Common use of Limitations on Conversion Clause in Contracts

Limitations on Conversion. The Company will not effect any conversion of the Securities (including any Mandatory Conversion), and Holders of the Securities will not have the right to convert any portion of the Securities, to the extent that, after giving effect to such conversion, a Holder (together with such Holder’s Affiliates) would beneficially own in excess of 9.9% of the number of shares of Common Stock outstanding immediately after giving effect to such conversion. If the Company is unable to exercise its option to convert some or all of the Securities of any Holder due to the limitations described above, then the Company will have the right at any time to redeem the Securities held by such Holder that the Company is not permitted to convert at a redemption price equal to 100% of the principal amount of Securities being redeemed, together with accrued and unpaid interest (including Additional Interest, if any), on the principal amount of the Securities redeemed, to but excluding the Redemption Date (subject to certain exceptions set forth in the Indenture). The Company may only redeem the Securities after the 2015 Notes are no longer outstanding. Redemption at the Option of the Company. The Securities are redeemable in whole or in part at any time on or after January 15, 2015, at the option of the Company. The Redemption Price at which the Securities are redeemable shall be payable in cash and shall be equal to 100% of the principal amount of Securities being redeemed, together with accrued and unpaid interest (including Additional Interest, if any), on the principal amount of the Securities redeemed, to but excluding the Redemption Date (subject to certain exceptions set forth in the Indenture). The Company may only redeem the Securities after the 2015 Notes are no longer outstanding.

Appears in 1 contract

Samples: First Supplemental Indenture (Evergreen Solar Inc)

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Limitations on Conversion. The Company will not effect any conversion of the Securities (including any Mandatory Conversion), and Holders of the Securities will not have the right to convert any portion of the Securities, to the extent that, after giving effect to such conversion, a Holder (together with such Holder’s Affiliates) would beneficially own in excess of 9.9% of the number of shares of Common Stock outstanding immediately after giving effect to such conversion. If the Company is unable to exercise its option to convert some or all of the Securities of any Holder due to the limitations described above, then the Company will have the right at any time to redeem the Securities held by such Holder that the Company is not permitted to convert at a redemption price equal to 100% of the principal amount of Securities being redeemed, together with accrued and unpaid interest (including Additional Interest, if any), on the principal amount of the Securities redeemed, to but excluding the Redemption Date (subject to certain exceptions set forth in the Indenture). [The Company may only redeem the Securities after the 2015 Notes are no longer outstanding. ] 18 Redemption at the Option of the Company. The Securities are redeemable in whole or in part at any time on or after January April 15, 2015, at the option of the Company. The Redemption Price at which the Securities are redeemable shall be payable in cash and shall be equal to 100% of the principal amount of Securities being redeemed, together with accrued and unpaid interest (including Additional Interest, if any), on the principal amount of the Securities redeemed, to but excluding the Redemption Date (subject to certain exceptions set forth in the Indenture). No sinking fund is provided for the Securities. [The Company may only redeem the Securities after the 2015 Notes are no longer outstanding.] 19

Appears in 1 contract

Samples: Indenture (Evergreen Solar Inc)

Limitations on Conversion. The Company will not effect any conversion of the Securities (including any Mandatory Conversion), and Holders of the Securities will not have the right to convert any portion of the Securities, to the extent that, after giving effect to such conversion, a Holder (together with such Holder’s Affiliates) would beneficially own in excess of 9.9% of the number of shares of Common Stock outstanding immediately after giving effect to such conversion. If the Company is unable to exercise its option to convert some or all of the Securities of any Holder due to the limitations described above, then the Company will have the right at any time to redeem the Securities held by such Holder that the Company is not permitted to convert at a redemption price equal to 100% of the principal amount of Securities being redeemed, together with accrued and unpaid interest (including Additional Interest, if any), on the principal amount of the Securities redeemed, to but excluding the Redemption Date (subject to certain exceptions set forth in the Indenture). The Company may only redeem the Securities after the 2015 Notes and the 2017 Notes are no longer outstanding. Redemption at the Option of the Company. The Securities are redeemable in whole or in part at any time on or after January 15, 2015, at the option of the Company. The Redemption Price at which the Securities are redeemable shall be payable in cash and shall be equal to 100% of the principal amount of Securities being redeemed, together with accrued and unpaid interest (including Additional Interest, if any), on the principal amount of the Securities redeemed, to but excluding the Redemption Date (subject to certain exceptions set forth in the Indenture). The Company may only redeem the Securities after the 2015 Notes and the 2017 Notes are no longer outstanding.

Appears in 1 contract

Samples: First Supplemental Indenture (Evergreen Solar Inc)

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Limitations on Conversion. The Company will not effect any conversion of the Securities (including any Mandatory Conversion), and Holders of the Securities will not have the right to convert any portion of the Securities, to the extent that, after giving effect to such conversion, a Holder (together with such Holder’s Affiliates) would beneficially own in excess of 9.9% of the number of shares of Common Stock outstanding immediately after giving effect to such conversion. If the Company is unable to exercise its option to convert some or all of the Securities of any Holder due to the limitations described above, then the Company will have the right at any time to redeem the Securities held by such Holder that the Company is not permitted to convert at a redemption price equal to 100% of the principal amount of Securities being redeemed, together with accrued and unpaid interest (including Additional Interest, if any), on the principal amount of the Securities redeemed, to but excluding the Redemption Date (subject to certain exceptions set forth in the Indenture). The Company may only redeem the Securities after the 2015 Notes are no longer outstanding. Redemption at the Option of the Company. The Securities are redeemable in whole or in part at any time on or after January April 15, 2015, at the option of the Company. The Redemption Price at which the Securities are redeemable shall be payable in cash and shall be equal to 100% of the principal amount of Securities being redeemed, together with accrued and unpaid interest (including Additional Interest, if any), on the principal amount of the Securities redeemed, to but excluding the Redemption Date (subject to certain exceptions set forth in the Indenture). The Company may only redeem No sinking fund is provided for the Securities after the 2015 Notes are no longer outstandingSecurities.

Appears in 1 contract

Samples: Indenture (Evergreen Solar Inc)

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