Document:

Pure Cap BDA

    “BUSINESS
      DEVELOPMENT AGREEMENT”

    

    This
      Business
      Development Agreement
      (the
“BDA” or the “Agreement”)
      is
      entered into as of this the ____ day of ______________, 2006, with an effective
      date of November 1, 2006, (the “Effective Date”) by and between Performance
      Capital Corporation, a Delaware corporation (hereinafter referred to as “PCC”),
      and Pure Capital Incorporated, a Canadian Federal corporation (hereinafter
      referred to as “Client”). PCC and Client are occasionally referred to herein
      individually as a “Party” and collectively as the “Parties.”

    

    WHEREAS,
      Client
      wishes to engage PCC to assist in identifying, developing, qualifying and/or
      advising with respect to prospective and/or actual business opportunities
      (hereinafter referred to as the “Engagement”). 

    

    WHEREAS,
      PCC
      hereby agrees to serve Client as a liaison and referral source for the purpose
      of securing additional business opportunities for Client and Client related
      persons and/or entities (“Affiliates”) in a number of fashions, including,
      without limitation, mergers and acquisitions, collateralized debt obligations,
      partnering, licensing, co-branding and other business related affiliations,
      serve as a non-exclusive finder for Client and its Affiliates with respect
      to
      related ventures, and such other lawful purposes as the undersigned shall
      determine from time to time (the “Transaction” or “Transactions”). 

    

    NOW,
      THEREFORE,
      in
      consideration of the mutual promises hereinafter set forth, the sufficiency
      of
      which are hereby acknowledged, PCC and Client agree as follows:

     

    
      	
              A.

            	
              Appointment
                as Client's Finder.
                Client hereby authorizes PCC, on a non-exclusive basis, to identify
                merger
                or acquisition candidates, investors, underwriters, lenders, guarantors
                and/or similarly situated persons and/or entities (collectively,
                the
                “Investors”) interested in providing funds or capital (“Financing”) to
                Client (the term “Financing is fully defined below in paragraph “F”),
                Client’s Affiliates or portfolio companies (collectively, the “Client
                Entities”) on terms acceptable to the Client Entities and the Investors.
                 It is agreed that PCC shall have no role and shall play no part in
                any negotiations and/or relationship by and between any Investors
                and
                Client Entities; and that PCC is not now, nor shall it ever be, an
                agent
                of the Client Entities with respect to any Financing. It is further
                understood that PCC is acting solely as a finder, is not a licensed
                securities or real estate broker or dealer, and shall have no authority
                to
                enter into any Financing commitments on behalf of Client and/or Client
                Entities, Client affiliates or portfolio companies, or to negotiate
                the
                terms of any potential Financing or to hold any funds or securities
                in
                connection with any potential Financing or to perform any act which
                would
                require PCC to become licensed as a securities or real estate broker
                or
                dealer.

            

    

    

    
      	
              B.

            	
              Acceptance
                of Opportunities.
                Client shall have the sole and absolute right to make, accept or
                reject
                any potential Transaction or Transactions arising from this
                BDA.

            

    

    

    
      	
              C.

            	
              Terms
                of Client Submission to Success Fees.
                Client guaranties to PCC that if a Transaction is effectuated by
                and
                between any Client Entities and any Investors, then Client will pay
                PCC a
                fee of 4,000,000 restricted common shares (“Success Fee”), which shall
                have a value of $40,000. 

            

    

     

    
      	
              D.

            	
              Method
                and Terms of Payment of Success Fees.
                Any Success Fee owed to PCC by Client Entities shall be paid in cash
                concurrent to the time of the Closing of any such
                Transaction(s).

            

    

    

    
      	
              E.

            	
              Disclosure
                of Success Fee in Transaction Documents.
                Client Entities shall include language describing the Client Entities’ fee
                responsibility to PCC in the documents for any Transaction(s). Upon
                request, the Client Entities shall provide PCC with copies of all
                such
                documents and give PCC adequate advance notice of the time and place
                of
                Closing, which PCC shall have the right to
                attend.

