Common use of Right of Conversion; Conversion Price Clause in Contracts

Right of Conversion; Conversion Price. Subject to and upon compliance with the provisions of this Section 3, following the date the Registration Statement is declared effective by the Securities and Exchange Commission, the Holder shall have the right, at his option, at any time during usual business hours to convert the principal and accrued interest of this Convertible Note owned by the Holder into fully paid and nonassessable shares of Common Stock that have been registered under the Securities Act pursuant to the Registration Statement, at the rate of $0.50 of principal for each share of Common Stock (provided, that the closing price per share of Common Stock, as reported on the OTC Bulletin Board, on the date of conversion, is at least $0.75 per share, or if such price is less than $0.75 per share, a proportionate reduction to the $0.50 price, but in no event less than $0.25 per share, so that the Holder will be able to immediately sell such shares on the OTC Bulletin Board and receive a 50% rate of return on the principal amount of this Note) (the "Conversion Price"), which price per share shall be payable by surrender of this Convertible Note.

Right of Conversion; Conversion Price. (a) Subject to and upon compliance with the provisions of this Section 3, at any time following the date the Registration Statement is declared effective by the Securities and Exchange Commissionissuance of this Convertible Note, the Holder shall have the right, at his option, at any time during usual business hours to convert the principal and accrued interest of this Convertible Note owned by the Holder into fully paid and nonassessable shares of Common Stock that have been registered under the Securities Act pursuant to the Registration Statement, at the rate of $0.50 of principal for each share of Common Stock (provided, that the closing price per share of Common Stock, as reported on the OTC Bulletin Board, on the date of conversion, is at least $0.75 per share, or if such closing price is less than $0.75 per share, a proportionate reduction to the $0.50 price, but in no event to a conversion price that is less than $0.25 0.10 per share, so that the Holder will be able to immediately sell such shares on the OTC Bulletin Board and receive a 50% rate of return on the principal amount of this Note) (the "Conversion Price"), which price per share shall be payable by surrender of this Convertible Note.

Right of Conversion; Conversion Price. Subject to and upon compliance with the provisions of this Section 3, at any time following the date the Registration Statement is declared effective by the Securities and Exchange Commissionissuance of this Convertible Note, the Holder shall have the right, at his option, at any time during usual business hours to convert the principal and accrued interest of this Convertible Note owned by the Holder into fully paid and nonassessable shares of Common Stock that have been registered under the Securities Act pursuant to the Registration Statement, at the rate of $0.50 of principal for each share of Common Stock (provided, that the closing price per share of Common Stock, as reported on the OTC Bulletin Board, on the date of conversion, is at least $0.75 per share, or if such price is less than $0.75 per share, a proportionate reduction to the $0.50 price, but in no event less than $0.25 per share, so that the Holder will be able to immediately sell such shares on the OTC Bulletin Board and receive a 50% rate of return on the principal amount of this Note) (the "Conversion Price"), which price per share shall be payable by surrender of this Convertible Note.

Right of Conversion; Conversion Price. (a) Subject to and upon compliance with the provisions of this Section 3, following the date the Registration Statement is declared effective by the Securities and Exchange Commission, the Holder shall have the right, at his option, at any time during usual business hours to convert the principal and accrued interest of this Convertible Note owned by the Holder into fully paid and nonassessable shares of Common Stock that have been registered under the Securities Act pursuant to the Registration Statement, at the rate of $0.50 of principal for each share of Common Stock (provided, that the closing price per share of Common Stock, as reported on the OTC Bulletin Board, on the date of conversion, is at least $0.75 per share, or if such closing price is less than $0.75 per share, a proportionate reduction to the $0.50 price, but in no event to a conversion price that is less than $0.25 0.10 per share, so that the Holder will be able to immediately sell such shares on the OTC Bulletin Board and receive a 50% rate of return on the principal amount of this Note) (the "Conversion Price"), which price per share shall be payable by surrender of this Convertible Note.

Right of Conversion; Conversion Price. (a) Subject to and upon compliance with the provisions of this Section 3, following the date the Registration Statement is declared effective by the Securities and Exchange Commission, the Holder shall have the right, at his option, at any time during usual business hours to convert the principal and accrued interest of this Convertible Note owned by the Holder into fully paid and nonassessable shares of Common Stock that have been registered under the Securities Act pursuant to the Registration Statement, at the rate of $0.50 of principal for each share of Common Stock (provided, that the closing price per share of Common Stock, as reported on the OTC Bulletin Board, on the date of conversion, is at least $0.75 per share, or if such closing price is less than $0.75 per share, a proportionate reduction to the $0.50 closing price, but in no event to a conversion price that is less than $0.25 0.10 per share, so that the Holder will be able to immediately sell such shares on the OTC Bulletin Board and receive a 50% rate of return on the principal amount of this Note) (the "Conversion Price"), which price per share shall be payable by surrender of this Convertible Note.