Common use of INABILITY TO CONVERT DUE TO CAP AMOUNT Clause in Contracts

INABILITY TO CONVERT DUE TO CAP AMOUNT. A. OBLIGATION TO CURE. If at any time the then unissued portion of Holder's Cap Amount is less than 135% of the number of Ordinary Shares then issuable upon conversion of Series B Preferred Shares (a "TRADING MARKET TRIGGER EVENT"), the Company shall immediately notify the Holders of such occurrence and shall take immediate action (including, if necessary, seeking the approval of its shareholders to authorize the issuance of the full number of Ordinary Shares which would be issuable upon the conversion of Series B Preferred Shares but for the Cap Amount) to eliminate any prohibitions under applicable law or the rules or regulations of any stock exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Company or any of its securities on the Company's ability to issue Ordinary Shares in excess of the Cap Amount. In the event the Company fails to eliminate all such prohibitions within ninety (90) days after the Trading Market Trigger Event, Holder shall thereafter have the option, exercisable in whole or in part at any time and from time to time by delivery of a Redemption Notice (as defined in Article VIII.C) to the Company, to require the Company to pay for cash, at the Redemption Amount, a portion of the then unissued portion of the Holder's Cap Amount such that, after giving effect to such prepayment, Holder's allocated portion of the Cap Amount exceeds 135% of the total number of Ordinary Shares issuable to Holder upon conversion of such Holder's Series B Preferred Shares on the date of such Default Notice. Additionally, if at any time and from time to time the then unissued portion of Holder's Cap Amount is less than the number of Ordinary Shares then issuable upon conversion of such Holder's Series B Preferred Shares, Holder shall thereafter have the option, exercisable in whole or in part at any time and from time to time by delivery of a Redemption Notice (as defined in Article VIII.C) to the Company, to require the Company to pay for cash, at the Redemption Amount, a portion of the then unissued portion of such Holder's Cap Amount (and accrued and unpaid Premium thereon) such that, after giving effect to such prepayment, Holder's allocated portion of the Cap Amount equals the total number of Ordinary Shares issuable to Holder upon conversion of such Holder's Series B Preferred Shares on the date of such Redemption Notice. If the Company fails to pay the Redemption Amount within five (5) business days after its receipt of a Redemption Notice, then Holder shall be entitled to the remedies provided in Article VIII.C.

INABILITY TO CONVERT DUE TO CAP AMOUNT. A. OBLIGATION TO CUREObligation to Cure. If at any time the then unissued portion of Holder's Cap Amount is less than 135% of the number of Ordinary Shares shares of Class A Common Stock then issuable upon conversion of Series B Preferred Shares this Debenture (a "TRADING MARKET TRIGGER EVENTTrading Market Trigger Event"), the Company Corporation shall immediately notify the Holders of such occurrence and shall take immediate action (including, if necessary, seeking the approval of its shareholders to authorize the issuance of the full number of Ordinary Shares shares of Class A Common Stock which would be issuable upon the conversion of Series B Preferred Shares this Debenture but for the Cap Amount) to eliminate any prohibitions under applicable law or the rules or regulations of any stock exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Company Corporation or any of its securities on the CompanyCorporation's ability to issue Ordinary Shares shares of Class A Common Stock in excess of the Cap Amount. In the event the Company Corporation fails to eliminate all such prohibitions within ninety one hundred twenty (90120) days after the Trading Market Trigger Event, Holder shall thereafter have the option, exercisable in whole or in part at any time and from time to time by delivery of a Redemption Default Notice (as defined in Article VIII.C) to the CompanyCorporation, to require the Company Corporation to pay for cash, at the Redemption Default Amount, a portion of the then unissued portion principal amount of the Holder's Cap Amount this Debenture (and accrued and unpaid interest thereon) such that, after giving effect to such prepayment, Holder's allocated portion of the Cap Amount exceeds 135% of the total number of Ordinary Shares shares of Class A Common Stock issuable to Holder upon conversion of such Holder's Series B Preferred Shares this Debenture on the date of such Default Notice. Additionally, if at any time and from time to time the then unissued portion of Holder's Cap Amount is less than the number of Ordinary Shares shares of Class A Common Stock then issuable upon conversion of such Holder's Series B Preferred Sharesthis Debenture, Holder shall thereafter have the option, exercisable in whole or in part at any time and from time to time by delivery of a Redemption Default Notice (as defined in Article VIII.C) to the CompanyCorporation, to require the Company Corporation to pay for cash, at the Redemption Default Amount, a portion of the then unissued portion principal amount of such Holder's Cap Amount this Debenture (and accrued and unpaid Premium interest thereon) such that, after giving effect to such prepayment, Holder's allocated portion of the Cap Amount equals the total number of Ordinary Shares shares of Class A Common Stock issuable to Holder upon conversion of such Holder's Series B Preferred Shares this Debenture on the date of such Redemption Default Notice. If the Company Corporation fails to pay the Redemption Default Amount within five (5) business days after its receipt of a Redemption Default Notice, then Holder shall be entitled to the remedies provided in Article VIII.C.

