Common use of Purchase of Preferred Shares Clause in Contracts

Purchase of Preferred Shares. Subject to satisfaction (or waiver) ---------------------------- of the conditions set forth in Sections 6(a) and 7(a), the Company shall issue and sell to the Buyers and the Buyers severally shall purchase from the Company an aggregate of 400 Initial Preferred Shares in the respective amounts set forth opposite each Buyer's name on the Schedule of Buyers along with the related Warrants (the "Initial Closing"). Subject to the satisfaction (or waiver) of the conditions set forth in Sections 1(c), 6(b) and 7(b), at the option of each Buyer, the Company shall issue and sell to each such Buyer and each such Buyer may purchase from the Company that number of Additional Preferred Shares equal to up to the sum of (i) the number of Preferred Shares held by such Buyer on the date which is one year after the Initial Closing Date and (ii) the number of Preferred Shares converted by such Buyer, before the date which is one year after the Initial Closing Date at a Conversion Price equal to the Fixed Conversion Price of such Preferred Shares as in effect on the date of conversion along with the related Warrants (the "Additional Closing" and together with the Initial Closing, the "Closings"). The purchase price (the "Purchase Price") of each Preferred Share and the related Warrant at each of the Closings shall be an aggregate of $10,000. "Business Day" means any day other than Saturday, Sunday or other day on which commercial banks in the city of New York are authorized or required by law to remain closed.

Purchase of Preferred Shares. Subject to the satisfaction (or ---------------------------- waiver) ---------------------------- of the conditions set forth in Sections 6(a) and 7(a)) below, the Company shall issue and sell to the Buyers each Buyer and the Buyers each Buyer severally shall agrees to purchase from the Company an aggregate the respective number of 400 Initial Preferred Shares in the respective amounts set forth opposite each such Buyer's name on the Schedule of Buyers Buyers, along with Warrants to acquire a number of shares of Common Stock equal to $150 divided by the related Warrants Market Price (as defined in the Statement of Designations) on the Initial Closing Date (as defined below) for each Initial Preferred Share purchased (the "Initial ClosingINITIAL CLOSING"). Subject to the satisfaction (or waiver) of the conditions set forth in Sections 1(c), 6(b) and 7(b), at the option of each Buyer) below, the Company shall issue and sell to each such Buyer and each such Buyer may severally agrees to purchase from the Company that the respective number of Additional Preferred Shares set forth opposite such Buyer's name on the Schedule of Buyers, along with Warrants to acquire a number of shares of Common Stock equal to up to $150 divided by the sum of (i) the number of Preferred Shares held by such Buyer Market Price on the date which is one year after the Initial Additional Closing Date and (iias defined below) the number of for each Additional Preferred Shares converted by such Buyer, before the date which is one year after the Initial Closing Date at a Conversion Price equal to the Fixed Conversion Price of such Preferred Shares as in effect on the date of conversion along with the related Warrants Share purchased (the "Additional Closing" and together with the Initial Closing, the "ClosingsADDITIONAL CLOSING"). The Initial Closing and the Additional Closing collectively are referred to in this Agreement as the "CLOSINGS." The purchase price (the "Purchase PricePURCHASE PRICE") of each Preferred Share and the related Warrant at each of the Closings shall be an aggregate of $10,000. "Business Day" means any day other than Saturday, Sunday or other day on which commercial banks in the city of New York are authorized or required by law to remain closed1,000.

Purchase of Preferred Shares. Subject to satisfaction (or waiver) ---------------------------- of the conditions set forth in Sections 6(a) and 7(a)) below, the Company shall issue and sell to the Buyers and the Buyers severally shall purchase from the Company an aggregate of 400 500 Initial Preferred Shares Shares, in the respective amounts set forth opposite each Buyer's name on the Schedule of Buyers along with the related Initial Warrants (the "Initial Closing"). Subject to the satisfaction (or waiver) of the conditions set forth in Sections 1(c), 6(b) and 7(b) below, the Company shall issue and sell to each Buyer and each Buyer shall purchase from the Company that number of Mandatory Preferred Shares equal to the number of Initial Preferred Shares each Buyer purchased along with the related Mandatory Warrants (the "Mandatory Closing"). Subject to the satisfaction (or waiver) of the conditions set forth in Sections 1(d), 6(c) and 7(c) below, at the option of each Buyer, the Company shall issue and sell to each such Buyer and each such Buyer may purchase from the Company an aggregate of up to that number of Additional Preferred Shares equal to up to the sum of (i) twice the number of Initial Preferred Shares held by such each Buyer on the date which is one year after the Initial Closing Date and (ii) the number of Preferred Shares converted by such Buyer, before the date which is one year after the Initial Closing Date at a Conversion Price equal to the Fixed Conversion Price of such Preferred Shares as in effect on the date of conversion purchased along with the related Additional Warrants (the "Additional Closing" and together with ") (the Initial Closing, the Mandatory Closing and the Additional Closing collectively are referred to in this Agreement as the "Closings"). The purchase price (the "Purchase Price") of each Preferred Share and the related Warrant at each of the Closings shall be an aggregate of $10,000. "Business Day" means any day other than Saturday, Sunday or other day on which commercial banks in the city of New York are authorized or required by law to remain closed1,000.