Common use of Payment/Maturity Date Clause in Contracts

Payment/Maturity Date. 1.1. The Payor is a party to a certain financing transaction with Cornell Capital Partners, LP pursuant to the Securities Purchase Agreement dated November 19, 2004 between the Payor and Cornell Capital Partners, LP (the "Cornell Agreement"). The entire unpaid principal amount of this Note, plus interest on the unpaid principal balance of the Note in a fixed amount of $10,000 (regardless of when the Maturity Date occurs), shall be paid by the Payor to the Payee upon occurrence the "Second Closing" of the Cornell financing (as defined in the Cornell Agreement) (the "Maturity Date"). 1.2. In no event shall the Payee be entitled to receive interest, however characterized and including other consideration received in connection with this Note, at an effective rate in excess of the maximum rate permitted by law. In the event that a court of competent jurisdiction shall determine that such amounts paid or agreed to be paid by the Payor in connection with this Note causes the effective interest rate on this Note to exceed the maximum rate permitted by law, such interest or other consideration shall automatically be reduced to a rate which results in an effective interest rate under this Note equal to the maximum rate permitted by law over the term hereof, and, in such event, the Payee shall, at the Payee's sole and absolute discretion, either apply to the reduction of the unpaid principal balance of this Note any amounts received by it deemed to constitute excessive interest or refund such excess to Payor.

Payment/Maturity Date. 1.1. The Payor is a party to a certain financing transaction with Cornell Capital Partners, LP pursuant to the Securities Purchase Agreement dated November 19, 2004 between the Payor and Cornell Capital Partners, LP (the "Cornell Agreement"). The entire unpaid principal amount of this Note, plus interest on the unpaid principal balance of the Note in a fixed amount of $10,000 8,500 (regardless of when the Maturity Date occurs), shall be paid by the Payor to the Payee upon occurrence the "Second Closing" of the Cornell financing (as defined in the Cornell Agreement) (the "Maturity Date"). 1.2. In no event shall the Payee be entitled to receive interest, however characterized and including other consideration received in connection with this Note, at an effective rate in excess of the maximum rate permitted by law. In the event that a court of competent jurisdiction shall determine that such amounts paid or agreed to be paid by the Payor in connection with this Note causes the effective interest rate on this Note to exceed the maximum rate permitted by law, such interest or other consideration shall automatically be reduced to a rate which results in an effective interest rate under this Note equal to the maximum rate permitted by law over the term hereof, and, in such event, the Payee shall, at the Payee's sole and absolute discretion, either apply to the reduction of the unpaid principal balance of this Note any amounts received by it deemed to constitute excessive interest or refund such excess to Payor.