Common use of Capital Raising Limitations Clause in Contracts

Capital Raising Limitations. For a period of one hundred eighty (180) days following the date of Last Closing, the Company shall not issue or agree to issue, except (i) as contemplated hereunder, (ii) pursuant to an offering or offerings which, combined with this Offering, do not, in the aggregate, exceed five million dollars ($5,000,000 U.S.), as further limited below (a "Limited Offering"), (iii) pursuant to any employee stock purchase plan or employee stock option plan of the Company in effect on June 10, 1997, and disclosed in the Disclosure Documents, or (iv) pursuant to any security, option, warrant, scrip, call or commitment or right disclosed in the Capitalization Schedule, any equity securities of the Company (or any security convertible into or exercisable or exchangeable, directly or indirectly, for equity securities of the Company) if such securities are issued at a price (or in the case of securities which are convertible into or exercisable or exchangeable, directly or indirectly, for Common Stock, if such securities are convertible, exercisable or exchangeable, as appropriate, at a conversion price, exercise price or exchange price) less than the current market price for Common Stock on the date of issuance (in the case of Common Stock) or the conversion, exercise or exchange date (in the case of securities convertible into or exercisable or exchangeable, directly or indirectly, for Common Stock). In addition, during such period, the Company shall not issue, or agree to issue, any debt securities which are issued at a discount to the principal amount thereof. Notwithstanding the above, a Limited Offering is further limited as follows: the terms of the securities in a Limited Offering must be on the same or substantially similar terms as the Series A Preferred Stock being issued in this Offering; including but not limited to the requirement that the securities in a Limited Offering (a) shall not be convertible into Common Stock at a discount of less than 85% of the market price and (b) shall not be convertible into Common Stock prior to the date that is six (6) months after the Last Closing of this Offering.

Capital Raising Limitations. For a period of one hundred eighty (180) days following the date of Last Closing, the Company shall not issue or agree to issue, except (i) as contemplated hereunder, (ii) pursuant to an offering or offerings which, combined with this Offering, do not, in the aggregate, exceed five million dollars ($5,000,000 U.S.), as further limited below (a "Limited Offering"), (iii) pursuant to any employee stock purchase plan or employee stock option plan of the Company in effect on June 10, 1997, and disclosed in the Disclosure Documents, or (iv) pursuant to any security, option, warrant, scrip, call or commitment or right disclosed in the Capitalization Schedule, any equity securities of the Company (or any security convertible into or exercisable or exchangeable, directly or indirectly, for equity securities of the Company) if such securities are issued at a price (or in the case of securities which are convertible into or exercisable or exchangeable, directly or indirectly, for Common Stock, if such securities are convertible, exercisable or exchangeable, as appropriate, at a conversion price, exercise price or exchange price) less than the current market price for Common Stock on the date of issuance (in the case of Common Stock) or the conversion, exercise or exchange date (in the case of securities convertible into or exercisable or exchangeable, directly or indirectly, for Common Stock). In addition, during such period, the Company shall not issue, or agree to issue, any debt securities which are issued at a discount to the principal amount thereof. Notwithstanding the above, a Limited Offering is further limited as follows: the terms of the securities in a Limited Offering must be on the same or substantially similar terms as the Series A Preferred Stock being issued in this Offering; including but not limited to the requirement that the securities in a Limited Offering (a) shall not be convertible into Common Stock at a discount of less than 85% of the market price and (b) shall not be convertible into Common Stock prior to the date that is six (6) months after the Last Closing of this Offering.Notwithstanding