Warrant Redemption. Simultaneously with the execution and delivery of this Amendment No. 3, the Lender is delivering to the Borrower, for redemption by the Borrower, all of the Warrants (covering an aggregate of 2,100,000 shares of Common Stock), in consideration of which the Borrower is paying to the Lender the sum of $1,000,000, constituting part of the Additional Note being issued pursuant to paragraph 7 below. The Lender makes no representations or warranties regarding the Warrants or the value thereof, other than that the Lender has unencumbered title to the Warrants and full power and authority to deliver the Warrants for redemption hereunder.
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Sources: Loan Agreement (Talon International, Inc.), Loan Agreement (Talon International, Inc.)