Document:

efsh_ex1012.htm

EXHIBIT 10.12
  
 PLEDGE AGREEMENT
  
 THIS PLEDGE AGREEMENT (this “Agreement”), dated as of April 5, 2019 is made by 1847 Goedeker Holdco Inc., a Delaware corporation (“Holdco”; and together with the each other party who is designated as a “Pledgor” on the signature pages hereto, each individually, a “Pledgor” and collectively, the “Pledgors”), in favor of BURNLEY CAPITAL LLC, a Delaware limited liability company (together with its successors and assigns, the “Lender”).
  
 RECITALS:
  
 A. The Pledgors, the other Loan Parties (as defined therein) from time to time party thereto, and the Lender have entered into that certain Loan and Security Agreement, dated as of the date hereof (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Loan Agreement”).
  
 B. It is a condition precedent to the effectiveness of the Loan Agreement that the Pledgors execute and deliver this Agreement in favor of the Lender.
  
 C. The Lender, Small Business Community Capital L.P., a Delaware limited partnership (“SBCC”), Holdco, and 1847 Goedecker Inc. are parties to that certain Subordination and Intercreditor Agreement dated as of the date hereof (the “Subordination Agreement”).
  
 AGREEMENTS:
  
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
  
 1. Definitions and Construction.
  
 (a) Definitions. All capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement. As used in this Agreement:
  
 “Applicable Statutes” means, collectively, any statute governing the establishment and governance of corporations or limited liability companies organized under the jurisdiction of organization of any Issuer.
  
 “Bankruptcy Code” means United States Bankruptcy Code (11 U.S.C. Section 101 et seq.), as in effect from time to time, and any successor statute thereto.
  
 “Code” means the Uniform Commercial Code as in effect from time to time in the State of Minnesota or any other state the laws of which are required to be applied in connection with the issue of perfection of security interests. 
  
 “Collateral” means, collectively, the Pledged Interests, the Future Rights, and the Proceeds.
  
  	 
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 “Equity Interests” means all securities, shares, units, options, warrants, interests, participations, or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company, or other entity, whether voting or nonvoting, certificated or uncertificated, including general partner partnership interests, limited partner partnership interests, limited liability company interests, common stock, preferred stock, or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934).
  
 “Future Rights” means: (a) all Equity Interests (other than Pledged Interests) of Issuer, including, without limitation, all Equity Interests of Issuer created after the date of this Agreement, and all securities convertible or exchangeable into, and all warrants, options, or other rights to purchase, Equity Interests of Issuer; and (b) the certificates or instruments representing such Equity Interests, convertible or exchangeable securities, warrants, and other rights and all dividends, distributions, cash, options, warrants, rights, instruments, and other property or proceeds from time to time received, receivable, or otherwise distributed in respect of or in exchange for any or all of such Equity Interests.
  
 “Holder” has the meaning ascribed thereto in Section 3 of this Agreement.
  
 “Issuer” means, individually and collectively, 1847 Goedeker Inc., a Delaware corporation, and any other entities listed from time to time under the column heading “Name of Issuer” on Schedule I attached hereto, and any successors of each of the foregoing, whether by merger or otherwise.
  
 “Organizational Documents” means, collectively for each Issuer, (a) for any corporation, the certificate or articles of incorporation, the bylaws, any certificate of determination or instrument relating to the rights of preferred shareholders of such corporation, (b) for any partnership, the partnership agreement and, if applicable, certificate of limited partnership, (c) for any limited liability company, the operating agreement or limited liability company agreement and articles or certificate of formation or organization, (d) any other document setting forth or otherwise governing the manner of election or duties of the officers, directors, managers or other similar persons, or the designation, amount or relative rights, limitations and preference of the Capital Stock of a Person, and (e) each other agreement, instrument or document affecting Issuer’s organization, management or governance, and each of the foregoing as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms of the Loan Agreement.
  
 “Lien” means any lien, mortgage, pledge, assignment (including any assignment of rights to receive payments of money), security interest, charge, or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof, or any agreement to give any security interest).
  
  	 
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 “Pledged Interests” means (a) except as provided in subsection (b) of this definition, all Equity Interests and Future Rights of Issuer, including, without limitation, those identified on Schedule 1 attached hereto, and all Equity Interests and Future Rights of Issuer that are replacements, substitutions or reissuances of any of the foregoing; (b) Equity Interests and Future Rights or other voting equity interests in any first-tier Foreign Issuer in excess of sixty-five percent (65%) of the total outstanding shares of voting capital stock or other voting equity interest of such first-tier Foreign Issuer (or, if a change in law occurs after the Closing Date (including the finalization of Proposed Treasury Regulation 1.956-1 (Fed. Reg. Vol. 83, No. 214 p. 55324) without material amendments) that allows a greater percentage of voting equity interests to be pledged without a material adverse tax consequence, such greater percentage or any domestic Subsidiary wholly owned by a foreign Subsidiary (c) the certificates or instruments representing such Equity Interests or Future Rights described in clauses (a) and (b), in each case together with rights to participate in voting, management and control of Issuer.
  
 “Proceeds” means all proceeds (including proceeds of proceeds) of the Pledged Interests and Future Rights including without limitation all: (a) rights, benefits, distributions, premiums, profits, dividends, interest, cash, instruments, documents of title, accounts, contract rights, inventory, equipment, general intangibles, payment intangibles, deposit accounts, chattel paper, and other property from time to time received, receivable, or otherwise distributed in respect of or in exchange for, or as a replacement of or a substitution for, any of the Pledged Interests, Future Rights, or proceeds thereof (including any cash, Equity Interests, or other securities or instruments issued after any recapitalization, readjustment, reclassification, merger or consolidation with respect to Issuer and any security entitlements, as defined in Section 8-102(a)(17) of the Code, with respect thereto); (b) “proceeds,” as such term is defined in Section 9-102(a)(64) of the Code; (c) proceeds of any insurance, indemnity, warranty, or guaranty (including guaranties of delivery) payable from time to time with respect to any of the Pledged Interests, Future Rights, or proceeds thereof; (d) payments (in any form whatsoever) made or due and payable to the Pledgor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Pledged Interests, Future Rights, or proceeds thereof; and (e) other amounts from time to time paid or payable under or in connection with any of the Pledged Interests, Future Rights, or proceeds thereof.
  
 “Registered Organization” has the meaning ascribed thereto in Section 9-102(a)(70) of the Code.
  
 “Securities Act” has the meaning ascribed thereto in Section 9(c) of this Agreement.
  
  	 
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 (b) Construction. 
  
 (i) Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular and to the singular include the plural, the part includes the whole, the term “including” is not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and other similar terms in this Agreement refer to this Agreement as a whole and not exclusively to any particular provision of this Agreement. Article, section, subsection, exhibit, and schedule references are to this Agreement unless otherwise specified. All of the exhibits or schedules attached to this Agreement shall be deemed incorporated herein by reference. Any reference to any of the following documents includes any and all alterations, amendments, restatements, extensions, modifications, renewals, or supplements thereto or thereof, as applicable: this Agreement, the Organizational Documents of Issuer, the Loan Agreement or any of the other Loan Documents.
  
 (ii) To the maximum extent permitted by law, neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against the Lender or the Pledgors, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by both of the parties and their respective counsel and shall, to the maximum extent permitted by law, be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the parties hereto.
  
 2. Pledge. As security for the full, prompt and complete payment and performance of the Obligations (whether now existing or arising hereafter) when due, whether at stated maturity, by acceleration or otherwise (including amounts that would become due but for the operation of the provisions of the Bankruptcy Code), each Pledgor hereby pledges, grants transfers, and assigns to, and creates in favor of the Lender a continuing first priority security interest in and Lien on all of such Pledgor’s right, title, and interest in and to the Collateral.
  
 3. Delivery and Registration of Collateral.
  
 (a) Subject at all times to the terms and conditions of the Subordination Agreement, all certificates or instruments representing or evidencing the Collateral shall be promptly delivered by the Pledgors to the Lender or the Lender’s designee pursuant hereto at a location designated by the Lender and shall be held by or on behalf of the Lender pursuant hereto, and shall be accompanied by a duly executed indorsement certificate in the form attached hereto as Exhibit A with respect to the Pledged Interest or other instrument of transfer or assignment in blank, in form and substance satisfactory to the Lender.
  
