Common use of Convertibility Clause in Contracts

Convertibility. (a) The Holder may, at any time, at its option, convert the debt into Common Stock, with the Common Stock valued at $4.50 per share. (b) Additionally, if the Common Stock price, as listed in the Wall Street Journal, closes at a price of less than $3.00 per share, the Holder shall have the right to take possession of the Collateral and to liquidate the same to satisfy the conditions of the Loan.

Convertibility. (a) The Upon maturity, the Holder may, at any time, at its option, convert the debt into Common Stock, with the Common Stock valued at $4.50 per share. (b) Additionally, if the Common Stock priceStock, as listed in the Wall Street Journal, closes at a price of less than $3.00 per share, the Holder Payee shall have the right to take possession of the Collateral and to liquidate the same to satisfy the conditions of the LoanNote.