Common use of Monthly Payments in Cash or Common Stock Clause in Contracts

Monthly Payments in Cash or Common Stock. The Borrower shall make monthly payments of (i) accrued and unpaid interest on the aggregate principal of the Note (plus any payments due and owing under the Purchase Agreement and the Note not previously paid) and (ii) payments of principal according to the schedule set forth in Section 1.2 hereof (collectively, the "Monthly Amount") beginning on __________, 200__ and on the first day of each consecutive calendar month thereafter (each a "Repayment Date"). Subject to the terms hereof, the Corporation has the sole option to determine whether to satisfy payment of the Monthly Amount in full on each Repayment Date either in cash or in shares of Common Stock, or a combination of both. The Corporation shall deliver to the Holder a written irrevocable notice in the form of Exhibit B attached hereto electing to pay such Monthly Amount in full on such Repayment Date in either cash or Common Stock, or a combination of both ("Repayment Election Notice"). Such Repayment Election Notice shall be delivered to the Holder at least ten (10) days prior to the applicable Repayment Date (the date of such notice being hereinafter referred to as the "Notice Date"). If such Repayment Election Notice is not delivered within the prescribed period set forth in the preceding sentence, then the repayment shall be made in cash. If the Corporation elects or is required to repay all or a portion of the Monthly Amount in cash on a Repayment Date, then, with respect to the portion of the Monthly Amount to be paid in cash, on such Repayment Date the Corporation shall pay to the Holder an amount equal to (x) 103% of the principal portion of the Monthly Amount plus (y) any accrued and unpaid interest in satisfaction of such obligation. If the Corporation repays all or a portion of the Monthly Amount in shares of Common Stock, the number of such shares to be issued for 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) (100% of the average closing price for the three trading days immediately prior to closing) $1.55 (the "Fixed Conversion Price"). .

Monthly Payments in Cash or Common Stock. The Borrower shall make monthly payments of (i) accrued and unpaid interest on the aggregate principal of the Note (plus any payments due and owing under the Purchase Agreement and the Note not previously paid) and (ii) payments of principal according to the schedule set forth in Section 1.2 hereof (collectively, the "Monthly Amount") beginning on __________, 200__ and on the first day of each consecutive calendar month thereafter (each a "Repayment Date"). Subject to the terms hereof, the Corporation has Borrower shall have the sole option to determine whether to satisfy payment of the Monthly Amount in full on each Repayment Date either in cash or in shares of Common StockStock (as defined in the Purchase Agreement), or a combination of both. The Corporation Each month by the tenth (10th) day of such month, the Borrower shall deliver to the Holder a written irrevocable notice in the form of Exhibit B attached hereto electing to pay such the Monthly Amount in full payable on such the next Repayment Date in either cash or Common Stock, or a combination of both (each, a "Repayment Election Notice"). Such Each Repayment Election Notice shall be delivered to the Holder at least ten not later than the tenth (1010th) days day of the month prior to the applicable Repayment Date (the date of by which such notice is required to be given being hereinafter referred to as the "Notice Date"). If such If, for the Monthly Amount payment due on any Repayment Date, a Repayment Election Notice is not delivered within to the prescribed period set forth in Holder by the preceding sentenceapplicable Notice Date for such Repayment Date, then the repayment Monthly Amount due on such Repayment Date shall be made paid in cash. If the Corporation Borrower elects or is required to repay all or a portion of the Monthly Amount in cash on a Repayment Date, then, with respect to the portion of the Monthly Amount to be paid in cash, then on such Repayment Date the Corporation Borrower shall pay to the Holder an amount equal to (x) 103100% of the principal portion of the Monthly Amount plus (y) any accrued and unpaid interest then due in satisfaction of such obligation. If the Corporation Borrower repays all or a portion of the Monthly Amount in shares of Common Stock, the number of such shares to be issued for 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) (100% of the average closing price for the three trading days immediately prior to closing) $1.55 (Fixed Conversion Price. For purposes hereof, the "Fixed Conversion Price"). " means $1.22.

