Convertible Term Note definition

Convertible Term Note means that certain convertible promissory note, dated May 23, 2016, by and between the Company and the Holder, and all renewals, replacements, amendments, modifications and extensions thereof, such note issued pursuant to Section 2.1 of that certain Credit Agreement, dated May 18, 2016, by and between the Company and the Holder.

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Convertible Term Note shall have the meaning set forth in Section 1.2.

Convertible Term Note is the "Term Note" referred to in the Agreement, and is entitled to the benefits of and its subject to the provisions of the Agreement but neither this reference to the Agreement nor any provision thereof shall affect or impair the absolute and unconditional obligation of the undersigned maker of this Convertible Term Note to pay the principal of and interest on this Convertible Term Note as herein provided. All capitalized terms used herein and not specifically defined shall have the meanings given to them in the Agreement. All payments made on account of principal and interest shall be recorded by the Lender in its records. The Borrower acknowledges that the Lender's records with respect to payments made hereunder shall constitute, in the absence of manifest error, presumptive evidence of the Borrower's indebtedness from time to time under the Agreement and hereunder.

Examples of Convertible Term Note in a sentence

• The Term Loan shall be evidenced by the Secured Convertible Term Note.

• The issuance of the Notes and the subsequent conversion of the Secured Convertible Term Note into Note Shares are not and will not be subject to any preemptive rights or rights of first refusal that have not been properly waived or complied with.

• Buyer loaned the Company One Million Dollars ($1,000,000) under the terms of that certain 8% Three-Year Convertible Term Note dated January 17, 2001 (the "Term Note").

• The Closing Date Term Loan shall be evidenced by the Closing Date Secured Convertible Term Note.

• Buyer loaned the Company One Million Dollars ($1,000,000) under the terms of that certain 8% Three-Year Convertible Term Note dated January 17, 2001 (the “Term Note”).

• The Second Term Loan shall be evidenced by the Second Secured Convertible Term Note.

• The Parent shall at all times have authorized and reserved a sufficient number of shares of Common Stock to provide for the full conversion of the Secured Convertible Term Note and the full exercise of the Warrants.

• Laurus has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the Notes to be issued to it under this Agreement and the Securities acquired by it upon the conversion of the Secured Convertible Term Note and the exercise of the Warrants.

• In connection with the (a) June 2005 SPA, NCEC executed a Secured Convertible Term Note dated as of June 30, 2005 in favor of Laurus in the original principal amount of $15,000,000 (as amended, restated, supplemented or otherwise modified from time to time) and (b) the September 2005 SPA, NCEC executed a Secured Term Note dated as of September 19, 2005 in favor of Laurus in the original principal amount of $9,500,000 (as amended, restated, supplemented or otherwise modified from time to time).

• For clarity sake, the exercise of this Warrant is subordinated to the conversions under the Secured Convertible Term Note, and so long as the conversions under the Note are available, no warrants may be exercised and no shares issuable hereunder that will exceed 4.99% of the issued and outstanding shares of the Common Stock of the Company when combined with the Note conversions.

More Definitions of Convertible Term Note

Convertible Term Note means the convertible promissory note delivered by Borrower to Lender pursuant to Section 2.1 of this Agreement and all renewals, replacements, amendments, modifications and extensions thereof.

Convertible Term Note means the promissory note of the Borrower issued to the Lender as described in Section 2.02(d)(ii) below.

Convertible Term Note means the Convertible Term Note in the original principal amount of up to $1,595,000, and identified as such in the Loan Agreement.

Convertible Term Note has the meaning set forth in Recital C.

Convertible Term Note is duly authorized issue of the Borrower (the "Issuer"), issued on [date] (the "Issuance Date"), and designated as its Convertible Term Note due one year from the Issuance Date (the "Note"). Borrower agrees to pay interest on the unpaid principal amount from time to time outstanding hereunder on the dates and at the rate or rates as set forth in the Convertible Loan Agreement. Payments of both principal and interest are to be made in immediately available funds in lawful money of the United States of America, or in Preferred Stock of the Borrower as set forth below. Accrual of interest shall commence as of the Issuance Date. Interest shall be payable by the Issuer, at the Issuer's option, in cash or in that number of shares of preferred stock of the Issuer (the "Preferred Stock") (at a price per share calculated pursuant to the conversion formula contained below), upon the earlier to occur of (i) upon conversion of this Note pursuant to the conversion features set forth below, or (ii) upon an Event of Default as defined below, and if an Event of Default occurs interest due hereunder shall be payable in cash or stock as set forth herein at the option of the Holder. Unless otherwise agreed in writing by both parties hereto, the interest so payable will be paid to the person in whose name this Note (or one or more predecessor Notes) is registered on the records of the Issuer regarding registration and transfers of the Note (the "Note Register"), provided, however, that the Issuer's obligation to a transferee of this Note arises only if such transfer, sale or other disposition is made in accordance with the terms and conditions contained in the Agreement and this Note. The Note is subject to the following additional provisions: