Document:

FIRST
                AMENDMENT TO PROMISSORY NOTE

            	
              Exhibit
                10.2

            

    

    

    Whereas,
      that certain promissory note dated October 24, 2006, in the original principal
      amount of $1,700,000 (the “Note”) was executed by iSecureTrac Corp. (“Maker”) in
      favor of Consolidated Investment Services, Inc.(“Payee”); and

    

    Whereas,
      Maker and Payee now desire to amend the Note to modify the Maturity Date (as
      defined in the Note); 

    

    NOW
      THEREFORE, for and in consideration of ten dollars and other good and valuable
      consideration receipt of which is hereby acknowledged, it is hereby agreed
      as
      follows:

    

    1.
       The
      “Maturity Date” as defined in the Note is hereby amended and restated as
      follows:

     

    “Maturity
      Date.”
      The
      earlier of (i) July 1, 2008 or (ii) the first date on which Maker issues equity
      securities or arranges for additional indebtedness (other than trade
      indebtedness incurred in the ordinary course of its business) in a transaction
      or series of transactions which generates aggregate net proceeds to the Maker
      of
      not less than $1,700,000. 

    

    2.
       Except
      as
      amended hereby, the Note remains the same in all respects and remains in full
      force and effect.

    

    3. Payee
      hereby acknowledges and agrees that the additional $4.3 million promissory
      note
      executed by Maker in favor of Payee on the date hereof shall not result in
      an
      acceleration of the Maturity Date of the Note.

    

    Signed
      this 12th day of December 2006.

    
       

      
        	 	
                MAKER:

              
	 	 
	 	
                ISECURETRAC
                  CORP.,

              
	 	
                a
                  Delaware corporation

              
	 	 
	 	
                By:     
                  /s/ Peter A.
                  Michel                      
                  

              
	 	
                Name:
                  Peter A.
                  Michel                            
                  

              
	 	
                Its:      CEO                                                
                  

              
	 	
                Federal
                  ID #: 87-0347787

              
	 	 
	 	
                PAYEE:

              
	 	 
	 	
                CONSOLIDATED
                  INVESTMENT SERVICES, INC., a Nevada corporation

              
	 	 
	 	
                By:      /s/
                  Heather
                  Kreager                     

              
	 	
                Name:
                  Heather
                  Kreager                           
                  

              
	 	
                Its:      Vice
                  President                               
                  

              
	 	
                Federal
                  ID #: 88-0214301THIS
      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 CHINA BIOPHARMA, INC. THAT SUCH REGISTRATION IS NOT
      REQUIRED.

    

    
      	Principal Amount
              $___________ 	
              Issue
                Date: December 13,
                2006 

            

    

        

    

    SECURED
      CONVERTIBLE PROMISSORY NOTE

    

    FOR
      VALUE
      RECEIVED, CHINA BIOPHARMA, INC., a Delaware corporation (hereinafter called
      “Borrower”), hereby promises to pay to ______________________________,
      ______________________________________________________________ (the “Holder”) or
      its registered assigns or successors in interest or order, without demand,
      the
      sum of __________________________________ Dollars ($_________) (“Principal
      Amount”), with simple and unpaid interest accruing thereon, on December 13, 2008
      (the “Maturity Date”), if not sooner paid.

    

    This
      Note
      has been entered into pursuant to the terms of a subscription agreement between
      the Borrower and the Holder, dated of even date herewith (the “Subscription
      Agreement”), and shall be governed by the terms of such Subscription Agreement.
      Unless otherwise separately defined herein, all capitalized terms used in this
      Note shall have the same meaning as is set forth in the Subscription Agreement.
      The following terms shall apply to this Note:

    

    ARTICLE
      I

    

    INTEREST:
      AMORTIZATION; SECURITY AGREEMENT

    

    1.1.  Interest
      Rate.
      Subject
      to Section 6.7 hereof, interest payable on this Note shall accrue at a rate
      per
      annum (the “Interest Rate”) of eight percent (8%). Interest on the Principal
      Amount shall accrue from the date of this Note and shall be payable, in arrears,
      together with Principal Amount payments as described below and on the Maturity
      Date, whether by acceleration or otherwise.

