Document:

togl_ex105.htm

EXHIBIT 10.5
 
PLEDGE AND SECURITY AGREEMENT
 
THIS PLEDGE AND SECURITY AGREEMENT (this “Security Agreement”) is made as of the 31st day of May, 2020, by Toh Kok Soon (“Pledgor”), in favor Toga Limited (the “Secured Party”). Pledgor hereby agrees with the Secured Party as follows:
 
RECITALS
 
WHEREAS, pursuant to that certain Stock Purchase Agreement, of even date herewith, between Eostre Sdn. Bhd., a Malaysia corporation (“Eostre”), Hamidah Bibi A/P Seraj Din, Ahmad Hizar Bin Sainol Abdin, Toga Limited, Toh Kok Soon and Lim Jun Hao (including all exhibits attached thereto, collectively, the “Stock Purchase Agreement”), 1,000,000 ordinary shares of Eostre (the “Shares”) were issued and sold to Pledgor and paid for by Secured Party;
 
WHEREAS, in connection therewith: (i) Pledgor has agreed to issue to the Secured Party a secured promissory note (the “Note”) in the aggregate principal amount of RM1,000,000, and (ii) Pledgor and Secured Party have agreed to secure the Note with a pledge of the Shares, and deliver them to Secured Party’s custody until the Note is satisfied in full, pursuant to the terms of the Note.
 
NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements set forth herein, the receipt and sufficiency of all of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:
 
AGREEMENT
 
1. Pledge of Collateral and Delivery of Pledged Collateral.
 
1.1 Pledgor hereby pledges and assigns to the Secured Party and grants to the Secured Party a security interest in all of the Collateral described in Section 2 below, whether now owned or hereafter acquired, now or at any time hereafter in the possession, custody or control of the Secured Party or its agents, whether held for safekeeping, in a safe deposit box, or otherwise (the “Collateral”) to secure prompt payment and full performance of the obligations described in Section 3 below (all such obligations, collectively the “Obligations”). The pledge of the Collateral pursuant to this Security Agreement creates a valid and perfected first priority security interest in the Collateral securing the performance by the Pledgor of its obligations under the Note. This Security Agreement shall terminate upon the payment or satisfaction in full of the Obligations.
 
1.2 All certificates or instruments representing or evidencing the Collateral shall be delivered, on behalf of the Secured Party, to the Secured Party’s designated agent, Alexander Henderson (the “Agent”), on or prior to the execution and delivery of this Security Agreement in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignments in blank, all in form and substance satisfactory to the Secured Party. 
 
2. Collateral. The Collateral consists of the following:
 
2.1 The Shares, now owned beneficially and of record by Pledgor, Pledgor’s fully-executed Stock Power in favor of Secured Party attached as an exhibit to the Stock Purchase Agreement, and all cash, dividends, other securities, instruments, rights (including voting rights, subject to the terms and conditions of this Security Agreement) and other property at any time and from time to time received or receivable in respect thereof or in exchange for all or any part thereof, and in the event Pledgor receives any of the foregoing, Pledgor acknowledges that the same shall be received IN TRUST for the Secured Party and agrees immediately to deliver the same to the Agent in original form of receipt, together with any stock or bond powers, assignments, endorsements or other documents or instruments as the Secured Party may reasonably request to establish, protect or perfect the Secured Party’s interest in respect of such Collateral; and
 
	 
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2.2 All other property hereafter delivered to the Agent on behalf of the Secured Party by Pledgor in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, dividends, other securities, instruments, rights and other property at any time and from time to time received or receivable in respect thereof or in exchange for all or any part thereof, including without limitation, dividends, distributions, warrants, profits, rights to subscribe, conversion rights, liquidating dividends and other rights, and, in the event Pledgor receives any of the foregoing, Pledgor acknowledges that the same shall be received IN TRUST for the Secured Party and agrees immediately to deliver the same to the Agent in original form of receipt, together with any stock or bond powers, assignments, endorsements or other documents or instruments as the Secured Party may reasonably request to establish, protect or perfect the Secured Party’s interest in respect of such Collateral; and
 
2.3 All proceeds of all of the foregoing.
 
3. Obligations. The Obligations secured under this Security Agreement are the obligations of Pledgor under the Note and this Security Agreement, and all extensions, amendments, modifications and renewals of any of the foregoing. 
 
