Amendment to Conversion Provisions Sample Clauses
The "Amendment to Conversion Provisions" clause allows for changes to the terms and conditions under which a security or instrument can be converted into another form, such as equity or another class of securities. In practice, this clause specifies the process by which the parties may agree to modify conversion ratios, timing, or other related mechanics, often requiring a certain level of consent from stakeholders or board approval. Its core function is to provide flexibility in adapting the conversion terms to changing circumstances or business needs, thereby ensuring that the agreement remains fair and relevant over time.
Amendment to Conversion Provisions. 4.1. Section 3.1(a) of the Agreement is hereby amended by deleting the number "$5,500,000" and replacing it with "$ 1,750,000."
4.2. Section 3.2(a) of the Agreement is hereby amended and restated in its entirety to read as follows:
Amendment to Conversion Provisions. The Debenture is hereby amended so that (i) the words "the date that is ninety (90) days following the Tranche A Closing Date (as defined below)" in paragraph 2(a) shall be deleted and replaced with "May 10, 1999", (ii) clause (i) of paragraph 2(d) following the words "Fixed Conversion Price" shall be deleted and replaced with "(i) initially, the Fixed Conversion Price as calculated in accordance with the immediately succeeding sentence and" and (iii) the sentence beginning with "Notwithstanding the foregoing, if during the ninety-day period" in paragraph 2(d) shall be deleted in its entirety and replaced with "The Fixed Conversion Price shall initially be equal to the average of the five (5) lowest consecutive Closing Trade Prices for the Common Stock occurring during the period between the Issue Date and the ninetieth (90th) day following the Issue Date (or , for any conversion occurring on a date that is prior to such 90th day, during the period between the Issue Date and such date) times one hundred and four percent (104%)(subject to adjustment for the events specified in Section 3 below)" and (iii) the last sentence of paragraph 2(d) shall be deleted and replaced with the following: "'Market Conversion Price' shall mean the lower of (i) $3.875 (as adjusted from time to time for the events specified in Section 3 below) and (ii) the low Closing Bid Price for the Common Stock during the period of three (3) Trading Days occurring immediately prior to the Conversion Date (as adjusted from time to time for the events specified in Section 3 below); it being understood that in no event shall the Holder (or any person acting at the direction of the Holder) submit a bid for the Common Stock on any such Trading Day that would constitute the low Closing Bid Price for the Common Stock on such Trading Day ".
Amendment to Conversion Provisions. Article 5 of the Indenture is hereby replaced in its entirety as follows: