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Prohibition on Debt and Variable Securities. During the initial ninety (90) day period after the Issue Date, the Borrower shall not, without written consent of the Holder, issue any debt (including, but not limited to any loan, bond, note, debenture, lien, mortgage, debt security, convertible security, or variable rate security) or any Variable Security. A Variable Security shall mean any security issued by the Borrower that # has or may have conversion rights of any kind, contingent, conditional or otherwise in which the number of shares that may be issued pursuant to such conversion right varies with the market price of the common stock; # is or may become convertible into common stock (including without limitation convertible debt, warrants or convertible preferred stock), with a conversion or exercise price that varies with the market price of the common stock, even if such security only becomes convertible or exercisable following an event of default, the passage of time, or another trigger event or condition; or # was issued or may be issued in the future in exchange for or in connection with any contract, security, or instrument, whether convertible or not, where the number of shares of common stock issued or to be issued is based upon or related in any way to the market price of the common stock, including, but not limited to, common stock issued in connection with a [Section 3(a)(9)] exchange, a [Section 3(a)(10)] settlement, or any other similar settlement or exchange.

CONVERTIBLE PROMISSORY NOTE
Source: SEC EDGAR database • Date: August 15, 2018 • SIC: 5047 • CIK: 5047
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