Conversion of Interest. Immediately upon the General Partner’s ceasing to be General Partner following the admission of a new General Partner pursuant to Section 10.01(c), the former General Partner’s interest in the Partnership as a General Partner shall be converted into the interest of a Limited Partner in the Partnership having the same economic rights as specified for the General Partner herein immediately prior to its ceasing to be a General Partner, and such General Partner shall automatically and without further action be admitted to the Partnership as a Limited Partner.
Conversion of Interest. On the Maturity Date and on each Optional Conversion Date, if any, the portion of the interest then payable hereunder that the Maker elects to pay in shares, if any, shall be paid in shares of the Maker’s Common Stock at a conversion price (the “Interest Conversion Price”) equal to the closing public market price (as appropriately adjusted to reflect stock dividends, stock splits, combinations, recapitalizations and the like with respect to the Maker’s capital stock after the date hereof) of the Maker’s Common Stock on the Trading Day immediately prior to the date of Maturity or such Optional Conversion Date, as applicable.
Conversion of Interest. Upon the General Partner ceasing to be a General Partner of the Partnership, its General Partner Percentage Interest in Distributions and Allocations of Net Income and Net Loss shall be converted to a Limited Partner Percentage Interest, subject to the same terms and conditions as other Limited Partner Percentage Interests except that the Percentage Interest shall retain the same subordination characteristics as when held by the General Partner. The converted Percentage Interest shall give the former General Partner Limited Partner voting rights. Upon the removal, withdrawal, and conversion of the General Partner, the former General Partner shall retain its Limited Partnership Percentage Interest.
Conversion of Interest. Any interest that is due and payable by the Company under this Note, may, subject to Large Scale's consent, be satisfied by the issue by the Company to Large Scale of that number of Common Shares equal to the interest due and payable divided by the Market Price on the day such interest is due and payable, subject to TSX approval.
Conversion of Interest. The Company shall give written notice to Lender within five (5) days after filing a Registration Statement with the Securities and Exchange Commission relating to the IPO. As soon as practicable after filing such Registration Statement, the Company shall also furnish Lender with a copy of the prospectus which is a part thereof. Lender shall have the option, within ten (10) days after receipt of the Company’s notice of filing the Registration Statement, to notify the Company in writing that Lender desires to convert accrued interest on the Company’s accrued interest due Lender as of the IPO Closing Date into common stock. If the Company receives such notice, accrued interest on the Principal Indebtedness shall be automatically converted into common stock in the same manner as the Principal Indebtedness is converted.
Conversion of Interest. If at any time the Participating Interest of a Participant is reduced to ten percent (10%) or less by an affirmative election not to contribute all or some portion of its share pursuant to a Program and Budget as provided in Article 9, the diluted Participant shall be deemed to have withdrawn from the Venture and this Agreement shall terminate; provided, however, the diluting Participant shall have the right to receive through the 2.5% Net Smelter Return Royalty, as set out in Schedule C, and not from any other source, an amount equal to one hundred and fifteen percent (115%) of the diluting Participant's actual or deemed expenditures contributed hereunder, whichever expenditure is greater. Upon receipt of such amount the diluting Participant shall thereafter have no further right, title, or interest under this Agreement or in the Assets.
Conversion of Interest. Interest earned through December 30, 2022, shall be convertible upon the notice of payment of such interest, at the option of the Holder into shares of Common Stock at the then effective exercise price of the warrants set forth in Section 6A(b). The Company will provide a minimum of five days notice of an anticipated cash interest payment and the terms of the Creditor’s conversion option.
Conversion of Interest. The number of shares of Common Stock issuable upon conversion of any Interest Conversion Amount pursuant to Section 3(a) shall be determined by dividing (x) such Interest Conversion Amount by (y) the Interest Conversion Price (the “Interest Conversion Rate”). “Interest Conversion Amount” means, with respect to a particular Conversion Notice, the amount of accrued and unpaid Interest on the Conversion Amount specified in such Conversion Notice, plus all accrued and unpaid Late Charges with respect to such Interest.
Conversion of Interest. Simultaneously with an event of withdrawal with respect to the General Partner (as defined under Section 4.02(a) of the Act), the former General Partner's Partnership Interest as a General Partner shall be automatically converted into that of a Limited Partner having a right to receive distributions from the Partnership and an obligation to make Capital Contributions to the Partnership equal to the right and obligation of the former General Partner as a General Partner immediately prior to its ceasing to be a General Partner and the former General Partner shall be automatically admitted to the Partnership as a new Limited Partner in respect of such Partnership Interest. Following an event of withdrawal with respect to the General Partner, the remaining Partners shall, by unanimous vote, select a new General Partner in accordance with Section 10.5 hereof. The new General Partner shall be admitted to the Partnership as a General Partner effective immediately prior to the existing General Partner ceasing to be a General Partner.
Conversion of Interest. If at any time the Participating Interest of a Participant is reduced to ten percent (10%) or less by an affirmative election not to contribute all or some portion of its share pursuant to a Program and Budget as provided in Article 9 and the resulting application of the dilution formula in Section 6.3, the diluted Participant shall be deemed to have withdrawn from the Venture and this Agreement shall terminate; provided, however, the diluting Participant shall have the right to receive only from five percent (5%) of Net Proceeds of Production Royalty, as set out in Exhibit C, and not from any other source, an amount equal to one hundred and fifteen percent (115%) of the diluting Participant's actual or deemed expenditures contributed hereunder, whichever is greater. Upon receipt of such amount the diluting Participant shall thereafter have no further right, title, or interest under this Agreement or in the Assets.
