Common use of Conversion upon Maturity Date Clause in Contracts

Conversion upon Maturity Date. If the Loan has not been repaid prior to the lapse of twenty-four (24) months following the Effective Date (the “Maturity Date”), at the Maturity Date, the entire Loan (which for avoidance of doubt shall include the Interest) shall automatically be converted into such number of the most senior class of shares of the Company then outstanding, equal to the Loan divided by the lowest price per share actually paid to the Company in the most recent share purchase agreement prior to the Maturity Date, for such most senior class of shares of the Company then outstanding, rounded up to the nearest whole number. The closing of such conversion shall occur on the Maturity Date with no further action to be taken by either Party hereto.