Conversion Note definition
Examples of Conversion Note in a sentence
If the aggregate principal amount of the Note that is being converted in accordance with the Conversion Note is less than that aggregate principal amount of such Note being converted, then the Company shall, as soon as practicable and in no event later than three (3) Business Days after receipt of the original Note (the “Note Delivery Date”) and at its own expense, issue and deliver to the Purchaser a new Note representing the aggregate principal amount of the Note not converted.
At the Closing, L▇▇▇▇▇ shall deliver to the Company the Notes for conversion into the Conversion Shares and the Conversion Note, if any.
The Borrowers will, jointly and severally, promptly repay the Obligations when due, including without limitation the amounts due under the Revolving Line of Credit Note, the Term Note and each Conversion Note according to their respective terms and the terms of this Agreement and the other Loan Documents.
In the event that the rate of interest required to be paid under the provisions of this Agreement, the Revolving Line of Credit Note, the Term Note or any Conversion Note exceeds the maximum rate permitted in such jurisdiction, the rate of interest required to be paid hereunder and thereunder shall be automatically reduced to the maximum rate permitted in such jurisdiction and any amounts collected in excess of the permissible amount shall be deemed a prepayment of principal thereon.
Each Borrower agrees that this Agreement and the other Loan Documents may be enforced by Lender without the necessity at any time of resorting to or exhausting any security and without the necessity at any time of having recourse to the Revolving Line of Credit Note, the Term Note, any Conversion Note, any other Loan Document or any co-obligor, guarantor or any security, if any, held with respect to the Obligations.
Conversion feature will be priced at the greater of $0.18 per share or the market price on the Closing Date of the new bank credit agreement and will not contain a lock-up period other than as set forth below The Conversion Note will establish reasonable notice requirements and "piggyback" registration rights regarding conversion to equity.
Upon the closing of each Conversion Loan, the Borrowers shall execute and deliver to the Lender a Conversion Note payable to the order of the Lender for the full amount of the Conversion Loan.
Each Lender, within the Major Transaction Conversion Period (as defined in the Conversion Note), in the exercise of its sole discretion, may deliver a notice to the Borrower (the “Put Notice”) that either or both of the Conversion Notes and Acquisition Notes shall be due and payable in cash (collectively, the “Major Transaction Payment”).
After the conversion of the Debt into the Conversion Shares and the Conversion Note, if any, the Loan Documents shall terminate and be of no further force and effect.
The form of the Conversion Note shall be in a form reasonably acceptable to ECCA and will be substantially in the form of the conversion note issued to the lenders in connection with the new bank credit agreement as described on Exhibit L to the Settlement Agreement.