Convertible Note A definition
Examples of Convertible Note A in a sentence
Convertible Note A and Convertible Note B shall be secured by [the Vessel].
On or before the maturity date of Convertible Note A, GM may convert the principal amount of the Convertible Note A into shares representing Four and Two Tenths (4.2%) percent of the equity ownership of Subsidiary.
The proceeds of Convertible Note A shall first be used for the costs and fees related to establishing Subsidiary and for lodging a deposit on [Vessel] ten (10) days after execution of a Memorandum of Agreement (“MOA”) to purchase the [Vessel] Subsidiary shall issue, a Convertible Note in the amount of Thirteen Million (US$13,000,000) Dollars in the form attached hereto as Exhibit C (“Convertible Note B”).
Island Breeze International as additional consideration for Convertible Note A and Convertible Note B shall pay to GM within ten (10) days after release of the escrowed funds described in Section 3.2 above, a fee of 600,000 shares of Island Breeze International, Inc Class A Common Stock.
Convertible Note A shall bear an interest rate of ten (10%) percent per annum.
To GM’s knowledge, there are no claims, actions or proceedings pending or threatened against GM before any administrative or licensing authority which, in any manner, may affect ability to purchase Convertible Note A or Convertible Note B.
Convertible Note A and Convertible Note B will be duly and validly issued, and, based in part upon the representations of the GM and IBI in this Agreement, will be issued in compliance with all applicable securities laws.