[{"id":"96ff4f7e-12fd-46f2-b467-1f1395c23416","order":10,"text":"CONVERTIBLE LOAN AGREEMENT","fontSize":"20","textAlign":"center","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"2a873578-6fc0-4df2-978c-49275f278944","order":20,"text":"(Governed by the laws of Singapore)","fontSize":"12","textAlign":"center","bold":false,"underline":false,"marginBottom":"30","cflou":false,"active":true},{"id":"904bebf2-ce11-4906-a75d-5a9cbeedf90a","order":30,"text":"THIS CONVERTIBLE LOAN AGREEMENT (this "Agreement") is made on [Date of this Agreement].","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"4e5139a3-716d-4afb-be15-80dce3ef3846","order":40,"text":"BETWEEN:","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"43ad23cf-11da-413f-8f1f-0779bfc55ce1","order":50,"text":"(1) [Name of the Company], a company incorporated in Singapore under registration number (UEN) [UEN], whose registered office is at [Registered office address] (the "Company"); and","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"e2e4bc5c-6e2f-4b70-924d-f02aede3174c","order":60,"text":"(2) [Full name of the Investor], holder of NRIC number [Identification number], residing at [Residential address] (the "Investor").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"a275942c-82f1-4981-b665-a0a6d585751f","value":"individual","type":"add","operator":"="}]},{"id":"4fd8d694-d973-4d28-af5d-831cf6aa1e00","order":70,"text":"(2) [Name of the Investor entity], a company incorporated in [Jurisdiction of incorporation] under registration number [Registration number], whose registered office is at [Registered office address], represented for the purposes of this Agreement by [Name and title of authorised signatory] (the "Investor").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"a275942c-82f1-4981-b665-a0a6d585751f","value":"entity","type":"add","operator":"="}]},{"id":"ad5a26d2-9873-40cb-bc40-7fa7c1579353","order":80,"text":"The Company and the Investor are together referred to as the "Parties" and each a "Party".","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"fed1180f-1c51-4752-bbb6-0489efe9b9f5","order":90,"text":"RECITALS","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true},{"id":"d6138e18-f228-400d-871a-351716d38899","order":100,"text":"(A) The Company is an early-stage company that requires funding to develop and grow its business.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"c91f7f8e-7ab8-4d1f-8655-7c64f1aeda3b","order":110,"text":"(B) The Investor has agreed to advance to the Company a loan on the terms of this Agreement, which loan is intended to convert into shares of the Company upon the occurrence of certain events, or otherwise to be repaid.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"38d4d0ca-fdb5-4aa0-a568-a57f651ecc41","order":120,"text":"(C) The Parties enter into this Agreement to record the terms on which the loan is advanced, converts and, where applicable, is repaid.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"520d40ae-bf0e-4a1a-8442-677faf0aa225","order":130,"text":"IT IS AGREED as follows:","fontSize":"14","textAlign":"left","bold":true,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"ccb4feea-8a12-45db-b785-f89ac4a3dcab","order":140,"text":"1. DEFINITIONS AND INTERPRETATION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"sectionNum":"S01"},{"id":"5ce96442-ed24-42fc-af63-eb3648223c04","order":150,"text":"In this Agreement, unless the context otherwise requires, the following definitions apply. "Affiliate" means, in relation to a person, any other person that directly or indirectly Controls, is Controlled by, or is under common Control with, that person. "Business Day" means a day (other than a Saturday, Sunday or public holiday) on which banks are open for general business in Singapore. "Control" means the power of a person to secure, directly or indirectly, that the affairs of another are conducted in accordance with its wishes, whether by holding more than fifty per cent (50%) of the voting rights, by holding the right to appoint or remove a majority of the board, or by contract; and "Controlled" and "change of control" are construed accordingly.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"c9241ca3-3c6e-4237-886d-37a560ca64ab","order":160,"text":""Conversion Shares" means the shares of the Company to be issued to the Investor on conversion of the Loan in accordance with this Agreement. "Fully Diluted Basis" means, in respect of the share capital of the Company at any time, the total number of shares then in issue assuming (a) the exercise, conversion or exchange in full of all outstanding options, warrants, convertible securities and other rights to subscribe for or acquire shares, and (b) the issue in full of all shares reserved or authorised under any employee share option or incentive plan (whether or not then granted), but excluding the Conversion Shares to be issued on conversion of the Loan itself. "Group" means the Company and its Affiliates from time to time.