Common use of Monthly Amount Conversion Guidelines Clause in Contracts

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was greater than 115% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 103% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 6 contracts

Sources: Secured Convertible Term Note (Synergy Brands Inc), Secured Convertible Term Note (Synergy Brands Inc), Secured Convertible Term Note (Synergy Brands Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was greater than 115or equal to 110% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Amortization Date or Repayment Date Date, as the case may be, that the Holder has not converted into shares of Common Stock shall be paid by the Borrower in cash on such Amortization Date or Repayment Date. Any part of the Monthly Amount due on such Amortization Date or Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Amortization Date or Repayment Date being less than 115110% of the Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the Monthly Amount otherwise due on such Amortization Date or Repayment Date, within three (3) business days of the applicable Amortization Date or Repayment Date.

Appears in 6 contracts

Sources: Secured Convertible Term Note (Epixtar Corp), Secured Convertible Term Note (Epixtar Corp), Secured Convertible Term Note (Epixtar Corp)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was greater than 115or equal to 110% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115110% of the Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 4 contracts

Sources: Secured Convertible Term Note (Certified Services Inc), Secured Convertible Term Note (Mitek Systems Inc), Secured Convertible Term Note (Island Pacific Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was greater than 115or equal to 110% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 3 contracts

Sources: Secured Convertible Term Note (Greenman Technologies Inc), Secured Convertible Term Note (Datalogic International Inc), Secured Convertible Term Note (Datalogic International Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock into Ordinary Shares if the average closing price of the Common Stock Ordinary Shares as reported by Bloomberg, L.P. on the Principal Market for the any five (5) consecutive trading days during the fifteen (15) days immediately preceding such Repayment Date was greater than 115% or equal to one hundred and ten percent (110%) of the Fixed Conversion Price, provided, however, that such conversions shall be up to but not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock Ordinary Shares for the five thirty (530) day trading period immediately preceding delivery of a Notice of Conversion to the BorrowerRepayment Date. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Common Stock Ordinary Shares, shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock Ordinary Shares on one or more of the five (5) consecutive trading days during the fifteen (15) days immediately preceding the applicable Repayment Date being less than 115110% of the Fixed Conversion Price) shall be paid in cash at the rate of 103100% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 3 contracts

Sources: Securities Purchase Agreement (Bos Better Online Solutions LTD), Secured Convertible Term Note (Bos Better Online Solutions LTD), Secured Convertible Term Note (Bos Better Online Solutions LTD)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert into shares of Common Stock all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if according to the following guidelines (the “Conversion Criteria”): (i) the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was shall be greater than 115or equal to 110% of the Fixed Conversion Price, provided, however, that Price and (ii) the amount of such conversions shall conversion does not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five twenty two (522) day trading period immediately preceding delivery the applicable Repayment Date. If the Conversion Criteria are not met, the Holder shall convert only such part of a Notice of the Monthly Amount that meets the Conversion to the BorrowerCriteria. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted been able to convert into shares of Common Stock due to failure to meet the Conversion Criteria, shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the principal portion of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 3 contracts

Sources: Secured Convertible Term Note (Dynamic Health Products Inc), Secured Convertible Term Note (Dynamic Health Products Inc), Secured Convertible Term Note (Dynamic Health Products Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was greater than or equal to 115% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 103% of the Monthly Amount otherwise due on such Repayment Datecash, within three (3) business days of the applicable Repayment Date.

Appears in 2 contracts

Sources: Secured Convertible Term Note (Pacific Biometrics Inc), Secured Convertible Term Note (Pacific Biometrics Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert into shares of Common Stock all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if according to the following guidelines (the "CONVERSION CRITERIA"): (i) the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was shall be greater than 115or equal to 110% of the Fixed Conversion Price, provided, however, that Price and (ii) the amount of such conversions shall conversion does not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five twenty two (522) day trading period immediately preceding delivery of a Notice Repayment Notice. If the Conversion Criteria are not met, the Holder shall convert only such part of the Monthly Amount that meets the Conversion to the BorrowerCriteria. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted been able to convert into shares of Common Stock due to failure to meet the Conversion Criteria, shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 2 contracts

Sources: Securities Purchase Agreement (Bio Key International Inc), Securities Purchase Agreement (Bio Key International Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was greater than 115or equal to 110% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115110% of the Fixed Conversion Price) shall be paid in cash at the rate of 103101% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 1 contract

Sources: Secured Convertible Term Note (Magic Lantern Group Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was (i) in the case of Tranche A, greater than 115or equal to the Tranche A Fixed Conversion Price and (ii) in the case of Tranche B, greater than or equal to 110% of the Tranche B Fixed Conversion Price, provided, however, that that, in any such case, such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being (x) in the case of Tranche A, less than 115the Tranche A Fixed Conversion Price and (y) in the case of Tranche B, less than 110% of the Tranche B Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 1 contract

Sources: Secured Convertible Term Note (Xstream Beverage Group Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by BloombergB▇▇▇▇▇▇▇▇, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was greater than 115or equal to 110% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115110% of the Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 1 contract

