Automatic Conversions. During the existence of an Event of Default, all outstanding Loans denominated in a Committed Currency shall be redenominated and converted into their Equivalent of Base Rate Loans in Dollars on the last day of the Interest Period applicable to any such Loans.
Automatic Conversions. Any outstanding LIBOR Loan shall automatically convert to a Base Rate Loan, effective on the last day of the applicable Interest Period, if as of such date:
Automatic Conversions. (a) Each share of Series D Preferred Stock shall be automatically converted into that number of fully paid and non-assessable Common Shares equal to the Applicable Conversion Rate, plus cash in lieu of fractional shares in accordance with Section 13 hereof, upon the Transfer thereof to a third party in a Widely Dispersed Offering by an Initial Holder or any Affiliate of an Initial Holder or any direct or indirect transferee of an Initial Holder that did not receive such shares in a Widely Dispersed Offering. Holders of shares of Series D Preferred Stock shall give prompt notice to the Company of any Transfer of Series D Preferred Stock (whether by an Initial Holder or any Affiliate of an Initial Holder or any direct or indirect transferee of an Initial Holder that did not receive such shares in a Widely Dispersed Offering) that results in the conversion of the shares of Series D Preferred Stock into Common Shares.
(b) For the avoidance of doubt, the Holders of Series D Preferred Stock shall not be permitted to convert such shares into any other class of the Company’s share capital, except pursuant to this Section 7.
Automatic Conversions. This Note shall be automatically converted into that number of shares of Series A Preferred Stock equal to the quotient of (a) the aggregate principal amount of this Note then outstanding divided by (b) the Conversion Price, under the following conditions:
i) Upon the consummation of the First Equity Financing;
ii) Immediately prior to the closing of any merger, sale or other consolidation of the Company or of any sale of all or substantially all assets of the Company which occurs prior to the First Equity Financing (an “Acquisition Event”). Notwithstanding the above, and only in the event that a conversion resulting from such Acquisition Event would result in a security not traded on a national stock exchange (including NASDAQ and NASDAQ small cap), upon written notice to the Company not later than 5 days after the consummation of the Acquisition Event and notice of the Acquisition Event to the Holder of the Note, the Holder may elect to receive payment in cash of the entire outstanding principal of this Note.
Automatic Conversions. Player and Club agree that on one or more occasions and at any time during the duration of this Contract, Club shall have the option to (i) convert a portion of Player’s 2012, 2013, 2014, 2015 and/or 2016 Paragraph 5 Salary into Signing Bonus, or (ii) convert part or all of the Roster Bonus(es), if any, set forth in this Contract into Signing Bonus. If Club exercises its option(s) to convert such Paragraph 5 Salary and/or Roster Bonus(es) as provided herein, Club shall use the same form of “Signing Bonus Addendum” as the Signing Bonus Addendum of even date herewith between Player and Club except that (i) such converted Paragraph 5 Salary shall be payable in 17 equal weekly installments over the ensuing Regular Season and (ii) such converted Roster Bonus(es) shall be payable within 10 days after the applicable Roster Bonus was originally to be paid. Player agrees to execute superseding NFL Player Contract(s) effecting the conversion(s) without receiving any additional consideration from Club. Player further agrees that the conversion(s) itself (or themselves), if effected, shall constitute valuable and adequate consideration for Player’s agreement to execute the new NFL Player Contract(s) and that Player shall be in default under the terms and conditions of this Contract if he refuses or fails to promptly execute the new NFL Player Contract(s) after requested by Club.
Automatic Conversions. The entire remaining outstanding Debenture will automatically be converted into shares of Common Stock on the earlier to occur of (a) close of business on the Maturity Date, and (b) the 30th consecutive Trading Day that the Equity Conditions are met and the Closing Price is above $0.30 per share.
Automatic Conversions. If the Company fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, (i) if such Borrowing is denominated in Dollars, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing and (ii) if such Borrowing is denominated in an Approved Foreign Currency, the Company shall be deemed to have selected an Interest Period of one month's duration.