Monthly Payments in Cash or Common Stock. The Borrower shall make monthly payments of (i) accrued and unpaid interest on the aggregate principal of the Note (plus any payments due and owing under the Purchase Agreement and the Note not previously paid) and (ii) payments of principal according to the schedule set forth in Section 1.2 hereof (collectively, the "Monthly Amount") beginning on __________September 1, 200__ 2005 and on the first day of each consecutive calendar month thereafter (each a "Repayment Date"). Subject to the terms hereof, the Corporation Borrower has the sole option to determine whether to satisfy payment of the Monthly Amount in full on each Repayment Date either in cash or in shares of Common Stock, or a combination of both. The Corporation Borrower shall deliver to the Holder a written irrevocable notice in the form of Exhibit B attached hereto electing to pay such Monthly Amount in full on such Repayment Date in either cash or Common Stock, or a combination of both ("Repayment Election Notice"). Such Repayment Election Notice shall be delivered to the Holder at least ten (10) days prior to the applicable Repayment Date (the date of such notice being hereinafter referred to as the "Notice Date"). If such Repayment Election Notice is not delivered within the prescribed period set forth in the preceding sentence, then the repayment shall be made in cash. If the Corporation Borrower elects or is required to repay all or a portion of the Monthly Amount in cash on a Repayment Date, then, with respect to the portion of the Monthly Amount to be paid in cash, on such Repayment Date the Corporation Borrower shall pay to the Holder an amount equal to (x) 103% of the principal portion of the Monthly Amount plus (y) any accrued and unpaid interest in satisfaction of such obligation. If the Corporation Borrower repays all or a portion of the Monthly Amount in shares of Common Stock, the number of such shares to be issued for 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) (100% of the average closing price for the three trading days immediately prior to closing) $1.55 5.82 (the "Fixed Conversion Price"). .

Monthly Payments in Cash or Common Stock. The Borrower shall make monthly payments of (i) accrued and unpaid interest on the aggregate principal of the Note (plus any payments due and owing under the Purchase Agreement and the Note not previously paid) and (ii) payments of principal according to the schedule set forth in Section 1.2 hereof (collectively, the "Monthly Amount") beginning on __________December 1, 200__ 2003 and on the first day of each consecutive calendar month thereafter (each a "Repayment Date"). Subject to the terms hereof, the Corporation has the sole option to determine whether to satisfy payment of the Monthly Amount in full on each Repayment Date either in cash or in shares of Common Stock, or a combination of both. The Corporation shall deliver to the Holder a written irrevocable notice in the form of Exhibit B attached hereto electing to pay such Monthly Amount in full on such Repayment Date in either cash or Common Stock, or a combination of both ("Repayment Election Notice"). Such Repayment Election Notice shall be delivered to the Holder at least ten (10) days prior to the applicable Repayment Date (the date of such notice being hereinafter referred to as the "Notice Date"). If such Repayment Election Notice is not delivered within the prescribed period set forth in the preceding sentence, then the repayment shall be made in cash. If the Corporation elects or is required to repay all or a portion of the Monthly Amount in cash on a Repayment Date, then, with respect to the portion of the Monthly Amount to be paid in cash, on such Repayment Date the Corporation shall pay to the Holder an amount equal to (x) 103% of the principal portion of the Monthly Amount plus (y) any accrued and unpaid interest in satisfaction of such obligation. If the Corporation repays all or a portion of the Monthly Amount in shares of Common Stock, the number of such shares to be issued for 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) (100% of the average closing price for the three trading days immediately prior to closing) $1.55 (the "Fixed Conversion Price"). .

Monthly Payments in Cash or Common Stock. The Borrower shall make monthly payments of (i) accrued and unpaid interest on the aggregate principal of the Note (plus any payments due and owing under the Purchase Agreement and the Note not previously paid) and (ii) payments of principal according to the schedule set forth in Section 1.2 hereof (collectively, the "Monthly Amount") beginning on __________, 200__ and on the first day of each consecutive calendar month thereafter (each a "Repayment Date"). Subject to the terms hereof, the Corporation has Borrower shall have the sole option to determine whether to satisfy payment of the Monthly Amount in full on each Repayment Date either in cash or in shares of Common StockStock (as defined in the Purchase Agreement), or a combination of both. The Corporation Each month by the tenth (10th) day of such month, the Borrower shall deliver to the Holder a written irrevocable notice in the form of Exhibit B attached hereto electing to pay such the Monthly Amount in full payable on such the next Repayment Date in either cash or Common Stock, or a combination of both ("each, a “Repayment Election Notice"”). Such Each Repayment Election Notice shall be delivered to the Holder at least ten not later than the tenth (1010th) days day of the month prior to the applicable Repayment Date (the date of by which such notice is required to be given being hereinafter referred to as the "“Notice Date"”). If such If, for the Monthly Amount payment due on any Repayment Date, a Repayment Election Notice is not delivered within to the prescribed period set forth in Holder by the preceding sentenceapplicable Notice Date for such Repayment Date, then the repayment Monthly Amount due on such Repayment Date shall be made paid in cash. If the Corporation Borrower elects or is required to repay all or a portion of the Monthly Amount in cash on a Repayment Date, then, with respect to the portion of the Monthly Amount to be paid in cash, then on such Repayment Date the Corporation Borrower shall pay to the Holder an amount equal to (x) 103105% of the principal portion of the Monthly Amount plus (y) any accrued and unpaid interest then due in satisfaction of such obligation. If the Corporation Borrower repays all or a portion of the Monthly Amount in shares of Common Stock, the number of such shares to be issued for 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) (100% of the average closing price for the three trading days immediately prior to closing) $1.55 (the "Fixed Conversion Price"). For purposes hereof, the “Fixed Conversion Price” means $2.12.

