Conversion into equity Sample Clauses

The 'Conversion into equity' clause defines the terms under which a debt or other financial instrument can be converted into shares of the issuing company. Typically, this clause specifies the conversion ratio, timing, and any conditions that must be met for conversion, such as a qualifying financing round or maturity date. For example, a convertible note may automatically convert into equity at a discounted price if the company raises a certain amount of capital. The core function of this clause is to provide a mechanism for investors or creditors to become shareholders, aligning interests and potentially reducing the company's debt obligations.
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Conversion into equity. In the event that the equity of the Subordinated Debtor at any time prior to the Final Discharge Date is less than half of its registered share capital, each Subordinated Creditor shall, as soon as reasonably practical, take any action required in order to convert the Subordinated Debt (or part thereof) into equity through unconditional capital contributions (Sw. ovillkorade aktieägartillskott) or similar arrangements applicable in the jurisdiction of incorporation of the Subordinated Debtor in an amount sufficient to ensure that the equity of the relevant Subordinated Debtor is at least equal to its registered share capital. For the avoidance of doubt, the obligations of each Subordinated Creditor under this Agreement are several. No Subordinated Creditor is responsible for the obligations of any other Subordinated Creditor.
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Conversion into equity. In the event that the equity of any ICA Group Company at any time prior to the Final Discharge Date is less than half of its registered share capital, each Intercompany Creditor shall, as soon as reasonably practical, take any action required in order to convert the Intercompany Debt (or part thereof) into equity through conditional capital contributions (Sw. villkorade aktieägartillskott) or unconditional capital contributions (Sw. ovillkorade aktieägartillskott) or similar arrangements applicable in the jurisdiction of incorporation of such ICA Group Company in an amount sufficient to ensure that the equity of the relevant ICA Group Company is at least equal to its registered share capital. For the avoidance of doubt, the obligations of each Intercompany Creditor under this Agreement are several. No Intercompany Creditor is responsible for the obligations of any other Intercompany Creditor.
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Conversion into equity. (a) In the event that the equity of any Intercompany Debtor at any time prior to the Final Discharge Date is less than half of its registered share capital, each Intercompany Creditor shall, as soon as reasonably practical, take any action required in order to convert the Intercompany Debt (or part thereof) into equity through unconditional capital contributions (Sw. ovillkorade aktieägartillskott) or similar arrangements applicable in the jurisdiction of incorporation of such Intercompany Debtor in an amount sufficient to ensure that the equity of the relevant Intercompany Debtor is at least equal to its registered share capital. For the avoidance of doubt, the obligations of each Intercompany Creditor under this Agreement are several. No Intercompany Creditor is responsible for the obligations of any other Intercompany Creditor. (b) Any Intercompany Debt may be converted into equity through unconditional capital contributions or similar arrangements applicable in the jurisdiction of incorporation of such Intercompany Debtor by the Intercompany Creditor, provided that (i) the Security Agent has given its prior written consent (acting on the instruction of, prior to the Senior Discharge Date, the Super Senior RCF Agent (acting in its sole discretion)) and (ii) the shares in the Intercompany Debtor in relation to such Intercompany Debt is subject to Transaction Security in favour of the Secured Parties.
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Conversion into equity. Subject to the Transaction Security and only with the Security Agent's prior consent (acting in its sole discretion), in the event that the equity of the Shareholder Debtor at any time prior to the Final Discharge Date is less than half of its registered share capital, each Shareholder Creditor shall, as soon as reasonably practical, take any action required in order to convert the Shareholder Debt (or part thereof) into equity through unconditional capital contributions (Sw. ovillkorade aktieägartillskott) or similar arrangements applicable in the jurisdiction of incorporation of the Shareholder Debtor in an amount sufficient to ensure that the equity of the relevant Shareholder Debtor is at least equal to its registered share capital.
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Conversion into equity. If NGC has not been able to access Gas equal in total to the full amount of the Prepayment and Option Fee pursuant to its Option by 31 March 2013, including because negotiations in terms of clause 5 have been unsuccessful, then IPENZ shall, at its option, refund the outstanding Prepayment and Option Fee plus interest at the then average bank ▇▇▇▇ rate, or, if not so elected by IPENZ, NGC GAS PREPAYMENT AND OPTION AGREEMENT 7 shall at its option be entitled to convert the outstanding Prepayment and Option Fee into paid-up equity in IPENZ at the lesser of agreed net asset value or time averaged market price at the time. If NGC does not so convert the Prepayment and Option Fee by 30 June 2013, any outstanding amount of it will be written off and NGC will cease to have any further rights of conversion.
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Conversion into equity. In the event that the equity of the Company at any time prior to the Final Discharge Date is less than half of its registered share capital, each Shareholder Creditor shall, as soon as reasonably practical, take any action required in order to convert the Shareholder Debt (or part thereof) into equity through conditional capital contributions (Sw. villkorade aktieägartillskott) or unconditional capital contributions (Sw. ovillkorade aktieägartillskott) or similar arrangements applicable in the jurisdiction of incorporation of the Company in an amount sufficient to ensure that the equity of the Company is at least equal to its registered share capital. For the avoidance of doubt, the obligations of each Shareholder Creditor under this Agreement are several. No Shareholder Creditor is responsible for the obligations of any other Shareholder Creditor.
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Conversion into equity. In the event that that the equity of the Holdco at any time prior to the Final Discharge Date is less than half of its registered share capital, the Shareholder Debt (or part thereof) shall automatically be deemed to be converted into equity through unconditional capital contributions (Sw. ovillkorade aktieägartillskott) or similar arrangements applicable in the jurisdiction of incorporation of the Holdco in an amount sufficient to ensure that the equity of the Holdco is at least equal to its registered share capital. For the avoidance of doubt, the obligations of each Shareholder Creditor under this Agreement are several. No Shareholder Creditor is responsible for the obligations of any other Shareholder Creditor.
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Related to Conversion into equity

