Common use of At the Option of Holder Clause in Contracts

At the Option of Holder. (i) Holder may at any time before this Note has been paid in full give to the Company a notice (a "Conversion Notice") that Holder wishes to convert all (or any part designated by Holder in such Conversion Notice) of the obligations then outstanding under this Note as follows: (A) the portion of the then outstanding principal amount of this Note that is designated in the Conversion Notice, and all other outstanding obligations under this Note other than interest, shall be converted into shares of common stock of the Company at $0.15 per share (the "Conversion Price"); and (B) the then outstanding interest payable under this Note shall be paid in cash or, at the option of the Company, converted into shares of common stock at a price equal to the most recent closing price as of the trading day immediately prior to the date the Company receives the Conversion Notice. (ii) The Company may nullify the conversion notice if (i) within one business day after the Company receives the Conversion Notice the Company gives to Holder a notice that the Company agrees to pay the entire outstanding principal and interest of this Note no later than the date (the "Payment Date"), which is four full business days after the date on which the Company received the Conversion Notice, and (ii) the Company in fact pays the entire outstanding principal and interest of this Note no later than the Payment Date.

At the Option of Holder. (i) Holder may at any time before this Note has been paid in full give to the Company a notice (a "Conversion Notice") that Holder wishes to convert all (or any part designated by Holder in such Conversion Notice) of the obligations then outstanding under this Note as follows: (A) : the portion of the then outstanding principal amount of this Note that is designated in the Conversion Notice, and all other outstanding obligations under this Note other than interest, shall be converted into shares of common stock of the Company at $0.15 per share (the "Conversion Price"); and (B) and the then outstanding interest payable under this Note shall be paid in cash or, at the option of the Company, converted into shares of common stock at a price equal to the most recent closing price as of the trading day immediately prior to the date the Company receives the Conversion Notice. (ii) . The Company may nullify the conversion notice if (i1) within one business day after the Company receives the Conversion Notice the Company gives to Holder a notice that the Company agrees to pay the entire outstanding principal and interest of this Note no later than the date (the "Payment Date"), which is four full business days after the date on which the Company received the Conversion Notice, and (ii2) the Company in fact pays the entire outstanding principal and interest of this Note no later than the Payment Date.