Common use of Permissive Redemption Clause in Contracts

Permissive Redemption. The Company has the right to redeem the Preferred Stock, in whole or in part, in cash at one hundred thirty (130%) percent of the Liquidation Value, as defined in the Amended Certificate of Secretary of the 8% Convertible Preferred Stock Series 97-G, for any Preferred Stock for which a Notice of Conversion has not been sent. Upon notice of its right to redeem the Preferred Stock, the Company shall wire transfer the appropriate amount of funds into an escrow account mutually agreed upon by both Company and Subscriber within three (3) business days of such notice. Additionally, if after the passage of three (3) business days from the receipt by the Subscriber of the notice of the Company's right to redeem the Preferred Stock and the time funds are received by the escrow agent, the Company has not deposited into escrow the appropriate amount of funds to redeem the Preferred Stock, the Company shall pay to the Subscriber an amount equal to five (5%) percent per month of the Liquidation Value of the Preferred Stock held by Subscriber on a pro rata basis in cash. After the escrow agent is in receipt of such funds, he shall notify the Subscriber to surrender the appropriate amount of Preferred Stock. If after three (3) business days from the date the notice of redemption is received by the Subscriber the funds have not been received by the escrow agent, then the Subscriber shall again have the right to convert the Preferred Stock and the Company shall have the right to redeem the Preferred Stock but only upon simultaneously sending a notice of redemption to the Subscriber and wire transferring the appropriate amount of funds.

Permissive Redemption. The Company has the right to redeem the Preferred Stock, in whole or in part, in cash at one hundred thirty (130%) percent of the Liquidation Value, as defined in the Amended Certificate of Secretary of the 86% Convertible Preferred Stock Series 9798-GA, plus accrued and unpaid dividends (the "Redemption Price"), for any Preferred Stock for which a Notice of Conversion has not been sent. Upon receipt by Subscriber of notice by the Company (the "Redemption Notice") of its right to redeem the Preferred StockStock (the "Redemption Date"), the Company shall wire transfer the appropriate amount of funds into an escrow account mutually agreed upon by both the Company and Subscriber within three (3) business days of such noticethe Redemption Date. Additionally, if after the passage of three (3) business days from the receipt by the Subscriber of the notice of the Company's right to redeem the Preferred Stock and the time funds are received by the escrow agent, the Company has not deposited into escrow the appropriate amount Redemption Price for the benefit of funds to redeem the Preferred StockSubscriber, within three (3) business days after the Redemption Date, the Company shall pay to the Subscriber an amount equal to five (5%) percent per month thereafter of the Liquidation Value of the Preferred Stock held by Subscriber being redeemed on a pro rata basis in cash. After the escrow agent is in receipt of such fundsthe Redemption Price, he shall notify the Subscriber to surrender the appropriate amount number of shares of Preferred Stock. If after the escrow agent has not received the Redemption Funds within three (3) business days from the date the notice of redemption is received by the Subscriber the funds have not been received by the escrow agentRedemption Date, then the Subscriber shall again have the right to convert the Preferred Stock Stock, and thereafter the Company shall only have the right to redeem the Preferred Stock but only upon simultaneously by sending a notice of redemption Redemption Notice to the Subscriber and simultaneously wire transferring the appropriate amount of fundsRedemption Price.

Permissive Redemption. The Company has the right to redeem the Preferred Stock, in whole or in part, in cash at one hundred thirty (130%) percent of the Liquidation Value, as defined in the Amended Certificate of Secretary of the 8% Convertible Preferred Stock Series 97-GF, for any Preferred Stock for For which a Notice of Conversion has not been sent. Upon notice of its right to redeem the Preferred Stock, the Company shall wire transfer the appropriate amount of funds into an escrow account mutually agreed upon by both Company and Subscriber within three (3) business days of such notice. Additionally, if after the passage of three (3) business days from the receipt by the Subscriber of the notice of the Company's right to redeem the Preferred Stock and the time funds are received by the escrow agent, the Company has not deposited into escrow the appropriate amount of funds to redeem the Preferred Stock, the Company shall pay to the Subscriber an amount equal to five (5%) percent per month of the Liquidation Value of the Preferred Stock held by Subscriber on a pro rata basis in cash. After the escrow agent is in receipt of such funds, he shall notify the Subscriber to surrender the appropriate amount of Preferred Stock. If after three (3) business days from the date the notice of redemption is received by the Subscriber the funds have not been received by the escrow agent, then the Subscriber shall again have the right to convert the Preferred Stock and the Company shall have the right to redeem the Preferred Stock but only upon simultaneously sending a notice of redemption to the Subscriber and wire transferring the appropriate amount of funds.

Permissive Redemption. The Company has the right to redeem the Preferred Stock, in whole or in part, in cash at one hundred thirty (130%) percent of the Liquidation Value, as defined in the Amended Certificate of Secretary of the 86% Convertible Preferred Stock Series 9798-GA, plus accrued and unpaid dividends (the "Redemption Price"), for any Preferred Stock for which a Notice of Conversion has not been sent. Upon receipt by Subscribers of notice by the Company (the "Redemption Notice") of its right to redeem the Preferred StockStock (the "Redemption Date"), the Company shall wire transfer the appropriate amount of funds into an escrow account mutually agreed upon by both the Company and Subscriber Subscribers within three (3) business days of such noticethe Redemption Date. Additionally, if after the passage of three (3) business days from the receipt by the Subscriber of the notice of the Company's right to redeem the Preferred Stock and the time funds are received by the escrow agent, the Company has not deposited into escrow the appropriate amount Redemption Price for the benefit of funds to redeem the Preferred StockSubscribers, within three (3) business days after the Redemption Date, the Company shall pay to the Subscriber Subscribers an amount equal to five (5%) percent per month thereafter of the Liquidation Value of the Preferred Stock held by Subscriber being redeemed on a pro rata basis in cash. After the escrow agent is in receipt of such fundsthe Redemption Price, he shall notify the Subscriber Subscribers to surrender the appropriate amount number of shares of Preferred Stock. If after the escrow agent has not received the Redemption Funds within three (3) business days from the date Redemption Date, the notice of redemption is received by the Subscriber the funds have not been received by the escrow agent, then the Subscriber Subscribers shall again have the right to convert the Preferred Stock Stock, and thereafter the Company shall only have the right to redeem the Preferred Stock but only upon simultaneously by sending a notice of redemption Redemption Notice to the Subscriber Subscribers and simultaneously wire transferring the appropriate amount of fundsRedemption Price.