Common use of Conversion of Convertible Note Clause in Contracts

Conversion of Convertible Note. Subject to Section 5 hereof, the Holder shall have the right, at its option, at any time from and after the date of issuance of this Convertible Note, to convert up to $500,000 the principal amount of this Convertible Note, or any portion of such principal amount, into that number of fully paid and nonassessable shares of Common Stock (as such shares shall then be constituted) determined pursuant to this Section 4. 1. The Holder shall have the right to convert the remaining $500,000 principal amount of this Convertible Note at any time following the 90th day following the date of issuance of this Convertible Note. The number of shares of Common Stock to be issued upon each conversion of this Convertible Note shall be determined by dividing the Conversion Amount (as defined below) by the Conversion Price in effect on the date (the "Conversion Date") a Notice of Conversion is delivered to the Company, as applicable, by the Holder by facsimile or other reasonable means of communication dispatched prior to 5:00 p.m., E.S.T. The term "Conversion Amount" means, with respect to any conversion of this Convertible Note, the sum of (1) the principal amount of this Convertible Note to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Convertible Note to the Conversion Date plus (3) Default Interest, if any, on the interest referred to in the immediately preceding clause (2) plus (4) at the Holder's option, any amounts owed to the Holder pursuant to Section 4.3 hereof, Section 10.1 of the Agreement or Section 10.4 of the Agreement.

Conversion of Convertible Note. Subject to Section 5 hereof, the Holder shall have the right, at its option, at any time from and after 180 days following the date of issuance of this Convertible Note, to convert up to $500,000 775,000 of the outstanding principal amount of the Convertible Note and the remaining $775,000 principal amount shall be convertible 300 days following the date of issuance of this Convertible Note, or any portion of such principal amount, . This Convertible Note shall be convertible into that number of fully paid and nonassessable shares of Common Stock (as such shares shall then be constituted) determined pursuant to this Section 4. 1. The Holder shall have the right to convert the remaining $500,000 principal amount of this Convertible Note at any time following the 90th day following the date of issuance of this Convertible Note. The number of shares of Common Stock to be issued upon each conversion of this Convertible Note shall be determined by dividing the Conversion Amount (as defined below) by the Conversion Price in effect on the date (the "Conversion Date") a Notice of Conversion is delivered to the Company, as applicable, by the Holder by facsimile or other reasonable means of communication dispatched prior to 5:00 p.m., E.S.T. E. S .T. The term "Conversion Amount" means, with respect to any conversion of this Convertible Note, the sum of (1of(1) the principal amount of this Convertible Note to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Convertible Note to the Conversion Date plus (3) Default Interest, if any, on the interest referred to in the immediately preceding clause (2) plus (4) at the Holder's option, any amounts owed to the Holder pursuant to Section 4.3 hereof, Section 10.1 of the Agreement or Section 10.4 of the Agreement.

Conversion of Convertible Note. Subject to Section 5 hereof, the The Holder shall have the right, at its option, at any time from and after the earlier to occur of (x) June 30, 1998, (y) the date the Registration Statement has been declared effective by the Commission or (z) immediately preceding the occurrence of issuance of this Convertible Notea Sale Event, to convert up to $500,000 the principal amount of this Convertible Note, or any portion of such principal amount, into that number of fully paid and nonassessable shares of Common Stock (as such shares shall then be constituted) determined pursuant to this Section 4. 1. The Holder shall have the right to convert the remaining $500,000 principal amount of this Convertible Note at any time following the 90th day following the date of issuance of this Convertible Note. The number of shares of Common Stock to be issued upon each conversion of this Convertible Note shall be determined by dividing the Conversion Amount (as defined below) by the Conversion Price in effect on the date (the "Conversion Date") a Notice of Conversion is delivered to the Company, as applicable, Company by the Holder by facsimile or other reasonable means of communication dispatched prior to 5:00 p.m., E.S.T. New York City Time. The term "Conversion Amount" means, with respect to any conversion of this Convertible Note, the sum of (1) the principal amount of this Convertible Note to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Convertible Note to the Conversion Date plus (3) Default Interest, if any, on the interest referred to in the immediately preceding clause (2) plus (4) at the Holder's option, any amounts owed to the Holder pursuant to Section 4.3 hereof, Section 10.1 of the Agreement or Section 10.4 of the Agreement.

Conversion of Convertible Note. Subject to Section 5 hereof, the The Holder shall have the right, at its option, at any time and from and time to time, after the date of issuance of this Convertible Note, hereof to convert up to $500,000 the principal amount of this Convertible Note, or any portion of such principal amountamount in the minimum amount of $1,000 or any integral multiple thereof, into that number of fully paid and nonassessable shares of Common Stock (as such shares shall then be constituted) determined pursuant to this Section 4. 1. The Holder shall have the right to convert the remaining $500,000 principal amount of this Convertible Note at any time following the 90th day following the date of issuance of this Convertible Note. The number of shares of Common Stock to be issued upon each conversion of this Convertible Note shall be determined by dividing the Conversion Amount (as defined below) by the Conversion Price in effect on the date (the "Conversion Date") a Notice of Conversion is delivered to the Company, as applicable, Company by the Holder by facsimile or other reasonable means of communication dispatched prior to 5:00 11:00 p.m., E.S.T. Eastern Standard Time PROVIDED, HOWEVER, the aggregate number of shares to be issued pursuant to the conversion of this Convertible Note and all other of the Convertible Notes shall never exceed the Maximum Number of Shares. The term "Conversion Amount" means, with respect to any conversion of this Convertible Note, the sum of (1i) the principal amount of this Convertible Note to be converted in such conversion (including any premium thereon pursuant to the Purchase Agreement) plus (2ii) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Convertible Note to the Conversion Date plus (3iii) Default Interest, if any, on the interest referred to in the immediately preceding clause (2) plus (4) at the Holder's option, any amounts owed to the Holder pursuant to Section 4.3 hereof, Section 10.1 of the Agreement or Section 10.4 of the Agreementii).