Holder Conversion Right. The Holder shall be entitled at its option at any time to convert all or a portion of the Conversion Amount into validly issued, fully paid and non-assessable Common Shares at the Conversion Rate. To convert any Conversion Amount into Common Shares on any Trading Day (the date of such conversion, a “Conversion Date”), the Holder shall deliver, for receipt by no earlier than 4:00 p.m. New York time, and no later than 11:59 p.m., New York time, on the Conversion Date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the “Holder Conversion Notice”) to the Company, which Holder Conversion Notice shall set forth (i) the Conversion Amount, (ii) the detailed calculation of the accrued and unpaid Interest included in the Conversion Amount as of the Conversion Date, and (iii) the detailed calculation of the number of Common Shares required to be delivered in respect of such Holder Conversion Notice.
Holder Conversion Right. The Holder shall be entitled at its option at any time to convert all or a portion of the Conversion Amount into that number of validly issued, fully paid and non-assessable Common Shares determined by dividing the Conversion Amount being so converted by the Conversion Price on the Conversion Date. To convert any Conversion Amount into Common Shares on any Trading Day (the date of such conversion, a “Conversion Date”), the Holder shall deliver, for receipt by no earlier than 4:00 p.m. New York time, and no later than 11:59 p.m., New York time, on the Conversion Date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the “Holder Conversion Notice”) to the Company, which Holder Conversion Notice shall set forth (i) the Conversion Amount being so converted, (ii) the detailed calculation of the accrued and unpaid Interest included in the Conversion Amount being so converted as of the Conversion Date, and (iii) the detailed calculation of the number of Common Shares required to be delivered in respect of such Holder Conversion Notice.”
Holder Conversion Right. (i) Upon the Effectiveness Date, each Holder may convert all of its shares of Series B Preferred Stock into shares of Common Stock (the “Holder Conversion Right” and together with the Mandatory Conversion, each a “Conversion Right”).
Holder Conversion Right. The Holder shall have the right from time to time following the date of this Note and ending on the later of (i) the Maturity Date and (ii) the date of payment of the Default Amount (as defined in Article III) Pursuant to Section 1.6(a) of Article III, each in respect of the remaining outstanding principal amount of this Note to convert all or any part of the outstanding an unpaid principal amount of this Note into units consisting of fully paid and non-assessable Shares and Warrants (the “Conversion Units”) (pursuant to Section 1.2(b)), or any shares of capital stock or other securities of the Borrower into which such Conversion Units shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) (pursuant to Section 1.2(a) determined as provided herein (a “Conversion”); provided, however ,that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of Shares beneficially owned by the Holder and its affiliates ( other than the Shares or Warrants which may be deemed beneficially owned through the ownership of the unconverted portion of the Note or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of Shares issuable upon the conversion of the portion of this Note with respect to which the determination of this provision is being made, would result in beneficial ownership by the Holder and its affiliates of more than
Holder Conversion Right. The Holder shall have the right from time to time following the date of this Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount (as defined in Article III) pursuant to Section 1.8(a) or Article III, each in respect of the remaining outstanding principal amount of this Note to convert all or any part of the outstanding and unpaid principal amount of this Note into Conversion Units (as defined in Section 1.3(b)) at the Conversion Price (as defined in Section 1.3(a)). Each such conversion is referred to herein as a “Conversion”. The number of Conversion Units to be issued upon each Conversion shall be determined by dividing the Conversion Amount (as defined below) by the Conversion Price then in effect on the date specified in the notice of Conversion, in the form attached hereto as Exhibit I (the “Notice of Conversion”), delivered to the Maker by the Holder in accordance with Section 1.6 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in notice) to the Maker before 6:00 p.m., Miami, Florida time on such conversion date (the “Conversion Date”). The term
