Convertibility. 2.11.1 By giving a notice on a Business Day (a “Conversion Notice”) to the other party hereto at any time prior to the close of business on the Business Day immediately preceding the Maturity Date, a party hereto may elect to convert all or any part of the unpaid principal amount of the Subordinated Loan and, subject to the exercise by the Borrower of the Cash Interest Option, accrued and unpaid interest thereon into Shares at the Conversion Price, the number of which Shares shall be determined by dividing the amount to be so converted (including, subject to the Cash Interest Option, any accrued and unpaid interest thereon) by the Conversion Price. No fractional Share shall be issued upon conversion of any portion of the Subordinated Loan and accrued and unpaid interest thereon. Any fraction of Share shall be paid in cash by the Borrower on the Conversion Date as indicated hereinafter.
2.11.2 Until the first conversion of any unpaid principal amount of the Subordinated Loan and accrued and unpaid interest thereon into Shares, the Lender shall have under this Section 2.11 none of the rights or obligations of a shareholder of the Borrower. Furthermore, no Conversion Notice may be sent by the Lender to the Borrower once the Borrower has sent to the Lender an Optional Prepayment Notice.
2.11.3 The Borrower shall reserve (if at any time its articles limit the number of authorized Shares) and at all times keep available, solely for the purpose of delivery upon conversion of the Subordinated Loan as provided in this Section 2.11, such number of Shares as would then be deliverable at the Conversion Price upon a conversion of the Subordinated Loan and accrued and unpaid interest thereon, which Shares would be upon delivery duly and validly issued and fully paid and non-assessable. If any such Shares require registration with or approval of any governmental authority under any applicable law or listing upon any national securities exchange before such Shares may be issued and delivered upon conversion, the Borrower shall use its best efforts to cause such Share to be duly registered, approved and listed, as the case may be.
2.11.4 Each Conversion Notice shall specify (a) the unpaid principal amount of the Subordinated Loan to be converted, (b) the amount of accrued and unpaid interest payable thereon up to and including the Conversion Date (subject to the exercise by the Borrower of the Cash Interest Option) to be converted, (c) the Conversion Price, (d) the number ...
Convertibility. (a) The Holders of the Notes will be entitled at any time after the Amendment Date and on or prior to the Final Maturity Date to convert any or all of their Notes into shares of Common Stock at the Conversion Price per share. The amount of shares of Common Stock to be delivered shall be the aggregate principal amount of the Notes delivered for conversion plus the amount of accrued and unpaid interest thereon divided by the Conversion Price then in effect.
(b) Conversion of shares of the Notes may be effected by any Holder thereof upon the surrender to the Company, at the principal office of the Company or at the office of a conversion agent as may be designated by the Board of Directors, of the certificate or certificates for such Notes to be converted accompanied by a complete and manually signed Notice of Conversion (as set forth in the form of Note attached hereto) along with appropriate endorsements and transfer documents as required by the Company or any conversion agent The conversion of the Notes will be deemed to have been made on the date (the "Conversion Date") such certificate or certificates have been surrendered and the receipt of such notice of conversion. As promptly as reasonably practicable following the Conversion Date, the Company shall deliver or cause to be delivered (i) certificates representing the number of validly issued, fully paid and nonassessable full shares of Common Stock to which the Holder of Notes being converted (or such Holder's transferee) shall be entitled, and (ii) if less than the total aggregate principal amount of the Notes evidenced by the surrendered certificate are being converted, a new certificate for the aggregate principal amount of Notes evidenced by such surrendered certificate or certificates less the aggregate principal amount of Notes being converted. On the Conversion Date, the rights of the Holder of the Notes being converted shall cease except for the right to receive shares of Common Stock and the Person entitled to receive the shares of Common Stock shall be treated for all purposes as having become the record Holder of such shares of Common Stock at such time.
(c) In connection with the conversion of Notes, no fractions of shares of Common Stock shall be issued, but the Company shall, with respect to any fractional interest: (i) pay cash with respect to the Market Price of such fractional share; or (ii) round up to the next whole share of Common Stock.
Convertibility. Until the automatic extension date of July 1, 2001 (as described in Section 2.4), the New Loan will be convertible, in full or in part, into common stock of Global Med at $1.00 per share.
Convertibility. The terms and conditions of the underlying Debt shall be so modified or amended as to include a convertibility provision allowing the Investor to convert into common voting stock at the price of 50 % discount of the average three deep bid on the day of conversion.
Convertibility. The terms and conditions of the underlying Debt shall be so modified or amended as to include a convertibility provision allowing the Investor to convert into common voting stock ninety days after the effective date of this Agreement (the “Conversion Shares”) at the price of 20% discount of the average closing price over the five trading days prior to the day of conversion (the “Conversion Price”).
Convertibility. Nothing herein shall be deemed to restrict the right of conversion of this Note as elsewhere provided herein.
Convertibility. As promptly as practicable following the Closing Date, the Company shall take all action necessary in order to make the Notes convertible by the Purchasers through the Trustee, the Company’s transfer agent and facilities of The Depositary Trust Company, as applicable, in each case, in accordance with the Indenture. If the Notes are initially issued in physical form, the Company covenants to take all action necessary to make the Notes convertible through The Depositary Trust Company as promptly as practicable upon such Notes being exchanged for global notes held through the facilities of The Depositary Trust Company. The Company further covenants to maintain the convertibility of the Notes with The Depositary Trust Company and the Trustee for so long as the Notes are outstanding. Nothing in this Section 4.24 shall be deemed to override the limitations on conversion in Section 10.01 of the Indenture.
Convertibility. (a) The Holder may, at any time, at its option, convert the debt into Common Stock, with the Common Stock valued at $4.50 per share.
(b) Additionally, if the Common Stock price, as listed in the Wall Street Journal, closes at a price of less than $3.00 per share, the Holder shall have the right to take possession of the Collateral and to liquidate the same to satisfy the conditions of the Loan.