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"78ce0355-9b7e-4f17-bb45-411752e2088d","order":170,"text":""Loan" means the principal amount advanced by the Investor to the Company under the Article entitled "The Loan", together with any accrued interest that is treated as principal on conversion in accordance with this Agreement. "Longstop Date" means the date falling three (3) months after the Maturity Date. "Maturity Date" means [Maturity date]. "Qualified Financing" means the next bona fide equity financing of the Company after the date of this Agreement in which the Company issues and sells preferred or ordinary shares to one or more investors, raising aggregate gross proceeds of not less than [Qualified financing threshold] SGD (excluding, for the avoidance of doubt, the conversion of the Loan and of any other convertible instrument). "Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"57bcfe6a-895f-40cd-b19e-bef18a3c232d","order":180,"text":"In this Agreement, clause headings are for convenience only and do not affect interpretation; references to an Article are to an article of this Agreement; words importing the singular include the plural and vice versa; a reference to a person includes a body corporate, an unincorporated body and a partnership; a reference to "writing" includes email; a reference to a statute includes any subsidiary legislation and any amendment or re-enactment of it; and the words "including" and "in particular" are without limitation.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"97e2d014-7632-4a14-9852-d65087d5627d","order":190,"text":"2. THE LOAN","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"sectionNum":"S02"},{"id":"753835fc-e8a9-44ab-9f8a-daace48bb39e","order":200,"text":"Subject to the terms of this Agreement, the Investor agrees to advance to the Company a loan in the principal amount of [Principal amount] SGD (the "Principal Amount").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"0a0e6a2e-f76e-4d98-be99-85c1c399881d","order":210,"text":"The Principal Amount shall be advanced by the Investor to the Company in cleared funds within [Number of days] Business Days of the date of this Agreement, to the bank account notified by the Company for that purpose. The Company shall issue a written acknowledgement of receipt to the Investor.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"6155447a-0ee7-47e4-9593-d1ded51b3778","order":220,"text":"The Loan is unsecured except where otherwise expressly provided in this Agreement. The Company shall apply the Loan solely towards its working capital and general corporate purposes.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"45b58660-c8b8-4c78-8bc5-a5d0c3f212a7","order":230,"text":"3. INTEREST","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"sectionNum":"S03"},{"id":"68cffabd-c9cb-4975-bd3a-983f26949d92","order":240,"text":"Interest shall accrue on the outstanding Principal Amount at the rate of [Interest rate]% per annum, calculated daily on the basis of a 365-day year from (and including) the date of advance until (but excluding) the date the Loan is repaid or converted in full. Except as otherwise provided in this Agreement, accrued interest shall not be payable in cash but shall be added to the Principal Amount and shall convert or be repaid together with it in accordance with this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"6f1dc5fa-8a43-43dd-b6bb-343a91287a79","value":"1","type":"remove","operator":"="}]},{"id":"a086dacf-6f53-482a-a9af-1291e32a2e44","order":250,"text":"If the Company is required by law to make any deduction or withholding for or on account of Tax from any payment of interest (including any Singapore withholding tax on interest paid or deemed paid to a person who is not resident in Singapore under section 45 of the Income Tax Act 1947), the Company shall account to the relevant authority for the amount so required to be deducted or withheld, and shall provide the Investor with the relevant receipts or certificates. The Parties shall cooperate in good faith to make available any relief, exemption or reduced rate of withholding to which the Investor may be entitled, whether under domestic law or an applicable double taxation agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"6f1dc5fa-8a43-43dd-b6bb-343a91287a79","value":"1","type":"remove","operator":"="}]},{"id":"7cfe0543-b3c7-455d-b7f7-7b3491753b1f","order":260,"text":"The Loan shall be interest-free. No interest shall accrue on the Principal Amount at any time.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"6f1dc5fa-8a43-43dd-b6bb-343a91287a79","value":"1","type":"add","operator":"="}]},{"id":"3b1f85da-88f3-49ea-be6f-ce2f7e438404","order":270,"text":"4. CONVERSION ON A QUALIFIED FINANCING","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"sectionNum":"S04"},{"id":"b72b75ff-87ad-4705-9823-307244a97fa3","order":280,"text":"If the Company completes a Qualified Financing while the Loan remains outstanding, the entire outstanding amount of the Loan (being the Principal Amount together with any accrued interest) shall automatically convert, immediately prior to and conditional upon completion of that Qualified Financing, into shares of the same class and having the same rights as the shares issued in that Qualified Financing.