Convertible Debt. On or prior to the Closing Date, the Company will cause to be cancelled all convertible debt in the Company. For a period of two (2) years from the Closing Date, the Company will not issue any convertible debt.
Convertible Debt. A convertible debt instrument is considered a second class of stock if—
(A) It would be treated as a second class of stock under paragraph (l)(4)(ii) of this section (relating to instru- ments, obligations, or arrangements treated as equity under general prin- ciples); or
(B) It embodies rights equivalent to those of a call option that would be treated as a second class of stock under paragraph (l)(4)(iii) of this section (re- lating to certain call options, war- rants, and similar instruments).
Convertible Debt. The Company’s outstanding indebtedness owed to Xxxxxxxx X. Xxxxxx together with all accrued but unpaid interest thereon, which totals $871,865.89 as of May 1, 2006, will have converted into shares and warrants to purchase shares of the Company’s Common Stock at the same price per share and warrant paid by the Investor for the purchase of Shares and Warrants hereby, and the Investor will have received satisfactory evidence thereof; provided that such shares and warrant shares received by Xxxxxxxx X. Xxxxxx upon the completion of the foregoing conversion shall be subject to and entitled to the benefits of the Registration Rights Agreement, in the form attached hereto as Exhibit C, to the same extent as the Investor’s Shares and Warrant Shares, and Xxxxxxxx X. Xxxxxx shall be party to such Registration Rights Agreement.
Convertible Debt. On or prior to the Closing Date, the Company will cause to be cancelled all convertible debt in the Company. Until the earlier of (a) three years from the Closing or (b) such date as the Investor shall have converted not less than 90% of the shares of Series A Preferred Stock and sold the underlying Shares or (c) such date as the Investor shall have transferred not less than 90% of the shares of Series A Preferred Stock or (d) such date as the total number of shares of Preferred Stock which the Investor shall have either transferred or converted and sold the underlying Shares shall represent not less than 90% of the shares of Series A Preferred Stock issued to the Investor, the Company will not issue any convertible debt.
Convertible Debt. On or prior to the Closing Date, the Company will cause to be cancelled all convertible debt in the Company. For a period of three years from the closing the Company will not issue any convertible debt.
Convertible Debt. On or prior to the Closing Date, the Company will cause to be cancelled all convertible debt in the Company. Until the earliest of (a) three years from the Closing or (b) such date as the Investor shall have converted the Notes or the Series A Preferred Stock into not less than 90% of the Total Shares sold the underlying Shares or (c) such date as the Investor shall have transferred the Notes or the Series A Preferred Stock which are convertible into an aggregate of not less than 90% of the Total Shares, the Company will not issue any convertible debt.
Convertible Debt. For a period of three years from the Closing Date, the Company will not issue any convertible debt.
Convertible Debt. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made without giving effect to any treatment of Indebtedness in respect of Convertible Debt under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Convertible Debt in a reduced or bifurcated manner as described therein, and such Convertible Debt shall at all times be valued at the full stated principal amount thereof. For the avoidance of doubt, and without limiting the foregoing, Convertible Debt shall at all times be valued at the full stated principal amount thereof and shall not include any reduction or appreciation in value of the shares deliverable upon conversion thereof.
Convertible Debt. (a) Each Obligor shall not (x) prepay, redeem, purchase, defease or otherwise satisfy at any time (including on the scheduled maturity thereof), in any manner, any Indebtedness under any Convertible Debt Document, or (y) make any payment in violation of any subordination terms of, or subordination or intercreditor agreement applicable to, any Indebtedness under any Convertible Debt Document, except, in the case of clauses (x) and (y), for payments solely consisting of the Equity Interests (other than Disqualified Equity Interests) of Holdings, or otherwise as the Administrative Agent and the Required Lenders may agree in their sole discretion.
(b) Each Obligor shall not, and such Obligor shall not permit any of its Restricted Subsidiaries to, directly or indirectly enter into any Convertible Debt Document whose terms, when compared with the terms of the Initial Convertible Debt Notes and the Initial Convertible Debt Purchase Agreement are materially adverse to the Administrative Agent or Lenders, or amend, supplement, waive or otherwise modify any provision of any Convertible Debt Document in a manner that is materially adverse to the Administrative Agent or Lenders, in each case, except as the Administrative Agent and the Required Lenders may otherwise agree in their sole discretion; provided that, (x) with respect to any Convertible Debt Document entered into following the Amendment No. 1 Effective Date, any changes in the provisions with respect to interest rate, maturity and subordination that result in such provisions being inconsistent with Section 1, 2 (other than an extension of the stated maturity date thereof or a reduction in the cash interest rate stated therein) and/or 7 of the Initial Convertible Debt Note shall be deemed materially adverse to the Administrative Agent and the Lenders and (y) any amendment, supplement, waiver or other modification with respect to Section 1, 2 (other than an extension of the stated maturity date thereof or a reduction in the cash interest rate stated therein) and/or 7 of any Initial Convertible Debt Note shall be deemed materially adverse to the Administrative Agent and the Lenders.”
Convertible Debt. The Company has (i) reserved 16,111,259 shares of Company Class A Common Stock for issuance upon conversion of the Company’s 2.25% Convertible Subordinated Notes due February 15, 2010 (the “2.25% Notes”) and (ii) reserved 8,476,787 shares of Company Class A Common Stock (of which 8,297,079 shares remain reserved) for issuance upon conversion of the 3.00% Convertible Subordinated Notes originally issued by Computer Network Technology Corporation (“CNT”) and for which the Company is now a co-obligor and guarantor (the “3.00% Notes” and, together with the 2.25% Notes, the “Convertible Debt”).
