Home

Intelligence

Services

Subscriptions

News

About Us

Sign In

 

Document Preview

Convertible Note

 

Click "Add to Cart" button to purchase document. 
Documents are emailed immediately after purchase. 
You can also browse documents by
title, category, or company... or click here for help finding documents.

 

Title:

Convertible Note

Entities:

Date:

2001

Size:

Preview shows 4KB of 21KB total

Price:

$36

ID:

#1065827

 

 

► Financing ► Notes ► Convertible Notes

 

 

Start of Preview


     THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS

NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED. THIS NOTE AND THE COMMON SHARES ISSUABLE UPON
CONVERSION OF THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT AS TO THIS NOTE UNDER SAID ACT OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO SCIENCE DYNAMICS
CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.


CONVERTIBLE NOTE
----------------

FOR VALUE RECEIVED, GLOBUS WIRELESS LTD., a Nevada corporation
(hereinafter called "Borrower"), hereby promises to pay to STONESTREET LIMITED
PARTNERSHIP, an Ontario Limited Partnership, c/o Canaccord Capital, 320 Bay
Street, Suite 130, Toronto, Ontario M5H 4A6 Canada Fax: 00000000 (the "Holder")
or order, without demand, the sum of Two Hundred and Fifty Thousand Dollars
($250,000), with simple interest accruing at the annual rate of 8%, on June ___,
2003 (the "Maturity Date").

The following terms shall apply to this Note:

ARTICLE I

DEFAULT RELATED PROVISIONS

1.1 Payment Grace Period. The Borrower shall have a ten (10) day grace
period to pay any monetary amounts due under this Note, after which grace period
a default interest rate of twenty percent (20%) per annum shall apply to the
amounts owed hereunder.

1.2 Conversion Privileges. The Conversion Privileges set forth in
Article II shall remain in full force and effect immediately from the date
hereof and until the Note is paid in full.

1.3 Interest Rate. Subject to the Holder's right to convert, interest
payable on this Note shall accrue at the annual rate of eight percent (8%) and
be payable in arrears commencing September 30, 2001 and quarterly thereafter,
and on the Maturity Date, accelerated or otherwise, when the principal and
remaining accrued but unpaid interest shall be due and payable, or sooner as
described below.

1




ARTICLE II

CONVERSION RIGHTS

The Holder shall have the right to convert the principal amount and
interest due under this Note into Shares of the Borrower's Common Stock as set
forth below.


2.1. Conversion into the Borrower's Common Stock.

(a) The Holder shall have the right from and after the issuance of
this Note and then at any time until this Note is fully paid, to convert any
outstanding and unpaid principal portion of this Note, and/or at the Holder's
election with the Company's consent, the interest accrued on the Note, (the date
of giving of such notice of conversion being a "Conversion Date") into fully
paid and nonassessable shares of common stock of Borrower as such stock exists
on the date of issuance of this Note, or any shares of capital stock of Borrower
into which such stock shall hereafter be changed or reclassified (the "Common
Stock") at the conversion price as defined in Section 2.1(b) hereof (the
"Conversion Price"), determined as provided herein. Upon delivery to the Company
of a Notice of Conversion as described in Section 9 of the subscription
agreement entered into between the Company and Holder relating to this Note (the
"Subscription Agreement") of the Holder's written request for conversion,
Borrower shall issue and deliver to the Holder within three business days from
the Conversion Date that number of shares of Common Stock for the portion of the
Note converted in accordance with the foregoing. At the election of the Holder,
the Company will deliver accrued but unpaid interest on the Note through the
Conversion Date directly to the Holder on or before the Delivery Date (as
defined in the Subscription Agreement). The number of shares of Common Stock to

 

End of Preview

 

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC