Common use of CONVERSION REPAYMENT Clause in Contracts

CONVERSION REPAYMENT. (a) Payment of Monthly Amount in Cash or Common Stock. Each month by the fifth (5th) business day prior to each Repayment Date (the “Notice Date”), the Holder may deliver to Borrower a written notice in the form of Exhibit B attached hereto (each, a “Repayment Notice”) stating whether, according to the Conversion Criteria (as defined below), the Monthly Amount payable on the next Repayment Date shall be paid in cash or Common Stock, or a combination of both. If a Repayment Notice is not delivered by the Holder on or before the applicable Notice Date for such Repayment Date, then the Borrower shall pay the Monthly Amount due on such Repayment Date in cash. Any portion of the Monthly Amount paid in cash on a Repayment Date, shall be paid to the Holder in an amount equal to 100% of such amount. The number of such shares to be issued by the Borrower to the Holder on such Repayment Date (in respect of such portion of the Monthly Amount converted into in shares of Common Stock pursuant to Section 2.1(b)), shall be the number determined by dividing (x) the portion of the Monthly Amount converted into shares of Common Stock, by (y) the then applicable Fixed Conversion Price. For purposes hereof, the initial “Fixed Conversion Price” means $1.37.

CONVERSION REPAYMENT. (a) Payment of Monthly Amount in Cash or Common StockPAYMENT OF MONTHLY AMOUNT IN CASH OR COMMON STOCK. Each month by Not later than the fifth (5th) business day prior to each Repayment Date (the “Notice Date”"NOTICE DATE"), the Holder may deliver to Borrower a written notice in the form of Exhibit B attached hereto (each, a “Repayment Notice”) stating whether, according directing the Borrower to the Conversion Criteria (as defined below), pay the Monthly Amount payable on the next Repayment Date shall be paid in either cash or Common Stock, or a combination of bothboth (each, a "REPAYMENT NOTICE"). If a Repayment Notice is not delivered by the Holder on or before the applicable Notice Date for such Repayment Date, then then, subject to Section 2.1(b), the Borrower shall pay the Monthly Amount due on such Repayment Date in cash. Any In the event the Borrower shall be required to pay any portion of the Monthly Amount paid in cash on a Repayment Daterespect of principal in cash, the Borrower shall be paid pay to the Holder in respect to such payment an amount equal to 100101% of such principal amount. The If the Holder elects to convert all or a portion of any Monthly Amount into shares of Common Stock as provided herein, the number of such shares to be issued by the Borrower to the Holder on such Repayment Date (in respect of such portion of the Monthly Amount converted into in shares of Common Stock pursuant to Section 2.1(b)), shall be the number determined by dividing (x) the portion of the Monthly Amount converted into to be paid in shares of Common Stock, by (y) the then applicable Fixed Conversion Price. For purposes hereof, the initial “Fixed Conversion Price” "FIXED CONVERSION PRICE" means $1.370.50.