            

    

    

    F. Financing.
      Financing shall mean all amounts furnished to, or for use by, Client Entities
      from any Investors, regardless of whether said Investors were directly or
      indirectly introduced by, or through the efforts of, PCC to Client Entities
      after the date of this Agreement, and regardless of whether said Financing
      amounts are tendered by Investors in equity or debt securities, loans, loan
      commitments, guarantees of indebtedness, leasing, sale and leaseback, joint
      ventures or licenses. 

    

    
      	
              G.

            	
              Expiration
                of the BDA.
                The expiration of this BDA shall be 18 months after the date hereof
                or
                thirty days after written notice of termination from Client received
                by
                PCC at PCC's address below, whichever is later. However, Client's
                Success
                Fee obligations to PCC arising out of this BDA from a Transaction
                by
                Client to a business introduced to, or dealt with on behalf of, Client
                by
                PCC during the term hereof, shall survive for five (5) years after
                the
                expiration of this BDA.

            

    

    

    
      	
              H.

            	
              Assignment.
                The Success Fee is assignable, in whole or in part, at the discretion
                of
                PCC.

            

    

    

    
      	I.  	
              Waiver.
                No delay in exercising, no course of dealing with respect to, or
                no
                partial exercise of any right or remedy hereunder shall constitute
                a
                waiver of any other right or remedy, or future exercise
                thereof.

            

    

     

    
      	J.  	
              Severability.
                If any term or provision of this BDA is held by a court of competent
                jurisdiction to be invalid, void, or unenforceable, all terms, provisions,
                covenants, and conditions and all applications not held invalid,
                void, or
                unenforceable will continue in full force and will in no way be affected,
                impaired, or invalidated.

            

    

     

    
      	K.  	
              Notice.
                Written notice by any Party to the other shall be deemed to have
                been
                given when received via certified mail by the intended recipient
                thereof
                at its address shown on the signature page hereof, or to such other
                address as such intended recipient may specify in a written notice
                pursuant hereto.

            

    

     

    
      	L.  	
              Governing
                Law.
                This BDA shall be governed in all respects by the laws of the State
                of
                California, without reference to conflicts of law rules. This BDA
                shall be
                considered made and entered into in the State of California. The
                parties
                agree that the United Nations Convention on Contracts for the
                International Sale of Goods is specifically excluded from application
                to
                this Agreement. Any lawsuits or other legal actions brought to enforce
                this BDA, or otherwise related to this BDA shall be brought exclusively
                in
                the federal or state courts within California. Each Party hereby
                waives
                its right to a trial by jury.

            

    

     

    
      	M.  	
              Entire
                Agreement; Amendment.
                This BDA, together with any Exhibits and Schedules hereto, constitutes
                the
                entire BDA among the parties with respect to the subject matter hereof
                and
                supersedes in all respects all prior proposals, negotiations,
                conversations, discussions and agreements between the parties. This
                BDA
                may not be modified or amended except by express written amendment
                signed
                by authorized representatives of all
                parties.

            

    

     

    
      	N.  	
              Attorneys'
                Fees.
                If any party hereto commences an action against another party to
                enforce
                any of the terms hereof or because of the breach by such other party
                of
                any of the terms hereof, the prevailing party shall be entitled,
                in
                addition to any other relief granted, to all actual out-of-pocket
                costs
                and expenses incurred by such prevailing party in connection with
                such
                action and the enforcement and collection of any judgment rendered
                therein, including, without limitation, all reasonable attorneys'
                fees,
                consultant fees and expert witness fees, and a right to such costs
                and
                expenses shall be deemed to have accrued upon the commencement of
                such
                action and shall be enforceable whether or not such action is prosecuted
                to judgment.

            

    

     

    
      	O.  	
              Facsimile
                Certification.
                A
                facsimile copy of this BDA signed by any and/or all Parties shall
                have the
                same binding and legal effect as an original of the
                same.

            

    

     

    
      	P.  	
              Counterparts.
                This BDA may be executed in one or more counterparts, each of which
                shall
                be deemed an original, but all of which together shall constitute
                one in
                the same instrument. Regardless of whether this BDA is executed in
                one or
                more counterparts, each such counterpart may be executed by actual
                or
                facsimile signature(s).

