Document:

AGREEMENT FOR USE OF FACILITIES

      This Agreement is made as of this 12 day of May, 2005 among Thomas and
Noreen Axon (collectively "Owners") and Franklin Credit Management Corporation,
a Delaware Corporation ("FCMC").

      WHEREAS, Property Owners are the owners of two residential condominium
units know as Unit 6C, 350 Albany Street and Unit 9K, 300 Albany Street
(collectively the "Condominiums"), and

      WHEREAS, FCMC desires to use the Condominiums for the housing of employees
and prospective employees, out of town business associates, guests and other
individuals engaged in business activates related to FCMC ( "Business Guests"),
and

      NOW THEREFORE THE PARTIES AGREE AS FOLLOWS:

1. Owners will make the Condominiums available to the Business Guests of FCMC up
to 240 nights per year to the extent the Condominiums are not previously
reserved by Owners or other entities affiliated with Owners.

2. Owners represent that they have the authority to permit FCMC to use the
Condominiums for the purposes herein described.

3. A request for the use of the Condominiums under this agreement must be made
through Owners or such persons designated by Owners.

4. FCMC shall pay Owners the sum of $4,500.00 per month commencing June 1, 2005.

5. FCMC agrees that it shall indemnify, defend and hold harmless the Owners and
their employees and agents, from and against any and all damage, loss, claims,
suits, demands, actions, fines, damages, liabilities, costs and expenses
(including, without limitation, reasonable attorneys' fees) arising out of or in
connection with damage to property or injury to persons (including death) which
arise out of FCMC and its Business Guests' use of the Condominiums, including
any acts or omissions of FCMC and its Business Guests', and their respective
agents, contractors, employees, invitees, servants or subcontractors. Renter
shall provide Owners immediate notice of any injury or damage to persons or
property in, to or around the Facility of which it is aware.

6. This agreement may be terminated by any party upon two (2) months written
notice to the other parties of intent to withdraw from the agreement.

7. This Agreement shall be deemed to create only the relationship of
licensor-licensee among the parties and shall, in no event, be deemed to create
any other relationship, including without limitation landlord-tenant,
principal-agent, master-servant, employer-employee or partner-joint venturer.

<PAGE>

8. This Agreement is for the sole benefit of the parties to this Agreement, and
FCMC may not assign or transfer its obligations or rights under this Agreement.
Any assignment or transfer contrary to the provisions of this paragraph shall be
null and void.

      IN WITNESSED whereof the parties hereto have executed this agreement under
the hands of the proper officers in that respect on the day, month and year
first above written.

--------------------------------------          ----------------------------
Jeffrey R. Johnson                              Thomas J. Axon
President and Chief Executive Officer
Franklin Credit Management Corporation

                                                ----------------------------
                                                Noreen AxonExhibit 10.1

                            AGREEMENT TO CONVERT DEBT

      This  Agreement to Convert Debt (the  "Agreement")  is made as of the 11th
day of May 2005 (the  "Effective  Date") by and  between  USDR  Aerospace,  Ltd.
(referred to herein as the "Holder") and US Global  Nanospace,  Inc., a Delaware
corporation (referred to herein as the "Company").

RECITALS

      A.    Pursuant to a promissory  note  originally  dated April 18, 2003 and
subsequently  amended  on June 30,  2004 and  again on  December  30,  2004 (the
"Promissory  Note"),  the Company currently owes to the Holder, in principal and
accrued interest, the sum of $112,868.59 (the "Amount Owed").

      B.    According to the terms of the  Promissory  Note, the Amount Owed was
due and payable in full on February 28, 2005.

      C.    The Company  wishes to pay the Amount Owed by issuing  securities to
the Holder and the Holder has agreed to accept the Company's  securities as full
and final  payment  of the Amount  Owed,  in  accordance  with the terms of this
Agreement.

      Therefore, the Company and the Holder agree as follows:

AGREEMENT

      1.    Transfer of Securities and Cancellation of Debt.

            (a)  Securities to be Issued.  The Holder agrees to accept,  and the
Company  agrees to issue and  transfer  to the Holder,  1,763,572  shares of the
Company's  Common Stock,  $0.001 par value,  having a value of $0.064 per share,
which was the  closing  price of the Common  Stock on the  Effective  Date.  The
Common  Stock  issued in  payment  of the  loans  shall be  referred  to in this
Agreement as the "Shares".

            (b) Exchange of Documents. The certificates  representing the Shares
shall be  delivered  to the Holder as soon as  practicable.  Upon receipt of the
Shares, (i) the Holder will mark the Promissory Note as "Paid" and will transfer
the  Promissory  Note to the  Company,  and (ii) the  Company  shall  record the
payment of the Promissory Note on its books and records.

      2.    Representations by Company.

            The Company hereby represents and warrants to the Holder as follows:

                  (i)   The Company is duly organized,  validly  existing and in
            good standing under the laws of the State of Delaware.

                  (ii)  The  Company  has  all  requisite  power  and  authority
            (corporate  or  otherwise)  to execute,  deliver  and  perform  this
            Agreement  and  the  transactions   contemplated  thereby,  and  the
            execution, delivery and performance by the Company of this Agreement

<PAGE>

            has been duly authorized by all requisite  action by the Company and
            this  Agreement,   when  executed  and  delivered  by  the  Company,
            constitutes   a  valid  and  binding   obligation  of  the  Company,
            enforceable  against  the  Company  in  accordance  with its  terms,
            subject  to  applicable  bankruptcy,   insolvency,   reorganization,
            fraudulent  conveyance,  moratorium or other similar laws  affecting
            creditors'  rights  and  remedies  generally,  and  subject,  as  to
            enforceability,  to  general  principles  of equity  (regardless  of
            whether enforcement is sought in a proceeding at law or in equity).

                  (iii) The execution,  delivery and  performance by the Company
            of  this  Agreement  have  been  duly  authorized  by all  requisite
            corporate  action of the Company;  and this  Agreement has been duly
            executed and delivered by the Company.

                  (iv)  The Shares will be duly and validly  issued,  fully paid
            and nonassessable, and free of any liens or encumbrances.

      3.    Representations by the Holder.

            The Holder hereby represents and warrants to the Company as follows:

                  (i)   The  Holder  has  all  requisite   power  and  authority
            (corporate  or  otherwise)  to execute,  deliver  and  perform  this
            Agreement  and  the  transactions   contemplated  thereby,  and  the
            execution,  delivery and performance by the Holder of this Agreement
            has been duly  authorized by all requisite  action by the Holder and
            this   Agreement,   when  executed  and  delivered  by  the  Holder,
            constitutes   a  valid  and  binding   obligation   of  the  Holder,
            enforceable against the Holder in accordance with its terms, subject
            to applicable  bankruptcy,  insolvency,  reorganization,  fraudulent
            conveyance,  moratorium or other similar laws  affecting  creditors'
            rights and remedies generally, and subject, as to enforceability, to
            general principles of equity  (regardless of whether  enforcement is
            sought in a proceeding at law or in equity).

                  (ii)  The  Holder  has a  pre-existing  personal  or  business
            relationship with the Company and its officers and directors.

                  (iii) The Holder is an "accredited investor",  as that term is
            defined in Rule 501 of Regulation D in that the Holder is a director
            and officer of the Company.

                  (iv)  The Holder has complied with all  applicable  investment
            laws  and  regulations  in  force  relating  to the  legality  of an
            investment in the Shares in the jurisdiction in which he is subject,
            and the Holder has  obtained  any  consent,  approval or  permission
            required in that jurisdiction.

                  (v)   The Holder  understands and acknowledges that the Shares
            have not been registered with the Securities and Exchange Commission
            under  Section  5 of the  of the  Securities  Act or  registered  or
            qualified  with  any  applicable  state  or  territorial  securities
            regulatory  agency in reliance upon one or more exemptions  afforded
            from registration or qualification.

                  (vi)  The Holder  understands and acknowledges that the Shares
            are deemed to be "restricted"  securities  under the Securities Act,
            and may be re-sold  only  pursuant  to  exemptions  provided  by the
            Securities  Act. The Holder  understands and  acknowledges  that the
            Company is  required to place a legend on each  certificate  stating
            that the Shares have not been registered under the Securities Act.

