Common use of Conversion into the Borrower's Common Stock Clause in Contracts

Conversion into the Borrower's Common Stock. (a) The Holder shall have the right from and after the issuance of this Note and then at any time until this Note is fully paid, to convert any outstanding and unpaid principal portion of this Note of $10,000 or greater amount, or any lesser amount representing the full remaining outstanding and unpaid principal portion and at the Holder's election, the interest accrued on the Note, (the date of giving of such notice of conversion being a "Conversion Date") into fully paid and nonassessable shares of Common Stock of Borrower as such stock exists on the date of issuance of this Note, or any shares of capital stock of Borrower into which such stock shall hereafter be changed or reclassified (the "Common Stock") at the conversion price as defined in Section 2.1(b) hereof (the "Conversion Price"), determined as provided herein. Upon delivery to the 'Borrower of the Holder's written request for conversion, Borrower shall issue and deliver to the Holder within five business days from the Conversion Date that number of shares of Common Stock for the portion of the Note converted in accordance with the foregoing. Unless the interest accrued on the Note is the subject of a Conversion Notice, the Borrower will deliver accrued but unpaid interest on the Note through the Conversion Date directly to the Holder on or before the Delivery Date as defined in the subscription agreement entered into between the Borrower and Holder relating to this Note ("Subscription Agreement"). The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing that portion of the principal and/or interest of the Note to be converted, by the Conversion Price.

Conversion into the Borrower's Common Stock. (a) The Holder shall have the right from and after the issuance of this Note and then at any time until this Note is fully paid, to convert any outstanding and unpaid principal portion of this Note of $10,000 or greater amount, or any lesser amount representing the full remaining outstanding and unpaid principal portion and at the Holder's election, the interest accrued on the Note, (the date of giving of such notice of conversion being a "Conversion Date") into fully paid and nonassessable shares of Common Stock of Borrower as such stock exists on the date of issuance of this Note, or any shares of capital stock of Borrower into which such stock shall hereafter be changed or reclassified (the "Common Stock") at the conversion price as defined in Section 2.1(b2.1 (b) hereof (the "Conversion Price"), determined as provided herein. Upon delivery to the 'Borrower of the Holder's written request for conversion, Borrower shall issue and deliver to the Holder within five business days from the Conversion Date that number of shares of Common Stock for the portion of the Note converted in accordance with the foregoing. Unless the interest accrued on the Note is the subject of a Conversion Notice, the Borrower will deliver accrued but unpaid interest on the Note through the Conversion Date directly to the Holder on or before the Delivery Date as defined in the subscription agreement entered into between the Borrower and Holder relating to this Note ("Subscription Agreement"). The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing that portion of the principal and/or interest of the Note to be converted, by the Conversion Price.

Conversion into the Borrower's Common Stock. (a) The Holder shall have the right from and after the issuance of this Note and then at any time until this Note is fully paid, to convert any outstanding and unpaid principal portion of this Note of $10,000 or greater amount, or any lesser amount representing the full remaining outstanding and unpaid principal portion and at the Holder's election, the interest accrued on the Note, (the date of giving of such notice of conversion being a "Conversion Date") into fully paid and nonassessable shares of Common Stock of Borrower as such stock exists on the date of issuance of this Note, or any shares of capital stock of Borrower into which such stock shall hereafter be changed or reclassified (the "Common Stock") at the conversion price as defined in Section 2.1(b) hereof (the "Conversion Price"), determined as provided herein. Upon delivery to the 'Borrower of a notice ("Notice of Conversion") pursuant to the terms of the subscription agreement entered into between the Borrower and Holder relating to this Note (the "Subscription Agreement") of the Holder's written request for conversion, Borrower shall issue and deliver to the Holder within five business days from the Conversion Date that number of shares of Common Stock for the portion of the Note converted in accordance with the foregoing. Unless At the interest accrued on the Note is the subject of a Conversion NoticeHolder's election, the Borrower will deliver accrued but unpaid interest on the Note through the Conversion Date directly to the Holder on or before the Delivery Date as defined in the subscription agreement entered into between the Borrower and Holder relating to this Note ("Subscription Agreement"). The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing that portion of the principal and/or interest of on the Note to be converted, by the Conversion Price.

Conversion into the Borrower's Common Stock. (a) The Holder shall have the right from and after the issuance of this Note and then right, at any time until this Note during the period between the date on which the Common Stock is fully paid, first publicly traded and the third year anniversary of such date (the "CONVERSION PERIOD") to convert any outstanding and unpaid principal portion of this Note of $10,000 or greater amountNote, or any lesser amount representing the full remaining outstanding and unpaid principal portion and at the HolderCompany's election, the interest accrued on the Note, (the date of giving of such notice of conversion being a "Conversion DateCONVERSION DATE") into fully paid and nonassessable shares of Common Stock common stock of Borrower as such stock exists on the date of issuance of this Note, or any shares of capital stock of Borrower into which such stock shall hereafter be changed or reclassified (the "Common StockCOMMON STOCK") at the conversion price as defined in Section 2.1(b) hereof (the "Conversion PriceCONVERSION PRICE"), determined as provided herein. Upon delivery to the 'Borrower Company of the Holder's written request for conversiona Notice of Conversion, Borrower shall issue and deliver to the Holder within five business days from the Conversion Date that number of shares of Common Stock for the portion of the Note converted in accordance with the foregoing. Unless the interest accrued on the Note is the subject of a Conversion NoticeIn addition, the Borrower will deliver accrued but unpaid interest on the Note through the Conversion Date directly to the Holder on shall be paid at such times in cash or before the Delivery Date Common Stock as defined in the subscription agreement entered into between the Borrower and Holder relating to this Note ("Subscription Agreement")provided above. The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing that portion of the principal and/or interest (and, at the election of the Company, accrued and unpaid interest) of the Note to be converted, by the Conversion Price.