Owner Conversion Sample Clauses

Owner Conversion. Investors hereby grant to Owner the option (herein called the "Owner's Option") exercisable within ten Business Days after the Commitment Period to convert seventy-five percent (75%) of Investors' interest in the Rio Negro NPI into Preferred Shares on the terms and conditions set forth below; provided, however, that if Conversion of less than one hundred percent (100%) of the Rio Negro NPI has occurred pursuant to Article IV, the percentage of the Rio Negro NPI that shall be converted to Preferred Shares pursuant to Owner's Option shall be the lesser of (a) seventy-five percent (75%) of the original amount of the Rio Negro NPI or (b) the percentage of the original amount of the Rio Negro NPI that has not been converted to Preferred Shares pursuant to Article IV. Owner hereby grants to Investors the option (herein called the "Investors' Second Option") to convert the remainder of Investors' interest in the Rio Negro NPI (i.e., that amount that otherwise would be owned by Investors after exercise of the Owner's Option) into Preferred Shares on the terms and conditions set forth below if Owner exercises the Owner's Option. The conversion of all or part of Investors' interest in the Rio Negro NPI into Preferred Shares pursuant to this Article V is also herein called "Conversion".