Common use of Initial Exchange Clause in Contracts

Initial Exchange. As of the date hereof (the “Initial Exchange Date”), the Creditor shall be deemed to have delivered an Exchange Notice to effect an Exchange with respect to such aggregate initial Debt Exchange Amount and such initial Exchange Prices as set forth on the signature page of the Creditor. If the Company fails to deliver the Common Stock with respect to such initial Exchange on or prior to the Share Delivery Deadline with respect thereto, the Creditor shall have the option, by delivery of written notice to the Company, to terminate this Agreement. Upon receipt of such written notice of termination by the Company, this Agreement shall be void, ab initio, and of no force or effect, and such Debt Exchange Amount shall revert back to Creditor (for further re-assignment and reversion to the Original Creditor) and shall be and remain a valid and effective Existing Debt of the Company, enforceable in accordance with its terms, and such Existing Debt (including, without limitation, all collateral and security rights relating thereto) shall not be deemed or construed as having been exchanged, settled, compromised, modified, satisfied or otherwise impaired in any manner whatsoever, notwithstanding the execution of this Agreement by the parties hereto. The foregoing shall be effective and applicable notwithstanding any releases included in this Agreement, or any other terms or provisions of this Agreement, and this provision shall control and supersede any other terms or provisions of this Agreement.