Debt Conversion definition

Debt Conversion means the proposed conversion of $100 million of principal under the Second Lien Facility to Common Shares at a conversion price of $0.05 per Common Share as partial settlement of the debt owing under the Second Lien Facility pursuant to the Debt Restructuring Transactions;

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Debt Conversion has the meaning set forth in Section 2.07(c).

Debt Conversion means the conversion by Partner Logistics Limited (“Partner Logistics”) of approximately HK$137 million of the debt of three wholly owned subsidiaries of the Company which was acquired by Partner Logistics on 11 February 2004 and 2 April 2004 respectively into ordinary share(s) of HK$0.25 each in the capital of the Company (the “Adjusted Shares”) upon the Capital Reorganisation (as defined in Resolution No. 1 above) becoming unconditional and effective; and

Examples of Debt Conversion in a sentence

• No fractional shares shall be issuable upon exercise of the Debt Conversion Right, and, if the number of shares to be issued determined in accordance with the foregoing formula is other than a whole number, the Company shall pay to the Purchaser an amount in cash equal to the fair market value of the resulting fractional share on the Debt Conversion Date (as hereinafter defined).

• For purposes of Section 9 of this Warrant, shares issued pursuant to the Debt Conversion Right shall be treated as if they were issued upon the exercise of this Warrant.

• Certificates for the shares issuable upon exercise of the Debt Conversion Right and, if applicable, a new warrant evidencing the balance of the shares remaining subject to this Warrant, shall be issued as of the Debt Conversion Date and shall be delivered to the Purchaser within thirty (30) days following the Debt Conversion Date.

• The Debt Conversion shall not have resulted in the Category Four Lenders aggregately holding more than (i) 9.23% of the Company’s issued and outstanding shares of capital stock or, (ii) if the Hoche Warrant has been exercised in full, 8.65% of the Company’s issued and outstanding shares of capital stock.

• In the event that as a result of the Debt Conversion, fractions of shares would be required to be issued, such fractional shares shall be rounded up or down to the nearest whole share.

More Definitions of Debt Conversion

Debt Conversion means the terms of the write-down of certain Senior Obligations in exchange for Bonds as agreed between the Issuer and the holders of such Senior Obligations on or about the date hereof.

Debt Conversion means the conversion of Shareholder Debt into preferred stock or other equity interests in the Borrower pursuant to the Debt Conversion Documents.

Debt Conversion means the conversion of $4,457,407 of certain related party debt into 15,600,926 Common Shares and 15,600,926 Warrants, completed on June 13, 2018;

Debt Conversion means the conversion prior to the date of this Agreement and pursuant to the Special Covenants Agreement of a portion of the ▇▇▇▇▇ loans to the Company into a membership interest in the Company with the result that ▇▇▇▇▇ now holds and will convey to Buyer 57.40% of the membership interest in the Company at the Closing.

Debt Conversion has the meaning ascribed to that term in paragraph 2.4;

Debt Conversion means, subject to Regulatory Approval, the conversion of outstanding debt of approximately $358,000 owed by Receptagen to certain creditors into up to 5,500,000 pre-consolidation common shares of Receptagen prior to the Closing.

Debt Conversion has the meaning ascribed to it in Clause 2.1;