SEC Contract Filing

Filing Date: 2022-07-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.50
<SEQUENCE>4
<FILENAME>rivu-ex10_50.htm
<DESCRIPTION>A PROMISSORY NOTE EXECUTED ON JUNE 28, 2022 IN FAVOR OF RALPH DAVIS IN THE AMOUNT OF $10,000.00
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.50</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROMISSORY
NOTE</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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 <TD STYLE="width: 51%; text-align: left">$10,000.00</TD>
 <TD STYLE="text-align: right; width: 49%">June 28, 2022</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR
VALUE RECEIVED, RIVULET MEDIA, INC., a Delaware corporation with an address of 1206 E. Warner Rd, Suite 101-I, Gilbert, AZ 85296 (&#147;<U>Maker</U>&#148;),
agrees and promises to pay to the order of Ralph Davis (&#147;<U>Holder</U>&#148;) or his designee (&#147;<U>Holder</U>&#148;), the
sum of Ten Thousand Dollars ($10,000).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest</U>.
This promissory note (this &#147;<U>Note</U>&#148;) bears simple interest at the rate of ten percent (10%) per annum.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments</U>.
The entire balance of this Note is due and payable on or before September 30, 2022 (the &#147;<U>Maturity Date</U>&#148;). Maker may
prepay all or any portion of this Note at any time without penalty.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Security</U>.
This Note is unsecured.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Default</U>.
The existence or occurrence of any one or more of the following will constitute an &#147;<U>Event of Default</U>&#148; under this Note:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Performance</U>.
Maker&#146;s failure to comply timely and fully with any of the terms or provisions of this Note, including, without limitation, the
failure to pay all amounts due within ten (10) days after the due date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 67.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bankruptcy;
Insolvency</U>. Maker being insolvent by being unable to pay debts when due or by having liabilities in excess of assets; or Maker
committing an act of bankruptcy, making a general assignment for the benefit of creditors, or the filing by or against Maker of a
voluntary