Additional Conversion Rights Clause Samples
Additional Conversion Rights. (i) In addition to the conversion rights get set forth in Section 3(a) above, the Holder shall have the right, exercisable as set forth below, (A) to convert the Special Conversion Amount on each of the Special Conversion Dates (such conversion right, the "SPECIAL CONVERSION RIGHT") and (B) if there has occurred a Remedy Triggering Event at any time, then to convert the Remedy Conversion Amount on a Remedy Conversion Date (such conversion right, the "REMEDY CONVERSION RIGHT" and together with the Special Conversion Right, the "ADDITIONAL CONVERSION RIGHTS"). Notwithstanding the foregoing, in no event shall the Holder be permitted to exercise both the Special Conversion Right and the Remedy Conversion Right in the same month.
(ii) For purposes of this Section 3(c), a "REMEDY TRIGGERING EVENT" shall mean the occurrence of any of the following events: (A) the Average Consolidated EBITDA of the Company for the period ending June 30, 2005 is less than U.S.$5 million, (B) the Average Consolidated EBITDA of the Company for the period ending September 30, 2005 is less than U.S.$6.25 million, (C) the Average Consolidated EBITDA for any period ending on or after December 31, 2005 is less than U.S.$7.5 million, or (D) an Event of Default shall have occurred. Immediately upon the first occurrence of any Remedy Triggering Event, the Principal Amount (including all accrued but unpaid interest thereon) shall be automatically adjusted to an amount equal to 110% of such Principal Amount.
Additional Conversion Rights. In addition to the Holder’s rights to convert this Note pursuant to Section 4 above, the Holder shall have the following additional conversion rights:
Additional Conversion Rights. Notwithstanding the limitations set forth in Section (3)(a)(i) beginning on the earlier of March 17, 2025, and the effective date of the initial Registration Statement, the Holder shall have the right to (i) convert (at one time or in parts) up to an amount equal to one Installment Amount in any Calendar Month using the Variable Price, and (ii) convert amounts equal to two additional Installment Amounts in any two additional Calendar Months, using the Variable Price, provided that in respect of part (ii) of this section, the Variable Price for such conversions is greater than or equal to $1.50. Any amounts outstanding under this Note that are repaid pursuant to this Section 3(c)(iii) shall have the effect of reducing the amount due on any future Installment Date in reverse chronological order.