Conversion of the Note. Upon the Next Qualified Equity Financing (as defined below), the principal amount of the Note plus any accrued but unpaid interest will be automatically converted into that number of shares of the Company's Next Stock issued in the Next Qualified Equity Financing as is equal to the then principal balance of the Note plus any accrued but unpaid interest divided by the price per share of the Company's Next Stock.
Appears in 2 contracts
Sources: Convertible Promissory Note and Warrant Purchase Agreement (Applied Voice Recognition Inc /De/), Convertible Promissory Note and Warrant Purchase Agreement (Applied Voice Recognition Inc /De/)
Conversion of the Note. Upon the Next Qualified Equity ---------------------- Financing (as defined below), the principal amount of the Note plus any accrued but unpaid interest will be automatically converted into that number of shares of the Company's Next Stock issued in the Next Qualified Equity Financing as is equal to the then principal balance of the Note plus any accrued but unpaid interest divided by the price per share of the Company's Next Stock.
Appears in 1 contract
Sources: Convertible Promissory Note and Warrant Purchase Agreement (Applied Voice Recognition Inc /De/)