Common use of Draw Down Terms Clause in Contracts

Draw Down Terms. Subject to the satisfaction of the conditions set forth in this Agreement, the parties agree as follows: (a) The Company, may, in its sole discretion, issue a Draw Down Notice with respect to a draw down (a "Draw Down") of up to $1,500,000 if the Threshold Price is equal to or exceeds $1.00, and an additional $500,000 for every $1.00 increase of the Threshold Price above $1.00 up to $21.00 for a maximum Draw Down of up to $11,500,000. (b) The number of Shares to be issued in connection with each Draw Down shall be equal to the sum of the quotients (for each trading day of the Draw Down Pricing Period for which the VWAP equals or exceeds the Threshold Price) of (x) 1/20th (or such other fraction based upon the agreed upon Draw Down Pricing Period) of the Draw Down Amount divided by (y) (A) the applicable Draw Down Discount Percentage multiplied by (B) the VWAP for such day. (c) Only one Draw Down shall be allowed in each Draw Down Pricing Period. Each Draw Down Pricing Period shall consist of two (2) periods of ten (10) consecutive trading days (each, a "Settlement Period"). (d) The number of Shares purchased by the Purchaser with respect to each Draw Down shall be determined on a daily basis during each Draw Down Pricing Period and settled on the second business day following the end of each Settlement Period (the "Settlement Date"). (e) The Company may not request a Draw Down within five (5) trading days (or such other number of trading days mutually agreed upon by the Purchaser and the Company) of the preceding Draw Down Pricing Period. (f) Beginning on the effective date of the Registration Statement and continuing for a period of 14 consecutive months (the "Investment Period"), there shall be a maximum of twelve (12)

Draw Down Terms. Subject to the satisfaction of the conditions set forth in this Agreement, the parties agree as follows: (a) The Company, may, in its sole discretion, issue a Draw Down Notice with respect to and exercise a draw down of up to $5,000,000, except as otherwise provided in Section 6.1(k) hereof, or such other amount mutually agreed upon by the Purchaser and the Company, (a "Draw Down") of up to $1,500,000 if the Threshold Price is equal to or exceeds $1.00, and an additional $500,000 for every $1.00 increase of the Threshold Price above $1.00 up to $21.00 for a maximum during each Draw Down of up Pricing Period, which Draw Down the Purchaser will be obligated to $11,500,000accept. (b) The number of Shares to be issued in connection with each Draw Down shall be equal to the sum of the quotients (for each trading day of the Draw Down Pricing Period for which the VWAP equals or exceeds the Threshold Price) of (x) 1/20th (or such other fraction based upon the agreed upon Draw Down Pricing Period) 1/18th of the Draw Down Amount divided by (y) 94.50% of the VWAP, except as otherwise provided in Section 6.1(k) hereof (A) the applicable "Draw Down Discount Percentage multiplied by (BPrice") of the VWAP for such dayCommon Stock. (c) Only one Draw Down shall be allowed in each Draw Down Pricing Period. Each Draw Down Pricing Period shall consist of two (2) periods of ten (10) consecutive trading days (each, a "Settlement Period"). (d) The number of Shares purchased by the Purchaser with respect to each Draw Down shall be determined on a daily basis during each Draw Down Pricing Period and settled on the second business day following at the end of each Settlement Draw Down Pricing Period (the "Settlement Date"). (e) The Company may . If the VWAP is less than $5.00 per share on any Settlement Date, the Purchaser shall not request a be obligated to fund its Draw Down within five (5) trading days (or such other number of trading days mutually agreed upon by obligation for the Purchaser and the Company) of the preceding current Draw Down Pricing Period. (e) There shall be a minimum of five (5) trading days between Draw Downs. (f) Beginning on the effective date of the Registration Statement and continuing for a period of 14 consecutive months (the "Investment Period"), there There shall be a maximum of twelve (12)twelve