Common use of Exchange Conversion Clause in Contracts

Exchange Conversion. 7.1 The Holder of this Note shall have the right, at the Holder's option, to exchange or convert the Obligations under this Note as follows: 7.1.1 The Holder may exchange the Obligations under this Note into Series E Preferred Stock of the Company which are sold and issued by the Company in the Mezzanine Financing on the same terms and conditions of such Mezzanine Financing and on the closing date of such Mezzanine Financing or at any time thereafter. 7.1.2 If, on the earlier of (i) the Maturity Date, or (ii) the date of an Event of Default, no Mezzanine Financing has occurred to set the terms and conditions of