Common use of Required Conversion Clause in Contracts

Required Conversion. In the event that the Common Stock trades on the Principal Market at a price greater than 118% of the Fixed Conversion Price for a period of at least five (5) consecutive trading days, then the Borrower may, at its sole option, provide the Holder irrevocable written notice ("CALL NOTICE") requiring the conversion at the Fixed Conversion Price of all or a portion of the Note held by the Holder (subject to the limitation provided for in Section 3.3) as of the date set forth in such Call Notice (the "CALL DATE"). The Call Date shall be at least eleven (11) trading days following the date of the Call Notice, provided a registration statement covering resales of that number of Conversion Shares provided for in the Call Notice has been declared effective and is available for use. The number of Conversion Shares to be issued in connection with any such conversion pursuant to a particular Call Notice pursuant to this Section 3.9 shall not exceed 25% of the aggregate dollar trading volume of the Common Stock for the eleven (11) trading days immediately preceding the Call Date. If the price of the Common Stock falls below 118% of the Conversion Price during the eleven (11) trading day period preceding the Call Date, then the Holder will no longer be required to convert the Note pursuant to such Call Notice. The Company shall not be permitted to give the Investor more than one notice during any twenty-two (22) day period.

Required Conversion. In the event that the Common Stock trades on the Principal Market at a price greater than 118110% of the Fixed Conversion Price for a period of at least five (5) consecutive trading days, then the Borrower may, at its sole option, provide the Holder irrevocable written notice ("CALL NOTICE") requiring the conversion at the Fixed Conversion Price of all or a portion of the Note held by the Holder (subject to the limitation provided for in Section 3.3) as of the date set forth in such Call Notice (the "CALL DATE"). The Call Date shall be at least eleven (11) trading days following the date of the Call Notice, provided a registration statement covering resales of that number of Conversion Shares provided for in the Call Notice has been declared effective and is available for use. The number of Conversion Shares to be issued in connection with any such conversion pursuant to a particular Call Notice pursuant to this Section 3.9 shall not exceed 25% of the aggregate dollar trading volume of the Common Stock for the eleven (11) trading days immediately preceding the Call Date. If the price of the Common Stock falls below 118110% of the Conversion Price during the eleven (11) trading day period preceding the Call Date, then the Holder will no longer be required to convert only such amount of the Note pursuant to such Call NoticeNotice as will equal twenty five percent (25%) of the aggregate dollar trading volume for each day during such 11 day period that the closing price of the Common Stock was greater than one hundred ten percent (110%) of the then applicable Fixed Conversion Price. The Company shall not be permitted to give the Investor more than one notice during any twenty-two (22) day period.

Required Conversion. In the event that the Common Stock trades on the Principal Market at a price greater than 118120% of the Fixed Conversion Price for a period of at least five (5) 11 consecutive trading days, then the Borrower may, at its sole option, provide the Holder irrevocable written notice ("CALL NOTICE") requiring the conversion at the Fixed Conversion Price of all or a portion of the Note held by the Holder (subject to the limitation provided for in Section 3.3) as of the date set forth in such Call Notice (the "CALL DATE"). The Call Date , which such date shall be at least eleven (11) 11 trading days following the date of the Call Notice, provided a registration statement covering resales of that number of Conversion Shares provided for in the shares of Common Stock then issuable upon conversion of this Note pursuant to such Call Notice has been declared effective and is available for use. The number amount of Conversion Shares Common Stock to be issued in connection with any such conversion pursuant to a particular Call Notice pursuant to this Section 3.9 3.3 shall not exceed 25% of the aggregate dollar trading volume of the Common Stock for the eleven (11) 11 trading days immediately preceding the Call Date. If the price of the Common Stock falls below 118120% of the Conversion Price during the eleven (11) 11 trading day period preceding the Call Date, then the Holder will no longer be required to convert the Note pursuant to such Call Notice. The Company shall not be permitted to give the Investor more than one notice during any twenty-two (22) day period.

Required Conversion. In the event that the Common Stock trades on the Principal Market at a price greater than 118115% of the Fixed Conversion Price for a period of at least five eleven (511) consecutive trading days, then the Borrower may, at its sole option, provide the Holder irrevocable written notice ("CALL NOTICE"“Call Notice”) requiring the conversion at the Fixed Conversion Price of all or a portion of the Note held by the Holder (subject to the limitation provided for in Section 3.3) as of the date set forth in such Call Notice (the "CALL DATE"“Call Date”). The Call Date shall be at least eleven (11) trading days following the date of the Call Notice, provided a registration statement covering resales of that number of Conversion Shares provided for in the Call Notice has been declared effective and is available for use. The number of Conversion Shares to be issued in connection with any such conversion pursuant to a particular Call Notice pursuant to this Section 3.9 shall not exceed 25% of the aggregate dollar trading volume of the Common Stock for the eleven (11) trading days immediately preceding the Call Date. If the price of the Common Stock falls below 118115% of the Conversion Price during the eleven (11) trading day period preceding the Call Date, then the Holder will no longer be required to convert the Note pursuant to such Call Notice. The Company shall not be permitted to give the Investor more than one notice during any twenty-two (22) day period.