Tradition Leasing Systems, L.L.C. - Loan #25892940 - Republic Bank - Note Date 10272021 and Maturity 10272024
Exhibit 10.23
COMMERCIAL PROMISSORY NOTE Republic: Bank & Tnlt Company 601 Welt Market Street Lo111mDet 1Catucky41212 {m)5M - UOO µ)AN PURPODr vehicle BORROWER INFORMATION Tndition LeUUIS Systmm LL.C. 300 GrowthPkwy Ste A Angola,,lN ###-###-#### Loui8ville, .Kmtucky 40202, ita NOTE. This Commercial PromisllOJ)' Note will be rmmd to in thill document u the ''Note. II LENDER. "Lender" meam: .Republic Bllllk .t: Tnllt Company whose addre• ia 601 Wcat Market IIJCCelllOl'I and alliglll. · BORROWER . "Borrower'' mCIDII each pcraon or legal entity identified above in the BORROWER INFORMATION 1 ection who 1 igns thi 1 Note . . PROMISE TO PAY . For value Medved, receipt of which is hereby acknowledged, on or before October 27 , 2024 (the "Matmity Date"), the Borrower promises to pay the principal amount of One Hundred Sixty Thaull 8 lld Four Hundred and 00 /lO 0 Dollm ( $ 160 , 400 . 00 ) Ŷ nd all interest on the outsiin prlnclpal balance and any other charges, Including service charges . to the cmier cJft . ender at its office at the address noted abow or at IUCh other place u Lender may designate in writing . The Bmrower will make all pll)'JDClltl in lawfi ¥ money of the United StatewfAmorica . ··, - . •. •. . ·· - • · . , - ·p A YMENT.SCBED. , 0 Thia Note will be paid according .to the folloV(ing schedule: $S fCIII paymen.111 of principal and intcN:at in..the _ . . _ ··· - - · - ··· ::.IPlmimd"J.2L g - ::on"November 27, 202i md oontiniihgoiFthe - "limc=aq - nffiiith7lrme·lifter.11ie amount of the mont61y - ·· - - - paym ts shall be determined on tbi= buia of a 36 month amortization period beginning on 1he date of this Note. This will be followed by 1 . _pjiym#it ofprincip&J:.1!114. i!ifcriist in the amount of $4,121.73"on·October '1.7; 2024. - 'Flfe impiid prira:ipal'Dilimce of this Note, togethcf"Witln.11 accrued internt and charges owing in comiection therewith, shall be due mi payable on the Maturity Date, · - "" APPLICATION OF PAYMENTS . Ucleas D 1 herwiie agreed Ol' required by applicable law, paymema will be applied tint to any accmed aid intcreft ; thea to principal ; then to any late chargt 1 ; and then to U 1 )' unpaid collection !)Olts . BOll'OWCl' will pay LcJldcr at Lenclcr' 11 address shown above . ar at such other place u Lender may designate in wriii _I • · . ' All written commun.icai:ions:conoemin,g disputed amount,, includi any check or other.payment intliunient that indicates that the paymerit conlrtimtea 'paynientjj_fu!l" of the amount owed or that is tindered with other - - ndmm:is or Jimi.t!!i aa full satisfaction of a diip •. ---- - •· amount must be mailecu,rilenver to: Republic Bank & Trust B'"ox 950ft 9 Lbuisvilfe, K"f - 40295 - 0119. • · • INTEREST. Intereat Rate and Scheduled Payment Chan,es. Inta'Cat will begin to accrue on October 27, 2021 . The intcmt rat.con tbia Note will be fixed at 3.750 % per annum. Compliance with Law, Nothin&; contained l:!crein ahal1 be ccmatrued as to require the Borrower to pay interest at a greater ta than the m ' aximum allowed by law• .If, hll - wever, from any circummnces, BOITOwer pa tcmit at a greater rate than the maximum allowed by ; th igwpn""'ffi'1)e fulfilled will be reduced to an amount computed eF - th cst ratioflof'm&it penni11ible under applicable law , - - - - and for ani"t'e880ll whatsoever, Lender evi:r receive Ŷ mtere Ŷ t in an amcnurt which would be deemed unlawful under applicable law, - - - -- - = = - ri'teiu.t ali be automaticliiy applied to am.ouii.; owed,· iJi"': du's ll eti ift - ;;;thelwise allowed by applicable 18.w. - - · - ·· - .· - AccrQal Ufflin4, ItltaMit an ffiii.Note·:i/1 calculeted oil iii YwiiJ31tO iSly ha&1i. T1iti ciSciflifiW lliidMI i.!sl f m fl i a · bi.gHet• ... e . :fl - ea""d'"' - v . e . --- - iiB'ere1t rate than the nummc interest rate 1tated in thil Note. ..,, ..,.., . ··"" - - - . .,... pjfanlt Rate. The unpaid balance ofthis loan sha.il, whil t ofDef,11lt.ix - i1bl under this Note or any other agreement related to...;. · ...;.•.:.:.... • · tlie loan, be subject to a default rate: of interest equal to CUI?eD.t rate at default plus four percent (4%) or twelve percent (12%), whichever ------ RI... - - - - - - =· · ---- --- - - LATE PAYMENT CHARGE. H any required payment ia more than 10 days late, then at Lender's option, Lender will 111e11 a late payment charge ofSS0.00 or S% of the amount put due, wbicmver is greater, subject to a minim.um charge of SS0.00. RIGHT OF SET - OFF. To the extmt permitted by law, Borrower agrees that Lender ha1 the right to set - off" my amount due and payable under this Note, wbethar matured or wuuatured, against any mnount owing by Lender to Borrower including any or all of Borrower's accounts with Lender. Thil shall include all acoountl Bom,wer holds jointly with someom, elle md all accounts Borrowa - may opeu. in the futnre. Such right ----- = of set - off ma ' be exerciled _ Lender against B or II ntnR an y ass ign ee for the benefit of creditora . . or c:xecuti j}!!=iudament i.: - .o. r.. attachment raditor - 4Bmower; - OHpinst·anyone - e)le - cla ' · · •assip.een;flliilic:nefi t o't'crecuton, receiver, or execution, judgment or attachment creditor, notwithstanding the fact that 111ch right of sc:t - offhu not been exercised. by Lender pior to the making, filing or ilauance or aervice upon l.eDder of, or of notice of, lllignment for t.hc beiumt of creditors, appointment or application for the appomtment of a receiver, or issuance of execution, subpoena or order or warrant Lender will not bo liable for th Ŷ diahonor of any check 0 200W021 ClmpJiomt 8yalllDI, I.LC lotb'1'711M9114H1•21121,llli,17.3 Cwmadlll'lamilMlyNcolo•DlA006 hpl of4 .aaplima_, - . -
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whm the dilhomr occum bccauff Leader ICt - off• debt apimt Bmroww'I accoUDt. Bomnnr ..... - to hoJd Lcadc:r hmnlea mm my claim lriliq a a rmu1t ofLc:a,da - aurcim11 Lmdcr' Ŷ riJht to Ŷ et - off. llELA.1'.)ID DOCUMBNTS. 1bewmd Ŷ "lhlmd Docu:ml!llltll" meu. all plVIDi ŶŶ oly D01lel, Ŷ comity qroommll , mortpp Ŷ , deed Ŷ oftru Ŷ t. deed Ŷ to 110e1D debt. bu Ŷ ine• lom agreement Ŷ , comtruotio:a tom Ŷ ,reement Ŷ , resolutio:m, parmtiel. mvinmmental agreemeD1I, Ŷ ubordination qrc:rmam, Ŷ - ipmllltl , and my othi:r dowmmltl or ap,emantl IIXeeated in cmmecti.on wida the indebt=ie Ŷ , evidmcad hcnby 1hi1 Note whlllber· now or hae Ŷ .ftm amting, including any modifioationi . CD:llliom, nbatitm:iom or rmewa1 Ŷ of any ¢ the foreaoillg, The llelated Documents are hereby made I part ofthi Ŷ Note by raf«ence tbareto, wi1h the mne foroe llld effect u if fully• forth hcRin. · DEFAULT. Upon the occurnnce of my oa.c ofdle following nm1I (each, 1111 "Event of Default" or "d9fault" or •event of default"), Lmdet'1 obliption Ŷ , if my, to make my Ŷ dvance Ŷ will, at Lcndcr'a opticm. immediately taminatc and Lc:ndcr, at itl optian, may declare all indc:btcdnc ŶŶ of Borrower to Lender undar tbi Ŷ Noui innnccti1tcly due ml pay Ŷ ble without bther notice of my kind notwi1bmDdiDg mydmig to1he contrmy in tbi Ŷ Note or any other qroammt (a) Borrowet Ŷ fililure to mab my paymmt an time or in the Ŷ maaui duo; (b) IIDY deDDlt by Botrower under the tcnm of tbil Nam er my o1hw R.elated Documems; (c) any detlult by Bmrcnnr under tm tam Ŷ of my OCb.er qrecmcat between Lender and .BcmoRr; (d) the dadb, di ŶŶ olulion, or tamimtica of ai Ŷ tem:e of Bonvwer or any 11JU1D1mi (e) Bonower i Ŷ DDt JJ&YDII Borrower' Ŷ debts • mch debts become due; (f) the commencement of my proceediJl8 1DWI' bankruptcy or imolvenc:y !