Common use of Convertible Debt Clause in Contracts

Convertible Debt. On or prior to the Closing Date, the Company will cause to be cancelled all convertible debt in the Company. Until the earlier of (a) three years from the Closing or (b) such date as the Investor shall have converted not less than 90% of the shares of Series A Preferred Stock and sold the underlying Shares or (c) such date as the Investor shall have transferred not less than 90% of the shares of Series A Preferred Stock or (d) such date as the total number of shares of Preferred Stock which the Investor shall have either transferred or converted and sold the underlying Shares shall represent not less than 90% of the shares of Series A Preferred Stock issued to the Investor, the Company will not issue any convertible debt.

Convertible Debt. On or prior to the Closing Date, the Company will cause to be cancelled all convertible debt in the Company. Until the earlier earliest of (a) three years from the Closing or (b) such date as the Investor shall have converted the Series A Preferred Stock into not less than 90% of the shares Shares issuable upon conversion of all of the Series A Preferred Stock and sold the underlying Shares or (c) such date as the Investor shall have transferred the Series A Preferred Stock which are convertible into an aggregate of not less than 90% of the shares Shares issuable upon such conversion of Series A Preferred Stock or (d) such date as the total number of shares of Preferred Stock which the Investor shall have either transferred or converted and sold the underlying Shares shall represent not less than 90% all of the shares of Series A Preferred Stock issued to the InvestorStock, the Company will not issue any convertible debt.

Convertible Debt. On or prior to the Closing Date, the Company will cause to be cancelled all convertible debt in the Company. Until the earlier of (a) three years from the Closing or (b) such date as the Investor Investors shall have converted not less than 90% of the shares of Series A Preferred Stock and sold the underlying Shares or (c) such date as the Investor Investors shall have transferred not less than 90% of the shares of Series A Preferred Stock or (d) such date as the total number of shares of Preferred Stock which the Investor Investors shall have either transferred or converted and sold the underlying Shares shall represent not less than 90% of the shares of Series A Preferred Stock issued to the InvestorInvestors, the Company will not issue any convertible debt.

Convertible Debt. On or prior to the Closing Date, the Company will cause to be cancelled all convertible debt in the Company. Until the earlier earliest of (a) three years from the Closing or (b) such date as the Investor shall have converted the Note and the Series A Preferred Stock into not less than 90% of the shares Shares issuable upon conversion of all of the Note and Series A Preferred Stock and sold the underlying Shares or (c) such date as the Investor shall have transferred the Notes or the Series A Preferred Stock which are convertible into an aggregate of not less than 90% of the shares Shares issuable upon such conversion of all of the Note and Series A Preferred Stock or (d) such date as the total number of shares of Preferred Stock which the Investor shall have either transferred or converted and sold the underlying Shares shall represent not less than 90% of the shares of Series A Preferred Stock issued to the InvestorStock, the Company will not issue any convertible debt.