Common use of Discount of Purchase Note Clause in Contracts

Discount of Purchase Note. Each of the Parties hereto do hereby agree that, as described in Sections 2(a) and (b) above upon the occurrence of a Conversion Event described in Section 2(a) and (b) above, the then outstanding principal amount of the Purchase Notes owned of record and beneficially by the Purchase Noteholders who are Parties to this Agreement then being converted into Voting Common Stock of the Issuer that are held by such Purchase Note Holders would be discounted by 25% and would convert only as to 75% of the then outstanding principal amount of such Purchase Notes, plus any accrued but unpaid interest thereon.

Discount of Purchase Note. Each of the Parties hereto do hereby agree that, as described in Sections 2(a) and (b) above upon the occurrence of a Conversion Event described in Section 2(a) and (b) above, the then outstanding principal amount of the Purchase Notes Note owned of record and beneficially by the Purchase Noteholders Noteholder who are Parties is a Party to this Agreement then being converted into Voting Common Stock of the Issuer that are held by such Purchase Note Holders Holder would be discounted by 25% and would convert only as to 75% of the then outstanding principal amount of such Purchase Notes, plus any accrued but unpaid interest thereonNote.