Maximum Conversion Shares has the meaning ascribed thereto in Section 2.3(e);
Maximum Conversion Shares means the lesser of (i) the total number of common shares in the Company outstanding pre-Conversion multiplied by the Applicable Mandatory Offer Threshold Percentage, minus the number of common shares held by the Preference Shareholder pre-Conversion; and (ii) the Conversion Shares.
Maximum Conversion Shares means twelve million (12,000,000) shares of Common Stock, as such number is adjusted pursuant to Section 4(c) hereof.
Examples of Maximum Conversion Shares in a sentence
The Company has reserved from its duly authorized Common Stock a number of shares of Common Stock, up to the sum of (i) the Warrant Shares to be issued at Closing under the Warrant, plus (ii) the Maximum Conversion Shares for issuance to the Lender or its Affiliates in the event of the full permitted conversion of the Note, and (iii) the Warrant Shares issuable under the Default Warrant.
More Definitions of Maximum Conversion Shares
Maximum Conversion Shares means, subject to the requirements of the Exchange and Section 4.10, after acceleration for payment by Lender of any Note following the occurrence and during the continuation of any Event of Default (as defined in the Notes) which shall not be timely cured by the Loan Parties the then outstanding principal amount of the Notes shall automatically increase to 110% of the outstanding principal amount, and upon the election of the Lender, all or any portion of such increased Outstanding Principal Amount of the Loans may be converted by the Lender into that number of shares of Common Stock of the Company as shall be determined by (a) dividing the then increased Outstanding Principal Amount of the Loans by (b) the Conversion Price then in effect; provided that, (i) notwithstanding the election of the Lender to convert all or any part of the then outstanding principal amount of the Notes, the Company shall have the right to pay in cash the entire then outstanding principal amount of all Notes being converted following Lender’s notice of its election to convert the Notes and prior to any such conversion, and (ii) the maximum number of shares of Common Stock of the Company that may be issued pursuant to any such permitted conversion of the Notes (calculated on a fully-diluted basis) shall not be greater than 24.9% of the number of shares of Common Stock of the Company then issued and outstanding (calculated on a non-diluted basis) unless approval of the shareholders of the Company is obtained.
Maximum Conversion Shares means, subject to the requirements of the Exchange and Section 4.10, after acceleration for payment by Lender of any Note following the occurrence and during the continuation of any Event of Default (as defined in the Notes) which shall not be timely cured by the Loan Parties the then outstanding principal amount of the Notes shall automatically increase to 110% of the outstanding principal amount, and upon the election of the Lender, all or any portion of such increased Outstanding Principal Amount of the Loans may be converted by the Lender into that number of shares of Common Stock of the Company as shall be determined by (a) dividing the then increased Outstanding Principal Amount of the Loans by (b) the Conversion Price then in effect; provided that, (i) notwithstanding the election of the Lender to convert all or any part of the then outstanding principal amount of the Notes, the Company shall have the right to pay in cash the entire then outstanding principal amount of all Notes being converted following Xxxxxx’s notice of its election to convert the Notes and prior to any such conversion, and (ii) the maximum number of shares of Common Stock of the Company that may be issued pursuant to any such permitted conversion of the Notes (calculated on a fully-diluted basis) shall not be greater than 24.9% of the number of shares of Common Stock of the Company then issued and outstanding (calculated on a non-diluted basis) unless approval of the shareholders of the Company is obtained.
Maximum Conversion Shares shall have the meaning as set forth in the Loan Agreement.
Maximum Conversion Shares shall have the meaning as set forth in the Loan Agreement. “Maximum Conversion Percentage” shall have the meaning as set forth in the Loan Agreement. “Minimum Installment Payment” has the meaning set forth in Section 2(a) of this Note. “Notes” shall mean the collective reference to the Initial Note, this Note and all other Additional Notes issued by the Company to the Lender. “Original Issue Date” means the date of the first issuance of the Note, regardless of any transfers of any Note and regardless of the number of instruments which may be issued to evidence such Note. “Original Principal Amount” means $2,780,000 as set forth on the first page of this Note “Outstanding Principal Amount” means at any point in time the Original Principal Amount less all Minimum Installment Payments made or any prepayment(s) of this Note; provided that from and after the occurrence of an Event of Default the Outstanding Principal Amount shall be the Default Amount. Docusign Envelope ID: B8DF311A-C272-40B7-96DF-88394226122E
Maximum Conversion Shares shall have the meaning set forth in Section 4.1(e) hereof.
Maximum Conversion Shares means, upon the occurrence of any Event of Default (as defined in the Note) which shall not be timely cured by the Loan Parties the $2,700,000 Original Principal Amount of the Note shall automatically increase by 120% to ($3,240,000), and upon the request of the Lender, all or any portion of such increased Original Principal Amount of the Note may be converted by the Lender into that number of shares of Company Common Stock as shall be determined by (a) dividing 200% of the then increased Original Principal Amount of the Note ($6,480,000) by (b) the Conversion Price then in effect.