Common use of Right to Convert; Conversion Price Clause in Contracts

Right to Convert; Conversion Price. Subject to and upon compliance with the provisions hereof, the holder of any Convertible Note shall have the right, at any time until such Convertible Note has been paid in full, to convert all or any portion of the unpaid amount of such Convertible Note into Common Stock of the Company at a price of $.12 per share, or in case an adjustment of such initial conversion price has taken place pursuant to the further provisions of this Section 6, then at the price as last adjusted and in effect at the date such Convertible Note or portion thereof is surrendered for conversion (the initial conversion price or such price as last adjusted, as the case may be, being referred to herein as the "Conversion Price"); provided, however, that in no event shall the Conversion Price be reduced below the then applicable par value of the Company's Common Stock. The number of shares of the Company's Common Stock into which any Convertible Note is convertible shall be subject to adjustment pursuant to the further provisions of this Section 6. The number of such shares into which a portion of any Convertible Note is convertible shall be that proportion of the total number of such shares, as adjusted, into which such Convertible Note is then convertible which the principal amount of such portion to be so converted bears to the then unpaid principal amount of such Convertible Note. In order to convert any Convertible Note, the holder thereof shall surrender the Convertible Note to the Company at its office in Roswell, GA (or any other office or agency of the Company that it designates by notice in writing to the holders of the Convertible Notes), accompanied by a written statement designating the principal amount of such Convertible Note, or portion thereof, to be so converted. In the case of any Convertible Note which is converted in part only, the Company shall, upon such conversion, execute and deliver to the holder thereof, at the Company's expense, a new Convertible Note or Convertible Notes of authorized denominations in principal amount equal to the unconverted portion of such Convertible Note.

Right to Convert; Conversion Price. Subject to and upon compliance with the provisions hereof, the holder of any Convertible Note shall have the right, at any time (except that if the Company has given notice of redemption thereof pursuant to Section 5(b) such holder shall give written notice of intention to convert the principal amount of such Convertible Note not less than one day prior to the Redemption Date) until such Convertible Note has been paid in full, to convert all or any portion of the unpaid amount of such Convertible Note into Common Stock of the Company at a price of $.12 3.75 per share, or in case an adjustment of such initial conversion price prices has taken place pursuant to the further provisions of this Section 67, then at the price as last adjusted and in effect at the date such Convertible Note or portion thereof is surrendered for conversion (the initial conversion price or such price as last adjusted, as the case may be, being referred to herein as the "Conversion Price"); provided, however, that in no event shall the Conversion Price be reduced below the then applicable par value of the Company's Common Stock. The number of shares of the Company's Common Stock into which any Convertible Note is convertible shall be subject to adjustment pursuant to the further provisions of this Section 67. The number of such shares into which a portion of any Convertible Note is convertible shall be that proportion of the total number of such shares, as adjusted, into which such Convertible Note is then convertible which the principal amount of such portion to be so converted bears to the then unpaid principal amount of such Convertible Note. In order to convert any Convertible Note, the holder thereof shall surrender the Convertible Note to the Company at its office in Roswell, GA Atlanta (or any other office or agency of the Company that it designates by notice in writing to the holders of the Convertible Notes), accompanied by a written statement designating the principal amount of such Convertible Note, or portion thereof, to be so converted. In the case of any Convertible Note which is converted in part only, the Company shall, upon such conversion, execute and deliver to the holder thereof, at the Company's expense, a new Convertible Note or Convertible Notes of authorized denominations in principal amount equal to the unconverted portion of such Convertible Note.

Right to Convert; Conversion Price. (a) Subject to and upon compliance with the provisions hereof, the holder of any the Convertible Note shall have the right, at such holder's option, at any time up to and including January 31, 2000 or until such the Convertible Note has shall have been paid in fullfull (the "Conversion Period"), to convert all or any portion of the unpaid amount of such Convertible Note into Common Stock of the Company at a price of $.12 per share, or in case an adjustment of such initial conversion price has taken place pursuant share equal to the further provisions average closing price per share of this Section 6, then at the Common Stock during the five days preceding the date of the Company's election to obtain a Loan (in the event that more than one Loan has been obtained the price as last adjusted and in effect at the date such Convertible Note or portion thereof is surrendered for conversion each Loan shall be computed separately) (the initial conversion price or such price as last adjusted, as the case may be, being referred to herein as the "Conversion Price"); provided, however, that in no event shall the Conversion Price be reduced below the then applicable par value of the Company's Common Stock. The number of shares of the Company's Common Stock of the Company into which any Convertible Note is shall be convertible shall be subject to adjustment pursuant to the further provisions of this Section 6. The number of such shares into which a portion of any Convertible Note is convertible shall be that proportion of the total number of such shares, as adjusted, into which such Convertible Note is then convertible which the principal amount of such portion to be so converted bears to the then unpaid principal amount of such Convertible Note2.05. In order to convert any the Convertible Note, the holder thereof shall surrender the Convertible Note to the Company at its principal office in Roswellat 000 Xxxxxxxxx Xxxxx, GA Xxxxx 000, Xxxxxxxxxxx, Xxxxxxxx (or any such other office or agency of the Company that it designates as the Company may designate by notice in writing to the holders holder of the Convertible NotesNote), accompanied by a written statement designating the principal amount of such Convertible Note, or Note and the Conversion Price applicable to the portion thereof, to be of the Loan so converted. In If the case of any Convertible Note which is converted in part only, the Company shall, upon such conversion, execute and deliver to the holder thereof, at the expense of the Company's expense, a new Convertible Note or Convertible Notes of authorized denominations in principal amount equal to the unconverted portion of such Convertible Note.

Right to Convert; Conversion Price. Subject to and upon compliance with the provisions hereof, the holder of any Convertible Note shall have the right, at any time until such Convertible Note has been paid in full, to convert all or any portion of the unpaid amount of such Convertible Note into Common Stock of the Company at a price of $.12 .07 per share, or in case an adjustment of such initial conversion price has taken place pursuant to the further provisions of this Section 6, then at the price as last adjusted and in effect at the date such Convertible Note or portion thereof is surrendered for conversion (the initial conversion price or such price as last adjusted, as the case may be, being referred to herein as the "Conversion Price"); provided, however, that in no event shall the Conversion Price be reduced below the then applicable par value of the Company's Common Stock. The number of shares of the Company's Common Stock into which any Convertible Note is convertible shall be subject to adjustment pursuant to the further provisions of this Section 6. The number of such shares into which a portion of any Convertible Note is convertible shall be that proportion of the total number of such shares, as adjusted, into which such Convertible Note is then convertible which the principal amount of such portion to be so converted bears to the then unpaid principal amount of such Convertible Note. In order to convert any Convertible Note, the holder thereof shall surrender the Convertible Note to the Company at its office in Roswell, GA (or any other office or agency of the Company that it designates by notice in writing to the holders of the Convertible Notes), accompanied by a written statement designating the principal amount of such Convertible Note, or portion thereof, to be so converted. In the case of any Convertible Note which is converted in part only, the Company shall, upon such conversion, execute and deliver to the holder thereof, at the Company's expense, a new Convertible Note or Convertible Notes of authorized denominations in principal amount equal to the unconverted portion of such Convertible Note.