Document:

Exhibit 10.3

 

NEITHER THIS SECURITY NOR
THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE OR UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES ARE RESTRICTED AND MAY NOT
BE OFFERED, RESOLD, PLEDGED OR TRANSFERRED EXCEPT AS PERMITTED UNDER THE ACT PURSUANT TO REGISTRATION OR EXEMPTION OR SAFE HARBOR
THEREFROM.

 

ISSUE DATE: December 11, 2015

PRINCIPAL AMOUNT:
$120,000

 

ZONZIA MEDIA, INC.

 

CONVERTIBLE PROMISSORY
NOTE DUE DECEMBER 11, 2016

 

THIS Note is a duly authorized
issuance of $120,000 of ZONZIA MEDIA, INC., a Nevada corporation (the "Company") designated as its Note.

 

FOR
VALUE RECEIVED, the Company promises to pay to KODIAK CAPITAL GROUP, LLC, the registered holder hereof (the "Holder"),
the principal sum of one hundred twenty and 00/100 Dollars ($120,000) on December 11, 2016 (the “Maturity Date”). The
principal of this Note is payable in United States dollars, at the address last appearing on the Note Register of the Company as
designated in writing by the Holder. The Company will pay the outstanding principal amount of this Note in cash on the Maturity
Date to the registered holder of this Note. The forwarding of such wire transfer shall constitute a payment hereunder and shall
satisfy and discharge the liability for principal on this Note to the extent of the sum represented by such check or wire transfer
plus any amounts so deducted.

 

This Note is subject to the following
additional provisions:

 

1.               
The Note is exchangeable for an equal aggregate principal amount of Note of different authorized denominations, as requested
by the Holder surrendering the same. No service charge will be made for such registration or transfer or exchange.

 

2.               
The Holder of this Note is entitled any time after June 11, 2016, subject to the following provisions, to convert all or
a portion of the principal amount of this Note into shares (the “Shares”) of the Company’s common stock, par
value $0.001 per share (the “Common Stock”) at a conversion price for each share of Common Stock equal to the Current
Market Price multiplied by fifty percent (50%) (the “Conversion Price”). “Current Market Price” means the
lowest closing bid price for the Common Stock as reported by Bloomberg, LP for the thirty (30) trading days ending on the trading
day immediately before the relevant Conversion Date (as defined below). The amount of shares issuable pursuant to a conversion
shall equal the principal amount (or portion thereof) of the Note to be converted, divided by the Conversion Price.

 

Conversion
shall be effectuated by surrendering the Note to the Company, accompanied by or preceded by email or other delivery to the Company
of the form of conversion notice attached hereto as Exhibit A, executed by the Holder evidencing such Holder's intention to convert
a specified portion hereof. No fractional shares of Common Stock or scrip representing fractions of shares will be issued on conversion,
but the number of shares issuable shall be rounded to the nearest whole share. The date on which notice of conversion is given
(the "Conversion Date") shall be deemed to be the date on which the Holder emails or otherwise delivers the conversion
notice ("Notice of Conversion"), substantially in the form annexed hereto as Exhibit A, duly executed, to the
Company. Certificates representing Common Stock upon conversion will be delivered within one (1) business days from the Conversion
Date (“Delivery Date”).

 

 

 

 

 

    	 	1	 

     

    

 

The
Company shall pay any payments incurred under this Section in immediately available funds upon demand as the Holder’s remedy
for such delay. Furthermore, in addition to any other remedies which may be available to the Holder, in the event that the Company
fails for any reason to effect delivery of the Shares by close of business on the Delivery Date, unless such failure is due to
causes beyond the Company’s reasonable control or that of its Transfer Agent, the Holder will be entitled to revoke the relevant
Notice of Conversion by delivering a notice to such effect to the Company, whereupon the Company and the Holder shall each be restored
to their respective positions immediately prior to delivery of such Notice of Conversion; provided, however, that an amount equal
to any payments contemplated by this Section which have accrued through the date of such revocation notice shall remain due and
owing to the Converting Holder notwithstanding such revocation.

 

If, by
the relevant Delivery Date, the Company fails, unless such failure is due to causes beyond the Company’s reasonable control
or that of its Transfer Agent, for any reason to deliver the Shares and after such Delivery Date, the Holder of the Note being
converted (a “Converting Holder”) purchases, in an arm’s-length open market transaction or otherwise, shares
of Common Stock (the “Covering Shares”) in order to make delivery in satisfaction of a sale of Common Stock by the
Converting Holder (the “Sold Shares”), which delivery such Converting Holder anticipated to make using the Shares to
be issued upon such conversion (a “Buy-In”), the Converting Holder shall have the right, to require the Company to
pay to the Converting Holder, in addition to and not in lieu of the amounts due hereunder (but in addition to all other amounts
contemplated in other provisions of the Transaction Agreements, and not in lieu of any such other amounts), the Buy-In Adjustment
Amount (as defined below). The “Buy-In Adjustment Amount” is the amount equal to the excess, if any, of (x) the Converting
Holder's total purchase price (including brokerage commissions, if any) for the Covering Shares over (y) the net proceeds (after
brokerage commissions, if any) received by the Converting Holder from the sale of the Sold Shares. The Company shall pay the Buy-In
Adjustment Amount to the Company in immediately available funds immediately upon demand by the Converting Holder. By way of illustration
and not in limitation of the foregoing, if the Converting Holder purchases shares of Common Stock having a total purchase price
(including brokerage commissions) of $11,000 to cover a Buy-In with respect to shares of Common Stock it sold for net proceeds
of $10,000, the Buy-In Adjustment Amount which Company will be required to pay to the Converting Holder will be $1,000.

 

In lieu
of delivering physical certificates representing the Shares issuable upon conversion, provided the Company’s Transfer Agent
is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer program, upon request
of the Holder and its compliance with the provisions contained in this paragraph, so long as the certificates therefore do not
bear a legend and the Holder thereof is not obligated to return such certificate for the placement of a legend thereon, the Company
shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to
the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission system.

 

The
Holder of the Note shall be entitled to exercise its conversion privilege with respect to the Note notwithstanding the commencement
of any case under 11 U.S.C. §101 et seq. (the “Bankruptcy Code”). In the event the Company is a debtor
under the Bankruptcy Code, the Company hereby waives, to the fullest extent permitted, any rights to relief it may have under
11 U.S.C. §362 in respect of such holder’s conversion privilege. The Company hereby waives, to the fullest extent permitted,
any rights to relief it may have under 11 U.S.C. §362 in respect of the conversion of the Note. This Note has been issued
subject to investment representations of the original purchaser hereof and may be transferred or exchanged only in compliance
with the Securities Act of 1933, as amended (the "Act"), and other applicable state and foreign securities laws. In
the event of any proposed transfer of this Note, the Company may require, prior to issuance of a new Note in the name of such
other person, that it receive reasonable transfer documentation including legal opinions that the issuance of the Note in such
other name does not and will not cause a violation of the Act or any applicable state or foreign securities laws. Prior to due
presentment for transfer of this Note, the Company and any agent of the Company may treat the person in whose name this Note is
duly registered on the Company's Note Register as the owner hereof for the purpose of receiving payment as herein provided and
for all other purposes, whether or not this Note be overdue, and neither the Company nor any such agent shall be affected by notice
to the contrary.

 

 

 

 

 

    	 	2	 

     

    

 

4.               
No provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of this Note at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct
obligation of the Company.

 

(a)    
During the first 180 days of this Note is in effect, the Company shall have the option to redeem this Note and pay to the
Holder 150% of the unpaid principal and accrued interest amount due under this Note, in full. The redemption must be closed and
paid for within 3 business days of the Company sending the redemption demand to the Holder.

 

5.               
The Holder of the Note, by acceptance hereof, agrees that this Note is being acquired for investment and that such Holder
will not offer, sell or otherwise dispose of this Note or the shares of Common Stock issuable upon conversion thereof except under
circumstances which will not result in a violation of the Act or any applicable state Blue Sky or foreign laws or similar laws
relating to the sale of securities.

 

6.               
This Note shall be governed by and construed in accordance with the laws of the State of California. Each of the parties
consents to the jurisdiction of the federal courts whose districts encompass any part of the City of Newport Beach or the state
courts of the State of California sitting in the City of Newport Beach in connection with any dispute arising under this Note and
hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non coveniens, to
the bringing of any such proceeding in such jurisdictions. Each of the parties hereby waives the right to a trial by jury in connection
with any dispute arising under this Note.

