Conversion Milestones Clause Samples
The Conversion Milestones clause defines specific events or performance targets that must be achieved to trigger the conversion of one type of security or contractual right into another, such as converting convertible notes into equity. Typically, these milestones might include reaching a certain revenue threshold, completing a product development phase, or securing regulatory approval. By clearly outlining the conditions under which conversion occurs, this clause provides predictability for both parties and ensures that conversion only happens when agreed-upon objectives are met, thereby aligning interests and reducing potential disputes.
Conversion Milestones. During the conversion process for each of the Banks, M&I will analyze Customer's products, the setup of bank control, analyze and verify Customer's test data, analyze Customer's training needs and perform workflow analysis. During the next phase, Customer shall verify the converted test data and identify any changes to the Conversion programs. A review ("Readiness Review") will then be performed as a dress rehearsal to ensure that M&I and Customer are prepared to Convert. M&I and Customer shall mutually agree to and sign off on the Readiness Review assuring the Bank is prepared to Convert to the Services. The stabilization phase takes place approximately three (3) to four (4) weeks prior to Conversion, during which time software programs, bank control and interface tables are completed and stabilized. Changes, if any, are managed and require approval of both M&I and Customer. Finally, the Conversion phase includes the Conversion weekend and Conversion week support. The M&I Project Team manages the Conversion weekend, working with Customer's existing processors to meet targeted deadlines. During the Conversion week, M&I will provide support on site for Customer. On a daily basis, M&I and Customer will have status update meetings to understand levels of self sufficiency and areas requiring attention.
Conversion Milestones. As part of the Conversion Plan, the parties --------------------- shall develop, agree upon and use best efforts to achieve milestones to which the progress of the Conversion(s) shall be measured.
Conversion Milestones. AS part of the Conversion Plan, the parties shall develop and agree upon milestones to which the progress of the Conversion(s) shall be measured.