Common use of Conversion upon Event of Default Clause in Contracts

Conversion upon Event of Default. Upon the occurrence of an Event of Default under Section 7.01(a), and the expiration of all applicable cure periods as set forth herein, Lender may, at Lender's sole and absolute discretion, convert all or any portion of the outstanding principal balance of the Subordinated Note, and all or any portion of the accrued but unpaid interest thereon, into Borrower's common stock ("Common Stock"