Common use of Limitation on Future Financing Clause in Contracts

Limitation on Future Financing. The Company agrees that it will not enter into any sale of its securities for cash at a discount to the then-current bid price until the earlier of repayment in full of all of the Convertible Debentures, or 120 days after the effective date of the Registration Statement except for any sales (i) pursuant to any presently existing employee benefit plan which plan has been approved by the Company's stockholders, (ii) pursuant to any compensatory plan for a full-time employee or key consultant, (iv) pursuant to any transaction arranged through Ladenburg Xxxxxxxx & Co., Inc. or (iv) with the prior approval of a majority in interest of the Lenders, which will not be unreasonably withheld, in connection with a strategic partnership or other business transaction, the principal purpose of which is not simply to raise money.

Limitation on Future Financing. The Company agrees that it will not enter into any sale of its securities for cash at a discount to the then-current bid price until the earlier of repayment in full of all of the Convertible Debentures, or 120 days after the effective date of the Registration Statement except for any sales (i) pursuant to any presently existing employee benefit plan which plan has been approved by the Company's stockholders, (ii) pursuant to any compensatory plan for a full-time employee or key consultant, (iviii) pursuant to any transaction arranged through Ladenburg Xxxxxxxx & Co., Inc. or (iv) with the prior approval of a majority in interest of the Lenders, which will not be unreasonably withheld, in connection with a strategic partnership or other business transaction, the principal purpose of which is not simply to raise money.