Mandatory Conversion. (a) This Senior Convertible Note plus interest accrued and unpaid thereon shall be automatically converted simultaneously with the Next Round Financing (the "Triggering Event') into that number of fully paid and non-assessable Next Round Securities which is equal to the quotient obtained by dividing the then outstanding principal amount of this Senior Convertible Note plus interest accrued and unpaid thereon to the date of conversion by the price per Next Round Security paid in the Next Round Financing.
Appears in 18 contracts
Samples: Note and Warrant Purchase Agreement (Bluefly Inc), Note and Warrant Purchase Agreement (Bluefly Inc), Note and Warrant Purchase Agreement (Bluefly Inc)