 (b) Upon the occurrence of an Event of Default and subject at all times to the terms and conditions of the Subordination Agreement, the Lender shall have the right, at any time in its discretion and without notice to the Pledgors, to transfer to or to register on the books of Issuer (or of any other Person maintaining records with respect to the Collateral) in the name of the Lender or any of its nominees or designees any or all of the Collateral. In addition, subject at all times to the terms and conditions of the Subordination Agreement, the Lender shall have the right at any time to exchange certificates or instruments representing or evidencing Collateral for certificates or instruments of smaller or larger denominations.
  
  	 
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 (c) If, at any time and from time to time, any Collateral (including any certificate or instrument representing or evidencing any Collateral) is in the possession of a Person other than the Lender or the Pledgors (a “Holder”), then the Pledgors shall promptly, at the Lender’s option and subject at all times to the terms and conditions of the Subordination Agreement, either cause such Collateral to be delivered into the Lender’s possession, or cause such Holder to enter into a control agreement, in form and substance reasonably satisfactory to the Lender, and take all other steps deemed necessary by the Lender, and to the extent permitted in the Subordination Agreement, to perfect the security interest of the Lender in such Collateral, all pursuant to Sections 9-106 and 9-313 of the Code or other applicable law governing the perfection of the Lender’s security interest in the Collateral in the possession of such Holder.
  
 (d) Any and all Collateral (excluding cash dividends, cash interest, and other cash distributions, in each case so long as an Event of Default is not then continuing) at any time received or held by the Pledgors shall be so received or held in trust for the Lender and shall be promptly delivered to the Lender, subject at all times to the terms and conditions of the Subordination Agreement. 
  
 (e) If at any time, and from time to time, any Collateral consists of an uncertificated security or a security in book entry form, then the Pledgors shall promptly cause such Collateral to be registered or entered, as the case may be, in the name of the Lender, or otherwise cause the Lender’s security interest thereon to be perfected in accordance with applicable law, subject at all times to the terms and conditions of the Subordination Agreement.
  
 4. Voting Rights, Dividends and Distributions.
  
 (a) So long as no Event of Default shall have occurred, the Pledgors shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral or any part thereof or entitled to be exercised by virtue of each Pledgor’s status as a member, shareholder, manager or officer of Issuer for any purpose not inconsistent with the terms of the Loan Documents and the Organizational Documents of Issuer.
  
 (b) Upon the occurrence of an Event of Default, at the election of the Lender subject at all times to the terms and conditions of the Subordination Agreement, all rights of the Pledgors to exercise the voting, control, management and other rights to receive cash dividends or distributions that it would otherwise be entitled to exercise or receive, as applicable pursuant to Section 4(a), shall cease, and all such rights shall thereupon become vested in the Lender, who shall thereupon have the sole right, subject at all times to the terms and conditions of the Subordination Agreement, to exercise such voting, control, management or other rights and to receive and retain such cash dividends and distributions. Further, the Lender, its designee, or any other transferee or assignee of the Pledged Interests, upon exercise of the remedies and other rights hereunder by the Lender shall, at its option and subject at all times to the terms and conditions of the Subordination Agreement, become a member or shareholder of the Issuer to the extent of the Pledged Interests, entitled to participate in the management thereof to the full extent as the Pledgors were so entitled. The Issuer and other management authority or authorities as set forth in the Organizational Documents of Issuer and all other required Persons under the Organizational Documents of Issuer shall concurrently herewith consent by their consents attached to this Agreement to the transfer of the Pledged Interests to the Lender, its designee or any other transferee or assignee of the Lender as contemplated hereby and the exercise by the Lender of the remedies and other rights set forth in this Agreement for all purposes of the Organizational Documents of Issuer and under Applicable Statutes. The Pledgors shall, to the extent necessary and subject to the Subordination Agreement, execute and deliver (or cause to be executed and delivered) to the Lender all such proxies and other instruments as the Lender may reasonably request for the purpose of enabling the Lender to exercise the voting, management and other rights that it is entitled to exercise as a member, shareholder, manager or officer of Issuer, and to receive the dividends and distributions that it is entitled to receive and retain. To the extent necessary, this Agreement shall constitute a “control agreement” for purposes of any applicable sections of the Code. 
  
  	 
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 5. Representations, Warranties and Covenants. Subject to any applicable terms and conditions of the Subordination Agreement, each Pledgor represents and warrants as of the Closing Date and the date of each Borrowing, and, as applicable, covenants, as follows:
  
 (a) Such Pledgor has taken all steps it deems necessary or appropriate to be informed on a continuing basis of changes or potential changes affecting the Collateral (including rights of conversion and exchange, rights to subscribe, payment of dividends, reorganizations or recapitalization, tender offers and voting and registration rights), and such Pledgor agrees that the Lender shall have no responsibility or liability for informing such Pledgor of any such changes or potential changes or for taking any action or omitting to take any action with respect thereto.
  
 (b) Such Pledgor is a Registered Organization, organized under the laws of the state set forth on Schedule 1. Each Pledgor’s type of organization is set forth on Schedule 1. 
  
 (c) All information herein or hereafter supplied to the Lender by or on behalf of such Pledgor in writing with respect to the Collateral is, or in the case of information hereafter supplied will be, accurate and complete in all material respects.
  
 (d) Each Pledgor is, and covenants that, unless otherwise consented to by the Lender in writing, it shall at all times during the effectiveness of this Agreement be, the sole legal and beneficial owner of the Collateral (including the Pledged Interests, and all other Collateral acquired by the Pledgors after the date hereof) free and clear of any adverse claim, Lien, or other right, title, or interest of any party, other than the Liens in favor of the Lender, SBCC and Permitted Liens.
  
 (e) This Agreement, and the delivery to the Lender of the Pledged Interests representing Collateral (or the control agreements referred to in Section 3 of this Agreement), is a legal, valid and binding agreement of each Pledgor, enforceable against such Pledgor in accordance with its terms (except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles), and creates a valid, perfected, and first priority security interest in one hundred percent (100%) of the Pledged Interests in favor of the Lender securing payment of the Obligations and all action necessary to achieve such perfection have been taken. Each Pledgor acknowledges that it has not previously granted “control” over the Collateral of the Pledgor to any other Person other than the Lender.
  
  	 
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 (f) Schedule 1 to this Agreement is true, correct, and complete in all respects. Without limiting the generality of the foregoing: (i) except as set forth on Schedule 1 to this Agreement, all the Pledged Interests are in certificated form, and, except to the extent registered in the name of the Lender or its nominee or designee pursuant to the provisions of this Agreement, are registered in the name of each Pledgor; and (ii) the Pledged Interests as to Issuer constitute at least the percentage of all of the fully diluted issued and outstanding Equity Interests of such Issuer as set forth in Schedule 1 to this Agreement.
  
 (g) There are no presently existing Future Rights or Proceeds owned by each Pledgor.
  
 (h) Neither the pledge of the Collateral pursuant to this Agreement nor the extensions of credit represented by the Obligations violates Regulation T, U or X of the Board of Governors of the Federal Reserve System.
  
 (i) All of the Pledged Interests that are issued by an Issuer are represented by certificates and constitute “securities” subject to Article 8 of the Code and shall at all times continue to so constitute for the term of this Agreement. 
  
 6. Further Assurances.
  
 (a) Each Pledgor agrees that from time to time, at the expense of such Pledgor, such Pledgor will promptly (i) correct any defect, error or omission which may be discovered in the contents of this Agreement or in the execution hereof and (ii) execute and deliver all further instruments and documents, and take all further action, within the control of such Pledgor, that may be necessary or reasonably requested by the Lender (subject at all times to the terms and conditions of the Subordination Agreement), in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Lender to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing, and subject at all times to the terms and conditions of the Subordination Agreement, each Pledgor will: (w) at the request of the Lender, mark conspicuously each of its records pertaining to the Collateral with a legend, in form and substance reasonably satisfactory to the Lender, indicating that such Collateral is subject to the security interest granted hereby; (x) execute such instruments or notices, as may be necessary or reasonably desirable, or as the Lender may request, in order to perfect and preserve the first priority security interests granted or purported to be granted hereby; (y) allow inspection of the Collateral by the Lender or Persons designated by the Lender; and (z) appear in and defend any action or proceeding that may affect such Pledgor’s title to or the Lender’s security interest in the Collateral.
  
 (b) Each Pledgor hereby authorizes the Lender to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral, including, without limitation, one or more financing statements describing the Collateral covered thereby as “all assets or all personal property of the debtor” or words of similar effect. A carbon, photographic, or other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law.
  
  	 
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 (c) Each Pledgor will furnish to the Lender, upon the request of the Lender: (i) a certificate executed by an authorized representative of such Pledgor, and dated as of the date of delivery to the Lender, itemizing in such detail as the Lender may reasonably request, the Collateral which, as of the date of such certificate, has been delivered to the Lender by such Pledgor pursuant to the provisions of this Agreement; and (ii) such statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as the Lender may reasonably request.
  
 7. Covenants of the Pledgors. Each Pledgor shall:
  
 (a) perform, and cause Issuer to perform, as applicable, each and every covenant or obligation in any Organizational Documents of Issuer, this Agreement and the Loan Documents applicable to such Pledgor or Issuer;
  
 (b) prevent Issuer from issuing Future Rights or Proceeds, except for cash dividends and other distributions to be paid by Issuer to such Pledgor and other shareholders of Issuer, if and to the extent permitted by the Loan Documents;
  
 (c) upon receipt by such Pledgor of any material notice, report, or other communication from Issuer or any Holder relating to all or any part of the Collateral, deliver such notice, report or other communication to the Lender as soon as possible, but in no event later than three (3) days following the receipt thereof by such Pledgor; 
  
 (d) not grant any Person other than the Lender or SBCC (to the extent permitted in the Subordination Agreement) “control” over any Collateral;
  
 (e) cause each Issuer to execute and deliver to the Lender, a consent to this Agreement substantially in the form of Exhibit B attached hereto; and
  
 (f) promptly upon receipt, deliver to the Lender any Pledged Interests issued by an Issuer.
  
 8. Power of Attorney and Irrevocable Proxy.
  
 (a) Subject at all times to the terms and conditions of the Subordination Agreement, each Pledgor hereby irrevocably appoints the Lender as such Pledgor’s attorney-in-fact, with full authority in the place and stead of such Pledgor and in the name of such Pledgor the Lender or otherwise, from time to time, at the Lender’s discretion, to take any action and to execute any instrument that the Lender may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, the Organizational Documents of Issuer, the Loan Agreement and the other Loan Documents, including: (i) to receive, indorse, and collect all instruments made payable to such Pledgor representing any dividend, principal payments, interest payment or other distribution in respect of the Collateral or any part thereof to the extent permitted hereunder and to give full discharge for the same and to execute and file governmental notifications and reporting forms; (ii) to enter into any control agreements the Lender deems necessary pursuant to Section 3 of this Agreement; (iii) to arrange for the transfer of the Collateral on the books of Issuer or any other Person to the name of the Lender or to the name of the Lender’s nominee or designee; (iv) to admit the Lender or its nominee or designee as a member or shareholder of Issuer in lieu of such Pledgor or to exercise all rights of such Pledgor as a member, shareholder, manager or officer of Issuer; or (v) to do anything which such Pledgor is required to do under this Agreement, the Organizational Documents of Issuer, the Loan Agreement or the other Loan Documents but has failed to do.
  
  	 
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 (b) In addition to the designation of the Lender as the Pledgors’ attorney-in-fact in subsection (a) and subject at all times to the terms and conditions of the Subordination Agreement, each Pledgor hereby irrevocably appoints the Lender as such Pledgor’s agent and attorney-in-fact to make, execute and deliver any and all documents and writings which may be necessary or appropriate for approval of, or be required by, any regulatory authority located in any city, county, state or country where such Pledgor or Issuer engages in business, in order to transfer or to more effectively transfer any of the Pledged Interests or otherwise enforce the Lender’s rights hereunder.
  
 (c) The power of attorney granted in each of Sections 8(a) and 8(b) shall be deemed coupled with an interest and shall be IRREVOCABLE and shall survive and not be affected by the subsequent disability, incapacity, dissolution, bankruptcy or termination of any relevant Pledgor.
  
 (d) In addition to each of the foregoing and any other rights of the Lender as set forth herein or in any other Loan Documents, each Pledgor hereby grants to the Lender (through itself, its representatives, designees or agents), until the payment in full in cash of the Obligations, an IRREVOCABLE PROXY, exercisable after the occurrence of an Event of Default and subject at all times to the terms and conditions of the Subordination Agreement, to vote all or any part of such Pledgor’s Pledged Interests from time to time, in each case in any manner the Lender deems advisable in its sole discretion, in its capacity as a pledgee, member and/or manager, either for or against any or all matters submitted, or which may be submitted to a vote of shareholders, partners, managers, or members, as the case may be, and to exercise all other rights, powers, privileges, and remedies to which any such shareholders, partners, managers, or members would be entitled (including, without limitation, giving or withholding written consents, ratifications, and waivers with respect to the Pledged Interests, calling special meetings of the holders of the Pledged Interests of any Issuer and voting at such meetings). To the extent permitted by applicable Law and the Subordination Agreement, the IRREVOCABLE PROXY granted hereby is effective automatically without the necessity that any other action (including, without limitation, that any transfer of any of the Pledged Interests be recorded on the books of the relevant Pledgor or Issuer) be taken by any Person (including the relevant Pledgor or Issuer of any Pledged Interests or any officer or agent thereof), is coupled with an interest, and shall be irrevocable, shall survive the bankruptcy, dissolution or winding up of any relevant Pledgor, and shall terminate only on the Maturity Date. Each Pledgor hereby agrees that on the date that is thirty (30) days prior to the date of expiration (by operation of applicable Laws) of the irrevocable proxy granted pursuant hereto, such Pledgor shall automatically be deemed to grant the Lender a new IRREVOCABLE PROXY, on the same terms as those previously granted pursuant hereto. Upon the reasonable written request of the Lender, each Pledgor further agrees to deliver to the Lender, on behalf of the Lender, such further evidence of such irrevocable proxy or such further irrevocable proxies to enable the Lender to vote the Pledged Interests in accordance with the terms hereof.
  
  	 
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 9. Remedies upon Default. Upon the occurrence of an Event of Default and subject at all times to the terms and conditions of the Subordination Agreement:
  
 (a) The Lender may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party on default under the Code (irrespective of whether the Code applies to the affected items of Collateral), and the Lender may also without notice (except as specified below) sell the Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Lender’s offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price or prices and upon such other terms as the Lender may deem commercially reasonable, irrespective of the impact of any such sales on the market price of the Collateral. To the maximum extent permitted by applicable law, the Lender may be the purchaser of any or all of the Collateral at any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply all or any part of the Obligations as a credit on account of the purchase price of any Collateral payable at such sale. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of the Pledgors, and each Pledgor hereby waives (to the maximum extent permitted by law) all rights of redemption, stay, or appraisal that they now have or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. Each Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten (10) calendar days’ notice to such Pledgor of the time and place of any public sale or the time after which a private sale is to be made shall constitute reasonable notification. The Lender shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Lender may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives any claims against the Lender arising because the price at which any Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale, even if the Lender accepts the first offer received and does not offer such Collateral to more than one offeree.
  
 (b) Each Pledgor hereby agrees that any sale or other disposition of the Collateral conducted in conformity with reasonable commercial practices of banks, insurance companies, or other financial institutions in the city and state, or country, as applicable, where the Lender is located in disposing of property similar to the Collateral shall be deemed to be commercially reasonable.
  
  	 
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 (c) Each Pledgor hereby acknowledges that the sale by the Lender of any Collateral pursuant to the terms hereof in compliance with the Securities Act of 1933 as now in effect or as hereafter amended, or any similar statute hereafter adopted with similar purpose or effect (the “Securities Act”), as well as applicable “Blue Sky” or other state securities laws, may require strict limitations as to the manner in which the Lender or any subsequent transferee of the Collateral may dispose thereof. Each Pledgor acknowledges and agrees that in order to protect the Lender’s interest, it may be necessary to sell the Collateral at a price less than the maximum price attainable if a sale were delayed or were made in another manner, such as a public offering under the Securities Act. The Pledgors have no objection to sale in such a manner and agree that the Lender shall have no obligation to obtain the maximum possible price for the Collateral. Without limiting the generality of the foregoing, each Pledgor agrees that, upon the occurrence, the Lender may, subject to applicable law, from time to time attempt to sell all or any part of the Collateral by a private placement, restricting the bidders and prospective purchasers to those who will represent and agree that they are purchasing for investment only and not for distribution. In so doing, the Lender may solicit offers to buy the Collateral or any part thereof for cash, from a limited number of investors reasonably believed by the Lender to be institutional investors or other accredited investors who might be interested in purchasing the Collateral. If the Lender shall solicit such offers, then (to the extent permitted by law) the acceptance by the Lender of one of the offers shall be deemed to be a commercially reasonable method of disposition of the Collateral.
  
 (d) If the Lender shall determine to exercise its right to sell all or any portion of the Collateral pursuant to this Section 9, each Pledgor agrees that, upon request of the Lender, such Pledgor will promptly, at its own expense:
  
 (i) use its best efforts to qualify the Collateral under the state securities laws or “Blue Sky” laws and to obtain all necessary governmental approvals for the sale of the Collateral, as requested by the Lender;
  
 (ii) cause Issuer to make available to its security holders, as soon as practicable, an earnings statement which will satisfy the provisions of Section 11(a) of the Securities Act;
  
 (iii) execute and deliver, or cause the members, shareholders, officers, directors and/or officers of Issuer to execute and deliver, to any person, entity or governmental authority as the Lender may choose, any and all documents and writings which, in the Lender’s reasonable judgment, may be necessary or appropriate for approval by, or be required by, any regulatory authority located in any city, county, state or country where such Pledgor or Issuer engages in business, in order to transfer or to more effectively transfer the Pledged Interests or otherwise enforce the Lender’s rights hereunder; and
  
 (iv) do or cause to be done all such other acts and things as may be necessary to make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable law.
  
  	 
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 (e) Following the occurrence of an Event of Default, each Pledgor hereby agrees, upon the request of the Lender, to amend any Organizational Documents of Issuer in any manner requested by the Lender to permit the Lender to exercise its rights and remedies under this Agreement, including, without limitation, to admit the Lender or its nominee or designee as a member or shareholder of Issuer.
  
 (f) Each Pledgor acknowledges that there is no adequate remedy at law for failure by it to comply with the provisions of this Section 9 and that such failure would not be adequately compensable in damages, and therefore agrees that, to the maximum extent permitted by law, its agreements contained in this Section may be specifically enforced.
  
 (g) EACH PLEDGOR EXPRESSLY WAIVES TO THE MAXIMUM EXTENT PERMITTED BY LAW: (i) ANY CONSTITUTIONAL OR OTHER RIGHT TO A JUDICIAL HEARING PRIOR TO THE TIME THE LENDER DISPOSES OF ALL OR ANY PART OF THE COLLATERAL AS PROVIDED IN THIS SECTION; (ii) ALL RIGHTS OF REDEMPTION, STAY, OR APPRAISAL THAT SUCH PLEDGOR NOW HAS OR MAY AT ANY TIME IN THE FUTURE HAVE UNDER ANY RULE OF LAW OR STATUTE NOW EXISTING OR HEREAFTER ENACTED; AND (iii) EXCEPT AS SET FORTH IN SUBSECTION (a) OF THIS Section 9, ANY REQUIREMENT OF NOTICE, DEMAND, OR ADVERTISEMENT FOR SALE.
  
 10. Application of Proceeds. Upon the occurrence of an Event of Default and subject at all times to the terms and conditions of the Subordination Agreement, any cash held by the Lender as Collateral and all cash Proceeds received by the Lender in respect of any sale of, collection from, or other realization upon all or any part of the Collateral pursuant to the exercise by the Lender of its remedies as a secured creditor as provided in Section 9 shall be applied from time to time by the Lender in its sole discretion, to the extent permitted by applicable law and the Subordination Agreement.
  
 11. Indemnification. In consideration of the execution and delivery of the Loan Agreement and the loans and other financial accommodations made available to the Pledgors thereunder and in the Lender’s reliance on this Agreement, each Pledgor shall indemnify and hold the Lender and each of the Lender’s directors, officers, employees, attorneys, agents and Affiliates (for the purposes of this Section 11, each is an “Indemnified Party”) harmless from and against any and all claims, losses, obligations, liabilities and reasonable expenses arising out of or resulting from any or all of (i) this Agreement and (ii) the transactions contemplated by this Agreement (including enforcement of this Agreement), except for claims, losses or liabilities to the extent resulting directly from an Indemnified Party’s gross negligence or willful misconduct. The indemnification provided for in this Section 11 is in addition to, and not in limitation of, any other indemnification or insurance provided by the Pledgors to the Lender, including, without limitation, under the Loan Agreement.
  
 12. Duties of the Lender. The powers conferred on the Lender hereunder are solely to protect its interests in the Collateral and shall not impose on it any duty to exercise such powers. Except as provided in Section 9-207 of the Code, the Lender shall have no duty with respect to the Collateral or any responsibility for taking any necessary steps to preserve rights against any Persons with respect to any Collateral.
  
  	 
	12
	 
 
	 

  
 13. Choice of Law and Venue; Submission to Jurisdiction; Service of Process.
  
 (a) Governing Law. THIS AGREEMENT HAS BEEN DELIVERED AND ACCEPTED AT AND SHALL BE DEEMED TO HAVE BEEN MADE AT MINNEAPOLIS, MINNESOTA. THIS AGREEMENT SHALL BE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS) OF THE STATE OF MINNESOTA.
  
 (b) WAIVER OF JURISDICTION. SUBJECT TO THE LAST SENTENCE OF THIS SECTION 13(b), EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF ANY U.S. FEDERAL OR MINNESOTA STATE COURT SITTING IN MINNEAPOLIS, MINNESOTA IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY LOAN DOCUMENTS, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH MINNESOTA STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN THIS SECTION 13(b). EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.1 OF THE LOAN AGREEMENT. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING AGAINST PLEDGOR OR ITS PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION. 
  
 (c) WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY 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, ANY OTHER LOAN DOCUMENT 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 PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
  
  	 
	13
	 
 
	 

  
 14. Counterparts; Integration; Amendments; No Waiver. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement constitutes the entire contract among the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other digital means (e.g., .pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. Any request from time to time by the Pledgors for the Lender’s amendment, modification or waiver of any provision in this Agreement must be in writing, and any amendment, modification or waiver to be provided by the Lender under this Agreement from time to time must be in writing in order to be binding on the Lender; provided, however, the Lender will have no obligation to provide or agree to any amendment, modification or waiver requested by the Pledgors, and the Lender may, for any reason in its discretion exercised in good faith, elect to deny any such request. The terms of this Agreement may be amended, waived or modified only by an instrument in writing duly executed by each of the Pledgors and the Lender. Any such amendment, waiver or modification shall be binding upon the Pledgors, the Lender and each holder of the Obligations. This Agreement cannot be amended, modified, changed or terminated orally. No failure on the part of the Lender to exercise, and no delay in exercising any right under this Agreement, any other Loan Document, or otherwise with respect to any of the Obligations, shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this Agreement, any other Loan Document, or otherwise with respect to any of the Obligations preclude any other or further exercise thereof or the exercise of any other right. The remedies provided for in this Agreement or otherwise with respect to any of the Obligations are cumulative and not exclusive of any remedies provided by law. 
  
 15. Notices. Any notice, certificate, request, notification and other communication required, permitted or contemplated hereunder must be in writing and given in accordance with the Loan Agreement.
  
 16. Continuing Security Interest. This Agreement shall create a continuing security interest in the Collateral and shall: (a) remain in full force and effect until the indefeasible payment in full of the Obligations, including the cash collateralization, expiration, or cancellation of all Obligations, if any, consisting of letters of credit, and the full and final termination of any commitment to extend any financial accommodations under the Loan Documents; (b) be binding upon the Pledgors and each of their respective successors and assigns; and (c) inure to the benefit of the Lender and its permitted successors, transferees, and assigns. Upon the indefeasible payment in full of the Obligations, including the cash collateralization, expiration, or cancellation of all Obligations, if any, consisting of letters of credit, and the full and final termination of any commitment to extend any financial accommodations under the Loan Documents, the security interests granted herein shall automatically terminate and all rights to the Collateral shall revert to the Pledgors. Upon any such termination, the Lender will, at the Pledgors’ expense, execute and deliver to the Pledgors such documents as the Pledgors shall reasonably request to evidence such termination. Such documents shall be in form and substance reasonably satisfactory to the Lender.
  
  	 
	14
	 
 
	 

  
 17. Security Interest Absolute. All rights of the Lender, all security interests hereunder, and all obligations of the Pledgors hereunder, shall be absolute and unconditional and shall not be affected, discharged or impaired by any of the following: (i) bankruptcy, disability, dissolution, incompetence, death, insolvency, liquidation, or reorganization of any Loan Party; (ii) any defense of any Loan Party to payment or performance of any or all of the Obligations or enforcement of any or all rights of the Lender in the Collateral; (iii) discharge, modification of the terms of, reduction in the amount of, or stay of enforcement of any or all liens and encumbrances in the Collateral, any other collateral security for the Obligations or any or all Obligations in any bankruptcy, insolvency, reorganization, or other legal proceeding or by application of any Requirement of Law; (iv) any claim or dispute by any other Loan Party concerning the occurrence of an Event of Default, performance of any Obligations, or any other matter; (v) any waiver or modification of any provision of the Loan Documents that affects any other Loan Party, whether or not such waiver or modification affects all Credit Parties; (vi) the cessation of liability, release or discharge of any other Loan Party or other obligor for any reason; (vii) the perfection or failure to perfect, release or discharge of any Collateral or other collateral security for the Obligations; (viii) the exercise or failure to exercise any rights or remedies pursuant to the Loan Documents by the Lender or any election of remedies by the Lender; (ix) any invalidity, irregularity or unenforceability in whole or in part of any of the Loan Documents or any limitation of the liability of any Loan Party under the Loan Documents, including any claim that the Loan Documents were not duly authorized, executed, or delivered on behalf of any Loan Party; (x) any other acts or omissions by the Lender that result in or could result in the release or discharge of any other Loan Party; or (xi) the occurrence of any other event or the existence of any other condition that by operation of law or otherwise could result in the release or discharge of a surety, guarantor, or other persons secondarily liable on an obligation. 
  
 18. Waivers. Each Pledgor unconditionally waives: (i) any requirement that the Lender first make demand upon, or seek to enforce or exhaust remedies against any (A) other Loan Party; (B) of the Collateral, other collateral security for the Obligations or other property of any Loan Party; or (C) other Person, before demanding payment from or seeking to enforce the Obligations against such Pledgor; (ii) any and all rights, benefits and defenses which might otherwise be available under the provisions of Requirement of Law that might operate to limit any Loan Party’s liability under, or the enforcement of, the Obligations; (iii) diligence, presentment, protest, demand for performance, notice of acceptance, notice of nonperformance, notice of intent to accelerate, notice of acceleration, notice of protest, notice of dishonor, notice of extension, renewal, alteration or amendment, notice of acceptance of the Loan Documents, notice of default under any of the Loan Documents (except as provided in the Loan Documents), and all other notices whatsoever, except for notices specifically required pursuant to other provisions of the Loan Documents; (iv) any obligation of the Lender to provide any Loan Party any information, including any information concerning any other Loan Party, any Collateral or any other collateral security for the Obligations; and (v) any other claim or defense that otherwise would be available based on principles of suretyship or guarantee or otherwise governing secondary obligations.
  
  	 
	15
	 
 
	 

  
 19. Headings. Section and subsection headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement or be given any substantive effect.
  
 20. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity, illegality or unenforceability of a particular provision in a particular jurisdiction shall not invalidate such provision or cause such provision to be illegal or unenforceable in any other jurisdiction.
  
 21. Conflict. If there is any conflict, ambiguity, or inconsistency, in the Lender’s judgment, between the terms of this Agreement and any of the other Loan Documents, then the applicable terms and provisions, in the Lender’s judgment, providing the Lender with greater rights, remedies, powers, privileges, or benefits will control. 
  
 22. Waiver of Marshaling. Each of the Pledgors and the Lender acknowledges and agrees that in exercising any rights under or with respect to the Collateral, the Lender (a) is under no obligation to marshal any Collateral; (b) may, in its absolute discretion, realize upon the Collateral in any order and in any manner it so elects; and (c) may, in its absolute discretion, apply the proceeds of any or all of the Collateral to the Obligations in any order and in any manner it so elects. Each of the Pledgors and the Lender waive any right to require the marshaling of any of the Collateral.
  
 23. Waiver of Subrogation. Each of the Pledgors subordinates and agrees not to exercise any rights against the Borrower (as defined in the Loan Agreement) or any other Pledgor which it may acquire by way of subrogation or contribution, by any payment made hereunder or otherwise, until all of the Obligations shall have been paid in full in cash (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and the Lender has no further commitment to lend under the Loan Agreement; provided, however, that such rights and remedies shall remain waived and released at any time the Lender (with or through their designees) has acquired all or any portion of the Collateral by credit bid, strict foreclosure or through any other exercise of remedies available to the Lender pursuant to the Security Documents. If any amount shall be paid to any Pledgor on account of such subrogation or contribution rights at any time when any Obligation or any commitment to lend is outstanding, such amount shall be held in trust for the benefit of the Lender and shall promptly be paid to the Lender to be credited and applied to the Obligations, whether matured or unmatured, in accordance with the terms of the Loan Agreement.
  
  	 
	16
	 
 
	 

  
 24. Additional Interests. If any Pledgor shall at any time acquire or hold any additional Pledged Interests, including any Pledged Interests issued by any Person not listed on Schedule 1 hereto (any such shares being referred to herein as the “Additional Interests”), such Pledgor shall promptly deliver to the Lender (i) a pledge supplement, in form and substance reasonably satisfactory to the Lender, duly completed and executed by such Pledgor and (ii) any other document required in connection with such Additional Interests as described in Section 3. Each Pledgor shall promptly (and in any event, within five (5) Business Days following the acquisition of any such Additional Interests) comply with the requirements of this Section 24; provided, that the failure to comply with the provisions of this Section 24 shall not impair the Lien on Additional Interests conferred hereunder.
  
 25. Additional Pledgors. Each Person who shall at any time execute and deliver to the Lender, a pledge joinder agreement in the form and substance reasonably satisfactory to the Lender (a “Pledge Joinder Agreement”), shall thereupon irrevocably, absolutely and unconditionally become a party hereto and obligated hereunder as a Pledgor and shall have thereupon pursuant to Section 2 hereof granted a security interest in and collaterally assigned and pledged to the Lender all Collateral which it has as of the date of execution of a Pledge Joinder Agreement or thereafter acquires any interest or the power to transfer, and all references herein and in the other Loan Documents to the Pledgors or to the parties to this Agreement shall be deemed to include such Person as a Pledgor hereunder. Each Pledge Joinder Agreement shall be accompanied by a supplement to Schedule 1, in form and substance reasonably satisfactory to the Lender (a “Supplemental Schedule 1”), appropriately completed with information relating to the Pledgor executing such Pledge Joinder Agreement and its property. Schedule 1 attached hereto shall be deemed amended and supplemented without further action by such information reflected on the Supplemental Schedule 1.
  
 26. Loan Document. This Agreement constitutes a “Loan Document” under and as defined in the Loan Agreement and is subject to the terms and provisions therein regarding Loan Documents.
  
 27. Waiver of Right of First Refusal. Holdco has caused the Issuer to waive the right of first refusal contained in Section 5.4 of the bylaws of the Issuer, which waiver is irrevocable and may not be revoked until the Obligations (as defined in the Loan Agreement) have been paid in full. Holdco shall not permit the Issuer to take any action to rescind such waiver or to otherwise cause a right of first refusal to be applicable to the Pledged Interests. 
  
 28. Subordination Agreement. This instrument and the indebtedness evidenced hereby, and the rights and remedies of the holders of this instrument, are subordinate in the manner and to the extent set forth in the Subordination Agreement; and each holder of this instrument, by its acceptance hereof, shall be bound by the provisions of the Subordination Agreement.
  
 [Signature pages follow]
  
  	 
	17
	 
 
	 

  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the date first written above.
  
  	 	 1847 GOEDEKER HOLDCO INC., as Pledgor
	
	 	 	 	 
		By:	/s/ Robert D. Barry 	
	  
	 Name: 
	 Robert D. Barry
	 
	 	Title:	 President
	 

  
 The undersigned Issuer hereby agrees to be bound by Section 27 of this Agreement and shall not take any action that is inconsistent with such Section 27.
  
  	 	 1847 GOEDEKER INC., as Issuer, for purposes of Section 27 of this Agreement only
	
	 	 	 	 
		By:	/s/ Robert D. Barry 	
	  
	 Name: 
	 Robert D. Barry
	 
	 	Title: 	 Chief Financial Officer
	 

  
 [Signature Page to Pledge Agreement]
  
  	 
	18
	 
 
	 

  
  	 	 Agreed:
 BURNLEY CAPITAL LLC, 
 as Lender
	
	 	 	 	 
		By:	/s/ Daniel O’Rourke 	
	  
	 Name: 
	Daniel O’Rourke	 
	 	Title: 	 Authorized Officer 
	 

  
 [Signature Page to Pledge Agreement]
  
  	 
	19
	 
 
	 

  
 SCHEDULE 1
  
 Pledged Interests
  
 	 Pledgor
	 Issuer
	 Jurisdiction and Type of Organization of Pledgor
	 Number and Type of Shares/Units Pledged (if applicable)
	 Certificates Number(s) of Shares/Units Pledged (if any)
	 Percentage of Outstanding Interests in Issuer Owned
	 Percentage of Outstanding Interests in Issuer Pledged

	 1847 Goedeker Holdco Inc.
  
	 1847 Goedeker Inc.
  
	 Delaware C Corporation
  
	 1,000 Shares of Common Stock, $0.001 par value per share
  
	 C-2
  
	 100%
  
	 100%

  
  
  	 20efsh_ex1013.htm

EXHIBIT 10.13
  
 	 DEPOSIT ACCOUNT CONTROL AGREEMENT
 (Access Restricted after Notice)

  
 This Deposit Account Control Agreement (the “Agreement”), dated as of the date specified on the initial signature page of this Agreement, is entered into by and among 1847 Goedeker Inc., a Delaware corporation (“Company”), Burnley Capital LLC, a Delaware limited liability company (“First Lien Secured Party”), Small Business Community Capital II, L.P., a Delaware limited partnership (the “Second Lien Secured Party”; and collectively with Burnley, the “Secured Parties”) and Montgomery Bank (“Bank”), and sets forth the rights of each Secured Party and the obligations of Bank with respect to the deposit accounts of Company at Bank identified at the end of this Agreement as the Collateral Accounts (each hereinafter referred to individually as a “Collateral Account” and collectively as the “Collateral Accounts”). Each account designated as a Collateral Account includes, for purposes of this Agreement, and without the necessity of separately listing subaccount numbers, all subaccounts presently existing or hereafter established for deposit reporting purposes and integrated with the Collateral Account by an arrangement in which deposits made through subaccounts are posted only to the Collateral Account. 
  
 	1.	Secured Parties’ Interest in Collateral Accounts. Each Secured Party represents that it is either (i) a lender who has extended credit to Company and has been granted a security interest in the Collateral Accounts or (ii) such a lender and the agent for a group of such lenders. Company hereby confirms the security interest granted by Company to each Secured Party in all of Company’s right, title and interest in and to the Collateral Accounts and all sums now or hereafter on deposit in or payable or withdrawable from the Collateral Accounts (the “Collateral Account Funds”).
	  
	  

	2.	Secured Parties’ Control over Collateral Accounts. Bank, Secured Parties and Company each agree that Bank will comply with instructions given to Bank by the Notice Agent (as defined below) directing disposition of funds in the Collateral Accounts (“Disposition Instructions”) without further consent by Company. Except as otherwise required by law, Bank will not agree with any third party to comply with instructions for disposition of funds in the Collateral Accounts originated by such third party. For the purposes of this Agreement, “Notice Agent” means the First Lien Secured Party until such time as Bank has received written notice from First Lien Secured Party stating in substance that henceforth Second Lien Secured Party will be Notice Agent (the “Change Notice”). For the avoidance of doubt, there shall at all times be only one Notice Agent.
	  
	  

	3.	Company Access to Collateral Accounts. Notwithstanding the provisions of the “Secured Party Control” section of this Agreement, each Secured Party agrees that Company will be allowed access to the Collateral Accounts and Collateral Account Funds until Bank receives, and has had a reasonable opportunity (not to exceed two (2) Business Days, as defined in Section 6 below) to act on, written notice from the Notice Agent directing that Company no longer have access to any Collateral Accounts or Collateral Account Funds (an “Access Termination Notice”). Company irrevocably authorizes Bank to comply with any Access Termination Notice and/or Disposition Instructions even if Company objects to them in any way, and agrees that Bank may pay any and all Collateral Account Funds to Notice Agent in response to any Disposition Instructions. Company further agrees that after Bank receives an Access Termination Notice, Company will not have access to any Collateral Accounts or Collateral Account Funds.
	  
	  

	4.	Transfers in Response to Disposition Instructions. Notwithstanding the provisions of the “Secured Party Control” section of this Agreement, unless Bank separately agrees in writing to the contrary, Bank will have no obligation to disburse funds in response to Disposition Instructions other than by automatic standing wire. Bank agrees that on each Business Day after it receives and has had a reasonable opportunity (not to exceed two (2) Business Days) to act on an Access Termination Notice and corresponding Disposition Instructions it will transfer to the account specified at the end of this Agreement as the Destination Account or, if no account is specified, to such account as Notice Agent specifies in the Access Termination Notice (in either case, the “Destination Account”) the full amount of the collected and available balance in the Collateral Accounts at the beginning of such Business Day. Any disposition of funds which Bank makes in response to Disposition Instructions is subject to Bank’s standard policies, procedures and documentation governing the type of disposition made; provided, however, that in no circumstances will any such disposition require Company’s consent. To the extent any Collateral Account is a certificate of deposit or time deposit, Bank will be entitled to deduct any applicable early withdrawal penalty prior to disbursing funds from such account in response to Disposition Instructions.
	  
	  

	5.	Lockboxes. To the extent items deposited to a Collateral Account have been received in one or more post office lockboxes maintained for Company by Bank (each a “Lockbox”) and processed by Bank for deposit, Company acknowledges that Company has granted each Secured Party a security interest in all such items (the “Remittances”). Company agrees that after Bank receives an Access Termination Notice, Company will have no further right or ability to instruct Bank regarding the receipt, processing or deposit of Remittances, and that Notice Agent alone will have the right and ability to so instruct Bank. Company and each Secured Party acknowledge and agree that Bank’s operation of each Lockbox, and the receipt, retrieval, processing and deposit of Remittances, will at all times be governed by the applicable treasury management services agreement, if any.
	  
	  

	6.	Balance Reports and Bank Statements. Bank agrees, at the request of either Secured Party on any day on which Bank is open to conduct its regular banking business, other than a Saturday, Sunday or public holiday (each a “Business Day”), to make available to such Secured Party a report (“Balance Report”) showing the opening available balance in the Collateral Accounts as of the beginning of such Business Day, by a transmission method determined by Bank, in Bank’s sole discretion. Company expressly consents to this transmission of information. After Bank receives an Access Termination Notice, Bank will, on receiving a written request from Notice Agent, send to Notice Agent by United States mail, at the address indicated for Notice Agent after its signature to this Agreement, duplicate copies of all periodic statements on the Collateral Accounts which are subsequently sent to Company.

  
  	 
	1
	 
 
	 

  
 	7.	Returned Items. Secured Parties and Company understand and agree that the face amount (“Returned Item Amount”) of each Returned Item will be paid by Bank debiting the Collateral Account to which the Returned Item was originally credited, without prior notice to Secured Parties or Company. As used in this Agreement, the term “Returned Item” means (i) any item deposited to a Collateral Account and returned unpaid, whether for insufficient funds or for any other reason, and without regard to timeliness of the return or the occurrence or timeliness of any drawee’s notice of non-payment; (ii) any item subject to a claim against Bank of breach of transfer or presentment warranty under the Uniform Commercial Code (as adopted in the applicable state) or Regulation CC (12 C.F.R. §229), as in effect from time to time; (iii) any automated clearing house (“ACH”) entry credited to a Collateral Account and returned unpaid or subject to an adjustment entry under applicable clearing house rules, whether for insufficient funds or for any other reason, and without regard to timeliness of the return or adjustment; (iv) any credit to a Collateral Account from a merchant card transaction, against which a contractual demand for chargeback has been made; and (v) any credit to a Collateral Account made in error. Company agrees to pay all Returned Item Amounts immediately on demand, without setoff or counterclaim, to the extent there are not sufficient funds in the applicable Collateral Account to cover the Returned Item Amounts on the day Bank attempts to debit them from the Collateral Account. After Bank receives an Access Termination Notice, the Secured Party that is the Notice Agent at the time that the Returned Item Amounts are incurred agrees to pay all Returned Item Amounts within fifteen (15) calendar days after demand, without setoff or counterclaim, to the extent that (i) the Returned Item Amounts are not paid in full by Company within five (5) calendar days after demand on Company by Bank, and (ii) such Notice Agent has received proceeds from the corresponding Returned Items under this Agreement; provided, that such Notice Agent shall not be obligated to pay Returned Items Amounts and Settlement Item Amounts in an amount in excess of the aggregate amount of Collateral Account Funds received by such Notice Agent under this Agreement.
	  
	  

	8.	Settlement Items. Secured Parties and Company understand and agree that the face amount (“Settlement Item Amount”) of each Settlement Item will be paid by Bank debiting the applicable Collateral Account, without prior notice to Secured Parties or Company. As used in this Agreement, the term “Settlement Item” means (i) each check or other payment order drawn on or payable against any controlled disbursement account or other deposit account at any time linked to any Collateral Account by a zero balance account connection or other automated funding mechanism (each a “Linked Account”), which Bank cashes or exchanges for a cashier’s check or official check in the ordinary course of business prior to receiving an Access Termination Notice and having had a reasonable opportunity (not to exceed two (2) Business Days) to act on it, and which is presented for settlement against the Collateral Account (after having been presented against the Linked Account) after Bank receives the Access Termination Notice, (ii) each check or other payment order drawn on or payable against a Collateral Account, which, on the Business Day Bank receives an Access Termination Notice, Bank cashes or exchanges for a cashier’s check or official check in the ordinary course of business after Bank’s cutoff time for posting, (iii) each ACH credit entry initiated by Bank, as originating depository financial institution, on behalf of Company, as originator, prior to Bank having received an Access Termination Notice and having had a reasonable opportunity (not to exceed two (2) Business Days) to act on it, which ACH credit entry settles after Bank receives an Access Termination Notice, and (iv) any other payment order drawn on or payable against a Collateral Account or any Linked Account, which Bank has paid or funded prior to receiving an Access Termination Notice and having had a reasonable opportunity to act on it, and which is first presented for settlement against the Collateral Account in the ordinary course of business after Bank receives the Access Termination Notice and has transferred Collateral Account Funds to Secured Party under this Agreement. Company agrees to pay all Settlement Item Amounts immediately on demand, without setoff or counterclaim, to the extent there are not sufficient funds in the applicable Collateral Account to cover the Settlement Item Amounts on the day they are to be debited from the Collateral Account. After Bank receives an Access Termination Notice, the Secured Party that is the Notice Agent at the time the Settlement Item Amounts are incurred agrees to pay all Settlement Item Amounts within fifteen (15) calendar days after written demand, without setoff or counterclaim, to the extent that (i) the Settlement Item Amounts are not paid in full by Company within five (5) calendar days after demand on Company by Bank, (ii) such Notice Agent has received Collateral Account Funds under this Agreement; provided, that such Notice Agent shall not be obligated to pay Returned Items Amounts and Settlement Item Amounts in an amount in excess of the aggregate amount of Collateral Account Funds received by such Notice Agent under this Agreement.

  
  	 
	2
	 
 
	 

  
 	9.	Bank Fees. Company agrees to pay all Bank’s fees and charges for the maintenance and administration of the Collateral Accounts and for the treasury management and other account services provided with respect to the Collateral Accounts and any Lockboxes (collectively “Bank Fees”), including, but not limited to, the fees for (a) Balance Reports provided on the Collateral Accounts, (b) funds transfer services received with respect to the Collateral Accounts, (c) lockbox processing services, (d) Returned Items, (e) funds advanced to cover overdrafts in the Collateral Accounts (but without Bank being in any way obligated to make any such advances), and (f) duplicate bank statements. The Bank Fees will be paid by Bank debiting one or more of the Collateral Accounts on the Business Day that the Bank Fees are due, without notice to either Secured Party or Company. If there are not sufficient funds in the Collateral Accounts to cover fully the Bank Fees on the Business Day Bank attempts to debit them from the Collateral Accounts, such shortfall or the amount of such Bank Fees will be paid by Company to Bank, without setoff or counterclaim, within five (5) calendar days after demand from Bank.
	  
	  

	10.	Account Documentation. Except as specifically provided in this Agreement, each Secured Party and Company agree that the Collateral Accounts will be subject to, and Bank’s operation of the Collateral Accounts will be in accordance with, the terms of Bank’s applicable deposit account agreement governing the Collateral Accounts (“Account Agreement”). All documentation referenced in this Agreement as governing any Collateral Account or the processing of any Remittances is hereinafter collectively referred to as the “Account Documentation”. To the extent that the terms of this Agreement are inconsistent with any of the terms of the Account Documentation, the terms of this Agreement shall control
	  
	  

	11.	Partial Subordination of Bank’s Rights. Bank hereby subordinates to the security interest or liens of each Secured Party in the Collateral Accounts (i) any security interest or liens which Bank may have or acquire in the Collateral Accounts, and (ii) any right which Bank may have or acquire to set off or otherwise apply any Collateral Account Funds against the payment of any indebtedness from time to time owing to Bank from Company, except for debits to the Collateral Accounts permitted under this Agreement for the payment of Returned Item Amounts, Settlement Item Amounts or Bank Fees.
	  
	  

	12.	Bankruptcy Notice; Effect of Filing. If Bank at any time receives notice of the commencement of a bankruptcy case or other insolvency or liquidation proceeding by or against Company, Bank will continue to comply with its obligations under this Agreement, except to the extent that any action required of Bank under this Agreement is prohibited under applicable bankruptcy laws or regulations or is stayed pursuant to the automatic stay imposed under the United States Bankruptcy Code or by order of any court or agency. With respect to any obligation of either Secured Party hereunder which requires prior demand on Company, the commencement of a bankruptcy case or other insolvency or liquidation proceeding by or against Company will automatically eliminate the necessity of such demand on Company by Bank, and will immediately entitle Bank to make demand on each Secured Party with the same effect as if demand had been made on Company and the time for Company’s performance had expired.
	  
	  

	13.	Legal Process, Legal Notices and Court Orders. Bank will comply with any legal process, legal notice or court order it receives in relation to a Collateral Account if Bank determines in its sole discretion that the legal process, legal notice or court order is legally binding on it.
	  
	  

	14.	Indemnification. Company will indemnify, defend and hold harmless Bank, its officers, directors, employees, and agents (collectively, the “Indemnified Parties”) from and against any and all claims, demands, losses, liabilities, damages, costs and expenses (including reasonable attorneys’ fees) (collectively “Losses and Liabilities”) Bank may suffer or incur as a result of or in connection with (a) Bank complying with any binding legal process, legal notice or court order referred to in the immediately preceding section of this Agreement, (b) Bank following any instruction or request of either Secured Party, including but not limited to any Access Termination Notice or Disposition Instructions, or (c) Bank complying with its obligations under this Agreement, except to the extent such Losses and Liabilities are caused by Bank’s gross negligence or willful misconduct. To the extent such obligations of indemnity are not satisfied by Company within five (5) Business Days after written demand on Company by Bank, the Secured Party that is the Notice Agent at the time such Losses and Liabilities are incurred will indemnify, defend and hold harmless Bank and the other Indemnified Parties against any and all Losses and Liabilities Bank may suffer or incur as a result of Bank following any written instruction or written request of such Notice Agent, except to the extent such Losses and Liabilities are caused by Bank’s gross negligence or willful misconduct.

  
  	 
	3
	 
 
	 

  
 	15.	Bank’s Responsibility. This Agreement does not create any obligations of Bank, and Bank makes no express or implied representations or warranties with respect to its obligations under this Agreement, except for those expressly set forth herein. In particular, Bank need not investigate whether either Secured Party is entitled under such Secured Party’s agreements with Company to give an Access Termination Notice or Disposition Instructions. Bank may rely on any and all notices and communications it believes are given by the appropriate party. Bank will not be liable to Company, either Secured Party or any other party for any Losses and Liabilities caused by (i) circumstances beyond Bank’s reasonable control (including, without limitation, computer malfunctions, interruptions of communication facilities, labor difficulties, acts of God, wars, or terrorist attacks) or (ii) any other circumstances, except to the extent that such Losses and Liabilities are directly caused by Bank’s gross negligence or willful misconduct. In no event will any party be liable for any indirect, special, consequential or punitive damages, whether or not the likelihood of such damages was known to such party, and regardless of the form of the claim or action, or the legal theory on which it is based.
	  
