Common use of Debt Conversion Clause in Contracts

Debt Conversion. (a) Lender agrees, subject to the conditions set forth herein, to convert the full amount of the Outstanding Debt into ___________ shares of the Company’s common stock (the “Conversion Shares”) at a conversion price of $____ per share (the “Conversion Price”). Upon receipt of the Conversion Shares, Lender agrees that the Note is cancelled and of no further force and effect. Lender agrees to promptly file any necessary UCC termination statements or other documentation that may be needed to terminate any security interests that may have been granted to Lender that are related to the Note. Lender further authorizes borrower to take any action needed to reflect the cancellation of the Note and the termination of any related security interests.

Debt Conversion. (a) Lender agrees, subject to the conditions set forth herein, to convert the full amount of the Outstanding Debt into ___________ 123,988,294 shares of the Company’s common stock (the “Conversion Shares”) at a conversion price of $____ 0.03 per share (the “Conversion Price”). Upon receipt of the Conversion SharesPrice, Lender agrees that the Note is cancelled and of no further force and effect. Lender agrees to promptly file any necessary UCC termination statements or other documentation that may be needed to terminate any security interests that may have been granted to Lender that are related to the Note. Lender further authorizes borrower to take any action needed to reflect the cancellation of the Note and the termination of any related security interests.

Debt Conversion. (a) Lender agrees, subject to the conditions set forth herein, to convert the full amount of the Outstanding Debt into ___________ 7,514,442 shares of the Company’s common stock (the “Conversion Shares”) at a conversion price of $____ 0.03 per share (the “Conversion Price”). Upon receipt of the Conversion SharesPrice, Lender agrees that the Note is cancelled and of no further force and effect. Lender agrees to promptly file any necessary UCC termination statements or other documentation that may be needed to terminate any security interests that may have been granted to Lender that are related to the Note. Lender further authorizes borrower to take any action needed to reflect the cancellation of the Note and the termination of any related security interests.