    

    1.2.
      Minimum
      Monthly Principal Payments.
      Amortizing payments of the outstanding Principal Amount and interest of this
      Note shall commence on the third month anniversary date of this Note and on
      the
      same day of each month thereafter (each a “Repayment Date”) until the Principal
      Amount and interest have been repaid in full, whether by the payment of cash
      or
      by the conversion of such Principal amount and interest into Common Stock
      pursuant to the terms hereof. Subject to Section 2.1 and Article 3 below, on
      each Repayment Date the Borrower shall make payments to the Holder in the amount
      of 4.76 percent of the initial Principal Amount, all interest accrued on the
      Note as of the Repayment Date and any other amounts which are then owing under
      this Note that have not been paid
      (collectively, the “Monthly
      Amount”). All payments of cash or amounts converted into Common Stock pursuant
      to this Note by the Holder or Borrower shall
      be
      applied first against outstanding fees and damages, then against accrued
      interest on the Principal Amount and then to Principal Amounts of not yet due
      Monthly Amounts commencing with the Monthly Amount next payable and then Monthly
      Amounts thereafter in reverse chronological order. Any Principal Amount,
      interest and any other sum arising under the Transaction Documents that remains
      outstanding on the Maturity Date shall be due and payable on the Maturity
      Date.

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    1.3. Default
      Interest Rate.
      Following the occurrence and during the continuance of an Event of Default,
      which, if susceptible to cure is not cured within five (5) days, otherwise
      then
      from the first date of such occurrence, the annual interest rate on this Note
      shall (subject to Section 6.7) automatically be increased to fifteen percent
      (15%). 

    

    ARTICLE
      II

    

    CONVERSION
      REPAYMENT

    

    2.1. Payment
      of Monthly Amount in Cash or Common Stock.
      Subject
      to Section 3.2 hereof, the Borrower, at the Borrower’s election, shall pay the
      Monthly Amount (i) in cash in an amount equal to 115% of the Principal Amount
      component of the Monthly Amount and 100% of all other components of the Monthly
      Amount, within four (4) business days after the applicable Repayment Date,
      or
      (ii) in registered Common Stock at an applied conversion rate equal to the
      lesser of (A) the Fixed Conversion Price (as defined in section 3.1 hereof),
      or
      (B) seventy-five percent (75%) of the average of the closing bid price of the
      common stock as reported by Bloomberg L.P. for the Principal Market for the
      five
      trading days preceding the date a Notice of Conversion, if any, [as described
      in
      Section 3(a)] is given to the Borrower by Holder after Borrower notifies Holder
      of its election to pay the Monthly Amount with shares of Common Stock pursuant
      to the following sentence. The Borrower must send notice to the Holder by
      confirmed telecopier not later than 6:00 P.M., New York City time on the
      twenty-second trading day preceding a Repayment Date notifying Holder of
      Borrower’s election to pay the Monthly Redemption Amount in cash or Common
      Stock. The Notice must state the amount of cash to be paid and include
      supporting calculations. If the Borrower elects to pay the Monthly Amount with
      Common Stock and if the Holder does not give Notice of Conversion then the
      Repayment Date shall be deemed the Conversion Date and the Conversion Price
      shall be the lessor of (A) the Fixed Conversion Price (as defined in section
      3.1
      hereof) or (B) seventy five (75%) of the average of the closing bid price for
      the five trading days preceding the Repayment Date. Until fifteen (15) trading
      days after notice is given by the Borrower that the Borrower has elected to
      pay
      the Monthly Amount with Common Stock, the holder may elect to defer such payment
      of Common Stock until the Holder has elected to deliver a Notice of Conversion
      with respect to such Monthly Amount. The Conversion Price with respect to such
      deferred Monthly Amount shall be the Conversion Price set forth above in
      subsection (ii) of this Section 2.1. Amounts paid with shares of Common Stock
      must be delivered to the Holder as described in Section 3.3(b). Elections by
      the
      Borrower must be made to all Other Holders in proportion to the relative Note
      principal held by the Holder and the Other Holders. If such notice is not timely
      sent or if the Monthly Redemption Amount is not timely delivered, then Holder
      shall have the right, instead of the Company, to elect at any time from when
      such notice was required to be given until the applicable Repayment Date whether
      to be paid in cash or Common Stock. Such Holder’s election shall not be
      construed to be a waiver of any default by Borrower relating to non-timely
      compliance by Borrower with any of its obligations under this Note. Borrower
      hereby notifies the Holder that until further notice the Monthly Amount shall
      be
      paid to Holder with shares of Common Stock.

