Document:

AMENDED
AND RESTATED

     

    OPERATING
AGREEMENT

     

    OF

     

    ULTIMATE
ESCAPES HOLDINGS, LLC

     

    Dated
as of October 29, 2009

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

     

    
      
        
          	 
      	 
      	
                  Page

                
	 
      	 
      
	
                  ARTICLE
      I FORMATION AND CONTINUATION OF THE COMPANY

                	
                  2

                
	 
      	 
      	 
      
	
                  Section
      1.1.

                	
                  Formation
      and Continuation of the Company

                	
                  2

                
	
                  Section
      1.2.

                	
                  Name

                	
                  2

                
	
                  Section
      1.3.

                	
                  Business
      of the Company

                	
                  2

                
	
                  Section
      1.4.

                	
                  Location
      of Principal Place of Business

                	
                  2

                
	
                  Section
      1.5.

                	
                  Registered
      Agent and Office

                	
                  2

                
	
                  Section
      1.6.

                	
                  Term

                	
                  2

                
	 
      	 
      
	
                  ARTICLE
      II DEFINITIONS

                	
                  2

                
	 
      	 
      	 
      
	
                  Section
      2.1.

                	
                  Definitions

                	
                  2

                
	
                  Section
      2.2.

                	
                  Accounting
      Terms and Determinations

                	
                  12

                
	 
      	 
      
	
                  ARTICLE
      III UNITS; CAPITAL CONTRIBUTIONS

                	
                  12

                
	 
      	 
      	 
      
	
                  Section
      3.1.

                	
                  Units.

                	
                  12

                
	
                  Section
      3.2.

                	
                  Interest
      on Capital Contributions

                	
                  12

                
	
                  Section
      3.3.

                	
                  Withdrawal
      and Return of Capital Contributions

                	
                  12

                
	
                  Section
      3.4.

                	
                  Unit
      Certificates

                	
                  12

                
	
                  Section
      3.5.

                	
                  [Intentionally
      deleted]

                	
                  14

                
	
                  Section
      3.6.

                	
                  Earn-Out
      Payment

                	
                  14

                
	
                  Section
      3.7.

                	
                  Appointment
      of Committee

                	
                  17

                
	
                  Section
      3.8.

                	
                  Post
      Closing Reconciliation- PE Contribution Agreement

                	
                  17

                
	 
      	 
      
	
                  ARTICLE
      IV CAPITAL ACCOUNTS

                	
                  17

                
	 
      	 
      	 
      
	
                  Section
      4.1.

                	
                  General

                	
                  17

                
	
                  Section
      4.2.

                	
                  Capital
      Accounts

                	
                  17

                
	 
      	 
      
	
                  ARTICLE
      V ALLOCATIONS AND DISTRIBUTIONS

                	
                  18

                
	 
      	 
      	 
      
	
                  Section
      5.1.

                	
                  Allocation
      of Profits and Losses.

                	
                  18

                
	
                  Section
      5.2.

                	
                  Distributions.

                	
                  20

                
	 
      	 
      
	
                  ARTICLE
      VI BOOKS OF ACCOUNT, REPORTS, FISCAL YEAR

                	
                  20

                
	 
      	 
      	 
      
	
                  Section
      6.1.

                	
                  Books
      and Records

                	
                  20

                
	
                  Section
      6.2.

                	
                  Annual
      Tax Reports

                	
                  21

                
	
                  Section
      6.3.

                	
                  Fiscal
      Year

                	
                  21

                
	 
      	 
      
	
                  ARTICLE
      VII POWERS, RIGHTS AND DUTIES OF THE MEMBERS

                	
                  21

                
	 
      	 
      	 
      
	
                  Section
      7.1.

                	
                  Limitations

                	
                  21

                
	
                  Section
      7.2.

                	
                  Liability

                	
                  21

                
	
                  Section
      7.3.

                	
                  No
      Priority

                	
                  21

                
	
                  Section
      7.4.

                	
                  Admission
      of Springing Members as Special Members

                	
                  21

                

        

      

    

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  Section
      7.5.

                	
                  Admission
      of JDI

                	
                  22

                
	 
      	 
      
	
                  ARTICLE
      VIII POWERS, RIGHTS AND DUTIES OF THE BOARD OF MANAGERS

                	
                  22

                
	 
      	 
      	 
      
	
                  Section
      8.1.

                	
                  Authority

                	
                  22

                
	
                  Section
      8.2.

                	
                  Powers
      and Duties of the Board of Managers

                	
                  23

                
	
                  Section
      8.3.

                	
                  Board
      of Managers

                	
                  23

                
	
                  Section
      8.4.

                	
                  Officers,
      Agents and Employees.

                	
                  24

                
	
                  Section
      8.5.

                	
                  Company
      Assets

                	
                  25

                
	
                  Section
      8.6.

                	
                  Exculpation

                	
                  25

                
	
                  Section
      8.7.

                	
                  Tax
      Matters Partner

                	
                  25

                
	
                  Section
      8.8.

                	
                  Indemnification
      of the Board of Managers, Officers and Agents.

                	
                  25

                
	
                  Section
      8.9.

                	
                  Limitations
      on the Company’s Activities –Material Actions.

                	
                  26

                
	 
      	 
      
	
                  ARTICLE
      IX TRANSFERS OF INTEREST BY MEMBERS

                	
                  26

                
	 
      	 
      	 
      
	
                  Section
      9.1.

                	
                  Transfers
      by the Initial Members and JDI

                	
                  26

                
	
                  Section
      9.2.

                	
                  Effects
      of Non-Conforming Transfers

                	
                  27

                
	
                  Section
      9.3.

                	
                  Registration
      Rights Agreement

                	
                  27

                
	
                  Section
      9.4.

                	
                  Right
      of Consent to Transfer

                	
                  27

                
	 
      	 
      
	
                  ARTICLE
      X EXCHANGE OF UNITS; LOCK-UP

                	
                  28

                
	 
      	 
      	 
      
	
                  Section
      10.1.

                	
                  Grant
      of Exchange Rights.

                	
                  28

                
	
                  Section
      10.2.

                	
                  Exercise
      of Exchange Right.

                	
                  29

                
	
                  Section
      10.3.

                	
                  Exchange
      Closing

                	
                  30

                
	
                  Section
      10.4.

                	
                  Conditions
      to Exchange Closing.

                	
                  30

                
	
                  Section
      10.5.

                	
                  Exchange
      Closing Deliveries

                	
                  31

                
	
                  Section
      10.6.

                	
                  Covenants
      Relating to the Exchange

                	
                  31

                
	
                  Section
      10.7.

                	
                  Term
      of Exchange Rights

                	
                  32

                
	
                  Section
      10.8.

                	
                  Lock-Up
      of Initial Members and JDI

                	
                  32

                
	
                  Section
      10.9.

                	
                  Rule
      145

                	
                  32

                
	
                  Section
      10.10.

                	
                  Secure
      Series A Preferred Shares

                	
                  32

                
	 
      	 
      
	
                  ARTICLE
      XI LIQUIDATION AND DISTRIBUTION OF ASSETS

                	
                  33

                
	 
      	 
      	 
      
	
                  Section
      11.1.

