Common use of Underlying Shares Issuable Upon Conversion and Pursuant to Interest Clause in Contracts

Underlying Shares Issuable Upon Conversion and Pursuant to Interest. (A) The number of shares of Common Stock issuable upon a conversion hereunder shall be determined by adding the sum of: (1) the quotient obtained by dividing (x) the outstanding principal amount of this Debenture to be converted by (y) the Set Price, and (2) the amount equal to (x) the product of (I) the outstanding principal amount of this Debenture to be converted and (II) the product of (aa) the quotient obtained by dividing the applicable interest rate on this Debenture by 360 and (bb) the number of days for which such principal amount was outstanding, divided by (y) the lesser of the Set Price and the Interest Conversion Rate on the Conversion Date, provided, that if the Company shall have elected to pay the interest due on a Conversion Date in cash pursuant to the terms hereof, subsection (2) shall not be used in the calculation of the number of shares of Common Stock issuable upon a conversion hereunder.

Appears in 3 contracts

Samples: Viragen Inc, Viragen Inc, Viragen Inc

AutoNDA by SimpleDocs

Underlying Shares Issuable Upon Conversion and Pursuant to Interest. (A) The number of shares of Common Stock issuable upon a conversion hereunder shall be determined by adding the sum of: (1) the quotient obtained by dividing (x) the outstanding principal amount of this Debenture to be converted by (y) the Set Conversion Price, and (2) the amount equal to (x) the product of (I) the outstanding principal amount of this Debenture to be converted and (II) the product of (aa) the quotient obtained by dividing the applicable interest rate on this Debenture 12% by 360 and (bb) the number of days for which such principal amount was outstanding, divided by (y) the lesser of the Set Price and the Interest Conversion Rate on the Conversion DatePrice, provided, that if the Company Holder shall have elected to pay the interest due on a Conversion Date in cash pursuant to the terms hereof, subsection (2) shall not be used in the calculation of the number of shares of Common Stock issuable upon a conversion hereunder.

Appears in 2 contracts

Samples: Thinkpath Inc, Thinkpath Inc

Underlying Shares Issuable Upon Conversion and Pursuant to Interest. (A) The number of shares of Common Stock issuable upon a conversion hereunder shall be determined by adding the sum of: (1i) the quotient obtained by dividing (x) the outstanding principal amount of this Debenture to be converted by and (y) the Set Conversion Price, and (2ii) the amount equal to (xI) the product of (Ix) the outstanding principal amount of this Debenture to be converted and (IIy) the product of (aa1) the quotient obtained by dividing the applicable interest rate on this Debenture .06 by 360 and (bb2) the number of days for which such principal amount was outstanding, divided by (yII) the lesser of the Set Conversion Price and the Interest Conversion Rate on the Conversion Date, provided, that if the Company shall have elected to pay the interest due on a Conversion Date in cash pursuant to the terms hereof, subsection (2ii) shall not be used in the calculation of the number of shares of Common Stock issuable upon a conversion hereunder.

Appears in 2 contracts

Samples: Composite Industries of America Inc, Composite Industries of America Inc

AutoNDA by SimpleDocs

Underlying Shares Issuable Upon Conversion and Pursuant to Interest. (A) The number of shares of Common Stock issuable upon a conversion hereunder shall be determined by adding the sum of: (1) the quotient obtained by dividing (x) the outstanding principal amount of this Debenture to be converted by and (y) the Set Price, and (2) the amount equal to (x) the product of (I) the outstanding principal amount of this Debenture to be converted and (II) the product of (aa) the quotient obtained by dividing the applicable interest rate on this Debenture 5% by 360 and (bb) the number of days for which such principal amount was outstanding, divided by (y) the lesser of the Set Price and the Interest Conversion Rate on the Conversion Date, provided, that if the Company shall have elected to pay the interest due on a Conversion Date in cash pursuant to the terms hereof, subsection (2) shall not be used in the calculation of the number of shares of Common Stock issuable upon a conversion hereunder.

Appears in 1 contract

Samples: Viragen Inc

Time is Money Join Law Insider Premium to draft better contracts faster.