    

    2.2. No
      Effective Registration.
      Notwithstanding anything to the contrary herein, no amount payable hereunder
      may
      be
      paid in shares of Common
      Stock by
      the Borrower without the Holder’s consent unless (a) either (i) an effective
      current Registration Statement covering the shares of Common Stock to be issued
      in satisfaction of such obligations exists, or (ii) an exemption from
      registration of the Common Stock is available pursuant to Rule 144(k) of the
      1933 Act, and (b) no Event of Default hereunder (or
      an
      event that with the passage of time or the giving of notice could become an
      Event of Default),
      exists
      and is continuing, unless such event or Event of Default is cured within any
      applicable cure period or is otherwise waived in writing by the Holder in whole
      or in part at the Holder’s option.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    2.3. Optional
      Redemption of Principal Amount.
      Provided an Event of Default or an event which with the passage of time or
      the
      giving of notice could become an Event of Default has not occurred, whether
      or
      not such Event of Default has been cured, the Borrower will have the option
      of
      prepaying the outstanding Principal amount of this Note (“Optional Redemption”),
      in whole or in part, by paying to the Holder a sum of money equal to one hundred
      and twenty percent (120%) of the Principal amount to be redeemed, together
      with
      accrued but unpaid interest thereon and any and all other sums due, accrued
      or
      payable to the Holder arising under this Note or any Transaction Document
      through the Redemption Payment Date as defined below (the “Redemption Amount”).
      Borrower’s election to exercise its right to prepay must be by notice in writing
      (“Notice of Redemption”). The Notice of Redemption shall specify the date for
      such Optional Redemption (the “Redemption Payment Date”), which date shall be
      thirty (30) business days after the date of the Notice of Redemption (the
“Redemption Period”). A Notice of Redemption shall not be effective with respect
      to any portion of the Principal Amount for which the Holder has a pending
      election to convert, or for conversions initiated or made by the Holder during
      the Redemption Period. On the Redemption Payment Date, the Redemption Amount,
      less any portion of the Redemption Amount against which the Holder has exercised
      its conversion rights, shall be paid in good funds to the Holder. In the event
      the Borrower fails to pay the Redemption Amount on the Redemption Payment Date
      as set forth herein, then (i) such Notice of Redemption will be null and void,
      (ii) Borrower will have no right to deliver another Notice of Redemption, and
      (iii) Borrower’s failure may be deemed by Holder to be a non-curable Event of
      Default. A Redemption Notice may be given only at a time a Registration
      Statement is effective. A Notice of Redemption may not be given nor may the
      Borrower effectuate a Redemption without the consent of the Holder, if at any
      time during the Redemption Period an Event of Default or an Event which with
      the
      passage of time or giving of notice could become an Event of Default (whether
      or
      not such Event of Default has been cured), has occurred or the Registration
      Statement registering the Registrable Securities is not effective each day
      during the Redemption Period.

    

    ARTICLE
      III

    

    CONVERSION
      RIGHTS

    

    3.1. Holder’s
      Conversion Rights.
      Subject
      to Section 3.2, the Holder shall have the right, but not the obligation at
      all
      times, to convert all or any portion of the then aggregate outstanding Principal
      Amount of this Note, into shares of Common Stock, subject to the terms and
      conditions set forth in this Article III at the rate of $0.25 per share of
      Common Stock (“Fixed Conversion Price”) as same may be adjusted pursuant to this
      Note and the Subscription Agreement. The Holder may exercise such right by
      delivery to the Borrower of a written Notice of Conversion pursuant to Section
      3.3. After the occurrence of an Event of Default, the Fixed Conversion Price
      shall be the lesser of the Fixed Conversion Price or 75% of the average of
      the
      closing bid prices of the Common Stock for the five trading days prior to a
      Conversion Date.

