Lender's Exercise of Conversion Rights. Lender shall exercise its rights hereunder upon delivery of the following to TAG at its principal executive offices; (i) a written notice of exercise which identifies this Agreement and states whether exercise is under subsection (a) hereof, (b) hereof, or both subsections (a) and (b) hereof; (ii) a letter, if requested by TAG, in such form and substance as TAG may reasonably require, setting forth the investment intent of Lender and/or any other documents TAG may reasonably require to evidence this transaction. Upon TAG's receipt of the necessary documents, TAG shall arrange for the prompt issuance of Conversion Shares to Lender, and interest shall no longer be due thereafter from Borrower to Lender with respect to the principal amount being converted hereunder.
Appears in 2 contracts
Sources: Commercial Loan and Security Agreement (Tangible Asset Galleries Inc), Commercial Loan and Security Agreement (Tangible Asset Galleries Inc)