Common use of Redemption by the Holder Clause in Contracts

Redemption by the Holder. On or after December12, 1997, the Holder shall have the right to redeem the Convertible Debentures by notifying the Company. Within one business day of such notification, the Company, at its sole option, may elect to: (1) redeem the Convertible Debentures at face value plus accrued interest, or (2) issue Common Stock at a rate equal to ninety percent (90%) of the previous five trading days average closing bid price on the NASDAQ National Market System (or the primary exchange where shares are traded) ending the day prior to the notice date plus any accrued interest. If the Company elects to issue Common Stock, such shares issued to Holder shall be either issued pursuant to an exemption under the U.S. Federal securities laws or with registered and freely tradeable shares. The Company agrees that upon the first redemption by Holder, the Company shall instruct Holder as to its method of redemption and such method of redemption shall continue to be effective upon each subsequent redemption by Holder until Holder is notified otherwise. Redemption by the Company. On or after December12, 1997, and upon thirty (30) days advance notice to the Holder, the Company shall have the right to redeem the Convertible Debentures. Within thirty days of such notification, the Holder may elect to: (1) redeem the Convertible Debentures for cash at face value plus accrued interest, or (2) have the Company issue Common Stock at a rate equal to ninety percent (90%) of the previous five trading days average closing bid price on the NASDAQ National Market System ending the day prior to the notice date plus any accrued interest. In accordance with the election of the Holder, the Company has ten days after receipt of the Holder's election to either make the payment as described herein or deliver the Common Stock to the Holder.

Redemption by the Holder. On or after December12December 12, 1997, the Holder shall have the right to redeem the Convertible Debentures by notifying the Company. Within one business day of such notification, the Company, at its sole option, may elect to: (1) redeem the Convertible Debentures at face value plus accrued interest, or (2) issue Common Stock at a rate equal to ninety percent (90%) of the previous five trading days average closing bid price on the NASDAQ National Market System (or the primary exchange where shares are traded) ending the day prior to the notice date plus any accrued interest. If the Company elects to issue Common Stock, such shares issued to Holder shall be either issued pursuant to an exemption under the U.S. Federal securities laws or with registered and freely tradeable shares. The Company agrees that upon the first redemption by Holder, the Company shall instruct Holder as to its method of redemption and such method of redemption shall continue to be effective upon each subsequent redemption by Holder until Holder is notified otherwise. Redemption by the Company. On or after December12, 1997, and upon thirty (30) days advance notice to the Holder, the Company shall have the right to redeem the Convertible Debentures. Within thirty days of such notification, the Holder may elect to: (1) redeem the Convertible Debentures for cash at face value plus accrued interest, or (2) have the Company issue Common Stock at a rate equal to ninety percent (90%) of the previous five trading days average closing bid price on the NASDAQ National Market System ending the day prior to the notice date plus any accrued interest. In accordance with the election of the Holder, the Company has ten days after receipt of the Holder's election to either make the payment as described herein or deliver the Common Stock to the Holder.

Redemption by the Holder. On or after December12October 30, 1997, the Holder shall have the right to redeem the Convertible Debentures by notifying the Company. Within one business day of such notification, the Company, at its sole option, may elect to: (1) redeem the Convertible Debentures at face value plus accrued interest, or (2) issue Common Stock at a rate equal to ninety percent (90%) of the previous five trading days average closing bid price on the NASDAQ National Market System (or the primary exchange where shares are traded) ending the day prior to the notice date plus any accrued interest. If the Company elects to issue Common Stock, such shares issued to Holder shall be either issued pursuant to an exemption under the U.S. Federal securities laws or with registered and freely tradeable shares. The Company agrees that upon the first redemption by Holder, the Company shall instruct Holder as to its method of redemption and such method of redemption shall continue to be effective upon each subsequent redemption by Holder until Holder is notified otherwise. Redemption by the Company. On or after December12October 30, 1997, and upon thirty (30) days advance notice to the Holder, the Company shall have the right to redeem the Convertible Debentures. Within thirty days of such notification, the Holder may elect to: (1) redeem the Convertible Debentures for cash at face value plus accrued interest, or (2) have the Company issue Common Stock at a rate equal to ninety percent (90%) of the previous five trading days average closing bid price on the NASDAQ National Market System ending the day prior to the notice date plus any accrued interest. In accordance with the election of the Holder, the Company has ten days after receipt of the Holder's election to either make the payment as described herein or deliver the Common Stock to the Holder.