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"88c90562-d22d-410c-81eb-dad23195c108","order":290,"text":"The number of Conversion Shares to be issued shall be determined by dividing the outstanding amount of the Loan by the applicable conversion price. The conversion price shall be the price per share paid by the investors in the Qualified Financing, save that it shall be adjusted in accordance with the Articles entitled "Valuation Cap" and "Conversion Discount" where applicable. Where the conversion price is derived from a pre-money valuation of the Company, that price per share shall be calculated by dividing the relevant pre-money valuation by the number of shares of the Company in issue immediately prior to completion of the Qualified Financing on a Fully Diluted Basis. No fractional shares shall be issued; the number of Conversion Shares shall be rounded down to the nearest whole share and any resulting fractional entitlement shall be disregarded.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"ed248c43-27b1-45dc-9cc8-a7d911726218","order":300,"text":"5. TREATMENT ON MATURITY","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"sectionNum":"S05"},{"id":"f8305589-0407-41f7-9bdd-1f9ed900439c","order":310,"text":"If the Loan has not converted or been repaid in full on or before the Maturity Date, then on the Maturity Date, at the election of the Investor, the outstanding amount of the Loan shall either convert into ordinary shares of the Company at a price per share based on a fully-diluted pre-money valuation of the Company equal to the Valuation Cap (or, where no Valuation Cap applies, at a price per share agreed in good faith between the Parties or, failing agreement, determined by an independent valuer appointed under this Article), or become immediately due and repayable by the Company in cash together with all accrued interest.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"9860b903-295e-4005-91e9-b9c869907701","order":320,"text":"The electing Party shall give written notice of its election not less than ten (10) Business Days before the Maturity Date. In the absence of an election, the outstanding amount of the Loan shall convert into ordinary shares as described above. Where an independent valuation is required, the valuer shall be a firm of chartered accountants or a licensed valuer agreed between the Parties or, failing agreement within ten (10) Business Days, appointed by the President for the time being of the Institute of Singapore Chartered Accountants, and shall act as an expert whose determination shall, in the absence of manifest error, be final and binding. If, for any reason, the Loan has neither converted nor been repaid in full by the Longstop Date, the whole of the outstanding Loan together with all accrued interest shall become immediately due and payable and its non-payment shall constitute an event of default under this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"98c3268b-f551-4987-b2ea-7a013b8d797e","order":330,"text":"6. CONVERSION OR REPAYMENT ON AN EXIT EVENT","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"sectionNum":"S06"},{"id":"a76e9f09-aa58-4238-a246-1566bf02b4e7","order":340,"text":"In this Article, "Exit Event" means a sale of all or substantially all of the shares or business and assets of the Company, a merger or amalgamation resulting in a change of control of the Company, or a listing of the Company's shares on a recognised securities exchange, in each case occurring before conversion or repayment of the Loan in full.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"35d382c9-75c5-493b-b2ed-2e5be6fa0f58","order":350,"text":"On an Exit Event, the Investor shall be entitled, at its election and by written notice to the Company given not less than five (5) Business Days before completion of the Exit Event, to either convert the outstanding amount of the Loan into ordinary shares immediately prior to the Exit Event at a price per share based on the Valuation Cap (where applicable) or, where no Valuation Cap applies, at a price per share derived from the pre-money equity value of the Company implied by the Exit Event (calculated on a Fully Diluted Basis), so as to participate in the Exit Event as a shareholder, or receive repayment of the outstanding amount of the Loan in cash together with all accrued interest on completion of the Exit Event. In the absence of an election, the Investor shall be treated as having elected repayment in cash.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"d04869cd-8874-4359-8e46-e761a6fe30e1","order":360,"text":"The Company shall procure that any agreement governing the Exit Event provides for the Investor to receive, on completion, the consideration or shares to which it is entitled under this Article, and shall not complete an Exit Event unless adequate provision has been made for the outstanding amount of the Loan.