I wonder if the 19.9 % is now on the adjusted number of outstanding shares or the original 294.817 million. I'm assuming the adjusted number!

CRRC shall only be permitted to convert such amount of the Note Facility such that the number of common shares of Crystallex beneficially owned in the aggregate by CRRC and any of its affiliates shall not exceed 19.9% of the outstanding common shares of Crystallex calculated on the date of conversion.

The 19.9% cap seems to be in effect at all times, but specific to the Note Facility conversion at $.40 that has a 5 year exercise period, the 19.9% limit is at the date of CRRC electing the conversion. CRRC also has an equity participation right to keep their relative ownership interest unless their ownership falls below 5% of KRY shares.