Common use of Voluntary Conversion Clause in Contracts

Voluntary Conversion. At any time while this Note is outstanding, but only upon the occurrence of an Event of Default under the Credit Agreement or any other Loan Documents, the Lender may convert all or any portion of the outstanding principal, accrued and unpaid interest, and any other sums due and payable hereunder or under the Credit Agreement (such total amount, the "Conversion Amount") into shares of Common Stock of the Borrower (the "Conversion Shares") at a price equal to: (i) the Conversion Amount (the numerator); divided by (ii) eighty-five percent (85%) of the lowest of the daily volume weighted average price of the Borrower's Common Stock during the five (5) Business Days immediately prior to the Conversion Date, which price shall be indicated in the conversion notice (in the form attached hereto as Exhibit "A", the "Conversion Notice") (the denominator) (the "Conversion Price"). The Lender shall submit a Conversion Notice indicating the Conversion Amount, the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

Appears in 4 contracts

Samples: Pulse Network, Inc., Pulse Network, Inc., Pulse Network, Inc.

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Voluntary Conversion. At any time while this Note is outstanding, but only the Lender may, upon the occurrence of an Event of Default under or if mutually agreed upon by the Credit Agreement or any other Loan Documentsparties, the Lender may convert all or any portion of the outstanding principal, accrued and unpaid interest, and any other sums due and payable hereunder or under the Credit Agreement (such total amount, the "Conversion Amount") into shares of Common Stock of the Borrower (the "Conversion Shares") at a price equal to: (i) the Conversion Amount (the numerator); divided by (ii) eighty-five percent (85%) of the lowest of the daily volume weighted average price of the Borrower's Common Stock during the five (5) Business Days immediately prior to the Conversion Date, which price shall be indicated in the conversion notice (in the form attached hereto as Exhibit "A", the "Conversion Notice") (the denominator) (the "Conversion Price"). The Lender shall submit a Conversion Notice indicating the Conversion Amount, the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

Appears in 2 contracts

Samples: Consent and Agreement (RiceBran Technologies), Consent and Agreement (RiceBran Technologies)

Voluntary Conversion. At any time while this Note is outstanding, but only upon the occurrence of an Event of Default under the Credit Agreement or any other Loan Documents, the Lender may convert all or any portion of the outstanding principal, accrued and unpaid interest, and any other sums due and payable hereunder or under the Credit Agreement (such total amount, the "Conversion Amount") into shares of Common Stock of the Borrower (the "Conversion Shares") at a price equal to: (i) the Conversion Amount (the numerator); divided by (ii) eighty-five percent (85%) of the lowest of the daily volume weighted average price of the Borrower's Common Stock during the five (5) Business Days immediately prior to the Conversion Date, which price shall be indicated in the conversion notice (in the form attached hereto as Exhibit "A", the "Conversion Notice") (the denominator) (the "Conversion Price"). The Lender shall submit a Conversion Notice indicating the Conversion Amount, the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

Appears in 2 contracts

Samples: Sanomedics International Holdings, Inc, Sanomedics International Holdings, Inc

Voluntary Conversion. At any time while this Note is outstanding, but only the Lender may, upon the occurrence of an Event of Default under or if mutually agreed upon by the Credit Agreement or any other Loan Documentsparties, the Lender may convert all or any portion of the outstanding principal, accrued and unpaid interest, and any other sums due and payable hereunder or under the Credit Agreement (such total amount, the "Conversion Amount") into shares of Common Stock of the Borrower (the "Conversion Shares") at a price equal to: (i) the Conversion Amount (the numerator); divided by (ii) eightyforty-five eight percent (8548%) of the lowest of the daily volume weighted average price of the Borrower's Common Stock during the five three (53) Business Days immediately prior to the Conversion Date, which price shall be indicated in the conversion notice (in the form attached hereto as Exhibit "A", the "Conversion Notice") (the denominator) (the "Conversion Price"). The Lender shall submit a Conversion Notice indicating the Conversion Amount, the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

Appears in 1 contract

Samples: Pledge Agreement (Revolutionary Concepts Inc)

