Common use of Conversion of Convertible Note Clause in Contracts

Conversion of Convertible Note. The Holder shall have the right, at its option, at any time from and after any Event of Default, as defined in the Agreement, to convert the principal amount of this Convertible Note, or any portion of such principal amount into that number of fully paid and non-assessable shares of Common Stock (as such shares shall then be constituted) determined pursuant to this Section 4.1. The number of shares of Common Stock to be issued upon each conversion of this Convertible note shall be determined by dividing the Conversion Amount (as defined below) by the conversion Price on the date a Notice of Conversion is delivered to the Company by the Holder by facsimile or other reasonable means of communication dispatched prior to 5"00p.m., New York Time. The term "Conversion Amount" means, with respect to any conversion of this Convertible Note, the sum of (1) the principal amount of this Convertible Note to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Convertible Note to the Conversion Date plus (3) Default interest, if any, on the interest referred to in the immediately preceding clause (2); the term "Conversion Price" means $.01.

Conversion of Convertible Note. The Holder shall have the right, at its option, at any time from and after any Event of Default, as defined in the Agreement, to convert the principal amount of this Convertible Note, or any portion of such principal amount into that number of fully paid and non-assessable shares of Common Stock (as such shares shall then be constituted) determined pursuant to this Section 4.1. The number of shares of Common Stock to be issued upon each conversion of this Convertible note shall be determined by dividing the Conversion Amount (as defined below) by the conversion Price on the date a Notice of Conversion is delivered to the Company by the Holder by facsimile or other reasonable means of communication dispatched prior to 5"00p.m.5:00 p.m., New York Time. The term "Conversion Amount" means, with respect to any conversion of this Convertible Note, the sum of (1) the principal amount of this Convertible Note to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Convertible Note to the Conversion Date plus (3) Default interest, if any, on the interest referred to in the immediately preceding clause (2); the term "Conversion Price" means $.01.

Conversion of Convertible Note. The Holder shall have the right, at its option, at any time from and after any Event of Default, as defined in the Agreement, to convert the principal amount of this Convertible Note, or any portion of such principal amount amount, into that number of fully paid and non-non assessable shares of Common Stock (as such shares shall then be constituted) determined pursuant to this Section 4.1. The number of shares of Common Stock to be issued upon each conversion of this Convertible note Note shall be determined by dividing the Conversion Amount (as defined below) by the conversion Conversion Price on the date a Notice of Conversion is delivered to the Company by the Holder by facsimile or other reasonable means of communication dispatched prior to 5"00p.m5:00 pm., New York Time. The term "Conversion Amount" means, with respect to any conversion of this Convertible Note, the sum of (1) the principal amount of this Convertible Note to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Convertible Note to the Conversion Date plus (3) Default interestInterest, if any, on the interest referred to in the immediately preceding clause (2); the term "Conversion Price" means $.01.

Conversion of Convertible Note. The Holder shall have the right, at its optionopinion, at any time from and after any Event of Default, as defined in the Agreement, to convert the principal amount of this Convertible Note, or any portion of such principal amount amount, into that the number of fully paid and non-non assessable shares of Common Stock (as such shares shall then be constituted) determined pursuant to this Section 4.1. The number of shares of Common Stock to be issued upon each conversion of this Convertible note Note shall be determined by dividing the Conversion Amount (as defined below) by the conversion Conversion Price on the date a Notice of Conversion is delivered to the Company by the Holder by facsimile or other reasonable means of communication dispatched prior to 5"00p.m., 5:00p.m. New York Time. The term "Conversion Amount" means, with respect to any conversion of this Convertible Note, the sum of (1) the principal amount of this Convertible Note to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Convertible Note to of the Conversion Date plus (3) Default interestInterest, if If any, on the interest referred to in the immediately preceding clause (2); the term "Conversion Price" means $.01.