Common use of Initial Exchange Clause in Contracts

Initial Exchange. As of the date hereof (the “Initial Exchange Date”), the Creditor shall be deemed to have delivered an Exchange Notice to effect an Exchange with respect to such aggregate initial Debt Exchange Amount and such initial Exchange Price as set forth on the signature page of the Creditor. If the Company fails to deliver the Common Stock with respect to such initial Exchange on or prior to the Share Delivery Deadline with respect thereto, the Creditor shall have the option, by delivery of written notice to the Company, to terminate this Agreement, with no liability to the Company or the Creditor.