Common use of Conversion of the Note Clause in Contracts

Conversion of the Note. At the option and written instruction of the Lender, upon the maturity of the secured promissory note (the "Note") as specified on clause 3, the Lender shall have the right to convert the balance of the Note and the accrued interests to common stocks of the Company. The conversion price is based on the closing quote of the Borrower's share price on the OTC Bulletin Board with 25% discount on the date of conversion.

Conversion of the Note. At the option and written instruction of the Lender, upon the maturity of the secured promissory note (the "Note") Note as specified on clause 3, the Lender shall have the right to convert the balance of the Note and the accrued interests to common stocks of the Company. The conversion price is based on the closing quote of the Borrower's share price on the OTC Bulletin Board with 25% discount on the date of conversion.