4. Covenants of Pledgor. Until the Obligations are paid in full, Pledgor agrees to:
 
4.1 Not create, incur, assume or permit to exist any liens, encumbrances, security interests, levies, assessments or charges on or in any of the Collateral, except those approved in writing by the Secured Party;
 
4.2 Promptly pay and discharge before the same become delinquent all taxes, assessments and governmental charges or levies imposed on Pledgor or any of the Collateral;
 
4.3 Not sell, encumber, or otherwise dispose of or transfer any Collateral, or any right or interest therein; 
 
4.4 Appear in and defend, at Pledgor’s own expense, any action or proceeding which may affect Pledgor’s title to the Secured Party’s interest in the Collateral;
 
4.5 Procure or execute and deliver, from time to time, in form and substance satisfactory to the Secured Party in its discretion reasonably exercised, any stock powers, bond powers, endorsements, assignments, financing statements, estoppel certificates or other writings reasonably deemed necessary or appropriate by the Secured Party to perfect, maintain or protect the Secured Party’s security interest in the Collateral and the priority thereof, and take such other action and deliver such other documents, instruments and agreements pertaining to the Collateral as the Secured Party may request to effectuate the intent of this Security Agreement; and
 
4.6 Provide the Secured Party with such other information pertaining to the Collateral as the Secured Party may reasonably request from time to time.
 
	 
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5. Authorized Action by the Secured Party.
 
5.1 Pledgor hereby irrevocably appoints the Secured Party as its attorney-in-fact to do (but the Secured Party shall not be obligated to and shall not incur any liability to Pledgor or any third party for failure so to do), upon an Event of Default and while such Event of Default is continuing, any act which Pledgor is obligated by this Security Agreement to do, and to exercise such rights and powers as Pledgor might exercise with respect to the Collateral, including, without limitation, the right to:
 
5.1.1 collect by legal proceedings or otherwise and endorse, receive and receipt for all payments, proceeds and other sums and property now or hereafter payable on or in respect of proceeds and other sums and property now or hereafter payable on or in respect of the Collateral, including dividends, profits and interest payments;
 
5.1.2 enter into any extension, reorganization, deposit, merger or consolidation agreement or other agreement pertaining to the Collateral, and in connection therewith may deposit or surrender control of the Collateral thereunder, accept other property in exchange therefor, and do and perform such acts and things as it may deem proper, and any money or property secured in exchange therefor shall be applied to the Obligations or held by the Secured Party pursuant to the provisions of the Note;
 
5.1.3 protect and preserve the Collateral;
 
5.1.4 transfer the Collateral to its own or its nominee’s name; and
 
5.1.5 take such action, as shall be authorized in the Note.
 
5.2 All the foregoing powers authorized herein, being coupled with an interest, are irrevocable so long as any Obligations are outstanding.
 
6. Voting. Secured Party, or its respective nominee or nominees, shall have the sole and exclusive right to exercise all voting powers pertaining to the Shares constituting the Collateral, and shall exercise such powers in such manner as the Secured Party may elect, and Pledgor hereby grants the Secured Party an irrevocable proxy, coupled with an interest to vote such shares of stock; provided, however, that such proxy shall terminate upon termination of the Secured Party’s security interest in the Collateral.
 
7. Default and Remedies.
 
7.1 Event of Default. The occurrence of any Event of Default under and as defined in the Note shall constitute an Event of Default of this Security Agreement (herein “Event of Default”).
 
