Item 1.01 Entry into a Material Definitive Agreement.
Under the terms of the Note, the Investor shall have the right, for no additional consideration while the Note is outstanding, to exchange the Note (and any other notes then outstanding) into an 8% Original Issue Discount Senior Secured Convertible Debenture, which Debenture shall be otherwise identical in all respects and have all the rights as the 8% Original Issue Discount Senior Secured Convertible Debenture of the Company issued on
If any Event of Default (as defined in the Note) occurs, the full principal amount of the Note, plus all accrued interest, shall become, at the Investor's election, immediately due and payable in cash. Commencing 2 days after the occurrence of any Event of Default that results in the acceleration of the Note, the interest rate on the Note shall accrue at the rate of 18% per annum, or such lower maximum amount of interest permitted to be charged under applicable law.
The information set forth under Item 1.01 of this Current Report is hereby incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits. EXHIBIT NUMBER DESCRIPTION 4.1 Form of Promissory Note Issued on
August 15, 2014*
* FILED HEREWITH