                	
                  Dissolution
      of the Company.

                	
                  33

                
	
                  Section
      11.2.

                	
                  Distribution
      in Liquidation

                	
                  34

                
	
                  Section
      11.3.

                	
                  Final
      Reports

                	
                  34

                
	
                  Section
      11.4.

                	
                  Rights
      of Members

                	
                  34

                
	
                  Section
      11.5.

                	
                  No
      Deficit Restoration

                	
                  34

                
	
                  Section
      11.6.

                	
                  Termination

                	
                  34

                
	 
      	 
      
	
                  ARTICLE
      XII AMENDMENT OF AGREEMENT

                	
                  35

                
	 
      	 
      	 
      
	
                  Section
      12.1.

                	
                  Amendments

                	
                  35

                
	
                  Section
      12.2.

                	
                  Amendment
      of Certificate of Formation

                	
                  35

                
	 
      	 
      
	
                  ARTICLE
      XIII MISCELLANEOUS

                	
                  35

                
	 
      	 
      	 
      
	
                  Section
      13.1.

                	
                  Notices

                	
                  35

                

        

      

    

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  Section
      13.2.

                	
                  Binding
      Effect; Assignment

                	
                  35

                
	
                  Section
      13.3.

                	
                  Waiver
      of Jury Trial

                	
                  36

                
	
                  Section
      13.4.

                	
                  Entire
      Agreement

                	
                  36

                
	
                  Section
      13.5.

                	
                  Descriptive
      Headings

                	
                  36

                
	
                  Section
      13.6.

                	
                  Counterparts

                	
                  36

                
	
                  Section
      13.7.

                	
                  Governing
      Law; Jurisdiction

                	
                  36

                
	
                  Section
      13.8.

                	
                  Specific
      Performance

                	
                  37

                
	
                  Section
      13.9.

                	
                  Construction

                	
                  37

                
	
                  Section
      13.10.

                	
                  Severability

                	
                  37

                
	
                  Section
      13.11.

                	
                  Third
      Parties

                	
                  37

                
	
                  Section
      13.12.

                	
                  Waiver
      of Partition

                	
                  38

                
	
                  Section
      13.13.

                	
                  Certain
      Constituent Member Rights

                	
                  38

                
	 
      	 
      
	
                  ARTICLE
      XIV INITIAL PUBLIC OFFERING

                	
                  38

                
	 
      	 
      	 
      
	
                  Section
      14.1.

                	
                  Approval

                	
                  38

                
	
                  Section
      14.2.

                	
                  Severability

                	
                  38

                
	 
      	 
      
	
                  ARTICLE
      XV INDEPENDENT MANAGER AND APPROVAL BOARD

                	
                  38

                
	 
      	 
      	 
      
	
                  Section
      15.1.

                	
                  Appointment
      of Independent Manager

                	
                  38

                
	
                  Section
      15.2.

                	
                  Approval
      Board

                	
                  39

                
	 
      	 
      
	
                  ARTICLE XVI
      PLEDGE OF INTERESTS TO
      AGENT

                	
                  39

                

        

      

    

     

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

    AMENDED
AND RESTATED

     

    OPERATING
AGREEMENT

     

    OF

     

    ULTIMATE
ESCAPES HOLDINGS, LLC

     

    This
AMENDED AND RESTATED OPERATING AGREEMENT (the “Agreement”) of Ultimate Escapes
Holdings, LLC (the “Company”), dated as of October
29, 2009, is entered into by and among the Members listed on the signature pages
hereof, Michael C. Doyle, as the Independent Manager (as said term is defined
hereinbelow), and James Tousignant and Philip Callaghan, as the Springing
Members (as said term is defined hereinbelow).  Capitalized terms used
herein and not otherwise defined herein shall have the meanings set forth in
Section 2.1.

     

    RECITALS

     

    WHEREAS,
the Certificate of Formation of the Company was filed with the Secretary of
State of the State of Delaware on September 7, 2007;

     

    WHEREAS,
the Initial Members entered into an Operating Agreement of the Company on
September 7, 2007 (as subsequently amended from time to time, the “Original
Agreement”);

     

    WHEREAS,
the Members wish to amend and restate the Original Agreement in its entirety in
connection with the contribution of the Contribution Property by Secure America
Acquisition Corporation, a Delaware corporation (“Secure”), to the Company in
exchange for membership interests in the Company, as described in the
Contribution Agreement, dated as of September 2, 2009, by and among the
Company, Secure and the Member Representative (as may be amended, modified or
supplemented, the “Contribution
Agreement”), and the other transactions contemplated by the Contribution
Agreement (collectively, the “Transactions”);
and

     

    WHEREAS,
immediately after the consummation of the Transactions and in connection with
the redemption of JDI’s (as said term is defined hereinbelow) entire membership
interest in Ultimate Resort and JDI’s assignment to Ultimate Resort of the Mezz
Loan and the Mezz Second Mortgage Note (as said terms are defined hereinbelow)
(the “JDI Ultimate Resort
Redemption”), Ultimate Resort is transferring 3,123,797 Retained Units
(as said term is defined hereinbelow) (the “JDI Units”) to JDI; provided; however, JDI
acknowledges and agrees that 302,267 of the JDI Units shall be deposited with
the Escrow Agent (as said term is defined hereinbelow) and shall be held in
accordance with and subject to the terms of the Escrow Agreement (as said term
is defined hereinbelow).

     

    AGREEMENT

     

    NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    ARTICLE
I

    FORMATION AND CONTINUATION
OF THE COMPANY

     

    Section
1.1.          Formation and Continuation
of the Company.  The Company was formed as a limited liability
company under the Act by the filing of the Certificate of Formation with the
Secretary of State of the State of Delaware on September 7, 2007.  The
parties hereto agree to continue the Company.  The Company shall
accomplish all filing, recording, publishing and other acts necessary or
appropriate for compliance with all requirements for operation of the Company as
a limited liability company under this Agreement and the Act and under all other
laws of the State of Delaware and such other jurisdictions in which the Company
determines that it may conduct business.

     

    Section
1.2.          Name.  The
name of the Company is “Ultimate Escapes Holdings, LLC,” as such name may be
modified from time to time by the Board of Managers as it may deem
advisable.

     

    Section
1.3.          Business of the
Company.  The purpose of the Company shall be to engage in any
activity and/or business for which limited liability companies may be formed
under the Act.  In engaging in such activities, the Company shall have
the power to do any and all things that are necessary for or convenient or
incidental to the accomplishment of its purposes, including all powers granted
under the Act.

     

    Section
1.4.          Location of Principal Place
of Business.  The location of the principal place of business
of the Company shall be at such location as may be determined by the Board of
Managers.  In addition, the Company may maintain such other offices as
the Board of Managers may deem advisable at any other place or
places.

     

    Section
1.5.          Registered Agent and
Office.  The registered agent for the Company shall be National
Corporate Research, Ltd. and the address of the Company’s registered agent and
the address of the Company’s registered office in the State of Delaware shall be
615 South DuPont Highway, Kent County, Dover, Delaware or such other registered
agent or registered office as the Board of Managers may designate from time to
time.

     

    Section
1.6.          Term.  The
term of the Company commenced on the date of filing of the Certificate of
Formation, and shall be perpetual unless the Company is earlier dissolved and
terminated in accordance with the provisions of this Agreement.

     

    ARTICLE
II

    DEFINITIONS

     

    Section
2.1.          Definitions.  The
following terms used in this Agreement shall have the following
meanings.

     

    “2010 Earn-out EBITDA” has the
meaning set forth in Section
3.6.

    

    “2011 Earn-out EBITDA” has the
meaning set forth in Section
3.6.

     

    “Act” means the Delaware
Limited Liability Company Act.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    “Action” means any private,
regulatory or governmental inquiry, action, suit, proceeding, litigation, claim,
arbitration or investigation.

     

    “Adjusted Capital Account”
means the balance in the Capital Account maintained for each Member as of the
end of each Fiscal Year as adjusted under Section 4.2 hereof, and
further (i) increased by any amounts which such Member is obligated to restore
pursuant to any provision of this Agreement or is treated as being obligated to
restore pursuant to Treasury Regulations Section 1.704-1(b)(2)(ii)(c) or is
deemed to be obligated to restore pursuant to the penultimate sentences of
Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased
by the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4),
1.704-1(b)(2)(ii)(d)(5), and 1.704-1(b)(2)(ii)(d)(6).  The foregoing
definition of Adjusted Capital Account is intended to comply with the provisions
of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith.

     

     “Adjusted EBITDA” has the
meaning set forth in Section
3.6.

     

    “Affiliate” of a Person means
any other Person controlling, controlled by or under common control with such
Person.  For the purpose of this definition, the term “control”
(including with correlative meanings, the terms “controlling,” “controlled by”
and “under common control with”), as used with respect to any Person, shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, either through the
ownership of such Person’s voting stock, by contract or otherwise.

     

     “Agent” means CapitalSource
Finance LLC, as Agent for itself and the other lenders under the Basic
Documents.

     

    “Agreement” means this Amended
and Restated Operating Agreement, as amended, modified or supplemented from time
to time in accordance with the terms hereof.

     

    “Bankruptcy” means, with
respect to any Person, if such Person (i) makes an assignment for the benefit of
creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a
bankrupt or insolvent, or has entered against it an order for relief, in any
bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking
for itself any reorganization, arrangement, composition, readjustment,
liquidation or similar relief under any statute, law or regulation, (v) files an
answer or other pleading admitting or failing to contest the material
allegations of a petition filed against it in any proceeding of this nature,
(vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver
or liquidator of the Person or of all or any substantial part of its properties,
or (vii) if 120 days after the commencement of any proceeding against the Person
seeking reorganization, arrangement, composition, readjustment, liquidation or
similar relief under any statute, law or regulation, if the proceeding has not
been dismissed, or if within 90 days after the appointment without such Person’s
consent or acquiescence of a trustee, receiver or liquidator of such Person or
of all or any substantial part of its properties, the appointment is not vacated
or stayed, or within 90 days after the expiration of any such stay, the
appointment is not vacated. The foregoing definition of “Bankruptcy” is intended
to replace and shall supersede and replace the definition of “Bankruptcy” set
forth in Sections 18-101(1) and 18-304 of the Act.

     

    “Basic Documents” means the
Loan Documents, the Mezz Loan Documents, and all agreements, instruments,
documents and certificates contemplated thereby or delivered in connection
therewith and/or any amendments, modifications, changes or supplements thereto
required under the terms of or contemplated by, or necessary or appropriate to
effect the transactions contemplated by the Loan Documents.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    “Board of Managers” means the
Board of Managers of the Company established pursuant to Section 8.3.

     

    “Business Day” means any day on
which the principal offices of the SEC in Washington, D.C. are open to accept
filings.

     

    “Capital Account” has the
meaning set forth in Section 4.2.

     

    “Capital Contribution” means
the amount of cash or the fair market value of property or services contributed
to the Company by each Member as the consideration for such Member’s interest in
the Company pursuant to Article III. Any reference in the Agreement to the
Capital Contribution of a then Member shall include a Capital Contribution
previously made by any prior Member with respect to the interest of such then
Member in the Company.

     

    “Capital Transaction” means a
refinancing, revaluation, sale of all or substantially all of the Company’s
assets, or a transaction in contemplation of liquidation.

     

    “Carrying Value” means, with
respect to any Company asset, the asset’s adjusted basis for United States
federal income tax purposes, except as follows:

    

    (i) the
initial Carrying Value of any asset contributed by a Member to the Company shall
be the gross fair market value of such asset, as determined by the Board of
Managers, at the time of such contribution;

    

     (ii)
the Carrying Values of all Company assets may, in the sole discretion of the
Board of Managers, be adjusted to equal their respective gross fair market
values, as determined by the Board of Managers, as of the following
times:  (A) the acquisition of an additional interest in the Company
by any new or existing Member in exchange for more than a de minimis Capital
Contribution; (B) the distribution by the Company to a Member of more than a de
minimis amount of Company property as consideration for an interest in the
Company; (C) the liquidation of the Company within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g); and (D) in connection with the grant of an
interest in the Company (other than a de minimis interest) as consideration for
the provision of services to or for the benefit of the Company by an existing
Member acting in a Member capacity or by a new Member acting in a Member
capacity or in anticipation of becoming a Member;

    

    (iii) the
Carrying Value of any Company asset distributed to any Member shall be the gross
fair market value of such asset on the date of distribution, as determined by
the Board of Managers; and

    

    (iv) the
Carrying Values of Company assets shall be increased (or decreased) to reflect
any adjustments to the adjusted basis of such assets pursuant to Code Sections
734(b) or 743(b), but only to the extent that such adjustments are taken into
account in determining Capital Accounts pursuant to Treasury Regulations Section
1.704-1(b)(2)(iv)(m) and paragraph (vi) of the definition of Profit and Loss;
provided, however, that Carrying Values shall not be adjusted pursuant to this
paragraph (iv) to the extent that an adjustment pursuant to paragraph (ii) above
is required in connection with a transaction that would otherwise result in an
adjustment pursuant to this paragraph (iv).

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    If the Carrying Value of an asset has
been determined or adjusted pursuant to paragraph (ii) or (iv) above, such
Carrying Value shall thereafter be adjusted by the Depreciation taken into
account with respect to such asset for purposes of computing Profit and
Loss.

    

    “Certificate of Formation”
means the Certificate of Formation of the Company, as amended, modified or
supplemented from time to time.

     

    “Code” means the Internal
Revenue Code of 1986, as amended from time to time (or any succeeding
law).

     

    “Company” has the meaning set
forth in the recitals.

     

    “Contribution Agreement” has
the meaning set forth in the recitals.

     

    “Contribution Property” means a
minimum of Eight Million Dollars ($8,000,000) in immediately available
funds.

     

    “Control” has the meaning set
forth in the definition of “Affiliate.”