&WI by or apimt Bmrowcr or my guarantor or the Ŷ ppotD1ment of a receiver; (I) 111y default under 1he 1mDI of my other indebtedna1 of Bo!row« to my other crcditcr. (h) my writ of attachment, pmiahmmt, execution, tax lien or dmilar in Ŷ trument i Ŷ il_llUCd apimt my colla1aal accming the loan. if any, or my ofBormwe:r'1 or any judgment ii emercd Ŷ pinat BOJTOWa' or my gaarmrtar; (i) any part of Bmrowa' Ŷ bu Ŷ incl, i Ŷ 10ld to or merpd :with any other buainca1, indivichw, or entity; (j) any rcpre Ŷ ell1ation or wammty made by Borrowei to Lender in my of the Related Document1 or my 'finangiil lltltamcnt delivared to Lender provu to have bcm falle in any material respect u of1he time when made or liven. (k) if any guuantor, or any other party to my Related Documents tarminates, attempt1 to terminate or dcfaultl under my such Related Dccumentl; (l)· Lender ha Ŷ deemed itlelf imcc:um or there ha Ŷ hem a material advene chanse of condition of thll finmcial pro1pect1 of BOIJOWer or any collateral Ŷ ecuring the obligatiODI owmg to Lender by .Borrower. Upon the OCCUJTellCC of an event of default, Lender may pur Ŷ uc my i. avpl le_ un Ŷ ny Related Doc:ument,. at )aw ar in equity. · : - . . ; GENERAL WAIVER& To lhe extent permitted by law, the Bonowa - aevcrally waives Ill)' requirea notice of presentment. demand, • - an, in te. pn,tNt, llld any Qther - notic.e ll)d defmle dJJ;e CO ...9:f)i. .!X'.<!1her indulgcDcc by or to IDY. subatitation or release of colli.mal No fiihm: or delay on the part of Lender, mid oo·courae of dcalini · between Bonower mid Lender, lha D , -- · -- - i su JI . m: right, nor shall aiiy single or.}Wtial:Qcri:.iac.abiny.P0',11 .prec;ludeother or fiJrthcr exercise dunaf...:... ortb.eexmcilleofmyotherpowtzm:riJb,t, · · • ··· - · · -- · - ·· -- · -- - ·. c.JOIN1',AND SEVBRAL:.J.,JABIUTY. The liabilicy=of.1111 puties obligated ln any=mannc:r undu:1his.Note 1h1ll be joint and seven!, to the.... extcntofthcirrcspective obligations. · - - - .. · - •· - . · ,.a.a '·· - = SEVERABil . JTY, If a court of competent jurildie_tion determinca any teim or provision of this Note is invalid or prohibited by applicable law . that term or provwon will be ineff'eetivc to the extent required . Any tmm or pIOVi 1 ion 1 hat bu been determinccl to be invalid or prohibited will be 1 evered from thereat ofthi 1 Note without invalidating the remainder of either the affected provision or thi 1 Note . SURVIVAL . The rightl and privileps oftbe Lender hereunder shall inure to the benefit Ŷ of its inx : ccalOl'I and usips, and this Note shall be bindini on all heirs, eitecuton, administrators, usigns, and aucceuors of Borrower. · : ASSIGNABILIT'Y. 'iender may anign. pledge or otherwi trttuafcr this Note oi y 9f its righm powen under 1bil Note without notice,. _all or any.£f.1b J?:b!saticn1 owing to Lender by orro'$!, .!!' such even _Hsi _! - IJ_pave the same rights II if origi ly na..t.._ed: .. - herein m place o . Bom,wcr may not asaign this Note ofiny 'bedmt accruing10 it hcr ut the express written consent of · tht.G Lendar. ORAL AGREEMENTS DISCLAIMER. Thia Note repre Ŷ ents the final apemcnt betwem. the partie11 and may not be c:ontr Ŷ dicted by evidence of prior, contemporaneous, or IUbaequent oral agremnenu of the partiel. 'There are no unwritten or Ŷ J agreemmtl between the partiea. GOVERNING LAW, Thi• Note is governed by the1aws oftbe state ofKentuoky except to the ex.tent that federal law cont:rola. BEADING AND GENDER. The heading& inceding text in thi1 Note are for Feral convenience in identifying subject matter, but have no hicli follow• eny particular beading. All words me+ • N' !'. b onatrued to.be of such gender or number _ -- - . .EJ COSTS, EXPENSE&..Borrowec..aareea.to pay alwf.L ,Joes, and ses arising out of.or.related.to. - : t of tbi Ŷ Note or the relationship between the piiiieri . In<:ludei:1:Jir!ie i'eea tlia - Y Lender may ver from Borrower are the -- - ri!iibJIIB.A: itfiiriicy a J&i &iii Lemfii - iiicun, including ill fiei IIHl \ liiii 111. tic eomae nf iep:esi!iriting I mdiit Hi'fmi,Jlmmg , or iiftir.. liwsujf . _ mbitnltion, or other proceeding and thole iDcurrcd in appealt, whether the issue out of cxmtract, tort, banlcruptcy, QI' any otha - area of Jaw. W!)jd.ed in costs _and expc:mes which Lender may 410urt, - j ve. dispute olntion or other collection costs, apd .Ill.:... _ expenses incidemal to perfecting Lender's lleCUrity intere Ŷ ts'ant"lill11, ·preacrviiifuje collateral (inc:Juding payment of taxes Ŷ nd insurance),;.;.:..:.... ffCIX'd1 - searcbea; - ..and expenses related to audits, map .£Ol'YtB8:. All -- c'! t an_d expenses Lender i1 entitled to recover shall - acomc:• interest at the highest rate set forth hereunder or in any of the Related Dooumentll. ... SIGNATURES. This instrument may be signed in multiple counterparts, each of which shall constitute an original and, tabn. together, 1hall constitute a single agreement, and by clectroni.c transmission, which electronic Ŷ ignaturel shall be conaidered original executed counterparts. RlGBTS OF LENDER. Lcoder may, with or without notice to any party and without atfectina the obligatiODI of Ŷ ny Boaower, mrety, - &Li 1 1 J , cccmimodatiw.pmtJ_or auy utlw:1 p11ty tp thia Aa,;e.awmt; fir) 1eoc.w, almd er the tiJnc for payment of either principal of tbi Ŷ A,reemcnt or intemt 1bcreOli &om time to time, (b) relcuc or dilCbarJc iny one or more puti.el Jiabl=e - - =on= - ntbi=, - -- Apeement, (c) IUlpCl1d the riJht to cnfonle this .Agreement with reapect to any penon(s), including any preaent or future guarantor of this A,reement. (d) chmae, a.chanp 01 zacuc any property in which Lander poa Ŷ caae Ŷ my intereat leC1ll'Dli 1hil Apemlmt, (e) jultifiab)y or Cl:zoo+,;IG! Qapu - .,,._,U..C3 fl1 ƒ 21121.166.17.3 c - a..l 111117Nato - DIA006 wwwc:mp l P Ŷ p2ot4 J Ŷ eom
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...... atbmwiae, impair 1111y c:ollatcnl Ŷ eeuriu d a u Ŷ .Apemmt or IUlpCllld ript1o eamrce apimt my IW:b coDmnl. imd (f) at any time it cleeml it necua Ŷ ry ar proper, caJl for and llbou1d it be made available. accept, u edclitional ucurity. the qnatln(1) of am additiaul party or a ucurity idcralt in pmpezty of any lcincl ar de Ŷ cription or boch. A1J.y re:f'cmlCe to Mamrity Da t m o tbi Ŷ Agreamc:nt will J:efer to tho Dale or IUClb. later elate u may be cletlgnated by Lender · by wrielm notice hm Lender to BOJl'OWIII' (it being 1.lllCkntood 1hat m no event will Lenclar be unda my obliption to mend or RDCW du Ŷ Agreement beyond the initial or my e.ttcmded Maturity Date).• COMPLETE AGREEMENT. Bxcept u let forth in tbi Ŷ Agreement, tlrl Ŷ Apemeat and the other llelated Documellt l may be ammdecl only t;y Ill iD Ŷ trumat in writins that aplicitly ltatel fhlt Jt Ŷ mendl 1ml Apement 01' ll1lCh other Related J>ocumen11 and i, llianed byBorrower and aclmowlcdged by Lender. REMEDIES. The :indebtedDeii evidmoed by tbi Ŷ Aareemcut lhaD lie cto11 - defaulted with all obli;atiom that ay Bonowe.r or 11DY pmntor hi• widl. Lender. At the option of Lendar upon the, oocmxeuce of an Evtnt of Default be:ieunder , ,cacb. without demand or DDtice of any kmd (wmch are hefeby expre 11 ly waived), Lenckr may : (a) Keelsate and mm immediately due and payable the cnmCIIDdm, prinaipa) baJanoe hcmmder topthar with any additi 0111 J IIIDOWlfl ICCllfed by 1 h 11 Related Doc : ummts, {b) require that the indebtednai 1 evidenced by 1 hi 1 AJreemcnt, together with all urempa of il 11 ffllt and all other amounta due under dUI Apement and the Related Docvmen 1 s, will from 1 be date of the occurmioc of an Bvent of Default bear intmelt at the ult 1111 : e ofinlmelt 1 et forth h«ein, (c) require Borro'WII' to pay to I .. cmdlr rcuomble limmeyl' fee Ŷ , court com and CXptmNI incurred by Lender in cmmec : tion with Lender' Ŷ eft'or 11 to collect the iDdebtDcincu evidc : Dccd by thi Ŷ Apeeme : nt, and (d) excrciao from time to time any of the ris]Jtl and reuuidies available to Lender under tbi, Apcmmt or the Related Doc : umom or under applicable law . AA llled in thi Ŷ Agreement, "guanmtor" meana any JU 1 f 11 Dtor of the obliptiom of Bonower to Lender whether existing on the date hcinof or ariling in the future. or my penon or entity who pledgea particu1 Ŷ r collateral for tho IOCUrity of the obliption Ŷ of Borrower to Lender, whether or not the debt i1Rlf ia guannteed, existina on the date hereof or arismg in !he future. OHIBITION OF - S lUUNG MATERIAi,, ASSETS , \ ND. A CURATE FINAN<:11J, 81A. MENTS. AB a mamial mducement to Lender maling this Loan, Borrower covenants and agreer that (1) the mort RCCntly delivered financial ltmmcat l to the Lender aceuratel1 - _ reflect all of its * - 1> useta in the BIDOUll.1:1 and percentaaea listed on eac:h of il:I rapccqve - 1 statement Ŷ ; (ii') tbe ullCII listed on tlie financial statementa.clelivcred to 1hc Lender are owned b)' tli.e Bar.row'& ancfir such iacm arcowned - Ŷ 1rlllt or another entity ifis ··c• - - = - - ,.no _@ g'fhlf'JeJ!I.!