Election to Convert Existing Notes Clause Samples

Election to Convert Existing Notes. Each Existing Holder agrees that it will convert all or any portion of its Existing Notes at any time upon the election of the Majority Noteholders. The Majority Noteholders may make such election at any time by sending a written notice to each Existing Holder and the Company specifying the date on which such conversion shall occur and the aggregate principal amount of the Existing Notes that shall be converted on such date. If such notice specifies a principal amount to be converted that is less than the aggregate principal amount of the Existing Notes then outstanding, then each Existing Note shall be converted on a pro rata basis.