Sources: Secured Convertible Term Note (Island Pacific Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, 2.2 and 3.2 hereof, the Holder shall convert into shares of Common Stock all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if according to the following guidelines (collectively, the "Conversion Criteria"): (i) the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) consecutive trading days immediately preceding such Repayment Notice Date was shall be greater than or equal to 115% of the Fixed Conversion Price, provided, however, that Price and (ii) the amount of such conversions shall conversion does not exceed twenty twenty-five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five twenty two (522) day trading period immediately preceding delivery the applicable Repayment Date. If the Conversion Criteria are not met, the Holder shall convert only such part of a Notice of the Monthly Amount that meets the Conversion to the BorrowerCriteria. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted been able to convert into shares of Common Stock due to failure to meet the Conversion Criteria, shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date. Notwithstanding the foregoing, payments of the Monthly Amount due on the first two Repayment Dates hereunder may be paid by the Borrower in cash at the rate of 100% of the Monthly Amount due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 1 contract

Sources: Securities Purchase Agreement (Petrol Oil & Gas Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall elect to convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market (as defined in Section 4.7 hereof) for the five three (53) trading days immediately preceding such Repayment Date was greater than 115% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted elected to convert into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which the Holder has elected to convert into shares of Common Stock but which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five three (53) trading days immediately preceding the applicable Repayment Date being was less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 103101% of the Monthly Amount otherwise due on such the Repayment Date, Date within three (3) business days of the applicable Repayment Date.

Appears in 1 contract

Sources: Secured Convertible Term Note (Micro Component Technology Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall elect to convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market (as defined in Section 4.7 hereof) for the five three (53) trading days immediately preceding such Repayment Date was greater than 115% of the Fixed Conversion Price, provided, however, ; provided that the amount of any such conversions conversion shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five ten (510) day trading period immediately preceding delivery of a Repayment Election Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted elected to convert into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which the Holder has elected to convert into shares of Common Stock but which must be paid in cash (as a result of because the closing price of the Common Stock on one or more of the five three (53) trading days immediately preceding the applicable Repayment Date being was less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 103101% of the Monthly Amount otherwise due on such the Repayment Date, Date within three (3) business days of the applicable Repayment Date.

Appears in 1 contract

Sources: Secured Convertible Term Note (Micro Component Technology Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was greater than 115110% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115110% of the Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 1 contract

Sources: Secured Convertible Term Note (Adstar Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in into shares of Class A Common Stock if the average closing price of the Class A Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was greater than 115or equal to 110% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Class A Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Class A Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Class A Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115110% of the Fixed Conversion Price) shall be paid in cash at the rate of 103101% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 1 contract

Sources: Secured Convertible Term Note (Locateplus Holdings Corp)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in into shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five ten (510) trading days immediately preceding such Repayment Date was greater than or equal to 115% of the then applicable Fixed Conversion Price, ; provided, however, that such conversions shall not exceed twenty twenty-five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Repayment Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 1 contract

Sources: Secured Convertible Term Note (RPM Technologies Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), --------------------------------------- 2.2, and 3.2 hereof, the Holder shall convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) trading days immediately preceding such Repayment Date was greater than or equal to 115% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 1 contract

Sources: Secured Convertible Term Note (Sequiam Corp)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, 2.2 and 3.2 hereof, the Holder shall convert into shares of Common Stock all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if according to the following guidelines (collectively, the “Conversion Criteria”): (i) the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market for the five (5) consecutive trading days immediately preceding such Repayment Notice Date was shall be greater than 115or equal to 110% of the Fixed Conversion Price, provided, however, that such conversions shall Price and (ii) the amount to be paid in shares of Common Stock does not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five ten (510) day trading period immediately preceding delivery the applicable Repayment Date. If the Conversion Criteria are not met, the Holder shall convert only such part of a Notice of the Monthly Amount that meets the Conversion to the BorrowerCriteria. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted been able to convert into shares of Common Stock due to failure to meet the Conversion Criteria, shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days preceding the applicable Repayment Date being less than 115% of the Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the Monthly Amount otherwise due on such Repayment Date, within three (3) business days of the applicable Repayment Date.

Appears in 1 contract

Sources: Secured Convertible Term Note (Coach Industries Group Inc)

Monthly Amount Conversion Guidelines. Subject to Sections 2.1(a), 2.2, and 3.2 hereof, the Holder shall elect to convert all or a portion of the Monthly Amount due on each Repayment Date in shares of Common Stock if the average closing price of the Common Stock as reported by Bloomberg, L.P. on the Principal Market (as defined in Section 4.7 hereof) for the five (5) trading days immediately preceding such Repayment Date was greater than 115110% of the Fixed Conversion Price, provided, however, that such conversions shall not exceed twenty five percent (25%) of the aggregate dollar trading volume of the Common Stock for the five (5) day trading period immediately preceding delivery of a Notice of Conversion to the Borrower. Any part of the Monthly Amount due on a Repayment Date that the Holder has not converted elected to convert into shares of Common Stock shall be paid by the Borrower in cash on such Repayment Date. Any part of the Monthly Amount due on such Repayment Date which the Holder has elected to convert into shares of Common Stock but which must be paid in cash (as a result of the closing price of the Common Stock on one or more of the five (5) trading days immediately preceding the applicable Repayment Date being was less than 115110% of the Fixed Conversion Price) shall be paid in cash at the rate of 103102% of the Monthly Amount otherwise due on such the Repayment Date, Date within three (3) business days of the applicable Repayment Date.

Appears in 1 contract

Sources: Secured Convertible Term Note (Time America Inc)