    

    3.2. Conversion
      Limitation.
      The
      Holder shall not be entitled to convert on a Conversion Date that amount of
      the
      Note in connection with that number of shares of Common Stock which would be
      in
      excess of the sum of (i) the number of shares of common stock beneficially
      owned
      by the Holder and its Affiliates on a Conversion Date, and (ii) the number
      of
      shares of Common Stock issuable upon the conversion of the Note with respect
      to
      which the determination of this provision is being made on a Conversion Date,
      which would result in beneficial ownership by the Holder and its Affiliates
      of
      more than 4.99% of the outstanding shares of common stock of the Company on
      such
      Conversion Date. Beneficial ownership shall be determined in accordance with
      Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation
      13d-3 thereunder. Subject to the foregoing, the Holder shall be limited to
      aggregate conversions of only 4.99%. The Subscriber may decide whether to
      convert a Note or exercise Warrants to achieve an actual 4.99% ownership
      position.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    3.3. Mechanics
      of Holder’s Conversion.
        

    

    (a) In
      the
      event that the Holder elects to convert any amounts outstanding under this
      Note
      into Common Stock, the Holder shall give notice of such election by delivering
      an executed and completed notice of conversion (a “Notice of Conversion”) to the
      Borrower, which Notice of Conversion shall provide a breakdown in reasonable
      detail of the Principal Amount, accrued interest and amounts being converted.
      The original Note is not
      required
      to be surrendered to the Borrower
      until
      all sums due under the Note have been paid. On each Conversion Date (as
      hereinafter defined) and in accordance with its Notice of Conversion, the Holder
      shall make the appropriate reduction to the Principal Amount, accrued interest
      and fees as entered in its records. Each date on which a Notice of Conversion
      is
      delivered or telecopied to the Borrower in accordance with the provisions hereof
      shall be deemed a “Conversion Date.” A form of Notice of Conversion
      to be employed by the Holder is annexed hereto as Exhibit A.

    

    (b) Pursuant
      to the terms of a Notice of Conversion, the Borrower will issue instructions
      to
      the transfer agent accompanied by an opinion of counsel, if so required by
      the
      Borrower’s transfer agent and shall cause the transfer agent to transmit the
      certificates representing the Conversion Shares to the Holder by crediting
      the
      account of the Holder’s designated broker with the Depository Trust Corporation
      (“DTC”) through its Deposit Withdrawal Agent Commission (“DWAC”) system within
      four (4) business days after receipt by the Borrower of the Notice of Conversion
      (the “Delivery Date”). In the case of the exercise of the conversion rights set
      forth herein the conversion privilege shall be deemed to have been exercised
      and
      the Conversion Shares issuable upon such conversion shall be deemed to have
      been
      issued upon the date of receipt by the Borrower of the Notice of Conversion.
      The
      Holder shall be treated for all purposes as the record holder of such shares
      of
      Common Stock, unless the Holder provides the Borrower written instructions
      to
      the contrary.
      Notwithstanding the foregoing to the contrary, the Borrower or its transfer
      agent shall only be obligated to issue and deliver the shares to the DTC on
      the
      Holder’s behalf via DWAC (or certificates free of restrictive legends) if the
      registration statement providing for the resale of the shares of Common Stock
      issuable upon the conversion of this Note is effective and the Holder has
      complied with all applicable securities laws in connection with the sale of
      the
      Common Stock, including, without limitation, the prospectus delivery
      requirements. In the event that Conversion Shares cannot be delivered to the
      Holder via DWAC, the Borrower shall deliver physical certificates representing
      the Conversion Shares by the Delivery Date.

    

    3.4. Conversion
      Mechanics.

    

    (a) The
      number of shares of Common Stock to be issued upon each conversion of this
      Note
      pursuant to this Article III shall be determined by dividing that portion of
      the
      Principal Amount and interest and fees to be converted, if any, by the then
      applicable Fixed Conversion Price.

     

    (b) The
      Fixed
      Conversion Price and number and kind of shares or other securities to be issued
      upon conversion shall be subject to adjustment from time to time upon the
      happening of certain events while this conversion right remains outstanding,
      as
      follows:

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    A. Merger,
      Sale of Assets, etc.
      If the
      Borrower at any time shall consolidate with or merge into or sell or convey
      all
      or substantially all its assets to any other corporation, this Note, as to
      the
      unpaid principal portion thereof and accrued interest thereon, shall thereafter
      be deemed to evidence the right to purchase such number and kind of shares
      or
      other securities and property as would have been issuable or distributable
      on
      account of such consolidation, merger, sale or conveyance, upon or with respect
      to the securities subject to the conversion or purchase right immediately prior
      to such consolidation, merger, sale or conveyance. The foregoing provision
      shall
      similarly apply to successive transactions of a similar nature by any such
      successor or purchaser. Without limiting the generality of the foregoing, the
      anti-dilution provisions of this Section shall apply to such securities of
      such
      successor or purchaser after any such consolidation, merger, sale or
      conveyance.