Automatic Conversions. At any time or times, part or all of any holder's shares of Series B Preferred Stock may be converted into Common Shares at the conversion price then in effect, in the manner specified below, and upon delivery by the holder thereof of written notice of conversion, specifying the number of such shares to be converted, to the Corporation at its principal business offices (or at the office of any transfer agent for shares of Series B Preferred Stock or Common Shares), accompanied by the certificate or certificates for the shares to be converted, duly endorsed in blank or accompanied by signed instruments appropriate for the transfer thereof. In addition, all of the outstanding shares of Series B Preferred Stock shall, at the election of the Corporation's Board of Directors, be automatically converted into Common Shares in the manner specified below upon the occurrence of either of the following events (an "Automatic Conversion Event"):
(1) Immediately prior to such time as the Corporation shall close a firm commitment underwritten public offering of Common Shares pursuant to a registration statement filed pursuant to the Securities Act of 1933, as amended, ("Securities Act") in which the Corporation receives gross proceeds of at least ten million dollars ($10,000,000) and at a price equal to or greater than one dollar ($1.00) per share (adjusted for stock splits, dividends, consolidations, recapitalizations, and similar events); or
(2) At any such time as (a) the Common Shares shall have traded above one dollar ($1.00) per share (as adjusted for stock splits, dividends, consolidations, recapitalizations and similar events) for sixty (60) consecutive trading days on a national securities exchange or NASDAQ, or (b) the closing bid price for the Common Shares quoted by an established quotation service for over-the-counter securities shall be above one dollar ($1.00) per share (as adjusted for stock splits, dividends, consolidations, recapitalizations and similar events) for sixty (60) consecutive trading days; and the cumulative trading volume of the Common Shares during such sixty (60) consecutive trading days is equal to or greater than one million (1,000,000) Common Shares, if traded on a national securities exchange, or one million five hundred thousand (1,500,000) Common Shares, if traded on NASDAQ or traded over-the-counter.
Automatic Conversions. (i) Except as provided in Sections 2.04 (b)(ii), 3.02 and 3.05, any outstanding LIBOR Loan shall, effective on the last day of the applicable Interest Period for such Loan, automatically convert to a LIBOR Loan having a one month Interest Period, unless the Company shall have delivered to the Agent at least three (3) Business Days prior to the last day of the Interest Period for such outstanding LIBOR Loan a Notice of Conversion/ Continuation requesting the conversion of such Loan to a LIBOR Loan having a longer Interest Period. In the event of any such automatic conversion, the Company shall be deemed to have delivered to the Agent a Notice of Conversion/Continuation requesting such Loan for such thirty (30) day Interest Period, and the Company hereby releases the Agent and the Lenders from any claims or liabilities as a result of their reliance upon such instructions.
(ii) Any outstanding LIBOR Loan shall automatically convert to a Base Rate Loan, effective on the last day of the applicable Interest Period, if as of such date:
Automatic Conversions. Notwithstanding anything herein to the contrary, the unconverted principal amount of Convertible Debentures, any outstanding accrued and unpaid interest and any unpaid late charges, plus an additional amount of interest equal to six (6) months’ of interest accruing under the terms of this Convertible Debenture, shall automatically convert into Conversion Shares if the Automatic Conversion Conditions have been satisfied. For the purposes of this paragraph, the Automatic Conversion Conditions are: (i) the closing of any equity offering or financing with aggregate gross proceeds to the Company of at least $8,000,000 (the “Gross Proceeds Event”); or (ii) the VWAP of the Company’s common stock exceeds $0.375 (subject to adjustment) per share for more than twenty (20) consecutive Trading Days following the Initial Closing Date. For purposes hereof, the Gross Proceeds Event may arise through one, or any combination or series of transactions, with the gross proceeds to include any proceeds received by the Company from the exercise of warrants currently outstanding as of the date hereof.
