Equity Condition Failure. Notwithstanding the above, if at the time on an Exchange Date, an Equity Condition Failure is reasonably likely to occur or has occurred and is still then continuing, then the Company shall not be permitted to elect to honor such Exchange in shares of Common Stock and shall instead honor such Exchange in cash.
Appears in 3 contracts
Samples: Securities Purchase Agreement (Unilife Corp), Securities Purchase Agreement (Geoglobal Resources Inc.), Securities Purchase Agreement (Geoglobal Resources Inc.)
Equity Condition Failure. Notwithstanding the above, if at the time on an Exchange Date, an Equity Condition Conditions Failure is reasonably likely with respect to occur clauses (v) or (vi) of the definition of Equity Conditions has occurred and is still then continuing, then the Company shall not be permitted to elect to honor such Exchange in shares of Common Stock and shall instead honor such Exchange in cash.
Appears in 2 contracts
Samples: Warrant to Purchase Common Stock (Freeseas Inc.), Warrant to Purchase Common Stock (Elephant Talk Communications Corp)
