Borrower shall send notice to the Holder of the authorization of additional shares of Common Stock, and the Authorization Date.

Conversion Default. Subject to Section 4.4 herein, if, at any time the Holder submits a Notice of Conversion and the Company does not have sufficient authorized but unissued shares of Common Stock available to effect, in full, a conversion of the Debentures (a "Conversion Default", the date of such default being referred to herein as the "Conversion Default Date"), the Company shall issue to the Holder all of the shares of Common Stock which are available, and the Notice of Conversion as to any Debentures requested to be converted but not converted (the "Unconverted Shares") shall become null and void. The Company shall provide notice of such Conversion Default ("Notice of Conversion Default") to all existing Holders of outstanding Debentures, by facsimile, within three (3) business days of such default (with the original delivered by overnight or two day courier). No Holder may submit a Notice of Conversion after receipt of a Notice of Conversion Default until the date additional shares of Common Stock are authorized by the Company.

Conversion Default. The Borrower shall send notice to the Lender of the authorization of additional shares of Common Stock, and the authorization date. Nothing herein shall limit the Lender’s right to pursue actual damages against Borrower for the Borrower’s failure to maintain a sufficient number of authorized shares of Common Stock or to repay such Note, and each Lender shall have the right to pursue all remedies available at law or in equity (including degree of specific performance and/or injunctive relief or under any of the Loan Documents).