 

		7.	The following shall constitute an "Event of Default":

 

a.               
The Company shall default in the payment of principal on this Note and same shall continue for a period of five (5) days;
or

 

b.               
Any of the representations or warranties made by the Company herein, in any certificate or financial or other written statements
heretofore or hereafter furnished by the Company in connection with the execution and delivery of this Note shall be false or misleading
in any material respect at the time made; or

 

c.               
The Company shall fail to perform or observe, in any material respect, any other covenant, term, provision, condition, agreement
or obligation of any Note and such failure shall continue uncured for a period of five (5) days after written notice from the Holder
of such failure; or

 

d.               
The Company fails to authorize or to cause its Transfer Agent to issue the Shares upon exercise by the Holder through a
Notice of conversion in accordance with the terms of this Note, fails to transfer or to cause its Transfer Agent to transfer any
certificate for Shares issued to the Holder upon conversion of this Note and when required by this Note, and such transfer is otherwise
lawful, or fails to remove any

restrictive legend on any
certificate or fails to cause its Transfer Agent to remove such restricted legend, in each case where such removal is lawful, as
and when required by this Note, and any such failure shall continue uncured for five (5) business days; or

 

 

 

 

 

    	 	3	 

     

    

 

e.               
The Company shall (1) make an assignment for the benefit of creditors or commence proceedings for its dissolution; or (2)
apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part of its property
or business; or

 

f.                
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business
without its consent and shall not be discharged within sixty (60) days after such appointment; or

 

g.               
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody
or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within
sixty (60) days thereafter; or

 

h.               
Any money judgment, writ or warrant of attachment, or similar process in excess of One Hundred Thousand ($100,000) Dollars
in the aggregate shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid,
unvacated, unbonded or unstayed for a period of thirty (30) days or in any event later than five (5) days prior to the date of
any proposed sale thereunder; or

 

i.                
Bankruptcy, reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law
or any law for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall
not be dismissed within sixty (60) days after such institution or the Company shall by any action or answer approve of, consent
to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in any
such proceeding; or

 

j.                
The Company shall have its Common Stock suspended or delisted from an exchange from trading for in excess of fifteen trading
days.

 

k.               
The Company fails to file a registration statement with the Securities and Exchange Commission for the underlying common
stock of the Note by December 31, 2015.

 

Then,
or at any time thereafter, and in each and every such case, unless such Event of Default shall have been waived in writing by the
Holder (which waiver shall not be deemed to be a waiver of any subsequent default) at the option of the Holder and in the Holder's
sole discretion, the Holder may consider all obligations under this Note immediately due and payable within five (5) days of notice,
without presentment, demand, protest or notice of any kinds, all of which are hereby expressly waived, anything herein or in any
note or other instruments contained to the contrary notwithstanding, and the Holder may immediately enforce any and all of the
Holder's rights and remedies provided herein or any other rights or remedies afforded by law. Upon an Event of Default, the Conversion
Price will become the Current Market Price multiplied by twenty five percent (25%) (“Default Conversion Price”).

 

 

 

 

 

    	 	4	 

     

    

 

8.               
The Holder may not convert this Note to the extent such conversion would result in the Holder, together with any affiliate
thereof, beneficially owning (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder)
in excess of 9.99% of the then issued and outstanding shares of Common Stock held by such Holder after application of this Section.
Since the Holder will not be obligated to report to the Company the number of shares of Common Stock it may hold at the time of
a conversion hereunder, unless the conversion at issue would result in the issuance of shares of Common Stock in excess of 9.99%
of the then outstanding shares of Common Stock without regard to any other shares which may be beneficially owned by the Holder
or an affiliate thereof, the Holder shall have the authority and obligation to determine whether the restriction contained in
this Section will limit any particular conversion hereunder and to the extent that the Holder determines that the limitation contained
in this Section applies, the determination of which portion of the principal amount of Note are convertible shall be the responsibility
and obligation of the Holder. If the Holder has delivered a Conversion Notice for a principal amount of Note that would result
in the issuance of in excess of the permitted amount hereunder, without regard to any other shares that the Holder or its affiliates
may beneficially own, the Company shall notify the Holder of this fact and shall honor the conversion for the maximum principal
amount permitted to be converted on such Conversion Date and, at the option of the Holder, either retain any principal amount
tendered for conversion in excess of the permitted amount hereunder for future conversions or return such excess principal amount
to the Holder. The provisions of this Section may be waived by a Holder (but only as to itself and not to any other Holder) upon
not less than thirty (30) days prior notice to the Company. Other Holders shall be unaffected by any such waiver.

