Conversion of Note definition
Conversion of Note means the conversion of all or part of the Note into Shares in FRS, as described in Section 2.9 of this Agreement.
Conversion of Note. At any time prior to payment in full of the entire principal balance, plus accrued interest thereon, and upon five (5) days' prior written notice, Noteholders shall have the right, at the Noteholders' option, which election by the Noteholders must be unanimous and evidenced by a written election form signed by all of the Noteholders and delivered to the Company, to convert the principal and accrued interest on this Note, in whole or in part, into Conversion Stock at the Conversion Price. Conversion under this Section 10 shall occur only upon surrender of this Credit Line/Note for conversion at the principal offices of the Company, accompanied by written notice of election to convert that is signed by all of the Noteholders.