Initial Conversion definition

Initial Conversion means conversion of the Notional Amount on the Effective Date.
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Initial Conversion conversion of Facility C into equity on the Effective Date: On the Effective Date a minimum of €95 million of Facility C (the “Target Conversion Level”) held by the Accepting Conversion Creditors that are Initial Conversion Creditors (defined below) will be converted into a minimum of 90% of the Company’s equity (the “Initial Conversion Shares”) at the Conversion Price (as defined below) (“Initial Conversion”). “Initial Conversion Creditors” are all of Accepting Conversion Creditors, except for those holding Non-Extended BF Claims, Recourse Debt or Contingent Claims that have not crystallized those claims (and notified the Company that circumstance) at least 5 Business Days prior to the Effective Date. The portion of the convertible Facility C of each Accepting Conversion Creditor (within the Target Convertion Level) to be converted at the Initial Conversion will be the portion necessary to subscribe, at the Conversion Price (a) the number of Initial Conversion Shares resulting from their allocation to each Initial Conversion Creditor (pro rata to their participation in the convertible Facility C commitments) of their share of Initial Conversion Shares; plus (b) the number of Initial Conversion Shares resulting from the allocation to each Initial Conversion Creditor (pro rata to their participation in the convertible Facility C commitments) of those Initial Conversion Shares that are left unsubscribed by other Initial Conversion Creditors claiming the Shareholding Limit. “Shareholding Limit” means the right of any Creditor (other than a Shareholder that does not provide Bonding Facilities) not being allocated shares in the Company that (in conjunction with other shares held by such Creditor) will result in such Creditor holding more than 9.99% of the outstanding equity of the Company. By way of exception Caixabank will only be be allowed to claim the benefit of the Shareholder Limit at the Second Conversion on month 24 after the Effective Date. The conversion price of the Initial Conversion Shares (and of any other subsequent conversion) calculated as provided herein will be referred as the “Conversion Price”. The Conversion Price will be set on or around the Effective Date in such amount necessary for the convertible portion of Facility C to represent (on a fully diluted basis) 95% of the share capital of the Company. Accordingly (as numerically exemplified in the worked example attached as Schedule III) the Conversion Price will be equal to the Actual Co...
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Initial Conversion means completion of Conversion of Accounts to Investar as specified in the schedule attached hereto as Exhibit F, including any modifications to such schedule as may be agreed in writing by the parties under the terms of this Agreement.
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Examples of Initial Conversion in a sentence

  • Notwithstanding anything to the contrary contained herein, the foregoing adjustment to the Initial Conversion Ratio may be waived as to any particular issuance or deemed issuance of additional Class A Shares or Equity-linked Securities by the written consent or agreement of holders of a majority of the Class B Shares then in issue consenting or agreeing separately as a separate class in the manner provided in the Variation of Rights of Shares Article hereof.

  • Class B Shares shall automatically convert into Class A Shares on a one-for-one basis (the “ Initial Conversion Ratio”): (a) at any time and from time to time at the option of the holders thereof; and (b) automatically on the day of the closing of a Business Combination.

  • Shares of Class B Common Stock shall be convertible into shares of Class A Common Stock on a one-for-one basis (the “ Initial Conversion Ratio”) automatically concurrently with or immediately following the closing of the Business Combination (as defined below).

  • Class B Shares shall automatically convert into Class A Shares on a one-for-one basis (the “ Initial Conversion Ratio”): (a) at any time and from time to time at the option of the holder thereof; and (b) automatically on the day of the closing of a Business Combination.

  • Shares of Class B Common Stock shall be convertible into shares of Class A Common Stock on a one-for-one basis (the “ Initial Conversion Ratio”) automatically on the closing of the Business Combination.

  • Class B Shares shall automatically convert into Class A Shares on a one-for-one basis (the " Initial Conversion Ratio"): (a) at any time and from time to time at the option of the holders thereof; and (b) automatically on the day of the closing of a Business Combination.

  • Shares of Class B Common Stock shall be convertible into shares of Class A Common Stock on a one-for-one basis (the “ Initial Conversion Ratio”) automatically upon the consummation of the Business Combination (as defined below).

  • Class B Shares shall automatically convert into Class A Shares on a one-for-one basis (the “ Initial Conversion Ratio”): (a) at any time and from time to time at the option of the holders thereof; or (b) automatically on the day of the consummation of a Business Combination.

  • Shares of Class B Common Stock shall be convertible into shares of Class A Common Stock on a one-for-one basis (the “ Initial Conversion Ratio”) (A) at any time and from time to time at the option of the holder thereof and (B) automatically upon the consummation of the Business Combination (as defined below).

