Debt Conversion. As of this date, all EST Debt shall be converted into the right to receive Acquirer equity securities. Lender shall have the right to receive one "Unit" of Acquirer equity securities for every two dollars of EST Debt held by Lender. A "Unit" of Acquirer equity securities shall equal two shares of Acquirer common stock and a warrant to purchase one share of Acquirer common stock at $1.00 per share but may only be exercisable if the public trading price is at least $1.50. Following such conversion the Company shall have no liability to the Lender for any monetary payment, including without limitation any loan, promissory note or advance. In addition, the EST Debt shall then have no further force or effect and the Lender shall no longer have any right to receive any payment from the Company as a result of the EST Debt. Under this Agreement, the Lender shall have no other rights or remedies other than the right to acquire that number of "Units" of Acquirer determined in accordance with the amount of EST Debt that Lender holds.
Debt Conversion. (a) Lender agrees, subject to the conditions set forth herein, to convert the full amount of the Outstanding Debt into 123,988,294 shares of the Company’s common stock (the “Conversion Shares”) at a conversion price of $0.03 per share (the “Conversion Price”). Upon receipt of the Conversion Price, Lender agrees that the Note is cancelled and of no further force and effect. Lender agrees to promptly file any necessary UCC termination statements or other documentation that may be needed to terminate any security interests that may have been granted to Lender that are related to the Note. Lender further authorizes borrower to take any action needed to reflect the cancellation of the Note and the termination of any related security interests.
Debt Conversion. The Holder shall have the option to convert the principal and interest due under this note into shares of the Company's common stock at any time, pursuant to the terms of the form of the Debt Conversion Agreement attached hereto as Exhibit "A".
Debt Conversion. The conversion of the aggregate debt owed by the Company to the former shareholders of Vexigo Ltd. to warrants to acquire the Company’s ordinary shares shall have been consummated.
Debt Conversion. All indebtedness of Company, BetaZone, LLC, Equalan LLC and Equachem, LLC to Seller shall be forgiven at closing, provided $250,000 of such indebtedness owing to Xxx Xxxxxx, on an audited basis, shall be repaid by the Buyer to Xxx Xxxxxx at closing and the balance converted into Company common stock on the basis of 1 share for each $1.00 of debt converted, which shall be adjusted upon the completion of the Company audit.
Debt Conversion. (a) The Holder agrees, subject to the conditions set forth herein, to convert the principal and accrued but unpaid interest on the Note (“Debt Conversion”) into shares of Common Stock ("Conversion Shares") at a conversion price equal to the per share offering price of the Company’s shares in its proposed secondary offering with Aegis Capital, as further described in Section 4(a)(v), and subject to the approval of the TSX Venture Exchange (“TSXV”).
Debt Conversion. (a) As of December 30, 2011, Xxxxxxx agrees, subject to the conditions set forth herein, to convert $20,941,000 of the principal amount of his Notes, plus all accrued but unpaid interest thereon, into 73,172,949 shares of the Company’s Common Stock (the “Conversion Shares”) at a conversion price of $0.35 per share (the “Conversion Price”).
Debt Conversion. (a) Lender agrees, subject to the conditions set forth herein, to convert the full amount of the Outstanding Debt into 317,908 shares of the Company’s common stock (the “Conversion Shares”) at a conversion price of $1.04 per share (the “Conversion Price”).
Debt Conversion. Odetics, Inc. shall have agreed to contribute to --------------- the capital of the Company a portion of the amount of debt owed by the Company to Odetics, Inc.
Debt Conversion. Immediately prior to the Closing of the Offering, the Lender hereby elects and agrees to convert its Aggregate Pre-Offering Debt Amount into such number of shares of Series A Preferred Stock equal to the Aggregate Pre-Offering Debt Amount divided by $1,000. The parties acknowledge and agree that should the Offering not successfully close after the consummation of the Debt Conversion, the Lender shall transfer the Series A Preferred Stock back to the Company for cancellation and the Lender’s Aggregate Pre-Offering Debt Amount shall be re-established and become an obligation of the Company in accordance with the current terms of such indebtedness.
