Loan Conversion Sample Clauses
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Loan Conversion. 1.1. By execution of this Agreement, Lender serves notice to the Company, pursuant to Section 2.4 of the February Loan Agreement and Section 2.4 of the July Loan Agreement, of the conversion (the "Conversion") at the Closing (as defined below), and subject to the consummation thereof, of $500,904 (Five Hundred Thousand Nine Hundred and Four US Dollars) of the Convertible Loans (the "Converted Loans", comprised of $418,142 of principal amount and $82,762 of accrued interest), into the Company's ordinary shares, nominal value NIS20.00 each (each, a “Share” and collectively, the “Shares”).
1.2. The Conversion shall take place at the Closing (as defined below), and shall be made at a reduced conversion price of $1.50 per Share (the "Conversion Price"), yielding an issuance to the Lender of 333,936 (Three Hundred Thirty Three Thousand Nine Hundred and Thirty Six) Shares (the “Converted Shares”).
1.3. The balance of the Convertible Loans, equal as of the Closing, to $500,904 (Five Hundred Thousand Nine Hundred and Four US Dollars), comprised of $418,142 of principal amount and $82,762 of accrued interest (the "Deferred Loan") shall remain outstanding, will not be convertible, and shall be repaid to the Lender, together with Interest and applicable VAT, in 24 equal monthly installments commencing January 10th, 2014.
1.4. Commencing upon consummation of the Closing, the annual rate of interest on the Deferred Loan (the “Interest”) shall be reduced from 8% to 4%, compounded annually, calculated on the basis of a 360-day year and pro-rated with respect to any partial periods.
1.5. An Amortization Table reflecting the installments as of the Closing is attached hereto as Schedule 1.5. The Amortization Table was calculated based on a Dollar/Shekel rate of exchange equal to 3.65, and shall be updated, immediately prior to Closing, by the last known Dollar/Shekel representative rate of exchange, as published by the Bank of Israel prior to the Closing.
1.6. To ensure the payments of the installments of the Deferred Loan, at the Closing, the Company shall provide Lender with 24 checks from Lender's account in Bank Leumi (the "Bank"), each payable to Lender, and each covering the full payment of each of the payments under Schedule 1.5 (as updated pursuant to the provisions of Section 1.5 above) post dated to their due dates, together with Interest and applicable VAT. For the removal of doubt, only actual receipt of funds no later than 3 business days following presentation ...
Loan Conversion. The Loan Conversion or the Note Payment shall have been consummated.
Loan Conversion. 1.1. By execution of this Agreement, Lender serves notice to the Company, pursuant to Section 2.4 of the Loan Agreement, of the conversion (the “Conversion”), as of Closing, of $241,501 of Convertible Loan (the “Converted Loan”, comprised of $200,000 of principal amount and $41,501 of accrued interest), into the Company’s ordinary shares, nominal value NIS 20.00 each (each, a “Share” and collectively, the “Shares”).
1.2. The Conversion shall take place at the Closing (as defined below), and shall be made at a reduced conversion price of $1.50 per Share, yielding an issuance to the Lender, at Closing, of 161,000 Shares (the “Converted Shares”).
Loan Conversion. At any time after the execution of this agreement, the Lender shall have the right, but not the obligation, to convert all, or any portion, of the Loan into shares of Stock (the “Conversion Option”). The price for the Conversion Option shall be a fifteen (15%) percent discount to the ten day volume weighted average price per share of Stock (the “Conversion Price”). The Conversion Price shall be calculated by examining trading in the Stock for the ten trading days prior to the date the Lender elects to exercise the Conversion Option. Upon its election to exercise the Conversion Option, the Lender shall notify Encore in writing of such fact, and upon Encore’s receipt of the Lender’s notice of exercise, Encore shall request that Encore’s market-maker, who shall be a member of the Financial Industry Regulation Authority, Inc., provide the information required to determine the Conversion Price. The information provided by Encore’s market-maker shall be deemed conclusive proof of the Conversion Price and shall be binding on the Parties. If there shall be no over-the-counter market for the Stock, then the Conversion Price shall be such amount, not less than book value, as may be determined by the Board of Directors of Encore. The Conversion Price shall be subject to a price floor. The Lender shall have no right to elect to exercise the Conversion Option if the Conversion Price would be at less than $0.30 per share of Stock.
