Exhibit 10.30


 


 


BUSINESS
LOAN AGREEMENT (ASSET BASED)


 





	Principal	Loan
    Date	Maturity	Loan
    No	Call
    / Coll	Account	Officer	Initials
	$6,000,000.00	10-13-2011	10-13-2012	104403439	 	 	KWS	 
	References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. 

Any item above containing “***” has been omitted due to text length limitations.


 


	Borrower:	JBGL
    Builder Finance LLC	 	Lender:	INWOOD
    NATIONAL BANK
	 	3131
    Harvard Ave., Ste. 103	 	 	7621
    INWOOD ROAD
	 	Dallas,
    TX 75205	 	 	DALLAS,
    TX 75209
	 	 	 	 	 


 


THIS
BUSINESS LOAN AGREEMENT (ASSET BASED) dated October 13, 2011, is made and executed between JBGL Builder Finance LLC (“Borrower”)
and INWOOD NATIONAL BANK (“Lender”) on the following terms and conditions. Borrower has received prior commercial loans
from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may
be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing,
or extending any Loan, Lender is relying upon Borrower’s representations, warranties, and agreements as set forth in this Agreement;
(B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion;
and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement.


 


TERM.
This Agreement shall be effective as of October 13, 2011, and shall continue in full force and effect until such time as all of
Borrower’s Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys’ fees, and
other fees and charges, or until such time as the parties may agree in writing to terminate this Agreement.


 


ADVANCE
AUTHORITY. The following person or persons are authorized to request advances and authorize payments under the line of credit
until Lender receives from Borrower, at Lender’s address shown above, written notice of revocation of such authority: James
R. Brickman, Manager of JBGL Builder Finance LLC.


 


LINE
OF CREDIT. Lender agrees to make Advances to Borrower from time to time from the date of this Agreement to the Expiration
Date, provided the aggregate amount of such Advances outstanding at any time does not exceed the Borrowing Base. Within the foregoing
limits, Borrower may borrow, partially or wholly prepay, and reborrow under this Agreement as follows:


 


Conditions
Precedent to Each Advance. Lender’s obligation to make any Advance to or for the account of Borrower under this
Agreement is subject to the following conditions precedent, with all documents, instruments, opinions, reports, and other
items required under this Agreement to be in form and substance reasonably satisfactory to Lender:


 


(1)
For the initial advance, Lender shall have received evidence that this Agreement and all Related Documents have been duly authorized,
executed, and delivered by Borrower to Lender.


 


(2)
For the initial advance, Lender shall have received such opinions of counsel, supplemental opinions, and documents as Lender may
reasonably request.


 


(3)
The security interests in the Collateral shall have been duly authorized, created, and perfected with first lien priority and
shall be in full force and effect.


 


(4)
Lender, at its option and for its sole benefit, shall have conducted an audit of Borrower’s books, records, and operations, and
Lender shall be satisfied as to their condition.


 


(5)
Borrower shall have paid or simultaneously with the funding of the requested advance, will pay to Lender all fees, costs, and
expenses specified in this Agreement and the Related Documents as are then due and payable.


 


(6)
There shall not exist at the time of any Advance an Event of Default under this Agreement, which has not been cured within
the time frame specified in the Note, and Borrower shall have delivered to Lender the compliance certificate called for in
the paragraph below titled “Compliance Certificate.”


 


Making
Loan Advances. Advances under this credit facility, as well as directions for payment from Borrower’s accounts, may
be requested in writing by authorized persons. Each Advance shall be conclusively deemed to have been made at the request of
and for the benefit of Borrower (1) when credited to any deposit account of Borrower maintained with Lender or (2) when
advanced in accordance with the instructions of an authorized person. Lender, at its option, may set a cutoff time of 3:00
PM, Central Standard Time after which all requests for Advances will be treated as having been requested on the next
succeeding Business Day.


 


Mandatory
Loan Repayments. If at any time the aggregate principal amount of the outstanding Advances shall exceed the applicable Borrowing
Base, Borrower, immediately within ten (10) days of written notice from Lender, shall pay to Lender an amount equal to the difference
between the outstanding principal balance of the Advances and the Borrowing Base. On the Expiration Date, Borrower shall pay to
Lender in full the aggregate unpaid principal amount of all Advances then outstanding and all accrued unpaid interest, together
with all other applicable fees, costs and charges, if any, not yet paid.


 


Loan
Account. Lender shall maintain on its books a record of account in which Lender shall make entries for each Advance and such
other debits and credits as shall be appropriate in connection with the credit facility. Lender shall provide Borrower with periodic
statements of Borrower’s account, which statements shall be considered to be correct and conclusively binding on Borrower unless
Borrower notifies Lender to the contrary.


 


COLLATERAL.
To secure payment of the Primary Credit Facility and performance of all other Loans, obligations and duties owed by Borrower
to / Lender, Borrower (and others, if required) shall grant to Lender Security Interests in such property and assets as Lender
may require. Lender’s Security Interests in the Collateral shall be continuing liens and shall include the proceeds and products
of the Collateral, including without limitation the proceeds of any insurance. With respect to the Collateral, Borrower agrees
and represents and warrants to Lender:


 


Perfection
of Security Interests. Borrower agrees to execute all documents perfecting Lender’s Security Interest and to take
whatever  actions are requested by Lender to perfect and continue Lender’s Security Interests in the Collateral. Upon request
of Lender, Borrower will deliver to Lender any and all of the documents evidencing or constituting the Collateral, and
Borrower will note Lender’s interest upon any and all chattel paper and instruments if not delivered to Lender for possession
by Lender. Contemporaneous with the execution of this Agreement, Borrower will deliver one or more UCC financing statements
and any similar statements evidencing Lenders’ Security Interest in the Collateral as may be required by applicable law, and
Lender will file such financing statements and all such similar statements in the appropriate location or locations.
Following the occurrence and during the continuance of an Event of Default Borrower hereby appoints Lender as its irrevocable
attorney-in-fact for the purpose of executing any documents necessary to perfect or to continue any Security Interest. Lender
may at any time, and without further authorization from Borrower, file a carbon photograph, facsimile, or other reproduction
of any financing statement for use as a financing statement. Borrower will reimburse Lender for all out-of-pocket expenses
for the perfection, termination, and the continuation of the perfection of Lender’s security interest in the Collateral.
Borrower promptly will notify Lender before any change in Borrower’s name including any change to the assumed business
names of Borrower. Borrower also promptly will notify Lender before any change in Borrower’s Social Security Number or
Employer Identification Number. Borrower further agrees to notify Lender in writing prior to any change in address or
location of Borrower’s principal governance office or should Borrower merge or ; consolidate with any other entity.


 


Collateral
Records. Borrower does now, and at all times hereafter shall, keep correct and accurate records of the Collateral, all
of which  records shall be available to Lender or Lender’s representative upon demand for inspection and copying at any
reasonable time upon reasonable prior notice. The above is an accurate and complete list of all locations which Borrower
keeps or maintains business records concerning Borrower’s collateral.


 


Collateral
Schedules. Concurrently with the execution and delivery of this Agreement, Borrower shall execute and deliver to Lender
schedules of any and all Collateral as defined in the Borrowing Base paragraph, in form and substance satisfactory to the
Lender. Thereafter supplemental schedules shall be delivered according to the following schedule: AT EACH ADVANCE.


 


CONDITIONS
PRECEDENT TO EACH ADVANCE. Lender’s obligation to make the initial Advance and each subsequent Advance under this Agreement
shall be subject to the fulfillment to Lender’s satisfaction of all of the conditions set forth in this Agreement and in the Related
Documents.


 


Loan
Documents. Prior to the initial advance, Borrower shall provide to Lender the following documents for the Loan: (1) the Note;
(2) Security Agreements granting to Lender security interests in the Collateral; (3) financing statements and all other documents
perfecting Lender’s Security Interests; (4) evidence of insurance as required below; (5) together with all such Related Documents
as Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender’s counsel.


 


Borrower’s
Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly
authorizing the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have
provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require.


 






    	 



    	 



    

 







	BUSINESS LOAN AGREEMENT (ASSET BASED)
	Loan No: 104403439	(Continued)	Page 2


 


Fees
and Expenses Under This Agreement. Borrower shall have paid or simultaneously with funding of the requested advance, will
pay, to Lender all fees, costs, and expenses specified in this Agreement and the Related Documents as are then due and payable.


 


Representations
and Warranties. The representations and warranties set forth in this Agreement, in the Related Documents, and in any document
or certificate delivered to Lender under this Agreement are true and correct, in all material respect.


 


No
Event of Default. There shall not exist at the time of any Advance an Event of Default under this Agreement or under any Related
Document, which has not been cured within the time frame specified in the Note.


 


REPRESENTATIONS
AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each Advance,
and as of the date of any renewal, extension or modification of any Loan:


 


Organization.
Borrower is a limited liability company which is, and at all times shall be, duly organized, validly existing, and in good standing
under and by virtue of the laws of the State of Texas. Borrower is duly authorized to transact business in all other states in
which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in
which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign limited liability
company in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition.
Borrower has the full power and authority to own its properties and to transact the business in which it is presently engaged or
presently proposes to engage. Borrower maintains an office at 3131 Harvard Ave., Ste. 103, Dallas, TX 75205. Unless Borrower has
designated otherwise in writing, the principal office is the office at which Borrower keeps its books and records including its
records concerning the Collateral. Borrower will notify Lender prior to any change in the location of Borrower’s state of organization
or any change in Borrower’s name. Borrower shall do all things necessary to preserve and to keep in full force and effect its existence,
rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental
or quasi-governmental authority or court applicable to Borrower and Borrower’s business activities.


 


Assumed
Business Names. Borrower has filed or recorded all documents or filings required by law relating to all assumed business names
used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower
does business: None.


 


Authorization.
Borrower’s execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized
by all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default (beyond any applicable
notice and cure) under (1) any provision of (a) Borrower’s articles of organization or membership agreements, or (b) any agreement
or other instrument binding upon Borrower or (2) any law, governmental regulation, court decree, or order applicable to Borrower
or to Borrower’s properties.


 


Financial
Information. Each of Borrower’s financial statements supplied to Lender truly and accurately disclosed Borrower’s financial condition
as of the date of the statement, and there has been no material adverse change in Borrower’s financial condition subsequent to
the date of the most recent financial statement supplied to Lender, which would materially and adversely effect its ability to
pay and perform  its obligation under the Note. Borrower has no material contingent obligations except as disclosed in such
financial statements.


 


Legal
Effect. This Agreement constitutes, and any instrument or agreement Borrower is required to give under this Agreement when
delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their
respective terms subject to debtor relief laws.


 


Properties. Except
as contemplated by this Agreement or as previously disclosed in Borrower’s financial statements or in writing to
Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable Borrower owns and
has good title to the Collateral free and clear of security interests other than to Lender, and  has not executed any
security documents or financing statements relating to such Collateral other than in favor of Lender. All of the Collateral
are titled in Borrower’s legal name, and Borrower has not used or filed a financing statement for such Collateral under
any other name for at least the last five (5) years.


 


Litigation
and Claims. No litigation, claim, investigation, administrative proceeding or/similar action including those for unpaid taxes)
against Borrower is pending or threatened, and no other event has occurred which would materially adversely affect Borrower’s financial
condition or properties in a manner which would materially and adversely affect Borrower’s ability to pay and perform its
obligations under the Note, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged
by Lender in writing.


 


Taxes.
To the best of Borrower’s knowledge, all of Borrower’s tax returns and reports that are or were required to be filed, nave been
filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being or to be
contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided.


 


Lien
Priority. Unless otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted any Security
Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly
securing repayment of Borrower’s Loan and Note, that would be prior or that may in any way be superior to Lender’s Security Interests
and rights in and to such Collateral.


 


Binding
Effect. This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers
thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective
terms, subject to debtor relief laws.


 


AFFIRMATIVE
COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement
remains in effect, Borrower will:


 


Notices
of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower’s
financial condition which would materially and adversely affect its ability to pay and perform its obligations under the
Note and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar
actions affecting Borrower which could materially affect the financial condition of Borrower which would materially and
adversely affect its ability to pay and perform its obligations under the Note.


 


Financial
Records. Maintain its books and records in accordance with GAAP, applied on a consistent basis, and permit Lender to examine
and audit Borrower’s books and records at all reasonable times, upon reasonable prior notice.


 


Financial
Statements. Furnish Lender with the following:


 


Annual
Statements. As soon as available, but in no event later than ninety (90) days after the end of each fiscal year, Borrower’s
balance sheet and income statement for the year ended, compiled by a certified public accountant satisfactory to Lender.


 


Interim
Statements. As soon as available, but in no event later than 45 days after the end of each month, Borrower’s balance sheet
and profit and loss statement for the period ended, prepared by Borrower.


 


Tax
Returns. As soon as available, but in no event later than 45 days after the applicable filling date for the tax reporting period
ended, Federal and other governmental tax returns, prepared by Borrower.


 


Additional
Requirements. BORROWER WILL PROVIDE A DETAILED NOTE RECEIVABLE LISTING, WHICH WILL BE DUE WITHIN 45 DAYS AFTER EACH MONTH.


 


All
financial reports required to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent
basis, and certified by Borrower as being true and correct.




 






    	 



    	 



    







 


	BUSINESS LOAN AGREEMENT (ASSET BASED)
	Loan No: 104403439	(Continued)	Page 3


 


Additional Information.
Furnish such additional information and statements, as Lender may reasonably request from time to time.


 


Financial Covenants and Ratios.
Comply with the following covenants and ratios:


 


Tangible Net Worth Requirements.
Other Net Worth requirements are as follows: BORROWER WILL MAINTAIN A NET WORTH GREATER THAN 9X THE OUTSTANDING LOAN BALANCE
OF THE SUBJECT REVOLVING LINE OF CREDIT.


 


Except as provided above, all
computations made to determine compliance with the requirements contained in this paragraph shall be made in accordance with generally
accepted accounting principle, applied on a consistent basis, and certified by Borrower as being true and correct.


 


Insurance. Maintain
fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect
to Borrower’s operations and the Collateral in form, amounts, and coverage reasonably acceptable to Lender and by
insurance companies authorized to transact business in Texas. BORROWER MAY FURNISH THE INSURANCE REQUIRED BY THIS
AGREEMENT WHETHER THROUGH EXISTING POLICIES OWNED OR CONTROLLED BY BORROWER OR THROUGH EQUIVALENT COVERAGE FROM ANY INSURANCE
COMPANY AUTHORIZED TO TRANSACT BUSINESS IN TEXAS. Borrower, upon request of Lender, will deliver to Lender from time to
time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverage will not
be cancelled or diminished without at least fifteen (15) days prior written notice to Lender. Each insurance policy also
shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission
or default of Borrower or any other person. In connection with all policies covering assets in which Lender holds or is
offered a security interest for the Loans, Borrower will provide Lender with such lender’s loss payable or other
endorsements as Lender may require.


 


Insurance Reports. Furnish
to Lender, upon request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably
request, including without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of the
policy; (4) the properties insured; (5) the then current property values on the basis of which insurance has been obtained, and
the manner of determining those values; and (6) the expiration date of the policy. In addition, upon request of Lender (however
not more often than annually), Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the
actual cash value or replacement cost of any Collateral. The cost of such appraisal shall be paid by Borrower,


 


Other
Agreements. Comply with all terms and conditions of all other agreements whether now or hereafter existing, between
Borrower and any other party and notify Lender immediately in writing of any default continuing beyond any notice and cure in
connection with any other such agreements.


 


Loan Proceeds. Use all
Loan proceeds solely for the following specific purposes: TO ESTABLISH A REVOLVING LINE OF CREDIT TO SUPPORT BORROWER’S
SHORT TERM FUNDING REQUIREMENTS NECESSARY FOR THE BORROWER TO ADVANCE LOAN PROCEED TO HOME BUILDERS.