_ - of this Loan, no al.! l!_ets IJ b!;!f• !,,to lfflOthEtt'pc; mitit)' , or lrwlt witlwQt the - - - - · - - pnor writtat - - comaitof1he l.endc111 Leder' Ŷ 1ole and absolute iliaciiiiion. . . · - ' - - " OSS - ...J»tFA T. ThJ.Q!u " \ lliJl be efaulted wifl.l all. igation - lMt B!>.!1,9,,Wer.4q4.l!)r Q!i sht.Ye with l,en.dm - . • = - - _.... NOTE DA Barimt ape• that the Note Date fult ippearing this Note i1 the date of the loan and that interest will be pa}!lble from the Note Date despite any other dates set out in this Note or any dooument seouring this Note. SFERABLE RECORD. Borrower 1gree1 that 11»• Note i1 intended to be and shall be treated u an eft'ective,.cmorce Ŷ blc, and valid txlDlfenble remrd. ADDmONAL PROVISIONS. . Early Terinfna&n Fee: If Payment of all unpaid principal, accrued and unpaid interest and •11 other fees the:c out Ŷ tandingHI received within three (3) yeari 'ol'tbe oripti te it willICIUlt in a pnpaymentfee oi the following - schedal : 3.D0% m yeai:t, 2.00% in year 2 and 1.00% in:. 4 · year 3. The • .9.ve perce1Jtairt/!!_will be haired on tbe outstanding P'f! amo at tbe g_fpreevment) - 2hls any com paid bytbe Bank for .:.,. :; - :._ · tfie Boii"ower iinder.iny:n † pntmotional closing colt offer. · - • - · ? ' • · - • -- " ::;a. - - - - AFF1RMATIVE COVENANTS Borrower covecant, and 1gree1 with Lender that. 10 long 11 tlrla Agteimient remaina in effect, Borrower will: Notica of Claim, and Ltt11a_t1on. Promptly inform Lender in writing of (1) all mat.crial adverse chqes in Borrower's financial condition. and (2) all existins and all threatened litigation. claiml, invelltiptiona, adminilllntive proceedings or similar actiom affecting Borrower or any Guarantor ch could ma ally afftct tbe - fuumcial condition of Borrower or the :finan dition of .Ouarantci!'. · · - - W:.. - .• _:··· . -- - · - ;;;::: ..f. - •· _:,· -- " ........ ........Hnanci(ll rm... .!iaffliD.ita books aP. . records in c . with.QM.Lor otnei: !S'&$lPti1'1 t, - - - - buis, t eiider1o examine and eudit Borrower's !ooks and iecprdi· - at all rea - - - - - implied on a COJllli t,,;ut._ · --- - ... - - . Ffun I S.tementa . Fumish Le · nde - r - wit - h BUCb finencial 1tatmnent1 and other rel$d il'lfonnation at such frequencies end in 1uch detail as 7 . . . =· - _ ·,: - ; - · - .:;; - -- · .. ---- .. - _ n.c¥'_riia onably : w - : -- ; ;·· - AddltiC1 - n for.n111 on, F.umish IIUCh additiOllll information Ŷ ;nd . - - tcquest fl:om.time.to time. Loan Proceed,. U1c aU Loan proceeds Ŷ olely for Bonower'a buamesa operatiom, unleaa ll)O(:ifically comented to the contrmy by Lender in writing. Tue 1 t Chu&a and Liens . Pay and diacharp when due all of ita indebt . ednc 11 and obligatiom, including without limitation all aueasment Ŷ , taxe Ŷ , aovemmcntal cbaqe Ŷ , levie Ŷ and liens, of eve : ry kind natan, impoaed upon Borrower or its propextie 1 , income, or profita, prior to the date on which penaltiel would attach, and all lawfil l claims that, if might become a lien ar clwp upon ay of Borrower'& propertiea, fu<iiiiic, orpiiiflts Pim.iid•d hcriivmr,.Jloiiriier will nofbe requirecHopiiyiind cmi.huge any iiilb liul!llimcnt,. - tu:·warae, levy, lien O J'l; : - llDl ....c... - - - - 10 long 11 (1) the legality oflhe same lhall be conteeted in good faith by appropriate proc:eedinga, and (2) Borrower shall have llltlblilhecl on Borrowers boob adequate rncms with respect to such contested useument, tax, characi, levy, lien, or claim in acoordance with GAAP or · other acceptable accounting method. OJ004a11 Oaptionool)'lmm,LLC309'o'l'l'lll - o9il141J1,20.Z1,J'6.l7.3 c::amm..;,1, ,.N••InAGQI Plp3af4
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Impectloa. Pcr.mit employees or apnta of Lender at Ill)' reucmable time to i:mpeot my and all Co11mnl. fur the Loa, Addltlonal Auuruua. Make, execute and deliver to Lender 11111h promiuory notee, mortaaiee, deeda of tlUlt, sec:llri1y apeemmta, Mfllllrncm. fimncins lh!tm!ndl , imtnlmcntl, docrmantl and o1hmr agreements u Lender or ill a1tom.ay1 may rc:uoaahly nqueat to evidence and ICCLlfe the Loan Ŷ 1111d to pcrfcot all Secmrity Interata. Um PrtoritJ. Unl.eu otherwi1e prcvjDuly dilcloacd to Lender in writing, Bonower has not entered into or gnmcl my Scaurity Apemcnll. er permitted the fillna or attammal 1 of IIZI)' Security IDtcrcltl Oil or affeating 111 )' of the Colla 1 aal dircedy or inmrectly HCUIUII : ymmrt of Bcmower' Ŷ Loan md Note, that would be prior or that may in Ill)' way be aupcrior to Len«lm'I Security IDtaatl and rigbt 1 in and to IUCb . Collateral . PerflN'IIWICe . Pcrfann and comply, in a timely mumer, with all tram, conditions, and proviaiom aet forth in lhil Agreement . in the Related of Documenta, and in all other inltrumcata uul apeemcn1I between Bmrowa and Lender. Bomiwer lhall notify Lauler immediately in any default in connection with my agrccmcnt. Opentlo111. Maintain euciitive and manqcmait penonnel with lllblltantillly the 1ame 4ualifica1i01111 and 11 the prelClll1 executive and management personnel; provide written J:!(Jtice to Lender of any change in exet:Utive and maaapmcm penonnel; cxmduct ill bumu affain in i "reucmablc and prudent mumcr. WAIVER OF JURY TRIAL All partie11 te W. Note hereby lmawingly and l'Glutari!y waive, to the faUeit atent permittec1 by Jaw. uy right to trial by jury - of any dllpute, whether in contract, tort; or otherwi1e, lliiling out of, in conn o.r,. with, related to, or Incidental to the relationship eatal,llih'.ed between them In thh Note or iny·other Instrument, document or 1 air. - ,ment ezecoted or delivered In. connection with thl1 Note or the Related Docmnenfl. 'Jlf djiiii thil Note; Boffowb - •clmowleqea readhii, anderitaniUn1, and •ii' • eemjio an itl piovfdoiii ali.d. receipt hereof. .,_.:,. --- 41 - aditien'teaimg · : · .£, - . --- - - ; -- - .:.: - - --- : : .. :=:. - ::...:... .: · . · :::.... _....... . · - · - - - ·· - -- · - - By: Tim E Evans It Ŷ :Manager LENDER: Republic Bank & Trust Company . .. -- · -- - · -- · ........_ . . ... - ... 0 2004 - o20ll eom,Ji,uo S),llam, LLC J091177& - o9a1491•.2DZl.l'6.173 C - ,,W Nalo - D:L4GOII ....of4 _.....,.,,reel).,._aca
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... of .:I.yJ , · \ MIi 0. . County c,r_,,_ ,Mai,.........,a.... - - lubac:rtbe and awam (affllniN) to me.• Notary In and for the county and state llfDNlald, by uld atllant(a) who lllant pareonally known to me. and hllahelllwy duly acknoWladge to me the 8XICUllon Of the forgoing lnatrumanL (offlcl Ŷ I NII) t ' :.. t I .•. • . .:r · ·· 1 Ŷ • .;: i - .: : .. "' - ! . - - • - - . ,.. . - · - - .::;;a;: - .....a ------- · ·= ..... . . . • - - ,+.. - -- ,lo, .. - .. - - : ..Ji:. . - .... - - .. - - - - = - = · w: - ,,e=.
