Mandatory Conversion Event

Example Definitions of "Mandatory Conversion Event"
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
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