            

    

     

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto, through their duly authorized officers, have executed this
      Agreement, which shall be binding as of the Effective Date.

     

    
      	
              PURE
                CAPITAL INCORPORATED

               

               

              By:
                

              Title:
                

               

              Address:______________________________________

              _____________________________________________
                

              Tel
                No:__________________________

              Fax
                No: _________________________ 

            	
              PERFORMANCE
                CAPITAL CORPORATION

               

              By:
                

              Title:
                

               

              Address:______________________________________
                _____________________________________________

              Tel
                No:__________________________

              Fax
                No: _________________________Pure Cap Note

    

      

      THIS
        CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES THAT MAY BE ACQUIRED PURSUANT
        TO
        THIS CONVERTIBLE PROMISSORY NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
        ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF
        ANY STATE OR OTHER JURISDICTION.  THIS CONVERTIBLE PROMISSORY NOTE AND SUCH
        OTHER SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED
        OR
        OTHERWISE DISPOSED OF IN THE ABSENCE OF A REGISTRATION STATEMENT AND LISTING
        APPLICATION IN EFFECT WITH RESPECT TO THIS CONVERTIBLE PROMISSORY NOTE OR
        SUCH
        OTHER SECURITIES UNDER THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES
        LAW, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
        AND LISTING NOT REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM UNDER THE
        SECURITIES ACT AND THE APPLICABLE SECURITIES LAW OF ANY STATE OR OTHER
        JURISDICTION.

       

      CONVERTIBLE
        PROMISSORY NOTE

       

      
        	
                USD
                  $100,000

              	
                Effective
                  Date: November 1, 2006

                Date
                  Executed: December ___, 2006

              

      

       

       

      FOR
        VALUE
        RECEIVED, Pure Capital Incorporated, a Canadian Federal corporation (the
        “Company”), hereby promises to pay to the order of Performance Capital
        Corporation, a Delaware corporation (the “Holder”) the aggregate principal
        amount of up to  One Hundred Thousand Dollars  ($100,0000), together
        with interest on the unpaid principal amount hereof, upon the terms and
        conditions hereinafter set forth.

       

      1. Draw
        Down; Availability.

      

      (a) Draw
        Down. 
        The Company may, in its sole discretion subject to the Draw Down Limitation
        (defined below), draw upon up to One Hundred Thousand
        Dollars ($100,000), which shall be made available by the Holder for a
        period of twenty-four (24) months, for use as operating capital and for general
        corporate purposes (the drawn down portion is referred to herein as
“Principal”).  The terms and conditions set forth herein shall only apply
        to the Principal.

      

      (b) Availability.
        The
        Principal shall be made available immediately upon the closing of this
        transaction, subject to the following: 

       

      (i)
         The
        Company may not draw down in excess of Thirty Thousand Dollars ($30,000)
        during
        any thirty (30) day period following the execution of this Note (the “Draw Down
        Limitation”). 

      

      (ii) The
        Company may request, in writing, that additional Principal be made available
        during the Draw Down Limitation and Holder shall, in his sole discretion,
        make
        the requested funds available. 

      

        2.            
          Payment Terms.  The Company promises to pay to Holder the balance of
          Principal, together with accrued and unpaid interest, on or before December
          15,
          2008 (“Conversion Date”), unless this Note is earlier prepaid as herein provided
          or earlier converted into Common Stock (as hereinafter defined) of the
          Company
          pursuant to Section 4 hereof.  All payments hereunder shall be made
          in lawful money of the United States of America.  Payment shall be credited
          first to the accrued interest then due and payable and the remainder to
          Principal.

       

      3.            
        Interest.  

      

      (a) Interest
        on the outstanding portion of Principal of this Note shall accrue at a rate
        of
        eleven percent (11%) per annum.  All computations of interest shall be made
        on the basis of a 365-day year for actual days elapsed.  

