Examples of Optional Conversion Right in a sentence
Notwithstanding any other provision of this Agreement, the Optional Conversion Right shall not be exercisable by the Holder (collectively, “Holder Related Parties”) to the extent that, after giving effect to such conversion, the Holder Related Parties would beneficially own or have a right to acquire shares of the Company that, in aggregate, represent: (i) twenty five percent (25%) or more of the votes that could 3 Insert last Business Day of the month in which the Note is issued.
If the Optional Conversion Right is being exercised in respect of the entire Principal Amount of this Note (and, if applicable, all accrued and unpaid Interest and fees), this Note shall be cancelled.
If less than all of the Principal Amount of this Note is the subject of the Optional Conversion Right, then within ten (10) Business Days after the Optional Conversion Issue Date, the Borrowers shall deliver to the Purchaser a replacement Note in the form hereof in the principal amount of the unconverted principal balance hereof and any unconverted portion of any accrued and unpaid Interest and fees, and this Note shall be cancelled.
The Optional Conversion Notice shall provide that the Optional Conversion Right is being exercised, shall specify the amount being converted, and shall set out the date (the “Optional Conversion Issue Date”) on which Shares are to be issued upon the exercise of the Optional Conversion Right (such date to be no earlier than five (5) Business Days and no later than ten (10) Business Days after the day on which the Optional Conversion Notice is delivered to the Borrowers).
The Optional Conversion Right may be exercised by the Purchaser by completing and signing a notice of conversion in a form reasonably acceptable to the Company and the Purchaser (the “Optional Conversion Notice”) and delivering the Optional Conversion Notice and this Note to the Borrowers.
Notwithstanding the foregoing, the General Optional Conversion Right may only be exercised during the Optional Window Conversion Period.
Notice of the exercise of a General Optional Conversion Right (“General Optional Conversion Notice”) shall include a conversion notice executed by an authorized representative of each Required Holder.
The Individual Optional Conversion Right shall be exercised by written notice to the Corporation given by a Holder exercising its Individual Conversion Right.
Notice of the exercise of an Individual Optional Conversion Right (“Individual Optional Conversion Notice”) shall include a conversion notice executed by an authorized representative of the relevant Holder and such notice shall specify the number of shares of Convertible Preferred Stock being converted.
The aggregate number of shares of Common Stock issuable by the Corporation for each share of Convertible Preferred Stock with respect to which an Optional Conversion Right is exercised shall be the product of (a) the aggregate number of shares of Convertible Preferred Stock being converted multiplied by (b) the Conversion Multiple.