Loan Conversion. At the time of purchase or placement of a loan with [•] for servicing, the loan shall be converted and a note examination may be conducted in accordance to predetermined criteria. The tasks involved in loan conversion generally include:
Loan Conversion. At the time of purchase or placement of a loan with ACS for servicing, the loan shall be converted and a note examination may be conducted in accordance to predetermined criteria. The tasks involved in loan conversion generally include:
Loan Conversion. (a) At such times and from time to time as the aggregate principal amount of all Revolving Credit Loans then outstanding exceeds $200,000,000, the Majority Initial Arrangers may in their sole and absolute discretion cause the conversion of then outstanding Revolving Credit Loans into Term Loans in accordance with this Section 2.4 (each such conversion of Revolving Credit Loans to Term Loans, a "Loan Conversion") by delivering to the Administrative Agent and the Borrower written notice thereof (a "Notice of Loan Conversion"). Each Notice of Loan Conversion shall specify:
(i) the principal amount of the Revolving Credit Loans then outstanding that are proposed to be converted to Term Loans (the "Converted Revolving Loan Amount"); and
(ii) the proposed date of such Loan Conversion (the "Loan Conversion Date"), which shall be no earlier than seven Business Days after the date such Notice of Loan Conversion is delivered by the Majority Initial Arrangers to the Administrative Agent and the Borrower.
(b) Upon receipt of a Notice of Loan Conversion, the Administrative Agent shall promptly deliver such Notice of Loan Conversion to each Revolving Credit Lender. On a Loan Conversion Date, (i) the outstanding Revolving Credit Loans of the Revolving Credit Lenders in an aggregate amount equal to the Converted Revolving Loan Amount specified in the related Notice of Loan Conversion shall automatically be converted to Term Loans pro rata according to the respective outstanding principal amounts of the Revolving Credit Loans then held by the Revolving Credit Lenders, (ii) any Revolving Credit Loans so converted shall, as of such Loan Conversion Date, be deemed to be Term Loans and no longer Revolving Credit Loans (provided, such Loans shall maintain the Type and, if Eurodollar Loans, the Interest Period applicable to such Loans), (iii) the Revolving Credit Lenders shall, as of such Loan Conversion Date, be deemed to be Term Loan Lenders with respect to such converted Loans, (iv) the Total Revolving Credit Commitment shall be permanently reduced by an amount equal to the Converted Revolving Loan Amount (with each Revolving Credit Lender's Revolving Credit Commitment permanently reduced by an amount equal to its Revolving Credit Loans so converted to Term Loans), (v) the Administrative Agent shall make appropriate notations in the Register pursuant to Section 2.8(d) in order to reflect the Loan Conversion on such Loan Conversion Date and (vi) upon request of any Lender, any...
Loan Conversion. 7.1 The Central Government will permit the conversion of loans to Utility into grant along with interest thereon for Part-A & Part-B Project through Nodal Agency after the approval of R-APDRP Steering Committee as per R- APDRP Guidelines.
7.2 The Utility loans for Project Part-A shall be converted into grant upto 100% once the project are completed within 3 years from the date of sanctioning of the project duly certified by TPIEA.
7.3 The loan against Part-B projects shall be converted into grant, up-to 50% (90% for special category states) in 5 equal tranches every year, if the Utility achieves the target of 15% AT&C loss in the project area on a sustained basis on verification by the independent agency appointed by Nodal Agency, and the project is completed within the fixed time schedule. Loan from FIs shall be converted into grant only after the conversion of entire GoI loan into grant.
7.4 If the utility fails to fulfill the conditions for conversion of loan to grant for Part- A and/ or Part-B Project, the utility will have to bear debt service of balance loan and interest repayment etc.
Loan Conversion. The outstanding principal balance of and accrued and unpaid interest on, the Company's promissory note dated March 2, 2010 in the principal amount of 1,067,527.40 (the "Rayat Note"), shall have been converted as of the Closing Date into an aggregate of 40,000,000 shares of the Company's common stock, $0.00001 par value per share (the "Loan Conversion").
Loan Conversion. Prior to the Closing, Corsa shall convert all loans made to ITI-Del from debt into equity.