Conversion Clause Example from Business Contracts

Conversion. Upon consummation of a Business Combination, the Payee shall have the option, but not the obligation, to convert the principal balance of this Note, in whole or in part at the option of the Payee, into units ("Units") of the Maker at a price of $10.00 per Unit, each Unit being identical to the "private units" (as defined in Maker's final prospectus dated March 5, 2019). As promptly after notice by Payee to Maker to convert the principal balance of this Note, which must be made at least 24 hours ...prior to the consummation of the Business Combination, as reasonably practicable and after Payee's surrender of this Note, Maker shall have issued and delivered to Payee, without any charge to Payee, a certificate or certificates (issued in the name(s) requested by Payee) for the number of Units of Maker issuable upon the conversion of this Note. View More