Common use of Prepayment and Redemption Clause in Contracts

Prepayment and Redemption. At any time upon ten (10) days written notice to the Holder, and provided the Holder accepts such notice in its sole discretion, the Company may prepay any portion of the principal amount of this Note and any accrued and unpaid interest. If the Company exercises its right to prepay the Note, the Company shall make payment to the Holder of an amount in cash equal to the sum of the then outstanding principal amount of this Note and interest multiplied by 150% on the 10th day after the respective written notice. The Holder may continue to convert up to 50% of the total outstanding amount of the Note from the date notice of the prepayment is given until the date of the prepayment. However, in the event that the prepayment amount is not paid to the Holder on the 10th day after the respective written notice, it shall be considered an event of default under Section 6(a)(ii) of this Note, and the prepayment notice shall be treated as null and void. Upon the occurrence of an Event of Default, which is not cured within ten (10) business days after the Holder provides written notice of such applicable Event of Default to the Company, the Holder shall have the right to require the Company to make payment to the Holder of an amount in cash equal to the sum of the then outstanding principal amount of this Note and interest multiplied by 150%.

Prepayment and Redemption. At any time upon ten (10) days written notice to the Holder, and provided the Holder accepts such notice in its sole discretion, the Company may prepay any portion of the principal amount of this Note and any accrued and unpaid interest. If the Company exercises its right to prepay the Note, the Company shall make payment to the Holder of an amount in cash equal to the sum of the then outstanding principal amount of this Note and interest multiplied by 150125% on the 10th day after the respective written notice. The Holder may continue to convert up to 50% of the total outstanding amount of the Note from the date notice of the prepayment is given until the date of the prepayment. However, in the event that the prepayment amount is not paid to the Holder on the 10th day after the respective written notice, it shall be considered an event of default under Section 6(a)(ii) of this Note, and the prepayment notice shall be treated as null and void. Upon the occurrence of an Event of Default, which is not cured within ten (10) business days after the Holder provides written notice of such applicable Event of Default to the Company, the Holder shall have the right to require the Company to make payment to the Holder of an amount in cash equal to the sum of the then outstanding principal amount of this Note and interest multiplied by 150%.

Prepayment and Redemption. At any time upon ten (10) days written notice to the Holder, and provided the Holder accepts such notice in its sole discretion, the Company may prepay any portion of the principal amount of this Note and any accrued and unpaid interest. If the Company exercises its right to prepay the Note, the Company shall make payment to the Holder of an amount in cash equal to the sum of the then outstanding principal amount of this Note and interest multiplied by 150125% on the 10th day after the respective written notice. The Holder may continue to convert up to 50% of the total outstanding amount of the Note from the date notice of the prepayment is given until the date of the prepayment. However, in the event that the prepayment amount is not paid to the Holder on the 10th day after the respective written notice, it shall be considered an event of default under Section 6(a)(ii) of this Note, and the prepayment notice shall be treated as null and void. Upon the occurrence of an Event of Default, which is not cured within ten (10) business days after the Holder provides written notice of such applicable Event of Default to the Company, the Holder shall have the right to require the Company to make payment to the Holder of an amount in cash equal to the sum of the then outstanding principal amount of this Note and interest multiplied by 150%. The Company shall not use any of the proceeds from the future equity line identified in the Term Sheet towards the prepayment of this Note.