Voluntary Conversion. At any time while this Note is outstanding, but only upon upon: (i) the occurrence of an Event of Default under any of the Credit Agreement or any other Loan Documents; or (ii) mutual agreement between the Borrower and the Holder, the Lender Holder may convert all or any portion of the outstanding principal, accrued and unpaid interest, Premium, if applicable, and any other sums due and payable hereunder or under the Credit Agreement any other Loan Documents (such total amount, the "Conversion Amount") into shares of Common Stock of the Borrower (the "Conversion Shares") at a price equal to: (i) the Conversion Amount (the numerator); divided by (ii) eighty-five percent (85%) of the lowest of the daily volume weighted average price of the Borrower's ’s Common Stock during the five (5) Business Days immediately prior to the Conversion Date, which price shall be indicated in the conversion notice (in the form attached hereto as Exhibit "A"“B”, the "Conversion Notice") (the denominator) (the "Conversion Price"). The Lender Holder shall submit a Conversion Notice indicating the Conversion Amount, the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

Appears in 1 contract

Samples: Security Agreement (Drone USA Inc.)

Voluntary Conversion. At any time while this Note Debenture is outstandingoutstanding on or after the Closing Date, but only upon the occurrence and continuance of an Event of Default under for a fifteen (15) day period, at the Credit Agreement or any other Loan Documentssole option of the Holder, the Lender Holder may convert all or any portion of the outstanding principal, principal accrued and unpaid interest, interest redemption premium and any other sums due and payable hereunder or under any of the Credit Agreement other Transaction Documents (such total amount, the "Conversion Amount") into shares of Common Stock of the Borrower Company (the "Conversion Shares") at a price equal to: (i) the Conversion Amount (the numerator)) ; divided by (ii) eighty-five percent (85%) of the lowest of the average daily volume weighted average price of the Borrower's Company’s Common Stock during the five (5) Business Days trading days immediately prior to the Conversion DateDate (as defined below), which price shall be as indicated in the conversion notice (in the form attached hereto as Exhibit "A", “B” the "Conversion Notice") (the denominator) (the "Conversion Price"). The Lender Holder shall submit a Conversion Notice indicating the Conversion Amount, amount of the Debenture being converted and the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

Appears in 1 contract

Samples: Security Agreement (Preferred Restaurant Brands, Inc.)

Voluntary Conversion. At any time while this Note is outstanding, but only upon the occurrence of an Event of Default under any of the Credit Agreement or any other Loan Transaction Documents, the Lender Holder may convert all or any portion of the outstanding principal, accrued and unpaid interest, and any other sums due and payable hereunder or under the Credit Agreement any other Transaction Documents (such total amount, the "Conversion Amount") into shares of Common Stock of the Borrower Company (the "Conversion Shares") at a price equal to: (i) the Conversion Amount (the numerator); divided by (ii) eighty-five percent (85%) of the lowest of the daily volume weighted average price of the Borrower's Company’s Common Stock during the five (5) Business Days immediately prior to the Conversion Date, which price shall be indicated in the conversion notice (in the form attached hereto as Exhibit "A"“B”, the "Conversion Notice") (the denominator) (the "Conversion Price"). The Lender Holder shall submit a Conversion Notice indicating the Conversion Amount, the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

Appears in 1 contract

Samples: Progressive Care Inc.

Voluntary Conversion. At any time while this Note Debenture is outstanding, but only upon the occurrence of an Event of Default under the Credit Purchase Agreement or any other Loan Transaction Documents, the Lender may convert all or any portion of the outstanding principal, accrued and unpaid interest, and any other sums due and payable hereunder or under the Credit Purchase Agreement (such total amount, the "Conversion Amount") into shares of Common Stock of the Borrower (the "Conversion Shares") at a price equal to: (i) the Conversion Amount (the numerator); divided by (ii) eighty-five percent (85%) of the lowest of the daily volume weighted average price of the Borrower's ’s Common Stock during the five (5) Business Days immediately prior to the Conversion Date, which price shall be indicated in the conversion notice (in the form attached hereto as Exhibit "A", the "Conversion Notice") (the denominator) (the "Conversion Price"). The Lender shall submit a Conversion Notice indicating the Conversion Amount, the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

Appears in 1 contract

Samples: Debt Purchase Agreement (Growlife, Inc.)

