Common use of 99% Limitation Clause in Contracts

99% Limitation. Notwithstanding anything contained herein to the contrary, the Holder shall not be entitled to convert pursuant to the terms of Section 3.1 of this Note an amount that would be convertible into that number of shares of Common Stock which, when added to the number of shares of Common Stock otherwise beneficially owned by such Holder (with respect to such Holder, such number of shares of Common Stock herein referred to as the Holder’s “Beneficial Ownership”) including those issuable upon exercise of Warrants held by such Holder would exceed 4.99% of the outstanding shares of Common Stock of the Borrower at the time of conversion. For the purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and Regulation 13d-3 thereunder. In connection with any obligation of the Borrower to issue to the Holder shares of Common Stock pursuant to the terms hereof, the Holder will inform the Borrower of such Holder’s Beneficial Ownership. Subject to Section 3.2 B below, the conversion limitation described in this Section 3.2A shall automatically become null and void without any notice to Borrower upon the occurrence and during the continuance beyond any applicable grace period of an Event of Default, or upon 75 days prior notice to the Borrower by the Holder.

99% Limitation. Notwithstanding anything contained herein to the contrary, the Holder shall not be entitled to convert pursuant to the terms of Section 3.1 of this Note an amount that would be convertible into that number of shares of Common Stock which, when added to the number of shares of Common Stock otherwise beneficially owned by such Holder (with respect to such Holder, such number of shares of Common Stock herein referred to as the Holder’s “Beneficial Ownership”'s "BENEFICIAL OWNERSHIP") including those issuable upon exercise of Warrants warrants held by such Holder would exceed 4.99% of the outstanding shares of Common Stock of the Borrower at the time of conversion. For the purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and Regulation 13d-3 thereunder. In connection with any obligation of the Borrower to issue to the Holder holder shares of Common Stock pursuant to the terms hereof, the Holder will inform the Borrower of such Holder’s 's Beneficial Ownership. Subject to Section 3.2 B 2.3 below, the conversion con▇▇▇▇▇▇n limitation described in this Section 3.2A 2.2 shall automatically become null and void without any notice to Borrower upon the occurrence and during the continuance beyond any applicable grace period of an Event of Default, or upon 75 days prior notice to the Borrower by the HolderBorrower.

99% Limitation. Notwithstanding anything contained herein to the contrary, the Holder shall not be entitled to convert pursuant to the terms of Section 3.1 of this Note an amount that would be convertible into that number of shares of Common Stock which, when added to the number of shares of Common Stock otherwise beneficially owned by such Holder (with respect to such Holder, such number of shares of Common Stock herein referred to as the Holder’s “Beneficial Ownership”) including those issuable upon exercise of Warrants warrants held by such Holder would exceed 4.99% of the outstanding shares of Common Stock of the Borrower at the time of conversion. For the purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and Regulation 13d-3 thereunder. In connection with any obligation of the Borrower to issue to the Holder holder shares of Common Stock pursuant to the terms hereof, the Holder will inform the Borrower of such Holder▇▇▇▇▇▇’s Beneficial Ownership. Subject to Section 3.2 B 2.3 below, the conversion limitation described in this Section 3.2A 2.2 shall automatically become null and void without any notice to Borrower upon the occurrence and during the continuance beyond any applicable grace period of an Event of Default, or upon 75 days prior notice to the Borrower by the HolderBorrower.