      

      (b) Such
        interest shall be paid by the Company to the Holder, at the Holder’s option
        either (i) in cash or (ii) such amount then due and owing shall be converted
        to
        shares of the Company’s Common Stock at $0.10 per share, all such interest shall
        be paid within 30 days from receipt by the Company of such request by the
        Holder. 

      

       4.            
        Conversion
        of this Note.

       

      (a)
        Conversion Rights. Subject to and in accordance with the provisions of this
        Section 4, at any time on or prior to the Conversion Date, the Holder may
        elect,
        in its sole discretion, to effect the conversion (the "Conversion") of all
        or
        any portion of the outstanding principal and interest due on this Note into
        shares of Common Stock. The number of shares of Common Stock into which the
        outstanding principal and accrued but unpaid interest (or portion thereof)
        shall
        be converted pursuant to this Section 4(a) shall be determined by dividing
        the
        amount of outstanding principal and interest the Holder has elected to convert
        by $0.10 (the “Conversion Price”). The Conversion Price is subject to adjustment
        as provided in Section 5 hereof.

      

      (b)
        Manner of Effecting the Conversion. If the Holder elects to effect the
        Conversion pursuant to Section 4(a) hereof, the Holder shall deliver a duly
        executed written notice to the Company of such election (the "Conversion
        Notice"), and in such event the Conversion shall be deemed to have been effected
        at the close of business on the date such Conversion Notice is given. Upon
        any
        Conversion of this Note in accordance with the terms hereof, the rights of
        the
        Holder with respect to the outstanding principal and all interest pursuant
        to
        this Note shall cease and the Holder shall be deemed to have become the holder
        of record of the shares of Common Stock into which this Note shall have been
        converted, provided that, if the Holder elects to convert only a portion
        of the
        outstanding principal and interest pursuant to Section 4(a) hereof, then
        the
        Company will deliver a new note to the Holder, on the same terms and conditions
        as this Note, with respect to the portion of the outstanding principal and
        interest that is not converted (the "New Note"). Concurrently with the delivery
        of a Conversion Notice, the Holder shall surrender this Note to the Company.
        Promptly upon its receipt of a Conversion Notice, the Company shall (i) deliver
        to or upon the written order of the Holder, a certificate or certificates
        for
        the number of shares of Common Stock issuable upon such Conversion, (ii)
        make a
        cash payment in respect of any fraction of a share as provided in Section
        4(c)
        hereof and (iii) if applicable, deliver a New Note as set forth in this Section
        4(b).

      

      (c)
        Fractional Shares. No fractional shares shall be issued upon any Conversion.
        Instead of any fractional share which would otherwise be issuable upon a
        Conversion, the Company shall pay a cash amount in respect of such fractional
        share in an amount based upon the Closing Price of the Common Stock on the
        trading day immediately preceding such Conversion.

      

      5.
         Merger,
        Reclassification, Etc.
        

      

      (a)
         Merger,
        Sale of Assets, etc.
        If the
        Company at any time shall consolidate with or merge into or sell or convey
        all
        or substantially all its assets to any other corporation, this Note, as to
        the
        unpaid principal portion thereof and accrued interest thereon, shall thereafter
        be deemed to evidence the right to purchase such number and kind of shares
        or
        other securities and property as would have been issuable or distributable
        on
        account of such consolidation, merger, sale or conveyance, upon or with respect
        to the securities subject to the conversion or purchase right immediately
        prior
        to such consolidation, merger, sale or conveyance. The foregoing provision
        shall
        similarly apply to successive transactions of a similar nature by any such
        successor or purchaser. Without limiting the generality of the foregoing,
        the
        anti-dilution provisions of this Section shall apply to such securities of
        such
        successor or purchaser after any such consolidation, merger, sale or
        conveyance.

       

      (b)
         Reclassification,
        etc.
        If the
        Company at any time shall, by reclassification or otherwise, change the Common
        Stock into the same or a different number of securities of any class or classes,
        this Note, as to the unpaid principal portion thereof and accrued interest
        thereon, shall thereafter be deemed to evidence the right to purchase an
        adjusted number of such securities and kind of securities as would have been
        issuable as the result of such change with respect to the Common Stock
        immediately prior to such reclassification or other change.

