Common use of Next Equity Financing Clause in Contracts

Next Equity Financing. The then outstanding principal and unpaid accrued interest of each Note shall be automatically converted into Conversion Shares upon the closing of the Next Equity Financing. Notwithstanding the foregoing, accrued interest on each Note may be paid in cash upon mutual agreement of the Company and the applicable Lender. The number of Conversion Shares to be issued upon such conversion shall be equal to the quotient obtained by dividing (i) the outstanding principal and unpaid accrued interest on a Note to be converted on the date of conversion by (ii) the Conversion Price. At least twenty (20) calendar days prior to the closing of the Next Equity Financing, the Company shall notify the holder of each Note in writing of the terms (in reasonable summary detail) under which the Equity Securities will be sold in such financing. Subject to Section 8.12 below, the issuance of Conversion Shares pursuant to the conversion of each Note shall otherwise 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 then outstanding principal and unpaid accrued interest of each Note shall may be automatically converted converted, at the option of the holder thereof, in whole or in part, into Conversion Shares upon the closing of the Next Equity Financing. Notwithstanding the foregoing, accrued interest on each this Note may be paid in cash upon mutual agreement at the option of the Company and the applicable LenderCompany. The number of Conversion Shares to be issued upon such conversion shall be equal to the quotient obtained by dividing (i) the outstanding principal and unpaid accrued interest on a Note to be converted converted, or portion thereof, on the date of conversion conversion, by (ii) the Conversion Price. At least twenty five (205) calendar days prior to the closing of the Next Equity Financing, the Company shall notify the holder of each Note in writing of the terms (in reasonable summary detail) under which the Equity Securities of the Company will be sold in such financing. Subject to Section 8.12 below, the The issuance of Conversion Shares pursuant to the conversion of each Note shall otherwise 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 then outstanding principal and unpaid accrued interest of each the Note shall will be automatically converted into Conversion Shares upon the closing of the Next Equity Financing. Notwithstanding the foregoing, accrued interest on each this Note may be paid in cash upon mutual agreement at the option of the Company and the applicable LenderCompany. The number of Conversion Shares to be issued upon such conversion shall be equal to the quotient obtained by dividing (i) the outstanding principal and unpaid accrued interest on a the Note to be converted converted, or portion thereof, on the date of conversion conversion, by (ii) the Conversion Price. At least twenty five (205) calendar 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 (in reasonable summary detail) under which the Equity Securities of the Company will be sold in such financing. Subject to Section 8.12 below, the The issuance of Conversion Shares pursuant to the conversion of each Note shall otherwise be upon and subject to the same terms and conditions applicable to the Equity Securities sold in the Next Equity Financing.