 


Taxes, Charges and Liens.
Pay and discharge when due all of its indebtedness and obligations, including without limitation all assessments, taxes, governmental
charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the
date on which penalties would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower’s
properties, income, or profits. Provided however, Borrower will not be required to pay and discharge any such assessment, tax,
charge, levy, lien or claim so long as (1) the legality of the same shall be contested in good faith by appropriate proceedings,
and (2) Borrower shall have established on Borrower’s books adequate reserves with respect to such contested assessment, tax, charge,
levy, lien, or claim in accordance with GAAP.


 


Performance. Perform and
comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related Documents, and
in all other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in writing
of any Event of Default in connection with any agreement,


 


Operations. Maintain executive
and management personnel with substantially the same qualifications and experience as the present executive and management personnel;
provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable
and prudent manner.


 


Compliance with Governmental
Requirements. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities
applicable to the conduct of Borrower’s properties, businesses and operations, and to the use or occupancy of the Collateral, including
without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation
and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing
prior to doing so and so long as, in Lender’s sole opinion, Lender’s interests in the Collateral are not jeopardized. Lender may
require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender’s interest.


 


Inspection. Permit
employees or agents of Lender at any reasonable time upon reasonable prior notice to inspect any and all Collateral for the
Loan and to examine or audit Borrower’s books, accounts, and records and to make copies and memoranda of Borrower’s
books, accounts, and records. If Borrower now or at any time hereafter maintains any records (including without limitation
computer generated records and computer software programs for the generation of such records) in the possession of a third
party, Borrower, upon request of Lender, shall notify such party to permit Lender free access to such records at all
reasonable times and to provide Lender with copies of any records it may request, all at Borrower’s expense.


 


Compliance Certificates.
Unless waived in writing by Lender, provide Lender within forty-five (45) days after the end of each month, with a certificate
executed by Borrower’s chief financial officer, or other officer or person acceptable to Lender, certifying that the representations
and warranties set forth in this Agreement are true and correct as of the date of the certificate and further certifying that,
as of the date of the certificate, no Event of Default exists under this Agreement.


 


Environmental Compliance and
Reports. Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to exist, as a result
of an intentional or unintentional action or omission on Borrower’s part or on the part of any third party, on property owned and/or
occupied by Borrower, any environmental activity where damage may result to the environment, unless such environmental activity
is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental
authorities; shall furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice,
summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality concerning any
intentional or unintentional action or omission on Borrower’s part in connection with any environmental activity whether or not
there is damage to the environment and/or other natural resources.


 


Additional
Assurances. Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements,
assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably
request to evidence and secure the Loans and to perfect all Security Interests, provided the foregoing do not expand
Borrower’s obligations hereunder or limit Lender’s obligations to Advance.


 


LENDER’S EXPENDITURES.
During the continuance of an Event of Default that is continuing beyond all notice and cure period, Lender on Borrower’s behalf
may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or
 paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral
and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures paid by Lender for such purposes
will then bear interest at the Note rate from the date paid by Lender to the date of repayment by Borrower. To the extent
permitted by applicable law, all such expenses will  become a part of the Indebtedness and, at Lender’s option, will (A) be payable
on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become
due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as
a balloon payment which will be due and payable at the Note’s maturity.


 


NEGATIVE COVENANTS. Borrower
covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the  prior written consent
of Lender:


 


Indebtedness and Liens.
(1) Except for trade debt incurred in the normal course of business and indebtedness to Lender contemplated by this Agreement,
create, incur or assume indebtedness for borrowed money, including capital leases, (2) sell, transfer, mortgage, assign, “
pledge, lease, grant a security interest in, or encumber any of Borrower’s assets (except as allowed as Permitted Liens), or (3)
sell with recourse any of Borrower’s accounts, except to Lender.


 


Continuity of Operations.
(1) Engage in any business activities substantially different than those in which Borrower is presently engaged (2) cease operations,
liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral
out of the ordinary course of business, or (3) make any distribution with respect to any capital account, whether by reduction
of capital or otherwise, that would decrease net worth less than 9x outstanding loan balance.


