Common use of CONVERSION REPAYMENT Clause in Contracts

CONVERSION REPAYMENT. (a) Payment of Monthly Amount in Cash or Common Stock. Not later than the fifth (5th) business day prior to each Repayment Date (the "Notice Date"), the Holder may deliver to Borrower a written notice in the form of Exhibit B attached hereto directing the Borrower to pay the Monthly Amount payable on the next Repayment Date in either cash or Common Stock, or a combination of both (each, a "Repayment Notice"). If a Repayment Notice is not delivered by the Holder on or before the applicable Notice Date for such Repayment Date, then, subject to Section 2.1(b), the Borrower shall pay the Monthly Amount due on such Repayment Date in cash. In the event the Borrower shall be required to pay any portion of the Monthly Amount in cash, the Borrower shall pay to the Holder in respect to such payment an amount equal to 102% of such Monthly Amount. If the Holder elects to convert all or a portion of any Monthly Amount into shares of Common Stock as provided herein, the number of such shares to be issued by the Borrower to the Holder on such Repayment Date shall be the number determined by dividing (x) the portion of the Monthly Amount to be paid in shares of Common Stock, by (y) the then applicable Fixed Conversion Price. For purposes hereof, the initial "Fixed Conversion Price" means $0.66.

CONVERSION REPAYMENT. (a) Payment of Monthly Amount in Cash or Common Stock. Not later than Each month by the fifth (5th) business day prior to each Repayment Date (the "“Notice Date"”), the Holder may deliver to Borrower a written notice in the form of Exhibit B attached hereto directing (each, a “Repayment Notice”) stating whether, according to the Borrower to pay Conversion Criteria (as defined below), the Monthly Amount payable on the next Repayment Date shall be paid in either cash or Common Stock, or a combination of both (each, a "Repayment Notice")both. If a Repayment Notice is not delivered by the Holder on or before the applicable Notice Date for such Repayment Date, then, subject to Section 2.1(b), then the Borrower shall pay the Monthly Amount due on such Repayment Date in cash. In the event the Borrower shall be required to pay any Any portion of the Monthly Amount paid in cashcash on a Repayment Date, the Borrower shall pay be paid to the Holder in respect to such payment an amount equal to 102100% of such Monthly Amountamount. If the Holder elects to convert all or a portion of any Monthly Amount into shares of Common Stock as provided herein, the The number of such shares to be issued by the Borrower to the Holder on such Repayment Date (in respect of such portion of the Monthly Amount converted into in shares of Common Stock pursuant to Section 2.1(b)), shall be the number determined by dividing (x) the portion of the Monthly Amount to be paid in converted into shares of Common Stock, by (y) the then applicable Fixed Conversion Price. For purposes hereof, the initial "“Fixed Conversion Price" ” means $0.661.37.

CONVERSION REPAYMENT. (a) Payment of Monthly Amount in Cash or Common StockPAYMENT OF MONTHLY AMOUNT IN CASH OR COMMON STOCK. Not later than the fifth (5th) business day prior to each Repayment Date (the "Notice DateNOTICE DATE"), the Holder may deliver to Borrower a written notice in the form of Exhibit B attached hereto directing the Borrower to pay the Monthly Amount payable on the next Repayment Date in either cash or Common Stock, or a combination of both (each, a "Repayment NoticeREPAYMENT NOTICE"). If a Repayment Notice is not delivered by the Holder on or before the applicable Notice Date for such Repayment Date, then, subject to Section 2.1(b), the Borrower shall pay the Monthly Amount due on such Repayment Date in cash. In the event the Borrower shall be required to pay any portion of the Monthly Amount in respect of principal in cash, the Borrower shall pay to the Holder in respect to such payment an amount equal to 102101% of such Monthly Amountprincipal amount. If the Holder elects to convert all or a portion of any Monthly Amount into shares of Common Stock as provided herein, the number of such shares to be issued by the Borrower to the Holder on such Repayment Date shall be the number determined by dividing (x) the portion of the Monthly Amount to be paid in shares of Common Stock, by (y) the then applicable Fixed Conversion Price. For purposes hereof, the initial "Fixed Conversion PriceFIXED CONVERSION PRICE" means $0.660.50.

CONVERSION REPAYMENT. (a) Payment of Monthly Amount in Cash or Common StockPAYMENT OF MONTHLY AMOUNT IN CASH OR ORDINARY Shares. Not later than Each month by the fifth (5th) business day prior to each Repayment Amortization Date (the "Notice DateNOTICE DATE"), the Holder may shall deliver to Borrower a written notice Monthly Conversion Notice in the form of Exhibit EXHIBIT B attached hereto directing the Borrower to pay converting the Monthly Amount payable on the next Repayment Date in either cash or Common StockOrdinary Shares, or a combination of both (each, a "Repayment NoticeREPAYMENT NOTICE"). If a Repayment Notice is not delivered by the Holder on or before the applicable Notice Date for such Repayment Date, then, subject to Section 2.1(b), the Borrower shall pay the Monthly Amount due on such Repayment Date in cash. In the event the Borrower shall be required to pay any Any portion of the Monthly Amount paid in cashcash on a Repayment Date, the Borrower shall pay be paid to the Holder in respect to such payment an amount equal to 102100% of such unconverted portion of the Monthly AmountAmount due and owing to Holder on the Repayment Date. If the Holder elects to convert converts all or a portion of any the Monthly Amount into shares of Common Stock Ordinary Shares as provided herein, the number of such shares to be issued by the Borrower to the Holder on such Repayment Date shall be the number determined by dividing (x) the portion of the Monthly Amount to be paid in shares of Common StockOrdinary Shares, by (y) the then applicable Fixed Conversion Price. For purposes hereof, the initial "Fixed Conversion PriceFIXED CONVERSION PRICE" means $0.663.08 (which has been determined on the date of this Note as an amount equal to 110% of the average closing price for the twenty (20) trading days immediately prior to the date of this Note, but in no event shall the fixed conversion price be less than USD$3.