  • Conversion into the Borrower's Common Stock (a) The Holder shall have the right from and after the issuance of this Note and then at any time until this Note is fully paid, to convert any outstanding and unpaid principal portion of this Note, and/or at the Holder's election with the Company's consent, the interest accrued on the Note, (the date of giving of such notice of conversion being a "Conversion Date") into fully paid and nonassessable shares of common stock of Borrower as such stock exists on the date of issuance of this Note, or any shares of capital stock of Borrower into which such stock shall hereafter be changed or reclassified (the "Common Stock") at the conversion price as defined in Section 2.1(b) hereof (the "Conversion Price"), determined as provided herein. Upon delivery to the Company of a Notice of Conversion as described in Section 9 of the subscription agreement entered into between the Company and Holder relating to this Note (the "Subscription Agreement") of the Holder's written request for conversion, Borrower shall issue and deliver to the Holder within three business days from the Conversion Date that number of shares of Common Stock for the portion of the Note converted in accordance with the foregoing. At the election of the Holder, the Company will deliver accrued but unpaid interest on the Note through the Conversion Date directly to the Holder on or before the Delivery Date (as defined in the Subscription Agreement). The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing that portion of the principal of the Note to be converted and interest, if any, by the Conversion Price. (b) Subject to adjustment as provided in Section 2.1(c) hereof, the Conversion Price per share shall be the lower of (i) eighty- five percent (85%) of the average of the three lowest closing prices for the Common Stock on the NASD OTC Bulletin Board, NASDAQ SmallCap Market, NASDAQ National Market System, American Stock Exchange, or New York Stock Exchange (whichever of the foregoing is at the time the principal trading exchange or market for the Common Stock, the "Principal Market"), or if not then trading on a Principal Market, such other principal market or exchange where the Common Stock is listed or traded for the thirty (30) trading days prior to but not including the Closing Date (as defined in the Subscription Agreement) in connection with which this Note is issued ("Maximum Base Price"); or (ii) eighty-five percent (85%) percent of the average of the three lowest closing prices for the Common Stock on the Principal Market, or on any securities exchange or other securities market on which the Common Stock is then being listed or traded, for the thirty (30) trading days prior to but not including the Conversion Date. (c) The Maximum Base Price described in Section 2.1(b)(i) above and number and kind of shares or other securities to be issued upon conversion determined pursuant to Section 2.1(a) and 2.1(b), shall be subject to adjustment from time to time upon the happening of certain events while this conversion right remains outstanding, as follows:

  • Conversion Date The “Conversion Date” is a Switch or frame conversion planned day of cut-over to the replacement frame(s) or Switch. The actual conversion time typically is set for midnight of the Conversion Date. This may cause the actual Conversion Date to migrate into the early hours of the day after the planned Conversion Date.

