TRANSFER WITH CONVERSION Clause Samples

The "Transfer with Conversion" clause allows a party to transfer their rights or interests under an agreement, with the added provision that such rights may be converted into another form or instrument upon transfer. In practice, this could mean that a convertible note held by an investor can be transferred to another party, and upon transfer, the note may be converted into equity or another security as specified in the agreement. This clause facilitates flexibility in managing and assigning contractual rights, ensuring that parties can adapt to changing circumstances or investment strategies while maintaining clarity on how transferred interests are handled.
TRANSFER WITH CONVERSION. 12.1.1. The Transfer with conversion shall be deemed accepted when the Payment Center accepts the Company’s Order for execution. The Transfer with conversion shall be deemed paid out when the Company sends an Official Notification on Transfer payout which is necessary to create the Payment Center’s Order and perform settlement procedures. 12.1.2. The Company’s/Payment Center’s Order is executed in the acceptance/payout currency in the amount sufficient enough for conversion of a Transfer Amount and a respective remuneration for Transfer Amount payout at the rate of exchange determined in accordance with clause 2.15 hereof. Under the Offer transfers with conversion may be performed in a currency allowed by the Software settings. 12.1.3. Settlement procedure in respect of Transfers with conversion shall be determined by the terms hereof with consideration for: 12.1.3.1. In order to perform a Transfer with conversion upon acceptance of a Transfer, the Payment Center shall debit funds from the Company’s account in the currency of Transfer acceptance in the amount sufficient enough to perform the Company’s order at the conversion rate determined at the moment the Transfer with conversion is accepted, and convert the funds to the currency of Transfer payout which is credited to the Account of a Company providing services to the Receiver, after the Transfer with conversion is paid out. 12.1.3.2. In order to perform a Transfer with conversion when a Transfer is paid out, the Payment Center shall, after the Transfer with conversion is paid out and the Official Notification on Transfer payout is received, convert funds into the Transfer payout currency selected by the Receiver at the conversion rate determined at the moment the Transfer with conversion is paid out and create the Payment Center’s Order in Transfer with conversion payout currency which is credited to the Account of the Company providing services to the Receiver. 12.1.4. The Transfer with conversion in case no Account is opened shall be performed in accordance herewith with due regard to the following: 12.1.4.1. When a Receiver applies to receive a Transfer with conversion performed when a Transfer is paid out, the Payment Center Obligation shall be accounted for and performed in the Transfer payout currency. 12.1.4.2. When a Sender applies to the Company to send a Transfer amount with conversion performed when a Transfer is accepted, the Company shall initiate a Transfer and accept the Transfer Amount...
View SourceView Similar (6)

Related to TRANSFER WITH CONVERSION

  • Casual Conversion A casual Employee, who has been engaged by the Employer on a regular and systematic basis for a period in excess of six-weeks, thereafter, will have their contract of employment converted to permanent employment unless otherwise agreed in writing between the parties. Regular and systematic shall be defined as an average of 4 days or more, per week, over 6 weeks. Eligible current employees will be transitioned to full time no later than 6 weeks from the date of approval of this agreement.

  • Optional Conversion To convert any Conversion Amount into shares of Common Stock on any date (a "Conversion Date"), the Holder shall (A) transmit by email, facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m., New York, NY Time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit A (the "Conversion Notice") to the Company. On or before the third Business Day following the date of receipt of a Conversion Notice (the "Share Delivery Date"), the Company shall (A) if legends are not required to be placed on certificates of Common Stock pursuant to the then existing provisions of Rule 144 of the Securities Act of 1933 (“Rule 144”) and provided that the Transfer Agent is participating in the Depository Trust Company's ("DTC") Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (B) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder shall be entitled which certificates shall not bear any restrictive legends unless required pursuant the Rule 144. If this Note is physically surrendered for conversion and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted, then the Company shall, upon request of the Holder, as soon as practicable and in no event later than three (3) Business Days after receipt of this Note and at its own expense, issue and deliver to the holder a new Note representing the outstanding Principal not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of such shares of Common Stock upon the transmission of a Conversion Notice.

  • Date of Conversion Conversion Price: ---------------------------------------------------------------

  • Taxes on Conversion If a Holder converts a Security, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue of shares of Common Stock upon such conversion. However, the Holder shall pay any such tax which is due because the Holder requests the shares to be issued in a name other than the Holder's name. The Conversion Agent may refuse to deliver the certificate representing the Common Stock being issued in a name other than the Holder's name until the Conversion Agent receives a sum sufficient to pay any tax which will be due because the shares are to be issued in a name other than the Holder's name. Nothing herein shall preclude any tax withholding required by law or regulation.

  • Exchange in Lieu of Conversion (a) When a Holder surrenders its Notes for conversion, the Company may, at its election (an “Exchange Election”), direct the Conversion Agent to deliver, on or prior to the Trading Day immediately following the Conversion Date, such Notes to one or more financial institutions designated by the Company (each, a “Designated Financial Institution”) for exchange in lieu of conversion. In order to accept any Notes surrendered for conversion, the Designated Financial Institution(s) must agree to timely pay and/or deliver, as the case may be, in exchange for such Notes, the cash, shares of Common Stock or combination thereof that would otherwise be due upon conversion pursuant to Section 14.02 or such other amount agreed to by the Holder and the Designated Financial Institution(s) (the “Conversion Consideration”). If the Company makes an Exchange Election, the Company shall, by the close of business on the Trading Day following the relevant Conversion Date, notify in writing the Trustee, the Conversion Agent (if other than the Trustee) and the Holder surrendering Notes for conversion that the Company has made the Exchange Election, and the Company shall promptly notify the Designated Financial Institution(s) of the relevant deadline for delivery of the Conversion Consideration and the type of Conversion Consideration to be paid and/or delivered, as the case may be. (b) Any Notes delivered to the Designated Financial Institution(s) shall remain outstanding, subject to the applicable procedures of the Depositary. If the Designated Financial Institution(s) agree(s) to accept any Notes for exchange but does not timely pay and/or deliver, as the case may be, the related Conversion Consideration, or if such Designated Financial Institution(s) does not accept the Notes for exchange, the Company shall pay and/or deliver, as the case may be, the relevant Conversion Consideration, as, and at the time, required pursuant to this Indenture as if the Company had not made the Exchange Election. (c) The Company’s designation of any Designated Financial Institution(s) to which the Notes may be submitted for exchange does not require such Designated Financial Institution(s) to accept any Notes.