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Voluntary Conversion. At any time while this Note is outstanding, but only upon the occurrence of an Event of Default under the Credit Agreement or any other Loan Documents, the Lender may convert all or any portion of the outstanding principal, accrued and unpaid interest, and any other sums due and payable hereunder or under the Credit Agreement (such total amount, the "Conversion Amount") into shares of Common Stock of the Borrower (the "Conversion Shares") at a price equal to: (i) the Conversion Amount (the numerator); divided by (ii) eighty-five percent (85%) of the lowest of the daily volume weighted average price of the Borrower's ’s Common Stock during the five (5) Business Days immediately prior to the Conversion Date, which price shall be indicated in the conversion notice (in the form attached hereto as Exhibit "A", the "Conversion Notice") (the denominator) (the "Conversion Price"). The Lender shall submit a Conversion Notice indicating the Conversion Amount, the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

Appears in 1 contract

Samples: Security Agreement (THEDIRECTORY.COM, Inc.)

Voluntary Conversion. At any time while this Note is outstanding, but only upon upon: (i) the occurrence of an Event of Default under any of the Credit Agreement or any other Loan Documents; or (ii) mutual agreement between the Borrower and the Holder, the Lender Holder may convert all or any portion of the outstanding principal, accrued and unpaid interest, Premium, if applicable, and any other sums due and payable hereunder or under the Credit Agreement any other Loan Documents (such total amount, the "Conversion Amount") into shares of Common Stock of the Borrower (the "Conversion Shares") at a price equal to: (i) the Conversion Amount (the numerator); divided by (ii) eighty-five percent (85%) of the lowest of the daily volume weighted average price of the Borrower's ’s Common Stock during the five (5) Business Days immediately prior to the Conversion Date, which price shall be indicated in the conversion notice (in the form attached hereto as Exhibit "A", the "“B”. die “Conversion Notice") (the fee denominator) (the "Conversion Price"). The Lender Holder shall submit a Conversion Notice indicating the Conversion Amount, the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

Appears in 1 contract

Samples: Debt Purchase Agreement (KSIX Media Holdings, Inc.)

Voluntary Conversion. At any time while this Note is outstanding, but only upon the occurrence of an Event of Default under any of the Credit Agreement or any other Loan Transaction Documents, the Lender Holder may convert all or any portion of the outstanding principal, accrued and unpaid interest, and any other sums due and payable hereunder or under the Credit Agreement any other Transaction Documents (such total amount, the "Conversion Amount") into shares of Common Stock of the Borrower Company (the "Conversion Shares") at a price equal to: (i) the Conversion Amount (the numerator); divided by (ii) eighty-five percent (85%) of the lowest of the daily volume weighted average price of the Borrower's Company’s Common Stock during the five (5) Business Days immediately prior to the Conversion Date, which price shall be indicated in the conversion notice (in the form attached hereto as Exhibit "A", the "Conversion Notice") (the denominator) (the "Conversion Price"). The Lender Holder shall submit a Conversion Notice indicating the Conversion Amount, the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

Appears in 1 contract

Samples: Puramed Bioscience Inc.

Voluntary Conversion. At any time while this Note is outstandingoutstanding and upon the occurrence of an Event of Default, but only the Lender may, upon the occurrence of an Event of Default under or if mutually agreed upon by the Credit Agreement or any other Loan Documentsparties, the Lender may convert all or any portion of the outstanding principal, accrued and unpaid interest, and any other sums due and payable hereunder or under the Credit Agreement (such total amount, the "Conversion Amount") into shares of Common Stock of the Borrower (the "Conversion Shares") at a price equal to: (i) the Conversion Amount (the numerator); divided by (ii) eighty-five percent (85%) of the lowest of the daily volume weighted average price of the Borrower's Common Stock during the five (5) Business Days immediately prior to the Conversion Date, which price shall be indicated in the conversion notice (in the form attached hereto as Exhibit "A", the "Conversion Notice") (the denominator) (the "Conversion Price"). The Lender shall submit a Conversion Notice indicating the Conversion Amount, the number of Conversion Shares issuable upon such conversion, and where the Conversion Shares should be delivered.

Appears in 1 contract

Samples: Consent and Agreement (Encore Brands, Inc.)

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