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COMMERCIAL SECURITY AGREEMENT Republic Bank & Tran Compaay 601 WIit Marat Street Lomvllle, Kmtacky '40Z02 (982)514,361)1 BORROWER INFORMATION Tradition Leuing Syl1lllm L.L.C. 300 Growth Pkwy Ste Ji. Angola, IN ###-###-#### COLLATERAL OWNER INFORMATION Tndition LeMiq S)'lteml L.L.C. 300 Growth Pkwy Ste A Angola, IN ###-###-#### - .... AGREEMENT. "Agrem,.ent" means this Commercial Security Agreement. BORROWER. "Borrower" means Tradition Leasing Systems L.L.C.. DEBTOR. " btor" means 'tradition Leuing Systems L.L.C. .t • ! ., 1 ' 1 .• ' LENDER. "Lender" meam Republic Banlc & Trust Company whose address i1 601 West Mubt Street, Louisville, Kentucky 40202, itl.. 1uccaaora 8Dilaui)n,1. • · .. ..... - • ,.... ·· · .,..;::. •. - ;..,: :.. .. .. , .. • .::11• ..,.., • ·· .: - ·· · ·: .. : .. .:... . .SECURITY INTEREST.GRAJn.. rriUmtiOR - Mtb:c Obligatiom, hereby agreei to al f tM:teDlit:ef - thlft A t'ii ic - "' - = . _ - by specifically grants Lender a continuing security interest in the Collam - al . Debtor further ,grants Lendc : r a 1 ecurity interest in the proceeda of said Collatml ; !,,pr 09 . C . C . s .. ,m hazvd !!ilfYl'lllCC :. and ani!lr : m .. , .. dqn : i!in . 9 r ondemnation - lll!f J .. involving,!lic CQllat!'Jlb aQ .. 11 rpd \ tets . , 2 , :.:. _ IIUbatituticma, rq,lacementa . and acccuions to 111 ch Collateral or intcreltl therein ; my and all dcpoiriti or other l 1 IDII at IIDY time credited by or clue from Lender to Debtor ; and any and ell instrumenm, documents, policiea, and certificates of in 11 Ur 811 Ce, securities, goods, accounts receivable, choses in aotion . chattel paper, clllh, property, me! the proceeds thaeof (whe 1 her or not 1 he aame are CoDatcnl oz procoeda thereof hermnder), owned by Debtor or in which Debtor bas 1 n interest which 1 re now or at any time hereafter in j,o 11 es 1 ion or ccmtrol of lender, or in transit by mail or carrier to or from Lender, or in possession of any third pvty acting on Lcndel" 1 behalf ; without rcprd to whether Lender . received tho same in pledge,'{or safekeeping. 118 agent or otherwise, or whether Lender has ccmditiona1ly rejeased the 1ame. Debtors grant of a ' continuing security inttre,st in tho Collatcral to.Len®" JM. payment of all Obliaations, incluaing ill renewals and ex ona . · whether heretofore, naw, ot hmcafter exiating or arising and ·howsoever incurrccl or mdenced, w:tretherprimary. aecoildaiy, contmsent, - or • oth - .:•e · a - & ...............Iii. .. .:.:.z1,, . - . ...:. r :·r , _: - . - ..:_a.. - ... - - = - -- J. ,;;, - =· - ·· · - · · . • : - · , " .: · - • - • = ... - · - - - - . - . • = .. - - - Ji DESCRIPTION OF COLLATERAL . The coJlateral covered by thi 1 Agreement (tho "Collateral") is all of the DebtoI's PJ'(!perty bed below which 1 he Debtor now awns or u . y hereafter acquire or create and all proceeds and products thereof, whether tangible or intangible, including proceed, of imurance and which may include, but shall not be limited to, any itmns listed on any schedule or list attached hereto . Equipment. "Equipmmit" shall consist of all goods of the Debtor that are not inventol)', farm producm, or consumer good,. Equipment includes, but is not limited to, all equipment and fixtures of ew:ry nature and description whatsoever, now owm:d or hereafter acquired by Dcbtm - , wh!Rffl' located, including all ,piachinery, manufacturiJlg •ent, shop equipment, fiunishings, furniture,. recom keeping equipment, and vehicles, togeth#!;,.WU,,,.;,,.all. m;,. .Ul!rlB, emb ded software, attachments, accessorierit;to... and - di _,. appurtenances 1heteto intended for me in..connec1ion1:herewith, and all substitutiona, bcttcnnents, and replacementa - _tbereof and.additions tlt.eret•o ..., ... .... - - .. . - ..;, .,.;... . r. Ŷ .. ....:... - c... - ...... .._ \ .= ---- ' - . ..... , ui . . ---- - - c Collateral "Specific" rem to "iLe specific Jm>PertY, together with al l rcJ. a . ted.A!.1 1 _ lQ1 ƒ gS4,h11,1Pfi..4111Fii1P!i!.o!!iiJJ1111Mibb!!!C!!!! O:!!!'lll'!::....===:::::a..=== - ------------ = SPECIFIC COLLATERAL PES_c.RIPTION: 2016 Oreat Dane Reefer Serial# 1ORAA 0GE701344; 2 (ruat Dane Reefer Sariil # 'ItlRAA062XBE'ro)042; 2014 Great Dane Reefer Serial # 1GRAA0626EE70f152; and 2016 tm"at Dane Reefer. seiiiir - #ir.QRAA06 v,;ijo3·3s8, whether iny of the foregoing is owned now - cr: - · lam; "a ei"s'ion.s; i, additions, replacements, and aubs#tutions relating to any of the foreaoing; all recorda of any kind relating to apy of the foregoing; - - - - · ----- ··· - . - --- · - --- = - ·•·· - - OBLIGATIONS . "Obligations" means any and all of Borrower's or Debtor' Ŷ obligations to Lender, whether they ari 1 e under this Agreement or the Note, Loan Agreement, OUaranty, or other mdence of debt executed in connection with thi 1 Agreement, or under any olher mortgage, trust deed, deed of trust . security deed, security agreement, note, l 11 BSe, inltrument, contract, document, or other similar writing heretofore, now, or hereafter executed by the Bott 0 wer or Debtor to Lender, including any renewal,, extemiom md modificati 0 n 1 thereof : and including oral agreemmrtB and obligatiOlll Irising by operation of law . The Oblip 1 ions include all intcreaf and all of Lender's com, fees, and expenses -- ··. - · - - ble punuant to this Aarerment, any odier agreement between the partiea, or under applicable law, including all such coatt, feea, and lhi£ may anae ami the filiiig of any petition by or agamst Bcmower or Debtor under ffie Biiiknipfuy llTelpectiVC of whether the Obliptions do not accrue because of an automatic stay. Without limiting the foregoing, the Obliptions expreuly include the followma: 02004 - 2021 Camplima I.U:l20227'71 - 14447d27 - 202J.166.17.3 Oimm...W• IIMdl) - A, - - iDL400I
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CllOSS.COLL, \ TJ:RALJZATION. Debtor agreea 1hat my NCUri1y intcrelt provjdcd in Oillatcnl \ mdm t1m Agreement ay Colluml provided in comection with my ad all other mde'bmdnea Ŷ of Debtor to Lender, whedm or not 11UCb indcblatnca i Ŷ nl8llcd by claa DI' cbdm and whethar or not contemplated by the putiCII at the time of cxccutina each m.dcmce of indebtednou, Ŷ hall act II Collaten1 for all 1.U indebtedncs1. Thia crou - c:ollateraliation provilion Bhall not Ŷ pply to ay Collatcnl diat ii/are howlchold aooda or a principal dwelliq. FIJTURE ADVANCES AND APT.ER - ACQUIRBD PROPDTY. Future adVIIICU may be made at Ŷ ny time by the Lmder under this Apmn . mt to the mcnt allowed by law . The aermity intcrellt grant contained in 1 hia Agrcemcm uo appJie, to Ŷ ny Collateral . of the type( • ) idmtified in tbi Ŷ Agreement that the Debtor acquires after tbi Ŷ Apeement i Ŷ cxecated . a . cept diat no HOUri 1 y intcnat attldia to aftaHoquired ocmsumer sooda lllllea 1 the Debtor acquiru rights in IIUOb &oodl within 10 daya of Lmder JMD 1 value, In IJlticipation of tbta : re advane 111 by Lmdar, the Debtor autboriza Lmdar to ii 1 c : any IICCClll&r)' : financ : ma irtatrmenta to protect Leader', HCUrity interest . RELATED DOCUMENT& "Related Document Ŷ " 111C1D1 all promi Ŷ IO!y IICClmty agrcementa, mortaaaea, deedl of1nllt, deedl to seeure debt, b1llineu loan agrccmcn1I. ccmtruction loan rc10lutiom, aumwie - . enviromnentll apementa, IIUbonlination apcmcn1I. lll'ignments 9f lcuca md rCDII, tmd Ŷ ny other docamenta or qrecmm1I cxceatecl in connection with t1m Aarecmcnt whether now or hmaftcr mama. mluding my modification1, memiom, mbstitutiom or raiewaJa of 111y of the furesoing. The R.elatDd Documcnta lll'O hereby DIida a part of this Agreement by mermce tham, with the ll8Dle foroc md effect u if fi>l1y Ŷ et forth herein. GENERAL REPREDNTATIONS, WARRANTIES, AND COVEN Debtor repraenta, WU1'Ul11, and eovenants the following: Debtor' • Exf 1 tence and Organization . Debtor i Ŷ fully formed and in good standmg 11 J 1 der Ŷ ll laws governing Debtor IJld Debtor' Ŷ business . Debtor haa or will provide Lender with documentation regarding Debtor' Ŷ 11 atc of orpmr . ation or formation, IJld Debtor 1 hr 1 her wamnts that Debtor will not change Debtor's ltate of orpnizatio . n or formation witl) . out Lender's prior written coment . Debtor will a 1 Si Ŷ t Lender with any chanpl to any clocu : mc : nts, : filinp, or other recordll ruultins or required by any change in the Debtor's Ŷ tate of orgmiution or fonnation . The execution of thia Agrec : num . t will not create ny breach of any provuion of the Debtor' • arpnizatiOJlal documents.' •· · · - - · · · ' · - · - J -- J .. J •·1 Authority. Debtor haa the power and l1lthority to execute this Ap:cmmt and the Related Doeuments and to bind Debfm - to the obliptions crnteci in this Apement and the Rclated.Docunaents. The execution - of this Agreement will n'11t. - crr.,.ta.any. breach . 