Right of Conversion; Conversion Price. The Holder of any Security or Securities shall have the right, at their option, at any time before the close of business on July 14, 2009 (except that, with respect to any Security or portion of a Security which shall be called for redemption, such right shall terminate at the close of business on the Business Day immediately preceding the date fixed for redemption of such Security or portion of a Security unless the Company shall default in payment due upon redemption thereof), to convert, subject to the terms and provisions of this Article 11, the principal of any such Security or Securities or any portion thereof which is $1,000 principal amount or an integral multiple thereof into shares of common stock of the Company, initially at the conversion price per share of $11.00; or, in case an adjustment of such price has taken place pursuant to the provisions of Section 11.04, then at the price as last adjusted (such price or adjusted price being referred to herein as the "conversion price"), upon surrender of the Security or Securities, the principal of which is so to be converted, accompanied by written notice of conversion duly executed, to the Company, at any time during usual business hours at the office or agency maintained by it for such purpose, and, if so required by the Conversion Agent or Registrar, accompanied by a written instrument or instruments of transfer in form satisfactory to the Conversion Agent or Registrar duly executed by the Holder or his duly authorized representative in writing. For convenience, the conversion of any portion of the principal of any Security or Securities into shares of common stock of the Company is hereinafter sometimes referred to as the conversion of such Security or Securities.
Right of Conversion; Conversion Price. 38 SECTION 11.02 Issuance of Shares on Conversion..............................39 SECTION 11.03 No Adjustment for Interest or Dividends.......................40 SECTION 11.04
Right of Conversion; Conversion Price. Subject to and upon compliance with the provisions of this Section 3, following the date the Registration Statement is declared effective by the Securities and Exchange Commission, the Holder shall have the right, at his option, at any time during usual business hours to convert the principal and accrued interest of this Convertible Note owned by the Holder into fully paid and nonassessable shares of Common Stock that have been registered under the Securities Act pursuant to the Registration Statement, at the rate of $0.50 of principal for each share of Common Stock (provided, that the closing price per share of Common Stock, as reported on the OTC Bulletin Board, on the date of conversion, is at least $0.75 per share, or if such price is less than $0.75 per share, a proportionate reduction to the $0.50 price, but in no event less than $0.25 per share, so that the Holder will be able to immediately sell such shares on the OTC Bulletin Board and receive a 50% rate of return on the principal amount of this Note) (the "Conversion Price"), which price per share shall be payable by surrender of this Convertible Note.
Right of Conversion; Conversion Price. A. The Holder shall have the right, at his option, at any time during usual business hours to convert the principal and accrued interest of this Convertible Note owned by the Holder into fully paid and non-assessable shares of Common Stock at the rate of .025 per share (the “Conversion Price”) which price shall be payable by surrender of this Convertible Note.
Right of Conversion; Conversion Price. Subject to the provisions of Section 7 of the Securities, the Holder of any Security or Securities shall have the right, at such Holder's option, at any time after the effective date of the Registration Statement and before the close of business on June 1, 2004 (except that, with respect to any Security or portion of a Security which shall be called for redemption, such right shall terminate at the close of business on the Redemption Date fixed for redemption of such Security or portion of a Security unless the Company shall default in payment due upon redemption thereof), to convert, subject to the terms and provisions of this Article 10, the principal of any such Security or Securities or any portion thereof which is $1,000 principal amount or an integral multiple thereof into shares of common stock of the Company, $.01 par value per share ("Common Stock"), initially at the conversion price per share of $20.25 or, in case an adjustment of such price has taken place pursuant to the provisions of Section 10.4, then at the price as last adjusted (such price or adjusted price being referred to herein as the "conversion price"), upon surrender of the Security or Securities, the principal of which is so to be converted, accompanied by written notice of conversion duly executed, to the Company, at any time during usual business hours at the office or agency maintained by it for such purpose, and, if so required by the Conversion Agent or Registrar, accompanied by a written instrument or instruments of transfer in form satisfactory to the Conversion Agent or Registrar duly executed by the Holder or his duly authorized representative in writing. For convenience, the conversion of any portion of the principal of any Security or Securities into shares of Common Stock is hereinafter sometimes referred to as the conversion of such Security or Securities.
