Common use of Volume Limitations Clause in Contracts

Volume Limitations. The Lender covenants that upon full or partial conversion of the Note, unless the Corporation agrees otherwise in advance, the Lender will not sell more shares of Common Stock of the Corporation in any one trading day than the greater of (x) ten percent (10%) of the current trading day's total share volume or (y) ten percent (10%) of the previous trading day's total share volume. In addition, unless the Corporation agrees otherwise in advance, the Lender may only sell such shares between the hours of 10:00 a.m. and 3:30 p.m. eastern standard time. The Lender shall trade through a brokerage firm mutually acceptable to the Lender and the Corporation. In the event that the Lender desires to replace its broker, the new broker shall be selected from a list pre-approved by the Lender and the Corporation, the Lender shall give the Corporation at least forty-eight (48) hours notice of such change, which notice shall include the reasons for the change. In the event of any change of the initial broker mutually selected by the Corporation and the Lender, the Lender shall cause the replacement broker to mail duplicate confirmations of sales to the Corporation.