Conversion of Convertible Notes. 18 8.1 Mechanics of Conversion.................................................................... 18
Conversion of Convertible Notes. Agent shall have received evidence that all previously outstanding convertible note Indebtedness of the Loan Parties has been converted to Equity Interests.
Conversion of Convertible Notes. (a) Subject to the further provisions of this Article IV and paragraph 8 of the Global Security, a Holder of a Convertible Note may convert the principal amount of such Convertible Note (or any portion thereof equal to $1,000 or any integral multiple of $1,000 in excess thereof) into Common Shares on any Business Day, if the average of the Closing Prices of the Common Shares for the immediately preceding 30 consecutive Trading Day period is more than 110% of the average of the Conversion Prices of our Common Shares during such 30-Trading Day period (the “Closing Price Condition”), subject to the exceptions provided below; provided, however, that if such Convertible Note is called for redemption or submitted or presented for purchase pursuant to Article III such conversion right shall terminate at the close of business on the Business Day immediately preceding the Redemption Date or Change in Control Purchase Date, as the case may be, for such Convertible Note (unless the Company shall default in making the redemption payment or Change in Control Purchase Price payment when due, in which case the conversion right shall not apply following the close of business on the date such default is cured and such Convertible Note is redeemed or purchased, as the case may be). The number of Common Shares deliverable upon conversion of a Convertible Note is determined by dividing (x) the principal amount of the Convertible Notes, or the portion thereof being converted, by (y) the Conversion Price in effect on the Conversion Date. The initial Conversion Price and the Conversion Rate shall be that set forth in paragraph 8 of the Global Security. Holders will not receive any cash payment representing accrued and unpaid interest upon conversion of a Convertible Note. Accrued and unpaid interest on the Convertible Note shall be deemed paid in full rather than canceled, extinguished or forfeited. The Company will not adjust the Conversion Rate to account for accrued interest, if any. A Holder of Convertible Notes is not entitled to any rights of a holder of Common Shares until such Holder has converted its Convertible Note to Common Shares, and only to the extent such Convertible Note are deemed to have been converted into Common Shares pursuant to this Article IV.
Conversion of Convertible Notes. (a) The Existing Noteholder and the Company irrevocably acknowledge and agree that at the Effective Time the Company will:
Conversion of Convertible Notes. (a) (i) The outstanding principal of, and the accrued and unpaid interest on, each Convertible Note shall be converted at any time at the election of the Noteholder into that number of shares of Common Stock of the Company as equals the amount being converted divided by $0.65 (as adjusted and provided herein below, the "Conversion Price").
Conversion of Convertible Notes. As soon as practicable following the Closing, each Party, will use its best efforts to cause the conversion of its outstanding convertibles notes.
Conversion of Convertible Notes. Prior to the Split, the outstanding Convertible Notes held by CRI shall automatically convert into 2,318,413 Class A Units, which shall be approximately 37,055,002 Class A Units, after giving effect to the Split. After the closing of the Transaction, CRI shall hold all the Class A Voting Units of the Company, and CRI shall be the sole voting member of the Company, except with respect to Mandatory Voting Rights.
Conversion of Convertible Notes. At any time prior to the Maturity Date, Lender may elect to convert the Credit Balance into the Conversion Units by Lxxxxx’s delivery of a notice of conversion no later than seven (7) calendar days prior to the Maturity Date that describes the Lender’s intent to convert the Credit Balance into Conversion Units and the date said conversion shall take place (the “Notice of Conversion”). Notwithstanding anything set forth in this Agreement to the contrary, in no event may Lender elect to convert pursuant to this Section 5 unless Lender has obtained all required local and state regulatory authorizations such that conversion is made in accordance with Applicable Laws.
Conversion of Convertible Notes. If more than one Convertible Note shall be surrendered for conversion at one time by the same holder, the number of full shares which shall be issuable upon conversion shall be computed on the basis of the aggregate principal amount of the Convertible Notes (or specified portions thereof to the extent permitted hereby) so surrendered for conversion. If any fractional share of stock otherwise would be issuable upon the conversion of any Convertible Note or Convertible Notes, the Company shall make an adjustment therefor in cash based upon the Current Market Price of the Common Stock on the last Trading Day prior to the date of conversion.
