Rights of Conversion. The Class A Preference Series 1 Shares or any of them, may, upon and subject to the terms and conditions hereinafter set forth, be converted at any time by the holder or holders thereof into fully paid Common Shares or Class B Preference shares of the Corporation as the same shall be constituted at the time of conversion, on the basis of five and fifty-six one hundredths (5.56) Common Shares for each one (1) Class A Preference Series 1 Share or three hundred (300) Class B Preference shares for each one (1) Class A Preference Series 1 Shares issued, provided however, that, in the event of liquidation, dissolution or winding-up of the Corporation, such right of conversion shall cease and expire at noon on the business day next preceding the date of such liquidation, dissolution or winding-up.
Rights of Conversion. Subject to the other provisions of this Certificate of Designation, each share of Series A Preferred shall be convertible, without payment of any additional consideration by the holder thereof and at the option of such holder, into 1,000 fully paid and nonassessable shares of Common Stock, plus accrued but unpaid dividends under Section 2, at the office of the Corporation or any transfer agent for such stock.
Rights of Conversion. The holder of each Bond will have the right, subject to and in accordance with the Conditions, to convert such Bond into Shares, credited as fully paid.
Rights of Conversion. Subject to the other provisions of this Certificate of Designation, each share of Series B Preferred shall be convertible, without payment of any additional consideration by the holder thereof and at the option of such holder, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Series B Original Issue Price by the Series B Conversion Price (as defined below) in effect at the time of
Rights of Conversion. The Creditor may, at his sole option and discretion, elect to convert all or a portion of the Debt for common shares of IP pursuant to the following terms and conditions
Rights of Conversion. The Class F, Series 1 Shares or any of them, may, upon and subject to the terms and conditions hereinafter set forth, be converted at any time by the holder or holders thereof into fully paid shares of the Corporation as the same shall be constituted at the time of conversion, on the basis of one (1) Class A subordinate Voting Shares and one (1) Class B Multiple Voting Shares; or two (2) Class A Subordinate Voting Shares, for each ninety-eight (98) Class F, Series 1 Shares; provided, however, that, in the event of liquidation, dissolution or winding-up of the Corporation, such right of conversion shall cease and expire at noon on the business day next preceding the date of such liquidation, dissolution or winding-up.
Rights of Conversion. In the event that the Closing does not occur on or before the Maturity Date, the Lender, in its sole discretion, upon five (5) days written notice to the Borrower, may elect to: (i) convert the principal amount of the Loan together with accrued Interest based on the Amended Interest Rate into equity securities of the Borrower ("Ordinary Shares"), based upon an agreed upon valuation of the Borrower of two million (US$2,000,000) US dollars; or (ii) pursue all remedies available to the rights of a creditor under the laws of the State of New York. 4.
Rights of Conversion. Subject to the limitations on conver- sions contained in Section V of this Article IV, a holder of shares of Series A Preferred Stock may convert such shares into Common Stock at any time after their issuance except that the right to convert shares of Series A Preferred Stock called for redemption shall terminate at the close of business on the Business Day preceding the Redemption Date (as hereinafter defined) and shall be lost if not exercised prior to that time, unless the Corporation shall default in payment of the Redemption Price. For the purposes of conversion, each share of Series A Preferred Stock shall be valued at the Liquidation Preference (as hereinafter defined) which shall be divided by the Conversion Price (as hereinafter defined) in effect on the Conversion Date (as hereinafter defined) to determine the number of shares issuable upon conversion. Immediately following such conversion, the rights of the holders of converted Series A Preferred Stock shall cease and the persons entitled to receive the Common Stock upon the conversion of Series A Preferred Stock shall be treated for all purposes as having become the owners of such Common Stock. The Conversion Price shall initially be equal to $12.00 per share, and shall be (i) subject to adjustment in accordance with Annex A attached hereto and (ii) subject to further adjustment after their issuance pursuant to the provisions of this Article IV. B.
Rights of Conversion. For the purposes of or pending the discharge of any part of the Secured Debt the Chargee may convert any moneys received, recovered or realised or subject to application by the Chargee under this Debenture (including the proceeds of any previous conversion under this Clause) from his existing currency of denomination into such other currency of denomination as the Chargee may in its reasonable opinion think fit and any such conversion shall be effected at the then prevailing spot selling rate of exchange of any bank selected by the Chargee for such other currency against the existing currency. Each previous reference in this Clause to a currency extends to any funds of that currency and for the avoidance of doubt funds in one currency may be converted into different funds of the different currency.
Rights of Conversion. (i) At the option of the Holder of each transaction, this Note shall be convertible into Ordinary Shares (“Conversion Shares”) of the Company on the terms and conditions set forth in this Section 5 (the “Right of Conversion”).
