Restrictions on Common Stock Ownership. Notwithstanding anything to the contrary set forth in this Agreement, at no time may any Purchaser own of record or beneficially, upon exercise of the Warrant, in whole or in part, that number of shares of Common Stock that would cause such Purchaser or his or its Affiliate to own beneficially at such time, when aggregated with all other shares of Common Stock beneficially owned by the Purchaser and his or its affiliates at such time (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules thereunder), in excess of 9.99% of the then issued and outstanding shares of Common Stock outstanding at such time; provided, however, that upon the Purchaser or his or its Affiliates providing the Corporation with sixty-one (61) days notice (the "Waiver Notice") that the Purchaser or his or its Affiliate would like to waive the provisions of this Section 3.16 regard to any or all shares of Common Stock, this Section 3.16 shall be of no force or effect with regard to those shares referenced in the Waiver Notice.
Restrictions on Common Stock Ownership. Notwithstanding anything to the contrary set forth in this Agreement, at no time may the Purchaser own of record or beneficially, whether upon conversion of the Series A Preferred Stock or upon exercise of the Warrant, in whole or in part, that number of shares of Common Stock that would cause such Purchaser or his or its Affiliate to own beneficially at such time, when aggregated with all other shares of Common Stock beneficially owned by the Purchaser and his or its affiliates at such time (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules thereunder), in excess of 9.99% of the then issued and outstanding shares of Common Stock outstanding at such time; provided, however, that upon the Purchaser or his or its Affiliates providing the Corporation with sixty-one (61) days notice (the "Waiver Notice") that the Purchaser or his or its Affiliate would like to waive the provisions of this Section 3.16 regard to any or all shares of Common Stock, this Section 3.16 shall be of no force or effect with regard to those shares referenced in the Waiver Notice.
