Common use of Payment of Monthly Amount in Cash or Common Stock Clause in Contracts

Payment of Monthly Amount in Cash or Common Stock. Not later than the fifth (5th) business day prior to each Repayment Date (the “Notice Date”), the Holder may deliver to Borrower a written notice in the form of Exhibit B attached hereto directing the Borrower to pay the Monthly Amount payable on the next Repayment Date in either cash or Common Stock, or a combination of both (each, a “Repayment Notice”). If a Repayment Notice is not delivered by the Holder on or before the applicable Notice Date for such Repayment Date, then, subject to Section 2.1(b), the Borrower shall pay the Monthly Amount due on such Repayment Date in cash. In the event the Borrower shall be required to pay any portion of the Monthly Amount in respect of principal in cash, the Borrower shall pay to the Holder in respect to such payment an amount equal to 101% of such principal amount. If the Holder elects to convert all or a portion of any Monthly Amount into shares of Common Stock as provided herein, the number of such shares to be issued by the Borrower to the Holder on such Repayment Date shall be the number determined by dividing (x) the portion of the Monthly Amount to be paid in shares of Common Stock, by (y) the then applicable Fixed Conversion Price. For purposes hereof, the initial “Fixed Conversion Price” means $0.40. [To be filled in on Closing Date and equal to 102% of the average closing price for the ten (10) trading days immediately prior to the date of this Note, provided however, that the Fixed Conversion Price shall not exceed 105% of the closing price of the Common Stock on the trading day prior to the date hereof].

Payment of Monthly Amount in Cash or Common Stock. Not later than Subject to paragraph (b) each month by the fifth (5th) business day prior to each Repayment Date (the “Notice Date”), the Holder may shall deliver to Borrower a written notice in the form of Exhibit B attached hereto directing (each, a “Repayment Notice”) stating whether, according to the Borrower to pay Conversion Criteria (as defined below), the Monthly Amount payable on the next Repayment Date shall be paid in either cash or Common Stock, or a combination of both (each, a “Repayment Notice”)both. If a Repayment Notice is not delivered by the Holder on or before the applicable Notice Date for such Repayment Date, then, subject to Section 2.1(b), then the Borrower shall pay the Monthly Amount due on such Repayment Date in cash. In the event the Borrower shall be required to pay any Any portion of the Monthly Amount paid in respect of principal in cashcash on a Repayment Date, the Borrower shall pay be paid to the Holder in respect to such payment an amount equal to 101102% of such principal amount. If the Holder elects to convert all or a portion of any Monthly Amount into shares of Common Stock as provided herein, the The number of such shares to be issued by the Borrower to the Holder on such Repayment Date shall be the number determined by dividing (x) the in respect of such portion of the Monthly Amount to be paid converted into in shares of Common Stock, by (y) the then applicable Fixed Conversion Price. For purposes hereof, the initial “Fixed Conversion Price” means $0.40. [To be filled in on Closing Date and equal to 102% of the average closing price for the ten (10) trading days immediately prior to the date of this Note, provided however, that the Fixed Conversion Price shall not exceed 105% of the closing price of the Common Stock on the trading day prior to the date hereof].pursuant

Payment of Monthly Amount in Cash or Common Stock. Not later than Each month by the fifth (5th) business day prior to each Repayment Amortization Date (the “Notice Date”), the Holder may shall deliver to Borrower a written notice in the form of Exhibit B attached hereto directing the Borrower to pay converting the Monthly Amount payable on the next Repayment Date in either cash or Common Stock, or a combination of both (each, a “Repayment Notice”). If a Repayment Notice is not delivered by the Holder on or before the applicable Notice Date for such Repayment Date, then, subject to Section 2.1(b), then the Borrower shall pay the Monthly Amount due on such Repayment Date in cash. In Any portion of the event the Borrower Monthly Amount paid in cash on a Repayment Date, shall be required paid to pay any the Holder an amount equal to 102% of the principal portion of the Monthly Amount due and owing to Holder on the Repayment Date. If the Holder converts all or a portion of the Monthly Amount in respect of principal in cash, the Borrower shall pay to the Holder in respect to such payment an amount equal to 101% of such principal amount. If the Holder elects to convert all or a portion of any Monthly Amount into shares of Common Stock as provided herein, the number of such shares to be issued by the Borrower to the Holder on such Repayment Date shall be the number determined by dividing (x) the portion of the Monthly Amount to be paid in shares of Common Stock, by (y) the then applicable Fixed Conversion Price. For purposes hereof, the initial “Fixed Conversion Price” means $0.40. [To be filled in ______ (which has been determined on Closing Date and the date of this Note as an amount equal to 102105% of the average closing price for the ten (10) trading days immediately prior to the date of this Note, provided however, that the Fixed Conversion Price shall not exceed 105% of the closing price of the Common Stock on the trading day prior to the date hereof]).

Payment of Monthly Amount in Cash or Common Stock. Not later than Each month by the fifth (5th) business day prior to each Repayment Amortization Date (the “Notice Date”), the Holder may shall deliver to Borrower a written notice in the form of Exhibit B attached hereto directing the Borrower electing to pay convert the Monthly Amount payable on the next Repayment Date in either cash or Common Stock, or a combination of both (each, a “Repayment Election Notice”). If a Repayment Election Notice is not delivered by the Holder on or before the applicable Notice Date for such Repayment Date, then, subject to Section 2.1(b), then the Borrower shall pay the Monthly Amount due on such Repayment Date in cash. In the event the Borrower shall be required to pay any Any portion of the Monthly Amount paid in respect of principal in cashcash on a Repayment Date, the Borrower shall pay be paid to the Holder in respect to such payment an amount equal to 101% of such the principal amountportion of the Monthly Amount due and owing to Holder on the Repayment Date. If the Holder elects to convert converts all or a portion of any the Monthly Amount into in shares of Common Stock as provided hereinStock, the number of such shares to be issued by the Borrower to the Holder on such Repayment Date shall be the number determined by dividing (x) the portion of the Monthly Amount to be paid in shares of Common Stock, by (y) the then applicable Fixed Conversion Price. For purposes hereof, the initial “Fixed Conversion Price” means $0.40. [To be filled in on Closing Date and equal to 102% of the average closing price for the ten (10) trading days immediately prior to the date of this Note, provided however, that the Fixed Conversion Price shall not exceed 105% of the closing price of the Common Stock on the trading day prior to the date hereof]1.79.