      

      (c)
         Stock
        Splits, Combinations and Dividends.
        If the
        shares of Common Stock are subdivided or combined into a greater or smaller
        number of shares of Common Stock, or if a dividend is paid on the Common
        Stock
        in shares of Common Stock, the Conversion Price shall be proportionately
        reduced
        in case of subdivision of shares or stock dividend or proportionately increased
        in the case of combination of shares, in each such case by the ratio which
        the
        total number of shares of Common Stock outstanding immediately after such
        event
        bears to the total number of shares of Common Stock outstanding immediately
        prior to such event.

      

      (d)
         Reserved
        Shares.
        During
        the period the conversion right exists, the Company will reserve from its
        authorized and unissued Common Stock a sufficient number of shares to provide
        for the issuance of Common Stock upon the full conversion of this Note. The
        Company represents that upon issuance, such shares will be duly and validly
        issued, fully paid and non-assessable. The Company agrees that its issuance
        of
        this Note shall constitute full authority to its officers, agents, and transfer
        agents who are charged with the duty of executing and issuing stock certificates
        to execute and issue the necessary certificates for shares of Common Stock
        upon
        the conversion of this Note.

      

      6. Subordination. 
        The indebtedness evidenced hereby is subordinate in right of payment to all
        existing and future bank indebtedness, including lease and equipment finance
        obligations.  The indebtedness represented hereby is senior in right of
        payment to all classes and series of the Company’s capital stock.  The
        indebtedness represented hereby is pari passu with any and all convertible
        debt
        securities issued by the Company.

       

      7.           Redemption. 
        This Note may be redeemed by the Company by payment of the entire Principal
        and
        Accrued Interest outstanding under this Note. The Company must provide notice
        to
        Holder not less than thirty (30) days prior to effecting such redemption. 
During the period from providing of such notice to Holder and the Company
        effecting the redemption, the Company may cancel such redemption by providing
        notice of such cancellation to Holder. 

       

      8.         Representations
        and Warranties of the Company.
        The
        Company represents and warrants to Holder as follows:

      

      (a) The
        execution and delivery by the Company of this Note (i) are within the Company’s
        corporate power and authority, and (ii) have been duly authorized by all
        necessary corporate action.

      

      (b) This
        Note
        is a legally binding obligation of the Company, enforceable against the Company
        in accordance with the terms hereof, except to the extent that (i) such
        enforceability is limited by bankruptcy, insolvency, reorganization, moratorium
        or other laws relating to or affecting generally the enforcement of creditors’
rights and (ii) the availability of the remedy of specific performance or
        in
        injunctive or other equitable relief is subject to the discretion of the
        court
        before which any proceeding therefore may be brought.

       

      9.
         Representations,
        Warranties and Covenants of Holder.
        Holder
        represents and warrants to Company as of the date hereof as
        follows:

      

      (a)
         Investment
        Intent: Authority.
        This
        Agreement is made with Holder in reliance upon Holder’s representation to
        Company, evidenced by Holder’s execution of this Agreement, that Holder is
        acquiring the Notes and the Warrant for investment for Holder’s own account, not
        as nominee or agent, for investment and not with a view to, or for resale
        in
        connection with, any distribution or public offering thereof within the meaning
        of the Securities Act of 1933. Holder has the full right, power, authority
        and
        capacity to enter into and perform this Agreement and the Agreement will
        constitute a valid and binding obligation upon Holder or, except as the same
        may
        be limited by bankruptcy, insolvency, moratorium, and other laws of general
        application affecting the enforcement of creditors’ rights.

      

      (b)
         Knowledge
        and Experience.
        Holder
        (i) has such knowledge and experience in financial and business matters as
        to be
        capable of evaluating the merits and risks of Holder’s prospective investment in
        the Securities; (ii) has the ability to bear the economic risks of Holder’s
        prospective investment; (iii) has had all questions which have been asked
        by
        Holder satisfactorily answered by Company; and (iv) has not been offered
        the
        Securities by any form of advertisement, article, notice or other communication
        published in any newspaper, magazine, or similar media or broadcast over
        television or radio, or any seminar or meeting whose attendees have been
        invited
        by any such media. Holder represents and warrants that it is an “accredited
        investor” within the meaning of Rule 501 of Regulation D of the Securities
        Act.