 

9.               
Nothing contained in this Note shall be construed as conferring upon the Holder the right to vote or to receive dividends
or to consent or receive notice as a shareholder in respect of any meeting of shareholders or any rights whatsoever as a shareholder
of the Company, unless and to the extent converted in accordance with the terms hereof.

 

IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed by an officer thereunto duly authorized.

 

 

 

Dated:
December 11, 2015

 

ZONZIA MEDIA, INC.

 

	 	By: /s/ Johnathan Adair	 
	 	Johnathan Adair	 
	 	Chief Executive Officer	 

 

ATTESTOR

 

By: ________________________

 

 

 

 

 

    	 	5	 

     

    

 

EXHIBIT A - NOTICE OF CONVERSION

 

The undersigned hereby elects to convert principal
under the Note due December 11, 2016 of ZONZIA MEDIA, INC., a Nevada corporation (the “Company”), into shares
of common stock (the “Common Stock”), of the Company according to the conditions hereof, as of the date written
below. If shares of Common Stock are to be issued in the name of a person other than the undersigned, the undersigned will pay
all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested
by the Company in accordance therewith. No fee will be charged to the holder for any conversion, except for such transfer taxes,
if any.

 

By the
delivery of this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common Stock
does not exceed the amounts specified under Section 8 of this Note, as determined in accordance with Section 13(d) of the Exchange
Act.

 

Conversion calculations:                     

Date to Effect Conversion:                     

Principal Amount of Debenture to be
Converted: 
                    

Signature:                     

Name:                     

Shares to be issued to:                     

EIN:                     

Address for Delivery of Common Stock Certificates:
                    

 

Or

 

DWAC Instructions:                     

Broker No:                     

Account No:                     

 

 

 

 

 

    	 	6Exhibit

THIS SUBORDINATED DEBENTURE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAW OF ANY STATE.  THIS SUBORDINATED DEBENTURE MAY NOT BE SOLD OR OFFERED FOR SALE UNLESS REGISTERED PURSUANT TO SAID ACT AND ANY APPLICABLE STATE SECURITIES LAW OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.
PIONEER FINANCIAL SERVICES, INC.
SUBORDINATED DEBENTURE, SERIES A

	
				
	No.
	Original Principal Amount
$
	Annual Interest Rate
%

	Issue Date:
	Due Date:

	Name and Address
of Holder:

FOR VALUE RECEIVED, the undersigned, PIONEER FINANCIAL SERVICES, INC., a Missouri corporation (the “Maker”), hereby promises to pay to the order of the Holder, the Original Principal Amount set forth above on the Due Date, and to pay interest on the unpaid principal balance outstanding hereunder from the date hereof until maturity at the Annual Interest Rate.  Said interest will be payable quarterly on the last day of March, June, September and December, commencing on the first of such dates subsequent to the date hereof, to the holder of record of the Debenture at the close of business on the Business Day preceding a payment date, with the final interest payment due and payable on the Due Date.  If the interest payment day is not on a Business Day, interest will be paid on the next succeeding Business Day.  “Business Day” means any day other than Saturday, Sunday, a Federal holiday or any other day banking institutions in the state of Missouri are authorized to close.  After maturity of this Subordinated Debenture (the “Debenture”), whether by reason of acceleration or otherwise, interest shall be payable on demand on the outstanding principal balance hereunder at a rate per annum equal to two percent (2.00%) in excess of the amount specified above.  The amount of interest accruing hereunder shall be computed on an actual day, 365-day year basis.
This Debenture may be prepaid in whole or in part, without penalty or premium, at any time; provided, that on each payment: (a) the Maker shall give the Holder not less than thirty (30) nor more than sixty (60) days prior written notice of such prepayment, (b) all partial prepayments shall be in the amount of Five Thousand Dollars ($5,000) or in any integral multiple thereof, and (c) accrued interest to the date of such prepayment shall be paid.  All payments shall be applied first to pay all accrued and unpaid interest to the date of payment and then to payment of principal.