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"32881e49-5402-4af3-ba52-a72abea9f5c0","order":370,"text":"7. VALUATION CAP","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"1e47a576-ca6f-442a-9f26-94574807d986","value":"1","type":"add","operator":"="}],"sectionNum":"S07"},{"id":"71062691-8c04-4766-a85f-881964bafdb3","order":380,"text":"Where the Loan converts into shares by reference to the price paid in a Qualified Financing, the conversion price shall be the lower of the price per share in the Qualified Financing (subject to any Conversion Discount) and the price per share derived from a fully-diluted pre-money valuation of the Company equal to the Valuation Cap of [Valuation cap] SGD (the "Valuation Cap"). Where both a Valuation Cap and a Conversion Discount apply, the conversion price shall be the lower of the two, so as to give the Investor the benefit of the more favourable outcome.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"1e47a576-ca6f-442a-9f26-94574807d986","value":"1","type":"add","operator":"="}]},{"id":"3184e33d-9d53-4555-90c9-6438eb349068","order":390,"text":"8. CONVERSION DISCOUNT","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"displayConditions":[{"field":"12eaf99d-4f1c-466c-b873-47fb20afbd79","value":"1","type":"add","operator":"="}],"sectionNum":"S08"},{"id":"3c98caa5-042e-426b-aa40-ae869e688d49","order":400,"text":"The conversion price payable by the Investor on a conversion by reference to a Qualified Financing shall be discounted by [Discount rate]% from the price per share paid by the other investors in that Qualified Financing (the "Conversion Discount").","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true,"displayConditions":[{"field":"12eaf99d-4f1c-466c-b873-47fb20afbd79","value":"1","type":"add","operator":"="}]},{"id":"a58597e8-4e48-4d38-8725-5f2b14ca75ac","order":410,"text":"9. MECHANICS OF CONVERSION","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"sectionNum":"S09"},{"id":"3b6b24d0-82e7-45f6-a514-42a196437a5a","order":420,"text":"On any conversion of the Loan, the Investor shall (if required) execute such documents as are reasonably necessary to give effect to the conversion, including any subscription agreement, shareholders' agreement or deed of adherence entered into by investors in the relevant financing, on terms no less favourable to the Investor than those applying to such investors.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"befbc2c9-2df0-49c8-bd00-874025acdf64","order":430,"text":"Upon conversion, the Company shall procure that the Conversion Shares are duly allotted and issued to the Investor as fully paid, that the Investor's name is entered in the register of members of the Company, and that the requisite filings are lodged with the Accounting and Corporate Regulatory Authority of Singapore. With effect from conversion, the Loan and all accrued interest shall be treated as discharged in full and the Investor shall have no further claim in respect of the Loan, its rights being those attaching to the Conversion Shares.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"4e1555ac-b69a-4c7f-a5a3-d762b65749ba","order":440,"text":"If, at any time while the Loan remains outstanding, the Company issues any other convertible loan, note or instrument to any person on terms that, taken as a whole, are more favourable to the holder than the terms of this Agreement (including as to valuation cap, discount, interest or maturity), the Company shall promptly notify the Investor and, at the Investor's election, this Agreement shall be amended to incorporate those more favourable terms.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"ebed0c32-877e-4522-8793-d136b09a47da","order":450,"text":"10. REPAYMENT AND PREPAYMENT","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"sectionNum":"S10"},{"id":"94dfdaa5-2340-41ec-b233-af17d6c41715","order":460,"text":"Save as expressly provided in this Agreement, the Company shall not be entitled to prepay the Loan without the prior written consent of the Investor.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"0e4c2bd2-98f2-41c8-a65e-3c55ffb6a6a7","value":"1","type":"remove","operator":"="}]},{"id":"5666ca52-7a83-41c8-a632-d3dd7dfcea4c","order":470,"text":"The Company may prepay the whole or any part of the outstanding Loan at any time by giving not less than ten (10) Business Days' written notice to the Investor, provided that the Investor may, within that notice period, elect instead to convert the Loan in accordance with this Agreement.