     

    “Depreciation” means, for each
Fiscal Year, an amount equal to the depreciation, amortization, or other cost
recovery deduction allowable for federal income tax purposes with respect to an
asset for such Fiscal Year, except that if the Carrying Value of an asset
differs from its adjusted basis for federal income tax purposes at the beginning
of such Fiscal Year, Depreciation shall be an amount that bears the same ratio
to such beginning Carrying Value as the federal income tax depreciation,
amortization, or other cost recovery deduction for such Fiscal Year bears to
such beginning adjusted tax basis, provided, however, that if the adjusted basis
for federal income tax purposes of an asset at the beginning of such Fiscal Year
is zero, Depreciation shall be determined with reference to such beginning
Carrying Value using any reasonable method selected by the Board of
Managers.

     

    “Earn-Out Objection Period” has
the meaning set forth in Section 3.6.

     

    “Earn-Out Payment” has the
meaning set forth in Section
3.6.

     

    “Earn-Out Sharing Percentages”
has the meaning set forth in Section 3.6(a).

     

    “Earn-Out Statement” has the
meaning set forth in Section
3.6.

     

    “Escrow Agent” means SunTrust
Banks, Inc., a Georgia corporation.

     

    “Escrow Agreement” means that
certain Indemnification and Escrow Agreement of even date herewith by and among
Secure, the Company, the Member Representative and the Escrow
Agent.

     

    “Escrowed Indemnification
Units” has the meaning set forth in Section 3.1.

     

    “Exchange Act” means the
Securities Exchange Act of 1934, as amended.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    “Exchange Closing” has the
meaning set forth in Section 10.2.

     

    “Exchange Closing Date” has the
meaning set forth in Section 10.3.

     

    “Exchange Consideration” has
the meaning set forth in Section 10.1.

     

    “Exchange Rate” has the meaning
set forth in Section 10.1.

     

    “Exchange Notice” has the
meaning set forth in Section 10.2.

     

    “Exchange Right” has the
meaning set forth in Section 10.1.

     

    “Fair Market Value” means the
average of the closing price of the Public Company Shares, on the principal
exchange on which Public Company Shares are traded during the 30 trading days
prior to the date of determination.

     

    “Family Members” means, with
respect to any individual, such Person’s spouse, children, siblings, parents and
all lineal descendants of such Person’s parents (in each case, natural or
adopted).

     

    “Final EBITDA” has the meaning
set forth in Section
3.6.

     

    “First Earn-Out” has the
meaning set forth in Section
3.6.

     

    “First Target” has the meaning
set forth in Section
3.6.

     

    “Fiscal Quarter” means the
three-month period ending on March 31, June 30, September 30 and
December 31 of each Fiscal Year.

     

    “Fiscal Year” has the meaning
set forth in Section 6.4.

     

    “GAAP” means United States
generally accepted accounting principles consistently applied as in effect from
time to time.

     

    “Governmental Entity” means any
court, administrative agency, regulatory body, commission or other governmental
authority, board, bureau or instrumentality, domestic or foreign and any
subdivision thereof.

     

    “HSR Act” has the meaning set
forth in Section 10.3.

     

    “Immediate Family” means, with
respect to any member (or any constituent upper-tier member who is a natural
person) of an Initial Member, a spouse, parents, lineal descendants, the spouse
of any lineal descendant, and brothers and sisters (or a trust, all of whose
current beneficiaries are Immediate Family members of a member (or any
constituent upper-tier member who is a natural person) of an Initial
Member).

     

    “Indemnified Party” has the meaning set
forth in Section 8.8.

     

    “Indemnity Guaranty” means,
collectively, the Tousignant Guaranty and the Keith Guaranty.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    “Independent Accountant” has
the meaning set forth in Section 3.6.

    

    “Independent Manager” means a
natural person who, for the five-year period prior to his or her appointment as
Independent Manager has not been, and during the continuation of his or her
service as Independent Manager is not (i) an employee, director, stockholder,
partner, officer attorney or counsel of the Company or any of its Affiliates
(other than his or her service as an independent manager or other similar
capacity); (ii) a customer, supplier or other person who derives any of its
purchases or revenues from its activities with a Member, the Company or any
Affiliate of either of them; (iii) a person or other entity controlling or under
common control with any such person described above, or (iv) any member of the
immediate family of a person described in (i), (ii) or (iii).

    

    “Initial Members” means Ultimate Resort
and PE.

     

    “Interest” when used in reference
to an interest in the Company, means the entire ownership interest of a Member
in the Company at any particular time, including its interest in the capital,
profits, losses and distributions of the Company.

     

    “JDI” means JDI Ultimate,
L.L.C., a Delaware limited liability company.

     

    “JDI Ultimate Resort
Redemption” has the meaning set forth in the recitals.

     

    “JDI Units” has the meaning set
forth in the recitals.

     

    “Keith Guaranty” means that
certain Amended and Restated Indemnity Guaranty, dated September 15, 2009,
executed by Richard Keith in favor of Agent.

    

    “Liens” has the meaning set
forth in Section 10.2.

     

    “Liquidator” has the meaning set
forth in Section 11.1.

     

    “Loan Agreement” means that
certain Consolidated Amended and Restated Loan and Security Agreement, dated
September 15, 2009, between the Borrowers (as such term is defined therein), as
borrower, and the Agent, as lender.

    

    “Loan Documents” has the
meaning given to such term in the Loan Agreement.

    

    “Management Agreement” means
the agreement of the Independent Manager in the form attached hereto as Schedule
2.1(a).  The Management Agreement shall be deemed incorporated
into and a part of this Agreement.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    “Material Action”
means  (i) the consolidation or merger of the Company with or into any
other Person or the sale or other disposition of all or substantially all of the
Company’s assets;  (ii) to institute proceedings to have the Company
or any of the UE Holdings Subsidiaries, be adjudicated bankrupt or insolvent,
consent to the institution of bankruptcy or insolvency proceedings against the
Company or any of  the UE Holdings Subsidiaries or file a petition
seeking, or consent to, reorganization or relief with respect to the Company or
any of the UE Holdings Subsidiaries under any applicable federal or state law
relating to bankruptcy, (iii) to directly or indirectly solicit creditors of the
Company or any of the UE Holdings Subsidiaries for the purpose of filing or
joining in the filing of an involuntary bankruptcy petition against the Company
or any of the UE Holdings Subsidiaries; (iv) to file an answer consenting to, or
failing to object to or joining in any involuntary petition filed against the
Company or the UE Holdings Subsidiaries by any other creditor or other person or
entity under the United States Bankruptcy Code or any other federal or state
bankruptcy or insolvency law providing for a collective proceeding among the
creditors of the Company or any of the UE Holdings Subsidiaries; (v) in any
proceeding under the United States Bankruptcy Code or in any other judicial
proceeding, the making of an application to a court to declare that all or a
portion of the lien of Agent and/or Lenders (as defined in the Loan Agreement)
or the obligation of the Company or any of the UE Holdings Subsidiaries to pay
principal and interest as specified by the Loan Agreement or other documents in
connection therewith is rescinded, set aside, or determined to be void or
unenforceable; or making an application of the Company or any of the UE Holdings
Subsidiaries to the applicable court, that any of the terms of any of the Loan
Documents be modified without Agent’s consent (which consent may be withheld in
Agent’s sole discretion); (vi) consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the
Company or any of the UE Holdings Subsidiaries or a substantial part of its
property, or make any assignment for the benefit of creditors of the Company or
any of the UE Holdings Subsidiaries or admit in writing the inability of the
Company or any of the UE Holdings Subsidiaries to pay its debts generally as
they become due, (vii) take action in furtherance of any such action, or, to the
fullest extent permitted by law, dissolve or liquidate the Company or any of the
UE Holding Subsidiaries or (viii) any other event listed in Section 1.2 of each
Indemnity Guaranty.

