Terms of Conversion. A. Following the award of a tuition waiver to me as a result of my participation in the SETTW Program, I understand and agree during the terms for which I receive a waiver to (i) remain enrolled at an eligible Illinois postsecondary institution approved for participation in the SETTW Program; (ii) register and remain enrolled in a program leading to an initial professional educator license in special education at postsecondary institution within 10 days after the beginning of the term immediately following receipt of the tuition waiver; (iii) remain in attendance at the postsecondary institution on a continuous basis during the regular academic year (summer sessions optional) unless otherwise granted a leave of absence as described herein; and (iv) pursue a course of study leading to an initial professional educator license in special education.
B. Following graduation from my postsecondary course of study, I agree to (i) to teach on a full- time basis, in the field of Special Education, for at least 2 of the 5 years immediately following graduation; (ii) begin teaching within one year following completion of the postsecondary education degree or professional educator license program for which the award funds were provided; (iii) fulfill the teaching requirement described above at a nonprofit Illinois public, private, or parochial preschool, or elementary or secondary school; and (iv) provide you with evidence of compliance with the program requirements.
C. If I fail to comply with all the requirements listed in Subsections A and B immediately above, funds awarded as a result of my participation in the SETTW Program shall convert to a Loan under this Note plus interest at a rate equal to five percent (5%) per annum and other costs, including reasonable collection costs and attorneys’ fees.
D. In the event that I begin my teaching requirement, but fail to complete my obligation, the Loan balance shall be determined by first calculating the entire amount of the awards granted plus interest at a rate equal to five percent (5%) per annum and, if applicable, reasonable collection fees, then reducing such amount pro rata by the fraction of the teaching obligation that was fulfilled.
E. I shall not be considered to have failed to fulfill my commitment to begin teaching following graduation if (i) I serve, for not more than three years, as a member of the United States Armed Forces; or (ii) I am enrolled full-time in a graduate course of study leading to a graduat...
Terms of Conversion. A. Following the awarding of any funds to me as a result of my participation in the MTI Scholarship Program, I understand and agree during the award terms to (i) remain enrolled on at least a half-time basis as an undergraduate or graduate student at a qualified Illinois postsecondary institution in a course of study which, upon completion, qualifies me to receive licensure as a preschool, elementary or secondary school teacher by ISBE, including alternative teacher licensure, (ii) earn a cumulative grade point average of 2.5 on a 4.0 scale throughout my postsecondary course of study; and (iii) maintain satisfactory academic progress toward graduation as determined by the postsecondary institution in which I am enrolled.
X. Following graduation from my postsecondary course of study, I agree to (i) teach, on a full-time basis, for one year in return for each full year, or portion thereof, of assistance received through this program; (ii) begin teaching within one year following completion of the postsecondary education degree or license program for which the award funds were provided and shall teach on a continuous basis for the required term thereafter;
Terms of Conversion. The principal balance of this Debenture shall be convertible by the Holder into shares of Common Stock as follows: 20% commencing on the original issuance date of this Debenture, and an additional 20% commencing every six months thereafter. For purposes of this Debenture and the Securities Purchase Agreement, the date upon which each such 20% of the principal balance of the Debenture becomes convertible shall be referred to as a "Vesting Date."
Terms of Conversion. The Debentures shall contain the following provisions in Section 3 thereof regarding the conversion of the Debentures: The Holder of this Debenture is entitled, at its option, at any time after 180 days after the Debenture Date until maturity hereof, to convert the principal amount of the Debenture or any portion of the principal amount hereof which is at least One Hundred Thousand Dollars ($100,000 U.S.) or, if at the time of such election to convert, the aggregate principal amount of all Debentures registered to the Holder is less than One Hundred Thousand Dollars ($100,000 U.S.), then the whole amount thereof, into Shares of Common Stock of the Company at a conversion price for each share of Common Stock equal to $11.00 U.S.; provided that in any 30 day period the Holder of these Debentures (or its transferee) may convert no more than 33% (or 34% of the Debentures, in the last 30 day period available for conversion of the Debentures) of the Debentures purchased by the Holder, whether or not such Holder exercised its right to convert the Debenture after 180 days after the Debenture Date. Such conversion shall be effectuated by surrendering the Debentures to be converted to the Company with the form of conversion notice attached hereto as Exhibit A, executed by the Holder of this Debenture evidencing such Holder's intention to convert this Debenture or a specified portion (as above provided) hereof, and accompanied, if required by the Company, by proper assignment hereof in blank. The Company shall use its best efforts to have the Shares of Common Stock issued and delivered to the Holder thereof within ten business days of the receipt of the conversion form and Debentures(s). If the Debenture is converted into Shares of Common Stock of the Company within the twelve months following the Closing Date, all accrued but unpaid interest shall be waived by the Holder. If, however, the Debenture is converted into shares of Common Stock after twelve months from the Closing Date, then the amount of all accrued but unpaid interest shall be shall be subject to conversion. No fractions of shares or scrip representing fractions of shares will be issued on conversion, but the number of shares issuable shall be rounded down to the nearest whole share. The date on which notice of conversion is given shall be deemed to be the date on which the Holder has delivered the Debenture, with the conversion notice duly executed, to the Company.
