Conversion of the Loan. (a) Notwithstanding any other provision of this Agreement, prior to the Zoompart Accession, the Lender may, at the Lender’s sole election and at its sole discretion, require the Borrower to issue, and the Borrower shall then issue to such Lender, voting shares of the Borrower (the “Borrower Shares”) in lieu of payment of all or any portion of the principal amount of the Loan then outstanding and/or interest accrued thereon whether or not then due and payable, by delivering written notice to the Borrower, on the earliest of (i) the Maturity Date, or (ii) in case an event of default under the Credit Agreement occurs and is continuing for a period exceeding thirty (30) days, on the date that is the thirty first day after the occurrence of such event, it being understood that in case an event of default under the Credit Agreement occurs and is continuing for a period exceeding thirty (30) days, on the date that is the thirty first day after the occurrence of such event, the Borrower shall so notify to the Lender in writing.
(b) The number of Borrower Shares that shall be issued shall be equal to (x) the principal amount of the Loan outstanding (plus, if applicable, interest accrued thereon) that the Lender elects to convert, divided by (y) the Conversion Price.
(c) The Borrower shall obtain all corporate authorizations and approvals and all authorizations and approvals of, and take all other actions required to be taken by, any applicable governmental authority or regulatory body and shall give all notices to, and make all filings with, any such governmental authority or regulatory body, that may be required in connection with the issuance of any Borrower Shares hereunder. The Borrower shall pay all transfer and similar taxes and other governmental charges attributable to any issuance of any Borrower Shares hereunder.
(d) The Borrower shall not be required to issue fractional Borrower Shares hereunder, although it may do so in its sole discretion. If any fraction of a Borrower Share would, except for the provisions of this clause, not be issuable hereunder, the Borrower shall pay to the Lender an amount in cash equal to the Conversion Price, multiplied by such fraction, computed to the nearest whole cent.
Conversion of the Loan. Subject to Section 5(b) of the Note, at any time prior to the Maturity Date, the then outstanding principal balance and accrued but unpaid interest under this Agreement and the Note shall be convertible, athe option of the Holder, into shares of Borrower’s common stock (“Shares”) at the average of the closing price for the Shares during the ten (10) Business Days prior to each Advance Date, less a discount of 10%, as may be adjusted for any share splits, share dividends, reclassifications and other similar events which have occurred before such conversion (the “Conversion Price”). Subject to Section 5(b), Upon the Maturity Date, the then outstanding principal balance and accrued but unpaid interest under this Agreement and the Note shall be automatically converted into Shares at the Conversion Price up to the Conversion Limitation (as defined in the Note) (if applicable), and the remaining outstanding principal balance and accrued but unpaid interest under the Note, if any, shall be settled in cash pursuant to Section 4(b) of the Note.
Conversion of the Loan. The Loan may be converted into the common stock of the Company pursuant to the provisions of Section 8.7 hereof.
Conversion of the Loan. Subject to Section 1.08 of the Note, on the Maturity Date, the then outstanding principal balance and accrued but unpaid interest under the Note may be converted, at the option of Lender, into shares of Borrower’s common stock (“Conversion Shares”) at the conversion rate of $0.10 per share, as may be adjusted for any share splits, share dividends, reclassifications and other similar events which have occurred before such conversion (the “Conversion Price”). Any remaining amount of the outstanding principal balance and accrued but unpaid interest under the Note not so converted, if any, shall be settled in cash pursuant to Section 1.03 of the Note.
Conversion of the Loan. The outstanding principal and interest of the Loan shall be convertible, at Purchaser's option, into shares of a new security which borrower intends to issue (the "Convertible Security"). This provision does not alter the Purchaser's rights to receive interest under the terms of the Promissory Note.
Conversion of the Loan. The Loan Amount shall be converted into shares of the Company pursuant to the provisions of this Section 2.
Conversion of the Loan. Within [*****] after the First Closing, provided that [*****] until such date, the Principal Amount will be automatically converted into Series A Preferred Shares of the Company nominal value NIS 0.01 each (the “Preferred A Shares”) at a price per share of [*****] (the “PPS”). In such case the Company shall not be obligated to make any payment with respect to the Principle Amount converted thereby or any accrued interest thereto. The Lender shall be entitled, at its sole discretion, to convert the Loan into Preferred A Shares, as set forth above, even earlier than the lapse of the 6 months period and even if a Repayment Event has occurred.
Conversion of the Loan. PlanetSpark shall have the right to convert the amount disbursed under the Loan into new ordinary shares of CLOPtech (the “CLOPtech Shares”). However, in the event of a qualified financing round or trade sale, the amount disbursed under the Loan will be automatically converted into equity securities or shares in CLOPtech.
Conversion of the Loan. The Convertible Loan Agreement allows for, inter alia, the Investors to have the right to convert all of the Loan into 190,000,000 new ordinary shares in the issued and paid-up share capital of the Company at an agreed conversion price of S$0.0263 per share (the "New Shares"), in accordance with the provisions set out in the Convertible Loan Agreement (the "Conversion"). The whole principal amount of the Loan, together with compensation costs calculated at the annual rate of 8% per annum on the Loan, if not converted to New Shares shall be repaid by the Company on the expiry of the Convertible Loan Agreement.
Conversion of the Loan. I, [●], hereby irrevocably exercise my conversion rights in respect of the Convertible Loan Agreement (the “Agreement”) dated [●] 2017 made between yourselves and myself in accordance with Clause 6 (Conversion) of the Agreement. Terms defined and references construed in the Agreement shall have the same meaning and construction in this notice.
