Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert into shares of Common Stock all or a portion of the Monthly Amount due on each Repayment Date according to the following guidelines (the “Conversion Criteria”): (i) the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date shall be greater than or equal to 110% of the Fixed Conversion Price and (ii) the amount of such conversion does not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the twenty two (22) day trading period immediately preceding the applicable Repayment Date. If the Conversion Criteria are not met, the Holder shall convert only such part of the Monthly Amount that meets the Conversion Criteria. Any part of the Monthly Amount due on a Repayment Date that the Holder has not been able to convert into shares of Common Stock due to failure to meet the Conversion Criteria, shall be paid by the Borrower in cash at the rate of 102% of the principal portion of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.
Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was greater than 115% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 103% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.
Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2 and 3.2 hereof, the Holder shall convert into shares of Common Stock at the Fixed Conversion Price all or the maximum portion of the Monthly Amount due on each Repayment Date provided that the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market (as defined below) for the twenty (20) consecutive trading days immediately preceding such Repayment Date shall be greater than or equal to 10% above the Fixed Conversion Price ("Conversion Criterion"). The Monthly Amount due on a Repayment Date that the Holder has not been able to convert into shares of Common Stock due to failure to meet the Conversion Criterion shall be paid by the Borrower at the Borrower's election (i) in cash at the rate of 102% of such Monthly Amount otherwise due on such Repayment Date within three (3) business days of the applicable Repayment Date, or (ii) in registered, unlegended, free-trading Common Stock at an applied conversion rate equal to ninety percent (90%) of the average of the five (5) lowest closing bid prices of the Common Stock as reported by Bloomberg L.P. for the twenty (20) trading days preceding such Repayment Date. Such shares of Common Stock must be delivered to the Holder not later than three (3) business days of the applicable Repayable Date. Whichever of the OTC Pink Sheets, NASD OTC Bulletin Board, NASDAQ SmallCap Market, NASDAQ National Market System, American Stock Exchange, or New York Stock Exchange or such other principal market or exchange where the Common Stock is listed or traded is the principal trading exchange or market for the Common Stock is the Principal Market.
Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall elect to convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market (as defined in Section 4.7 hereof) for the three (3) trading days immediately preceding such Repayment Date was greater than 115% of the Fixed Conversion Price. Any part of the Monthly Amount due on a Repayment Date that the Holder has not elected to convert into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which the Holder has elected to convert into shares of Common Stock but which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the three (3) trading days immediately preceding the applicable Repayment Date was less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 101% of the Monthly Amount otherwise due on the Repayment Date within three (3) business days of the applicable Repayment Date.
Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2 and 3.2 hereof, the Holder shall convert into shares of Common Stock all at the Fixed Conversion Price or the maximum portion of the Monthly Amount due on each Repayment Date provided that the average of the five lowest closing bid prices of the Common Stock as reported by Bloomberg, L.P. on the Principal Market (as defined below) for the twenty (20) consecutive trading days immediately preceding such Repayment Date shall be greater than or equal to 15% above the Fixed Conversion Price ("Conversion Criterion"). The Borrower may not elect to pay a Monthly Amount due on a Repayment Date in Common Stock in an amount of shares of Common Stock which would exceed twenty percent (20%) of the average daily trading volume for the twenty days preceding the Repayment Date multiplied by the lesser of (i) the average volume weighted average price of the Common stock as reported by Bloomberg L.P. for the Principal Market using the AQR function ("VWAP") for the twenty trading days preceding the Repayment Date, or (ii) the closing bid price of the Common Stock as reported by Bloomberg L.P. for the Principal Market for the trading day preceding the Repayment Date ("Additional Conversion Criterion"). The Monthly Amount due on a Repayment Date that the Holder has not been able to convert into shares of Common Stock due to failure to meet the Conversion Criterion or the Additional Conversion Limitation shall be paid by the Borrower at the Borrower's election (i) in cash at the rate of 103% of such Monthly Amount otherwise due on such Repayment Date within three (3) business days of the applicable Repayment Date, or (ii) in registered, unlegended, free-trading Common Stock at an applied conversion rate equal to eighty percent (80%) of the average of the five (5) lowest closing bid prices of the Common Stock as reported by Bloomberg L.P. for the twenty (20) trading days preceding such Repayment Date. Such shares of Common Stock must be delivered to the Holder not later than three (3) business days of the applicable Repayment Date. Whichever of the OTC Pink Sheets, NASD OTC Bulletin Board, NASDAQ SmallCap Market, NASDAQ National Market System, American Stock Exchange, or New York Stock Exchange or such other principal market or exchange where the Common Stock is listed or traded is the principal trading exchange or market for the Common Stock is the Principal Market.
Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert into shares of Common Stock all or a portion of the Monthly Amount due on each Repayment Date according to the following guidelines (the “Conversion Criteria”): (i) the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the six (6) trading days immediately preceding such Repayment Date shall be greater than or equal to 110% of the Fixed Conversion Price and (ii) the amount of such conversion does not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the twenty two (22) day trading period immediately preceding the applicable Repayment Date. If the Conversion Criteria are not met, the Holder shall convert only such part of the Monthly Amount that meets the Conversion Criteria. Any part of the Monthly Amount due on a Repayment Date that the Holder has not been able to convert into shares of Common Stock due to failure to meet the Conversion Criteria, shall be paid by the Borrower in cash at the rate of 100% of the Monthly Amount otherwise due on such Repayment Date, within six (6) business days of the applicable Repayment Date. For Example, Date Shares Traded Market Price Daily Dollar Volume 11/01 70,000 $ 0.65 45,500 11/02 50,000 $ 0.63 31,500 11/03 80,000 $ 0.65 52,000 11/04 100,000 $ 0.67 67,000 11/05 70,000 $ 0.65 45,500 11/08 50,000 $ 0.63 31,500 11/09 80,000 $ 0.62 49,600 11/10 100,000 $ 0.63 63,000 11/11 70,000 $ 0.65 45,500 11/12 50,000 $ 0.67 33,500 11/15 80,000 $ 0.65 52,000 11/18 100,000 $ 0.63 63,000 11/19 70,000 $ 0.62 43,400 11/20 50,000 $ 0.63 31,500 11/21 80,000 $ 0.65 52,000 11/22 100,000 $ 0.67 67,000 11/25 70,000 $ 0.65 45,500 11/26 50,000 $ 0.63 31,500 11/27 80,000 $ 0.62 49,600 11/28 100,000 $ 0.65 65,000 11/29 100,000 $ 0.70 70,000 11/30 100,000 $ 0.60 60,000 1,700,000 $ 1,095,100 Repayment Date: December 1 Aggregate dollar trading volume of the ICOR common stock during the 22 trading days prior to December 1 equals $1,095,100. Given the premium above the Fixed Conversion Price is greater than 10% for the six trading days prior to December 1, Laurus will convert into common stock an amount that equals the Monthly Amount due. However, this amount will be limited to 25% of the aggregate dollar trading volume of $1,095,000 or $273,775. Therefore, if the Monthly Amount due was $300,000, Xxxxxx would not have to convert more than $273,775 and the Company would have to pay in ...
Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), and 2.2 hereof, the Holder shall convert into shares of Common Stock all or a portion of the Monthly Amount due on each Repayment Date according to the following guidelines (collectively, the "Conversion Criteria"): (i) the average closing price of the Common Stock as reported by Bloomberg, LP on the Principal Market for the five (5) consecutive trading days immediately preceding such Redemption Date shall be greater than or equal to 110% of the Fixed Conversion Price and (ii) the amount of such conversion does not exceed 10.4% of the aggregate dollar trading volume of the Common Stock for the twenty two (22) trading days immediately preceding the applicable Repayment Date. If the Conversion Criteria are not met, the Holder shall convert only such part of the Monthly Amount that meets the Conversion Criteria.
Monthly Amount Conversion Guidelines. (i) Subject to Sections 2.1, 2.2 and 3.2 hereof, on each Repayment Date, the Holder shall convert the Monthly Amount due on such Repayment Date into shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the twenty (20) consecutive trading days immediately preceding such Notice Date is greater than or equal to 110% of the Fixed Conversion Price; provided that in no event shall the Holder be required to convert any such Monthly Amount pursuant to this Section 2.1(b)(i) if the amount of any such conversion exceeds twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the twenty two (22) trading day period immediately preceding such Notice Date.
Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Borrower will pay the Monthly Amount due to the Holder on each Repayment Date in shares of Common Stock if the closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market (as defined in Section 4.7 hereof) for the five (5) trading days preceding such Repayment Date was greater than 110% of the Fixed Conversion Price; if such five (5) trading day average is less than 110% of the Fixed Conversion Price, the Borrower shall pay the Monthly Payment to the Holder in cash at the rate of 102% of the Monthly Amount otherwise due on the Repayment Date within three (3) business days of the applicable Repayment Date."
Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2 and 3.2 hereof, on each Notice Date, the Holder shall be obligated to convert the Monthly Amount due on the related Repayment Date to shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) consecutive trading days immediately preceding such Notice Date is greater than or equal to 110% of the Fixed Conversion Price, provided, however, that the portion of the Monthly Amount to be converted shall not exceed twenty-five percent (25%) of the aggregate dollar trading volume of the Common Stock for the twenty two (22)-trading-day period immediately preceding such Notice Date(the "Conversion Date"). Any such conversion shall be set forth in a Repayment Notice delivered to the Borrower. Any part of the principal portion of the Monthly Amount due on a Repayment Date which must be paid in cash shall be paid in cash at the rate of 102% of such principal portion of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date (with the amount in excess of 100% of the Monthly Amount to be considered additional interest with respect to this Note).