Principal of and interest on this Debenture are payable at the office of the Maker 4700 Belleview, Suite 300, Kansas City, Missouri 64112 and, at the option of the Maker, interest may be paid by check mailed to the address of the Holder above set forth, or at such other address as the Holder shall direct by written notice to the Maker.  All payments shall be made in lawful currency of the United States of America.
Payment of principal and interest on this Debenture is hereby expressly subordinated in right of payment to prior payment in full in cash of all Senior Indebtedness (as defined below) of the Maker, and no payments in respect of any Junior Indebtedness (as defined below) shall be made, nor shall any property or assets of the Maker be applied to the purchase or acquisition or retirement of any Junior Indebtedness; provided, however, that so long as no Bankruptcy or Insolvency Event (as hereinafter defined) exists, no payment default has occurred and is continuing in respect of any Senior Indebtedness (whether for principal, interest or otherwise), or no Blockage Period (as defined below) is in effect, regularly scheduled principal and interest payments under this Debenture are permitted to be paid.
In the event there shall have occurred any breach or default with respect to any Senior Indebtedness (other than a Bankruptcy or Insolvency Event or a payment default (whether for principal, interest or otherwise) in respect of any Senior Indebtedness) whether due to nonpayment, acceleration or otherwise, and written notice by the holders of more than 50% in principal amount of the Senior Indebtedness then outstanding or their agent (herein, the "Required Senior Holders") has been given to the Maker of the occurrence of any such default stating that a Blockage Period has commenced (upon delivery of such notice and for 180 days thereafter, a “Blockage Period”) then, unless such breach or default shall have been cured or waived to the satisfaction of the Required Senior Holders, no payment on account of the principal of or interest or premium (if any) on this Debenture shall be made during the Blockage Period.  At the expiration of such Blockage Period, unless a Bankruptcy or Insolvency Event or a payment default (including by way of acceleration) in respect of any Senior Indebtedness then exists, the Maker may pay to the holder of this Debenture all accrued but unpaid principal and interest on this Debenture to the extent permitted by this Debenture.  If a Bankruptcy or Insolvency Event exists or a payment default (whether for principal, interest or otherwise) in respect of any Senior Indebtedness) whether due to nonpayment, acceleration or otherwise exists, then no payments may be made under this Debenture.
"Senior Indebtedness" means all indebtedness, liabilities and obligations of the Maker, secured or unsecured, whether outstanding on the date hereof or hereafter created, incurred, assumed or guaranteed for money borrowed, all fees, costs and expenses arising at any time in connection therewith (including, interest at the default rate and interest arising after an Insolvency Event), any reimbursement obligations in respect of letters of credit and surety bonds, and all Hedging Obligations and all amendments, renewals, extensions, modifications, refinancings and refundings of such indebtedness, liability, or obligation including, without limitation, other indebtedness of the Maker evidenced by instruments which provide among other things, that such indebtedness is subordinate to certain other indebtedness of the Maker; provided, however, that the following shall not constitute Senior Indebtedness: (i) this Debenture; (ii) indebtedness as to which, in the instrument creating or evidencing the same or pursuant to 

