Conversion of Debt to Equity a. Notwithstanding anything to the contrary contained in this Agreement, Lender shall have the right and option at any time prior to the payment in full of the principal amount outstanding hereunder and the interest thereon, to exchange Borrower’s payment obligation as to the then-outstanding principal balance for the Conversion Shares (the “Conversion Option”) by delivering to Borrower (the “Conversion Deliverables”) (A) written notice of Lender’s election to exercise the Conversion Option, (B) a counterpart of this Agreement bearing the signatures of Lender and Borrower, marked “PAID” and initialed by Lender on the first page, (C) a counterpart of Lender’s acceptance of the Conversion Shares, bearing Lender’s signature and (D) evidence of compliance with applicable U.S. securities law and regulations, including any legend on the certificates evidencing the Conversion Shares as required. The date of delivery of the Conversion Deliverables for conversion of Borrower’s payment obligation of the outstanding principal balance of the Loan to the Conversion Shares in strict compliance with the terms of this Section 2 is referred to herein for all purposes as the “Conversion.” “
Conversion of Debt to Equity. All outstanding debt of the Acquiror Company shall have been converted into such number of shares of Acquiror Company Common Stock such that there will be 840,000 shares of Acquiror Company Common Stock outstanding immediately prior to the Closing Date.
Conversion of Debt to Equity. Parent shall provide evidence satisfactory to Vacation Travel that the Accounts Payable outstanding as of the date of the Agreement have been converted to equity in an amount mutually agreeable to both parties.
Conversion of Debt to Equity. Company shall convert $295,000 of the debt evidenced on its books and records to equity.
Conversion of Debt to Equity. Company shall convert $**** of the debt evidenced on its books and records to equity. *** Confidential material omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.
Conversion of Debt to Equity. Simultaneous with the Distribution, Biotech shall have converted a portion of the debt owed to INB into equity of Biotech, such that INB shall hold shares of Common Stock of Biotech representing 6% of the issued and outstanding shares of Biotech Common Stock subsequent to the distribution.
Conversion of Debt to Equity. Value Suisse International Investments Inc hereby agrees to issue 38,952 shares of its Common Stock in one or more certificates to Mxxxxxxx XxxXxxx as consideration and full satisfaction of the debt of $ 19,476 owed to Mxxxxxxx XxxXxxx, the adequacy of which Mxxxxxxx XxxXxxx hereby acknowledges and accepts.
Conversion of Debt to Equity a. The Borrower may make, and Subordinated Creditor may receive, regularly scheduled payments of interest on account of the Subordinated Debt Obligations, provided that such payments shall be made and received by increasing the aggregate outstanding principal amount of such Subordinated Debt Obligations by the amount of such accrued interest and shall not be made in cash.
Conversion of Debt to Equity. On or before the Closing Date Nouveau shall cause its control stockholder and related entities to convert $3,934,517 of debt owed to them by Nouveau for loans advanced by them to Nouveau into 3,934,517 shares of Nouveau Series A Preferred Stock which Series A Preferred Stock will be convertible into Nouveau common stock based upon a purchase price of $1.00 per share of Shell stock and which shall be duly booked as equity on the balance sheet of Nouveau. All such securities issued by Shell will be converted into a like number of Series A Preferred Stock of Shell in accordance with Section 1.1 above and which shall be in addition to the 21,899,000 shares to be issued to the Nouveau Security Holders hereunder.
Conversion of Debt to Equity. During the period from the Peg Date or five days after the first date on which the Market Price of the common stock is at or above $5.00 a share, whichever is applicable, until the Closing Date, neither Parent or Merger Sub shall take any action to convert any of its debt to equity in Parent or Merger Sub.
