Common use of Exchange of Series C Stock and Series C Warrants Clause in Contracts

Exchange of Series C Stock and Series C Warrants. At the Effective Time, without the requirement of any further action by any party, all shares of Series C Stock held by Purchaser, together with all accrued and unpaid dividends thereon, and all Series C Warrants held by the Purchaser shall be deemed cancelled and 6,038,127 shares of Series D Stock shall be issued to the Purchaser. At the Effective Time, the Purchaser shall surrender all certificates for shares of Series C Stock and Series C Warrants to the Company and the Company shall issue to the Purchaser, as of the date on which the Effective Time occurs, certificates for 6,038,127 shares of Series D Stock.

Exchange of Series C Stock and Series C Warrants. At the Effective Time, Time without the requirement of any further action by any party, party all shares of Series C Stock held by Purchasereach of the Purchasers, together with all accrued and unpaid dividends thereon, and all Series C Warrants held by each of the Purchaser Purchasers shall be deemed cancelled and 6,038,127 in exchange for an aggregate of 55,895,807 shares of Series D Stock which shall be issued to the PurchaserPurchasers as set forth on Schedule 1 hereto. At the Effective Time, the Purchaser Purchasers shall surrender all certificates for shares of Series C Stock and Series C Warrants to the Company and the Company shall issue to the PurchaserPurchasers as set forth on Schedule 1 hereto, as of the date on which the Effective Time occurs, certificates for 6,038,127 an aggregate of 55,895,807 shares of Series D Stock.