Common use of Repayment Conversion Clause in Contracts

Repayment Conversion. 3.1.1. Upon: (i) a Conversion Date, or (ii) the occurrence of an Event of Default, and any time after an Event of Default as long as such Event of Default is continuing, the Lender may (but is not obliged to), by written notice to the Borrower (the “Conversion Notice”), convert all or part of the principal of the Loan outstanding at such time into the Conversion Unit (the “Repayment Conversion”). 3.1.2. The Repayment Conversion shall occur upon the delivery of the Conversion Notice, whereupon the Conversion Unit, shall, be validly issued in the name of the Lender validly issued, fully-paid, free and clear of any liens, encumbrances, claims or third party rights of any kind. 3.1.3. Upon the issuance in the name of the Lender of the Conversion Unit or a pro rata portion thereof, as applicable, under the Repayment Conversion hereunder: (i) the Company shall be deemed to have discharged any and all obligations or a pro rata portion thereof, as applicable, with respect to the principal of the Loan, (ii) the Interest accrued prior to the Repayment Conversion shall be paid by the Company to Lender upon such Conversion of Units date, and (iii) the Lender shall not be entitled to Interest or to any other payment hereunder as of the Repayment Conversion.

Repayment Conversion. 3.1.1. Upon: (i) a Conversion Date, or (ii) the occurrence of an Event of Default, and any time after an Event of Default thereafter as long as such Event of Default is continuing, the Lender may (but is not obliged toobligate), by written notice to the Borrower (the “Conversion Notice”), convert all or part of the principal principle of the Loan outstanding at such time into the Conversion Unit or a pro rata portion thereof in case of partial conversion (the “Repayment Conversion”). 3.1.2. The Repayment Conversion shall occur upon the delivery of the Conversion Notice, whereupon the Conversion UnitUnit or pro rata portion thereof, as applicable, shall, be validly issued in the name of the Lender validly issued, fully-paid, free and clear of any liens, encumbrances, claims or third party rights of any kind. 3.1.3. Upon the issuance in the name of the Lender of the Conversion of Unit or a pro rata portion thereof, as applicable, under the Repayment Conversion hereunder: (i) , the Company shall be deemed to have discharged any and all obligations or a pro rata portion thereof, as applicable, with respect to the principal of the Loan, (ii) Loan and the accrued Interest accrued prior to the Repayment Conversion shall be paid by the Company to Lender upon such Conversion of Units date, and (iii) the Lender shall not be entitled to Interest or to any other payment hereunder as of the Repayment Conversion.

Repayment Conversion. 3.1.1. Upon: (i) a Conversion Date, or (ii) the occurrence of an Event of Default, and any time after an Event of Default thereafter as long as such Event of Default is continuing, the Lender may (but is not obliged to), by written notice to the Borrower (the “Conversion Notice”), convert all or part of the principal of the Loan outstanding at such time into the Conversion Unit or a pro rata portion thereof in case of partial conversion (the “Repayment Conversion”). 3.1.2. The Repayment Conversion shall occur upon the delivery of the Conversion Notice, whereupon the Conversion UnitUnit or pro rata portion thereof, shallas applicable, shall be validly issued in the name of the Lender validly issuedLender, fully-paid, free and clear of any liens, encumbrances, claims or third party rights of any kind. 3.1.3. Upon the issuance in the name of the Lender of the Conversion Unit or a pro rata portion thereof, as applicable, under the Repayment Conversion hereunder: (i) the Company shall be deemed to have discharged any and all obligations or a pro rata portion thereof, as applicable, with respect to the principal of the Loan, (ii) the Interest accrued prior to the Repayment Conversion shall be paid by the Company to Lender upon such Conversion of Units date, and (iii) the Lender shall not be entitled to Interest or to any other payment hereunder as of the Repayment Conversion.