Common use of Automatic Conversion Upon Failure to Pay Purchase Price Installment Clause in Contracts

Automatic Conversion Upon Failure to Pay Purchase Price Installment. In the event that the holder shall fail to pay any installment of the pur- chase price of this Note when due pursuant to any of Sections 1.1(b)(ii)-(ix) of the Purchase Agreement, and such failure shall not be cured on or before the 20th calendar day following such due date, this Note shall immediately be converted automatically into the number of shares of Common Stock into which the Note is then convertible pursuant to Section 5.1 as of the close of business of such 20th day, without any further action by the holder of the Note and whether or not the Note is surrendered to the Company or its transfer agent.

Automatic Conversion Upon Failure to Pay Purchase Price Installment. In the event that the holder shall fail to pay any installment of the pur- chase purchase price of this Note when due pursuant to any of Sections 1.1(b)(ii)-(ix) of the Purchase Agreement, and such failure shall not be cured on or before the 20th calendar day following such due date, this Note shall immediately be converted automatically into the number of shares of Common Stock into which the Note is then convertible pursuant to Section 5.1 as of the close of business of such 20th day, without any further action by the holder of the Note and whether or not the Note is surrendered to the Company or its transfer agent.