    

    “Member” means each of the
Persons listed on the signature pages attached hereto, as well as each
Substitute Member.

     

    “Member Representative” means
the Person designated as such in the Contribution Agreement.

     

    “Mezz Loan Documents” means the
“Loan Documents” as defined in the Mezz Second Mortgage Note.

     

    “Mezz Loan” means that certain
loan from JDI to the UE Holdings Subsidiaries and the entities entering into the
Mezz Second Mortgage Note, in the amount of $10,000,000, which loan has been
assigned in its entirety to Ultimate Resort.

     

    “Mezz Second Mortgage Note”
means the Second Mortgage Note, dated on or about the date hereof, among the UE
Holdings Subsidiaries and the entities entering into the Second Mortgage Note,
as borrowers, and JDI, as the lender, and Agent, as agent, which note has been
assigned in its entirety to Ultimate Resort.

     

    “Minimum Quarterly
Distributions” has the meaning set
forth in Section 5.2.

     

     “Obligations” shall mean the
indebtedness, liabilities and obligations of the Company, any of the UE Holdings
Subsidiaries, or any Borrower under or in connection with the Basic Documents or
any related document in effect as of any date of determination.

     

    “Offered Units” has the meaning
set forth in Section 10.1.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    “Original Agreement” has the meaning set
forth in the recitals.

     

    “Parties” means the Company and
the Members, collectively.

     

    “PE” means Private Escapes
Holdings, LLC, a Delaware limited liability company.

     

    “PE Contribution Agreement”
means that certain Third Amended and Restated Contribution Agreement dated the
21st day of July, 2009 by and between Ultimate Resort, PE and the Company, as
may be amended from time to time.

     

    “Percentage Interest” with respect to each
Member, means a fraction, expressed as a percentage, the numerator of which is
the number of Units held by such Member, and the denominator of which is the
aggregate number of all outstanding Units.  Each Member’s initial
Percentage Interest shall be set forth opposite such Member’s name on Schedule I.

     

    “Permitted Transferee” shall mean (w) any
members (or any constituent upper-tier members until you get to a natural
person) of the Initial Members or JDI; (x) members of the Immediate Family of any member (or any
constituent upper-tier member who is a natural person) of an Initial Member or
JDI; (y) an entity in which (A) any member of an Initial Member or JDI and/or
members of the Immediate Family of any member of an Initial Member or JDI
beneficially own 100% of such entity’s voting and non-voting equity securities,
or (B) a member of any Initial Member or JDI and/or a member of the Immediate
Family of any member of an Initial Member or JDI is a general partner and in
which such member of an Initial Member or JDI and/or members of the Immediate
Family of any member of an Initial Member or JDI beneficially own 100% of all
capital accounts of such entity; and (z) a revocable trust established by any
member of an Initial Member or JDI during his/her lifetime for the benefit of
such member of an Initial Member or for the exclusive benefit of all or any
Immediate Family member of any member of an Initial Member or JDI.

    

    “Person” means any individual,
partnership, limited liability company, association, corporation, trust or other
entity.

     

    “Profit or Loss” means, for
each Fiscal Year or other period, the taxable income or loss, as the case may
be, of the Company for such Fiscal Year or other period, determined in
accordance with Code Section 703(a) (for this purpose, all items of income,
gain, loss, or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss), with the
following adjustments (without duplication):

     

    (i)           Any
income of the Company that is exempt from federal income tax and not otherwise
taken into account in computing Profit or Loss pursuant to this definition of
“Profit” and “Loss” shall be added to such taxable income or loss;

     

    (ii)          Any
expenditures of the Company described in Code Section 705(a)(2)(B) or treated as
Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section
1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profit
or Loss pursuant to this definition of “Profit” and “Loss,” shall be subtracted
from such taxable income or loss;

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (iii)         In
the event the Carrying Value of any Company asset is adjusted pursuant to
subparagraphs (ii) or (iii) of the definition of “Carrying Value,” the amount of
such adjustment shall be treated as an item of gain (if the adjustment increases
the Carrying Value of the asset) or an item of loss (if the adjustment decreases
the Carrying Value of the asset) from the disposition of such asset and shall be
taken into account for purposes of computing Profit or Loss;

     

    (iv)        Gain
or loss resulting from any disposition of Company property with respect to which
gain or loss is recognized for federal income tax purposes shall be computed by
reference to the Carrying Value of the property disposed of, notwithstanding
that the adjusted tax basis of such property differs from its Carrying
Value;

     

    (v)         In
lieu of the depreciation, amortization, and other cost recovery deductions taken
into account in computing such taxable income or loss, there shall be taken into
account Depreciation for such Allocation Year, computed in accordance with the
definition of Depreciation herein;

     

    (vi)        To
the extent an adjustment to the adjusted tax basis of any Company asset pursuant
to Code Section 734(b) is required, pursuant to Treasury Regulations Section
1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital
Accounts as a result of a distribution other than in liquidation of a Member’s
interest in the Company, the amount of such adjustment shall be treated as an
item of gain (if the adjustment increases the basis of the asset) or loss (if
the adjustment decreases such basis) from the disposition of such asset and
shall be taken into account for purposes of computing Profit or Loss;
and

     

    (vii)       Notwithstanding
any other provision of this definition, any items that are specially allocated
pursuant to Sections 5.1 (d)
through (f) hereof shall not be taken into account in computing Profit or
Loss.

     

    “Proposed Exchange Closing
Date” has
the meaning set forth in Section 10.2.

     

    “Public Company
Administration” has the meaning set
forth in Section 7.7.

     

    “Public Company Shares” means
the common stock of Secure, $0.0001 par value.

     

    “Rating Agency” has the meaning
assigned to that term in the Basic Documents.

     

    “Rating Agency Condition” means
(i) with respect to any action taken at any time before the loan evidenced and
secured by the Basic Documents has been sold or assigned to a securitization
trust, that the lender thereunder has consented in writing to such action, and
(ii) with respect to any action taken at any time after such loan has been
sold or assigned to a securitization trust, that each Rating Agency shall have
been given ten (10) days prior notice thereof and that each of the Rating
Agencies shall have notified the Company in writing that such action will not
result in a reduction or withdrawal of the then current rating by such Rating
Agency of any of securities issued by such securitization trust.

     

    “Registration Rights Agreement”
has the meaning set forth in Section 9.3.

     

    “Retained Units” has the
meaning set forth in Section
3.1.

     

    “SEC” means the United States
Securities and Exchange Commission.

