Mandatory Conversion Upon Convertible Note Financing Sample Clauses

Mandatory Conversion Upon Convertible Note Financing. Upon the closing of a convertible note offering which results in gross proceeds to the Company in the aggregate amount of at least two million dollars ($2,000,000) (inclusive of the amounts under this Note) (a “Qualified Note Financing”), the outstanding Principal Amount of this Note together with any accrued but unpaid interest shall be converted into the Convertible Notes being issued and sold in the Qualified Note Financing. In conjunction with the conversion, Holder shall become a party to and shall execute all definitive agreements subject to the Qualified Note Financing (the “Convertible Note Agreements”).