    

    B. Reclassification,
      etc.
      If the
      Borrower at any time shall, by reclassification or otherwise, change the Common
      Stock into the same or a different number of securities of any class or classes,
      this Note, as to the unpaid principal portion thereof and accrued interest
      thereon, shall thereafter be deemed to evidence the right to purchase an
      adjusted number of such securities and kind of securities as would have been
      issuable as the result of such change with respect to the Common Stock
      immediately prior to such reclassification or other change.

    

    C. Stock
      Splits, Combinations and Dividends.
      If the
      shares of Common Stock are subdivided or combined into a greater or smaller
      number of shares of Common Stock, or if a dividend is paid on the Common Stock
      in shares of Common Stock, the Conversion Price shall be proportionately reduced
      in case of subdivision of shares or stock dividend or proportionately increased
      in the case of combination of shares, in each such case by the ratio which
      the
      total number of shares of Common Stock outstanding immediately after such event
      bears to the total number of shares of Common Stock outstanding immediately
      prior to such event.

    

    D. Share
      Issuance.
      So long
      as this Note is outstanding, if the Borrower shall issue any Common Stock except
      for the Excepted Issuances (as defined in the Subscription Agreement), prior
      to
      the complete conversion or payment of this Note, for a consideration less than
      the Fixed Conversion Price that would be in effect at the time of such issue,
      then, and thereafter successively upon each such issuance, the Fixed Conversion
      Price shall be reduced to such other lower issue price. For purposes of this
      adjustment, the issuance of any security or debt instrument of the Borrower
      carrying the right to convert such security or debt instrument into Common
      Stock
      or of any warrant, right or option to purchase Common Stock shall result in
      an
      adjustment to the Fixed Conversion Price upon the issuance of the
      above-described security, debt instrument, warrant, right, or option and again
      upon the issuance of shares of Common Stock upon exercise of such conversion
      or
      purchase rights if such issuance is at a price lower than the then applicable
      Conversion Price. The reduction of the Fixed Conversion Price described in
      this
      paragraph is in addition to the other rights of the Holder described in the
      Subscription Agreement.

    

    (c) Whenever
      the Conversion Price is adjusted pursuant to Section 3.4(b) above, the Borrower
      shall promptly mail to the Holder a notice setting forth the Conversion Price
      after such adjustment and setting forth a statement of the facts requiring
      such
      adjustment.

    

    3.5. Reservation.
      During
      the period the conversion right exists, Borrower will reserve from its
      authorized and unissued Common Stock not less than
      150%
      of the number of shares to provide for the issuance of Common Stock upon the
      full conversion of this Note. Borrower
      shall reserve Common Stock issuable upon conversion of this Note as described
      in
      the Subscription Agreement. Borrower
      represents that upon issuance, such shares will be duly and validly issued,
      fully
      paid and
      non-assessable. Borrower agrees that its issuance of this Note shall constitute
      full authority to its officers, agents, and transfer agents who are charged
      with
      the duty of executing and issuing stock certificates to execute and issue the
      necessary certificates for shares of Common Stock upon the conversion of this
      Note.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    3.6 Issuance
      of Replacement Note.
      Upon
      any partial conversion of this Note, a replacement Note containing the same
      date
      and provisions of this Note shall,
      at the
      written request of the Holder, be
      issued
      by the Borrower to the Holder for the outstanding Principal Amount of this
      Note
      and accrued interest which shall not have been converted or paid, provided
      Holder has surrendered an original Note to the Company. In the event that the
      Holder elects not to surrender a Note for reissuance upon partial payment or
      conversion, the Holder hereby indemnifies the Borrower against any and all
      loss
      or damage attributable to a third-party claim in an amount in excess of the
      actual amount then due under the Note.