     

    “Second Earn-Out” has the
meaning set forth in Section
3.6.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    “Second Target” has the meaning
set forth in Section
3.6.

     

    “Secure” has the meaning set
forth in the Recitals.

     

    “Secure Stockholder Meeting”
has the meaning set forth in Section 8.3(a).

     

    “Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations promulgated
thereunder.

     

    “Sharing Percentages” has the
meaning set forth in Section
3.6(c).

     

    “Special Member” means, upon
such Person’s admission to the Company as a member of the Company pursuant to
Section 9.13, a Person
acting as a Springing Member, in such Person’s capacity as a member of the
Company.  A Special Member shall only have the rights and duties
expressly set forth in this Agreement.

     

    “Springing Member” means a
Person who is not a member of the Company but who has signed this Agreement in
order that, upon the conditions described in Section 9.13,  such
Person can become the Special Member without any delay in order that at all
times the Company shall have at least one member.

     

    “Tax Matters Partner” has the meaning set
forth in Section 8.7.

     

    “Tax Rate” means the maximum
combined federal, state and local tax rate applicable to individuals residing in
New York, NY taking into account the character of the income allocated and the
deductibility of New York State and New York City taxes for United States
federal income tax purposes and the deductibility of New York City taxes for New
York State tax purposes, but only if and to the extent that such Member is
responsible to pay such taxes.

     

    “Tousignant Guaranty” that
certain Amended and Restated Indemnity Guaranty, dated September 15, 2009,
executed by James Tousignant in favor of Agent.

     

    “Transactions” has the meaning set
forth in the recitals.

     

    “Transfer,” “Transferee” and “Transferor” have the respective
meanings set forth in Section 9.1.

     

    “Treasury Regulations” shall mean the
regulations promulgated by the U.S. Department of the Treasury under the
Code.

     

    “UE Holdings Subsidiaries”
means P&J Partners, LLC, a Delaware limited liability company, and UE
Holdco, LLC, a Delaware limited liability company.

     

    “Ultimate Resort” means
Ultimate Resort Holdings, LLC, a Delaware limited liability
company.

     

    “Units” has the meaning set
forth in Section 3.1.

     

    “Void Transfer” has the meaning set
forth in Section 9.2.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    Section
2.2.          Accounting Terms and
Determinations.  Unless otherwise specified herein, all
accounting terms used herein shall be interpreted, all determinations with
respect to accounting matters hereunder shall be made, and all financial
statements and certificates and reports as to financial matters required to be
furnished hereunder shall be prepared, in accordance with GAAP.

     

    ARTICLE
III

    UNITS; CAPITAL
CONTRIBUTIONS

     

    Section
3.1.           Units.

     

    (a)           Authorized
Units.  The Interest of the Members in the Company shall be
represented by “Units.”  The Company
shall be authorized to issue up to 20,000,000 Units.

     

    (b)          Capital
Contributions.  Prior to the execution of this Agreement, the
Initial Members owned all of the Interests in the Company, and have made Capital
Contributions to the Company in the aggregate respective amounts set forth in
the books and records of the Company.  Upon the execution of this
Agreement by the Parties, Secure is contributing the Contribution Property to
the Company as a Capital Contribution.

     

    (c)           Issuance of
Units.  Upon the closing of the transactions contemplated by
the Contribution Agreement, the Company shall issue to Secure the number of
Units set forth on Schedule I
hereto in consideration for the Capital Contributions made as of the date
hereof.  Schedule
I also sets forth the number of Units owned by the Initial Members (and
JDI after the consummation of the JDI Ultimate Resort Redemption) in
consideration for the Capital Contributions previously made by them as of the
date of this Agreement (the “Retained Units”, however, it
being explicitly understood that the term “Retained Units” for the purposes of
Section 3.6(c) below
and the Escrow Agreement shall mean 7,178,841 Units).  The Initial
Members and JDI may be entitled to receive additional Units in accordance with
the provisions of Section 3.6.  Pursuant to
the Escrow Agreement, 717,884 of the Retained Units are being deposited by the
Initial Members and JDI (with Ultimate Resort depositing 358,186 Units, JDI
depositing 302,267 Units and PE depositing 57,431 Units) in the account
specified in the Escrow Agreement (the “Escrowed Indemnification
Units”).

     

    Section
3.2.           Interest on Capital
Contributions.  No Member shall
be entitled to interest on or with respect to any Capital
Contribution.

     

    Section
3.3.          Withdrawal and Return of
Capital Contributions.  Except as
provided in this Agreement, no Member shall be entitled to withdraw any part of
such Member’s Capital Contribution or to receive distributions from the
Company.

     

    Section
3.4.           Unit
Certificates.

     

    (a)           Each
Unit in the Company shall constitute and shall remain a “security” within the
meaning of, and be governed by, (i) Article 8 of the Uniform Commercial Code
(including Section 8-102(a)(15) thereof) as in effect from time to time in
the State of Delaware, and (ii) Article 8 of the Uniform Commercial Code of any
other applicable jurisdiction that now or hereafter substantially includes the
1994 revisions to Article 8 thereof as adopted by the American Law Institute and
the National Conference of Commissioners on Uniform State Laws and approved by
the American Bar Association on February 14, 1995 and the Company hereby
“opts-in” to such provisions for the purpose of the Uniform Commercial
Code.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (b)           Notwithstanding
any provision of this Agreement to the contrary, to the extent any provision of
this Agreement is inconsistent with any non-waivable provision of Article 8 of
the Uniform Commercial Code as in effect in the State of Delaware, the
provisions of Article 8 of the Uniform Commercial Code as in effect in the State
of Delaware shall control.

     

    (c)           THE
TRANSFER OF THE MEMBERSHIP INTERESTS IN THE COMPANY DESCRIBED IN THIS AGREEMENT
ARE RESTRICTED AS PROVIDED HEREIN.

     

    (d)           Except
as otherwise required in connection with Section 3.8 below, subject to
Agent’s consent, the Basic Documents, to the fullest extent permitted by
applicable law, without any further act, vote or approval of any Member,
Director, Officer or any Person, the Company shall issue a new Certificate in
place of any Certificate previously issued to the holder of  a Unit in
the Company represented by such Certificate, as reflected on the books and
records of the Company:

     

    
      	
               
      

            	
              (i)

            	
              makes
      proof by affidavit, in form and substance satisfactory to the Company,
      that such previously issued Certificate has been lost, stolen or
      destroyed;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              requests
      the issuance of a new Certificate before the Company has notice that such
      previously issued Certificate has been acquired by a purchaser for value
      in good faith and without notice of an adverse
  claim;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              if
      requested by the Company, delivers to the Company a bond, in form and
      substance satisfactory to the Company, with such surety or sureties as the
      Company may direct, to indemnify the Company against any claim that may be
      made on account of the alleged loss, destruction or theft of the
      previously issued Certificate; and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              satisfies
      any other reasonable requirements imposed by the
  Company.

