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. ALL235A: SECURED DEBENTURES OF ALL INSPIRE DEVELOPMENT PUBLIC COMPANY LIMITED No. 5/2020 Due 2025;  4. ALL23OA: SECURED DEBENTURES OF ALL INSPIRE DEVELOPMENT PUBLIC COMPANY LIMITED No. 2/2021 Due 2025;  5

Issuing secured bonds and appointing a qualified bondholders’ representative can enhance investor protection, especially in the event of a default in debt securities crowdfunding. However, the