Common use of Modification of Payments Clause in Contracts

Modification of Payments. From and after the effective date of this --------------------------- Agreement, principal and interest shall be due and payable under the Note as follows: (a) Interest on the principal balance for the period from August 21, 2003 until March 1, 2004 shall be paid in cash at the Stated Rate (as defined herein) within twenty four (24) hours following the execution of this Renewal, Extension and Modification Agreement (b) Interest on the principal balance for the period from March 1,2004 until and including July 31, 2004, shall be pre-paid within five (5) business days following the execution of this Agreement at the Stated Rate (as defined herein) except that Borrower shall pay Lender in cash monthly the amount of Two Hundred Twenty and 00/100 Dollars ($220.00), commencing on March 1, 2004, and continuing on the last day of each consecutive calendar month thereafter until and including July 31,2004. The Interest accrued during this period, less the amount of cash paid for Interest during this period, shall be pre-paid in equity of the Borrower at a value of $0.20 per share with an issue date of March 1, 2004.

Modification of Payments. From and after the effective date of this --------------------------- Agreement, principal and interest shall be due and payable under the Note as follows: (a) Interest on the principal balance for the period from August 21May 13, 2003 until March 1, 2004 shall be paid in cash at the Stated Rate (as defined herein) within twenty four (24) hours following the execution of this Renewal, Extension and Modification Agreement (b) Interest on the principal balance for the period from March 1,2004 until and including July 31, 2004, shall be pre-paid within five (5) business days following the execution of this Agreement at the Stated Rate (as defined herein) except that Borrower shall pay Lender in cash monthly the amount of Two Four Hundred Twenty and Five 00/100 Dollars ($220.00425.00), commencing on March 1, 2004, and continuing on the last day of each consecutive calendar month thereafter until and including July 31,2004. The Interest accrued during this period, less the amount of cash paid for Interest during this period, shall be pre-paid in equity of the Borrower at a value of $0.20 per share with an issue date of March 1, 2004.

Modification of Payments. From and after the effective date of this --------------------------- Agreement, principal and interest shall be due and payable under the Note as follows: (a) Interest on the principal balance for the period from August 21, 2003 until March 1, 2004 shall be paid in cash at the Stated Rate (as defined herein) within twenty four (24) hours following the execution of this Renewal, Extension and Modification Agreement (b) Interest on the principal balance for the period from March 1,2004 until and including July 31, 2004, shall be pre-paid within five (5) business days following the execution of this Agreement at the Stated Rate (as defined herein) except that Borrower shall pay Lender in cash monthly the amount of Two One Hundred Twenty Five and 00/100 Dollars ($220.00105.00), commencing on March 1, 2004, and continuing on the last day of each consecutive calendar month thereafter until and including July 31,2004. The Interest accrued during this period, less the amount of cash paid for Interest during this period, shall be pre-paid in equity of the Borrower at a value of $0.20 per share with an issue date of March 1, 2004.