Common use of Effect of Conversion Clause in Contracts

Effect of Conversion. Upon conversion of this Note, the applicable amount of outstanding principal and accrued and unpaid interest of the Note shall be converted without any further action by the Holder; provided, however, that the Company shall not be obligated to issue certificates evidencing the securities issuable upon such conversion unless such Note is either delivered to the Company or its transfer agent, or the holder notifies the Company or its transfer agent that such Note has been lost, stolen or destroyed and executes an agreement satisfactory to the Company to indemnify it from any loss incurred by it in connection with the loss, theft or destruction of such Note. The Company shall, as soon as practicable after such delivery, or such agreement and indemnification, issue and deliver at such office to the Holder of such Note, a certificate or certificates for the securities to which the Holder shall be entitled and a check payable to the Holder in the amount of any cash amounts payable as the result of a conversion into fractional shares of the securities, as determined by the Board of Directors of the Company. Such conversion shall be deemed to have been made concurrently with the first closing of the Equity Financing. The person or persons entitled to receive securities issuable upon such conversion shall be treated for all purposes as the record holder or holders of such securities on such date. In any case, the Company shall not issue fractional shares of securities but shall pay the dollar equivalent of any fractional shares promptly following the closing date of the Equity Financing.

Effect of Conversion. No fractional units shall be issued in connection with any conversion hereunder. In lieu of any fractional units that would otherwise be issuable, the Company shall round the number of units issuable upon conversion of this Note to the nearest whole number. Upon conversion of this NoteNote pursuant to this Section, the applicable amount of outstanding principal and accrued and but unpaid interest of the this Note shall be converted without any further action by the Holder, and upon such conversion all principal and interest payable hereunder shall be deemed paid in full; provided, however, that the Company shall not be obligated to issue certificates evidencing the units of the securities issuable upon such conversion unless such Note is either delivered to the Company or its transfer agent, or the holder notifies the Company or its transfer agent that such Note has been lost, stolen or destroyed and executes and delivers an agreement satisfactory to the Company to indemnify it from any loss incurred by it in connection with the loss, theft or destruction of such Note. The Company shall, as soon as practicable after such delivery, or such agreement and indemnification, issue and deliver at such office to the such Holder of such Note, a certificate or certificates for the securities to which the Holder shall be entitled and a check payable to the Holder in the amount of any cash amounts payable as the result of a conversion into fractional shares of the securities, as determined by the Board of Directors of the Company. Such conversion shall be deemed to have been made concurrently with the first closing of the Equity Financingentitled. The person or persons entitled to receive securities issuable upon such conversion shall be treated for all purposes as the record holder or holders of such securities on such date. In any case, the Company shall not issue fractional shares of securities but shall pay the dollar equivalent of any fractional shares promptly following the closing date of the Equity Financingsuch conversion.

Effect of Conversion. No fractional units shall be issued in connection with any conversion hereunder. In lieu of any fractional units that would otherwise be issuable, the Company shall round the number of units issuable upon conversion of this Note to the nearest whole number. Upon conversion of this NoteNote pursuant to this Section 4, the applicable amount of outstanding principal and accrued and but unpaid interest of the this Note shall be converted without any further action by the Holder, and upon such conversion all principal and interest payable hereunder shall be deemed paid in full; provided, however, that the Company shall not be obligated to issue certificates evidencing the units of the securities issuable upon such conversion unless such Note is either delivered to the Company or its transfer agent, or the holder notifies the Company or its transfer agent that such Note has been lost, stolen or destroyed and executes and delivers an agreement satisfactory to the Company to indemnify it from any loss incurred by it in connection with the loss, theft or destruction of such Note. The Company shall, as soon as practicable after such delivery, or such agreement and indemnification, issue and deliver at such office to the such Holder of such Note, a certificate or certificates for the securities to which the Holder shall be entitled and a check payable to the Holder in the amount of any cash amounts payable as the result of a conversion into fractional shares of the securities, as determined by the Board of Directors of the Company. Such conversion shall be deemed to have been made concurrently with the first closing of the Equity Financingentitled. The person or persons entitled to receive securities issuable upon such conversion shall be treated for all purposes as the record holder or holders of such securities on such date. In any case, the Company shall not issue fractional shares of securities but shall pay the dollar equivalent of any fractional shares promptly following the closing date of the Equity Financingsuch conversion.

Effect of Conversion. No fractional units shall be issued in connection with any conversion hereunder. In lieu of any fractional units that would otherwise be issuable, the Company shall round the number of units issuable upon conversion of this Note to the nearest whole number. Upon conversion of this NoteNote pursuant to this Section, the applicable amount of outstanding principal and accrued and but unpaid interest of the this Note shall be converted without any further fiu1her action by the Holder, and upon such conversion all principal and interest payable hereunder shall be deemed paid in full; provided, however, that the Company shall not be obligated to issue certificates evidencing the units of the securities issuable upon such conversion unless such Note is either delivered to the Company or its transfer agent, or the holder notifies the Company or its transfer agent that such Note has been lost, stolen or destroyed and executes and delivers an agreement satisfactory to the Company to indemnify indemnity it from any loss incurred by it in connection with the loss, theft or destruction of such Note. The Company shall, as soon as practicable after such delivery, or such agreement and indemnification, issue and deliver at such office to the such Holder of such Note, a certificate or certificates for the securities to which the Holder shall be entitled and a check payable to the Holder in the amount of any cash amounts payable as the result of a conversion into fractional shares of the securities, as determined by the Board of Directors of the Company. Such conversion shall be deemed to have been made concurrently with the first closing of the Equity Financingentitled. The person or persons entitled to receive securities issuable upon such conversion shall be treated for all purposes as the record holder or holders of such securities on such date. In any case, the Company shall not issue fractional shares of securities but shall pay the dollar equivalent of any fractional shares promptly following the closing date of the Equity Financingsuch conversion.