11oy .. •• oth ent to "'.1!.i the_ tor _ma a party. De bu obtain - ;allJic •n:. • aa:id the v.:hi_cl!...De1* - 1. r • requirci by law to - lile - w - obtain,and iul eeh tueHi!Uees - for - moh liceme1 and penmta requirca 11.tGiwe - ic!mm:.".,._:,;_ . - =. - :. ... Debto!'..: Ŷ :Name. D bt<>r will D ! _!rusiness. dany name other than that gi at e beg!nning oftJl! A t,n<!.1" c ge_, nor reorganize thefype of buamcu ƒ "eiit'ty as dcscnllea, except upon the prior written ipprovii'J'"5f Llii er,iii wffl.i:Ti" t flie Deomr ·'""·· agrees to execu . e any dooumc : ntation of whatloever obaraoter or nature required by Lender for filing or ret : Oiding, at the Debtor's expense, before such chanae OC : CUII . Bu 1 ln 11 ! 111 Amina . Debtor will keep all rec : ord Ŷ of account, doaummrts, evidence of title, and all other documentation reprdina i 11 basincss and the Collateral Ŷ t the 11 ddreu Bpecificd at the beginning ofthia Apemc : nt, unJess notic : 11 thmeofis given to . Lender at least tc : n ( 1 O) day 1 J?riOJ to the change of any address for the keepina of such records . Title . Debtorjiu : or will acquire free mid cl - tc? a . It of the Collateral, uoless otherwise ded herein . All of the Co m : ■ ndisClJ"'l',,m propertyof '..!. . _ . - a . ·_ - : .•• . .=: . · · - · - a.... - :. .. - , . t" · -- - - - - · - ·.lilt · - - . .. · - ,!'111: - ¥'::.""" - 1 No Encumbri 111 ,ce 1 or Tranlfcr of Collateral . Debtor will not allow or permit any lien, ecunty interest, advme claim, c : harje, - or encumbrance : of my kind apinst - thc - Collateral or any part thereof without Lender's prior written oonsent . Bxcept as . otherwise provided under this Agr 11 crnent, Debfm - witl not, without Lender's prior written CODIICDt, aell auign, lnrllfm, leue, charter, encumb 11 r, hypothccate, or diBpose of th 11 Collateral ar any part thereof or any intenilt therein nor will Debtor offer to sell, aslign . tramfer, lease, cbarta, encumber, hypothecate, or dispose of the Collateral or any part thereof or any intezest therein . Priority . The security interest granted to Le : ndm - shall be a first security interest unless Lender specifically agrees otherwise,, and Debtor will defend th 11 same against the claims and demands of all pcn 011 S ... Facilitation of Security Tnt - ffiibtor "1f M,,,ooperatc in placing, pcrfceting, and maintaining Lender'1.ilihor se againat or in the Collateral and Dc:li'tor agrees·to take whatever actions requested by Lender to perfect and coiiti e Lender'• · seounty ,fin. the 'CoUiiml: - Deowr @iic1llyaTrt1rcirizes the Ccndtr to file the necanry · s securiqt ;n+,aat ia 1he CoDrtereJ · _ · _._ · == . · .:. ======= - - Location of Collateral. All of - Collateral is located in the state where tbe Debtor is located, as identified .AgrecmeDt, unlc111 otherwie o ed.to and agree4:Sajly.Lender, or, alternatively, is in poaseasion of the Lander.:Q.eJ?tor will rein change the location of ariyCol]itmf without 1:ciider's pnor ·written COllllcnt and will allow the Lender \ he Co1fat1fai ·upon reasonable requeu_. _. . .....:._ _ . = - ' "" "' ·· - - --- = - ·•· U1e of Collateral. Debtor will use the Collateral only in the conduct of its own business, in a careful and proper - manner. Debtor will not use the Collateral or pennit it to be used for any unlawful pu:ipoae. Good Condition and Repair. Debtor will, at all times, IIUUIIWl1 the Collatcnl in good condition and repair. Finu.ci Ŷ l Information and FIUna;. All :financial information and atat&ments clclivered by Debfm - to Lender have been prepared in accordance with gene.rally accepted accounting principles consiatently applied, and fully and falr]y present the financial condition of Debtor and there hu been no matwl advc:rac ll11n
No I.Jtfptlon. me no aiating or pc:ndins IUita or proc:c,d;n,. , im:ludina l!CkJft'or CCIUlltCrOlaim, which ere tbramned otpeadias apmt Debtnr wliich may relU.lt in material ldvrno dumge in Debtor', fimncial condition ar which might IDllr:riaJJ)' affeci: any of the O:illatenI. Det,m.r will notify Lmi.dcr in writing of all tbrcamned and aalaal lltiptioa, gownimemal pnreedinp. default, and w.y other occumnce diat may have a material adwne effect OD Dekots baainul, finacilll condition. or the Collatnl. No Milnprelffltlltloat . All mp.CIICldati.,ma IDd wammties .in Aaremnent and the llelated Docrments an true ad comict and no material faot ha, been . INSURANCE. The Debtor apa that it will, at im own apmiae, fhlly insure the Collatenl apiut all lou or for any riak: of wba1loevar nature in tuch amounta, with nch oampaniea , and UDdcr nach policies - lhall be, Mtimdrny to 1he Lcmder. Lender will be namod .. lou payee, or at Lmder's nquc,t,. u mo:rtpp. ad, if i:eque1tm by Lender, all ialllraaa polwie1 lhall iDchldo a lmclei'• .lau payal,lc cndonemmt The IAmder hi panted a aeomity inten 1 t in the proceedl ol lUch imuranot and may apply IIJCb, pmoeodl u it may receive toward the payment of the Obliptiom, whether or not due, in llk 1 h ordcl' 11 the Lender may in itr 101 e ctiacntion detmmine . Tbc Debtor aareea to Dllintain, at it . own expemc, public liability and property damage imunnce upon all i 11 othar property, to pn,vide nch policiea in lllch tarm u the Lauter may approve, and to fi 1 nmh the Leader with copiCI of other evideoce of IUCh policie 1 and evidence of the peymcnts of the premntm 1 thereon . All policies of imuranec ahall provide for a mmfmum 30 daya' written notice of oancellation to Lender . At the requeat of'Lcnder, ll 1 ICb policta of inmn.nce ahall be delivered to ad held by Leder. Debtor agree, that Lander i, authomed to act a attamcy tbr in obt:ainm& adjusting. settling, and ca!M:eq such m.llllam:e and endoning my draft, or imtrumen11 i,,aed or ccmnected with mch mllrlm<le. Debtor specifically audiorizes Lmda - to clilcloae information obtamed in conjunction with tbi, Aan,ement and from policies ofimurlllce to - pro : imunn of the Collateral .. If the Debtor at any time fail Ŷ to obtain or to maintain any of the illlurance required above or ptty any premium in whole ar in part relating thcroto, the Lender, without waivins any default hereunder, may make IIUCh payment or obtain 1 uch policies u the Lender, in ill sole cli Ŷ cretion, deems advi Ŷ able to protect the Debtor' Ŷ property . All co 111 . incmred by the Lader, includiog raaomble atlmuyl' feel. court coatl, expemes! IU1d - charaea thereby ea part of the Obliptionr 1_nd I p yable on demand. _ - 1 • •• 1 - ADDITIONAL COLLATERAL. In the event that Lender should, at aJY .time, determine that the Collateral OlT Lender's security interest in the 1 1 - ... Collatmal ii impaired. iDlufl:icient, or bu declined or may decline in value, or if Lemler lhould deem that payment of the Obligatio;n Ŷ ii .;...... ,;.:..:. insecure, time being aftbe very es ce,...tben ei: Jn•Y reqtWJ, .111.QJ)flbtor agree, to :fbmilh, 1,dditional.ColJatenl - 1:hat il,,i tisffctoiyto.;::i.. :,. .. Lender. Lender alJ!lll provide notice u provided fQf in tbi11.Agr,eernent to Debtor reprding additionll Coil• - Lender' Ŷ ftqlleat,f"Dr additj - - ..:.: - • - = . .... .,_,C.Ollaterlll llhalJ. not·affect:any - odlca:.msa st additi.ODll Collataral. _:: - _7 - = - - == - _:_;_; ::_,. - .:.