Security Conversion definition
Examples of Security Conversion in a sentence
To the extent permitted by applicable law, the Company may from time to time increase, in one or more increments, the amount of Exchange Securities issuable upon conversion of a Security ("Conversion Rate") by any amount for any period of time if the period is at least 20 Business Days, the increase is irrevocable during the period and the Board of Directors shall have made a determination that such increase would be in the best interests of the Company, which determination shall be conclusive.
Secured Debt of the Borrower, MOC and their Consolidated Subsidiaries shall at no time exceed twenty-five percent (25%) of Total Fair Market Value, exclusive of any Mortgages delivered in connection with the Security Conversion or any intercompany debt otherwise permitted hereunder.
In the event that Sellers attempt to effect the Initial Security Conversion through the Initial Security Election, Sellers shall simultaneously take actions to effect the Initial Security Conversion through a merger or conversion transaction.
Secured Debt of the Borrower, MOC and their Consolidated Subsidiaries shall at no time exceed ten percent (10%) of Total Fair Market Value, exclusive of any Mort gages delivered in connection with the Security Conversion, the Pledges, any mortgage delivered to ▇▇▇▇▇▇▇ ▇▇▇▇▇ International, encumbering the Santa ▇▇▇▇▇ Racetrack to secure the Borrower's obligations under the FEITS Agreement, or any intercompany debt otherwise permitted hereunder.
In the case of a Global Security, Conversion Notices may be delivered in respect of the Securities held through the Global Security and such Securities may be surrendered for conversion in accordance with the Applicable Procedures.
Holder shall then have the right have the right to convert all or any portion of then the outstanding principal amount of, and all accrued but unpaid interest on, this Note into Next Equity Securities at the Next Equity Security Conversion Price upon Holder’s surrender to the Company of this Note at the principal office of the Company within three (3) Business Days of such notice.
The date on which the Closing actually occurs is referred to in this Agreement as the “Closing Date.” For the avoidance of doubt, the Closing shall occur after the consummation of the Company Security Conversion, the Warrant Event and the Burkhan Conversion Event.
The exercise price per share of OEI Common Stock for each Substitute Derivative Security shall be an amount (rounded to the nearest whole cent) equal to the exercise price applicable to the Outstanding Derivative Security for which such Substitute Derivative Security is being exchanged divided by the Derivative Security Conversion Ratio.
The Sellers may attempt to effect the Initial Security Conversion by filing one or more elections to be treated as a disregarded entity for United States federal, state and local income Tax purposes (the "Initial Security Election"), provided however, that Sellers may only effect the Initial Security Conversion through an Initial Security Election after permitting Purchaser to review and approve all relevant documentation relating to such election(s).
Each ISO, NSO and Warrant outstanding at the Effective Time shall be exchanged for a Substitute ISO, Substitute NSO and Substitute Warrant, respectively, which will entitle the holder of such Derivative Security to purchase a number of shares (rounded to the nearest whole share) of OEI Common Stock equal to the number of shares of Company Common Stock subject to the Derivative Security for which such Substitute Derivative Security is being exchanged multiplied by the Derivative Security Conversion Ratio.