Document:

Exhibit
4.3

 

Officers’ Certificate

Pursuant to Sections 201, 301 and 303 of the Indenture

 

Dated: May 8, 2020

 

The undersigned, Sean P. Nugent, Senior
Vice President, Principal Financial Officer and Treasurer, and Michael R. Pfeiffer, Executive Vice President, Chief Administrative
Officer, General Counsel and Secretary, of Realty Income Corporation, a Maryland corporation (the “Company”), hereby
certify as follows:

 

The undersigned, having read the appropriate
provisions of the Indenture dated as of October 28, 1998 (the “Indenture”) between the Company and The Bank of
New York Mellon Trust Company, N.A., as successor trustee (the “Trustee”), including Sections 201, 301 and 303 thereof
and the definitions in such Indenture relating thereto, and certain other corporate documents and records, and having made such
examination and investigation as, in the opinion of the undersigned, each considers necessary to enable the undersigned to express
an informed opinion as to whether or not conditions set forth in the Indenture relating to the establishment of the title and terms
of the Company’s 3.250% Notes due 2031 (the “Securities”), which will constitute a new series of the Company’s
debt securities under the Indenture, and the form of certificate evidencing the Securities of such series have been complied with,
and whether the conditions in the Indenture relating to the authentication and delivery by the Trustee of the Securities of such
series have been complied with, certify that (i) the title and terms of the Securities of such series were established by
the undersigned pursuant to authority delegated to them by resolutions duly adopted by the Board of Directors of the Company on
October 16, 2018 and April 3, 2020 (the “Resolutions”) and such terms are set forth in Annex A hereto, (ii) the
form of certificate evidencing the Securities of such series was established by the undersigned pursuant to authority delegated
to them by the Resolutions and shall be in substantially the form attached hereto as Annex B (it being understood that, in
the event that the Securities of such series are ever issued in definitive certificated form, the legends appearing as the first
two paragraphs on the first page of such form of certificate evidencing the Securities of such series may be removed), (iii) a
true, complete and correct copy of the Resolutions, which were duly adopted by the Board of Directors of the Company and are
in full force and effect in the form adopted on the date hereof, are attached as Annex C hereto and are also attached as an
exhibit to the Certificate of the Secretary of the Company of even date herewith, (iv) the form, title and terms of the Securities
of such series have been established pursuant to and in accordance with Sections 201 and 301 of the Indenture and comply with the
Indenture and, in the opinion of the undersigned, all conditions provided for in the Indenture (including, without limitation,
those set forth in Sections 201, 301 and 303 of the Indenture) relating to the establishment of the title and terms of the Securities
of such series, the form of certificate evidencing the Securities of such series and the execution, authentication and delivery
of the Securities of such series have been complied with and (v) to the best knowledge of the undersigned, no Event of Default
(as defined in the Indenture) has occurred and is continuing with respect to the Securities.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF, we have hereunto set
our hands as of the date first written above.

 

	 	/s/ Sean P. Nugent
	 	Sean P. Nugent
	 	Senior Vice President, Principal Financial Officer and Treasurer

 

	 	/s/ Michael R. Pfeiffer
	 	Michael R. Pfeiffer
	 	Executive Vice President, Chief Administrative Officer, General Counsel and Secretary

 

Signature Page to Officers’ Certificate

Pursuant to Sections 201, 301 and 303 of the Indenture

 

     

     

    

 

ANNEX A

 

Terms
of the 3.250% Notes due 2031

 

For purposes
of this Annex A, the term “Securities” shall have the meaning set forth in clause (1) below. Other capitalized terms
used in this Annex A and not otherwise defined herein have the same definitions as in the Indenture referred to in the Officers’
Certificate of which this Annex A constitutes a part.

 

(1)               
A series of debt securities is hereby established under the Indenture, and such series of debt securities shall be
known and designated as the “3.250% Notes due 2031” (the “Securities”).

 

(2)               
The aggregate principal amount of the Securities of such series which may be authenticated and delivered under the
Indenture is limited to $600,000,000, except for Securities of such series authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, other Securities of such series pursuant to Sections 304, 305, 306, 906 or 1107 of
the Indenture; provided, however, that such series of Securities may be re-opened by the Company for the issuance of additional
Securities of such series, so long as any such additional Securities of such series have the same form and terms (other than, if
applicable, the offering price, underwriting or other discounts and commissions, the original date of issuance, the first date
on which interest thereon shall be payable and the date from which interest thereon shall begin to accrue), and carry the same
right to receive accrued and unpaid interest, as the Securities of such series theretofore issued; provided, however, that, notwithstanding
the foregoing, such series of Securities may not be reopened if the Company has effected defeasance or covenant defeasance with
respect to the Securities of such series pursuant to Section 1402 and 1403, respectively, of the Indenture or has effected
satisfaction and discharge with respect to the Securities of such series pursuant to Section 401 of the Indenture.

 

(3)               
The Securities of such series are issuable only as Registered Securities without coupons and may, but need not, bear
a corporate seal. The Securities of such series shall initially be issued in book-entry form and represented by one or more
permanent Global Securities of such series, the initial depositary (the “Depositary,” which term includes any successors
thereto) for the Global Securities of such series shall be The Depository Trust Company, and the depositary arrangements shall
be those employed by whoever shall be the Depositary with respect to the Global Securities of such series from time to time. Notwithstanding
the foregoing, certificated Securities of such series in definitive form (“Certificated Securities”) may be issued
in exchange for Global Securities of such series under the circumstances contemplated by Section 305 of the Indenture.

 

(4)                The
Securities of such series shall be sold by the Company to the several underwriters named in the Purchase Agreement dated May
6, 2020, for whom Citigroup Global Markets Inc., BofA Securities, Inc., Barclays Capital Inc., J.P. Morgan Securities
LLC and Wells Fargo Securities, LLC are acting as representatives, at a price equal to 98.337% of the principal amount
thereof. The initial price to public of the Securities shall be 98.987% of the principal amount thereof, plus accrued
interest from May 8, 2020 if settlement occurs after that date. Underwriting discounts and commissions shall be 0.650% of the
principal amount of the Securities.

 

     

     

    

 

(5)               
The final maturity date of the Securities on which the principal thereof is due and payable shall be January 15,
2031.

 

(6)               
The principal of the Securities of such series shall bear interest at the rate of 3.250% per annum from May
8, 2020 or from the most recent date to which interest has been paid or duly provided for, payable semiannually in arrears on January
15 and July 15 (each, an “Interest Payment Date”) of each year, commencing July 15, 2020, to the Persons in whose names
the Securities of such series (or one or more Predecessor Securities of such series) are registered at the close of business on
the January 1 and July 1 (each, a “Regular Record Date”), respectively, immediately prior to such Interest Payment
Dates, regardless of whether such Regular Record Date is a Business Day. Interest on the Securities will be computed on the basis
of a 360-day year of twelve 30-day months. If any principal of, or premium, if any, or interest on, any of the Securities of such
series is not paid when due, then such overdue principal and, to the extent permitted by law, such overdue premium or interest,
as the case may be, shall bear interest until paid or until such payment is duly provided for at the rate of 3.250% per annum.

 

(7)               
Los Angeles, California is hereby designated as a Place of Payment for the Securities of such series. The place where
the principal of and premium, if any, and interest on the Securities of such series shall be payable, where Securities of such
series may be surrendered for the registration of transfer or exchange, and where notices or demands to or upon the Company in
respect of the Securities of such series and the Indenture may be served shall be the office or agency maintained by the Company
for such purpose in Los Angeles, California, which shall initially be an office of the Trustee in Los Angeles, California, which
on the date hereof is located at The Bank of New York Mellon Trust Company, N.A., Attention: Corporate Trust Administration, 400
South Hope Street, Suite 500, Los Angeles, CA 90071; provided, that, so long as any Certificated Notes (as defined in the form
of Security of such series which appears as Annex B to the Officers’ Certificate of which this Annex A is a part) are outstanding,
the Borough of Manhattan, The City of New York shall also be a Place of Payment for the Securities of such series and the Company
will maintain an office or agency in the Borough of Manhattan, The City of New York where the principal of and premium, if any,
and interest on the Securities of such series shall be payable, where Securities of such series may be surrendered for registration
of transfer or exchange, and where notices or demands to or upon the Company in respect of the Securities of such series and the
Indenture may be served.

 

(8)                
The Securities of such series are redeemable at any time, as a whole or from time to time in part, at the option of the
Company on the terms and subject to the conditions set forth in the Indenture and in the form of Security of such series
which appears as Annex B to the Officers’ Certificate of which this Annex A is a part; provided that, if less than all
of the Outstanding Securities of such series (including, without limitation, any Outstanding Securities of such series issued
upon a re-opening of such series) are to be redeemed, the Securities of such series (or portions thereof) to be redeemed
shall be selected, in the case of Securities of such series in book-entry form evidenced by one or more Global Securities, in
accordance with the applicable procedures of the Depositary or, in the case of any Certificated Securities of such series, by
such method as the Trustee shall deem fair and appropriate, all as further provided in the Indenture, and, for the avoidance
of doubt, it is understood and agreed that the foregoing selection of Securities of such series (or portions thereof) for
redemption shall be made from among all of the Outstanding Securities of such series (including, without limitation, any
Outstanding Securities of such series issued upon a re-opening of such series), treated as a single class.

 

     

     

    

 

(9)               
The Securities of such series shall not be repayable or redeemable at the option of the Holders prior to the final
maturity date of the principal thereof (except as provided in Article Five of the Indenture) and shall not be subject to a
sinking fund or analogous provision.

 

(10)           
The Securities of such series shall be issued in minimum denominations of $2,000 and integral multiples of $1,000
in excess thereof.

 

(11)           
The Trustee shall be the initial trustee, Security Registrar, transfer agent and Paying Agent for the Securities
of such series.

 

(12)           
The entire outstanding principal amount of the Securities of such series shall be payable upon declaration of acceleration
of the maturity of the Securities of such series pursuant to Section 502 of the Indenture.

 

(13)           
Payment of the principal of and premium, if any, and interest on the Securities of such series shall be made in Dollars
and the Securities of such series shall be denominated in Dollars.

 

(14)           
Other than amounts payable upon redemption of the Securities at the option of the Company prior to October 15, 2030,
the amount of payments of principal of and premium, if any, and interest on the Securities of such series shall not be determined
with reference to an index, formula or other similar method.

 

(15)           
Neither the Company nor the Holders of the Securities of such series shall have any right to elect the currency in
which payments on the Securities of such series are made.

 

(16)            With
respect to the Securities of such series, in addition to the covenants of the Company set forth in the Indenture, the
covenants set forth in the form of Security of such series attached as Annex B to the Officers’ Certificate of
which this Annex A is a part under the captions “Limitation on Incurrence of Total Debt,” “Limitation on
Incurrence of Secured Debt,” “Debt Service Coverage” and “Maintenance of Total Unencumbered
Assets” (collectively, the “Additional Covenants”) shall be and hereby are added to the Indenture for the
benefit of the Securities of such series and the Holders of the Securities of such series, and the Additional Covenants,
together with the defined terms (the “Additional Definitions”) set forth in such form of Security of such series
under the caption “Certain Definitions,” are hereby incorporated by reference in and made a part of this Annex A
and the Indenture as if set forth in full herein and therein; provided that the Additional Definitions set forth in the
Securities of such series shall only be applicable with respect to the Securities of such series and the Additional
Definitions and the Additional Covenants set forth in the Securities of such series shall only be effective, insofar as they
apply to the Securities of such series, for so long as any of the Securities of such series is Outstanding; provided,
further, that except as set forth in (24) below, the definition of “Subsidiary” set forth in the form of
certificate evidencing the Securities of such series attached as Annex B to the Officers’ Certificate of which this
Annex A is a part shall only be applicable with respect to the Additional Covenants and the Additional Definitions set forth
in the Securities of such series.

 

     

     

    

 

(17)           
The Securities of such series will not be issuable as Bearer Securities, and temporary global certificates will not
be issued.

 

(18)           
Except as otherwise provided in the Indenture with respect to the payment of Defaulted Interest on the Securities
of such series, interest payable on any Security of such series on an Interest Payment Date for the Securities of such series shall
be payable only to the Person in whose name that Security (or one or more Predecessor Securities of such series) is registered
at the close of business on the Regular Record Date for such interest.

 

(19)           
Sections 1402 and 1403 of the Indenture shall apply to the Securities of such series, provided that (i) the
Company may effect defeasance and covenant defeasance pursuant to Section 1402 and 1403, respectively, only with respect to
all (and not less than all) of the Outstanding Securities of such series and (ii) in addition to the covenants specifically
referred to by section number in Section 1403 of the Indenture (insofar as such covenants apply to the Securities of such
series), the Additional Covenants applicable to the Securities of such series shall also be subject to covenant defeasance pursuant
to Section 1403.

 

(20)           
The Securities of such series will be authenticated and delivered as provided in Section 303 of the Indenture.

 

(21)           
The Company shall not be required to pay Additional Amounts with respect to the Securities of such series as contemplated
by Section 1010 of the Indenture.

 

(22)           
The Securities of such series shall not be convertible or exchangeable into Common Stock or Preferred Stock.

 

(23)           
The Securities of such series will be senior obligations of the Company.

 

(24)           
Insofar as Section 801 of the Indenture is applicable to the Securities of such series, the term “Subsidiary,”
as such term is used in Section 801(2) of the Indenture, shall have the meaning set forth in the form of Security of such
series attached as Annex B to the Officers’ Certificate of which this Annex A is a part (instead of the meaning set forth
in Section 101 of the Indenture), and the term “indebtedness,” as used in Section 801(2) of the Indenture,
shall be deemed to include, without limitation, “Debt” and “Secured Debt” (as such terms are defined in
the form of Security of such series attached as Annex B to the Officers’ Certificate of which this Annex A is a part).

 

(25)           
The provisions of Section 1011 of the Indenture shall be applicable with respect to any term, provision or condition
set forth in the Additional Covenants applicable to the Securities of such series, in addition to any term, provision and condition
set forth in Sections 1004 to 1008, inclusive, of the Indenture.

 

     

     

    

 

(26)           
The Securities of such series shall have such other terms and provisions as are set forth in the form of certificate
evidencing the Securities of such series attached as Annex B to the Officers’ Certificate of which this Annex A is a part,
all of which terms and provisions are incorporated by reference in and made a part of this Annex A and the Indenture as if set
forth in full herein and therein.

 

(27)           
As used in the Indenture with respect to the Securities of such series and in the certificates evidencing the Securities
of such series, all references to “premium” on the Securities of such series shall mean any amounts (other than accrued
interest) payable upon the redemption of any Securities of such series in excess of 100% of the principal amount of such Securities.

 

(28)           
Payments of principal of and premium, if any, and interest on Global Securities of such series will be made by the
Company by wire transfer of immediately available funds to an account maintained by the payee located in the United States. In
the event that any Securities of such series are issued in the form of Certificated Securities of such series, payments of principal
of and premium, if any, and interest on such Certificated Securities of such series shall be made in the manner set forth in the
form of Security of such series which appears as Annex B to the Officers’ Certificate of which this Annex A is a part and
in the Indenture.

 

(29)           
A new Section 115 (the “New Section”) shall be and hereby is added to the Indenture, which New Section
shall appear immediately after Section 114 of the Indenture and shall read in full as follows; provided that the New Section shall
be applicable only with respect to the Securities of such series and shall only be effective for so long as any of the Securities
of such series is outstanding:

 

“SECTION 115.      ELECTRONIC SIGNATURES;
CORPORATE SEAL

 

“The words
 “execution,” signed,” signature,” and words of like import in this Indenture shall include images of
manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation,
 “pdf,” “tif” or “jpg”) and other electronic signatures (including without limitation,
DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract
or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal
effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the
fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any
state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation to the
foregoing, and anything in this Indenture to the contrary notwithstanding, (a) any Officers’ Certificate, Company
Order, Opinion of Counsel, Security, certificate of authentication appearing on or attached to any Security, supplemental
indenture or other certificate, opinion of counsel, instrument, agreement or other document delivered pursuant to this
Indenture may be executed, attested and transmitted by any of the foregoing electronic means and formats, (b) all references
in Section 303 or elsewhere in this Indenture to the execution, attestation or authentication of any Security or any
certificate of authentication appearing on or attached to any Security by means of a manual or facsimile signature shall be
deemed to include signatures that are made or transmitted by any of the foregoing electronic means or formats, and (c) any
requirement in Section 303 or elsewhere in the Indenture that any signature be made under a corporate seal (or facsimile
thereof) shall not be applicable to the Securities of such series.”live-ex101_27.htm

 

Exhibit 10.1

 

	
 
	
Promissory Note
	
 
	
 

	
Date

May 01, 2020
	
Loan Amount

$4,767,887.00
	
Interest Rate after Deferment Period

1.00% fixed per annum
	
Deferment Period

6 months
	
 

This Promissory Note (“Note”) sets forth and confirms the terms and conditions of a term loan to Marquis Industries Inc (whether one or more than one, “Borrower”) from Bank of America, NA, a national banking association having an address of P.O. Box 15220, Wilmington, DE 19886-5220 (together with its agents, affiliates, successors and assigns, the “Bank”) for the Loan Amount and at the Interest Rate stated above (the “Loan”). The Loan is made pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The funding of the Loan is conditioned upon approval of Borrower’s application for the Loan and Bank’s receiving confirmation from the SBA that Bank may proceed with the Loan. The date on which the funding of the Loan takes place is referred to as the “Funding Date”. If the Funding Date is later than the date of this Note, the Deferment Period commences on the Funding Date and ends six months from the Funding Date. After sixty (60) days from the date the Loan is funded, but not more than ninety (90) days from the date the Loan is funded, Borrower shall apply to Bank for loan forgiveness. If the SBA confirms full and complete forgiveness of the unpaid balance of the Loan, and reimburses Bank for the total outstanding balance, principal and interest, Borrower’s obligations under the Loan will be deemed fully satisfied and paid in full. If the SBA does not confirm forgiveness of the Loan, or only partly confirms forgiveness of the Loan, or Borrower fails to apply for loan forgiveness, Borrower will be obligated to repay to the Bank the total outstanding balance remaining due under the Loan, including principal and interest (the “Loan Balance”), and in such case, Bank will establish the terms for repayment of the Loan Balance in a separate letter to be provided to Borrower, which letter will set forth the Loan Balance, the amount of each monthly payment, the interest rate (not in excess of a fixed rate of one per cent (1.00%) per annum), the term of the Loan, and the maturity date of two (2) years from the funding date of the Loan. No principal or interest payments will be due prior to the end of the Deferment Period. Borrower promises, covenants and agrees with Bank to repay the Loan in accordance with the terms for repayment as set forth in that letter (the “Repayment Letter”). Payments greater than the monthly payment or additional payments may be made at any time without a prepayment penalty but shall not relieve Borrower of its obligations to pay the next succeeding monthly payment.

In consideration of the Loan received by Borrower from Bank, Borrower agrees as follows:

	
1.
	
DEPOSIT ACCOUNT/USE OF LOAN PROCEEDS: Borrower is required to maintain a deposit account with Bank of America, N.A. (the “Deposit Account”) until the Loan is either forgiven in full or the Loan is fully paid by Borrower. Borrower acknowledges and agrees that the proceeds of the Loan shall be deposited by Bank into the Deposit Account. The Loan proceeds are to not be used by Borrower for any illegal purpose and Borrower represents to the Bank that it will derive material benefit, directly and indirectly, from the making of the Loan.

	
2.
	
DIRECT DEBIT. If the Loan is not forgiven and a Loan Balance remains, Borrower agrees that on the due date of any amount due as set forth in the Repayment Letter, Bank will debit the amount due from the Deposit Account established by Borrower in connection with this Loan. Should there be insufficient funds in the Deposit Account to pay all such sums when due, the full amount of such deficiency be shall be immediately due and payable by Borrower.

	
3.
	
INTEREST RATE: Bank shall charge interest on the unpaid principal balance of the Loan at the interest rate set forth above under “Interest Rate” from the date the Loan was funded until the Loan is paid in full.

	
4.
	
REPRESENTATIONS, WARRANTIES AND COVENANTS. (1) Borrower represents and warrants to Bank, and covenants and agrees with Bank, that: (i) Borrower has read the statements included in the Application, including the Statements Required by Law and Executive Orders, and Borrower understands them. (ii) Borrower was and remains eligible to receive a loan under the rules in effect at the time Borrower submitted to Bank its Paycheck Protection Program Application Form (the “Application”) that have been issued by the SBA implementing the Paycheck Protection Program under Division A, Title I of the CARES Act (the “Paycheck Protection Program Rule”). (iii) Borrower (a) is an independent contractor, eligible self-employed individual, or sole proprietor or (b) employs no more than the greater of 500 employees or, if applicable, the size standard in number of employees established by the SBA in 13 C.F.R. 121.201 for Borrower’s industry. (iv) Borrower will comply whenever applicable, with the civil rights and other limitations in the Application. (v) All proceeds of the Loan will be used only for business-related purposes as specified in the Application and consistent with the Paycheck Protection Program Rule. (vi) To the extent feasible, Borrower will purchase only American-made equipment and products. (vii) Borrower is not engaged in any activity that is illegal under federal, state or local law. (viii) Borrower certifies that any loan received by Borrower under Section 7(b)(2) of the Small Business Act between January 31, 2020 and April 3, 2020 that will remain outstanding after funding of this Loan was for a purpose other than paying payroll costs and other allowable uses loans under the Paycheck Protection Program Rule. (ix) Borrower was in operation on February 15, 2020 and had employees for whom Borrower paid salaries and payroll taxes or paid independent contractors (as reported on Form(s) 1099-MISC). (x) The current economic uncertainty makes the request for the Loan necessary to support the ongoing operations of Borrower. (xi) All proceeds of the Loan will be used to retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments, as specified under the Paycheck Protection Program Rule and Borrower acknowledges that if the funds are knowingly used for unauthorized purposes, the federal government may hold Borrower and/or Borrower’s authorized representative legally liable, such as for charges of fraud. (xii) Borrower has provided Bank true, correct and complete information demonstrating that Borrower had employees for whom Borrower paid salaries and payroll taxes on or around February 15, 2020. (xiii) Borrower has provided to Bank all documentation available to Borrower on a reasonable basis verifying the dollar amounts of average monthly payroll costs for the calendar year 2019, which documentation shall include, as applicable, copies of payroll processor records, payroll tax filings and/or Form 1099-MISC. (xiv) Borrower will promptly provide to Bank (a) any additional documentation that Bank requests in order to verify payroll costs and (b) documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight week period following the Loan. (xv) Borrower acknowledges that (a) loan forgiveness will be provided by the SBA for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities, and not more than 25% of the Forgivable Amount may be for non-payroll costs (xvi) 

1

 

		
During the period beginning on February 15, 2020 and ending on December 31, 2020, Borrower has not and will not receive any other loan under the Paycheck Protection Program. (xvii) Borrower certifies that the information provided in the Application and the information that Borrower provided in all supporting documents and forms is true and accurate in all material respects. Borrower acknowledges that knowingly making a false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 USC 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a Federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000. (xviii) Borrower understands, acknowledges and agrees that Bank can share any tax information received from Borrower or any Owner with SBA's authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews. (xix) Neither Borrower nor any Owner, is presently suspended, debarred, proposed for debarment, declared ineligible, voluntarily excluded from participation in this transaction by any Federal department or agency, or presently involved in any bankruptcy. (xx) Neither Borrower, nor any Owner, nor any business owned or controlled by any of them, ever obtained a direct or guaranteed loan from SBA or any other Federal agency that is currently delinquent or has defaulted in the last 7 years and caused a loss to the government. (xxi) Neither Borrower, nor any Owner, is an owner of any other business or has common management with any other business, except as disclosed to the Bank in connection with the Borrower’s Application. (xxii) Borrower did not receive an SBA Economic Injury Disaster Loan between January 31, 2020 and April 3, 2020, except as disclosed to the Bank in connection with the Borrower’s Application. (xxiii) Neither Borrower (if an individual), nor any individual owning 20% or more of the equity of Borrower (each, an “Owner”), is subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction, or presently incarcerated, on probation or parole. (xxiv) Neither Borrower (if an individual), nor any Owner, has within the last 5 years been convicted; pleaded guilty; pleaded nolo contendere; been placed on pretrial diversion; or been placed on any form of parole or probation (including probation before judgment) for any felony. (xxv) The United States is the principal place of residence for all employees of Borrower included in Borrower’s payroll calculation included in the Application. (xxvi)  The Borrower correctly indicated on its Application whether it is a franchise that is listed in the SBA’s franchise directory. (xxvii) If Borrower is claiming an exemption from all SBA affiliation rules applicable to Paycheck Protection Program loan eligibility under the religious exemption to the affiliation rules, Borrower has made a reasonable, good faith determination that it qualifies for such religious exemption under 13 C.F.R. 121.103(b)(10), which provides that “[t]he relationship of a faith-based organization to another organization is not considered an affiliation with the other organization...if the relationship is based on a religious teaching or belief or otherwise constitutes a part of the exercise of religion.” (2) At all times during the term the of the Loan, Borrower represents and warrants to the Bank, that (i) if 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; (ii) this Note, and any instrument or agreement required under this Note, are within Borrower's powers, have been duly authorized, and do not conflict with any of its organizational papers; (iii) the information included in the Beneficial Ownership Certification most recently provided to the Bank, if applicable, is true and correct in all respects; and (iv) in each state in which 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. IF THE FUNDING DATE IS AFTER THE DATE OF THIS NOTE, BORROWER AGREES THAT BORROWER SHALL BE DEEMED TO HAVE REPEATED AND REISSUED, IMMEDIATELY PRIOR TO THE FUNDING ON THE FUNDING DATE, THE REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS SET FORTH ABOVE IN THIS PARAGRAPH

	
5.
	
EVENTS OF DEFAULT: If the Loan is not forgiven and a Loan Balance remains, then from the date the Repayment Letter is sent to Borrower until the Loan Balance is fully paid, the occurrence and continuation of any of the following events shall constitute a default hereunder: (i) insolvency, bankruptcy, dissolution, issuance of an attachment or garnishment against Borrower; (ii) failure to make any payment when due under the Loan or any or all other loans made by Bank to Borrower, and such failure continues for ten (10) days after it first became due; (iii) failure to provide current financial information promptly upon request by Bank; (iv) the making of any false or materially misleading statement on any application or any financial statement for the Loan or for any or all other loans made by Bank to Borrower; (v) Bank in good faith believes the prospect of payment under the Loan or any or all other loans made by Bank to Borrower is impaired; (vi) Borrower under or in connection with the Loan or any or all other loans made by Bank to Borrower fails to timely and properly observe, keep or perform any term, covenant, agreement, or condition therein; (vii) default shall be made with respect to any other indebtedness for borrowed money of Borrower, if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such indebtedness for borrowed money or to permit the holder or obligee thereof or other party thereto to cause any such indebtedness for borrowed money to become due prior to its stated maturity; (viii) the Bank in its sole discretion determines in good faith that an event has occurred that materially and adversely affects Borrower; (ix) any change shall occur in the ownership of the Borrower; (x) permanent cessation of Borrower’s business operations; (xi) Borrower, if an individual, dies, or becomes disabled, and such disability prevents the Borrower from continuing to operate its business; (xii) Bank receives notification or is otherwise made aware that Borrower, or any affiliate of Borrower, is listed as or appears on any lists of known or suspected terrorists or terrorist organizations provided to Bank by the U.S. government under the USA Patriot Act of 2001; and (xiii) Borrower fails to maintain the Deposit Account with the Bank.

	
6.
	
REMEDIES: If the Loan is not forgiven and a Loan Balance remains, then from the date the Repayment Letter is sent to Borrower, upon the occurrence of a default, all or any portion of the entire amount owing on the Loan, and any and all other loans made by Bank to Borrower, shall, at Bank’s option, become immediately due and payable without demand or notice. Upon a default, Bank may exercise any other right or remedy available to it at law or in equity. All persons included in the term “Borrower” are jointly and severally liable for repayment, regardless of to whom any advance of credit was made. Borrower shall pay any costs Bank may incur including without limitation reasonable attorney’s fees and court costs should the Loan and/or any and all other loans made by Bank to Borrower be referred to an attorney for collection to the extent permitted under applicable state law. EACH PERSON INCLUDED IN THE TERM BORROWER WAIVES ALL SURETYSHIP AND OTHER SIMILAR DEFENSES TO THE FULL EXTENT PERMITTED BY APPLICABLE LAW.

	
7.
	
CREDIT INVESTIGATION: If the Loan is not forgiven and a Loan Balance remains, then from the date the Repayment Letter is sent to Borrower until the Loan Balance is fully paid, Borrower authorizes Bank and any of its affiliates at any time to make whatever credit investigation Bank deems is proper to evaluate Borrower’s credit, financial standing and employment and Borrower authorizes Bank to exchange Borrower’s credit experience with credit bureaus and other creditors Bank reasonably believes are doing business with Borrower. Borrower also agrees to furnish Bank with any financial statements Bank may request at any time and in such detail as Bank may require.

	
8.
	
NOTICES: Borrower’s request for Loan forgiveness, and the documentation that must accompany that request, shall be submitted to Bank by transmitting the communication to the electronic address, website, or other electronic transmission portal provided by Bank to Borrower. Otherwise, all notices required under this Note shall be personally delivered or sent by first class mail, postage prepaid, or by overnight courier, to 

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the addresses on the signature page of this Note, or sent by facsimile to the fax 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 (any such notice a “Written Notice”).   Written Notices 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.   In lieu of a Written Notice, notices and/or communications from the Bank to the Borrower may, to the extent permitted by law, be delivered electronically (i) by transmitting the communication to the electronic address provided by the Borrower or to such other electronic address as the Borrower may specify from time to time in writing, or (ii) by posting the communication on a website and sending the Borrower a notice to the Borrower’s postal address or electronic address telling the Borrower that the communication has been posted, its location, and providing instructions on how to view it (any such notice, an “Electronic Notice”). Electronic Notices shall be effective when presented to the Borrower, or is sent to the Borrower’s electronic address or is posted to the Bank’s website.  To retain a copy for your records, please download and print or save a copy to your device.

	
9.
	
CHOICE OF LAW; JURISDICTION; VENUE. (1) At all times that Bank is the holder of this Note, except to the extent that any law of the United States may apply, this Note shall be governed and interpreted according to the internal laws of the state of Borrower’s principal place of business (the “Governing Law State”), without regard to any choice of law, rules or principles to the contrary. However, the charging and calculating of interest on the obligations under this Note shall be governed by, construed and enforced in accordance with the laws of the state of North Carolina and applicable federal law. Nothing in this paragraph shall be construed to limit or otherwise affect any rights or remedies of Bank under federal law. Borrower and Bank agree and consent to be subject to the personal jurisdiction of any state or federal court located in the Governing Law State so that trial shall only be conducted by a court in that state. (2) Notwithstanding the foregoing, when SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

	
10.
	
MISCELLANEOUS. The Loan may be sold or assigned by Bank without notice to Borrower. Borrower may not assign the Loan or its rights hereunder to anyone without Bank’s prior written consent. If any provision of this Note is contrary to applicable law or is found unenforceable, such provision shall be severed from this Note without invalidating the other provisions thereof. Bank may delay enforcing any of its rights under this Note without losing them, and no failure or delay on the part of Bank in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of any other right, power or privilege. Bank, by its acceptance hereof, and the making of the Loan and Borrower understand and agree that this Note constitutes the complete understanding between them. This Note shall be binding upon Borrower, and its successors and assigns, and inure to the benefit of Bank and its successors and assigns.

	
11.
	
BORROWING AUTHORIZED. The signer for Borrower represents, covenants and warrants to Bank that he or she is certified to borrow for the Borrower and is signing this Note as the duly authorized sole proprietor, owner, sole shareholder, officer, member, managing member, partner, trustee, principal, agent or representative of Borrower, and further acknowledges and confirms to Bank that by said signature he or she has read and understands all of the terms and provisions contained in this Note and agrees and consents to be bound by them. This Note and any instrument or agreement required herein, are within the Borrower's powers, have been duly authorized, and do not conflict with any of its organizational papers. The individuals signing this Agreement on behalf of each Borrower are authorized to sign such documents on behalf of such entities. For purposes of this Note only, the Bank may rely upon and accept the authority of only one signer on behalf of the Borrower, and for this Note, this resolution supersedes and replaces any prior and existing contrary resolution provided by Borrower to Bank.

	
12.
	
ELECTRONIC COMMUNICATIONS AND SIGNATURES. This Note and any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Note (each a “Communication”), including Communications required to be in writing, may, if agreed by the Bank, be in the form of an Electronic Record and may be executed using Electronic Signatures, including, without limitation, facsimile and/or .pdf. The Borrower agrees that any Electronic Signature (including, without limitation, facsimile or .pdf) on or associated with any Communication shall be valid and binding on the Borrower to the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered to the Bank. Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention. The Bank may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary course of the Bank’s business, and destroy the original paper document. All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, the Bank is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Bank pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Bank has agreed to accept such Electronic Signature, the Bank shall be entitled to rely on any such Electronic Signature without further verification and (b) upon the request of the Bank any Electronic Signature shall be promptly followed by a manually executed, original counterpart. For purposes hereof, “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

	
13.
	
CONVERSION TO PAPER ORIGINAL. At the Bank’s discretion the authoritative electronic copy of this Note ("Authoritative Copy") may be converted to paper and marked as the original by the Bank (the "Paper Original"). Unless and until the Bank creates a Paper Original, the Authoritative Copy of this Agreement: (1) shall at all times reside in a document management system designated by the Bank for the storage of authoritative copies of electronic records, and (2) is held in the ordinary course of business. In the event the Authoritative Copy is converted to a Paper Original, the parties hereto acknowledge and agree that: (1) the electronic signing of this Agreement also constitutes issuance and delivery of the Paper Original, (2) the electronic signature(s) associated with this Agreement, when affixed to the Paper Original, constitutes legally valid and binding signatures on the Paper Original, and (3) the Borrower’s obligations will be evidenced by the Paper Original after such conversion.

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14.
	
BORROWER ATTESTATION. Borrower attests and certifies to Bank that it has not provided false or misleading information or statements to the Bank in its application for the Loan, and that the certifications, representations, warranties, and covenants made to the Bank in this Note and elsewhere relating to the Loan are true, accurate, and correct. Borrower further attests and certifies to Bank that it is has read, understands, and acknowledges that the Loan is being made under the CARES Act, and any use of the proceeds of the Loan other than as permitted by the CARES Act, or any false or misleading information or statements provided to the Bank in its application for the Loan or in this Note may subject the Borrower to criminal and civil liability under applicable state and federal laws and regulations, including but not limited to, the False Claims Act, 31  U.S.C. Section 3729, et. seq. Borrower further acknowledges and understands that this Note is not valid and effective until and unless Borrower’s application for the Loan is approved and Bank’s receiving confirmation from the SBA that Bank may proceed with the Loan.

IN WITNESS WHEREOF, I, the authorized representative of the Borrower, hereto have caused this Promissory Note to be duly executed as of the date set forth below.

	
 
	
BORROWER:   Marquis Industries Inc
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
/s/ Weston Godfrey
	
 
	
 
	
 

	
 
	
Signature of Authorized Representative of Borrower
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Weston Godfrey
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
Print Name
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Authorized Representative
	
 
	
 
	
 
	
 

	
 
	
Chief Executive Officer
	
 
	
 
	
 

	
 
	
Title
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
STREET ADDRESS: 2743 Hwy 76
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
CITY/STATE/ZIP CODE:   Chatsworth, GA, 30705-6372
	
 
	
 
	
 

 

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