Common use of Conversion Default Payments Clause in Contracts

Conversion Default Payments. If, at any time, (x) the Holder submits a Notice of Optional Conversion and the Corporation fails for any reason to deliver, on or prior to the first trading day following the expiration of the Delivery Period for such conversion, the shares of Common Stock to which the Holder is entitled upon such conversion in the manner required hereunder and under the Purchase Agreement, or (y) the Corporation provides notice to any holder of the Debentures at any time of its intention not to issue shares of Common Stock upon exercise by any holder of its conversion rights in accordance with the terms of the Debentures (each of (x) and (y) being a "CONVERSION DEFAULT"), then the Corporation shall pay to the Holder payments for the first ten (10) trading days following the expiration of the Delivery Period, in the case of a Conversion Default described in clause (x), and for the first ten (10) trading days of any other Conversion Default, an amount equal to $1,000 per day. In the event any Conversion Default continues beyond such ten (10) trading day period, the Holder shall be entitled to interest on the Outstanding Amount at a rate per annum equal to the lower of twenty-four percent (24%) and the highest rate permitted by applicable law from the expiration of the ten (10) trading day period described above through and including the Default Cure Date. In addition, upon the occurrence of any Conversion Default, the Holder may, by written notice to the Corporation, elect to revoke any Optional Conversion and obtain the return of the unconverted Debenture. As used herein, the "DEFAULT CURE DATE" means (i) with respect to a Conversion Default described in clause (x) of its definition, the date the Corporation effects the conversion of the full Outstanding Amount requested to be converted and (ii) with respect to a Conversion Default described in clause (y) of its definition, the date the Corporation begins to honor conversions of the Debentures in accordance with their terms.

Conversion Default Payments. If, at any time, (xi) the a Holder submits a --------------------------- Notice of Optional Conversion and the Corporation Company fails for any reason (other than due to the actions of the Holder) to deliver, on or prior to the first trading day following five business days after the expiration of the Delivery Period for such conversionConversion, the such number of shares of Common Stock to which the such Holder is entitled upon such conversion in the manner required hereunder and under the Purchase AgreementConversion, or (yii) the Corporation Company provides notice in violation of Section 5.2 of this Note (including by way of public announcement) to any holder of the Debentures Holder at any time of its intention not to issue shares of Common Stock upon exercise by any holder Holder of its conversion Conversion rights in accordance with the terms of the Debentures Notes (each of (xi) and (yii) being a "CONVERSION DEFAULTConversion Default"), then and (iii) after five business days after the Corporation applicable ------------------- Delivery Period with respect to such a Conversion, Holder purchases (in an open market transaction or otherwise) shares of Common Stock to make delivery upon a sale by Holder of the shares of Common Stock (the "Sold Shares") which Holder ----------- was entitled to receive upon such Conversion (a "Buy-in"), the Company shall pay ------ Holder (in addition to any other remedies available to Holder) the Holder payments amount by which (x) Holder's total purchase price (including brokerage commission, if any) for the first ten shares of Common Stock so purchased exceeds (10y) trading days following the expiration lesser of (A) the Conversion Price or (B) the net proceeds received by Holder from the sale of the Delivery Period, in Sold Shares. Holder shall provide the case of Company written notification indicating any amounts payable to Holder pursuant to this subsection. The payments to which a Conversion Default described in clause (x), and for the first ten (10) trading days of any other Conversion Default, an amount equal to $1,000 per day. In the event any Conversion Default continues beyond such ten (10) trading day period, the Holder shall be entitled pursuant to interest on the Outstanding Amount at a rate per annum equal this Section 5.1 are referred to the lower of twenty-four percent (24%) and the highest rate permitted by applicable law from the expiration of the ten (10) trading day period described above through and including the Default Cure Date. In addition, upon the occurrence of any Conversion Default, the Holder may, by written notice to the Corporation, elect to revoke any Optional Conversion and obtain the return of the unconverted Debenture. As used herein, the herein as "DEFAULT CURE DATE" means (i) with respect to a Conversion Default described Payments." All Conversion --------------------------- Default Payments shall be paid in clause cash within five (x5) business days of its definition, the date the Corporation effects the conversion of the full Outstanding Amount requested a Holder's demand therefore (which demand may be made at any time and from time to be converted and (ii) with respect to a Conversion Default described in clause (y) of its definition, the date the Corporation begins to honor conversions of the Debentures in accordance with their termstime).

Conversion Default Payments. If, at any time, (x) the Holder a holder of shares of Series H Preferred Stock submits a Notice of Optional Conversion and the Corporation fails for any reason (other than because such issuance would exceed such holder's allocated portion of the Reserved Amount, for which failure the holders shall have the remedies set forth in Article V) to deliver, on or prior to the first trading fourth business day following the expiration of the Delivery Period for such conversion, the shares of Common Stock to which the Holder such holder is entitled upon such conversion in the manner required hereunder and under the Purchase Agreementconversion, or (y) the Corporation provides notice to any holder of the Debentures Series H Preferred Stock at any time of its intention not to issue shares of Common Stock upon exercise by any holder of its conversion rights in accordance with the terms of this Certificate of Designations other than because such issuance would exceed such holder's allocated portion of the Debentures Reserved Amount (each of (x) and (y) being a "CONVERSION DEFAULT"), then the Corporation shall pay to the Holder affected holder, in the case of a Conversion Default described in clause (x) above, and to all holders, in the case of a Conversion Default described in clause (y) above, payments for the first ten (10) trading business days following the expiration of the Delivery Period, in the case of a Conversion Default described in clause (x), and for the first ten (10) trading business days of any other Conversion Default, an amount equal to $1,000 per day. In the event any Conversion Default continues beyond such ten (10) trading business day period, the Holder Corporation shall be entitled to interest on the Outstanding Amount at a rate per annum equal pay to the lower of twenty-four percent (24%) and the highest rate permitted by applicable law from the expiration of the ten (10) trading day period described above through and including the Default Cure Date. In addition, upon the occurrence of any Conversion Default, the Holder may, by written notice to the Corporation, elect to revoke any Optional Conversion and obtain the return of the unconverted Debenture. As used herein, the "DEFAULT CURE DATE" means (i) with respect to a Conversion Default described in clause (x) of its definition, the date the Corporation effects the conversion of the full Outstanding Amount requested to be converted and (ii) with respect to a Conversion Default described in clause (y) of its definition, the date the Corporation begins to honor conversions of the Debentures in accordance with their terms.holder an additional amount equal to:

