Option to Convert. Maker and Holder agree that Holder may, at any time prior to payment of principal by Maker and at Holder's sole discretion, exercise the option to convert the principal due under this Note into 3.5% of Maker's then outstanding shares of common stock, on a fully diluted basis.
Option to Convert. The Borrower shall have the option to convert on any Business Day all or a portion equal to at least the Minimum Borrowing Amount of the outstanding principal amount of Loans (other than Swingline Loans which may not be converted pursuant to this Section 2.6) made pursuant to one or more Borrowings (so long as of the same Tranche) of one or more Types of Loans into a Borrowing (of the same Tranche) of another Type of Loan, provided that,
(i) except as otherwise provided in Section 2.10(b), Eurodollar Loans may be converted into Base Rate Loans only on the last day of an Interest Period applicable to the Loans being converted and no such partial conversion of Eurodollar Loans shall reduce the outstanding principal amount of such Eurodollar Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount applicable thereto,
(ii) unless the Required Lenders otherwise agree, Base Rate Loans may only be converted into Eurodollar Loans if no Default or Event of Default is in existence on the date of the conversion, and
(iii) no conversion pursuant to this Section 2.6 shall result in a greater number of Borrowings of Eurodollar Loans than is permitted under Section 2.2.
Option to Convert. Each of the Lenders shall have the right, by written notice to the Company, to convert all or any unpaid portion of the Additional Amount, including, without limitation, any accrued and unpaid interest on the Additional Amount, into the debt or equity securities of the Company pursuant to the terms of any private placement equal to or in excess of $5 million closed by the Company on or before December 31, 2006, at a price equal to the lower of (a) twenty per cent (20%) below the price at which the Company issues any such securities, or (b) $0.45 per common share. Upon any such conversion, the common shares underlying such securities shall be included in the Registration following the date(s) of any conversion pursuant to the terms of this Paragraph.
Option to Convert. On and after the Initial Maturity Date and until the entire principal amount of the Loan and all interest due thereon has been paid, the Holder of this Note shall have the right, at any time and from time to time, at the option of the Holder and in its sole discretion, to convert the then-outstanding principal amount of this Note and any then-unpaid and outstanding interest, penalties or fees due the Holder pursuant to this Note, into shares of the Common Stock of the Borrower as described in this SECTION 2 (“Conversion Right”). The Conversion Right shall be exercised by written notice from the Holder to the Borrower (the “Conversion Notice”) specifying the amount of the Loan to be converted. This Note shall be canceled on the date of exercise of a Conversion Right to the extent of the amount of the Loan converted and the Holder shall surrender this Note at the principal office of the Borrower on such date for cancellation or annotation (as applicable).
Option to Convert. At any time and from time to time until the three-month anniversary of the Maturity Date, all or any portion of the outstanding amount of each Note may, at the Lender’s election, be converted into Conversion Shares. The number of Conversion Shares to be issued upon conversion pursuant to this Section 2(b)(i) shall be equal to the quotient obtained by dividing (A) the Applicable Conversion Amount (as defined below), by (B) the Applicable Conversion Rate. If the Lender elects to convert a Note into Conversion Shares pursuant to this Section 2(b)(i), in lieu of any fractional shares to which the Lender would otherwise be entitled, the Company shall pay the Lender cash equal to such fraction multiplied by the Conversion Rate. For purposes of this Agreement, the “Applicable Conversion Amount” means, on the date of determination and with respect to each Note, (w) for the period beginning on the date of issuance and ending on the day immediately preceding the Maturity Date, an amount equal to 100.0% of the amount of the Loan evidenced by such Note then outstanding; (x) on the Maturity Date, 136.0% of the amount of the Loan evidenced by such Note then outstanding (such amount, the “Enhanced Conversion Amount”); (y) for the period beginning on the day immediately following the Maturity Date and for a period of three months thereafter (such three-month period, the “Accrual Period”), an amount equal to (1) the Enhanced Conversion Amount then outstanding plus (2) an additional amount equal to 3.0% per month (prorated for any period of less than a full month) accrued on the amount described in clause (1); and (z) on any date after the Accrual Period, the amount then outstanding after giving effect to the accrual described in clause (y) during the Accrual Period (it being understood that no additional amount shall accrue after the expiration of the Accrual Period).
