Common use of Holder Right to Convert Clause in Contracts

Holder Right to Convert. The Holder is entitled, at its option, to convert, and sell on the same day, at any time and from time to time commencing on the date hereof until the Maturity Date, all or any part of the principal amount of the Note into shares (the "Conversion Shares") of the Borrower's Common Stock, at the price per share equal to the lesser of (i) $0.75 or (ii) 70% of the average of the closing bid price for the Borrower's Common Stock for the 20 days preceding the Conversion Notice, as reported by the exchange on which the Company's Common Stock is then traded, but in no event less than $0.30 per share (the "Conversion Price"). No fraction of shares or scrip representing fractions of shares will be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share. To convert this Note, the Holder hereof shall deliver written notice thereof, substantially in the form of Exhibit "A" to this Note, with appropriate insertions (the "Conversion Notice"), to the Borrower at its address as set forth herein. The date upon which the conversion shall be effective (the "Conversion Date") shall be deemed to be the date set forth in the Conversion Notice.

Holder Right to Convert. The Holder is entitled, at its option, to convert, and sell on the same day, at any time and from time to time commencing on the date hereof until the Maturity Date, all or any part of the principal amount of the Note into shares (the "“Conversion Shares"”) of the Borrower's ’s Common Stock, at the price per share equal to the lesser of (i) $0.75 or (ii) 7080% of the average of the closing bid price for the Borrower's ’s Common Stock for the 20 days preceding the Conversion Notice, as reported by the exchange on which the Company's ’s Common Stock is then traded, but in no event less than $0.30 0.40 per share (the "“Conversion Price"”). No fraction of shares or scrip representing fractions of shares will be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share. To convert this Note, the Holder hereof shall deliver written notice thereof, substantially in the form of Exhibit "“A" ” to this Note, with appropriate insertions (the "“Conversion Notice"”), to the Borrower at its address as set forth herein. The date upon which the conversion shall be effective (the "“Conversion Date"”) shall be deemed to be the date set forth in the Conversion Notice.