Terms of Conversion. If there is a Next Equity Financing before the termination of this instrument, the Company will automatically issue to the Holder a number of shares of Shadow Preferred Stock equal to the Conversion Amount divided by the Conversion Price.
Terms of Conversion. The Investment is convertible or redeemable on the following terms: (a) conversion or redemption will be: (i) automatic upon the Issuer closing aggregate equity financings of $2,000,000 or a greater amount within any 30 consecutive calendar days during the Term of the Investment; or, (ii) at the election of the Purchaser; and (b) Investment is convertible at $3.00 per share, adjusted for splits and common stock share issuances of greater than 10% of the number of outstanding shares of the Issuer at the closing of the Investment. For each common share issued, one 2-year common share purchase warrant will be issued. The warrant will be priced at $4.00 adjusted for splits and common stock share issuances of greater than 10% of the number of outstanding shares of the Issuer at the closing of the Investment.
Terms of Conversion. The conversion of the Convertible Preferred Stock shall be upon the following terms and conditions:
Terms of Conversion. The shares of Series A Preferred Stock shall be convertible to Common Stock, at the times and places and in the manner referred to in this Section 5(A), at the election of the holders of the Series A Preferred Stock, provided the number of shares of Common Stock authorized but unissued under the Corporation's Certificate of Incorporation is sufficient to satisfy the number of shares of Series A Preferred Stock being converted at such time.
Terms of Conversion. (a) On each Trading Day, beginning on the date of the initial registration of each of the Convertible Debentures' Series for trade in the TASE and until several days prior to the end of the term of the Debentures of the same series, according to the directives of the TASE, as such shall be on the date of the initial offering report of the same series and as specified in the aforesaid offering report (the "Conversion Term", and every Trading Day as stated: the "Conversion Day", and the last day of the Conversion Term: the "End of the Conversion Term"), excluding several days prior to the effective date for partial redemption according to the TASE rules and directives, as shall be on the date of the aforesaid offering report and until the partial redemption's date of execution, the balance of the Principal of the Convertible Debentures of the same series, which are in circulation at that time, will be convertible into ordinary registered shares of the Company, as shall exist on the publication date of the initial offering report of each of the aforesaid series (the: "Conversion Shares"), per a conversion rate which shall be no less than the nominal value of the Company's ordinary shares on the date of the aforesaid offering report (the: "Conversion Rate"), subject to adjustments as specified hereunder and in the manner and on the terms as specified in the aforesaid offering report.
(b) Any Holder of Convertible Debentures of any series, who will wish to convert the balance of the nominal value of the Principal of the Convertible Debentures of the same series held thereby into Conversion Shares (the "Converter"), will directly submit to the Company, at its registered office (in the event such Debentures are registered in the name of the Converter in the Register for such series) or via a member of the TASE (in the event such Debentures are held by the Converter through same TASE member), on the Conversion Days and in any event until the End of the Conversion Term with respect to such series, a written application thereof, on a form as determined by the Company, attaching the Convertible Debenture Certificates to which the application refers (the "Conversion Notice").
(c) A conversion of the balance of the nominal value of the Principal of several Convertible Debentures of the same series,
Terms of Conversion. (a) The Series D1 CCPS will become eligible for conversion into one Equity Share of INR 10.00 each for every one Series D1 CCPS, upon such Series D1 CCPS being made fully paid-up.
(b) The Equity Shares issued and allotted to the holders of the Series D1 CCPS, on conversion, will carry, from the date of conversion, all rights ranking pari passu with the equity shares existing as on date.”