Conversion Default Payments. If, at any time, (x) the Holder a holder of shares of Series A Preferred Stock submits a Notice of Optional Conversion and the original certificates representing the Series A Preferred Stock and the stock powers required by paragraph IV(B) and the Corporation fails for any reason (other than because such issuance would exceed such holder's allocated portion of the Reserved Amount or Cap Amount, for which failures the holders shall have the remedies set forth in Articles V and VII) to deliver, on or prior to the first trading second business day following the expiration of the Delivery Period for such conversionconversion (said period of time being the "Extended Delivery Period"), the such number of freely tradeable shares of Common Stock to which the Holder such holder is entitled upon such conversion in the manner required hereunder and under the Purchase Agreementconversion, or (y) the Corporation provides notice (including by way of public announcement) to any holder of the Debentures Series A Preferred Stock at any time of its intention not to issue freely tradeable shares of Common Stock upon exercise by any holder of of' its conversion rights in accordance with the terms of this Certificate of Designation (other than because such issuance would exceed such holder's allocated portion of the Debentures Reserved Amount or Cap Amount) (each of (x) and (y) being a "CONVERSION DEFAULTConversion Default"), then the Corporation shall pay to the Holder affected holder, in the case of a Conversion Default described in clause (x) above, and to all holders, in the case of a Conversion Default described in clause (y) above, payments for the first ten (10) trading business days following the expiration of the Extended Delivery Period, in the case of a Conversion Default described in clause (x), and for the first ten (10) trading business days of any other a Conversion DefaultDefault described in clause (y), an amount equal to $1,000 1000 per dayday for the first ten days. In the event any Conversion Default continues beyond such ten (10) trading business day period, the Holder Corporation shall be entitled pay to interest on the Outstanding Amount at a rate holder an additional amount per annum day equal to the lower of twenty-four percent (24%) and the highest rate permitted by applicable law from the expiration 1% of the ten (10) trading day period described above through and including the Default Cure Date. In addition, upon the occurrence of any Conversion Default, the Holder may, by written notice to the Corporation, elect to revoke any Optional Conversion and obtain the return Face Amount of the unconverted Debenture. As used herein, the "DEFAULT CURE DATE" means (i) Series A Preferred Stock with respect to a which the Conversion Default described in clause (x) of its definition, the date the Corporation effects the conversion of the full Outstanding Amount requested to be converted and (ii) with respect to a Conversion Default described in clause (y) of its definition, the date the Corporation begins to honor conversions of the Debentures in accordance with their termsexists.

Conversion Default Payments. If, at any time, (x) the Holder submits a Notice of Optional Conversion and the Corporation fails for any reason (other than because such issuance would exceed Holder's Reserved Amount or allocated portion of the Cap Amount, for which failures the Holder shall have the remedies set forth in Articles V and VII) to deliver, on or prior to the first trading fourth business day following the expiration of the Delivery Period for such conversion, the such number of Warrants or freely tradeable shares of Common Stock to which the Holder is entitled upon such conversion in the manner required hereunder and under the Purchase Agreementconversion, or (y) the Corporation provides notice to any holder of the Debentures Holder at any time of its intention not to issue Warrants or freely tradeable shares of Common Stock upon exercise by any holder Holder of its conversion rights in accordance with the terms of the Debentures (other than because such issuance would exceed such Holder's Reserved Amount or allocated portion of the Cap Amount) (each of (x) and (y) being a "CONVERSION DEFAULTConversion Default"), then the Corporation shall pay to the Holder Holder, payments for the first ten (10) trading business days following the expiration of the Delivery Period, in the case of a Conversion Default described in clause (x), and for the first ten (10) trading business days of any other a Conversion DefaultDefault described in clause (y), an amount equal to $1,000 500 per day. In the event any Conversion Default continues beyond such ten (10) trading business day period, the Corporation shall pay to Holder shall be entitled to interest on the Outstanding Amount at a rate per annum an additional amount equal to the lower of twenty-four percent (24%) and the highest rate permitted by applicable law from the expiration of the ten (10) trading day period described above through and including the Default Cure Date. In addition, upon the occurrence of any Conversion Default, the Holder may, by written notice to the Corporation, elect to revoke any Optional Conversion and obtain the return of the unconverted Debenture. As used herein, the "DEFAULT CURE DATE" means (i) with respect to a Conversion Default described in clause (x) of its definition, the date the Corporation effects the conversion of the full Outstanding Amount requested to be converted and (ii) with respect to a Conversion Default described in clause (y) of its definition, the date the Corporation begins to honor conversions of the Debentures in accordance with their terms.to: