Document:

Exhibit
10.8

 

LOCK-UP
AGREEMENT

 

THIS
LOCK-UP AGREEMENT (this “Agreement”) is dated as of December 16, 2020, by and between the undersigned (the “Holder”)
and BurgerFi International, Inc. (f/k/a Opes Acquisition Corp.), a Delaware corporation (“BurgerFi”).

 

Capitalized
terms used, but not otherwise defined herein, shall have the meanings ascribed to such terms in the Member Interest Purchase Agreement,
dated as of June 29, 2020 (the “Purchase Agreement”) by and among BurgerFi, Burger Fi International LLC, a
Delaware limited liability company (the “Company”), members of the Company (the “Members”),
and BurgerFi Holdings, LLC, a Delaware limited liability company (the “Members’ Representative”).

 

BACKGROUND

 

A.       Pursuant
to the Purchase Agreement, the Members agreed to lock-up their Closing Payment Shares (the “Shares”), after
the consummation of the Acquisition.

 NOW,
THEREFORE, for and in consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

AGREEMENT

 

1.
Lock-Up.

 

(a) During
the Lock-up Period (as defined below), the Holder irrevocably agrees that it, he or she will not offer, sell, contract to sell,
pledge or otherwise dispose of, directly or indirectly, any of the Shares, enter into a transaction that would have the same effect,
or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership
of the Shares, whether any of these transactions are to be settled by delivery of any Shares, or otherwise, publicly disclose
the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement,
or engage in any Short Sales (as defined below) with respect to any securities of BurgerFi.

 

(b) In
furtherance of the foregoing, during the Lock-up Period. BurgerFi will (i) place an irrevocable stop order on all the Shares,
including those which may be covered by a registration statement, and (ii) notify BurgerFi’s transfer agent in writing of
the stop order and the restrictions on the Shares under this Agreement and direct BurgerFi’s transfer agent not to process
any attempts by the Holder to resell or transfer any Shares, except in compliance with this Agreement.

 

(c) For
purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined in Rule
200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements
(including on a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers.

 

(d) The
“Lock-up Period” means the earlier of (i) six months after the Closing Date and (ii) if, subsequent to the
Closing Date, BurgerFi consummates a liquidation, merger, stock exchange or other similar transaction which results in all of
BurgerFi’s stockholders having the right to exchange their shares of common stock, par value $0.001 per share of BurgerFi
(“BurgerFi Common Stock”) for cash, securities or other property.

 

     

     

    

 

2.
Beneficial Ownership. The Holder hereby represents and warrants that it does not beneficially own, directly or through
its nominees (as determined in accordance with Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder),
any shares of BurgerFi Common Stock, or any economic interest in or derivative of such shares, other than the Shares specified
on the signature page hereto. For purposes of this Agreement, the Shares beneficially owned by the Holder as specified on the
signature page hereto, together with any other shares of BurgerFi Common Stock, and including any securities convertible into,
or exchangeable for, or representing the rights to receive BurgerFi Common Stock, if any, acquired during the Lock-up Period are
collectively referred to as the “Lock-up Shares.

 

Notwithstanding
the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Shares in connection (a) transfers or
distributions to the Holder’s current or former general or limited partners, managers or members, stockholders, other equityholders
or direct or indirect affiliates (within the meaning of Rule 405 under the Securities Act of 1933, as amended) or to the estates
of any of the foregoing; (b) transfers by bona fide gift to a member of the Holder’s immediate family or to a trust, the
beneficiary of which is the Holder or a member of the Holder’s immediate family for estate planning purposes; (c) by virtue
of the laws of descent and distribution upon death of the Holder; or (d) pursuant to a qualified domestic relations order, in
each case where such transferee agrees to be bound by the terms of this Agreement. provided that in the case of any transfer pursuant
to the foregoing clauses it shall be a condition to any such transfer that (i) the transferee/donee agrees to be bound by the
terms of this Agreement (including, without limitation, the restrictions set forth in the preceding sentence) to the same extent
as if the transferee/donee were a party hereto; and (ii) each party (donor, donee, transferor or transferee) shall not be required
by law (including without limitation the disclosure requirements of the Securities Act of 1933, as amended (the “Securities
Act”), and the Exchange Act) to make, and shall agree to not voluntarily make, any filing or public announcement of the
transfer or disposition prior to the expiration of the Lock-Up Period.

 

3.
Representations and Warranties. Each of the parties hereto, by their respective execution and delivery of this Agreement,
hereby represents and warrants to the other that (a) such party has the full right, capacity and authority to enter into, deliver
and perform its respective obligations under this Agreement, (b) this Agreement has been duly executed and delivered by such party
and is a binding and enforceable obligation of such party and, enforceable against such party in accordance with the terms of
this Agreement, and (c) the execution, delivery and performance of such party’s obligations under this Agreement will not
conflict with or breach the terms of any other agreement, contract, commitment or understanding to which such party is a party
or to which the assets or securities of such party are bound. The Holder has independently evaluated the merits of its decision
to enter into and deliver this Agreement, and such Holder confirms that it has not relied on the advice of BurgerFi, BurgerFi’s
legal counsel, or any other person.

 

4.
No Additional Fees/Payment. Other than the consideration specifically referenced herein, the parties hereto agree that
no fee, payment or additional consideration in any form has been or will be paid to the Holder in connection with this Agreement.

 

    2

     

    

 

5.
Notices. Any notices required or permitted to be sent hereunder shall be sent in writing, addressed as specified below,
and shall be deemed given: (a) if by hand or recognized courier service, by 4:00PM on a business day, addressee’s day and
time, on the date of delivery, and otherwise on the first business day after such delivery; (b) if by fax or email, on the date
that transmission is confirmed electronically, if by 4:00PM on a business day, addressee’s day and time, and otherwise on
the first business day after the date of such confirmation; or (c) five days after mailing by certified or registered mail, return
receipt requested. Notices shall be addressed to the respective parties as follows (excluding telephone numbers, which are for
convenience only), or to such other address as a party shall specify to the others in accordance with these notice provisions:

 

		(a)	If
                                         to BurgerFi, to:

 

105
U.S. HIGHWAY ONE

NORTH PALM BEACH, FL 33408

Attn:

Email:

Fax:

 

with
a copy to (which shall not constitute notice):

 

LionHeart
Capital.

4218 NE 2nd Avenue

2nd Floor

Miami, Florida 33137

Attention: General Counsel

Email: notices@lheartcapital.com

		(b)	If
                                         to the Holder, to the address set forth on the Holder’s signature page hereto,
                                         with a copy, which shall not constitute notice, to:

 

BurgerFi
Holdings, LLC

105 U.S. HIGHWAY ONE

NORTH PALM BEACH, FL 33408

Attn: General Counsel

Email: ross@burgerfi.com

Fax: (561) 844-5529

 

or
to such other address as any party may have furnished to the others in writing in accordance herewith.

 

6.
Enumeration and Headings. The enumeration and headings contained in this Agreement are for convenience of reference
only and shall not control or affect the meaning or construction of any of the provisions of this Agreement.

 

7.
Counterparts. This Agreement may be executed in facsimile and in any number of counterparts, each of which when
so executed and delivered shall be deemed an original, but all of which shall together constitute one and the same agreement.

 

8.
Successors and Assigns. This Agreement and the terms, covenants, provisions and conditions hereof shall be binding upon,
and shall inure to the benefit of, the respective heirs, successors and assigns of the parties hereto. The Holder hereby acknowledges
and agrees that this Agreement is entered into for the benefit of and is enforceable by BurgerFi and its successors and assigns.

 

9.
Severability. If any provision of this Agreement is held to be invalid or unenforceable for any reason, such provision
will be conformed to prevailing law rather than voided, if possible, in order to achieve the intent of the parties and, in any
event, the remaining provisions of this Agreement shall remain in full force and effect and shall be binding upon the parties
hereto.

 

    3

     

    

 

10.
Amendment. This Agreement may be amended or modified by written agreement executed by each of the parties hereto.

 

11.
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

12.
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent, and no rules of strict construction will be applied against any party.

 

13.
Dispute Resolution. Article XIII of the Purchase Agreement regarding arbitration of disputes is incorporated by
reference herein to apply with full force to any disputes arising under this Agreement.

 

14.
Governing Law; Jurisdiction. The terms and provisions of this Agreement shall be construed in accordance
with the laws of the State of Florida. Any legal suit, action or proceeding arising out of or based upon this agreement, the other
additional agreements or the transactions contemplated hereby or thereby may be instituted in the Federal courts of the United
States of America or the courts of the State of Florida, in each case located in the City of Fort Lauderdale and County of Broward,
and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. the parties
irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts
and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum.

 

15.
Controlling Agreement. To the extent the terms of this Agreement (as amended, supplemented, restated or otherwise
modified from time to time) directly conflicts with a provisions in the Purchase Agreement, the terms of this Agreement shall
control.

 

[Signature
Page Follows]

 

    4

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Lock-up Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	 	BurgerFi
    International, Inc. 
	 	 
	 	(f/k/a
    OPES Acquisition Corp.)
	 	 
	 	By:	/s/
    Ophir Sternberg
	 	 	Name: 
    	Ophir
    Sternberg
	 	 	Title: 	 Executive
    Chairman

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Lock-up Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	 	HOLDER
	 	 
	 	BurgerFi
    Holdings, LLC, a Delaware limited liability
    company
	 	 	 
	 	By:	/s/
    Kevin Cooper
	 	 	Name: 
    	Kevin
    Cooper
	 	 	Title:
    	Manager

 

	 	Address:
	 	 
	 	105
    U.S. HIGHWAY ONE
	 	NORTH
    PALM BEACH, FL 33408
	 	 
	 	NUMBER
    OF Lock-up Shares:
	 	 
	 	[●]Exhibit 10.9

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

 

     

     

    

 

COVERSHEET Please  keep  this  cover sheet  with the document through all distribution and   communication. DO NOT DISCARD! 1002831641 Borrower Name: BurgerFi International, LLC Document: Standard Credit Agreement GFS Package: 3090161 GUS Deal ID: 1531037 GUS Facility ID: 3061124 Guarantor Name: Document Type: Credit/Loan Agmts Line of Business: PrivateBank System of Record: AFS EAST DATA Bank Number 18 Obligor Number: 0000420976 PLEASE RETURN THIS DOCUMENT TO BANK   OF AMERICA

 

     

     

    

 

LOAN AGREEMENT This Agreement dated as of  July  13, 2018, is between Bank of America, N.A.  (the  "Bank") and BurgerFi International, LLC   (the "Borrower"). The Borrower’s obligation to  repay  any line of  credit,  loan and/or  credit  facility described in this Agreement is  contained  in   that/those  certain  Promissory Note(s) in the original principal amount of Two  Million  and 00/100 Dollars  ($2,000,000.00)   dated  July  13, 2018 and any additional promissory notes now or hereafter executed and delivered by the Borrower to the   Bank and any  renewals, modifications,  amendments and extensions thereof  (collectively  the  “Note”),  which is/are   expressly NOT incorporated herein pursuant to Section 201.08(6), Florida Statues and Rules 12B - 4.052(6)(b) and  (12)(g),   Florida Administrative Code. 1. DEFINITIONS In addition to the terms which are defined elsewhere in this Agreement, the following terms have the  meanings  indicated   for the purposes of this Agreement: 1. “ Guarantor ”  means  any person, if any, providing  a  guaranty with  respect  to the obligations hereunder. 2. “ Obligor ”  means  any Borrower, Guarantor and/or Pledgor, or if the Borrower is  comprised  of the trustees of  a   trust,  any trustor. 3. “ Pledgor ”  means  any person, if any, providing  a  pledge of  collateral  with  respect  to the obligations hereunder. 2. FACILITY NO. 1: LINE OF CREDIT AMOUNT AND TERMS 1. Line of Credit Amount. Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 1 (a) During the availability period described below, the Bank will provide  a  line of  credit  to the Borrower  (the “Line  of   Credit”). The amount of the Line of Credit  (the  "Facility No.  1  Commitment") is Two  Million  and 00/100 Dollars   ($2,000,000.00). (b) This is  a revolving  line of  credit.  During the availability period, the Borrower  may repay  principal amounts and   reborrow them. (c) The Borrower agrees not to permit the principal balance outstanding to exceed the Facility No.  1  Commitment. If   the Borrower exceeds this limit, the Borrower will immediately pay the excess to the Bank upon the Bank's   demand. 2.2 Availability Period. The Line of Credit is available between the date of this Agreement and  July  13, 2020, or  such   earlier date as the availability  may  terminate as provided in this Agreement  (the  "Facility No.  1  Expiration Date"). The availability period for this Line of Credit will be  considered renewed  if and only if the Bank has  sent  to the Borrower  a   written notice of  renewal  for the Line of Credit  (the “Renewal  Notice”). If this Line of Credit is  renewed,  it will  continue  to  be  subject  to all the terms and  conditions set  forth in this Agreement except as  modified  by the Renewal Notice. If this  Line of  Credit is  renewed,  the term  “Expiration  Date”  shall mean  the date  set  forth in the Renewal Notice as the Expiration  Date  and all outstanding principal plus all accrued interest  shall  be paid on the Expiration Date. The  same  process for

     

     

    

 

Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 2 renewal  will apply to any  subsequent renewal  of this Line of Credit.  A renewal  fee  may  be  charged  at the Bank’s option.   The amount of the  renewal  fee will be  specified  in the Renewal Notice. 3. Borrowing Base. The Borrower acknowledges and agrees that this Facility No.  1  is  subject  to  a  borrowing base in   accordance with the terms and  conditions  of  a  Pledge Agreement in favor of the Bank as  required  under this Agreement.   The Borrower has been informed of the terms of  such  borrowing base, which include  requirements  to  maintain collateral   with an adequate loan  value  and grant to the Bank the  right  to issue  a margin call  in the event  such requirements  are not   met.  The  collateral may  also  secure  other indebtedness or obligations, now existing or hereafter arising, of the Borrower   and/or any other third party to the Bank  (collectively,  the "Other Indebtedness"). The Other Indebtedness will be   aggregated with this Facility for the purposes of any  calculations made,  from time to time, under the terms of the  borrowing  base agreement. The Borrower hereby waives notice of the incurrence of any  such  Other Indebtedness and  notice of any  additional lien or  security  interest in the  collateral  granted to the Bank by the owner thereof and notice of any   change  in the  terms of the borrowing base. The Borrower further acknowledges that any failure to  meet  the  requirements   of any  provisions of  such  borrowing base agreement  shall  permit the Bank to  refuse  to  make  advances or other financial   accommodations and  constitutes  an event of default under this Agreement. Any proceeds of any  sale  of the  collateral  may  be applied to this Facility or  such  Other Indebtedness as the Bank  may  determine in its  sole  discretion. The  Borrower  agrees that the Bank  shall  have no liability to the Borrower, and holds the Bank harmless, for any losses,  damages,  costs  or  claims  that the Borrower  may suffer  as  a result thereof. 4. Repayment Terms. The Borrower will pay interest and principal on this facility in accordance with the terms of the  debt  instrument evidencing this facility. 5. Interest Rate. (a) The interest  rate  is  a rate  per  year  equal to the LIBOR Daily Floating Rate plus 0.75 percentage point(s). (b) The LIBOR Daily Floating Rate is  a  fluctuating  rate  of interest which  can change  on each banking day. The  rate   will be adjusted on each banking day to equal the London Interbank Offered Rate  (or a comparable  or  successor   rate  which is approved by the Bank) for U.S. Dollar deposits for delivery on the date in question for  a  one  month   term beginning on that date. The Bank will use the London Interbank Offered Rate as published by Bloomberg   (or  other  commercially  available  source  providing quotations of  such rate  as  selected  by the Bank from time to  time)  as determined at approximately 11:00 a.m. London time two  (2)  London Banking Days prior to the date in   question, as adjusted from time to time in the Bank’s  sole  discretion for  reserve requirements,  deposit insurance   assessment  rates  and other  regulatory costs.  If  such rate  is not available at  such  time for any  reason,  then the   rate  will be determined by  such  alternate  method  as  reasonably selected  by the Bank.  A  "London Banking Day"  is  a  day on which banks in London are open for business and dealing in offshore dollars. If at any time the LIBOR   Daily Floating Rate is less than  zero, such rate shall  be deemed to be  zero  for the purposes of this Agreement. 3. COLLATERAL 3.1 Personal Property. The personal property listed below now owned or owned in the future by the parties listed   below will  secure  one or  more  of the facilities under this Agreement. The  collateral  is further defined in  security   agreement(s) executed by the owners of the collateral. (a) Securities or other investment property owned by  John  A. Rosatti, Trustee of the Rosatti Family Trust dated   August 27, 2001, as amended as described in the Pledge Agreement  required  by the Bank. Regulation  U  of the Board of Governors of the Federal Reserve System places  certain restrictions  on loans   secured  by  margin stock (as  defined in the Regulation).  The Bank and the Borrower  shall comply  with Regulation U.  If any of the  collateral  is  margin stock,  the Borrower  shall  provide to the Bank  a  Form U - 1 Purpose Statement. 4. LOAN ADMINISTRATION AND FEES 4.1 Fees. (a) The Borrower will pay to the Bank the fees  set  forth on Schedule A.

     

     

    

 

4.2 Collection of Payments; Payments Generally . (a) Payments will be  made  by debit to  a  deposit account, if direct debit is provided for in this Agreement or is   otherwise authorized by the Borrower. For payments not  made  by direct debit, payments will be  made  by  mail  to   the address  shown  on the Borrower’s  statement,  or by  such  other  method  as  may  be permitted by the Bank. (b) Each disbursement by the Bank and each payment by the Borrower will be evidenced by  records kept  by the   Bank which will, absent  manifest  error, be  conclusively  presumed to be  correct  and accurate and  constitute  an   account  stated  between the Borrower and the Bank. (c) All payments to be  made  by the Borrower  shall  be  made  free and  clear  of and without  condition  or deduction for   any  counterclaim,  defense,  recoupment  or setoff. 3. Borrower’s Instructions. Subject to the terms,  conditions  and procedures  stated  elsewhere in this Agreement, the  Bank  may  honor instructions for advances or  repayments  and any other instructions under this Agreement given by the   Borrower  (if  an individual), or by any one of the individuals the Bank  reasonably  believes is authorized to  sign  loan   agreements on behalf of the Borrower, or any other individual(s) designated by any one of  such  authorized  signers (each   an  “Authorized  Individual”). The Bank  may  honor any  such  instructions  made  by any one of the Authorized Individuals,   whether  such  instructions are given in writing or by telephone, telefax or Internet and intranet websites designated by the   Bank with  respect  to  separate  products or  services  offered by the Bank. 4. Direct Debit with ACH Debit. (a) The Borrower agrees that on the due date of any amount due under this Agreement, the Bank will debit the   amount due from the deposit account with the Depository listed below  (the  "Designated Account") owned by the   Borrower. Should there be insufficient funds in the Designated Account to pay all  such sums  when due, the full   amount of  such  deficiency  shall  be immediately due and payable by the Borrower.  A voided copy  of  a check  on   the Designated Account has been, or will be, provided to the Bank. DEPOSITORY NAME:   Address:  Routing Number:  Deposit Account Number:   Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 3 (b) Debits  made  by ACH  shall  be  subject  to the operating  rules  of the National Automated Clearing House   Association, as in effect from time to time. (c) The Borrower  may  terminate this direct debit arrangement at any time by  sending  written notice to the Bank at the   address  specified  at the end of this Agreement. If the Borrower terminates this arrangement, then the principal   amount outstanding under this Agreement will at the option of the Bank bear interest at  a rate  per annum which is 0.5 percentage point(s) higher than the  rate  of interest otherwise provided under this Agreement. 5. Banking Days. Unless otherwise provided in this Agreement,  a  banking day is  a  day other than  a  Saturday,  Sunday or  other day on which  commercial  banks are authorized to  close,  or are in fact  closed,  in the  state  where the  Bank's lending  office is located, and, if  such  day  relates  to amounts bearing interest at an offshore  rate (if  any),  means   any  such  day on  which dealings in dollar deposits are  conducted  among banks in the offshore dollar interbank  market.  All  payments and  disbursements which would be due or which are  received  on  a  day which is not  a  banking day will be due  or applied, as  applicable, on the next banking day. 6. Additional Costs. The Borrower will pay the Bank, on demand, for the Bank's  costs  or losses arising from any  Change in  Law which are allocated to this Agreement or any  credit  outstanding under this Agreement. The allocation will  be  made  as  determined by the Bank, using any  reasonable method.  The  costs  include, without limitation, the following:

     

     

    

 

Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 4 (a) any  reserve  or deposit  requirements (excluding  any  reserve requirement  already  reflected  in the  calculation  of the   interest  rate  in this Agreement); and (b) any  capital requirements relating  to the Bank's assets and  commitments  for credit. “Change  in Law”  means  the occurrence, after the date of this Agreement, of the adoption or taking effect of any new or   changed  law,  rule, regulation  or treaty, or the issuance of any  request, rule,  guideline or directive  (whether  or not having   the force of law) by any governmental authority;  provided that  (x)  the Dodd - Frank Wall Street Reform and Consumer   Protection Act and all  requests, rules,  guidelines or directives issued in  connection  with that Act, and  (y)  all  requests,   rules,  guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking   Supervision  (or  any  successor  authority) or the United States  regulatory  authorities, in each  case  pursuant to Basel III,   shall  in each  case  be deemed to be  a “Change  in Law,”  regardless  of the date enacted, adopted or issued. 7. Interest Calculation. Except as otherwise  stated  in this Agreement, all interest and fees, if any, will be  computed   on the  basis of  a  360 - day  year  and the actual number of days elapsed. This  results  in  more  interest or  a  higher fee than if   a  365 - day  year  is used. Installments of principal which are not paid when due under this Agreement  shall continue  to  bear  interest until paid. To the extent that any  calculation  of interest or any fee  required  to be paid under this Agreement   shall  be  less than  zero, such rate shall  be deemed  zero  for purposes of this Agreement. 8. Default Rate. Upon the occurrence of any default or after  maturity  or after judgment has been  rendered  on any  obligation  under this Agreement, all amounts outstanding under this Agreement, including any unpaid interest, fees, or   costs,  will at  the option of the Bank bear interest at  a rate  which is 6.0 percentage point(s) higher than the  rate  of interest  otherwise  provided under this Agreement. This  may result  in  compounding  of interest. This will not  constitute a  waiver of  any default. 5. CONDITIONS Before the Bank is required to extend any credit to the Borrower under this Agreement, it must receive any documents and other items it may reasonably require, in form and content acceptable to the Bank, including any items specifically listed below . 1. Authorizations. If the Borrower or any other Obligor is anything other than  a  natural person, evidence that the   execution, delivery and performance by the Borrower and/or  such  Obligor of this Agreement and any instrument or   agreement  required  under this Agreement have been duly authorized. 2. Governing Documents. If  required  by the Bank,  a copy  of the Borrower's organizational documents. 3. Guaranties. Guaranties  signed  by  John  A. Rosatti and  John  A. Rosatti, Trustee of the Rosatti Family Trust dated  August  27, 2001, as amended. 4. Security Agreements. Signed original  security  agreements  covering  the personal property  collateral  which the  Bank  requires. 5. Perfection and Evidence of Priority. Evidence that the  security  interests and liens in favor of the Bank are  valid,   enforceable, properly perfected in  a manner  acceptable to the Bank and prior to all others'  rights  and interests, except   those the Bank  consents  to in writing. 6. Payment of Fees. Payment of all fees, expenses and other amounts due and owing to the Bank. If any fee is not  paid in  cash,  the Bank  may,  in its discretion, treat the fee as  a  principal advance under this Agreement or deduct the fee  from the  loan proceeds. 7. Good Standing. Certificates of good  standing  for the Borrower from its  state  of formation and from any other  state   in  which the Borrower is  required  to qualify to  conduct  its business. 8. Insurance. Evidence of insurance  coverage,  as  required  in the "Covenants"  section  of this Agreement.

     

     

    

 

 Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 5 6. REPRESENTATIONS AND WARRANTIES When the Borrower  signs  this Agreement, and until the Bank is  repaid  in full, the Borrower  makes  the following   representations  and warranties. Each  request  for an extension of  credit constitutes a renewal  of these  representations   and warranties as of the date of the request: 1. Formation. If the Borrower is anything other than  a  natural person, it is duly formed and existing under the laws of  the  state  or other jurisdiction where organized. 2. Authorization. This Agreement, and any instrument or agreement  required  under this Agreement, are within the   Borrower's powers, have been duly authorized, and do not  conflict  with any of its organizational papers. 3. Good Standing. In each  state  or other jurisdiction in which the Borrower does business, it is properly licensed, in  good  standing,  and, where  required,  in  compliance  with fictitious name  (e.g.  trade name or d/b/a) statutes. 4. Government Sanctions. (a) The Borrower  represents  that no Obligor, nor any affiliated entities of any Obligor, including in the  case  of any   Obligor that is not  a  natural person,  subsidiaries  nor, to the  knowledge  of the Borrower, any owner, trustee,   director, officer, employee, agent, affiliate or  representative  of the Borrower or any other Obligor is an individual or   entity  (“Person”) currently  the  subject  of any  sanctions  administered or enforced by the United States  Government,  including, without limitation, the U.S. Department of Treasury’s Office of Foreign Assets Control, the  United Nations  Security Council, the European Union, Her  Majesty’s  Treasury, or other  relevant sanctions   authority  (collectively,  “Sanctions”),  nor is the Borrower or any other Obligor located, organized or  resident  in  a  country  or territory that is  the  subject  of Sanctions. (b) The Borrower  represents  and  covenants  that it will not, directly or indirectly, use the proceeds of the  credit   provided under this Agreement, or lend,  contribute  or otherwise  make  available  such  proceeds to any  subsidiary,   joint  venture  partner or other Person, to fund any activities of or business with any Person, or in any  country  or   territory, that, at the time of  such  funding, is the  subject  of Sanctions, or in any other  manner  that will  result  in  a   violation  by any Person  (including  any Person participating in the transaction, whether as underwriter, advisor,   investor or otherwise) of Sanctions. 5. Financial Information. All financial and other information that has been or will be  supplied  to the Bank is   sufficiently  complete  to give the Bank accurate  knowledge  of the Borrower's  (and  any other Obligor's) financial  condition,   including all  material contingent  liabilities. Since the date of the  most recent  financial  statement  provided to the Bank,  there has been  no  material  adverse  change  in the business  condition (financial  or otherwise), operations, properties or  prospects of the  Borrower  (or  any other Obligor). If the Borrower is  comprised  of the trustees of  a  trust, the above   representations shall  also pertain to the trustor(s) of the trust. 6. Lawsuits. There is no lawsuit, tax  claim  or other dispute pending or threatened against the Borrower or any other  Obligor  which, if lost, would impair the Borrower's or  such  Obligor’s financial  condition  or ability to  repay  its obligations as   contemplated  by this Agreement or any other agreement  contemplated  hereby, except as have been disclosed in writing   to the Bank prior to the date of this Agreement. 7. Other Obligations. The Borrower is not in default on any obligation for borrowed  money,  any purchase  money   obligation or any other  material  lease,  commitment, contract,  instrument or obligation, except as have been disclosed in   writing to the Bank prior to the date of this Agreement. 8. Tax  Matters. The Borrower has no  knowledge  of any pending assessments or adjustments of income tax for itself  for any  year  and all taxes due have been paid, except as have been disclosed in writing to the Bank prior to the date of  this  Agreement. 9. Collateral. All  collateral required  in this Agreement is owned by the grantor of the  security  interest free of any title  defects  or any liens or interests of others, except those which have been approved by the Bank in writing.

     

     

    

 

Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 6 10. No Event of Default. There is no event which is, or with notice or lapse of time or both would be,  a  default under  this  Agreement and/or the Note. 11. Location of Pledgor. The principal  residence  of  John  A. Rosatti, Trustee of the Rosatti Family Trust dated August  27,  2001, as amended is located at 2270 Wilsee Rd., North Palm Beach, FL, 33410 - 2016. 12. No Plan Assets . The Borrower  represents  that, as of the date hereof and throughout the term of this Agreement,  no  Borrower or Guarantor, if any, is  (1)  an employee benefit plan  subject  to Title  I  of the Employee Retirement Income   Security Act of 1974, as amended  (“ERISA”), (2) a  plan or account  subject  to Section 4975 of the Internal Revenue Code   of 1986  (the “Code”); (3)  an entity deemed to hold  “plan  assets” of any  such  plans or accounts for purposes of ERISA or   the Code; or  (4) a “governmental  plan” within the  meaning  of ERISA. 13. Enforceable Agreement. This Agreement is  a  legal,  valid  and binding agreement of the Borrower, enforceable  against  the Borrower in accordance with its terms, and any instrument or agreement  required  under this Agreement, when   executed and delivered, will be  similarly  legal,  valid,  binding and enforceable. 14. No Conflicts. This Agreement does not  conflict  with any law, agreement, or obligation by which the Borrower or  any  other Obligor is bound. 15. Permits, Franchises . The Borrower possesses all permits, memberships, franchises, contracts and licenses required and all trademark rights, trade name rights, patent rights, copyrights, and fictitious name rights necessary to enable it to conduct the business in which it is now engaged . 16. Insurance. The Borrower has obtained, and  maintained  in effect, the insurance  coverage required  in the   "Covenants"  section  of this Agreement. 7. COVENANTS The Borrower agrees,  so  long as  credit  is available under this Agreement and until the Bank is  repaid  in full, the Borrower   shall: 1. Use of Proceeds. (a) To use the proceeds of Facility No.  1  only for business expenses and working capital. (b) The proceeds of the  credit  extended under this Loan Agreement  may  not be used directly or indirectly to purchase  or  carry  any "margin  stock"  as that term is defined in Regulation  U  of the Board of Governors of the Federal Reserve  System,  or extend  credit  to or invest in other parties for the purpose of purchasing or  carrying  any  such  "margin  stock,"  or  to  reduce  or  retire  any indebtedness incurred for  such purpose. 2. Financial Information . To provide, or cause to be provided, promptly and in any event within 15 days after written request from the Bank, financial statements, tax returns, investment statements and other information in form and content acceptable to the Bank relating to the affairs of the Borrower or any other Obligor with respect to the loan as requested by the Bank in writing from time to time 3. Additional Negative Covenants. Not to, without the Bank's written consent: (a) Engage in any business activities  substantially  different from the Borrower's present business. (b) Liquidate or dissolve the Borrower's business. (c) Voluntarily  suspend  its business for  more  than  zero (0)  days in any three hundred  sixty - five (365)  day period. 7.4 Notices to Bank. To promptly notify the Bank in writing of:

     

     

    

 

 Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 7 (a) Any event of default under this Agreement, or any event which, with notice or lapse of time or both, would   constitute  an event of default. (b) Any  change  in any Obligor’s name, legal  structure,  principal  residence,  or name on any driver’s license or  special   identification  card  issued by any  state (for  an individual),  state  of  registration (for a registered  entity), place of   business, or  chief  executive office if the Obligor has  more  than one place of business. (c) Any lawsuit in which the  claim  for damages exceeds Two Hundred Fifty Thousand and 00/100 Dollars   ($250,000.00)  against the Borrower or any other Obligor. (d) Any  substantial  dispute between any governmental authority and the Borrower or any other Obligor. 7.5 Insurance. (a) General Business Insurance . To  maintain  insurance  satisfactory  to the Bank as to amount, nature and  carrier   covering  property damage  (including  loss of use and occupancy) to any of the Obligor's properties, business   interruption insurance, public liability insurance including  coverage  for  contractual  liability, product liability and   workers'  compensation,  and any other insurance which is usual for  such  Obligor's business. Each policy  shall   include  a cancellation clause  in favor of the Bank. (b) Evidence of Insurance . Upon the  request  of the Bank, to deliver to the Bank  a copy  of each insurance policy, or,  if  permitted by the Bank,  a certificate  of insurance listing all insurance in force. 6. Compliance with Laws. To  comply  with the  requirements  of all laws and all orders, writs, injunctions and decrees   applicable to it or to its business or property, except in  such  instances in which  (a) such requirement  of law or order, writ,   injunction or decree is being  contested  in good faith by appropriate proceedings diligently  conducted;  or  (b)  the failure to   comply  therewith  could  not  reasonably  be expected to  cause a material  adverse  change  in any Obligor's business   condition (financial  or otherwise), operations or properties, or ability to  repay  the  credit,  or, in the  case  of the Controlled   Substances Act,  result  in the forfeiture of any  material  property of any Obligor. 7. Books and Records. To  maintain  adequate books and  records,  including  complete  and accurate  records   regarding  all Collateral. 8. Audits. To allow the Bank and its agents to inspect the Borrower's properties and examine, audit, and  make  copies  of  books and  records  at any time. If any of the Borrower's properties, books or  records  are in the possession of  a   third party,  the Borrower authorizes that third party to permit the Bank or its agents to have access to perform inspections  or audits  and to  respond  to the Bank's  requests  for information  concerning such  properties, books and records. 9. Perfection of Liens. To help the Bank perfect and protect its  security  interests and liens, and  reimburse  it for   related  costs  it incurs to protect its  security  interests and liens. 10. Cooperation. To take any action  reasonably requested  by the Bank to  carry  out the intent of this Agreement. 11. No Consumer Purpose. Not to use this loan for personal, family, or household purposes. The Bank  may  provide  the  Borrower  (or  any other Obligor) with  certain  disclosures intended for loans  made  for personal, family, or household   purposes. The fact that the Bank elects to  make such  disclosures  shall  not be deemed  a  determination by the Bank that   the loan will be used for  such purposes. 8. DEFAULT AND REMEDIES If any of the following events of default occurs, the Bank  may  do one or  more  of the following without prior notice except   as  required  by law or expressly agreed in writing by Bank: declare the Borrower in default,  stop making  any additional   credit  available to the Borrower, and  require  the Borrower to  repay  its entire debt immediately. If an event which, with   notice or the passage of time, will  constitute  an event of default has occurred and is  continuing,  the Bank has no   obligation to  make  advances or extend additional  credit  under this Agreement. In addition, if any event of default occurs,   the Bank  shall  have all  rights,  powers and  remedies  available under any instruments and agreements  required  by or

     

     

    

 

9. ENFORCING THIS AGREEMENT; MISCELLANEOUS Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 8 executed in  connection  with this Agreement, as well as all  rights  and  remedies  available at law or in equity. If an event of   default occurs under the paragraph entitled  “Bankruptcy/Receivers,”  below with  respect  to any Obligor, then the entire   debt outstanding under this Agreement will automatically be due immediately. 1. Failure to Pay. The Borrower fails to  make a  payment under this Agreement and/or the Note when due. 2. Other Bank Agreements. Any default occurs under any Note, guaranty,  subordination  agreement,  security   agreement,  deed of trust,  mortgage,  or other document  required  by or delivered in  connection  with this Agreement or any   such  document is no longer in effect, or any Obligor purports to  revoke  or disavow the guaranty or other  collateral   agreement;  or any  representation  or warranty  made  by any Obligor is false when  made  or deemed to be  made;  or any  default occurs  under any other agreement any Obligor or any of the Borrower's  related  entities or affiliates has with the  Bank or any  affiliate of the Bank. 3. Cross - default. Any default occurs under any agreement in  connection  with any  credit  any Obligor has obtained  from  anyone else or which any Obligor has guaranteed. 4. False Information. The Borrower or any other Obligor has given the Bank false or  misleading  information or   representations. 5. Bankruptcy/Receivers . Any Obligor or any general partner of any Obligor files a bankruptcy petition, a bankruptcy petition is filed against any of the foregoing parties, or any Obligor, or any general partner of any Obligor makes a general assignment for the benefit of creditors ; or a receiver or similar official is appointed for a substantial portion of any Obligor's business ; or the business is terminated, or such Obligor is liquidated or dissolved . 6. Lien Priority. The Bank fails to have an enforceable first lien  (except  for any prior liens to which the Bank has   consented  in writing) on or  security  interest in any property given as  security  for this Agreement  (or  any guaranty). 7. Judgments .  Any judgments or arbitration awards are entered against any Obligor in an aggregate amount of Two   Hundred Fifty Thousand and 00/100 Dollars  ($250,000.00)  or  more. Materiality  will be determined in the Bank’s  sole   discretion. 8. Death. If any Obligor is  a  natural person,  such  Obligor dies or becomes legally incompetent; if any Obligor is  a   trust,  a  trustor dies or becomes legally incompetent; if any Obligor is  a  partnership, any general partner dies or becomes  legally  incompetent. 9. Material  Adverse Change. A material  adverse  change  occurs, or is  reasonably  likely to occur, in any Obligor's   business  condition (financial  or otherwise), operations or properties, or ability to  repay  its obligations as  contemplated   hereunder or under any document executed in  connection  with this Agreement. 10. Government Action. Any government authority takes action that the Bank believes  materially  adversely affects  any  Obligor's financial  condition  or ability to repay. 11. Covenants. Any default in the performance of or  compliance  with any obligation, agreement or other provision   contained  in this Agreement  (other  than those  specifically  described as an event of default in this Article). 12. Forfeiture. A  judicial or nonjudicial forfeiture or  seizure  proceeding is  commenced  by  a  government authority and   remains  pending with  respect  to any property of Borrower or any part thereof, on the grounds that the property or any part   thereof had been used to  commit  or facilitate the  commission  of  a criminal  offense by any person, including any tenant,   pursuant to any law, including under the Controlled Substances Act or the Civil Asset Forfeiture Reform Act,  regardless  of   whether or not the property  shall  become  subject  to forfeiture or  seizure  in  connection therewith. 13. Borrowing Base. If any of the  credit covered  by this Agreement is  subject  to an agreement to  maintain a   borrowing  base, the terms of  such  agreement are breached and the Borrower fails to  cure such  breach by the expiration  of any  applicable  cure period.

     

     

    

 

Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 9 1. Accounting Principles and Financial Computations. Except as otherwise  stated  in this Agreement, all financial   information provided to the Bank and  computation  of all financial  covenants  will be  made  in accordance with accounting   principles applied  consistently  with those applied in the preparation of the financial  statements  provided to the Bank prior   to the date of this Agreement. 2. Governing Law. Except to the extent that any law of the United States  may  apply, this Agreement  shall  be  governed and  interpreted according to the laws of Florida  (the “Governing  Law State”), without  regard  to any  choice  of  law,  rules  or  principles to the  contrary.  Nothing in this paragraph  shall  be  construed  to limit or otherwise affect any  rights   or  remedies  of the Bank under federal law. 3. Venue and  Jurisdiction. The Borrower agrees that any action or  suit  against the Bank arising out of or  relating  to  this  Agreement  shall  be filed in federal  court  or  state court  located in the Governing Law State. The Borrower agrees that  the  Bank  shall  not be deemed to have waived its  rights  to enforce this  section  by filing an action or  suit  against the  Borrower or  any Obligor in  a venue  outside of the Governing Law State. If the Bank does  commence  an action or  suit   arising out of or  relating  to this Agreement, the Borrower agrees that the  case may  be filed in federal  court  or  state court  in  the Governing  Law State. The Bank  reserves  the  right  to  commence  an action or  suit  in any other jurisdiction where any  Borrower, any  other Obligor, or any Collateral has any presence or is located. The Borrower  consents  to personal  jurisdiction and  venue  in  such  forum  selected  by the Bank and waives any  right  to  contest  jurisdiction and  venue  and the   convenience  of any  such  forum. The provisions of this  section  are  material  inducements to the Bank’s acceptance of this  Agreement. 4. Successors and Assigns. This Agreement is binding on the Borrower's and the Bank's  successors  and  assignees. The  Borrower agrees that it  may  not assign this Agreement without the Bank's prior  consent.  The Bank  may  sell  participations  in or assign this loan and the  related  loan documents, and  may  exchange information about the  Borrower and any other  Obligor  (including,  without limitation, any information  regarding  any hazardous  substances)  with  actual or potential  participants or assignees. If  a  participation is  sold  or the loan is assigned, the purchaser will have the   right  of  set - off  against the Borrower. 5. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST  EXTENT  PERMITTED BY APPLICABLE LAW ANY RIGHT IT  MAY  HAVE TO  A  TRIAL BY JURY IN ANY LEGAL   PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY   OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED   HEREBY OR THEREBY  (WHETHER  BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY   HERETO  (a)  CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS   REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF   LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER,  (b)  ACKNOWLEDGES THAT IT AND THE OTHER   PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER DOCUMENTS   CONTEMPLATED HEREBY BY, AMONG OTHER THINGS, THE  MUTUAL  WAIVERS AND CERTIFICATIONS IN THIS   SECTION AND  (c)  CERTIFIES THAT THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE. 6. Waiver of Class Actions. The terms  “Claim”  or  “Claims” refer  to any disputes,  controversies, claims,  counterclaims,  allegations of liability, theories of damage, or defenses between Bank of America, N.A., its  subsidiaries   and affiliates, on  the one hand, and the other parties to this Agreement, on the other hand  (all  of the foregoing each being   referred  to as  a  “Party”  and  collectively  as the  “Parties”).  Whether in  state court,  federal  court,  or any other  venue,   jurisdiction, or before  any tribunal, the Parties agree that all aspects of litigation and trial of any Claim will take place  without  resort  to any form of  class  or  representative  action. Thus the Parties  may  only bring Claims against each other in  an individual  capacity  and  waive any  right  they  may  have to do  so  as  a class representative  or  a class member  in  a class   or  representative  action.  THIS CLASS ACTION WAIVER PRECLUDES ANY PARTY FROM PARTICIPATING IN OR  BEING REPRESENTED IN  ANY CLASS OR REPRESENTATIVE ACTION REGARDING  A CLAIM. 7. Severability; Waivers. If any part of this Agreement is not enforceable, the  rest  of the Agreement  may  be  enforced. The  Bank  retains  all  rights,  even if it  makes a  loan after default. If the Bank waives  a  default, it  may  enforce  a   later default.  Any  consent  or waiver under this Agreement  must  be in writing. 8. Expenses.

     

     

    

 

 Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 10 (a) The Borrower  shall  pay to the Bank immediately upon demand the full amount of all payments, advances,   charges,  costs  and expenses, including  reasonable  attorneys' fees, expended or incurred by the Bank in   connection  with  (i)  the negotiation and preparation of this Agreement and any  related  agreements, the Bank's   continued  administration of this Agreement and  such related  agreements, and the preparation of any  amendments and  waivers  related  to this Agreement or  such related  agreements,  (ii)  filing,  recording  and  search   fees, appraisal fees,  field examination fees, title  report  fees, and documentation fees with  respect  to any  collateral   and books and  records  of the Borrower or any other Obligor ,  (iii)  the Bank's  costs  or losses arising from any   changes  in law which  are allocated to this Agreement or any  credit  outstanding under this Agreement, and  (iv)  costs  or expenses  required  to be paid by the Borrower or any other Obligor that are paid, incurred or advanced by  the Bank. (b) The Borrower will indemnify and hold the Bank harmless from any loss, liability, damages, judgments, and costs of any kind relating to or arising directly or indirectly out of (i) this Agreement, the Note or any document required hereunder, (ii) any credit extended or committed by the Bank to the Borrower hereunder and under the Note, and (iii)  any litigation or proceeding  related  to or arising out of this Agreement, the Note, any  such  document, or any   such credit,  including, without limitation, any act  resulting  from the Bank  complying  with instructions the Bank   reasonably  believes are  made  by any Authorized Individual. This paragraph will  survive  this Agreement's   termination, and will benefit the Bank and its officers, employees, and agents. (c) The Borrower  shall reimburse  the Bank for any  reasonable costs  and attorneys' fees incurred by the Bank in   connection  with  (a)  the enforcement or preservation of the Bank's  rights  and  remedies  and/or the  collection  of any   obligations of the Borrower which become due to the Bank and in  connection  with any "workout" or  restructuring,   and  (b)  the prosecution or defense of any action in any way  related  to this Agreement including but not limited to   the Note, the  credit  provided hereunder or any  related  agreements, including without limitation, any action for   declaratory  relief,  whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and   including any of the foregoing incurred in  connection  with any bankruptcy proceeding  (including  without limitation,   any adversary proceeding,  contested matter  or  motion  brought by the Bank or any other person)  relating  to the   Borrower or any other person or entity. 9. Individual Liability. If the Borrower is  a  natural person, the Bank  may  proceed against the Borrower's business  and non - business property in enforcing this Agreement, the Note and other agreements  relating  to this loan. If the  Borrower is  a  partnership, the Bank  may  proceed against the business and non - business property of each general partner  of the  Borrower in enforcing this Agreement, the Note and other agreements  relating  to this loan. 10. Set - Off . Upon and after the occurrence of an event of default under this Agreement,  (a)  the Borrower hereby  authorizes  the Bank at any time without notice and whether or not the Bank  shall  have declared any amount owing by the  Borrower to  be due and payable, to  set  off against, and to apply to the payment of, the Borrower’s indebtedness and  obligations to the  Bank under this Agreement and all  related  agreements, whether  matured  or unmatured, fixed or   contingent,  liquidated or  unliquidated, any and all amounts owing by the Bank to the Borrower, and in the  case  of  deposits, whether general or  special (except  trust and escrow accounts), time or demand and however evidenced, and  (b)   pending any  such  action, to  hold  such  amounts as  collateral  to  secure such  indebtedness and obligations of the Borrower  to the Bank and to  return  as  unpaid for insufficient funds any and all  checks  and other items drawn against any deposits   so  held as the Bank, in its  sole  discretion,  may  elect. The Borrower hereby grants to the Bank  a security  interest in all  deposits and accounts  maintained  with the Bank to  secure  the payment of all  such  indebtedness and obligations of the  Borrower to the Bank. 11. One Agreement. This Agreement, the Note and any  related security  or other agreements  required  by this  Agreement  constitute  the entire agreement between the Borrower and the Bank with  respect  to each  credit subject  hereto  and  supersede  all prior negotiations,  communications,  discussions and  correspondence concerning  the  subject matter   hereof.  In the event of any  conflict  between this Agreement and any other agreements  required  by this Agreement, this  Agreement  will prevail. 12. Notices. Unless otherwise provided in this Agreement or in another agreement between the Bank and the  Borrower, all  notices  required  under this Agreement  shall  be personally delivered or  sent  by first  class mail,  postage  prepaid, or by  overnight  courier,  to the addresses on the  signature  page of this Agreement, or  sent  by facsimile to the fax

     

     

    

 

Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 11 number(s) listed on the  signature  page, or to  such  other addresses as the Bank and the Borrower  may specify  from time   to time in writing. Notices and other  communications  shall be effective (i) if mailed, upon the earlier of receipt or five (5)   days after deposit in the U.S. mail, first class, postage prepaid, (ii) if telecopied, when transmitted, or (iii) if hand - delivered, by courier or otherwise (including telegram, lettergram or mailgram), when delivered. 13. Headings. Article and paragraph headings are for  reference  only and  shall  not affect the interpretation or   meaning  of any provisions of this Agreement. 14. Counterparts. This Agreement  may  be executed in any number of  counterparts,  each of which, when  so   executed,  shall  be deemed to be an original, and all of which when taken together  shall constitute  one and the  same   Agreement. Delivery  of an executed  counterpart  of this Agreement  (or  of any agreement or document  required  by this  Agreement and any  amendment to this Agreement) by telecopy or other electronic imaging  means shall  be as effective as  delivery of  a  manually  executed  counterpart  of this Agreement; provided, however, that the telecopy or other electronic  image  shall  be  promptly followed by an original if  required  by the Bank. 15. Borrower Information; Reporting to Credit Bureaus; Relation to  Merrill  Lynch, Pierce, Fenner  &  Smith  Incorporated. The  Borrower authorizes the Bank at any time to  verify  or  check  any information given by the Borrower to  the Bank,  check  the  Borrower’s  credit references, verify  employment, and obtain  credit reports  and other  credit  bureau  information from time to  time in  connection  with the administration,  servicing  and  collection  of the loans under this  Agreement. The Borrower  agrees that the Bank  shall  have the  right  at all times to disclose and  report  to  credit reporting   agencies and  credit rating  agencies  such  information pertaining to the Borrower and all other Obligors as is  consistent   with the Bank's policies and  practices from time to time in effect. The Borrower further acknowledges that this transaction  has been  referred  to the  Bank by  a  financial advisor or other employee of  Merrill  Lynch, Pierce, Fenner  &  Smith  Incorporated  (“MLPF&S”).  The  Borrower and each other Obligor has  consented  to the  sharing  of information  regarding  such  loan parties between the  Bank and  MLPF&S,  as well as their  respective subsidiaries  and affiliates, for the purposes  of underwriting, administering  or  collecting  the loans hereunder and the ongoing  credit relationship  with  such  Obligors.  The Borrower acknowledges that  MLPF&S may  provide  compensation  to  MLPF&S  financial advisors and employees in   connection  with this Agreement  which  may  be based in part on the aggregate amount of the  credit  extended and the fees  and interest  rate spreads  thereon. 16. Document Receipt Cut - Off Date. Unless this Agreement and any documents  required  by this Agreement have  been  signed  and  returned  to the Bank within 60 days after the date of this Agreement  (the “Document  Receipt Cut - Off  Date”),  the Bank  shall  have the  right  to notify the Borrower in writing that the Bank’s  commitment  to extend  credit  under  this  Agreement has expired. If the executed Agreement and accompanying loan documents are  received  after the  Document  Receipt Cut - Off Date, the Bank  shall  have  a reasonable  period of time after  receipt  of the executed Agreement  and  accompanying loan documents to provide  such notice. 17. Amendments. This Agreement  may  be amended or  modified  only in writing  signed  by each party hereto. 18. Limitation of Interest and Other Charges. Notwithstanding any other provision  contained  in this Agreement, the  Bank  does not intend to  charge  and the Borrower  shall  not be  required  to pay any amount of interest or other fees or   charges  that is in excess of the  maximum  permitted by applicable law. Any payment in excess of  such maximum shall  be   refunded  to the Borrower or  credited  against principal, at the option of the Bank. It is the express intent hereof that the  Borrower not  pay and the Bank not  receive,  directly or indirectly, interest in excess of that which  may  be lawfully paid  under applicable  law including the usury laws in force in the  state  of Florida.

     

     

    

 

Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 12 This Agreement is executed as of the date  stated  at the top of the first page. Bank of America, N.A. By:  Oralia Rojas, Director Borrower: BurgerFi International, LLC By:  Corey Winograd, Manager Address where notices to BurgerFi International, LLC are   to be sent: Address where notices to the Bank are to be sent: 105 US Highway One North Palm Beach, FL 33408 - 5401 Doc Retention Center   NC1 - 001 - 05 - 13 One Independence Center   101 North Tryon St   Charlotte, NC 28255 - 0001 Federal law requires Bank of America, N.A.  (the “Bank”) to  provide  the following  notice. The notice is not part of   the foregoing  agreement or instrument and may not be altered. Please read  the  notice carefully. (1) USA PATRIOT ACT NOTICE Federal law  requires  all financial institutions to obtain,  verify  and  record  information that identifies each person who opens   an account or obtains  a  loan. The Bank will ask for the Borrower’s legal name, address, tax ID number or  social security   number and other identifying information. The Bank  may  also ask for additional information or documentation or take  other  actions  reasonably  necessary to  verify  the identity of the Borrower, guarantors or other  related persons.

     

     

    

 

Ref #: 1002831641  :  - BurgerFi International, LLC   Standard Credit Agreement 13 SCHEDULE A FEES (a) Waiver Fee . If the Bank, at its discretion, agrees to waive or amend any terms of this Agreement, the Borrower   will, at the Bank's option, pay the Bank  a  fee for each waiver or amendment in an amount advised by the Bank at   the time the Borrower  requests  the waiver or amendment. Nothing in this paragraph  shall  imply that the Bank is   obligated to agree to any waiver or amendment  requested  by the Borrower. The Bank  may  impose additional   requirements  as  a condition  to any waiver or amendment. (b) Late Fee . To the extent permitted by law, the Borrower agrees to pay  a  late fee in an amount not to exceed four   percent  (4%)  of any payment that is  more  than fifteen  (15)  days late. The imposition and payment of  a  late fee   shall  not  constitute a  waiver of the Bank’s  rights  with  respect  to the default. (c) Returned Payment Fee . The Bank, in its discretion,  may collect  from the Borrower  a returned  payment fee each   time  a  payment is  returned  or if there are insufficient funds in the designated account when  a  payment is   attempted through automatic payment.

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