Conversion Process. In the event of the conversion of this Note pursuant to this Section 8: (i) Lender agrees to surrender this Note for conversion and deliver the attached form of notice of conversion and (ii) Borrower shall, at its sole cost and reasonably promptly following such delivery (but in no event later than three business days after delivery of those items referenced in Section 8(b)(i)), issue and deliver certificates representing the requisite number of fully paid and non-assessable shares of common stock and any balance note (to the extent all amounts owing under this Note are not so converted) and shall pay to Holder cash in an amount equal to that portion of the principal balance, if any, that would otherwise convert into a fractional share of common stock pursuant to this Section 8.
Appears in 3 contracts
Sources: Secured Convertible Promissory Note and Security Agreement (Mullen Automotive Inc.), Secured Convertible Promissory Note and Security Agreement (Mullen Automotive Inc.), Secured Convertible Promissory Note and Security Agreement (Net Element, Inc.)