      

      10. Piggyback
        Registration Rights.
        If, at
        any time after the date of this Note, the Company proposes to register any
        of
        its securities under the Securities Act of 1933 (the “Act”) or the Securities
        Exchange Act of 1934 (the “Exchange Act”), either for its own account or for the
        account of others, in connection with the public offering of such equity
        securities solely for cash, on a registration form that would also permit
        the
        registration of the common stock issuable upon conversion of this Note, the
        Company shall promptly give the Holder written notice of such proposal. Within
        thirty (30) days after the notice is given, the Holder shall give notice
        as to
        the number of Conversion Shares which the Holder requests be registered
        simultaneously with such registration by the Company. The Company shall use
        its
        best efforts to include such Conversion Shares in such registration statement
        (or in a separate registration statement concurrently filed) which the Holder
        requests to be so included and to cause such registration statement to become
        effective with respect to such shares in accordance with the registration
        procedures set forth in Section 11 hereof. If at any time after giving written
        notice of its intention to register equity securities and before the
        effectiveness of the registration statement filed in connection with such
        registration, the Company determines for any reason either not to effect
        such
        registration or to delay such registration, the Company may, at its election,
        by
        delivery of written notice to the Holder, (i) in the case of a determination
        not
        to effect registration, relieve itself of its obligation to register the
        Conversion Shares under this Section 10 in connection with such registration,
        or
        (ii) in the case of a determination to delay registration, delay the
        registration of the Conversion Shares under this Section 10 for the same
        period
        as the delay in the registration of such other equity securities. Each Holder
        of
        Conversion Shares requesting inclusion in a registration pursuant to this
        Section 10 may, at any time before the effective date of the registration
        statement relating to such registration, revoke such request by delivering
        written notice of such revocation to the Company (which notice shall be
        effective only upon receipt by the Company); provided,
        however, that if the Company, in consultation with its financial and legal
        advisors, determines that such revocation would require a recirculation of
        the
        prospectus contained in the registration statement, then such Holder of
        Conversion Shares shall have no right to revoke said request.

      

      11.
         Expenses
        and Procedures.

      

      (a) Expenses
        of Registration.
        All
        registration expenses (exclusive of underwriting discounts and commissions)
        shall be borne by the Company; provided, however, that if Holder revokes
        the
        registration request pursuant to the last sentence of Section 10, the
        registration expenses in connection with such revoked registration shall
        be
        borne by Holder. The Holder shall bear all underwriting discounts, selling
        commissions, sales concessions and similar expenses applicable to the sale
        of
        the Conversion Shares sold by Holder.

      

      (b) Registration
        Procedures.
        In the
        case of the registration, qualification or compliance effected by the Company
        pursuant to Section 10 hereof, the Company will keep the Holder advised as
        to
        the initiation of registration, qualification and compliance and as to the
        completion thereof. At its expense, the Company will furnish such number
        of
        prospectuses and other documents incident thereto as the Holder from time
        to
        time may reasonably request.

      

      12. Representations,
        Warranties and Covenants of Holder.
        Holder
        represents and warrants to the Company, and agrees, as follows:

       

      (a)          
        This Note and any Conversion Shares issuable upon conversion of this Note
        are
        being acquired by Holder for its own account for investment and not with
        a view
        to, or for sale in connection with, any distribution thereof.

       

      (b)          
        Holder is an “accredited investor” within the meaning of Rule 501 under the
        Securities Act.

       

      (c)          
        Holder has sufficient knowledge and experience in financial and business
        matters
        and is capable of evaluating the risks and merits of Holder’s investment in the
        Company; Holder believes that Holder has received or had access to all
        information Holder considers necessary or appropriate to make an informed
        investment decision with respect to this Note; and Holder is able financially
        to
        bear the risk of losing Holder’s full investment in this Note.

