Default Conversion Price definition

Default Conversion Price shall have the meaning set forth in Section 4(b).

Default Conversion Price means, the lower of (i) the Fixed Conversion Price and (ii) that price which shall be computed as 50% of the lowest daily Volume Weighted Average Price of the Common Stock during the sixty (60) consecutive Trading Days immediately preceding the applicable Conversion Date. All such determinations to be appropriately adjusted for any stock split, stock dividend, stock combination or other similar transaction

Default Conversion Price means, with respect to a particular date of determination, the lower of (i) the Conversion Price then in effect and (ii) the Market Price as of the specified Installment Notice Due Date or the Installment Date, as applicable. All such determinations to be appropriately adjusted for any stock split, stock dividend, stock combination or other similar transaction during any applicable Measuring Period.

Examples of Default Conversion Price in a sentence

• For clarification and without limiting any of the foregoing, if an Event of Default occurs pursuant to Section 8(a)(x) above, the Conversion Price hereunder shall automatically be irrevocably adjusted to equal the Default Conversion Price and the outstanding principal amount hereunder shall be automatically and irrevocably increased to equal 120% of the outstanding principal hereunder.

• Notwithstanding any such election to accelerate, upon any Event of Default (i) the outstanding principal amount hereunder shall be automatically increased to equal 120% of the outstanding principal hereunder, and (ii) the Conversion Price hereunder shall be automatically adjusted to equal the Default Conversion Price.

• The dilution could even be more if the decrease in the Company’s market price persists or if Convertibles Bonds are converted at the Event of Default Conversion Price.

• If the Notes are not earlier redeemed, the Notes shall be automatically converted into Ordinary Shares upon the effectiveness of the Initial Registration Statement at the Conversion Price then in effect (if no Event of Default has occurred, at the Standard Conversion Price then in effect, and if an Event of Default has occurred, at the Event of Default Conversion Price).

• In the event of issuance of any Event of Default Additional Shares, to the extent that the amount of such shares was reduced as a result of the Floor Price, then concurrently with the issuance of such shares, the Company shall also pay to the Holder an amount, in cash, equal to the product of (i) the number of shares by which such amount was reduced as a result of the Floor Price, multiplied by (ii) the Event of Default Conversion Price.

More Definitions of Default Conversion Price

Default Conversion Price means as of any Conversion Date or other date of determination, the product of (x) 95% and (y) the lowest Closing Bid Price during the three (3) trading days ending on and including the Conversion Date or other date of determination.

Default Conversion Price means the lower of (a) the Conversion Price then in effect and (b) 95% of the lowest Closing Sale Price during the three (3) trading days ending on and including the Conversion Date or other date of determination.

Default Conversion Price means the lesser of (a) the Conversion Price otherwise in effect at the time of the applicable Conversion Date and (b) 50% of the average of the three (3) lowest Closing Bid Prices during the twenty (20) consecutive Trading Days immediately preceding the applicable Conversion Date.

Default Conversion Price means 55% of the lowest traded price during the 20 Trading Day-period immediately prior to the applicable Conversion Date.

Default Conversion Price means as of any date of determination, the product of (A) 90% and (B) the lower of (1) the Conversion Price and (2) [$0.7941] [to be adjusted to account for reverse stock split approved by Resaca shareholders] subject to adjustment as provided herein.

Default Conversion Price means as of any date of determination, of the lower of (A) the applicable Conversion Price and (B) the product of 90% and the lowest Closing Bid Price during the ten (10) Trading Days ending on and including such date of determination.

Default Conversion Price shall be equal to the lower of: (a) the Conversion Price or (b) 60% of the lowest trading price of the Company’s common stock during the 20 consecutive Trading Days prior to the date on which Holder elects to convert all or part of the Note. For the purpose of calculating the Default Conversion Price only, any time after 4:00 pm Eastern Time (the closing time of the Principal Market) shall be considered to be the beginning of the next Business Day. If the Company is placed on “chilled” status with the DTC, the discount shall be increased by 10%, i.e., from 40% to 50%, until such chill is remedied. If the Company is not DWAC eligible through their Transfer Agent and DTC’s FAST system, the discount will be increased by 5%, i.e., from 40% to 45%. In the case of both, the discount shall be a cumulative increase of 15%, i.e., from 40% to 55%.