Monthly Payments in Cash or Common Stock. The Borrower shall make monthly payments of (i) accrued and unpaid interest on the aggregate principal of the Note (plus any payments due and owing under the Purchase Agreement and the Note not previously paid) and (ii) payments of principal according to the schedule set forth in Section 1.2 hereof (collectively, the "Monthly Amount") beginning on __________May 1, 200__ 2004 and on the first day of each consecutive calendar month thereafter (each a "Repayment Date"). Subject to the terms hereof, the Corporation has the sole option to determine whether to satisfy payment of the Monthly Amount in full on each Repayment Date either in cash or in shares of Common Stock, or a combination of both. The Corporation shall deliver to the Holder a written irrevocable notice in the form of Exhibit B attached hereto electing to pay such Monthly Amount in full on such Repayment Date in either cash or Common Stock, or a combination of both ("Repayment Election Notice"). Such Repayment Election Notice shall be delivered to the Holder at least ten (10) days prior to the applicable Repayment Date (the date of such notice being hereinafter referred to as the "Notice Date"). If such Repayment Election Notice is not delivered within the prescribed period set forth in the preceding sentence, then the repayment shall be made in cash. If the Corporation elects or is required to repay all or a portion of the Monthly Amount in cash on a Repayment Date, then, with respect to the portion of the Monthly Amount to be paid in cash, on such Repayment Date the Corporation shall pay to the Holder an amount equal to (x) 103% of the principal portion of the Monthly Amount plus (y) any accrued and unpaid interest in satisfaction of such obligation. If the Corporation repays all or a portion of the Monthly Amount in shares of Common Stock, the number of such shares to be issued for 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) (100% of the average closing price for the three trading days immediately prior to closing) $1.55 3.50 (the "Fixed Conversion Price"). .

Monthly Payments in Cash or Common Stock. The Borrower shall make monthly payments of (i) accrued and unpaid interest on the aggregate principal of the Note (plus any payments due and owing under the Purchase Agreement and the Note not previously paid) and (ii) payments of principal according to the schedule set forth in Section 1.2 hereof (collectively, the "Monthly Amount") beginning on __________, 200__ and on the first day of each consecutive calendar month thereafter (each a "Repayment Date"). Subject to the terms hereof, the Corporation has Borrower shall have the sole option to determine whether to satisfy payment of the Monthly Amount in full on each Repayment Date either in cash or in shares of Common StockStock (as defined in the Purchase Agreement), or a combination of both. The Corporation Each month by the tenth (10th) day of such month, the Borrower shall deliver to the Holder a written irrevocable notice in the form of Exhibit B attached hereto electing to pay such the Monthly Amount in full payable on such the next Repayment Date in either cash or Common Stock, or a combination of both (each, a "Repayment Election NoticeREPAYMENT ELECTION NOTICE"). Such Each Repayment Election Notice shall be delivered to the Holder at least ten not later than the tenth (1010th) days day of the month prior to the applicable Repayment Date (the date of by which such notice is required to be given being hereinafter referred to as the "Notice DateNOTICE DATE"). If such If, for the Monthly Amount payment due on any Repayment Date, a Repayment Election Notice is not delivered within to the prescribed period set forth in Holder by the preceding sentenceapplicable Notice Date for such Repayment Date, then the repayment Monthly Amount due on such Repayment Date shall be made paid in cash. If the Corporation Borrower elects or is required to repay all or a portion of the Monthly Amount in cash on a Repayment Date, then, with respect to the portion of the Monthly Amount to be paid in cash, then on such Repayment Date the Corporation Borrower shall pay to the Holder an amount equal to (x) 103100% of the principal portion of the Monthly Amount plus (y) any accrued and unpaid interest then due in satisfaction of such obligation. If the Corporation Borrower repays all or a portion of the Monthly Amount in shares of Common Stock, the number of such shares to be issued for 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) (100% of the average closing price for the three trading days immediately prior to closing) $1.55 (the "Fixed Conversion Price. For purposes hereof, the "). FIXED CONVERSION PRICE" means $1.07.