7.2 Remedies upon Default. Upon the occurrence of any Event of Default (giving effect to applicable cure periods) and while such Event of Default is continuing, the Secured Party may, at its option, without notice to or demand on Pledgor, declare all Obligations immediately due and payable, and the Secured Party shall have all the default rights and remedies of a secured party under applicable law. Such rights shall include, without limitation the following:
 
7.2.1 Without limiting the Secured Party’s obligations under the California Uniform Commercial Code or other applicable law, the right to have the Collateral, or any part thereof, transferred to the Secured Party’s own names or to the names of their nominees and to cause a certificate or certificates representing the Collateral consisting of Shares to be issued in the name of, and to be delivered to and held by or for the account of, the Secured Party, whereupon the Secured Party shall have all of the rights, privileges, powers and remedies appurtenant to and arising from the ownership of the Collateral; and
 
	 
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7.2.2 The right to sell, transfer, assign or deliver as much of the Collateral as is reasonably necessary to repay the obligations of Pledgor under the Note, including those obligations which are accelerated by reason of the Event of Default (together with expenses attendant upon such sale and repayment), at public or private sale, as the Secured Party may elect, either for cash or on credit, without assumption of any credit risk (so long as the Secured Party reasonably believes at the time of such sale on credit that the purchaser is able to satisfy the obligations for which credit is granted) thereof and without demand or advertisement (unless otherwise required by law). The Secured Party may have resort to the Collateral or any portion thereof with no requirement on the part of the Secured Party to proceed first against any other person or property.
 
8. Cumulative Rights. The rights, powers and remedies of the Secured Party under this Security Agreement shall be in addition to all rights, powers and remedies given to the Secured Party under any statute or rule of law or any other agreement, all of which rights, powers and remedies shall be cumulative and may be exercised successively or concurrently.
 
9. Waiver. Any forbearance, failure or delay by the Secured Parties in exercising any right, power or remedy shall not preclude the further exercise thereof, and every right, power or remedy of the Secured Party shall continue in full force and effect until such right, power or remedy is specifically waived in a writing executed by the Secured Party. Pledgor waives any right to require Secured Party to proceed against any person or to exhaust any Collateral or to pursue any remedy in Secured Party’s power prior to pursuing Pledgor in respect of the Obligations.
 
10. Binding Upon Successors. All rights of the Secured Party under this Security Agreement shall inure to the benefit of their successors and assigns, and all obligations of Pledgor shall bind the representatives, executors, administrators, heirs, successors and assigns of the Pledgor. Pledgor may not assign this Security Agreement without the prior written consent of the Secured Party. 
 
11. Severability; Amendment. If any of the provisions of this Security Agreement shall be held invalid or unenforceable, this Security Agreement shall be construed as if not containing those provisions and the rights and obligations of the parties hereto shall be construed and enforced accordingly. This Security Agreement may not be modified, altered or amended except by a written agreement signed by the parties hereto.
 
12. Return; Acquittance. The Secured Party may at any time deliver any Collateral to Pledgor and the receipt thereof by Pledgor shall be a complete and full acquittance in respect of the Collateral so delivered, and the Secured Party shall thereafter be discharged from any liability or responsibility therefor.
 
13. References. The singular includes the plural. The captions or titles of the sections of this Security Agreement are for convenience of reference only and shall not define or limit the provisions hereof.
 
14. Notices. Any notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given if personally delivered or mailed by registered or certified mail, postage prepaid, or by recognized overnight courier or personal delivery at the respective addresses of the parties set forth in the Stock Purchase Agreement. Any party hereto may by notice so given change its address for future notice hereunder.
 
	 
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15. Governing Law. This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance with the laws as set forth in the Stock Purchase Agreement.
 
16. Specific Performance. Each of the parties acknowledge and agree that other parties would be irreparably damaged if any of the provisions of this Security Agreement are not performed in accordance with their specific terms and that any breach of this Security Agreement could not be adequately compensated in all cases by monetary damages alone. Accordingly, in addition to any other right or remedy to which the parties may be entitled, at law or in equity, it shall be entitled to enforce any provision of this Security Agreement by a decree of specific performance and to temporary, preliminary and permanent injunctive relief, without posting any bond or other undertaking.
 