  • Conversion So long as no Default or Event of Default exists, the Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to the Administrative Agent by telecopy, electronic mail or other similar form of communication, Convert all or a portion of a Loan of one Type into a Loan of another Type. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrower shall pay accrued interest to the date of Conversion on the principal amount so Converted in accordance with Section 2.4. Each such Notice of Conversion shall be given not later than 9:00 a.m. one Business Day prior to the date of any proposed Conversion into Base Rate Loans and 3 Business Days prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Administrative Agent shall notify each Lender of the proposed Conversion. Subject to the restrictions specified above, each Notice of Conversion shall be by telecopy, electronic mail or other similar form of communication in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on the Borrower once given.

  • Conversion Privilege and Conversion Price Securities of any series which are convertible shall be convertible in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article Seventeen. Subject to and upon compliance with the provisions of this Article Seventeen, at any time during the period specified in the Securities, at the option of the Holder thereof, any Security or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000 may be converted at the principal amount thereof, or of such portion thereof, into fully paid and nonassessable shares (calculated as to each conversion to the nearest 1/100 of a share) of Common Stock of the Company, at the Conversion Price, determined as hereinafter provided, in effect at the time of conversion. In case a Security or portion thereof is called for redemption, such conversion right in respect of the Security or portion so called shall expire at the close of business on the Business Day immediately preceding the Redemption Date, unless the Company defaults in making the payment due upon redemption, in which case such conversion right shall terminate on the date such default is cured. The price at which shares of Common Stock shall be delivered upon conversion (herein called the "Conversion Price") of Securities of any series shall be specified in such Securities. The Conversion Price shall be adjusted in certain instances as provided in Section 1704. In case the Company shall, by dividend or otherwise, declare or make a distribution on its Common Stock referred to in paragraph (4) of Section 1704, the Holder of each Security, upon the conversion thereof pursuant to this Article Seventeen subsequent to the close of business on the date fixed for the determination of stockholders entitled to receive such distribution and prior to the effectiveness of the Conversion Price adjustment in respect of such distribution pursuant to paragraph (4) of Section 1704, shall be entitled to receive for each share of Common Stock into which such Security is converted, the portion of the evidence of indebtedness, shares of Capital Stock or assets so distributed applicable to one share of Common Stock; PROVIDED, HOWEVER, that, at the election of the Company (whose election shall be evidenced by a Board Resolution filed with the Trustee) with respect to all Holders so converting, the Company may, in lieu of distributing to such Holder any portion of such distribution not consisting of cash or securities of the Company, pay such Holder an amount in cash equal to the fair market value thereof (as determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee). If any conversion of a Security entitled to the benefits described in the immediately preceding sentence occurs prior to the payment date for a distribution to holders of Common Stock which the Holder of the Security so converted is entitled to receive in accordance with the immediately preceding sentence, the Company may elect (such election to be evidenced by a Board Resolution filed with the Trustee) to distribute to such Holder a due bill ▇▇▇ the evidences of indebtedness, shares of Capital Stock or assets to which such Holder is so entitled, provided that such due bill (▇) meets any applicable requirements of the principal national securities exchange or other market on which the Common Stock is then traded, and (ii) requires payment or delivery of such evidences of indebtedness or assets no later than the date of payment or delivery thereof to holders of Common Stock receiving such distribution.

  • Conversion of Multiple Notes by a Single Holder If a Holder converts more than one (1) Note on a single Conversion Date, then the Conversion Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under, the Depositary Procedures) be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder.