Examples of First Conversion in a sentence
Following the conversion of the First Conversion Amount and the election by Holder pursuant to Section 2.1, upon satisfaction of the Conversion Conditions and applicable shareholder's approval, the Remaining Conversion Amount shall be automatically converted into shares of the Common Stock at the Rate of Conversion (together with the First Conversion Shares, the “Conversion Shares”).
Notwithstanding the foregoing, the Company may effect only one (1) Mandatory Conversion with respect to the First Conversion Threshold Amount during any twenty (20) consecutive Trading Days.
At any time following the conversion of the First Conversion Amount, subject to the approval of the Company's Shareholders, Holder shall have the right but not the obligation to convert the remaining portion of the Principal and the interest accrued thereon ("Remaining Conversion Amount") into Common Stock.
No shares of Series B Preferred Stock may be converted prior to the date (the "First Conversion Date") which is the earlier of (i) the effective date of the registration statement covering the resale of the shares of Common Stock issuable upon conversion of the Series B Preferred Stock, and (ii) the one hundred eightieth day after the closing date (the "Closing Date") of the issuance of the Series B Preferred Stock.
Notwithstanding the foregoing, the Company may effect only one (1) Mandatory Conversion with respect to the First Conversion Threshold during any forty (40) consecutive Trading Days.
Upon the occurrence of a Change of Control, a Holder shall also have the right, at such Holder’s option, to effect an Optional Conversion of its Convertible Preferred Stock pursuant to Section 8(a) in connection with such Change of Control, regardless of whether such Optional Conversion is effected prior to the First Conversion Date.
No shares of Series A Preferred Stock may be converted prior to the date (the "First Conversion Date") which is the earlier of (i) the effective date of the registration statement covering the resale of the shares of Common Stock issuable upon conversion of the Series A Preferred Stock, and (ii) the ninetieth day after the closing date (the "Closing Date") of the issuance of the Series A Preferred Stock.
Holder shall have the right but not the obligation to convert any portion of this CB into up to shares of common stock of the Company (the “Common Stock”) representing 19.9% Common Stock (on a fully diluted and fully converted basis) (such portion of this CB, "First Conversion Amount").
The Conversion Price shall be equal to the product of (A) the average closing price per share of the Company's Common Stock as reported on the OTC Bulletin Board (or such other market on which such shares of Common Stock are then listed) for the thirty (30) trading days immediately preceding the date of the applicable Conversion Date; multiplied by (B) 70% on the First Conversion Date, 60% on the Second Conversion Date, 50% on the Third Conversion Date and 40% on the Fourth Conversion Date.
The First Conversion Obligation will not be termed if on the First Conversion Date, there exists a Default or an Event of Default, in which case the aggregate unpaid principal balance of all Line Advances made under the Development Line of Credit Loan and all accrued interest thereon shall be due and payable upon acceleration but no later than on the Development Line Termination Date (unless earlier accelerated).