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 Private Placement Warrants (as defined in that certain Warrant Agreement, dated June 15, 2021, by and between the Maker and Continental Stock Transfer & Trust Company), at a price of $2.00 per Private Placement Warrant. 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 warrant certificate or certificates (issued in the name(s) requested by Payee), or made appropriate book-entry notation on the books and records of the Maker, for the number of Warrants of Maker issuable upon the conversion of this Note. View More