<PAGE>

                  (vii) The Holder  understands and acknowledges that: (i) prior
            to any sale, transfer,  assignment,  pledge,  hypothecation or other
            disposition of the Shares,  he must either:  (1) furnish the Company
            with an  opinion  of  counsel,  in  form  and  substance  reasonably
            satisfactory to the Company and to its legal counsel,  to the effect
            that  such   disposition  is  exempted  from  the  registration  and
            prospectus  delivery  requirement  under the  Securities Act and the
            securities laws of the jurisdiction in which the Holder resides, and
            legal counsel for the Company shall have  concurred in such opinion;
            or (2) satisfy the Company  that a  registration  statement  on Form
            SB-2 under the Securities Act (or any other form  appropriate  under
            the  Securities  Act,  or any form  replacing  any such  form)  with
            respect to the  securities  proposed to be so disposed of shall then
            be   effective;   and  that  such   disposition   shall   have  been
            appropriately   qualified  or  registered  in  accordance  with  the
            applicable  securities laws of the  jurisdiction in which the Holder
            resides.

                  (viii) The Holder is entering  into this  transaction  for the
            Holder's own account, own risk and own beneficial  interest,  is not
            acting as an agent,  representative,  intermediary,  nominee or in a
            similar capacity for any other person or entity,  nominee account or
            beneficial  owner,  whether a natural  person or entity  (each  such
            natural person or entity, an "Underlying  Beneficial  Owner") and no
            Underlying  Beneficial  Owner  will have a  beneficial  or  economic
            interest in the Shares  (whether  directly or indirectly,  including
            without limitation,  through any option,  swap, forward or any other
            hedging or derivative  transaction)  and does not have the intention
            or obligation to sell, pledge, distribute, assign or transfer all or
            a portion of the Shares to any  Underlying  Beneficial  Owner or any
            other person.

                  (ix)  The  Holder  hereby  represents  and  warrants  that the
            proposed  investment  in the Company does not directly or indirectly
            contravene United States federal, state, local or international laws
            or  regulations  applicable  to  the  Holder,  including  anti-money
            laundering laws (a "Prohibited Investment").

                  (x)   Federal regulations and Executive Orders administered by
            the U.S.  Treasury  Department's  Office of Foreign  Assets  Control
            ("OFAC")   prohibit,   among  other   things,   the   engagement  in
            transactions with, and the provision of services to, certain foreign
            countries,  territories, entities and individuals. The lists of OFAC
            prohibited countries, territories, persons and entities can be found
            on  the  OFAC  website  at  www.treas.gov/ofac.  The  Holder  hereby
            represents and warrants that the Holder is not a country, territory,
            person or entity named on an OFAC list,  nor is the Holder a natural
            person or entity with whom  dealings are  prohibited  under any OFAC
            regulations.

                  (xi)  The Holder  represents  and  warrants  that  neither the
            Holder  nor any  Underlying  Beneficial  Owner is a  senior  foreign
            political  figure, or any immediate family member or close associate
            of a senior  foreign  political  figure  within the  meaning of, and
            applicable  guidance  issued  by  the  Department  of  the  Treasury
            concerning,  the U.S. Bank Secrecy Act (31 U.S.C.  ss.5311 et seq.),
            as amended, and any regulations promulgated thereunder.

                  (xii) The Holder agrees  promptly to notify the Company should
            the Holder become aware of any change in the  information  set forth
            in subparagraphs (viii) through (xi).

<PAGE>

                  (xiii) The Holder  agrees to indemnify  and hold  harmless the
            Company,  its  affiliates,  their  respective  directors,  officers,
            shareholders, employees, agents and representatives from and against
            any and all losses, liabilities, damages, penalties, costs, fees and
            expenses (including legal fees and disbursements)  which may result,
            directly or  indirectly,  from the  Holder's  misrepresentations  or
            misstatements  contained  herein  or  breaches  hereof  relating  to
            paragraphs (viii) through (xi).

                  (xiv) The Holder understands and agrees that,  notwithstanding
            anything to the contrary  contained in any document  (including  any
            side  letters or similar  agreements),  if,  following  the Holder's
            investment in the Company,  it is discovered  that the investment is
            or  has  become  a  Prohibited   Investment,   such  investment  may
            immediately  be redeemed by the Company or  otherwise  be subject to
            the  remedies  required by law,  and the Holder  shall have no claim
            against  the  Company  for any form of  damages  as a result of such
            forced redemption or other action.