=.2:_ - -- ;: - -- ' - •,..,.,_.. · · FINANCING STA:TEMENT(S) AND 1:IEN. CTIO.N.,. der ia authorized to file a c fonning cing _sta!_el!!ent.qt,sta ts to . ,_, _ - - : ' - ".:..: .... perfect its securitymtcnit in Hie Catlitm i - i pmvidia'in R.msei:Chfficle - 9, l.hiiform Commezcia1 Ca« - Scmired'Tnmlctiorir.Deomi egraes - -- '• ::.. - = to provide ,uch information, supplementa, and other documents u Lender may from time to time require to supplement or amend such financing statement :filings, in order to comply with applicable at.ate or federal Jaw md to preaervc Ind protect the Lender's Ji&hts in the Collateral The Debtor farther gran1I the Lender a power of attorney to execute any and all dooumc:n1I necea1auy for the Lender to perl'ect or :maintain perfection of its ecurity intc:rest in the Col.latcnl, and to cJsange or comet my mror on any fimncins ltatmmnt or my other docoment ;n.eceuuy for proper placement of a lien.on aey C:ollatenl which ill suf,ject to this Agiument. • · LANDLORD'S W AIVFA on request, Debtor. ab.ell 1 \ unim: tQ Under, in a form and upon 1uch - term( a, are acceptabl to. Lender; ._: landlord'• waiver of aJJ a with l'Clpect to 8DJ.Collateral cf,vercd by tbia Agniement that i, ounay be flpon leued iaes. · ·.. - = RELATIONSBIP" TO di GREEMENTS: Tha ,lnd the security intm:111 ·(and p ci - u.tgmnen - ipp ldf='i'";;1:7 herein granted are in addition to (and not in mbsti_!Ution, novation or disoharae of) any ind all prior or contemporaneous sc agreements, aecurity interest, pledges, aaignmentll, mortpgea, licn 1 , righll, titles, or other iDteratl in favor of under or alligned to Lender by othen in connectiOJJ with the Obligations . All rights and remedies of Lander in all such aareem,entl are cumulative . TAXES. LIENS, ETC. The Debtor agree, to pay a11 taxes, levies, judgmenu, a111am.ent1, and charp1 of any nature whatsoever relating to the: Collateral or to the Debtor's buainea. If the Debtor faila to pay such taxes or othlll' ehup1, 1be Lender, at its Ŷ ole diacretion, may pay such •. 11 on behalf of the Debtor; and all sums.so diwemed by the der, iDeludipg reuooable attorneys' fe11s, court com, ex:p1111$.CI, and othe.r c:hlrgea relating thereto, shall become e pert Oc"1,h_Jjptianl:W ,Qtll be payable on demand. l1h - - ·,..... ------- ::..."t.:;;' - ENVIRONMENTAL HAZARDS. Debtor - fi!!ttllat ci1Jatera1 h11 never been, and 10 lcnlg u this t oonlial.1itbe .lJiGll i;., . - . ihitColl Ŷ tenl. mver wifioe ulecnnviolatiOD - Qf an£ oclf; stitro'FCeacra l laws, statutes - or gul1noii1iirused - foi - iBf" gaiieriibon7' ƒ lrillap, manufaetme, , Ŷ - OG Jiap g11lj"!J = .at *• & 1 SC w llac Ŷ t sdziNloUI at:111, - Ill IUDl_,N iiiid wUfl 1) - i&li notify Lender in writilli of any anertion 1114de . .any party to the contrary. Debtor indemnifie Ŷ and hold, Lender and - bmda(.s directon, officers, employees . and • 1 ... c : nts esa - .. i - !ity or exp se of whataoever nature, inclu ,U!!!, . O . i ; l!b . e att 0 : n : \ 9 ',' .. fec ; t .. 2 _in_ ( directly or indirectly ai ·a re 1 u 1 rof' 1 ' 1 bt 0 r' 1 inv<ilveh&nt with hazi : rdcsus or environmentally harmful sublltatlcell'tn!a)" ba·c 1 emit?cii'regulated·· u mc : h UDdc : r any lo ,or llaw latiO!! .. . o . t)lc : rwise I?Jlting • breach of this of this - t - .....:.. . _ PROTECTION OF COLLATERAL . Debtor agrees that Lender may, at I . aider' Ŷ sole option . whether before or after my event of default, and without prior notice to Debtor, tlkc the folloq actiona to protect I . aider' Ŷ interest in the Collateral : ( Ŷ ) pay for the maintenance, preeervation, repair, improvement, or testing of the Collattral ; (b) pay any filing, recording, registration, licensing, ce . rtifJCation, or other fees and charps related to the CoUatcraJ ; or (e) take any other action to preaerve and protect the Collatr : ral or Lender' • right, and remedies under this Agreement, u Lender may deem necenary or appropriate from time to time . Debtor aanies that Lender i, not obligated and has no duty whataoever to take the foregoing acdona. Debtor further agrees to re:imbunie Lender promptly upon demand for any payment made or any expensea inwrred by wdcr m,n,,,t to tbia IPl1mriptjgp PmuCPJP en" mvmdiPm w•.Jw - ko4m: uzvfer t:bia awJwi;aticm A@ll -- swDMt Yi,itieaal Obligations, aha1l be secured by this Agreement, and ahaU bear intmwt thereon from the date iDcuned at the maximum iate of interett, inelwimg any default rate, if one is provided, u set forth in the note11ecurcd by tbil obliptiOll. 02004402I C:..,. - ll)tilml,.U.Co2112277l•l444'1417 - .21121.166.17.3 ea - .lll• llUON
| 8 |
INFORMA'DON AND REPORTJNG. The Dcbllor aarcc:s to to the Lenda IIUl:b finmal md other infixmati.DD ecmcerniq i1I llffiml and the ltatUI of any of ita UletB u the Lmdcr, frmn time to time, may reuonab]y rcquc,t . The Dcba 1 bzdlao IJl'CCI to pamit the Lender, i 1 I cq,loyccs, 111 d IIClltl . to have 1 CCe 11 to the Collate : ral foi the pl!lpOIID of impDemlg it . toplbDr with all of tho Debtor's odJ . e : r phytical - - if my, and to pmnit the Lender, from time to time, to verify Aooounll, ff my, u well u to impDCt, copy, and to DUminD the boob, ncordl, ad : fllc 1 of the Debtor . · DEFAULT . The oceunmce of any of the following events lhlll coutnutc a default of 1 hi 1 Agreement : (a) the non - payment, when due (whether by aoc : eleration of maturity or otberwiae), of Ill)' llmOllllt payable 011 my of the Obliption Ŷ or Ill)' mauion or ranewa 1 tmnoe (b}the : 8 lil 1 n to perfmm . my a,reement of tho Debtor con . talncd hmein or i n any othc aa ; reemem Debtor bu or may have with Lender ; (c) th e publication of my lltatc : mcnt, npramtation, or wunnty, whc,tbc : r wriUm ar cnl, by the Debtor to the Lender, whidi at any time i 1 \ llllnle i n Ill)' : i : apoc,t u of tbc date made ; (cf) the ccmditioa 'that my Debtor bCCOIIICI illlolvm t or UDBhle to pay debtl u they lllltln, or mab 1 ID 11 Pignmerr t for 1 he benefit of the Dobtm'I creclitml, or COIIV 9 )' 1 I lllhltlntially all of it 1 uletl, or in the cvcm of my pn,ceedinp illldMed by or apinlt ll 1 Y Debtor Bllogiq that IUch Debtor ii imolvm or unable to pay debtl u they mature (fmluni to pay being c : ancluaive evidmae ofinabilif ¥ to pay) ; (e) Debtor mabl application for appointment of a rcccivcr or my other lcpl c : altoefien , or i n the event that Ŷ petitiun of Ŷ ny kind ii filed under the Federal Banbuptcy Code by or q Ŷ imt m : hDebtor and the fCllllting pmoeoding ii not diacbarpd wi 1 hin thirty da)'I after filing ; (t) the entry of 1111 y judgment against any Debtor, or the islllC of any orda - of attachment, execution, aequutraticm, olaim and delivmy, or other order in the nature of a writ levied apimt the Collatmal . (g) the death of any Debtor who it a natural penon . or of IIDY pm 1 Dcr of any Debtor tbllt ii a pmmmbip ; (h) the diuo]ution, liquidation, 1111 pemiaa . of nonna 1 business, termination of exi 1 tmce, busine 11 failure, merger, or COD 11 olidation or tnmlfe : r of Ŷ mb 1 tantial part of the property of any Debtor which i Ŷ a corpontion, limited liability company, partnerahip, or other non individual buaineu entity ; (i) the Colla= - 1 or any pert of the Collateral declinel in value in ax . oea of IKlflDll wear, tear, and depreoiation or becomea, in the judpimt of Lcndar, impaired , umamfaotmy, or illlufficient in cbaracte : r or value, includinJ but not limited to the filing of a COD 1 peting financing statement ; breach of wanmty that !he Debtm i Ŷ the owner of thc : Collatenl . free and ole Ŷ r of any encnmibrancu (other thm 1 ho 8 e encumbrances diilc . lo Ŷ ed by or otherwiae made known to . 