Actually, SKI take up would not have triggered the Bergen...

Actually, SKI take up would not have triggered the Bergen termination as there is no way Bergen would have agreed to terminate in those circumstances.
Rather, Bergen would have insisted on paying or "putting" to AUZ the second $4mil tranche (as AUZ, as far as I could ever see, had no right to refuse that second funding tranche. AUZ was permitted to refuse the third and final tranche). Then Bergen would have moved to immediately convert the note, as the pricing would have been based on selected VWAP days for the SP which included a significant portion of the period before SKI conversion. It would have been an amazing risk free return!

Even now, if SKI come in, I would almost guarantee that on that same day Bergen will issue a conversion notice for the $1.48 mil it has not yet converted under Tranche 1.