Common use of Optional Redemption in Cash Clause in Contracts

Optional Redemption in Cash. The Borrower will have the option of prepaying this Note ("OPTIONAL REDEMPTION") by paying to the Holder a sum of money equal to the Applicable Principal Amount (as defined below), together with accrued but unpaid interest thereon and any and all other sums due, accrued or payable to the Holder arising under this Note, the Purchase Agreement, or any Related Agreement (the "REDEMPTION AMOUNT") outstanding on the day written notice of redemption (the "NOTICE OF REDEMPTION") is given to the Holder. The Notice of Redemption shall specify the date for such Optional Redemption (the "REDEMPTION PAYMENT DATE") which date shall be ten (10) business days after the date of the Notice of Redemption (the "REDEMPTION PERIOD"). In the event the Borrower fails to pay the Redemption Amount on the Redemption Payment Date as set forth herein, then such Redemption Notice will be null and void. For purposes of this Note, the "Applicable Principal Amount" shall mean 125% of the Principal Amount outstanding at the time of such prepayment.

Optional Redemption in Cash. The Borrower Commencing on the first anniversary of this Note, and at all times thereafter, the Company will have the option of prepaying this Note ("OPTIONAL REDEMPTION"“Optional Redemption”) by paying to the Holder a sum of money equal to one hundred percent (100%) of the Applicable Principal Amount (as defined below), principal amount of this Note together with accrued but unpaid interest thereon and any and all other sums due, accrued or payable to the Holder arising under this Note, the Purchase Agreement, or any Related Agreement Note (the "REDEMPTION AMOUNT"“Redemption Amount”) outstanding on the day written notice of redemption (the "NOTICE OF REDEMPTION"“Notice of Redemption”) is given to the Holder. The Notice of Redemption shall specify the date for such Optional Redemption (the "REDEMPTION PAYMENT DATE"“Redemption Payment Date”) which date shall be ten seven (107) business days after the date of the Notice of Redemption (the "REDEMPTION PERIOD"“Redemption Period”). The Redemption Amount shall be determined as if such ▇▇▇▇▇▇’s conversion elections had been completed immediately prior to the date of the Notice of Redemption. On the Redemption Payment Date, the Redemption Amount must be paid in good funds to the Holder. In the event the Borrower Company fails to pay the Redemption Amount on the Redemption Payment Date as set forth herein, then such Redemption Notice will be null and void. For purposes of this Note, the "Applicable Principal Amount" shall mean 125% of the Principal Amount outstanding at the time of such prepayment.