INABILITY TO CONVERT DUE TO CAP AMOUNT. A. OBLIGATION TO CUREObligation to Cure. If at any time the then unissued portion of Holder's Cap Amount is less than 135% of the number of Ordinary Shares shares of Common Stock then issuable upon conversion of Series B Preferred Shares this Debenture (a "TRADING MARKET TRIGGER EVENTTrading Market Trigger Event"), the Company Corporation shall immediately notify the Holders of such occurrence and shall take immediate action (including, if necessary, seeking the approval of its shareholders to authorize the issuance of the full number of Ordinary Shares shares of Common Stock which would be issuable upon the conversion of Series B Preferred Shares this Debenture but for the Cap Amount) to eliminate any prohibitions under applicable law or the rules or regulations of any stock exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Company Corporation or any of its securities on the CompanyCorporation's ability to issue Ordinary Shares shares of Common Stock in excess of the Cap Amount. In the event the Company Corporation fails to eliminate all such prohibitions within ninety (90) days after the Trading Market Trigger Event, Holder shall thereafter have the option, exercisable in whole or in part at any time and from time to time by delivery of a Redemption Default Notice (as defined in Article VIII.C) to the CompanyCorporation, to require the Company Corporation to pay for cash, at the Redemption AmountDefault Amount (as defined in Article VIII.B), a portion of the then unissued portion principal amount of the Holder's Cap Amount this Debenture (and accrued and unpaid interest thereon) such that, after giving effect to such prepayment, Holder's allocated portion of the Cap Amount exceeds 135% of the total number of Ordinary Shares shares of Common Stock issuable to Holder upon conversion of such Holder's Series B Preferred Shares this Debenture on the date of such Default Notice. Additionally, if at any time and from time to time the then unissued portion of Holder's Cap Amount is less than the number of Ordinary Shares then issuable upon conversion of such Holder's Series B Preferred Shares, Holder shall thereafter have the option, exercisable in whole or in part at any time and from time to time by delivery of a Redemption Notice (as defined in Article VIII.C) to the Company, to require the Company to pay for cash, at the Redemption Amount, a portion of the then unissued portion of such Holder's Cap Amount (and accrued and unpaid Premium thereon) such that, after giving effect to such prepayment, Holder's allocated portion of the Cap Amount equals the total number of Ordinary Shares issuable to Holder upon conversion of such Holder's Series B Preferred Shares on the date of such Redemption Notice. If the Company Corporation fails to pay the Redemption Default Amount within five (5) business days after its receipt of a Redemption Default Notice, then Holder shall be entitled to the remedies provided in Article VIII.C.

INABILITY TO CONVERT DUE TO CAP AMOUNT. A. OBLIGATION TO CURE. If at any time the then unissued portion of Holder's Cap Amount is less than 135% of the number of Ordinary Shares shares of Common Stock then issuable upon conversion of Series B Preferred Shares this Debenture (a "TRADING MARKET TRIGGER EVENT"), the Company Corporation shall immediately notify the Holders of such occurrence and shall take immediate action (including, if necessary, seeking the approval of its shareholders to authorize the issuance of the full number of Ordinary Shares shares of Common Stock which would be issuable upon the conversion of Series B Preferred Shares this Debenture but for the Cap Amount) to eliminate any prohibitions under applicable law or the rules or regulations of any stock exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Company Corporation or any of its securities on the CompanyCorporation's ability to issue Ordinary Shares shares of Common Stock in excess of the Cap Amount. In the event the Company Corporation fails to eliminate all such prohibitions within ninety (90) days after the Trading Market Trigger Event, Holder shall thereafter have the option, exercisable in whole or in part at any time and from time to time by delivery of a Redemption Default Notice (as defined in Article VIII.C) to the CompanyCorporation, to require the Company Corporation to pay for cash, at the Redemption Default Amount, a portion of the then unissued portion principal amount of the Holder's Cap Amount this Debenture (and accrued and unpaid interest thereon) such that, after giving effect to such prepayment, Holder's allocated portion of the Cap Amount exceeds 135% of the total number of Ordinary Shares shares of Common Stock issuable to Holder upon conversion of such Holder's Series B Preferred Shares this Debenture on the date of such Default Notice. Additionally, if at any time and from time to time the then unissued portion of Holder's Cap Amount is less than the number of Ordinary Shares shares of Common Stock then issuable upon conversion of such Holder's Series B Preferred Sharesthis Debenture, Holder shall thereafter have the option, exercisable in whole or in part at any time and from time to time by delivery of a Redemption Default Notice (as defined in Article VIII.C) to the CompanyCorporation, to require the Company Corporation to pay for cash, at the Redemption Default Amount, a portion of the then unissued portion principal amount of such Holder's Cap Amount this Debenture (and accrued and unpaid Premium interest thereon) such that, after giving effect to such prepayment, Holder's allocated portion of the Cap Amount equals the total number of Ordinary Shares shares of Common Stock issuable to Holder upon conversion of such Holder's Series B Preferred Shares this Debenture on the date of such Redemption Default Notice. If the Company Corporation fails to pay the Redemption Default Amount within five (5) business days after its receipt of a Redemption Default Notice, then Holder shall be entitled to the remedies provided in Article VIII.C.