	  

	16.	Termination. This Agreement may be terminated by (i) each Secured Party acting together, (ii) Second Lien Secured Party acting as Notice Agent or (iii) Bank at any time by giving thirty (30) calendar days prior written notice of such termination to the other parties to this Agreement at their contact addresses specified after their signatures to this Agreement; provided, however, that this Agreement may be terminated immediately upon written notice from both Secured Parties acting together, or Second Lien Secured Party acting as Notice Agent, to Bank on termination or release of such Secured Party’s security interest in the Collateral Accounts; provided that any notice from such Secured Party with respect to termnation or release must contain such Secured Party’s acknowledgement of the termination or release of its security interest in the Collateral Accounts. Company’s and each Secured Party’s respective obligations to report errors in funds transfers and bank statements and to pay Returned Items Amounts, Settlement Item Amounts, and Bank Fees, as well as the indemnifications made, and the limitations on the liability of Bank accepted, by Company and each Secured Party under this Agreement will continue after the termination of this Agreement with respect to all the circumstances to which they are applicable, existing or occurring before such termination, and any liability of any party to this Agreement, as determined under the provisions of this Agreement, with respect to acts or omissions of such party prior to such termination will also survive such termination; provided that the obligation of each Secured Party to pay Returned Item Amounts, Settlement Item Amounts and Bank Fees under Sections 7, 8 and 9 of this Agreement shall terminate on the date which is one hundred twenty (120) calendar days after the date of termination of this Agreement, except with respect to written claims made to such Secured Party prior to the expiration of such one hundred twenty (120) calendar day period. Upon any termination of this Agreement which occurs after Bank has received an Access Termination Notice and has had a reasonable opportunity (not to exceed two (2) Business Days) to act on it, (i) Bank will transfer all collected and available balances in the Collateral Accounts on the date of such termination in accordance with Notice Agent’s written instructions, and (ii) Bank will close any Lockbox and forward any mail received at the Lockbox unopened to such address as is communicated to Bank by Notice Agent under the notice provisions of this Agreement for a period of three (3) months after the effective termination date, unless otherwise arranged between Notice Agent and Bank, provided that Bank’s fees with respect to such disposition must be prepaid directly to Bank at the time of termination by cashier’s check payable to Bank or other payment method acceptable to Bank in its sole discretion.

  
  	 
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 	17.	Modifications, Amendments, and Waivers. This Agreement may not be modified or amended, or any provision thereof waived, except in a writing signed by all the parties to this Agreement.
	  
	  

	18.	Notices. All notices from one party to another must be in writing, must be delivered to Company, each Secured Party and/or Bank at their contact addresses specified after their signatures to this Agreement, or any other address of any party communicated to the other parties in writing, and will be effective on receipt. Any notice sent by a party to this Agreement to another party must also be sent to all other parties to this Agreement. Bank is authorized by Company and each Secured Party to act on any instructions or notices received by Bank if (a) such instructions or notices purport to be made in the name of Notice Agent, (b) Bank reasonably believes that they are so made, and (c) they do not conflict with the terms of this Agreement as such terms may be amended from time to time, unless such conflicting instructions or notices are supported by a court order.
	  
	  

	19.	Successors and Assigns. Neither Company nor either Secured Party may assign or transfer its rights, duties or obligations under this Agreement to any person or entity without the prior written consent of Bank, which consent will not be unreasonably withheld or delayed. Notwithstanding the foregoing, either Secured Party may transfer its rights, duties and obligations under this Agreement to (i) a transferee to which, by contract or operation of law, such Secured Party transfers substantially all of its rights, duties and obligations under the financing or other arrangements between such Secured Party and Company, or (ii) if such Secured Party is acting as a representative in whose favor a security interest is created or provided for, a transferee that is a successor representative; provided that as between Bank and such Secured Party, such Secured Party will not be released from its rights, duties and obligations under this Agreement unless and until Bank receives any such transferee’s binding written agreement to assume all of such Secured Party’s rights, duties and obligations hereunder. Bank may not assign or transfer its rights, duties or obligations under this Agreement to any person or entity without the prior written consent of each Secured Party, which consent will not be unreasonably withheld or delayed; provided, however, that no such consent will be required if such assignment or transfer takes place as part of a merger, acquisition or corporate reorganization affecting Bank.
	  
	  

	20.	Governing Law. This Agreement will be governed by and be construed in accordance with the laws of the state in which the office of Bank that maintains the Collateral Accounts is located, without regard to conflict of laws principles. This state will also be deemed to be Bank’s jurisdiction, for purposes of Article 9 of the Uniform Commercial Code as it applies to this Agreement.
	  
	  

	21.	Severability. To the extent that the terms of this Agreement are inconsistent with, or prohibited or unenforceable under, any applicable law or regulation, they will be deemed ineffective only to the extent of such prohibition or unenforceability, and will be deemed modified and applied in a manner consistent with such law or regulation. Any provision of this Agreement which is deemed unenforceable or invalid in any jurisdiction will not affect the enforceability or validity of the remaining provisions of this Agreement or the same provision in any other jurisdiction.
	  
	  

	22.	Counterparts. This Agreement may be executed in any number of counterparts each of which will be an original with the same effect as if the signatures were on the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by telecopier or electronic image scan transmission (such as a “pdf” file) will be effective as delivery of a manually executed counterpart of the Agreement.
	  
	  

	23.	Entire Agreement. This Agreement, together with the Account Documentation, contains the entire and only agreement among all the parties to this Agreement and between Bank and Company, on the one hand, and Bank and each Secured Party, on the other hand, with respect to (a) the interest of each Secured Party in the Collateral Accounts and Collateral Account Funds, and (b) Bank’s obligations to each Secured Party in connection with the Collateral Accounts and Collateral Account Funds.
	  
	  

	24.	Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY KNOWINGLY AND VOLUNTARILY WAIVES ITS RESPECTIVE RIGHT TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION OR DISPUTE ARISING OUT OF OR RELATED TO THIS AGREEMENT.

  
 [SIGNATURE PAGES FOLLOW]
  
  	 
	5
	 
 
	 

  
 This Agreement has been signed by the duly authorized officers or representatives of Company, Secured Parties and Bank on the date specified below.
  
 	 Date: April 5, 2019

	   

	 Collateral Account Numbers: 
	 10878157 (Operating Account)
 10878173 (Customer Deposit Account)
 10878181 (Interest Account)
 10878203 (Payroll Account)

  
 	 COMPANY:
	  
	 FIRST LIEN SECURED PARTY:
	  

	  
	  
	  
	  

	 1847 GOEDECKER INC.
		 BURNLEY CAPITAL LLC
	  

	  
	  
	  
	  
	  
	  

	 By:
	 /s/ Robert D. Barry 
		 By: 
	 /s/ Daniel O’Rourke
	  

	  
	  
	  
	  
	  
	  

	 Name:
	 Robert D. Barry
		 Name:
	 Daniel O’Rourke
	  

	  
	  
	  
	  
	  
	  

	 Title: 
	 Chief Financial Officer
		 Title: 
	 CEO
	  

  
 	 Address for Notices:
		 Address for Notices:
	  

	  
 c/o 1847 Partners LLC
		  
 Burnley Capital LLC
	  

	  
 590 Madison Avenue, 21st Floor
		  
 212 3rd Avenue N., Suite 505
	  

	  
 New York, NY 10022
		  
 Minneapolis MN 55401
	  

	  
 Attn: Ellery W. Roberts
		  
 Attention: Daniel F. O’Rourke
	  

	  
 Fax: (917) 793-5950
		  
 Email: dorourke@burnleycap.com
	  

			  
 Phone: (617) 417-1459
	  

  
 [SIGNATURE PAGES CONTINUE]
  
  	 
	6
	 
 
	 

  
 	  
	 SECOND LIEN SECURED PARTY:
  
 SMALL BUSINESS COMMUNITY CAPITAL II, L.P.
	  

	  
	  
	  
	  

		 By:
	 /s/ Crandall P. Deery
	  

	  
	  
	  
	  

		 Name: 
	 Crandall P. Deery
	  

	  
	  
	  
	  

		 Title: 
	 Partner
	  

	  
	  
	  
	  

		 Address for Notices:
	  

		  
		  

		 Small Business Community Capital II, L.P.
	  

	  
	  
	  

		 9W Broad Street, Stamford, CT 06902
	  

	  
	  
	  

		 Attention: Crandall P. Deery
	  

	  
	  
	  

		 Email: cdeery@sbccfund.com
	  

	  
	  
	  

		 Phone: (203) 551-9199
	  

  
 [SIGNATURE PAGES CONTINUE]
  
  	 
	7
	 
 
	 

  
 	 MONTGOMERY BANK
		
	  
	  
	  
	  

	 By: 
	 /s/ Russel Inman
		
	  
	  
	  
	  

	 Name:
	 Russel Inman
		
	  
	  
	  
	  

	 Title: 
	 Cash Management Officer
		

  
  	 Address for Notices:
		
	  
 Montgomery Bank
		
	  
 13303 Manchester Rd. 
		
	  
 Des Peres, MO 63131
		
	  
	  
	  

	  
		
	  
	  
	  

	  
		

  
  
  	 8

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