    

    ARTICLE
      IV

    

    SECURITY
      INTEREST

    

    4. Security
      Interest/Waiver of Automatic Stay.
      This
      Note is secured by a security interest granted to the Collateral Agent for
      the
      benefit of the Holder pursuant to a Security Agreement, as delivered by Borrower
      to Holder. The Borrower acknowledges and agrees that should a proceeding under
      any bankruptcy or insolvency law be commenced by or against the Borrower, or
      if
      any of the Collateral (as defined in the Security Agreement) should become
      the
      subject of any bankruptcy or insolvency proceeding, then the Holder should
      be
      entitled to, among other relief to which the Holder may be entitled under the
      Transaction Documents and any other agreement to which the Borrower and Holder
      are parties (collectively, “Loan Documents”) and/or applicable law, an order
      from the court granting immediate relief from the automatic stay pursuant to
      11
      U.S.C. Section 362 to permit the Holder to exercise all of its rights and
      remedies pursuant to the Loan Documents and/or applicable law. TO THE EXTENT
      PERMITTED BY LAW, THE BORROWER EXPRESSLY WAIVES THE BENEFIT OF THE AUTOMATIC
      STAY IMPOSED BY 11 U.S.C. SECTION 362. FURTHERMORE, THE BORROWER EXPRESSLY
      ACKNOWLEDGES AND AGREES THAT NEITHER 11 U.S.C. SECTION 362 NOR ANY OTHER SECTION
      OF THE BANKRUPTCY CODE OR OTHER STATUTE OR RULE (INCLUDING, WITHOUT LIMITATION,
      11 U.S.C. SECTION 105) SHALL STAY, INTERDICT, CONDITION, REDUCE OR INHIBIT
      IN
      ANY WAY THE ABILITY OF THE HOLDER TO ENFORCE ANY OF ITS RIGHTS AND REMEDIES
      UNDER THE LOAN DOCUMENTS AND/OR APPLICABLE LAW. The Borrower hereby consents
      to
      any motion for relief from stay that may be filed by the Holder in any
      bankruptcy or insolvency proceeding initiated by or against the Borrower and,
      further, agrees not to file any opposition to any motion for relief from stay
      filed by the Holder. The Borrower represents, acknowledges and agrees that
      this
      provision is a specific and material aspect of the Loan Documents, and that
      the
      Holder would not agree to the terms of the Loan Documents if this waiver were
      not a part of this Note. The Borrower further represents, acknowledges and
      agrees that this waiver is knowingly, intelligently and voluntarily made, that
      neither the Holder nor any person acting on behalf of the Holder has made any
      representations to induce this waiver, that the Borrower has been represented
      (or has had the opportunity to he represented) in the signing of this Note
      and
      the Loan Documents and in the making of this waiver by independent legal counsel
      selected by the Borrower and that the Borrower has discussed this waiver with
      counsel.

    

    ARTICLE
      V

     

    EVENTS
      OF DEFAULT

    

    The
      occurrence of any of the following events of default (“Event of Default”) shall,
      at the option of the Holder hereof, make all sums of principal and interest
      then
      remaining unpaid hereon and all other amounts payable hereunder immediately
      due
      and payable, upon demand, without presentment, or grace period, all of which
      hereby are expressly waived, except as set forth below:

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    5.1 Failure
      to Pay Principal or Interest.
      The
      Borrower fails to pay any installment of Principal Amount, interest or other
      sum
      due under this Note or any Transaction Document when due and such failure
      continues for a period of five (5) business days after the due
      date.

     

    5.2 Breach
      of Covenant.
      The
      Borrower breaches any material covenant or other term or condition of the
      Subscription Agreement, this Note or other Transaction Document in any material
      respect and such breach, if subject to cure, continues for a period of ten
      (10)
      business days after written notice to the Borrower from the Holder.

     

    5.3 Breach
      of Representations and Warranties.
      Any
      material representation or warranty of the Borrower made herein, in the
      Subscription Agreement, Transaction Document or in any agreement, statement
      or
      certificate given in writing pursuant hereto or in connection herewith or
      therewith shall be false or misleading in any material respect as of the date
      made and the Closing Date.

     

    5.4 Receiver
      or Trustee.
      The
      Borrower or any Subsidiary of Borrower shall make an assignment for the benefit
      of creditors, or apply for or consent to the appointment of a receiver or
      trustee for them or for a substantial part of their property or business; or
      such a receiver or trustee shall otherwise be appointed.