                  (xv)  Upon the written  request from the  Company,  the Holder
            agrees to  provide  all  information  to the  Company  to enable the
            Company  to  comply  with  all  applicable   anti-money   laundering
            statutes,  rules,  regulations and policies,  including any policies
            applicable to a portfolio  investment held or proposed to be held by
            the Company.  The Holder understands and agrees that the Company may
            release confidential information about the Holder and any Underlying
            Beneficial Owner(s) to any person if the release of such information
            is necessary to comply with applicable statutes,  rules, regulations
            and policies.

      4.    Termination of Security Interests and Financing Statements.

            Upon  the  transfer  to the  Holder  of  the  Shares,  all  security
interests  created  in favor of the  Holder,  if any,  shall  terminate  and the
Company shall be entitled to terminate any and all financing statements in favor
of the  Holder,  no matter  where filed or  recorded,  if any. At no cost to the
Holder but without the payment of  additional  consideration,  the Holder  shall
cooperate  with the Company  and  perform  any acts  required on the part of the
Holder to terminate the financing statements.

<PAGE>

      5.    Miscellaneous.

            (a)   Amendments  and Waivers.  The provisions of this Agreement may
not be amended, modified or supplemented,  and waivers or consents to departures
from the provisions hereof may not be given, unless the same shall be in writing
and signed by the Company and the Holder.

            (b)   Notices.  Any and  all  notices  or  other  communications  or
deliveries  to be  provided  by the Holder  hereunder  shall be in  writing  and
delivered personally,  by facsimile or sent by a nationally recognized overnight
courier service,  addressed to the Company at 1016 Harris Road, Arlington, Texas
76001, facsimile number (817) 375-3401, Attn: President or such other address or
facsimile  number as the Company may specify for such  purposes by notice to the
Holder  delivered in accordance with this Section.  Any and all notices or other
communications or deliveries to be provided by the Company hereunder shall be in
writing and delivered personally,  by facsimile, sent by a nationally recognized
overnight  courier  service  addressed to the Holder at an address and facsimile
number to be provided by Holder. Any notice or other communication or deliveries
hereunder shall be deemed given and effective on the earliest of (i) the date of
transmission,  if such notice or communication is delivered via facsimile at the
facsimile telephone number specified in this Section prior to 5:30 p.m. (Central
time),  (ii)  the  date  after  the  date of  transmission,  if such  notice  or
communication  is delivered  via  facsimile at the  facsimile  telephone  number
specified in this Section  later than 5:30 p.m.  (Central  time) on any date and
earlier than 11:59 p.m.  (Central time) on such date,  (iii) the second Business
Day following the date of mailing,  if sent by nationally  recognized  overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is
required to be given.

            (c)   Successors  and  Assigns.  This  Agreement  shall inure to the
benefit of and be binding upon the successors  and permitted  assigns of each of
the  parties.  Neither  the  Holder  nor the  Company  may  assign its rights or
obligations hereunder without the prior written consent of the other.

            (d)   Counterparts.  This Agreement may be executed in any number of
counterparts,  each of which when so executed  shall be deemed to be an original
and, all of which taken together shall constitute one and the same Agreement. In
the event that any  signature  is  delivered  by  facsimile  transmission,  such
signature shall create a valid binding  obligation of the party executing (or on
whose behalf such signature is executed) the same with the same force and effect
as if such facsimile signature were the original thereof.

            (e)   Severability.  If any term, provision, covenant or restriction
of this  Agreement is held by a court of competent  jurisdiction  to be invalid,
illegal,  void  or  unenforceable,  the  remainder  of  the  terms,  provisions,
covenants  and  restrictions  set forth  herein  shall  remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto  shall use their  reasonable  efforts to find and  employ an  alternative
means to achieve the same or substantially  the same result as that contemplated
by such term,  provision,  covenant or restriction.  It is hereby stipulated and
declared to be the  intention of the parties  that they would have  executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.

            (f)   Headings.  The headings in this Agreement are for  convenience
of reference only and shall not limit or otherwise affect the meaning hereof.
<PAGE>

            IN WITNESS  WHEREOF,  the parties have  executed  this  Agreement to
Convert Debt as of the date first written above.

                        US GLOBAL NANOSPACE, INC.

                        By: /s/ John Robinson
                            ------------------------
                            John Robinson, President

                        USDR AEROSPACE, LTD.

                        By: /s/ John Robinson
                            ------------------------
                            John Robinson

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