Common use of Conversion of Convertible Note Clause in Contracts

Conversion of Convertible Note. Subject to Section 5 hereof, the Holder shall have the right, at its option, at any time from and after 180 days following the date of this Convertible Note, to convert up to $775,000 of the outstanding principal amount of the Convertible Note and the remaining $775,000 principal amount shall be convertible 300 days following the date of issuance of this Convertible Note. This Convertible Note shall be convertible into that number of fully paid and nonassessable shares of Common Stock (as such shares shall then be constituted) determined pursuant to this Section 4. 1. The number of shares of Common Stock to be issued upon each conversion of this Convertible Note shall be determined by dividing the Conversion Amount (as defined below) by the Conversion Price in effect on the date (the "Conversion Date") a Notice of Conversion is delivered to the Company, as applicable, by the Holder by facsimile or other reasonable means of communication dispatched prior to 5:00 p.m., E. S .T. The term "Conversion Amount" means, with respect to any conversion of this Convertible Note, the sum of(1) the principal amount of this Convertible Note to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Convertible Note to the Conversion Date plus (3) Default Interest, if any, on the interest referred to in the immediately preceding clause (2) plus (4) at the Holder's option, any amounts owed to the Holder pursuant to Section 4.3 hereof, Section 10.1 of the Agreement or Section 10.4 of the Agreement.

Conversion of Convertible Note. Subject to Section 5 hereof, the The Holder shall have the right, at its option, at any time from and after 180 days following the earlier to occur of (x) June 30, 1998, (y) the date the Registration Statement has been declared effective by the Commission or (z) immediately preceding the occurrence of a Sale Event, convert the principal amount of this Convertible Note, to convert up to $775,000 or any portion of the outstanding such principal amount of the Convertible Note and the remaining $775,000 principal amount shall be convertible 300 days following the date of issuance of this Convertible Note. This Convertible Note shall be convertible amount, into that number of fully paid and nonassessable shares of Common Stock (as such shares shall then be constituted) determined pursuant to this Section 4. 1. The number of shares of Common Stock to be issued upon each conversion of this Convertible Note shall be determined by dividing the Conversion Amount (as defined below) by the Conversion Price in effect on the date (the "Conversion Date") a Notice of Conversion is delivered to the Company, as applicable, Company by the Holder by facsimile or other reasonable means of communication dispatched prior to 5:00 p.m., E. S .T. New York City Time. The term "Conversion Amount" means, with respect to any conversion of this Convertible Note, the sum of(1of (1) the principal amount of this Convertible Note to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Convertible Note to the Conversion Date plus (3) Default Interest, if any, on the interest referred to in the immediately preceding clause (2) plus (4) at the Holder's option, any amounts owed to the Holder pursuant to Section 4.3 hereof, Section 10.1 of the Agreement or Section 10.4 of the Agreement.