Automatic Conversion

Example Definitions of "Automatic Conversion"
Automatic Conversion. Either (a) Iconic holdings, LLC, a significant creditor of the Company, converts its balance of the convertible note issued to it and now outstanding, to common stock at a price of at least $.01 per share, (b) on the 90th day following the date of this note. In the event of either condition, then the balance of this note and interest accrued, shall be immediately and automatically converted without the consent of the Holder, to common stock of the Company, at the same price.
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