Common use of At the Option of the Holder Clause in Contracts

At the Option of the Holder. All or any portion of the principal of this Note shall be convertible into shares of Common Stock and/or Series I Preferred (subject to the limitations set forth in Section 6(b)), at the option of the Holder, at any time, and from time to time, from and after the Original Issue Date. The number of Conversion Shares issuable upon any conversion hereunder shall equal the outstanding principal amount of this Note to be converted, divided by the Conversion Price. The Holder shall effect conversions under this Section 6(a) by delivering to the Company a Conversion Notice together with a schedule in the form of Schedule 2 attached hereto (the “Conversion Schedule”). If the Holder is converting less than all of the principal amount of this Note, or if a conversion hereunder may not be effected in full due to the application of Section 6(b), the Company shall honor such conversion to the extent permissible hereunder and shall promptly deliver to the Holder a Conversion Schedule indicating the principal amount which has not been converted.