Common use of Conversion of Interest Clause in Contracts

Conversion of Interest. The Company shall give written notice to Lender within five (5) days after filing a Registration Statement with the Securities and Exchange Commission relating to the IPO. As soon as practicable after filing such Registration Statement, the Company shall also furnish Lender with a copy of the prospectus which is a part thereof. Lender shall have the option, within ten (10) days after receipt of the Company’s notice of filing the Registration Statement, to notify the Company in writing that Lender desires to convert accrued interest on the Company’s accrued interest due Lender as of the IPO Closing Date into common stock. If the Company receives such notice, accrued interest on the Principal Indebtedness shall be automatically converted into common stock in the same manner as the Principal Indebtedness is converted.

Conversion of Interest. The Company shall give written notice to Lender within five (5) days after filing a Registration Statement with the Securities and Exchange Commission relating to the IPO. As soon as practicable after filing such Registration Statement, the Company shall also furnish Lender with a copy of the prospectus which is a part thereof. Lender shall have the option, within ten (10) days after receipt of the Company’s notice of filing the Registration Statement, to notify the Company in writing that Lender desires to convert accrued interest on the Company’s accrued interest and penalty due Lender as of the IPO Closing Date into common stock. If the Company receives such notice, accrued interest and penalty on the Principal Indebtedness shall be automatically converted into common stock in the same manner as the Principal Indebtedness is converted.