Conversion into equity Sample Clauses
The 'Conversion into equity' clause defines the terms under which a debt or other financial instrument can be converted into shares of the issuing company. Typically, this clause specifies the conversion ratio, timing, and any conditions that must be met for conversion, such as a qualifying financing round or maturity date. For example, a convertible note may automatically convert into equity at a discounted price if the company raises a certain amount of capital. The core function of this clause is to provide a mechanism for investors or creditors to become shareholders, aligning interests and potentially reducing the company's debt obligations.
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Conversion into equity. In the event that the equity of the Subordinated Debtor at any time prior to the Final Discharge Date is less than half of its registered share capital, each Subordinated Creditor shall, as soon as reasonably practical, take any action required in order to convert the Subordinated Debt (or part thereof) into equity through unconditional capital contributions (Sw. ovillkorade aktieägartillskott) or similar arrangements applicable in the jurisdiction of incorporation of the Subordinated Debtor in an amount sufficient to ensure that the equity of the relevant Subordinated Debtor is at least equal to its registered share capital. For the avoidance of doubt, the obligations of each Subordinated Creditor under this Agreement are several. No Subordinated Creditor is responsible for the obligations of any other Subordinated Creditor.
Conversion into equity. In the event that the equity of any ICA Group Company at any time prior to the Final Discharge Date is less than half of its registered share capital, each Intercompany Creditor shall, as soon as reasonably practical, take any action required in order to convert the Intercompany Debt (or part thereof) into equity through conditional capital contributions (Sw. villkorade aktieägartillskott) or unconditional capital contributions (Sw. ovillkorade aktieägartillskott) or similar arrangements applicable in the jurisdiction of incorporation of such ICA Group Company in an amount sufficient to ensure that the equity of the relevant ICA Group Company is at least equal to its registered share capital. For the avoidance of doubt, the obligations of each Intercompany Creditor under this Agreement are several. No Intercompany Creditor is responsible for the obligations of any other Intercompany Creditor.
Conversion into equity. (a) In the event that the equity of any Intercompany Debtor at any time prior to the Final Discharge Date is less than half of its registered share capital, each Intercompany Creditor shall, as soon as reasonably practical, take any action required in order to convert the Intercompany Debt (or part thereof) into equity through unconditional capital contributions (Sw. ovillkorade aktieägartillskott) or similar arrangements applicable in the jurisdiction of incorporation of such Intercompany Debtor in an amount sufficient to ensure that the equity of the relevant Intercompany Debtor is at least equal to its registered share capital. For the avoidance of doubt, the obligations of each Intercompany Creditor under this Agreement are several. No Intercompany Creditor is responsible for the obligations of any other Intercompany Creditor.
(b) Any Intercompany Debt may be converted into equity through unconditional capital contributions or similar arrangements applicable in the jurisdiction of incorporation of such Intercompany Debtor by the Intercompany Creditor, provided that (i) the Security Agent has given its prior written consent (acting on the instruction of, prior to the Senior Discharge Date, the Super Senior RCF Agent (acting in its sole discretion)) and (ii) the shares in the Intercompany Debtor in relation to such Intercompany Debt is subject to Transaction Security in favour of the Secured Parties.
Conversion into equity. Subject to the Transaction Security and only with the Security Agent's prior consent (acting in its sole discretion), in the event that the equity of the Shareholder Debtor at any time prior to the Final Discharge Date is less than half of its registered share capital, each Shareholder Creditor shall, as soon as reasonably practical, take any action required in order to convert the Shareholder Debt (or part thereof) into equity through unconditional capital contributions (Sw. ovillkorade aktieägartillskott) or similar arrangements applicable in the jurisdiction of incorporation of the Shareholder Debtor in an amount sufficient to ensure that the equity of the relevant Shareholder Debtor is at least equal to its registered share capital.
Conversion into equity. In the event that that the equity of the Holdco at any time prior to the Final Discharge Date is less than half of its registered share capital, the Shareholder Debt (or part thereof) shall automatically be deemed to be converted into equity through unconditional capital contributions (Sw. ovillkorade aktieägartillskott) or similar arrangements applicable in the jurisdiction of incorporation of the Holdco in an amount sufficient to ensure that the equity of the Holdco is at least equal to its registered share capital. For the avoidance of doubt, the obligations of each Shareholder Creditor under this Agreement are several. No Shareholder Creditor is responsible for the obligations of any other Shareholder Creditor.
Conversion into equity. In the event that the equity of the Company at any time prior to the Final Discharge Date is less than half of its registered share capital, each Shareholder Creditor shall, as soon as reasonably practical, take any action required in order to convert the Shareholder Debt (or part thereof) into equity through conditional capital contributions (Sw. villkorade aktieägartillskott) or unconditional capital contributions (Sw. ovillkorade aktieägartillskott) or similar arrangements applicable in the jurisdiction of incorporation of the Company in an amount sufficient to ensure that the equity of the Company is at least equal to its registered share capital. For the avoidance of doubt, the obligations of each Shareholder Creditor under this Agreement are several. No Shareholder Creditor is responsible for the obligations of any other Shareholder Creditor.
Conversion into equity. If NGC has not been able to access Gas equal in total to the full amount of the Prepayment and Option Fee pursuant to its Option by 31 March 2013, including because negotiations in terms of clause 5 have been unsuccessful, then IPENZ shall, at its option, refund the outstanding Prepayment and Option Fee plus interest at the then average bank ▇▇▇▇ rate, or, if not so elected by IPENZ, NGC GAS PREPAYMENT AND OPTION AGREEMENT 7 shall at its option be entitled to convert the outstanding Prepayment and Option Fee into paid-up equity in IPENZ at the lesser of agreed net asset value or time averaged market price at the time. If NGC does not so convert the Prepayment and Option Fee by 30 June 2013, any outstanding amount of it will be written off and NGC will cease to have any further rights of conversion.