10. Subordination. The lender agrees that the priority interest granted to it in accordance with the terms of the guarantee is subject to a revolving working credit line that the enterprise receives from a bona bona bona cender commercial lender, primarily to cover the day-to-day operating costs incurred by the enterprise in the course of its normal operations. an amount not exceeding $1 million of five hundred thousand dollars ($1,500,000). The lender undertakes to execute the agreements and other documents that are reasonably necessary to ensure the aforementioned subordination. 13. Modifications and Waivers. Any term of this communication may only be modified with the written consent of the entity and the lender. Any modification or waiver made in accordance with this Section 13 shall be binding on the borrower, the lender and any transferee of an obligation. (7) the beneficiaries and beneficiaries of the transfer; Allotment. The provisions of this communication apply to and apply to any successor of the borrower and extend to any holder of this note. The lender may assign this rating to each of its related companies.
Subject to the above rate, this obligation may be transferred only after the delivery of the initial obligation to register the transfer, duly accompanied by a notice or, with a duly executed written transmission instrument, in a form satisfactory to the borrower. A new note for the same nominal amount and the same interest is then issued to the buyer and registered in his name. Interest and principal are paid only to the registered holder of this note. 18. Processing. The Lender may, from that date, convert all or part of the outstanding nominal stock and outstanding accrued interest into shares of the Series C-1 Preferred Shares with a par value of USD 0.10 per share (the „Series C-1 Preferred Shares”) in accordance with this Section 18, at any time after the Date; which has obtained the necessary shareholder approval to issue Series C-1 Preferred Shares. subject to section 1(a)(iii) of this note. The lender must inform the borrower in writing of the date on which such a conversion is to take place (this date, the „conversion date”). The number of Series C-1 Preferred Shares (calculated on the nearest whole share) to which the lender is entitled upon such conversion is determined by dividing the outstanding amount and unpaid interest convertible by the conversion price of the Series C-1 Preferred Shares, determined in accordance with the Certificate of Designation of Series C-1 Convertible Preferred Stock. On the date of conversion, the lender shall remit this obligation to the borrower or its transfer agent, and the lender shall receive from the borrower share certificates that attest to the Preferred Shares of Series C-1 in the name or name in which the lender wishes to issue such certificate or certificate for the Preferred Shares of Series C-1, and if the entire capital is not converted, a replacement note equal to the principal amount not returned.
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