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.”
Sample 1
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.” Except as specifically amended hereby, the terms of the Agreement shall remain in full force and effect. This letter agreement shall be governed by and construed in accordance with the Laws...
Sample 1

Examples of Right to Convert in a sentence

  • The holders of the Preferred Stock shall have conversion rights as follows (the “Conversion Rights”):(a) Right to Convert.

  • The holders of the Preferred Stock shall have conversion rights as follows (the “Conversion Rights”): (a) Right to Convert.

  • Right to Convert by Holder: The Holder of this Note shall have the option to convert the entire amount or any portion thereof, of the principal of this Note into shares of common stock of the Company at a conversion price as hereinafter provided in Paragraph 3 below.

  • The holders of the Series A Preferred Stock shall have conversion rights as follows (the "Conversion Rights"): (a) Right to Convert.

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

  • The holders of the Series A Preferred Stock shall have conversion rights as follows:(a) Right to Convert.

  • The holders of the Series B Preferred Stock shall have conversion rights as follows:(a) Right to Convert.

  • Right to Convert Series B Convertible Preferred Stock upon Receipt of Redemption Notice.

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

  • The Investor shall have conversion rights as follows (the “Conversion Rights”):(a) Investor’s Right to Convert.

Related to Right to Convert

  • Conversion Option means the Company’s option to convert some or all of the Series D 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.

  • 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.

  • Notice of Intent to Cure has the meaning specified in Section 6.02(b).

  • Continuation/Conversion Notice means a notice of continuation or conversion and certificate duly executed by an Authorized Officer of the Borrower, substantially in the form of Exhibit C hereto.

  • Early Opt-in Election means the occurrence of:

  • Demand Exercise Notice has the meaning set forth in Section 2.1(a).

  • Optional Conversion has the meaning set forth in Section 6(a).

  • Conversion Notice has the meaning specified in Section 4.02(b).

  • Exchange Right has the meaning ascribed thereto in Section 5.1;

  • Conversion Rights means exchange of, or the rights to exchange, the Principal Amount of the Loan, or any part thereof, for fully paid and nonassessable Common Stock on the terms and conditions provided in the Debentures.

  • Mandatory Conversion Notice has the meaning set forth in Section 4.7.C hereof.

  • Conversion Obligation shall have the meaning specified in Section 14.01(a).

  • Put Right has the meaning set forth in Section 8.05(a).

  • Exchange Election shall have the meaning specified in Section 14.12(a).

  • Forced Conversion Notice Date shall have the meaning set forth in Section 6(d).

  • Forced Conversion Notice has the meaning set forth in Section 4.05(c) hereof.

  • Put Notice has the meaning provided in Section 3.4.

  • Company Notice means written notice from the Company notifying the selling Key Holders and each Investor that the Company intends to exercise its Right of First Refusal as to some or all of the Transfer Stock with respect to any Proposed Key Holder Transfer.

  • Restriction Notice has the meaning set forth in Section 8.04(f) hereof.

  • Repurchase Right means the right granted to the Corporation in accordance with Article D.

  • Notice of Interest Rate Election has the meaning set forth in Section 2.10.

  • Stock Certificate With respect to a Cooperative Loan, a certificate evidencing ownership of the Cooperative Shares issued by the Cooperative.

  • Nomination Notice means all information and documents that a Nominating Stockholder is required to submit to the Secretary of the Corporation pursuant to Section 1.13(f).

  • Indemnification Notice has the meaning set forth in Section 11.3(a).