       

      (d)          
        Holder understands that this Note and any Conversion Shares have not been
        registered under the Securities Act or registered or qualified under any
        the
        securities laws of any state or other jurisdiction, are “restricted securities,”
and cannot be resold or otherwise transferred unless they are registered
        under
        the Securities Act, and registered or qualified under any other applicable
        securities laws, or an exemption from such registration and qualification
        is
        available. Prior to any proposed transfer of this Note or any Conversion
        Shares,
        Holder shall, among other things, give written notice to the Company of its
        intention to effect such transfer, identifying the transferee and describing
        the
        manner of the proposed transfer and, if requested by the Company, accompanied
        by
        (i) investment representations by the transferee similar to those made by
        Holder
        in this Section
        12
        and (ii)
        an opinion of counsel satisfactory to the Company to the effect that the
        proposed transfer may be effected without registration under the Securities
        Act
        and without registration or qualification under applicable state or other
        securities laws. Each certificate for any Conversion Shares shall bear a
        legend
        to the foregoing effect.

       

      13.  Use
        of
        Proceeds. 
        The proceeds received by the Company from the sale of this Note shall be
        used by
        the Company for working capital or other general corporate
        purposes.

       

      14. No
        Waiver in Certain Circumstances. 
        No course of dealing of Holder nor any failure or delay by Holder to exercise
        any right, power or privilege under this Note shall operate as a waiver
        hereunder and any single or partial exercise of any such right, power or
        privilege shall not preclude any later exercise thereof or any exercise of
        any
        other right, power or privilege hereunder.

       

      15. Certain
        Waivers by the Company. 
        Except as expressly provided otherwise in this Note, the Company and every
        endorser or guarantor, if any, of this Note waive presentment, demand, notice,
        protest and all other demands and notices in connection with the delivery,
        acceptance, performance, default or enforcement of this Note, and assent
        to any
        extension or postponement of the time of payment or any other
        indulgence, to any substitution, exchange or release of collateral available
        to
        Holder, if any, and to the addition or release of any other party or person
        primarily or secondarily liable.

       

      16. No
        Unlawful Interest. 
        Notwithstanding anything herein to the contrary, payment of any interest
        or
        other amount hereunder shall not be required if such payment would be unlawful.
        In any such event, this Note shall automatically be deemed amended so that
        interest charges and all other payments required hereunder, individually
        and in
        the aggregate, shall be equal to but not greater than the maximum permitted
        by
        law.

       

      17. Miscellaneous. 
        No modification, rescission, waiver, forbearance, release or amendment of
        any
        provision of this Note shall be made, except by a written agreement duly
        executed by the Company and Holder. This Note may not be assigned by Holder
        without the prior written consent of the Company.  The Company and Holder
        each hereby submits to personal jurisdiction in the State of California,
        consents to the jurisdiction of any competent state or federal district court
        sitting in the City or County of San Diego, California, and waives any and
        all
        rights to raise lack of personal jurisdiction as a defense in any action,
        suit
        or proceeding in connection with this Note or any related matter.  This
        Note shall be governed by, and construed and interpreted in accordance with,
        the
        laws of the State of California, without reference to conflicts of law
        provisions of such state.

      

      

      

      

      

      

      [SIGNATURE
        PAGE FOLLOWS]

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF,
        the
        undersigned have caused this Convertible Note to be executed and delivered
        by a
        duly authorized officer as of the Effective Date.

       

      
        	
                 

              	
                Pure
                  Capital Incorporated

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                By:

              	 	
                 

              
	
                 

              	
                Name:
                  Alan M. Brown  

              
	
                 

              	
                Title: 
                  Chief Executive Officer

                Dated:

              
	
                 

              	
                 

              	
                 

              
	
                ACCEPTED
                  AND AGREED:

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                Performance
                  Capital Corporation

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                 

              	
                 

              
	
                By:

              	 	
                 

              
	
                Name:
                  John J. Formicola

                Title:
                  Chief Executive Officer

                Dated:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]