Common use of Next Equity Financing Clause in Contracts

Next Equity Financing. The outstanding principal and accrued, but unpaid interest outstanding under the terms of each Note may be converted, at the option of the holder thereof, into Conversion Shares upon the closing of the Next Equity Financing. The number of Conversion Shares to be issued upon the conversion of any Note pursuant to this Section 2.2(a) shall be determined by dividing (i) the outstanding principal and accrued but unpaid interest outstanding on a Note to be converted as of the date of conversion by (ii) the Conversion Price. At least five (5) days prior to the closing of the Next Equity Financing, the Company shall notify the holder of each Note in writing of the terms under which the Equity Securities of the Company will be sold in the Next Equity Financing. The issuance of Conversion Shares pursuant to the conversion of each Note shall be upon and subject to the same terms and conditions applicable to the Equity Securities sold in the Next Equity Financing.

Next Equity Financing. The outstanding principal and accrued, but unpaid accrued interest outstanding under the terms of each Note may be converted, at the option of the holder thereof, Note will be automatically converted into Conversion Shares upon the closing of the Next Equity Financing. Notwithstanding the foregoing, accrued interest on this Note may be paid in cash at the option of the Company. The number of Conversion Shares to be issued upon the such conversion of any Note pursuant to this Section 2.2(a) shall be determined equal to the quotient obtained by dividing (i) the outstanding principal and unpaid accrued but unpaid interest outstanding on a the Note to be converted as of converted, or portion thereof, on the date of conversion conversion, by (ii) the Conversion Price. At least five (5) days prior to the closing of the Next Equity Financing, the Company shall notify the holder of each the Note and all other Notes in writing of the terms under which the Equity Securities of the Company will be sold in the Next Equity Financingsuch financing. The issuance of Conversion Shares pursuant to the conversion of each Note shall be upon and subject to the same terms and conditions applicable to the Equity Securities sold in the Next Equity Financing.