Right of Conversion; Conversion Price. (a) Subject to and upon compliance with the provisions of this Section 3, at any time following the issuance of this Convertible Note, the Holder shall have the right, at his option, at any time during usual business hours to convert the principal and accrued interest of this Convertible Note owned by the Holder into fully paid and nonassessable shares of Common Stock that have been registered under the Securities Act pursuant to the Registration Statement, at the rate of $0.50 of principal for each share of Common Stock (provided, that the closing price per share of Common Stock, as reported on the OTC Bulletin Board, on the date of conversion, is at least $0.75 per share, or if such closing price is less than $0.75 per share, a proportionate reduction to the $0.50 price, but in no event to a conversion price that is less than $0.10 per share, so that the Holder will be able to immediately sell such shares on the OTC Bulletin Board and receive a 50% rate of return on the principal amount of this Note) (the "Conversion Price"), which price per share shall be payable by surrender of this Convertible Note.
(b) In the event that the shares of Common Stock issuable upon conversion of this Note have not been registered under the Securities Act, on or prior to June 30, 2003, until such time as such shares are so registered, at the option of the Holder and in lieu of taking any remedial action in respect of the Event of Default resulting therefrom, the Holder may convert this Note into a number of shares of Common Stock as is equal to twice the number of shares of Common Stock as would have been issuable had such shares been registered under the Securities Act on the date of conversion.
Right of Conversion; Conversion Price. If provided in the Board Resolution or Supplemental Indenture with respect to such series of Securities, the Holder of any Security or Securities of a particular series shall have the right, at his option, at any time after such date as determined by such Board Resolution and before the close of business on such date as determined by such Board Resolution (except that, with respect to any Security or portion of a Security of such series which shall be called for redemption, such right shall terminate at the close of business on the date fixed for redemption of such Security or portion of a Security unless the Company shall default in payment due upon redemption thereof), to convert, subject to the terms and provisions of this Article 10, the principal of any Security or Securities of such series or any portion thereof which is $1,000 principal amount or an integral multiple thereof into shares of common stock of the Company or Securities of another series of Securities, initially at the conversion price per share specified in the Securities of such series; or, in case an adjustment of such price has taken place pursuant to the provisions of Section 10.04, then at the price as last adjusted (such price or adjusted price being referred to herein as the "conversion price"), upon surrender of the Security or Securities, the principal of which is so to be converted, accompanied by written notice of conversion duly executed, to the Company, at any time during usual business hours at the office or agency maintained by it for such purpose, and, if so required by the Conversion Agent or Registrar, accompanied by a written instrument or instruments of transfer in form satisfactory to the Conversion Agent or Registrar duly executed by the Holder or his duly authorized representative in writing. For convenience, the conversion of any portion of the principal of any Security or Securities into shares of common stock of the Company or other Securities is hereinafter sometimes referred to as the conversion of such Security or Securities.
Right of Conversion; Conversion Price. 37 SECTION 11.02 Issuance of Shares on Conversion......................... 37 SECTION 11.03 No Adjustment for Interest or Dividends.................. 38 SECTION 11.04 Adjustment of Conversion Price........................... 38 SECTION 11.05 Notice of Adjustment of Conversion Price................. 41 SECTION 11.06 Notice of Certain Corporate Action....................... 42 SECTION 11.07 Taxes on Conversions..................................... 43 SECTION 11.08
Right of Conversion; Conversion Price. Subject to the provisions in the Note Purchase Agreement and herein, the Holder shall have the option, on or prior to the Maturity Date, to convert the principal amount of this Note together with accrued but unpaid interest (the "CONVERSION AMOUNT"), into shares of Common Stock of the Company. Upon notice to the Company of its election to convert the Note (the "NOTICE"), the Holder shall promptly surrender this Note to the Company. Interest on the Note shall cease on the date immediately preceding the Company's receipt of such notice. The number of shares of Common Stock issuable upon conversion of the Conversion Amount shall be determined by dividing the Conversion Amount by $1.00. Any resulting fractional shares otherwise issuable pursuant to such calculation shall be paid in cash to the Holder in lieu of issuing such fractional shares.
Right of Conversion; Conversion Price. Subject to and upon compliance with the provisions of this Section 3 and Section 3.1 of the Note Purchase Agreement, the Holder shall have the right, at his option, at any time during usual business hours to convert all or a portion of the outstanding principal amount of this Convertible Note into fully paid and nonassessable shares of Common Stock at the rate of $0.042 of principal for each share of Common Stock (the "Conversion Price"), which price per share shall be payable by surrender of this Convertible Note.