     

    5.5 Judgments.
      Any
      money judgment, writ or similar final process shall be entered or filed against
      Borrower or any subsidiary of Borrower or any of their property or other assets
      for more than $50,000,
      and
      shall remain unpaid, unvacated, unbonded or unstayed for a period of forty-five
      (45) days.

     

    5.6 Non-Payment.
      A
      default by the Borrower under any one or more obligations in an aggregate
      monetary amount in excess of Two Hundred Thousand Dollars ($200,000.00) for
      more
      than twenty days after the due date unless the Borrower is contesting the
      validity of such obligation in good faith, beyond any applicable grace
      period;

     

    5.7 Bankruptcy.
      Bankruptcy, insolvency, reorganization or liquidation proceedings or other
      proceedings or relief under any bankruptcy law or any law, or the issuance
      of
      any notice in relation to such event, for the relief of debtors shall be
      instituted by or against the Borrower or any Subsidiary of Borrower and if
      instituted against them are not dismissed within forty-five (45) days
      of
      initiation.

     

    5.8 Delisting.
      Failure
      of the Common Stock to be quoted or listed on the OTC Bulletin Board (“Bulletin
      Board”) or other Principal Market; failure to comply with the requirements for
      continued listing on the Bulletin Board for a period of seven consecutive
      trading days; or notification from the Bulletin Board or any Principal Market
      that the Borrower is not in compliance with the conditions for such continued
      listing on the Bulletin Board or other Principal Market.

     

    5.9 Stop
      Trade.
      An SEC
      or judicial stop trade order or Principal Market trading suspension with respect
      to Borrower’s Common Stock that lasts for five or more consecutive trading
      days.

     

    5.10 Failure
      to Deliver Common Stock or Replacement Note.
      Borrower’s failure to timely deliver Common Stock to the Holder pursuant to and
      in the form required by this Note and Sections 7 and 11 of the Subscription
      Agreement, and, if required, a replacement Note.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    5.11 Non-Registration
      Event.
      The
      occurrence of a Non-Registration Event as described in the Subscription
      Agreement.

     

    5.12 Reverse
      Splits.
      The
      Borrower effectuates a reverse split of its Common Stock without twenty days
      prior written notice to the Holder.

     

    5.13 Reservation
      Default.
      Failure
      by the Borrower to have reserved for issuance upon conversion of the Note the
      amount of Common Stock as set forth in this Note and the Subscription
      Agreement.

     

    5.14 Restated
      Numbers.
      A
      restatement by the Borrower of any prior financial statements included in any
      of
      the Reports.

     

    5.15 Material
      Breach of Security Agreement.
      Any
      default by the Company of any of its material obligations pursuant to the
      Security Agreement.

     

    5.16 Cross
      Default.
      A
      default by the Borrower of a material term, covenant, warranty or undertaking
      of
      any Transaction Document or other agreement to which the Borrower and Holder
      are
      parties, or the occurrence of a material event of default under any such other
      agreement which is not cured after any required notice and/or cure
      period.

    

    ARTICLE
      VI

     

    MISCELLANEOUS

    

    6.1 Failure
      or Indulgence Not Waiver.
      No
      failure or delay on the part of Holder hereof in the exercise of any power,
      right or privilege hereunder shall operate as a waiver thereof, nor shall any
      single or partial exercise of any such power, right or privilege preclude other
      or further exercise thereof or of any other right, power or privilege. All
      rights and remedies existing hereunder are cumulative to, and not exclusive
      of,
      any rights or remedies otherwise available.

     

