Common use of Conversion Calculation Clause in Contracts

Conversion Calculation. The Registered Owner is entitled at any time and from time to time to convert all, or any part thereof, of the unpaid principal and interest (but without any Exit Fee) outstanding under this Convertible Debenture (the "OUTSTANDING DEBENTURE AMOUNT") into that number of fully paid and non-assessable shares of Common Stock (as defined in the Securities Purchase Agreement), at a price calculated as follows: (i) if the Registered Owner converts the Outstanding Debenture Amount on or prior to November 1, 1998, the conversion price shall be equal to the Fixed Conversion Price (as defined in the Securities Purchase Agreement), or (ii) if the Registered Owner converts the Outstanding Debenture Amount on November 2, 1998, or at any time thereafter, the conversion price shall be equal to the lesser of the Fixed Conversion Price or the Variable Conversion Price (as defined in the Securities Purchase Agreement). Notwithstanding anything to the contrary, the Company shall have the option to pay the outstanding interest of this Convertible Debenture then accrued upon receipt of the Conversion Notice (as defined below) in cash.

Conversion Calculation. The At any time after the effectiveness of Registration Statement, the Registered Owner is entitled at any time and from time to time to convert all, or any part thereof, of the unpaid principal and interest (but without any Exit Fee) outstanding under this Convertible Debenture (the "OUTSTANDING DEBENTURE AMOUNT") into that number of fully paid and non-assessable shares of Common Stock (as defined in the Securities Purchase Agreement), at a price calculated as follows: (i) if the Registered Owner converts the Outstanding Debenture Amount on or prior to November 1, 1998within the first six (6) months from the Initial Closing Date, the conversion price shall be equal to the Fixed Conversion Price (as defined in the Securities Purchase Agreement), or (ii) if the Registered Owner converts the Outstanding Debenture Amount on November 2, 1998the first day of the seventh month following the Initial Closing Date, or at any time thereafter, the conversion price shall be equal to the lesser of the Fixed Conversion Price or the Variable Conversion Price (as defined in the Securities Purchase Agreement). Notwithstanding anything to the contrary, the Company shall have the option to pay the outstanding interest of this the Convertible Debenture Debentures then accrued issued upon receipt of the Conversion Notice (as defined below) in cash.