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true,"displayConditions":[{"field":"0e4c2bd2-98f2-41c8-a65e-3c55ffb6a6a7","value":"1","type":"add","operator":"="}]},{"id":"d2582a10-3f00-465c-942a-8b4da6ed0700","order":480,"text":"All payments by the Company under this Agreement shall be made in full without any set-off, counterclaim, deduction or withholding, except as required by law. If any deduction or withholding is required by law, the Company shall pay such additional amount as ensures the Investor receives the amount it would have received had no such deduction or withholding been required.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"945b53c1-0887-4add-b399-5532ce3fdca9","order":490,"text":"11. REPRESENTATIONS AND WARRANTIES","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"sectionNum":"S11"},{"id":"ab1a3e30-a537-4438-915a-068673550715","order":500,"text":"The Company represents and warrants to the Investor that it is duly incorporated and validly existing under the laws of Singapore, that it has the corporate power and authority to enter into and perform this Agreement and has obtained all necessary corporate approvals, that this Agreement constitutes legal, valid and binding obligations enforceable against it in accordance with its terms, and that the execution and performance of this Agreement do not conflict with its constitution or any agreement or obligation binding on it.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"93f8355a-e7f8-441a-a938-fa573e3998ae","order":510,"text":"The Investor represents and warrants to the Company that it has the power and authority to enter into and perform this Agreement, and that it is acquiring any Conversion Shares for its own account and not with a view to any distribution in contravention of applicable securities laws. Each representation and warranty is given as at the date of this Agreement and shall be deemed repeated immediately before any conversion by reference to the facts then subsisting.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"ee731983-d510-4f08-a89e-4c4bb1e44260","order":520,"text":"12. COMPANY UNDERTAKINGS","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"sectionNum":"S12"},{"id":"aff2d48b-8790-4b6b-ab18-d72bffb48e43","order":530,"text":"For so long as the Loan remains outstanding, the Company undertakes to the Investor to carry on its business in the ordinary course, to maintain proper accounting records and provide the Investor on reasonable request with management accounts and information reasonably required to monitor its investment, not to declare or pay any dividend or make any distribution without the Investor's prior written consent, and to notify the Investor promptly of any event of default or any Qualified Financing, Exit Event or other event reasonably likely to affect the Loan. The Company shall not, without the prior written consent of the Investor, create or permit to subsist any indebtedness ranking in priority to the Loan (whether incurred by the Company or any other member of the Group) otherwise than in the ordinary course of trading.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"1eedee8b-5350-4db4-a32b-c271bd76981f","order":540,"text":"On a Qualified Financing, the Company shall use reasonable endeavours to offer the Investor the opportunity to subscribe, on the same terms as the other investors, for such number of shares as would enable the Investor to maintain its percentage shareholding in the Company (calculated on a Fully Diluted Basis and taking into account the Conversion Shares), and shall not agree to any provision in that Qualified Financing that would deny the Investor rights equivalent to those granted to investors making a comparable investment.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"9de8a171-3840-4bed-a7a1-85ad7c083c92","order":550,"text":"13. EVENTS OF DEFAULT","fontSize":"16","textAlign":"left","bold":true,"underline":false,"marginBottom":"10","cflou":false,"active":true,"sectionNum":"S13"},{"id":"2d7fa408-f434-4310-b360-5f370caa6a9a","order":560,"text":"Each of the following is an event of default: the Company fails to pay any amount due under this Agreement within five (5) Business Days of the due date; the Company commits a material breach of this Agreement which, if capable of remedy, is not remedied within fifteen (15) Business Days of written notice; the Company is or is deemed unable to pay its debts, enters into any compromise or arrangement with its creditors, or has a receiver, judicial manager or liquidator appointed; or an order is made or a resolution is passed for the winding up of the Company otherwise than for a solvent reconstruction.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"8","cflou":false,"active":true},{"id":"00e0f8b8-7304-4912-8db8-ddda8fb383e4","order":570,"text":"On the occurrence of an event of default which is continuing, the Investor may, by written notice to the Company, declare the whole of the outstanding Loan together with all accrued interest immediately due and payable.","fontSize":"14","textAlign":"left","bold":false,"underline":false,"marginBottom":"20","cflou":false,"active":true},{"id":"d2d00e17-0edd-4532-a80a-24141443a422","order":580,"text":"14. 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