 




    	 



    	 



    

 






	BUSINESS LOAN AGREEMENT (ASSET BASED)
	Loan No: 104403439	(Continued)	Page
4


  


Loans, Acquisitions and Guaranties.
(1) purchase, create or acquire any interest in any other enterprise or entity, or (2) incur any obligation as surety or guarantor
other than in the ordinary course of business.


 


Agreements. Enter into any agreement containing
any provisions which would be violated or breached by the performance of Borrower’s obligations under this Agreement or in connection
herewith.


 


CESSATION OF
ADVANCES. If Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other
agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: an Event of Default has
occurred and is continuing beyond any applicable notice and cure periods set forth in the Note and Related Documents.


 


RIGHT OF SETOFF. To
the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether
checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all
accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for
which setoff would be prohibited by law during the continuance of an Event of Default beyond notice and cure periods. Borrower
authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the Indebtedness against
any and all such accounts.


 


DEFAULT. As defined in
promissory Note.


 


EFFECT OF AN EVENT OF
DEFAULT. If any Event of Default shall occur, and be continuing beyond cure periods provided in Note, except where
otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement
or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan
Advances or disbursements), and, at Lender’s option, all Indebtedness immediately will become due and payable, all
without further written notice of any kind to Borrower, except that in the case of an Event of Default of the type described
in the “Insolvency” subsection above, such acceleration shall be automatic and not optional. In addition, Lender
shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise.
Except as may be prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised
singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an
election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect
Lender’s right to declare a default and to exercise its rights and remedies.


 


MISCELLANEOUS PROVISIONS.
The following miscellaneous provisions are a part of this Agreement:


 


Amendments. This Agreement,
together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth
in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the
party or parties sought to be charged or bound by the alteration or amendment.


 


Attorneys’
Fees; Expenses. Borrower agrees to pay upon demand all of Lender’s out-of-pocket costs and expenses, including
Lender’s reasonable attorneys’ fees and Lender’s legal expenses, incurred in connection with the enforcement
of this Agreement. Lender may hire or pay someone else to help enforce this Agreement, and Borrower shall pay the costs and
expenses of such enforcement. Out-of-pocket Costs and expenses include Lender’s reasonable attorneys’ fees and
legal expenses whether or not there is a lawsuit, including Lender’s reasonable attorneys’ fees and legal expenses
for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services. Borrower also shall pay all court costs and such additional fees as may be
directed by the court.


 


Caption Headings. Caption headings in this Agreement
are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement.


 


Consent to Loan Participation.
Borrower agrees and consents to Lender’s sale or transfer, whether now or later, of one or more participation interests in the
Loan to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever,
to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any
other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters.
Borrower additionally waives any and all notices of sale of participation interests, as well as all notices of any repurchase of
such participation interests. Borrower also agrees that the purchasers of any such participation interests will be considered as
the absolute owners of such interests in the Loan and will have all the rights granted under the participation agreement or agreements
governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim that it may have
now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender
or such purchaser may enforce Borrower’s obligation under the Loan irrespective of the failure or insolvency of any holder of any
interest in the Loan. Borrower further agrees that the purchaser of any such participation interests may enforce its interests
irrespective of any personal claims or defenses that Borrower may have against Lender.


 


Governing Law. This Agreement
will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of
Texas without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of Texas.


 


Choice of Venue. If there is a lawsuit, and
if the transaction evidenced by this Agreement occurred in DALLAS County, Borrower agrees upon Lender’s request to submit to the
jurisdiction of the courts of DALLAS County, State of Texas.


 




    	 



    	 



    

  


	 	BUSINESS LOAN AGREEMENT (ASSET BASED)	 
	Loan No: 104403439	(Continued)	Page 5


 


No
Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in
writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such
right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender’s
right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender,
nor any course of dealing between Lender and Borrower, or between Lender and any Grantor, shall constitute a waiver of any of Lender’s
rights or of any of Borrower’s or any Grantor’s obligations as to any future transactions. Whenever the consent of Lender is required
under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent
instances where such consent is required and in all cases except where expressly  stated to be reasonable such
consent may be granted or withheld in the sole discretion of Lender.