Option to Convert. Subject to Section 2.2, the Holder shall have the right, at its option, to convert, in whole or in part, subject to the terms and provisions hereof, the then outstanding balance of the Principal Amount of the Note into shares of the Corporation’s common stock the number of shares to be determined by dividing the outstanding balance of the Principal Amount of the Note to be converted by fifty percent(50%) of the Market Price (as defined below) of the Corporation’s common stock on the date of conversion (the "Conversion Price"), subject to adjustment as provided below in Section 6.
Option to Convert i) The either party shall have an option to convert OFCD in part or in full of equity shares of Rs 10/- each or at such premium, as may be mutually agreed, at any time from the date of allotment either in full or in part before the redemption date .
Option to Convert. At the option of the Lender, at any time prior to the earlier to occur of (a) the date of the prepayment of this Note in full or (b) the Maturity Date of this Note, the Lender, in its discretion, may convert all or a portion of the outstanding balance of this Note (including any accrued and unpaid interest under this Note) into shares of the common stock, par value $.001 per share (the “Common Stock”), of the Borrower at a conversion rate equal to $0.34 per share (the “Conversion Price”). If the Lender wishes to make a conversion, the Lender shall give notice of such election by delivering a written notice (the “Conversion Notice”) to the Borrower and such Conversion Notice shall provide a breakdown in reasonable detail of the principal and accrued and unpaid interest thereon outstanding under this Note that are being converted and the calculation of the number of shares of Common Stock issuable to the Lender on conversion. The number of shares of Common Stock issuable to the Lender upon any conversion (the “Conversion Shares”) shall be equal to (a) an amount equal to the aggregate portion of the principal and accrued and unpaid interest thereon outstanding under this Note being converted, divided by (b) the Conversion Price. In the case of the exercise of the conversion rights set forth herein, the conversion privilege shall be deemed to have been exercised and the Conversion Shares issuable upon such conversion shall be deemed to have been issued upon the date of receipt by the Borrower of the Conversion Notice. If the Lender has delivered a Conversion Notice, the Borrower shall make the appropriate reduction to the Principal Amount and accrued and unpaid interest thereon outstanding under this Note as entered in its register and its records. The kind of shares or other securities to be issued upon conversion as determined pursuant to this Section 6 shall be subject to adjustment from time to time upon the occurrence of certain events during the period that this conversion right remains outstanding, as follows: if the Borrower at any time shall, by reclassification or otherwise, change the Common Stock into the same or a different number of securities of any class or classes, this Note, as to the unpaid Principal Amount and the accrued and unpaid interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities as would have been issuable as the result of such change with respect t...
Option to Convert. In the event the Parties are unable, by exercising commercially reasonable efforts in good faith, to accept a Project SOW for Category C within [***] of the Effective Date, as a result of their compliance with Section 4.3(a) of this DRAM Program and in accordance with Section 4.3 of the Agreement, then Micron shall have the option to convert any or all of the Intermolecular resources previously allocated for the DRAM Program towards one or more other Development Programs (e.g. the NVM Program). Page 29 of 29 [***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.
Option to Convert. After one year from the date of purchase of Class B Units, and up to five years and six months after the date of purchase of Class B Units, each Member has the option to convert the Member’s remaining value of the revenue participation rights into Vivakor, Inc. Common Stock through a Stock Warrant Agreement offered by the Company, a copy of which is attached hereto as Exhibit B (the “Stock Warrant Agreement”). Upon exercising this option, the Member would forego their interest in their Class B units within VivaVentures Royalty II, LLC in order to convert to and enter into the Stock Warrant Agreement. The purchase price shall be the original purchase price of the Class B units minus amortization expense of the participation right over the number of years it was held by the Member. The amortization of the participation right is adjusted for the initial date of investment by the Holder and the term of the VV Energy Group Working Interest Agreement. The twenty-year term of the revenue participation right begins on the date an Extraction Machine is placed into production. The amortization of Member participation rights will be on a straight-line basis. This option is only available for five years and six months after the purchase of Royalty II Class B Units and then the option is cancelled.
