Conversion Clause Example from Business Contracts

Conversion. (a) Notwithstanding anything contained in this Note to the contrary, upon consummation of the Business Combination, the entire principal balance of this Note shall be converted into that number of shares of the Common Stock of Maker (the "Conversion Shares"), equal to: (x) the principal amount of this Note being converted pursuant to this Section 14, divided by (y) $10.00. (b) Upon any conversion of the principal amount of this Note, (i) such principal amount shall be so converted and such conve...rted portion of this Note shall become fully paid and satisfied, (ii) Payee shall surrender and deliver this Note, duly endorsed, to Maker or such other address which Maker shall designate against delivery of the Conversion Shares, and (iii) in exchange for the surrendered Note, Maker shall, at the direction of Payee, cause to be delivered to Payee (or its members or their respective affiliates) (Payee or such other persons, the "Holders") the Conversion Shares, which shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and Payee and applicable state and federal securities laws. The Holders shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Shares upon conversion of this Note pursuant hereto. View More