    6.2 Notices.
      All
      notices, demands, requests, consents, approvals, and other communications
      required or permitted hereunder shall be in writing and, unless otherwise
      specified herein, shall be (i) personally served, (ii) deposited in the mail,
      registered or certified, return receipt requested, postage prepaid, (iii)
      delivered by reputable air courier service with charges prepaid, or (iv)
      transmitted by hand delivery, telegram, or facsimile, addressed as set forth
      below or to such other address as such party shall have specified most recently
      by written notice. Any notice or other communication required or permitted
      to be
      given hereunder shall be deemed effective (a) upon hand delivery or delivery
      by
      facsimile, with accurate confirmation generated by the transmitting facsimile
      machine, at the address or number designated below (if delivered on a business
      day during normal business hours where such notice is to be received), or the
      first business day following such delivery (if delivered other than on a
      business day during normal business hours where such notice is to be received)
      or (b) on the second business day following the date of mailing by express
      courier service, fully prepaid, addressed to such address, or upon actual
      receipt of such mailing, whichever shall first occur. The addresses for such
      communications shall be: (i) if to the Borrower to: China Biopharma, Inc.,
      31
      Airpark Road, Princeton, New Jersey 08540,
      Attn:
      Peter Wang, CEO, telecopier: (904) 399-9151, with a copy by telecopier only
      to:
      Loeb & Loeb LLP, 345 Park Avenue, New York , New York 10154, telecopier
      (212) 407-4990, and (ii) if to the Holder, to the name, address and telecopy
      number set forth on the front page of this Note, with a copy by telecopier
      only
      to Grushko & Mittman, P.C., 551 Fifth Avenue, Suite 1601, New York, New York
      10176, telecopier number: (212) 697-3575.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    6.3 Amendment
      Provision.
      The
      term “Note” and all reference thereto, as used throughout this instrument, shall
      mean this instrument as originally executed, or if later amended or
      supplemented, then as so amended or supplemented.

     

    6.4 Assignability.
      This
      Note shall be binding upon the Borrower and its successors and assigns, and
      shall inure to the benefit of the Holder and its successors and
      assigns.

     

    6.5 Cost
      of Collection.
      If
      default is made in the payment of this Note, Borrower shall pay the Holder
      hereof reasonable costs of collection, including reasonable attorneys’
fees.

     

    6.6 Governing
      Law.
      This
      Note shall be governed by and construed in accordance with the laws of the
      State
      of New York. Any action brought by either party against the other concerning
      the
      transactions contemplated by this Agreement shall be brought only in the state
      courts of New York or in the federal courts located in the state of New York.
      Both parties and the individual signing this Agreement on behalf of the Borrower
      agree to submit to the jurisdiction of such courts. The prevailing party shall
      be entitled to recover from the other party its reasonable attorney’s fees and
      costs.

     

    6.7 Maximum
      Payments.
      Nothing
      contained herein shall be deemed to establish or require the payment of a rate
      of interest or other charges in excess of the maximum permitted by applicable
      law. In the event that the rate of interest required to be paid or other charges
      hereunder exceed the maximum permitted by such law, any payments in excess
      of
      such maximum shall be credited against amounts owed by the Borrower to the
      Holder and thus refunded to the Borrower.

     

    6.8 Construction.
      Each
      party acknowledges that its legal counsel participated in the preparation of
      this Note and, therefore, stipulates that the rule of construction that
      ambiguities are to be resolved against the drafting party shall not be applied
      in the interpretation of this Note to favor any party against
      the other.

     

    6.9 Remedies.
      This
      Note shall be deemed an unconditional obligation of Borrower for the payment
      of
      money and, without limitation to any other remedies available to Holder. This
      Note may be enforced against Borrower by summary proceeding pursuant to N.Y.
      Civil Procedure Law and rules Sect. 3213 or any similar rule or statute in
      the
      jurisdiction where enforcement is sought.

    

    

    [THIS
      SPACE INTENTIONALLY LEFT BLANK]

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      Borrower has caused this Note to be signed in its name by an authorized officer
      as of the ____ day of ___________, 2006.

     

    
      	 	 	 
	 	CHINA
              BIOPHARMA,
              INC.
	 
 	 
 	 
 
	
            	By:  	 
	 	
              
Name:
	 	Title: 

    
      	WITNESS: 	 	 	 
	
            	 	 	
            
	 	 	 	 
	
              

            	 	 	
            
	 	 	 	 

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    NOTICE
      OF CONVERSION

    

    (To
      be
      executed by the Registered Holder in order to convert the Note)

    

    

    The
      undersigned hereby elects to convert $_________ of the principal and $_________
      of the interest due on the Note issued by CHINA BIOPHARMA, INC. on December
      13,
      2006 into Shares of Common Stock of CHINA BIOPHARMA, INC. (the “Borrower”)
      according to the conditions set forth in such Note, as of the date written
      below.

    
 

    
      	Date
              of Conversion: 	 
	 	 
	Conversion
              Price: 	 
	 	 
	Shares
              To Be Delivered: 	 
	 	 
	Signature: 	 
	 	 
	Print
              Name: 	 
	 	 
	Address: 	 

    

     

     

    
      
        
        

      

      
        7

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