17. Counterparts. This Security Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party; provided, however, that a facsimile or pdf (or other electronic reproduction) signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile or pdf (or other electronic reproduction) signature.
 
18. Construction. This Security Agreement is the result of negotiations among, and has been reviewed by, Pledgor and the Secured Party and their respective counsel. Accordingly, this Security Agreement shall be deemed to be the product of all parties hereto, and no ambiguity shall be construed in favor of or against Pledgor or the Secured Party.
 
[THIS SPACE LEFT INTENTIONALLY BLANK; SIGNATURE PAGES FOLLOW]
 
	 
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IN WITNESS WHEREOF, the parties hereto have duly executed this Security Agreement as of the date first written above.
 
	 	 PLEDGOR:
	
	 	 	 	 
		By:	/s/ Toh Kok Soon 	
	  
	 Name: 
	Toh Kok Soon	 

  
[Signature pages of Secured Party to follow]
 
	 
	
	

	 

  
IN WITNESS WHEREOF, the parties hereto have duly executed this Security Agreement as of the date first written above.
 
	 	 SECURED PARTY:
	
	  
	  
	  

	  
	 Toga Limited
	  

	 	 	 	 
		By:	/s/ Alexander D. Henderson	
	  
	 Name: 
	Alexander D. Henderson 	 
	 	Title: 	Chief Financial Officertogl_ex106.htm

EXHIBIT 10.6
 
SECURED PROMISSORY NOTE
 
Date: May 31, 2020
 
RM1,750,000
 
FOR VALUE RECEIVED, Ahmad Hizar Bin Sainol Abdin (the “Maker”) promises to pay to the order of Toga Limited, a Nevada corporation (the “Payee”), or its registered assigns, the principal sum of RM1,750,000, or such lesser amount as shall equal the outstanding principal amount hereof, together with accrued but unpaid interest, pursuant to this Secured Promissory Note (the “Note”). 
 
THE OBLIGATIONS DUE UNDER THIS NOTE ARE SECURED BY A PLEDGE AND SECURITY AGREEMENT DATED AS OF THE DATE HEREOF (THE “SECURITY AGREEMENT”) AND EXECUTED BY MAKER IN FAVOR OF PAYEE. ADDITIONAL OBLIGATIONS OF MAKER AND RIGHTS OF PAYEE ARE SET FORTH IN THE SECURITY AGREEMENT.
 
This Note is being issued in connection with that certain Stock Purchase Agreement, of even date herewith, between the Eostre Sdn. Bhd., a Malaysia corporation (“Eostre”), Hamidah Bibi A/P Seraj Din, Ahmad Hizar Bin Sainol Abdin, Toga Limited, Toh Kok Soon and Lim Jun Hao (including all exhibits attached thereto, collectively, the “Stock Purchase Agreement”). 
 
Pursuant to the terms and conditions of the Stock Purchase Agreement, Maker is executing this Note in favor of Payee.
 
The following is a statement of the rights of Payee and the conditions to which this Note is subject, and to which Payee, by the acceptance of this Note, agrees:
 
1. Definitions. As used in this Note the following capitalized terms have the following meanings:
 
a. “Maker” shall mean the Person specified in the introductory paragraph of this Note and any Person(s) which shall succeed to or assume the obligations of such Person under this Note.
 
b. “Payee” shall mean the Person specified in the introductory paragraph of this Note, or any Person who shall at the time be the successor to Payee as the holder of this Note.
 
c. “Lien” shall mean, with respect to any property, any security interest, mortgage, pledge, lien, claim, charge or other encumbrance in, of, or on such property or the income therefrom, including, without limitation, the interest of a vendor or lessor under a conditional sale agreement, capital lease or other title retention agreement, or any agreement to provide any of the foregoing, and the filing of any financing statement or similar instrument under the Uniform Commercial Code or comparable law of any jurisdiction.
 
d. “Obligations” shall mean and include all loans, advances, debts, liabilities and obligations existing or hereafter arising under or pursuant to the terms of this Note and the Security Agreement, including all principal, interest fees, charges, expenses, attorneys’ fees and costs chargeable to and payable by Maker hereunder and thereunder.
 
