Common use of Fractional Shares; Interest; Effect of Conversion Clause in Contracts

Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor upon the conversion of this Note, the Company shall pay to Investor an amount equal to the product obtained by multiplying the conversion price by the fraction of a share not issued pursuant to the previous sentence. In addition, the Company shall pay to Investor any interest accrued on the amount converted and on the amount to be paid to the Company pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any amounts specified in this Section 7(b), the Company shall be forever released from all its obligations and liabilities under this Note.

Appears in 1 contract

Sources: Pledge Agreement (Transworld Benefits International Inc)

Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor Holder upon the conversion of this Note, the Company shall pay to Investor Holder an amount equal to the product obtained by multiplying the conversion price Conversion Price by the fraction of a share not issued pursuant to the previous sentence. In addition, the Company shall pay to Investor Holder any interest accrued on the amount converted and on the amount to be paid to the Company pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any the amounts specified in this Section 7(b8(b)(ii), the Company shall be forever released from all its obligations and liabilities under this Note.

Appears in 1 contract

Sources: Agreement and Plan of Reorganization (Autotradecenter Com Inc)

Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor the Holder upon the conversion of this Note, the Company shall pay to Investor the Holder an amount equal to the product obtained by multiplying the conversion price Conversion Price by the fraction of a share not issued pursuant to the previous sentence. In addition, the Company shall pay to Investor the Holder any interest accrued on the amount converted and on the amount to be paid to the Company pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any the amounts specified in this Section 7(b10(c), the Company shall be forever released and discharged from all its obligations and liabilities under this Note.

Appears in 1 contract

Sources: Convertible Promissory Note (MBI Financial, Inc.)

Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor the Holder upon the conversion of this Note, the Company shall pay to Investor the Holder an amount equal to the product obtained by multiplying the conversion price Conversion Price by the fraction of a share not issued pursuant to the previous sentence. In addition, the Company shall pay to Investor the Holder any interest accrued on the amount converted and on the amount to be paid to the Company pursuant to the previous sentence. Upon conversion of this Note in full and the payment of any the amounts specified in this Section 7(b10(d), the Company shall be forever released and discharged from all its obligations and liabilities under this Note.

Appears in 1 contract

Sources: Subordinated Convertible Promissory Note (Save the World Air Inc)