CONVERSION OF DEBT. A. Claimant and OnSource affirm and agree that as of the date of this Agreement, OnSource is indebted to Claimant in an amount equal to $54,000.00.
B. Claimant, for itself, successors in interest and assigns, agrees to accept, as payment in full of $54,000.00 in outstanding open account (the "Indebtedness"), 36,000 shares of Common Stock of OnSource ("Common Shares"). It is understood that Claimant's acceptance of the Common Shares in payment of the Indebtedness shall not discharge or otherwise satisfy the outstanding indebtedness and obligation of OnSource to Claimant in excess of the Indebtedness.
C. Claimant agrees that upon delivery to it by OnSource of a certificate or certificates representing 36,000 Common Shares, said Common Shares being validly issued, fully paid and non-assessable, and Claimant's acceptance of such Common Shares, Claimant, for itself, successors in interest and assigns, agrees to release and forever discharge OnSource, its officers, directors, shareholders, affiliates, employees and agents, from any liability, payment or obligation whatsoever in connection with or arising out of the Indebtedness. Claimant's acceptance of such Common Shares shall constitute a full and complete release, settlement and discharge of any of OnSource's obligation to Claimant, in connection with the Indebtedness, without the necessity of Claimant executing any further documentation, release or settlement agreement; it being the express understanding of the parties hereto that this Agreement, upon its performance, shall constitute such evidence of release and discharge.
D. With respect to accepting the Common Shares in lieu of other forms of payment of the Indebtedness, Claimant represents and warrants as follows:
1. Claimant fully understands and agrees that the Common Shares are offered by OnSource at a price which was arbitrarily determined without regard to any value of the Common Shares.
2. Claimant fully understands that OnSource has a limited net worth.
3. Claimant acknowledges receipt of such information as he deems necessary or appropriate as a prudent and knowledgeable investor in evaluating the conversion of the obligation. The Claimant acknowledges that OnSource has made available to him the opportunity to obtain additional information to evaluate his status as an unsecured creditor and the alternatives available to him. The Claimant acknowledges that he had an opportunity to ask questions of OnSource and to the extent he availed itself of su...
CONVERSION OF DEBT. 1.1 The Lender and the Company hereby agree to convert the Loan into shares of the Company’s common stock at a price of $0.01 per share for an aggregate of 1,500,000 shares (the “Shares”) in full settlement of the Loan owed by the Company to the Lender.
CONVERSION OF DEBT. Lender and Borrower agree that Lender shall convert an aggregate of One Million Dollars ($1,000,000) of the Obligations under the Amber Loan Documents to Equity Interests in Parent pursuant to definitive and mutually acceptable documentation and upon the satisfaction of the following conditions: (i) Parent has paid (and Lender has received) an aggregate of Nine Hundred Thousand Dollars ($900,000) to Lender pursuant to Section 2 and/or Section 3 of this Amendment to be applied as set forth in Section 2, and (ii) no Event of Default exists. Parent and Lender agree that the unit share price of the Equity Interests in Parent into which Lender will convert will be equal to the per share price of Parent’s most recent material equity raise from a Person who is not an Affiliate.
CONVERSION OF DEBT. Any outstanding debt of Buyer existing immediately prior to the Closing shall be converted into Common Stock of the Buyer, which such Common Stock shall be subject to a 180 day lockup period during which time sales of such Common Stock are prohibited;
CONVERSION OF DEBT. $1,560,000 of the debt owed to ERBC by ATI (the "Converted Debt") shall be converted for 13,054,393 shares of the $.0001 par value common stock of ATI (the "Conversion Shares") in full satisfaction of $1,560,000 of said debt. The parties hereto agree that the issuance of said shares to ERBC shall fully extinguish and satisfy $1,560,000 of said debt. The interest owing on the Converted Debt shall not be converted or effected by this Agreement and shall remain an obligation of ATI.
CONVERSION OF DEBT. 1.1 As of the Effective Date, the Debt shall be paid in full, with no further interest, penalties, fees, or charges, with the issuance of 500,988,889 shares of common stock of HotApp, valued at $0.09 per share, and the Debt shall be satisfied.
CONVERSION OF DEBT. 1.1 The Lender and the Company hereby agree to convert the Assigned Principal of the debt owed to the Lender by the Company, and evidenced by the Assignment Agreement, into shares of the Company’s common stock at a price of $0.01 per share for an aggregate total of 5,000,000 shares (the “Shares”) in full settlement of the debt owed by the Company to the Lender under the Promissory Note.
CONVERSION OF DEBT. A. Claimant, GAI and Global affirm and agree that as of the date of this Agreement, the total outstanding balance of all sums due and owing to Claimant under the First Note is Three Million Eight Hundred Fifty- Three Thousand Two Hundred Ninety-One Dollars ($3,853,291), together with all accrued and unpaid interest of Fifteen Thousand Two Hundred Two Dollars ($15,202) for a total due of Three Million Eight Hundred Sixty-Eight Thousand Four Hundred Ninety-Three Dollars ($3,862,846).
CONVERSION OF DEBT. Concurrently with the execution of this Agreement, the Two Hundred Forty Five Thousand Dollar ($245,000) loan from Unity Venture Capital Associates Ltd. ("UVCA") shall be converted into 4,900,000 shares of the Company's Common Stock, which are hereby deemed fully paid and non assessable in the form of a cancellation of a loan to the Company made by UVCA in the principal amount of Two Hundred Forty Five Thousand Dollars ($245,000) plus accrued interest thereon. As further consideration for the conversion of the loan, the Company shall issue UVCA a warrant to purchase 4,900,000 shares of the Company's Common Stock exercisable at a price per share equal to the Strike Price and subject to the same terms and conditions as the Warrant set forth above.
CONVERSION OF DEBT. Holder has the right to convert this Note in accordance with the Conversion Procedures set forth in the Credit Agreement.