	 
	
	

	 

  
e. “Person” shall mean and include an individual, a partnership, a corporation (including a business trust), a stock company, a limited liability company, an unincorporated association, a joint venture or other entity or a governmental authority.
 
f. “Note Documents” shall mean this Note together with the Security Agreement.
 
2. Payments. Upon demand by Payee, the entire unpaid principal balance, together with interest accrued and unpaid thereon at the applicable rate specified in this Note, shall be immediately due and payable. Any and all payments made pursuant to this Note shall be applied, at the option of Payee, to accrued and unpaid interest, unpaid principal and other sums due hereunder, in such order as Payee, in its sole discretion, elects.
 
3. Interest. This note shall bear interest at 4% per annum, computed on the basis of the actual number of days elapsed and a year of 365 days. Such interest shall be accrued but unpaid unless and until a demand by Payee as set forth in Section 2, above. 
 
4. Satisfaction of Note. This Note shall remain outstanding, and accrue interest, until the date of the “Closing” as such term is defined in that certain Phase 2 Stock Purchase Agreement, of even date herewith, between Toga Limited, Toh Kok Soon, Lim Jun Hao and Ahmad Hizar Bin Sainol Abdin (the “Phase 2 Stock Purchase Agreement”), and the transfer of all right, title and interest in and to the Shares (as defined therein) from the Maker to Payee as full satisfaction for all principal and interest accrued under this Note, as contemplated in the Phase 2 Stock Purchase Agreement.
 
5. Prepayment. This Note may not be prepaid, in whole or in part, from time to time.
 
6. Certain Covenants. Maker shall furnish to Payee promptly upon the occurrence thereof, written notice of the occurrence of any Event of Default hereunder.
 
7. Events of Default. The occurrence of any of the following shall constitute an “Event of Default” under this Note and the other Note Document:
 
a. Failure to Pay. (i) Maker shall fail to pay when due any payment on the due dates pursuant to the Note Documents, and such payment shall not have been made within five (5) days of Maker’s receipt of Payees’ notice of such failure to pay, or (ii) any other payment required under the terms of any other Note Document on the date due and such payment shall not have been made within ten (10) days of Maker’s receipt of Payees’ notice to Maker of such failure to pay.
 
b. Breaches of Covenants. Maker shall fail to observe or perform any other material covenant, representation, or warranty, obligation, condition or agreement contained in this Note, the other Note Document, or the Stock Purchase Agreement (other than those specified in Section 7(a) above) and such failure shall continue for ten (10) days after notice to Maker of such failure. 
 
	 
	
	

	 

  
c. Voluntary Bankruptcy or Insolvency Proceedings. Maker shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) become insolvent (as such term may be defined or interpreted under any applicable statute), (vi) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, (vii) take any action for the purpose of effecting any of the foregoing.
 
d. Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of Maker of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to Maker or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within thirty (30) days of commencement.
 
e. Note Documents. Any Note Document or any material term thereof shall cease to be, or be asserted by Maker not to be, a legal, valid and binding obligation of Maker enforceable in accordance with its terms or if the Liens of Payee in the Collateral (as defined in the Security Agreement) shall cease to be or shall not be valid, first priority perfected Liens or Maker shall assert that such Liens are not valid, first priority and perfected Liens.
 
8. Rights of Payee upon Default. Upon the occurrence or existence of any Event of Default (other than an Event of Default, referred to in Sections 7(c), 7(d) and 7(e) and giving effect to any applicable cure periods) and at any time thereafter during the continuance of such Event of Default, Payee may, by notice to Maker, declare all outstanding Obligations payable by Maker hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Note Document to the contrary notwithstanding. Upon the occurrence or existence of any Event of Default described in Sections 7(c), 7(d), of 7(e) immediately and without notice, all outstanding Obligations payable by Maker hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Note Document to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default, Payee may exercise any other right, power or remedy granted to it by the Note Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both.
 
