Posted On: 09/25/2015 8:35:50 PM
Post# of 11039
Re: phx_invest #4086
Most all notes issued from lenders in the OTC are convertible because these companies are in debt and the only way for the lenders to make any profit is from conversions. The terms for these notes are to follow:
"The issuance of securities having a conversion privilege imposes an
obligation of reasonable diligence upon the company granting the
privilege, and requires it to keep itself in readiness lawfully to comply
with its obligation to convert 30 A refusal or failure to effect a conversion upon proper demand constitutes a breach of contract for which
the privilege holder is entitled to sue for damages.31"
"The issuance of securities having a conversion privilege imposes an
obligation of reasonable diligence upon the company granting the
privilege, and requires it to keep itself in readiness lawfully to comply
with its obligation to convert 30 A refusal or failure to effect a conversion upon proper demand constitutes a breach of contract for which
the privilege holder is entitled to sue for damages.31"
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