111 d whic : h were Ŷ ecept Ŷ ble to Lendar at th e time) ; sale of the Coll Ŷ mral (except in the ordinary Cpul'MI ofbusmesa) without LendeJ'( written COIIIDDt ; fmluze to keep tb ·eo_nateral inaured 88 providcd : ! 1 e . ij r . - I failure to allow Lender to impcct the Co upon demand or at nillODBble time; failure to mab prompt paymant oftues on the Colla= - 1; loa, theft, mbstmuial damage, a, delltnu:tion of ollatera . a.!14, _Collaten.1 mcJudea . chattel paper, or Dlltnmlmllt. . _ . :fililure ofaCC(Jl)Ut debtoti to pay their obliga t m i due couiie; or ƒ 01 the Lender in good faith;"bcli.eves the Di:btor'1 abiley tctiepay ibe D'e1iii>? Ŷ - · - · - - · indebtednes1 d - ff:ri, lttci; l, O.:f !_l)J}jty to re Ŷ ort to any_ ll ..!! "'.!Jl unp 'timerbeing - : , _ of the very essence. REMEDY. Upo&:, occum:nccrof - Ŷ n .e>1d:l"hef default, LeJ!uie t•im option, ahall be entitlec!.,.to"Cereise..BJl')l - one .QJ;..mo,i: f:the rcmcclies =• ,.,_ described in this Agreement, in all dDC1.UTIClltl evidencing th11 Obligation - . in any other agreement Ŷ exc,c:uted by or delivered by Debtor for . benefit of Lender, in any third - party Ŷ ecurity a,reement, mortaare, plecfae. or auaranty teJatinJ to the ObUpti.ona, in the Uniform Commercial Code of the : lllatc of : The Debtor agrees that, whenever a default exists, 111 ObliptiOD 1 may (notwithstanding any provision in any other qrocmc,nt), at the aole option and di Ŷ crction ofthc : Lender and without demand or notic : e of any kind, be declared, and tbareupon immediately ahall become due and payable ; and the Lender exercise, from time to time, Ŷ ny rights and remedies, including the right to immediate poaaealion of the Collateral ; available to it unddr applicable law . Tbe Debtm a,rees, in the c : a 1 e of deftult, - to usemble, at itll own "expeme, all Collater Ŷ l at Ŷ convenieat Piacc acceptable to the Lender.Th aba1l, in the event of any default, l.v. the right to take poueuion - o£ and ranove the CollatmaJ, vnttipr without process of law, ·ana in_dmng 10, may peacefully entw any premt,e, erc the Collateral may be loc:atcd for such purp01e.i Deb e&amy·ript tfiai OOtor mq -- iJlilUch imt Ŷ nce, to a judicial aearinMiri•..111ch retak:ffii. The :iiball: - have the right to hold my property then in or upon said Collateral at the time of reposaeaion not covered by the aecurity agreement until retlim ii demanded in writing by Debtor. The may sell, leue. or otherwise dispoK of the Collaunl. by public or private proceedinp, for cub. or credit, without u 1 umption of credit risk . Unlc : & 1 the Collateral is perishable or direatenB to decline lpHdily in value or of a type cu . tommly ■ old on a recognized market, Lender will Ŷ end Debtor reasonable notice of the time and place of any public aale or of the time after which any private sale or other dispDlition will be made . Any notification of intended disposition of the Collateral by the Lender shall be deemed to be rea 1 onable and proper if sent United State • mail, postage prepaid, eleotronic mail . facaimile, overnight delivery or other commercially .. - reascmable means to the Debtor at least ten (10) days before such disposition, and addrellffd to the Debtor eitb.11r at the address ab.own herein or at any other Ŷ dc:ll'CIIS provided to Lender g foi;. pu;pole of providing notice. Proceeds received by Lender _,. - poai . Collateral may be applied toward Lender'• and otlier obligation Ŷ in lllch order or manner 11Lender may elect:D tm - ihall be entitled - - · - to any ,uzplue ifoiie fe1ulta11'1m"lir#ful <if d1&J]1ffl:cacds . If the - proceedl from a aale - efthe Collatml - are ina.dlimalfW extinp.il!f1bc -- = == O b· . J . i . a & ti pntie, ohliph:d thmoo ;J;ilJ. be liable far Ŷ dcfis;i111fY 1 Lsos!sc mall the ripht whetlier before or Ŷ llu i!efault to collect ■ ad receipt for, compound, compromiae, 11? sett!e. and give release - . dischargea, and acquittances with respect to, any an4. 11 •. fl owed by any penon or entity with - reipcct to the Colla al. Lender may remedy any default and may waive ariy ·default withomwiTving the default remocliod and without.waW!ifmy other pD,P:• sequent - default. The ri&hts and remedies of the L atifi"u,1ntre,xerci.se.of any one or more oftbe rights or remedies w.11 not be deemed an election ofrigbts or remedies or a waiver of any other right or remedy. Upon or at any time after ·occumn:ct"15fin.Effllt7i"fllefault;"Leifder may request the appointliiciit or - auan - - whll'"wDM, - e - mtitled ffn reucmablc fee for managilij the Collateral. Sueb receiver will have the power to take posaeasion, control and can: of the Co1Jatmil and to collect ■ 11 IICODUlltB resulting therefrom. Notwithstanding the appointment of a receiver, trustee or other custodian, Lender will be entitled to the possession and control of Ŷ ny cam, or other instruments held by, or payable or delivcr Ŷ ble the terms ofthi 1 Agreement to Lender . Should Lender reuonably believe that the Collateral may have deteriorated in marlcct value fur any rllUOD, then Lender may cau 1 e a subsequent reappnilal to be completed for the bime : fit of Lcnciel', the cost of which shall be paid by Debtor . Lender ahall not be limited in number of subsequent reappniaall required, but in no event will Debtor be required to pay for more than one subaequent reappraual in my tw year - , - iocl.exccpt m tfl,p cnrmt f ldivlt O)· P•t• uBa Ŷ B - EXERCISE OF LENDER'S RIGHTS. Any delay on the part of the Leodcr in exercising any power, privilege, or right hereunder, or under any other docwnent executed by Debtor to the Lender in connection herewith, Ŷ ball not opaate u a waiver tbereo( and no liqle or partial O20114 - /1.11:U U.C - 3m771 - 14447d27 • 2021.1'6.17,3 c - - lal - A., - DZAOOI
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exa'Oile tbmeof o:r any o1her power, privilep. or risbt lhaU prec,Judc other m filr1her exercilc: tbcnof. The waiver 'by die: Lauler of any d,diult ofdic: I>ebtol - lhall note a wa_iwrofaublequcat default. · · CONTINUJNG AGREEMENT. Thia ill a continufns Bgre111DC111t - and 1be 1ecurity mimlt (and pledge 11111.1 wignment, • applicable) hereby panted and all oftbe tam, prom.om ofdlil Apcment ,hall be dellnod a co:ntimzina and ahall nmain ia fall fCBC ad effect until the Obliptiam arc: paid in tbll In die eve:nt that Lender lhoa1d 1ab additiom l Collamral, m m1a' into odlar IOCUrity apemam, DI01'tpae,. 1, wipmc:ntl, or limiiar documentl with reapcct to 1he OblipticiDI, or llhou1d Lender enter into other IUcli apamc:nts with reapect to other oblip1iom of Debtor, lucb apee:mcnll llhall not ctiachaqe tJii, Apmmat, wbida llball be: cmlltnlod u eamulative 111d conrnrnma ad not almmatlve and aolulive. Any attemptc:d revocation or te:rmination llhall only be effective jf explicldy confirmed ill a liped writing ilned by Lender to IIICb. effect ml shall in no way impair or a:ffc:ot any tramacticm cntcrcd into ar riabts CRatcd oc lialrilitic:1 ·or ailing prior to IIICh revocation or termination. u to which tbil Apememt shall be: truly operadve until 11D1C are repaid and diJcha:pd iD full. Unl111 o1hcnrile required 'by applicable : law, Lender Ŷ hall be under no obligation to illuc : a termmat : ion ltatemmlt or dmilar document unlc 11 Debtor reqqem i 11 DC in writina, and providins f'mtber, 1 bat all Obliptiam have bc : eu repaid and diac : haracd i : a full and there : arc no commi 1 mmtl t o make advmal, iDCar my obliptiom . or otMrwiae give value . ABSENCE OF CONDfflONS OF LIABILITY . Thfl Agreement ill unocmditicmal . Lender lhall not be requin,d to ahault itl remed : im apimt Dcbto : , otbm' c : ollmnl, pi . anmto : rll, or my thud party, or punue 111 y other : remedic : ii wi 1 bin Lender' • paws before being entitled to exerci 1 e itl remedies hcreunda - . Lender's riptl to the Collmnl lball not be altered by the lac : k of validity or enfcx'cabi . Iity of the Obliptiom apimt Debtor, md this Apemcnt llhall be fully enforoeablc imlpective of any counte : rclaim which the Debtor may IIIOrt on the : undor 1 >'m, debt and any .rtay, modific Ŷ tiozi d . ilcharge, « extenlion of Debtor'I Obliption IDIDII by virtue of Debtor's insolwacy, banJauptcy, or rc:orpnization, whether ocaurrinJ with or without Lendet1 commt. NOTICES. Any notice or d«:mand given by Lender to Debtor in cannection with this Agreement, the Co.lllteral, or the: Obliptions, 8hall be - - 1 ,. deemed given and elfect:ive upon epoait in the: United States mm1, prepaid, electronic mail, f1e1iniil overnight delivery or other 1 - :, commercially rea10D11ble mean1 addrelled to Debtor at the address deqiwed Ŷ t the begjnnjq of tbil Agreement, or such other address u 0 ., P. - de to in. w.!iti g_ :ltoJ1I. tim l9 ti for. such. _._!.ctual notice to Debtor s_!iall alwaya effective n,2_ ow. . _..:; ::, •• ,.,_. notice 11 givmi or,.....,........ · - - - .. - - , .: :: - · - - · - :: - ,.c · - - . .a : - · -- - - .. "'f F ., - . - :: ·: :c - · WAIVERS. Debtor Wiivei ilotice'irl':bendcfracc"ipiim • Agieement, - ilefense1 baaed on suretyBhi.p; 1iid - fo1he - f.il.liSfextent peunihed - by· - ' •• .: - - :::.. - law, any defense arising u a result of any election by Lender under the Banlauptcy Code or the Uniform Commercial Code. Debtor Ŷ nd any = - - = - , - = --- maker, endoraer, guarihtor; - ..urety;"thim - party - pledgor, an,hitlter - .ecuting 1hi1Agreement tbat'ii liab in ifiy capatity - Wi1h - filp'C8t &o the - = - - "" · "'' Obligation1 hereby waive demand, notice of intention to acc:elerate, notice of acceleration, notice of nonpayment, presenfment, pro1c:1t, notice of dishonor, and any other similar noti<:c whatsoever. Debtor further waives any defense arising by :ni Ŷ son of a disability or other defense of any third party ar byreuon oftbe caslltion fi:mn any cauae whatloever of the liability of any third party, WAIVER OF JURY TRIAL. All partlel to tbl1 Aereen,ent hereby lmowinclY and volnntarUy Ive, to the fullest estuit perml by Jaw, any ri&ht to trial by Jqry of.uy dllpute. whether.in contract, tort, or otllenrire, ariling out of, in connectlon with. re&ted to, or lnddental to the rel1don1blp e1ta]>ll.shed between lfae!D tbll Ap - t or any other hlstnunent, docum t or agreement ex d or delivered in connection wftlr this .Ap - eemeut or the Related Documents.. • .. ·· - L • - • :a. • .a -- :. - JOINT AND SEVERAL BtafY - nieliabinty ofl'lllt piitieiiibl in any manner under th1s Agi:4ihen:.tra11 bcajoint"aiici iimral;tL ,i ; - the extent oftheirreapective obli . galiom . • - · SEVERABil . JTY . Whenever poaaible, each provision of this Agi : eement lhall be intmpmed in such 1 'DIIDl 1 Cl' 11 to be eft'cc : ti : va and valid under applicable law ; but, ill the event 1 ny provision of this Agreement ahall be prohibited by or invalid under applic : able law, auch provision shall be ineffective to the extent of auch prohJ"bition or invalidity and llhall be severed from the rest ofthi 1 Agraement without invalidating the remainder of IUch provi 1 ion or the remaining provisiom of this Apcment . S 1 : 1 RVIVAL . The rights and privileges of the I . ender hereunder shall inure to!he benefits of its auccelllDrl and auigns, and this . Aueement shall be binding on all heirs, executors, administra ss - • ·1111C4111Rorad0cbtor. tih" ,.;,., - - ...... - .....,._ . • . .ASS{G;NABILITY• . Len4g_may.a.!Ym,_J) Agreana or any of i.tl righ,1!_1ad ii ....:..:._ without notice, with all or any of the Obliptions;: Ŷ n.d - m · such evmrt the usipec Iha.II have &he same n,hts II if originally DIDled'h in place · - = - ======= - =· ffWFII;mffi iiimerr. - f]:)t;"''btor may not ii11gn dns Ag&iiiidit or iii ; bciiaiit acc,,wng to fl fiiiiiwim' withwt tlnrexp1e11 wt1th:11 COD1ent of the Leada . AnORNEY'S FEES. CO _AND EXPENiE.t bt.or agrees _to P! - Y all of Lcndc:t1 col1I, feee, and ei"iiriamg out - Qr' lated to the enforcement of this Agreetnent«.the relati wieen the partie1. Included in the feel that Letider C!E - ftom"t>e ii'e the reasonable attomey'• fees _that Lender in'?_ , inc!_ _'all fees in the cOUJ'IC ofrepruenting eJl!icr cfore, dur!!t_g, or - !UU" Jaw1uit_,_ amtndiail, or other proceeaiiig indl6oieffii:iirfed in appeali;whether7ie1111UC1 arise out of contract, ton; or inyo \ her area of1iw . Included m. the c:om and expenses which Lender may rec:over are all c:ourt, altcm Ŷ tive diapute rc1olution or other collec:tioo costs, and all c:xpenses inmdental to pe:rfec:ting Lender's security intm"elts and liens, preserving the Collateral (including payment of taxm and insuranc:e), records acuchet, and expeo Ŷ e1 relau:d to audits, inspection, and copying. All c:om and expense Ŷ Lender i• mtitled to rec:over shall Ŷ c:c:rue intereat It the highest rate IICt forth in ID)' of the Related Documents. GOVERNING LAW, This Apement baa been delivered in the State ofKe:ntuclty and shall be c:onstruecl in ac:c:ordance with the 1aWII oftbat s , tate. - - . · - - B EADINGS AND GENDER . The headinp preceding text in this Agreement are for geatnJ convenience in identifying subject matter, but have no limiting impact Oil the : text which follows any perticular heading . All wot& Uled in tbi . l ,Aarccment ahall be oonstnJcd to be of IIICh pnder or number u the cimnmtanDN require . Oao44Q:ll Caalpliamo .,_,U.C'202277M4147427 - 2Dll.1'6.17.3 Oalanlll• mAOOI win:.,.VDWl)II Ŷ -
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COUNTERPARTS. Tbil Agreement may be e:x.ocuted 'by the parties uaing u.y number ofcopiu of the Agmmcmt. All executed oopic, tab:a. toged,.er will be 1re111cd u a lingle Apam,ent. TIME IS OFTHE ESSENCE. Thno ii of the eeaence in tho pcrformlnce of Ill obliptiaaa of Debtor. INTERPRETATION AND CONSTRUCTION. Except u oChcrwiae clefinecl in thil Apommt. all tenm ba'eill shall haw em, D!Clnmp provided 'by the Uaiform'Commcrcial Code u it has 'been adopted in the atate ofK.cnlucky. Any ambigllitiel betnm thi1 AgreemclDt and any loan qrccment e:ir.ec:uted by the De'btor in ocmjuaotion with this .Ape:mmt lball be rwolved 1WJ111he provilliom of1ho !om agn,ommrt, to tho utent neeesaay tn eliminate any IIUOh ambfauity. RELEASE OF LIABILITY. Dcbtm releuea Leader from any liabiJi1y which might otherwm exist for any act or omillicm of Lender n:1ated 1o the co1loction of any debt Ŷ eaued by thi1 A&ree,mmt or 1he di Ŷ po Ŷ al of any CoUatml, m:ept for the Leader'• willfi.,1 nri1CODduct ORAL AGREEMENTS DISCLAIMER. Thia Agremm,nt rcprc Ŷ ellltl the final agmemem between the partia and may not 'be cmrtradicted 'by evidcDce of prior, contcmponaeoul, or 1Nb1cquent oral asreemeata of the parties. There me ao llDWritten oral agreementa between the partia. SIGNATURES. This .inmument may be liped in multiple cou:11.terparla, each of which shall c:oa&titate an original and, tam toactbcr, lba1l comtitute a lingle qreement, and by electronic trammillioa. which elec1ronK: ligaaturel lhal1 be coali.dered oripw executed couataputa. PROBIBITION OF OTHER LIENS . Onator shall not voluntarily create ar o 1 hcrwi Ŷ c permit to be created or filed agajmt the collateral any lica (except any aec : uring indc : btedneu to Lender), or any ltatutory or other lim or liC' . 111 , chirp or encumbrance of any natiu : e, whether inferior or BUpOrior to the lien ofthia collateral, without the prior written coa 1 ent of Lender . By lipjna tlm Agreemeat, Debt . r admowleqes readiq, udentancliag, and agreeiq to allit Ŷ pNlvldoa Ŷ 1111 d receipt of a copy hereof • . J I .l . I •· I • 11!!Manager By: Tim E Evans - .. -- - - ·· - . . - - = - - . ·===.. -- "" .. - : - · - .... , - =..· - - - •. - : -- ;.,;.: ;. - . - .. LENDER: Rcpubli ank &.Tmsti=D.mp1ny,.. - - = - =• - i·;·" B y: Its: , \ ,' • I Ż ...; .ii.. - ..lJ. .. ...,;., - - .... ;. 1 .1 ... - i ,. ._ ...._. - : .... - = - = - ====• OlDOWIIII Ooaipli - S, - .LLCl20227n ƒ J4447d27 021121.165.17,J - lloouc!y DIAOIII Pap6afl wwwflllllllpll111..,.._.Ga111
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