Conversion of the Loan. The Loan may be converted into the common stock of the Company pursuant to the provisions of Section 8.8(a) hereof.
Conversion of the Loan. (a) Notwithstanding any other provision of this Agreement, prior to the Zoompart Accession, the Lender may, at the Lender’s sole election and at its sole discretion, require the Borrower to issue, and the Borrower shall then issue to such Lender, voting shares of the Borrower (the “Borrower Shares”) in lieu of payment of all or any portion of the principal amount of the Loan then outstanding and/or interest accrued thereon whether or not then due and payable, by delivering written notice to the Borrower, on the earliest of (i) the Maturity Date, or (ii) in case an event of default under the Credit Agreement occurs and is continuing for a period exceeding thirty (30) days, on the date that is the thirty first day after the occurrence of such event, it being understood that in case an event of default under the Credit Agreement occurs and is continuing for a period exceeding thirty (30) days, on the date that is the thirty first day after the occurrence of such event, the Borrower shall so notify to the Lender in writing.
Conversion of the Loan. (A) If at any time the Loan is outstanding as a LIBOR Loan and Lender shall have determined (which determination shall be conclusive and binding upon Borrower absent manifest error) that LIBOR cannot be determined and LIBOR has been succeeded by an Alternate Index (an “Alternate Index Determination”), then the Loan shall be converted from a LIBOR Loan to an Alternate Rate Loan; provided, that, following a Securitization, such conversion shall be subject to Lender’s receipt of (1) an opinion of nationally recognized REMIC counsel as to the compliance of such conversion with applicable REMIC requirements as determined under the IRS Code and the regulations, revenue rulings, revenue procedures and other administrative, legislative and judicial guidance relating to the tax treatment of REMIC Trusts (which such opinion shall be obtained at Lender’s sole cost and expense and shall be in form and substance and from a provider, in each case, reasonably acceptable to Lender) and (2) a Rating Agency Confirmation in connection with such conversion (clauses (1) and (2), each an “Alternate Rate Condition”). Lender shall provide Borrower with written notice following the making of an Alternate Index Determination and, if a Securitization has occurred, shall promptly request the Rating Agency Confirmation described in clause (2) immediately above in the manner prescribed by the servicing agreement with respect to the Loan. Lender shall provide notice of (x) prior to a Securitization, the Alternate Index Determination and (y) following a Securitization and upon satisfaction of the Alternate Rate Conditions, that the Alternate Rate Conditions have been satisfied, in each case by giving notice of such determination in writing to Borrower at least five (5) Business Days prior to the next succeeding Determination Date. If such notice is given, the Loan shall be converted, as of the first day of the next succeeding Interest Accrual Period, to an Alternate Rate Loan in accordance with the terms and provisions hereof.
Conversion of the Loan. (a) On the Disbursement Date, the Borrower shall issue to the Lender a Convertible Debt Instrument, in the aggregate principal amount of the Loan evidencing the obligation of the Borrower to repay such aggregate principal amount and interest thereon under this Agreement.
Conversion of the Loan. Subject to Section 5(b) of the Note, at any time prior to the Maturity Date, the then outstanding principal balance and accrued but unpaid interest under this Agreement and the Note shall be convertible, athe option of the Holder, into shares of Borrower’s common stock (“Shares”) at the average of the closing price for the Shares during the ten (10) Business Days prior to each Advance Date, less a discount of 10%, as may be adjusted for any share splits, share dividends, reclassifications and other similar events which have occurred before such conversion (the “Conversion Price”). Subject to Section 5(b), Upon the Maturity Date, the then outstanding principal balance and accrued but unpaid interest under this Agreement and the Note shall be automatically converted into Shares at the Conversion Price up to the Conversion Limitation (as defined in the Note) (if applicable), and the remaining outstanding principal balance and accrued but unpaid interest under the Note, if any, shall be settled in cash pursuant to Section 4(b) of the Note.
Conversion of the Loan. Subject to Section 1.08 of the Note, on the Maturity Date, the then outstanding principal balance and accrued but unpaid interest under the Note may be converted, at the option of Lender, into shares of Borrower’s common stock (“Conversion Shares”) at the conversion rate of $0.10 per share, as may be adjusted for any share splits, share dividends, reclassifications and other similar events which have occurred before such conversion (the “Conversion Price”). Any remaining amount of the outstanding principal balance and accrued but unpaid interest under the Note not so converted, if any, shall be settled in cash pursuant to Section 1.03 of the Note.
Conversion of the Loan. The Convertible Loan Agreement allows for, inter alia, the Investors to have the right to convert all of the Loan into 190,000,000 new ordinary shares in the issued and paid-up share capital of the Company at an agreed conversion price of S$0.0263 per share (the "New Shares"), in accordance with the provisions set out in the Convertible Loan Agreement (the "Conversion"). The whole principal amount of the Loan, together with compensation costs calculated at the annual rate of 8% per annum on the Loan, if not converted to New Shares shall be repaid by the Company on the expiry of the Convertible Loan Agreement.
Conversion of the Loan. PlanetSpark shall have the right to convert the amount disbursed under the Loan into new ordinary shares of CLOPtech (the “CLOPtech Shares”). However, in the event of a qualified financing round or trade sale, the amount disbursed under the Loan will be automatically converted into equity securities or shares in CLOPtech.
Conversion of the Loan. The outstanding principal and interest of the Loan shall be convertible, at Purchaser's option, into shares of a new security which borrower intends to issue (the "Convertible Security"). This provision does not alter the Purchaser's rights to receive interest under the terms of the Promissory Note.
Conversion of the Loan. Within [*****] after the First Closing, provided that [*****] until such date, the Principal Amount will be automatically converted into Series A Preferred Shares of the Company nominal value NIS 0.01 each (the “Preferred A Shares”) at a price per share of [*****] (the “PPS”). In such case the Company shall not be obligated to make any payment with respect to the Principle Amount converted thereby or any accrued interest thereto. The Lender shall be entitled, at its sole discretion, to convert the Loan into Preferred A Shares, as set forth above, even earlier than the lapse of the 6 months period and even if a Repayment Event has occurred.
