Injunction Posting of Bond. In the event a Purchaser shall elect to convert a Note or part thereof, the Company may not refuse conversion for any reason, unless an injunction from a court, on notice, restraining and or enjoining conversion of all or part of said Note shall have been sought and obtained and the Company posts a surety bond for the benefit of such Purchaser in the amount of 130% of the amount of the Note, which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation of the dispute and the proceeds of which shall be payable to such Purchaser to the extent it obtains judgment.
Appears in 17 contracts
Samples: Securities Purchase Agreement (Path 1 Network Technologies Inc), Convertible Note Purchase Agreement (Advanced Optics Electronics Inc), Securities Purchase Agreement (Vertex Interactive Inc)
Injunction Posting of Bond. In the event a Purchaser shall elect to convert a Note or part thereof, the Company may not refuse conversion for any reason, unless an injunction from a court, on notice, restraining and or enjoining conversion of all or part of said Note shall have been sought and obtained and the Company posts a surety bond for the benefit of such the Purchaser in the amount of 130% of the amount of the Note, which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation of the dispute and the proceeds of which shall be payable to such Purchaser to the extent it obtains judgment.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Valcom Inc /Ca/), Securities Purchase Agreement (Briazz Inc)
Injunction Posting of Bond. In the event a Purchaser the Holder shall elect to convert a the Note or part thereofhereof, the Company Borrower may not refuse conversion for any reason, unless an injunction from a court, on notice, restraining and or enjoining conversion of all or part of said Note shall have been sought and obtained and the Company Borrower posts a surety bond for the benefit of such Purchaser the Holder in the amount of 130% of the amount of the Note, which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation of the dispute and the proceeds of which shall be payable to such Purchaser Holder to the extent it obtains judgment.
Appears in 1 contract
Samples: Accounts Receivable Purchase Agreement (Vertex Interactive Inc)
