Mandatory Conversion Event

Mandatory Conversion Event. Means the earlier to occur of either (i) the closing of a Qualified Financing or (ii) a Company Sale.

Mandatory Conversion Event. Means, at any time on or after August 1, 2010, in the event that (i) the Closing Price equals or exceeds one hundred twenty-five percent (125%) of the then prevailing Conversion Price for at least twenty (20) Trading Days in a period of thirty (30) consecutive Trading Days, and (ii) the Company has paid in full all accrued and unpaid dividends for all past Dividend Periods, including the latest completed Dividend Period (including, if applicable as provided in Section 4(a) below, dividends on... such amount), on the shares of Series B Preferred Stock. 3 View More

Mandatory Conversion Event. Means, at any time on or after January 1, 2010, in the event that (i) the Closing Price equals or exceeds one hundred ten percent (110%) of the then prevailing Conversion Price for at least twenty (20) Trading Days in a period of thirty (30) consecutive Trading Days, and (ii) the Company has paid in full all dividends on the shares of Series A Preferred Stock for four (4) consecutive Dividend Periods.

Mandatory Conversion Event. The date, on or before August 1, 2014 on which GulfSlope shall deliver to the Company a 20% working interest in the five prospects (as amended or substituted, as set forth in the Farm-Out Agreement), all of the principal amount and accrued interest shall be converted into shares of Common Stock; in the event that pursuant to the Farm-Out Agreement, GulfSlope fails to deliver the 20% working interest ownership in five prospects, the principal amount and accrued interest on the Notes to be... mandatorily converted shall be reduced by a pro rata amount. View More