            

    

     

    (e)           Except as otherwise provided in
Section
3.8 below, subject to
Agent’s consent, the Basic Documents and Section
9.4, to the fullest extent
permitted by applicable law, upon a Member’s transfer or assignment, in whole or
in part, of its Units in the Company represented by a Certificate in accordance
with Section
9.1 and/or Section
9.4, the transferee of
such Units in the Company shall deliver the Certificate or Certificates
representing such Units to the Company for cancellation (executed by such
transferee on the reverse side thereof), and the Company shall thereupon issue a
new Certificate to such transferee for the percentage of Units in the Company so
transferred or assigned and, if applicable, cause to be issued to the
transferring or assigning Member a new Certificate for those Units in the
Company that were represented by the canceled Certificate and that are not so
transferred or assigned.

     

    (f)           Units
shall be represented by certificates issued by the Company and signed by an
authorized designee of the Company and in the form attached hereto as Schedule 3.4(f) (a “Certificate”).  The
Company may in its discretion imprint any or all certificates representing Units
now or hereafter owned by any Member with the following legends, such imprinting
to be without prejudice, however, to the rights of such Member at all times to
sell or otherwise dispose of all or any part of such Units, subject to the terms
of this Agreement or under an exemption from the registration requirement
available under the Securities Act:

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    THE UNITS
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

     

    THE UNITS
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER RESTRICTIONS AND OTHER
TERMS CONTAINED IN THE AMENDED AND RESTATED OPERATING AGREEMENT OF ULTIMATE
ESCAPES HOLDINGS, LLC, DATED AS OF OCTOBER 29, 2009, AS SUCH AGREEMENT MAY BE
AMENDED FROM TIME TO TIME.  A COPY OF SUCH AGREEMENT IS ON FILE AT THE
COMPANY’S PRINCIPAL EXECUTIVE OFFICES.

     

    (g)           After
such time as any of the legends described by Section 3.4(f) are no
longer required on any certificate or certificates representing the Units, upon
the request of any Member, the Company shall cause such certificate or
certificates to be exchanged for a certificate or certificates that do not bear
such legends.

     

    (h)           The
Board of Managers shall have the power and authority to provide that all
certificates issued to represent or evidence Units shall bear such other legends
as the Board of Managers deems appropriate including, but not limited to, any
legends to assure that the Company does not become liable for violations of
federal or state securities laws or other applicable law.

     

    Section
3.5.           [Intentionally
deleted]   

     

    Section
3.6.            Earn-Out
Payment.

     

    (a)           Earn-Outs.  The
Company shall issue to the Initial Members and JDI (pro rata in accordance with
their respective percentages set forth opposite their names under the heading
“Earn-Out Sharing Percentage” on Schedule I (the “Earn-Out Sharing
Percentages”)) up to an aggregate of Seven Million (7,000,000) Units (the
“Earn-Out Payment”) upon
the Company meeting certain performance targets as follows:

     

    (i)           If
the Company’s Adjusted EBITDA for the year ending December 31, 2010 or the year
ending December 31, 2011 (“2010
Earn-out EBITDA”) is equal to or greater than $27,000,000 (the “First Target”), based on the
Company’s audited consolidated financial statements for the year ending December
31, 2010 or the year ending December 31, 2011, as applicable, the Initial
Members and JDI (pro rata in accordance with their Earn-Out Sharing Percentages)
shall be entitled to receive, in accordance with Section 3.6(c), an aggregate
of Three Million (3,000,000) Units (the “First
Earn-Out”).  In the event that the 2010 Earn-out EBITDA is less
than the First Target but greater than $23,000,000, then the Initial Members and
JDI (pro rata in accordance with their Earn-Out Sharing Percentages) shall be
entitled to receive a corresponding proportionate percentage of the First
Earn-Out equal to the adjusted EBITDA earned for the applicable year in excess
of $23,000,000 divided by $4,000,000.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    (ii)           If
the Company’s Adjusted EBITDA for the year ending December 31, 2011 or the year
ending December 31, 2012 (“2011
Earn-Out EBITDA”) is equal to or greater than $45,000,000 (the “Second Target”), as set forth
in the Company’s audited consolidated financial statements for the year ending
December 31, 2011 or the year ending December 31, 2012, as applicable, the
Initial Members and JDI (pro rata in accordance with their Earn-Out Sharing
Percentages) shall be entitled to receive, in accordance with Section 3.6(c), an aggregate
of an additional Four Million (4,000,000) Units (the “Second
Earn-Out”).  In the event that the 2011 Earn-out EBITDA is less
than the Second Target but greater than $32,000,000, then the Initial Members
and JDI (pro rata in accordance with their Earn-Out Sharing Percentages) shall
be entitled to receive a corresponding proportionate percentage of the Second
Earn-Out equal to the adjusted EBITDA earned for the applicable year in excess
of $32,000,000 divided by $13,000,000.

     

    The
Parties hereby agree the Earn-Out Payment under this Section 3.6 will not exceed
Seven Million (7,000,000) Units in the aggregate.  In the event the
Company does not achieve any of the targets set forth in this Section 3.6, then neither the
Initial Members nor JDI shall be entitled to receive any Earn-Out Payment. The
Earn-Out Payment, if any, will be allocated among the Initial Members and JDI
pro rata in accordance with their Earn-Out Sharing Percentages.

     

    (b)           Audit. As soon as practicable
after the filing of Secure’s Annual Report on Form 10-K for the applicable
target period for the Earn-Out Payment, as the case may be, but no later than
the thirtieth (30th) day after such filing date, Secure (or its audit committee
or accountants) shall prepare and deliver to the Member Representative a
statement setting forth in reasonable detail the Adjusted EBITDA achieved by the
Company for the applicable target period together with the calculation used to
determine the Adjusted EBITDA for the applicable period (the “Earn-Out Statement”). The
Earn-Out Statement will be prepared in accordance with this Section 3.6(b). The Member
Representative shall have thirty (30) days following its receipt of the Earn-Out
Statement (the “Earn-Out
Objection Period”) to accept or dispute its accuracy. During the Earn-Out
Objection Period, the Member Representative and his accountant shall be
permitted to review the pertinent accounting books and records and work papers
of the Company used in the preparation of the Earn-Out Statement and the Company
shall, and shall cause its independent accountants to, cooperate and assist in
the conduct of such audit and review and make available, to the extent
reasonably necessary, its personnel. Unless the Member Representative delivers a
written objection to Secure on or prior to the expiration of the Earn-Out
Objection Period, the Adjusted EBITDA set forth in the Earn-Out Statement shall
be deemed to be the final amount of Adjusted EBITDA for such target period (the
“Final EBITDA”) and will
become final and binding on the Parties. If the Member Representative does
object, the written objection must specify the items or calculations with which
he takes issue. If the Member Representative objects in accordance with the
previous sentence to the Earn-Out Statement delivered in accordance with this
Section 3.6(b), Secure
and the Member Representative shall, during the 30-day period following such
objection, negotiate in good faith to reach agreement on the disputed items or
amounts. If Secure and the Member Representative resolve their disagreements in
accordance with the foregoing sentence, the Adjusted EBITDA set forth in the
Earn-Out Statement with those modifications, if any, to which Secure and the
Member Representative shall have agreed shall be deemed to be the Final EBITDA.
If, upon completion of such 30-day period, Secure and the Member Representative
are unable to reach agreement on all the disputed items, they shall promptly
thereafter cause a
nationally recognized independent accounting firm mutually agreeable to
Secure and the Member Representative (the “Independent Accountant”) to
review this Agreement and the disputed items or calculations and all records
related thereto for the purpose of preparing the Earn-Out Statement; provided
that the Independent Accountant may consider only those items or amounts in the
Earn-Out Statement as to which Secure and the Member Representative have
disagreed and shall be limited to deciding each such disagreement in an amount
which shall be equal to or between the amounts proposed by Secure, on the one
hand, and the Member Representative, on the other hand, and no more and no less;
provided, further, that the Independent Accountant shall act as an expert and
not as an arbitrator. Secure and the Member Representative shall require the
Independent Accountant to deliver to them, as promptly as practicable, a report
setting forth its calculations. Such report will be final and binding upon the
Parties hereto and shall be deemed to be the Final EBITDA. Secure, on the one
hand, and the Member Representative (who shall be reimbursed for such costs by
the Initial Members and JDI pro rata), on the other hand, shall bear the costs
of the Independent Accountant proportionately in relation to the amount by which
the amounts in dispute differ from the Independent Accountant’s determination of
the Final EBITDA.

