Optional Conversion of Note Sample Clauses
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Optional Conversion of Note. The entire outstanding principal amount due on this Note may, at the Holder's option be converted into fully paid and nonassessable shares of Common Stock of the Company. The number of shares of Common Stock to be issued upon such conversion (the "Conversion") shall be equal to the quotient obtained by dividing the entire outstanding principal amount due on this Note by the Conversion Price (as defined below). For purposes of this Note, the "Conversion Price" shall mean 110% of the Company's average closing share price for Common Stock as reported on NASDAQ or the OTC Bulletin Board for the twenty (20) consecutive trading days prior to the date of issuance of this Note (subject to adjustment as provided in Section 2 below).
Optional Conversion of Note. The entire outstanding amounts owing on this Note may, at the Holder's option, be converted into fully paid and nonassessable shares of Common Stock of the Company at the rate of one share of Common Stock for every $.20 in amounts owing hereunder that are converted.
Optional Conversion of Note. (a) Subject to and upon compliance with the terms of this Section 1, the Holder or its assignee shall have the right, at its option, at any time after the 45/th/ Business Day after the Closing Date and on or prior to November 18, 2002 (the "Termination Date"), to convert the unpaid principal amount of, ---------------- and the accrued and unpaid interest on (subject to adjustment for withholding as provided in Section 1(c) below), the Note into fully paid and non-assessable shares of the Corporation's Common Stock; provided, however, that, for so long -------- ------- as the initial Holder shall be the Holder of the Note, the Note may only be converted on the Termination Date. Such conversion shall be effected at the Note Conversion Rate (as defined below). The "Note Conversion Rate" shall be equal to -------------------- (x) the sum of the outstanding principal amount of the Note plus accrued and unpaid interest on the Note, including default interest, if
Optional Conversion of Note. The Holder of this Note is entitled, at its option, to convert all or a part of the principal amount of this Note, and all accrued interest on the principal amount converted, into shares of Common Stock, par value $0.00001 per share, of the Maker (“Conversion Shares”) at a conversion price for each Conversion Share equal to $5.50 per Conversion Share (“Conversion Price”) (an “Optional Conversion”).
Optional Conversion of Note