Right to Convert definition

Right to Convert. Subject to the provisions for adjustment hereinafter set forth, each share of Series A Preferred shall be convertible in the manner hereinafter set forth into fully paid and nonassessable shares of Common Stock. Commencing upon issuance, the Liquidation Preference of each share of Series A Preferred (a “Series A Share”) may, at the option of the holder thereof, be converted into such number of fully paid and nonassessable whole shares of Common Stock as determined by dividing the Liquidation Preference by $1.25 (the “Conversion Ratio”). Such rights of conversion shall be exercised by the holder thereof by giving written notice that the holder elects to convert a stated number of shares of Series A Preferred into Common Stock and by surrender of a certificate or certificates for the shares to be so converted to the Corporation at its principal office (or such other office or agency of the Corporation as the Corporation may designate by notice in writing to the holder or holders of the Series A Preferred) at any time during its usual business hours on the date set forth in such notice, together with a statement of the name or names (with address), subject to compliance with applicable laws to the extent such designation shall involve a transfer, in which the certificate or certificates for shares of Common Stock.”
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Right to Convert. Subject to the provisions for adjustment hereinafter set forth, each share of Series B Preferred shall be convertible in the manner hereinafter set forth into fully paid and nonassessable shares of Common Stock. Commencing upon issuance, each share of Series B-1 Preferred may, at the option of the holder thereof, be converted into such number of fully paid and nonassessable whole shares of Common Stock as determined by dividing the Liquidation Preference by $1.25, and each share of Series B-2 Preferred may, at the option of the holder thereof, be converted into such number of fully paid and nonassessable whole shares of Common Stock as determined by dividing the Liquidation Preference by $1.5625 (the “Conversion Ratio”). Such rights of conversion shall be exercised by the holder thereof by giving written notice to the Corporation that the holder elects to convert a stated number of shares of the applicable Series B Preferred into Common Stock and by surrender of a certificate or certificates for the shares to be so converted to the Corporation at its principal office (or such other office or agency of the Corporation as the Corporation may designate by notice in writing to the holder or holders of the Series B Preferred) at any time during its usual business hours on the date set forth in such notice, together with a statement of the name or names, subject to compliance with applicable laws to the extent such designation shall involve a transfer, in which the certificate or certificates for shares of Common Stock are to be issued. The Corporation shall, as soon as possible thereafter and in no case more than three (3) business days, issue and deliver at such office to such holder of Series B Preferred, or to the nominee or nominees of such holder, a certificate or certificates for the number of shares of Common Stock to which such holder shall be entitled as aforesaid. Such conversion shall be deemed to have been made immediately prior to the close of business on the date of such surrender of the shares of the applicable Series B Preferred to be converted, and the person or persons entitled to receive the shares of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares of Common Stock as of such date.”
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Examples of Right to Convert in a sentence

  • Obligations of Company and Right to Convert Unconditional..............................

  • Right to Convert Prior to June 15, 2013, the notes are convertible only upon the occurrence of certain specified events.

  • Right to Convert The insurance on each dependent child may be converted under this rider to a new contract of life insurance.

  • Right to Convert - The insurance on each dependent child may be converted under this rider to a new contract of life insurance.

  • CONVERSION OF INSURANCE ON A DEPENDENT CHILD Right to Convert The insurance on each dependent child may be converted under this rider to a new contract of life insurance.

  • Obligations of Company and Right to Convert Unconditional...........................

  • Exhibit A Form of Note Exhibit B Form of Articles Supplementary to Articles of Incorporation in respect of Noteholder Preferred Stock Exhibit C Form of Notice of Cash Dividend and Limited Right to Convert Schedule 1.01 Loss Threshold Amounts Schedule 4.16 Minimum Excess Cash Flow Schedule 10.02 Required Filings INDENTURE, dated as of April 17, 2001, by and between CRIIMI MAE Inc., a Maryland corporation (the "COMPANY"), and ▇▇▇▇▇ Fargo Bank Minnesota, National Association, as trustee (the "TRUSTEE").

  • Right to Convert - While the Insured is living, you may convert this benefit to a new contract of life insurance on the life of the insured spouse.

  • Obligations of Company and Right to Convert Unconditional.......................................

  • Exhibit A Form of Note Exhibit B Form of Articles Supplementary to Articles of Incorporation in respect of Noteholder Preferred Stock Exhibit C Form of Notice of Cash Dividend and Limited Right to Convert Schedule 1.01 Loss Threshold Amounts Schedule 4.16 Minimum Excess Cash Flow Schedule 10.02 Required Filings INDENTURE, dated as of April __, 2001, by and between CRIIMI MAE Inc., a Maryland corporation (the "COMPANY"), and ▇▇▇▇▇ Fargo Bank Minnesota, National Association, as trustee (the "TRUSTEE").

Related to Right to Convert

  • Exclusive Right to Sell listing means that if you, the owner of the property, find a buyer for your house, or if another broker finds a buyer, you must pay the agreed commission to the present broker.

  • Conversion Option means the Company’s option to convert some or all of the Series C Preferred Stock into that number of shares of Common Stock that are issuable at the then-applicable conversion rate as described in Section 8(c) of these Articles Supplementary.

  • Conversion Right has the meaning set forth in Section 4.05(a) hereof.

  • Election to Foreclose Any election by the Purchaser to proceed with the Commencement of Foreclosure, made in accordance with Section 2.03(a).

  • Convert “Conversion” and “Converted” each refers to a conversion of Advances of one Type into Advances of the other Type pursuant to Section 2.08 or 2.09.