  • Class B Shares shall automatically convert into Class A Shares on a one-for-one basis (the " Initial Conversion Ratio"): (a) at any time and from time to time at the option of the holder thereof; and (b) automatically on the day of the closing of a Business Combination.


More Definitions of Initial Conversion

Initial Conversion shall have the meaning given in Section 3.4 of Schedule A.
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Initial Conversion has the meaning assigned to such term in the Series B Certificate of Designations.
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Initial Conversion has the meaning given in Clause 2.1;
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Related to Initial Conversion

  • Initial Conversion Price has the meaning specified in Section 13.01.

  • Optional Conversion has the meaning set forth in Section 6(a).

  • Final Conversion Date means 5:00 p.m. in New York City, New York on the earlier to occur following the IPO of (i) the first Trading Day falling on or after the date on which the outstanding shares of Class B Common Stock represent less than ten percent (10%) of the aggregate number of shares of the then outstanding Class A Common Stock and Class B Common Stock, (ii) the tenth (10th) anniversary of the IPO or (iii) the date specified by affirmative vote of the holders of a majority of the outstanding shares of Class B Common Stock, voting as a single class.

  • Optional Conversion Date means, with respect to the Optional Conversion of any Convertible Preferred Stock, the first Business Day on which the requirements set forth in Section 10(d)(ii) for such conversion are satisfied.

  • Major conversion means a conversion of an existing ship:

  • Mandatory Conversion Notice has the meaning ascribed thereto in Section 4.5(a);

  • Mandatory Conversion shall have the meaning set forth in Section 6.

  • Mandatory Conversion Date has the meaning set forth in Section 7(a).

  • New Conversion Price means the amount determined in accordance with the following formula, which shall apply from the QTE Effective Date: NCP = ECP * (VWAPAES / VWAPOS) where:

  • Notice of Conversion/Extension means the written notice of conversion of a LIBOR Rate Loan to an Alternate Base Rate Loan or an Alternate Base Rate Loan to a LIBOR Rate Loan, or extension of a LIBOR Rate Loan, in each case substantially in the form of Exhibit 1.1(f).

  • Judgment Conversion Date as defined in subsection 10.8(a).

  • Continuation/Conversion Notice means a notice of continuation or conversion and certificate duly executed by an Authorized Officer of the Borrower, substantially in the form of Exhibit C hereto.

  • Certificate of Conversion means the Certificate of Conversion of the Company filed with the Secretary of State of the State of Delaware pursuant to Section 18-214(b)(1) of the Act on October 9, 2007, as amended or amended and restated from time to time.

  • Forced Conversion Notice shall have the meaning set forth in Section 6(d).

  • Automatic Conversion means the irrevocable and automatic release of all of the Company’s obligations under the Securities (other than the CSO Obligations, if any) in consideration of the Company’s issuance of the Conversion Shares at the Conversion Price to the Conversion Shares Depository (on behalf of the Holders and Beneficial Owners of the Securities) or to the relevant recipient of such Conversion Shares, all in accordance with the terms of the Securities.

  • Date of Conversion Conversion Price:_______________________________________________________________ Shares To Be Delivered:_________________________________________________________ Signature:______________________________________________________________________ Print Name:_____________________________________________________________________ Address:________________________________________________________________________

  • Continuation/Conversion Date means the date on which a Loan is converted into or continued as a LIBOR Rate Loan.

  • Series B Conversion Price means, as of the applicable Conversion Date, the greater of (A) the average of the Market Values of the Common Stock for the five consecutive Trading Days preceeding (but not including) such Conversion Date, or (B) the then effective Series B Minimum Conversion Price.

  • Forced Conversion Notice Date shall have the meaning set forth in Section 6(d).

  • Forced Conversion has the meaning set forth in Section 4.05(c) hereof.

  • Forced Conversion Date shall have the meaning set forth in Section 6(d).

  • Interest Conversion Shares shall have the meaning set forth in Section 2(a).

  • Base Conversion Price shall have the meaning set forth in Section 5(b).

  • Automatic Conversion Date has the meaning set forth in Section 7(c).

  • Forced Conversion Amount means the sum of (i) 100% of the aggregate Stated Value then outstanding, (ii) accrued but unpaid dividends and (iii) all liquidated damages and other amounts due in respect of the Series B Preferred Stock.

  • Series A Conversion Price shall initially be equal to $0.71. Such initial Series A Conversion Price, and the rate at which shares of Series A Preferred Stock may be converted into shares of Common Stock, shall be subject to adjustment as provided below.