Common use of Fractional Shares; Interest; Effect of Conversion Clause in Contracts

Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor upon the conversion of this Note, the Company shall pay to Investor an amount equal to the product obtained by multiplying the conversion price by the fraction of a share not issued pursuant to the previous sentence. In addition, the Company shall pay to Investor any interest accrued on the amount converted and on the amount to be paid to the Company pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any amounts specified in this Section 7(b), the Company shall be forever released from all its obligations and liabilities under this Note.

Appears in 1 contract

Samples: Pledge Agreement (Transworld Benefits International Inc)

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Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor Holder upon the conversion of this Note, the Company shall pay to Investor Holder an amount equal to the product obtained by multiplying the conversion price Conversion Price by the fraction of a share not issued pursuant to the previous sentence. In addition, the Company shall pay to Investor Holder any interest accrued on the amount converted and on the amount to be paid to the Company pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any the amounts specified in this Section 7(b6(d), the Company shall be forever released from all its obligations and liabilities under this Note.

Appears in 1 contract

Samples: Convertible Note Agreement (Deltapoint Inc)

Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor the Holder upon the conversion of this Note, the Company shall pay to Investor the Holder an amount equal to the product obtained by multiplying the conversion price Conversion Price by the fraction of a share not issued pursuant to the previous sentence. In addition, the Company shall pay to Investor the Holder any interest accrued on the amount converted and on the amount to be paid to the Company pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any the amounts specified in this Section 7(b10(d), the Company shall be forever released and discharged from all its obligations and liabilities under this Note.

Appears in 1 contract

Samples: Subordinated Convertible Promissory Note (Save the World Air Inc)

Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor upon the conversion of this Note, the Company shall pay to Investor an amount equal to the product obtained by multiplying the conversion price by the fraction of a share not issued pursuant to the previous sentence. In addition, the Company shall pay to Investor any interest accrued on the amount converted and on the amount to be paid to the Company pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any amounts specified in this Section 7(b6(a), the Company shall be forever released from all its obligations and liabilities under this Note.

Appears in 1 contract

Samples: Securities Purchase Agreement (South American Properties, Inc.)

Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor Holder upon the conversion of this Note, the Company shall pay to Investor Holder an amount equal to the product obtained by multiplying the conversion price applicable Conversion Price by the fraction of a share not issued pursuant to the previous sentence. In addition, the Company shall pay to Investor any interest accrued on the amount converted and on the amount to be paid to the Company pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any amounts specified in this Section 7(b7(d), including all accrued interest, this Note shall be cancelled and void without further action of the Company or Holder, and the Company shall be forever released from all its obligations and liabilities under this Note.

Appears in 1 contract

Samples: Convertible Note Agreement (Tile Shop Holdings, Inc.)

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Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor the Noteholder upon the conversion of this Note, the Company shall pay to Investor the Noteholder an amount equal to the product obtained by multiplying the conversion price Conversion Price by the fraction of a share not issued pursuant to the previous sentence. In addition, the Company shall pay to Investor the Noteholder any interest accrued on the amount converted and on the amount to be paid to the Company pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any the amounts specified in this Section 7(b)5, the Company shall be forever released from all its obligations and liabilities under this Note.

Appears in 1 contract

Samples: Note Conversion Agreement (Cygne Designs Inc)

Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor the Holder upon the conversion of this Note, the Company shall pay to Investor the Holder an amount equal to the product obtained by multiplying the conversion price Conversion Price by the fraction of a share not issued pursuant to the previous sentence. In addition, the Company shall pay to Investor the Holder any interest accrued on the amount converted and on the amount to be paid to the Company pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any the amounts specified in this Section 7(b10(c), the Company shall be forever released and discharged from all its obligations and liabilities under this Note.

Appears in 1 contract

Samples: Convertible Promissory Note (MBI Financial, Inc.)

Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor Holder upon the conversion of this Note, the Company shall pay to Investor Holder an amount equal to the product obtained by multiplying the conversion price Conversion Price by the fraction of a share not issued pursuant to the previous sentence. In addition, the Company shall pay to Investor Holder any interest accrued on the amount converted and on the amount to be paid to the Company pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any the amounts specified in this Section 7(b5(d), the Company shall be forever released from all its obligations and liabilities under this Note.

Appears in 1 contract

Samples: Convertible Note Agreement (Team Communication Group Inc)

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