Subordinated Debt Conversion

Subordinated Debt Conversion. Any conversion of the Subordinated Debt into common stock of the Borrower at any time after the date hereof, pursuant to the terms and conditions of Section 2.7 of the Subordinated Loan Agreement, in each case only so long as no cash is paid by the Company in connection with the consummation of such conversion

Subordinated Debt Conversion. Any conversion of the Subordinated Notes into Series A Preferred Stock of the Company pursuant to the terms and conditions of Section 2 of the Subordinated Notes, but only so long as no cash is paid by the Company in connection with the consummation of such conversion (other than the payment of de minimis cash in lieu of fractional shares as set forth in Section 2 of the Subordinated Notes)

Subordinated Debt Conversion. Shall mean any conversion, of the Subordinated Debt, or any portion thereof, into Conversion Shares that would not result in an Change of Control (as defined in the Senior Loan Agreement), but only so long as no cash is paid by Parent to Subordinated Lender in connection with the consummation of such conversion.