Common use of Adjustments to Conversion Ratio Clause in Contracts

Adjustments to Conversion Ratio. For so long as this Note is outstanding, if the Issuer (i) issues and sells pursuant to an exemption from registration under the Securities Act (A) Common Shares at a purchase price representing a percentage of the Current Market Price of the Common Shares on the date of issuance thereof that is lower than 75%, (B) warrants or options with a strike price representing a percentage of the Current Market Price of the Common Shares on the date of issuance of the warrants or options that is lower than 75%, or (C) convertible or exchangeable securities with a right to exchange at lower than 75% of the Current Market Price of the Common Shares on the date of issuance or conversion, as applicable, of such convertible or exchangeable securities; and (ii) grants the right to the purchaser(s) thereof to demand that the Issuer register under the Securities Act such Common Shares issued or the Common Shares for which such warrants or options may be exercised or such convertible or exchangeable securities may be converted or exchanged, then the Conversion Ratio shall be reduced to equal the lowest of any such lower percentages.