Conversion Approval definition

Conversion Approval has the meaning assigned to such term in Section 5.11(f).

Conversion Approval shall have the meaning assigned to such term in Section 4.8(f)(i).

Conversion Approval means the affirmative vote of the Maker’s stockholders at the Initial Stockholder Meeting (as defined in Section 4(b)(i) of the Series B Designation, approving (i) the issuance of twenty percent (20%) or more of the Common Stock of Maker to Payee and its stockholders in accordance with the terms of that certain Stock Purchase Agreement and (ii) an amendment to the Maker’s Certificate of Incorporation increasing the number of authorized shares of Common Stock of Maker.

Examples of Conversion Approval in a sentence

• In the event that the Conversion Approval were not obtained and no independent third party Malaysian individual/company were identified prior to the end of May 2022, which may lead to a default on the Acquisition, the Controlling Shareholder will irrevocably undertake to facilitate the Group to secure the title of Land and the exclusive right in the use of the Land by the Group (the “Back-up Arrangement”).

• Pursuant to Section 124 of the NLC, the application for Conversion Approval shall be made only by the current owner of the Land (i.e. the Vendors).

• The Acquisition is only viable, if the Conversion Approval has been obtained prior to the transfer of the Land title from the Vendors to the Company as stated in the First Announcement.

• The Board would like to emphasise that when considering whether to enter into the Supplemental Agreement, the Directors believe that the current expected timeline for obtaining the Conversion Approval is achievable and it remains the Company’s intention that the Conversion Approval will be obtained by the Second Expiration Date and the tile of the Land can be transferred to the Group directly.

• Such conversion shall be deemed to have been made as of the third calendar day following the Conversion Approval Date or, in the case of Section 5.12(i), the date of the effectiveness of such rule change (the “Conversion Effective Date”), and the Person entitled to receive the Common Units issuable upon such conversion shall be treated for all purposes as the record holder of such Common Units as of such date.

More Definitions of Conversion Approval

Conversion Approval shall have the meaning set forth in Section 4(i).

Conversion Approval means the Conversion shall have been approved by the requisite vote of the Buyer Stockholders (including any separate class or series vote that is required, whether pursuant to the Buyer’s Organizational Documents, any stockholder agreement or otherwise) at a meeting of Buyer stockholders, held in accordance with the Delaware General Corporation Law, as amended, and Buyer’s Organizational Documents.

Conversion Approval means approval of the Preferred Stock Conversion by the stockholders of the Corporation.

Conversion Approval has the meaning set forth in Section 3.03(a).

Conversion Approval the approval issued by the Relevant Authorities for the change in category of land from “Agriculture” to “Industry” “Conversion Rate” approximately RM1 to HK$1.86 “Converted Title” title of the Land with the category of land use duly changed from “Agriculture” to “Industry” ‘‘Directors’’ the directors of the Company ‘‘Group’’ the Company and its subsidiaries “HK$” Hong Kong Dollar, the lawful currency of Hong Kong ‘‘Hong Kong’’ Hong Kong Special Administrative Region ‘‘Land’’ Freehold Land under GM1222 Lot 919 Mukim Plentong Daerah Johor Bahru, State of Johor, Malaysia “Latest Practicable Date” 28 February 2022, being the latest practicable date prior to the issuance of this announcement “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange “Malaysian Buyer” whether a company that is not defined as a “foreign company” under Section 433A of the National Land Code 1965, or a Malaysian individual(s) “Xxxx Sport” Xxxx Sport SDN BHD, an indirect wholly-owned subsidiary of the Company incorporated in Malaysia is deemed to be a foreign company as defined under Section 433A of the National Land Code in Malaysia ‘‘Purchase Price’’ the purchase price payable for the Acquisition, being RM23,590,570 ‘‘Purchaser’’ Xxxx Sport SDN BHD, an indirect wholly-owned subsidiary of the Company “Relevant Authorities” means any governmental or semi-governmental department or statutory body having jurisdiction in respect of the relevant subject matter “RM” Ringgit Malaysia, the lawful currency of Malaysia “State Approval” the approval issued by the State Authority for the transfer of land title in Malaysia ‘‘Shareholders’’ holders of the shares of the Company

Conversion Approval shall have the meaning given to such term in the Certificate of Designation.

Conversion Approval has the meaning assigned to such term in Section 5.12(f). “Conversion Approval Date” has the meaning assigned to such term in Section 5.12(f). “Conversion Effective Date” has the meaning assigned to such term in Section 5.12(h). “Excess Payment” has the meaning set forth in Section 5.12(g).