Consequences of Conversion Clause Samples
Consequences of Conversion. Any country converted hereunder shall not be considered to be part of the Co-Marketing Territory from and after the applicable Conversion Date. Subject to the terms and conditions set forth in this Article VII, any country so converted shall be considered to be part of the Co-Promotion Territory or the Secondary Co-Promotion Territory, as determined pursuant to Section VII(E)(4) hereof, from and after the applicable Conversion Date.
Consequences of Conversion. On the Conversion Date, the following transactions shall have been effected:
(a) If the Approval is obtained on or before the Conversion Date, Frontline shall immediately notify Sellers in writing to such effect and deliver the stock certificates representing the Conversion Shares, pursuant to Section 3.03(b). Upon receipt of the Conversion Shares, the Sellers shall return to Frontline the following documents: (i) the stock certificates representing the Series C Preferred Shares; (ii) the Note duly cancelled; (iii) the Security Agreement; and (iv) all other documents and instruments incidental to the Debt, including any collateral held by Sellers.
(b) If the Approval is not obtained by the Conversion Date, Frontline shall immediately notify Sellers in writing to that effect.
Consequences of Conversion