9. Assignment; Successors and Assigns. Neither this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole or in part, by Maker without the prior written consent of Payee. Subject to the restrictions on transfer in this Section 8, the rights and obligations of Maker and Payee of this Note shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties.
 
	 
	
	

	 

  
10. Waiver and Amendment. This Note may be amended, waived or modified only upon the written consent of Maker and Payee. Maker hereby agrees that Payee may extend the time for payment, accept partial payment or take, exchange or release security, if any, without discharging or releasing Maker. In addition, Maker agrees (a) that the failure of Payee to exercise any rights or remedies granted hereunder shall not constitute a waiver of such rights or remedies or any other rights or remedies or preclude the exercise of such rights or remedies or any other rights or remedies at any time; and (b) that the failure of Payee to exercise any rights or remedies granted hereunder in the event of an Event of Default, default or breach hereof, including without limitation, any failure by the Maker to make any payment hereunder, shall not be deemed a waiver of such Event of Default, default or breach.
 
11. Notices. Any notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given if personally delivered or mailed by registered or certified mail, postage prepaid, or by recognized overnight courier or personal delivery at the respective addresses of the parties set forth in the Stock Purchase Agreement. Any party hereto may by notice so given change its address for future notice hereunder.
 
12. Governing Law. This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance with the laws as set forth in the Stock Purchase Agreement.
 
13. Usury Limitations. It is the intention of Maker and Payee to conform strictly to applicable usury laws. Accordingly, notwithstanding anything to the contrary in this Note, the Security Agreement, or the Stock Purchase Agreement, amounts deemed to constitute interest under applicable law and contracted for, chargeable or receivable hereunder shall under no circumstances, together with any other interest, late charges or other amounts which may be interpreted to be interest contracted for, chargeable or receivable hereunder or thereunder, exceed the maximum amount of interest permitted by law, and in the event any amounts were to exceed the maximum amount of interest permitted by law, such excess amounts shall be deemed a mistake and shall either be reduced immediately and automatically to the maximum amount permitted by law or, if required to comply with applicable law, be canceled automatically and, if theretofore paid, at the sole option of Payee, be refunded to Maker or credited on the principal amount of this Note then outstanding.
 
14. Severability. If any one or more of the provisions of this Note are determined to be unenforceable, in whole or in part, for any reason, the remaining provisions shall remain fully operative and enforceable to the greatest extent permitted by law.
 
15. Headings. Headings included herein are for convenience only, and shall not be used to construe this Agreement.
 
16. Expenses; Waivers. If action is instituted to collect this Note, Maker promises to pay all costs and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred in connection with such action. Maker hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument.
 
	 
	
	

	 

  
17. Representation by Counsel and Interpretation. Maker and Payee each had the opportunity to be represented by counsel in connection with this Note and the matters contemplated by this Note. Accordingly, any rule of law or decision that would require interpretation of any claimed ambiguities in this Note against the Maker has no application and. The provisions of this Note shall be interpreted in a reasonable manner to affect the intent of the Maker and Payee.
 
18. Electronic Signature. This Note may be delivered in electronic format (including Docusign and pdf) which shall be deemed an original and the Payee will be entitled to rely upon such signature as conclusive evidence that this Note has been duly executed by the Maker.
 
[Signature Page Follows]
 
	 
	
	

	 

  
IN WITNESS WHEREOF, Maker has caused this Note to be executed as of the date first written above.
 
	 	 MAKER:
	
	 	 	 	 
		By:	 /s/ Ahmad Hizar Bin Sainol Abdin 
	
	  
	 Name: 
	 Ahmad Hizar Bin Sainol Abdin
	 
	  	 	 	 
	 ACCEPTED AND AGREED TO BY PAYEE:

	  
	  
	  
	  

	  
	 Toga Limited, a Nevada corporation
	  

	  
	  
	  
	  

	  
	 By: 
	 /s/ Alexander D. Henderson 
	  

	  
	 Name: 
	 Alexander D. Henderson 
	  

	  
	 Title: 
	 Chief Financial Officer

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