Common use of EXPLANATORY STATEMENTS Clause in Contracts

EXPLANATORY STATEMENTS. Maker has issued to Holder that certain Amended and Restated Convertible Promissory Note, dated May 21, 2013, in the original principal amount of One Million Nine Hundred Thousand Dollars ($1,900,000) (the “Note”). The Parties desire to amend certain terms and conditions set forth in the Note, all as further described and set forth in this Amendment.

EXPLANATORY STATEMENTS. Maker has issued to Holder that certain Amended and Restated Convertible Promissory Note, dated May 21, 2013, in the original principal amount of One Million Nine Hundred Thousand Dollars ($1,900,000) as amended by that certain Amendment to Amended and Restated Convertible Promissory Note effective September 30, 2014 (as amended, the “Note”). The Parties desire to amend certain terms and conditions set forth in the Note, all as further described and set forth in this Amendment.