Common use of Fourth Tranche Clause in Contracts

Fourth Tranche. of the Securities Purchase Agreement is hereby amended and restated in its entirety to read as follows: “Purchase. The Purchasers will purchase an aggregate of up to $6,500,000 in Subscription Amount corresponding to an aggregate of up to $6,630,000 in Principal Amount of Notes. The purchase will occur in up to six (6) tranches of (each a “Tranche,” and collectively the “Tranches”), with the first Tranche of $500,000 being closed upon execution of this Agreement (the “First Closing”). The second Tranche will be for $500,000 and will occur two weeks after the First Closing. The third Tranche will be for $500,000 and will occur within three (3) Business Days after the filing of a Registration Statement. The fourth Tranche will be for $500,000 and will be funded in two separate sub-tranches, the first sub-tranche will be for $250,000 and will occur on September 17, 2015, and the second sub-tranche will be for $250,000 and will occur on October 1, 2015. The fifth Tranche will be for $2,250,000 and will occur on the SEC Effective Date. The sixth Tranche will be for $2,250,000 and will occur within three (3) Business Days after the SEC Effective Date. The Purchasers shall not be required to fund any of the second through sixth Tranches if the Company is in default of any of the Notes. In addition, the Purchasers shall not be required to fund any of the second through sixth Tranches if the Equity Conditions (as defined in the Note) are not met on each of such Closing Dates; provided that the Company shall have thirty (30) days to cure any such failure. Notwithstanding the foregoing, in the event that on the date the Purchaser is required to fund the second or third Tranche the average daily dollar volume of the Company’s common stock for the previous twenty (20) trading days is between $30,001 and $49,999, the Purchaser shall only be required to fund that Tranche for $250,000 in Subscription Amount (corresponding to $255,000 Principal Amount of such Note).”