Common use of Exchange of Note Clause in Contracts

Exchange of Note. As promptly as practicable following the date of ---------------- the Qualifying Equity Financing, the Lender shall deliver the Note to the Company. The conversion of the Note shall be deemed to have been effected immediately upon the closing of the Qualifying Equity Financing, and at such time the rights of the Lender to receive principal and interest shall cease, and the Lender shall be treated for all purposes as the record holder of the number of shares of Common Stock or Preferred Stock, as the case may be, into which this Note converts in accordance herewith. As promptly as practicable after the receipt of the Note from Lender, the Company shall cause to be issued and delivered to the Lender a certificate or certificates for the number of shares of Common Stock or Preferred Stock, as the case may be, issuable upon conversion of the Note. Such certificate or certificates shall bear such legends required, in the opinion of counsel for the Company, under applicable securities laws.

Exchange of Note. As promptly as practicable following the date of ---------------- the Qualifying Qualified Equity Financing, the Lender shall deliver the Note to the Company. The conversion of the Note shall be deemed to have been effected immediately upon the closing of the Qualifying Qualified Equity Financing, and at such time the rights of the Lender to receive principal and interest shall cease, and the Lender shall be treated for all purposes as the record holder of the number of shares of Common Stock or Preferred Stock, as the case may be, into which this Note converts in accordance herewith. As promptly as practicable after the receipt of the Note from Lender, the Company shall cause to be issued and delivered to the Lender a certificate or certificates for the number of shares of Common Stock or Preferred Stock, as the case may be, issuable upon conversion of the Note. Such certificate or certificates shall bear such legends required, in the opinion of counsel for the Company, under applicable securities lawslaw.