Existing Convertible Notes Sample Clauses
The 'Existing Convertible Notes' clause defines how any previously issued convertible notes are treated under the current agreement. It typically outlines whether these notes will convert into equity, be repaid, or otherwise addressed in connection with a new financing round or transaction. For example, it may specify that outstanding convertible notes will automatically convert into shares at a set price or upon a triggering event. This clause ensures that all parties understand the status and handling of prior convertible debt, preventing confusion or disputes about the rights and obligations associated with those notes during subsequent financings.
Existing Convertible Notes. The Borrower and its Subsidiaries, on a consolidated basis, shall at all times prior to the scheduled maturity date of the Existing Convertible Notes, maintain Unrestricted Cash and Cash Equivalents sufficient to pay the aggregate outstanding principal amount of the Existing Convertible Notes in full on such maturity date.
Existing Convertible Notes. The following transactions may be effectuated with respect to the Existing Convertible Notes: (i) the Existing Convertible Notes may be converted (x) to preferred stock or common stock of the Company at a conversion price and formula, in each case, acceptable to the Required Lenders and (y) pursuant to terms and conditions acceptable to the Required Lenders; and/or (ii) the Existing Convertible Notes may be amended, modified and re-issued as Series A, B and C Notes, each in equal principal amounts, pursuant to terms and conditions acceptable to the Lenders, including, without limitation, (x) a requirement that all interest with respect to such notes is paid-in-kind and (y) a provision that the Series A, B and C Notes will have a one-time put date of May 31, 2020. Notwithstanding the foregoing, 100% of the principal amount of the Existing Convertible Notes must be converted and/or amended, modified and reissued as set forth in clauses (i) and/or (ii) above on the Second Amendment Effective Date, in each case, pursuant to terms, conditions and agreements satisfactory to the Lenders.
Existing Convertible Notes. From the date of this Agreement until the Closing Date, XM Satellite shall not and shall not allow its Subsidiaries to purchase Existing Convertible Notes for cash or exchange new indebtedness for Existing Convertible Notes.