 


Notices.
Any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight
courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid,
directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement
by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party’s
address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower’s current address. Unless otherwise
provided or required by law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice
given to all Borrowers.


 


Payment
of Interest and Fees. Notwithstanding any other provision of this Agreement or any provision of any Related Document, Borrower
does not agree or intend to pay, and Lender does not agree or intend to charge, collect, take, reserve or receive (collectively
referred to herein as “charge or collect”), any amount in the nature of interest or in the nature of a fee for the
Loan which would in any way or event (including demand, prepayment, or acceleration) cause Lender to contract for, charge or collect
more for the Loan than the maximum Lender would be permitted to charge or collect by any applicable federal or Texas state law.
Any such excess interest or unauthorized fee will, instead of anything stated to the contrary, be applied first to reduce the unpaid
principal balance of the Loan, and when the principal has been paid in full, be refunded to Borrower.


 


Severability.
If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance,
that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible,
the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision
cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity,
or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision
of this Agreement.


 


Subsidiaries
and Affiliates of Borrower. To the extent the context of any provisions of this Agreement makes it appropriate, including without
limitation any representation, warranty or covenant, the word “Borrower” as used in this Agreement shall include all
of Borrower’s subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances shall this Agreement be
construed to require Lender to make any Loan or other financial accommodation to any of Borrower’s subsidiaries or affiliates.


 


Successors
and Assigns. All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents
shall bind Borrower’s successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower
shall not, however, have the right to assign Borrower’s rights under this Agreement or any interest therein, without the prior
written consent of Lender.


 


Survival
of Representations and Warranties. Borrower understands and agrees that in extending Loan Advances, Lender is relying on all
representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered
by Borrower to Lender under this Agreement or the Related Documents. Borrower further agrees that regardless of any investigation
made by Lender, all such representations, warranties and covenants will survive the extension of Loan Advances and delivery to
Lender of the Related Documents, shall be continuing in nature, shall be deemed made and redated by Borrower at the time each Loan
Advance is made, and shall remain in full force and effect until such time as Borrower’s Indebtedness shall be paid in full, or
until this Agreement shall be terminated in the manner provided above, whichever is the last to occur.


 


Time
is of the Essence. Time is of the essence in the performance of this Agreement.


 


DEFINITIONS.
The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated
to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and
terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words
and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code.
Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to them in accordance with
generally accepted accounting principles as in effect on the date of this Agreement:


 


Advance.
The word “Advance” means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower’s behalf under
the terms and conditions of this Agreement.


 


Agreement.
The word “Agreement” means this Business Loan Agreement (Asset Based), as this Business Loan Agreement (Asset Based)
may be amended or modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement
(Asset Based) from time to time.


 


Borrower.
The word “Borrower” means JBGL Builder Finance LLC and includes all co-signers and co-makers signing the Note and all
their successors and assigns.


 


Borrowing
Base. The words “Borrowing Base” mean THE REVOLVING LINE OF CREDIT WILL BE GOVERNED BY A BORROWING BASE OF 75%
OF THE OUTSTANDING FACE VALUE OF THE BORROWER’S NOTES RECEIVABLE. 


 


Business
Day. The words “Business Day” mean a day on which commercial banks are open in the State of Texas.


 


Collateral. The
word “Collateral” means all property and assets granted as collateral security for a Loan, whether real or personal
property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a
security interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage,
collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien,
charge, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien
interest whatsoever, whether created by law, contract, or otherwise as evidenced by the Security Agreement and UCC-1
Financing Statement. The word Collateral also includes without limitation all collateral described in the Collateral section
of this Agreement.


 


Environmental
Laws. The words “Environmental Laws” mean any and all state, federal and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. (“CERCLA”), the Superfund Amendments
and Reauthorization Act of 1986, Pub. L. No. 99-499 (“SARA”), the Hazardous Materials Transportation Act, 49 U.S.C.
Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or
federal laws, rules, or regulations adopted pursuant thereto.


