Payment and Conversion Sample Clauses
The Payment and Conversion clause defines the terms under which payments are made and how certain financial instruments or obligations may be converted into other forms, such as equity or different currencies. Typically, this clause outlines the timing, method, and conditions for making payments, as well as the specific triggers or events that allow for conversion, such as the conversion of a loan into company shares upon a financing round. Its core practical function is to provide clear rules for financial transactions and conversions, reducing ambiguity and ensuring both parties understand their rights and obligations regarding payments and potential changes in the form of consideration.
Payment and Conversion. At the Closing, each Series B-2 Investor shall pay its portion of the Purchase Price in U.S. dollar by wire transfer of funds to a designated account of the Company specified in the Wire Transfer Instruction (the form of which is attached hereto as Exhibit D) issued by the Company at least five (5) Business Days before the occurrence of the Closing. At the Closing, all outstanding principal amounts under the Notes held by the Series B-1 Investors will convert into the Series B-1 Purchased Shares automatically, and the Company’s obligations under the Notes and the Note Purchase Agreement shall be discharged in full.
Payment and Conversion. Subject to the terms and conditions of this Agreement, on the Closing Date, pursuant to the Oklahoma Act, APC will be merged with and into CMC and upon such Merger, the APC Shares will be automatically converted into the right to receive the number of shares of CEC Common Stock determined by dividing FORTY-THREE MILLION DOLLARS ($43,000,000.00) by the Exchange Price (the "Exchange Shares"). The AP Group and the CEC Group hereby agree that the "Exchange Price" will be $11.3375 which was determined by adding the closing price of the CEC Common Stock as quoted on the New York Stock Exchange as of the close of business on the third (3rd) through the twelfth (12th) business trading days preceding October 31, 1997 and dividing the sum by ten (10). The number of Exchange Shares will be rounded up to the nearest whole number and no fractional shares will be issued."
Payment and Conversion. 2 1.8 Payment; Stock Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1.9
Payment and Conversion. Subject to the terms and conditions of this Agreement, on the Closing Date, pursuant to the Oklahoma Act, APC will be merged with and into CMC and upon such Merger, the APC Shares will be automatically converted into the right to receive the number of shares of CEC
Payment and Conversion. The Company covenants and agrees that it will (i) duly and punctually pay or cause to be paid the principal of, premium (if any) and interest on the Notes and (ii) honor any election for conversion pursuant to a Conversion Notice (as defined in the Notes), at the respective times and in the manner provided for in the Notes.
Payment and Conversion