which it is outstanding, it is expressly provided that such indebtedness if either on a parity with or subordinate and junior in right of payment to the Debenture or such indebtedness is subordinate in right of payment to all other indebtedness of the Maker; and (iii) indebtedness evidenced by notes or other evidences of indebtedness which contain or have applicable thereto subordination provisions identical to the subordination provisions (including the definition of "Senior Indebtedness") applicable to this Debenture.
"Hedging Agreement" means any bank underwritten cash and/or derivative financial instrument including, but not limited to, any interest rate, currency or commodity swap agreement, cap agreement, collar agreement, spot foreign exchange, forward foreign exchange, foreign exchange option (or series of options) and any other agreement or arrangement designed to protect a Person against fluctuations in interest rates, currency exchange rates, raw materials or commodity prices.
"Hedging Obligation" means, with respect to any person, any liability of such person under any Hedging Agreement, including any obligations owed by any person to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act, or any application and official interpretation of the Commodities Futures Trading Commission (or any successor thereto) with respect thereto.  All indebtedness secured by any asset of any kind or nature shall be deemed to be Senior Indebtedness.
"Junior Indebtedness" means all obligations, liabilities and debts of the Maker arising under this Debenture whether outstanding on the date hereof or hereafter created, incurred, assumed or guaranteed, including to any holder of this Debenture or to any other person on account of or in connection with or arising out of or related to  this Debenture.
In the event of any dissolution, winding up, liquidation, readjustment, reorganization or other similar proceedings relating to the Maker or to its creditors as such or to its property, whether voluntary or involuntary, partial or complete, and whether in bankruptcy, insolvency or receivership, or upon an assignment for the benefit of creditors, or any other marshaling of the assets and liabilities of the Maker, or any sale, transfer or conveyance (voluntary or involuntary, and whether by judicial or regulatory order) of any material portion of, or all or substantially all of, the assets of the Maker, or otherwise (the foregoing being referred to herein, collectively, as a "Bankruptcy or Insolvency Event"), the Senior Indebtedness shall first be paid in full before any person shall be entitled to receive and to retain any payment or distribution in respect of the Junior Indebtedness.  In the event that any Junior Indebtedness is declared or becomes payable because of an event of default under the provisions creating or evidencing such Junior Indebtedness, the holders of such Junior Indebtedness shall be entitled to payment only after all Senior Indebtedness outstanding at such time shall first be paid in full or payment shall be satisfactory to the holders of Senior Indebtedness.
If any Event of Default shall occur and be continuing, Holder, by notice in writing delivered to the Maker, may declare the entire principal of this Debenture to be due and payable immediately without presentment, demand 

or protest, all of which are hereby waived, and upon any such declaration the same shall become and shall be immediately due and payable, subject to the subordination terms contained herein.  The Events of Default are as follows:
(a)    Maker fails to pay interest hereunder when due and the continuation of such default for a period of 30 days;
(b)    Maker fails to pay principal of the Debenture at its maturity;
(c)    Maker consents to the appointment of a receiver, trustee, custodian or liquidator of substantially all of its property, or the Maker admits in writing its inability to pay debts generally as they become due, or makes a general assignment for the benefit of creditors;
(d)    Maker files a voluntary petition for an order for relief pursuant to Section 301 of Title 11 of the United States Code, or any superseding statute, as amended from time to time, or a voluntary petition or an answer seeking reorganization in a proceeding under any bankruptcy law (as now or hereafter in effect), or an answer admitting the material allegations of a petition filed against the Maker for such an order for relief or in any such proceeding, or the Maker shall seek relief by voluntary petition, answer or consent, under the provisions of any other now existing or future bankruptcy or other similar law providing for reorganization or liquidation or providing for an agreement, composition, extension or adjustment with its creditors;
(e)    An order, judgment or decree is entered in any proceeding by any court of competent jurisdiction appointing, without the consent of the Maker, a receiver, trustee, custodian or liquidator of the Maker or of substantially all of its Property, or sequestering substantially all of its property, and any such order, judgment or decree of appointment sequestration shall remain in force, undismissed, unstayed or unvacated for a period of sixty (60) days after the entry thereof;
(f)    A petition against the Maker for an order for relief pursuant to Section 303 of Title 11 of the United States Code, or any superseding statute, as amended from time to time, or any proceeding under the federal bankruptcy laws or other insolvency laws (as now or hereafter in effect) shall be filed and shall not be withdrawn or dismissed within 60 days thereafter, or, under the provisions of any law providing for reorganization or liquidation, any court of competent jurisdiction shall assume jurisdiction, custody or control of the Maker or of substantially all of its property and such jurisdiction, custody or control shall remain in force, unrelinquished, unstayed or unterminated for a period of 30 days.
This Debenture may not be modified or amended without the prior written consent of the record holder hereof and the Required Senior Holders.  The remedies of Holder as provided herein and in applicable law shall be cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of the Holder, and may be exercised as often as occasion therefore shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof.

This Debenture may only be exchanged or transferred upon the list of holders of Debentures maintained by the Maker.  The Debenture is exchangeable or transferable without charge; provided, however, that the Maker may require payment of an amount sufficient to pay any tax or other government charge payable in connection with such exchange or transfer.
This instrument shall be governed by and construed according to the laws of the State of Missouri (without reference to the conflicts of law provisions thereof).
PIONEER FINANCIAL SERVICES, INC.
By:     _______________________________________                    
Laura V. Stack
Chief Operating Officer and Chief Financial Officer

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