 


Event of Default. The
words “Event of Default” mean any of the events of default set forth in this Agreement in the default section of this
Agreement.


 


Expiration Date.
The words “Expiration Date” mean the Maturity Date, unless of Lender’s commitment to lend under this Agreement
has been terminated due to an Event of Default which is continuing and remains
uncured following the cure periods specified in the Note.


 


GAAP. The word “GAAP”
means generally accepted accounting principles.


 


Grantor. The word “Grantor”
means each and all of the persons or entities grantinga Security Interest in any Collateral for the Loan, including without
limitation all Borrowers granting such a Security Interest.


 


Hazardous
Substances. The words “Hazardous Substances” mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when
improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words “Hazardous
Substances” are used in their very broadest sense and include without limitation any and all hazardous or toxic substances,
materials or waste as defined by or listed under the Environmental Laws. The term “Hazardous Substances” also includes,
without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.


 


Indebtedness.
The word “Indebtedness” means the indebtedness evidenced by the Note or Related Documents, including all principal
and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement
or under any of the Related Documents.


 


Lender.
The word “Lender” means INWOOD NATIONAL BANK, its successors and assigns.


 




    	 



    	 



    

 


	 	BUSINESS LOAN AGREEMENT (ASSET BASED)	 
	Loan No: 104403439	(Continued)	Page 6


 


Loan. The
word “Loan” means that certain line of credit loan for up to $6 million, evidenced by the Note.


 


Note.
The word “Note” means the Note executed by JBGL Builder Finance LLC in the principal amount of $6,000,000.00 dated
October 13, 2011, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions
for the note or credit agreement. 


 


Permitted
Liens. The words “Permitted Liens” mean (1) liens and security interests securing Indebtedness owed by Borrower to
Lender; (2) liens for taxes, assessments, or similar charges either not yet due or being contested in good faith; (3) liens
of materialmen, mechanics, warehousemen, or carriers, or other like liens arising in the ordinary course of business
and securing obligations which are not yet delinquent; (4) purchase money liens or purchase money security interests upon or
in any property acquired or held by Borrower in the ordinary course of business to secure indebtedness outstanding on the
date of this Agreement or permitted to be incurred under the paragraph of this Agreement titled “Indebtedness and Liens”; (5)
liens and security interests which, as of the date of this Agreement, have been disclosed to and approved by the Lender in
writing; and (6) those liens and security interests which in the aggregate constitute an immaterial and insignificant
monetary amount with respect to the net value of Borrower’s assets.


 


Primary Credit Facility.
The words “Primary Credit Facility” mean the credit facility described in the Line of Credit section of this Agreement.


 


Related Documents. The
words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements,
guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements
and documents, whether now or hereafter existing, executed in connection with the Loan.


 


Security Agreement. The
words “Security Agreement” mean and include that certain Commercial Security Agreement dated 10/13/2011 executed by
Borrower and Lender, evidencing, governing, representing, or creating a Security Interest,
in the Collateral.


 


Security
Interest. The words “Security Interest” mean, without limitation, any and all types of collateral security, present
and future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge,
crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale,
trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security
or lien interest whatsoever whether created by law, contract, or otherwise, as
evidenced by the Security Agreement.


 


BORROWER
ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT (ASSET BASED) AND BORROWER AGREES TO ITS TERMS. THIS
BUSINESS LOAN AGREEMENT (ASSET BASED) IS DATED OCTOBER 13, 2011.


 


BORROWER:


 


	JBGL BUILDER FINANCE
    LLC	 


 


	By:	/s/ James
    R. Brickman	 
	 	James R. Brickman, Manager of JBGL Builder Finance LLC	 


 


	LENDER:


 


	INWOOD NATIONAL BANK	 


 


	By:		 
	 	Authorized Signer	 


 


	 


 LASER PRO Lending, Ver. 5.57.00.004
Copr. Harfand Financial Solutions. Inc. 1997, 2011. All Rights Reserved. - TX R:\HARLANQ\CFI\LPL\C40.FC TR-20546 PR-34