Effect of Conversion. Notwithstanding anything to the contrary in any Transaction Document: (a) if a Borrower Note is transferred to a LA Shareholder in accordance with clause 8.5(ia), then with effect from the Conversion Date: (i) the LA Shareholder will be the holder of the Borrower Note; and (ii) the Borrower Note will immediately be required to be Converted in accordance with clause 8.5(a); and (b) if a Borrower Note is required to be Converted in accordance with clause 8.5(a): (i) all of the Issuer's obligations to pay, and the relevant Subscriber's rights to receive, interest on the Borrower Note (including any accrued but unpaid interest) are immediately and irrevocably terminated, and interest will cease to accrue on the Borrower Note; and (ii) clause 7 will cease to apply to the Borrower Note.
Appears in 8 contracts
Samples: Subscription Agreement, Notes Subscription Agreement, Notes Subscription Agreement