    
      
         

      

      
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    (c)           Set-Off.  The
Initial Members and JDI acknowledge and agree that a portion of the Earn-Out
Payment equal to fifteen percent (15%) of the Retained Units (the “Earn-Out Payment Holdback
Amount”) is subject to set-off for any claim for Damages that the Secure
Indemnified Parties (as defined in the Escrow Agreement) have against the
Initial Members (and JDI pro rata in accordance with their respective
percentages set forth opposite their names under the heading “Sharing
Percentage” on Schedule
I (the “Sharing
Percentages”)in accordance with the terms of the Escrow Agreement,
including, without limitation, any Established Claim (as defined in the Escrow
Agreement) which is based on a breach of a Fundamental Representation (as
defined in the Escrow Agreement) or on fraud or intentional misconduct. This
right of set-off is in addition to, and not in lieu of, any rights a Secured
Indemnified Party may have against the Escrow Fund (as defined in the Escrow
Agreement).  The Secure Indemnified Parties acknowledge and agree that
with respect to any claims that they may have for Damages under this Agreement,
they shall first look to and exhaust the Escrowed Indemnification Units (as
defined in the Escrow Agreement) prior to attempting to set-off any amounts from
any Earn-Out Payments due to the Initial Members and JDI pursuant to this Section 3.6(c) and section
1(g) of the Escrow Agreement.

     

    (d)           Issuance of Earn-Out Payment to
Initial Members and JDI. The Company shall issue the relevant Earn-Out
Payment, if any, to the Initial Members and JDI pro rata in accordance with
their Earn-Out Sharing Percentages, after the relevant determination of the
Final EBITDA for the applicable target period in accordance with Section 3.6(b). The Earn-Out
Payment shall be issued by the Company to the Initial Members and JDI, to the
extent earned and with respect to the applicable target period, within 45 days
following determination of the relevant Final EBITDA.

     

    For
purposes of this Agreement, “Adjusted EBITDA,” with respect
to any period, shall mean, as determined in accordance with GAAP, the difference
between revenue (plus the non-refundable portion of the Company’s membership
fees to the extent such membership fees are not included in revenue pursuant to
GAAP) and expense of the Company and its subsidiaries on a consolidated basis
for such period, plus the sum of (i) interest expense, (ii) income tax expense,
(iii) depreciation expense and (iv) amortization expense.  Adjusted
EBITDA, with respect to any period, shall include organic growth and the effect
of any acquisitions or dispositions of lines of businesses or other material
assets and all member assessments incurred during the period for which Adjusted
EBITDA is being calculated, but shall exclude all non-cash compensation related
to the Incentive Plan (as such term is defined in the Contribution
Agreement).

    
      
         

      

      
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    Section
3.7.          Appointment of
Committee. Prior to the date hereof, the board of directors of Secure has
appointed a committee consisting of one of its then members to act on behalf of
Secure to take all necessary actions and make all decisions pursuant to the
Escrow Agreement regarding Secure’s right to indemnification pursuant to Section
5.3 of the Contribution Agreement.  In the event of a vacancy in such
committee, the board of directors of Secure shall appoint as a successor a
Person who was a director of Secure prior to the date hereof or some other
Person who would qualify as an “independent” director of Secure and who has not
had any relationship with the Company prior to the Closing.  Such
committee is intended to be the “Committee” referred to in Article VII
of the Contribution Agreement and the Escrow Agreement.

     

    Section
3.8.          Post Closing Reconciliation-
PE Contribution Agreement.  PE agrees that it shall make
additional contributions to the Company in strict accordance with Sections
2.1(b)(1) and 3.3 of the PE Contribution Agreement.  In the event that
PE fails to pay any amount when due in accordance with Sections 2.1(b)(1)
and  3.3 of the PE Contribution Agreement, the Members agree that the
Company shall have the right to exercise any right or remedy provided therein,
including but not limited to reducing a Member’s Units in the
Company.

     

    ARTICLE
IV

    CAPITAL
ACCOUNTS

     

    Section
4.1.          General.  The
Members agree to treat the Company as a partnership and the Members as partners
for federal income tax purposes and shall file all tax returns
accordingly.  Notwithstanding anything to the contrary in this
Agreement, for so long as any Member owns any Units (or may receive Units
pursuant to the provisions of Section 3.6), the Company shall not
take any action to change the Company’s status as a partnership for tax
purposes.

     

    Section
4.2.          Capital
Accounts.  The Company shall maintain separate capital accounts
(a “Capital Account”)
for each Member.  Each Member’s initial Capital Account shall be equal
to the amount set forth opposite such Member’s name on Schedule I.  Capital
Accounts shall be maintained in accordance with the following
provisions:

     

    (a)           Each
Member’s Capital Account shall be credited by the amount of such Member’s
Capital Contributions and all Profits allocated to such Member pursuant to Section 5.1.

     

    (b)           Each
Member’s Capital Account shall be debited by the amount of cash and the Carrying
Value of any property (net of liabilities that such Member is considered to
assume or take subject to) distributed to such Member and any Losses allocated
to such Member pursuant to Section 5.1.

    
      
         

      

      
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    (c)           The
foregoing provisions and the other provisions of this Agreement relating to the
maintenance of Capital Accounts are intended to comply with Treasury Regulations
issued under Section 704(b) of the Code and shall be interpreted and
applied in a manner consistent with such Treasury Regulations; provided, however, that such
maintenance does not have a material adverse effect on the economic interest of
the Members.  The Board of Managers shall be authorized to make
appropriate amendments to the allocations of items pursuant to this Agreement if
necessary in order to comply with Section 704 of the Code or applicable
Treasury Regulations thereunder.

     

    (d)           The
Initial Members JDI and Secure agree that the initial Capital Accounts of the
Members and their respective Percentage Interests, will be based on a tentative
valuation of the Company assets as agreed to and set forth on Schedule I.  In the
event that additional Units are issued pursuant to Section 3.6 as a result of an Earn-Out
Payment, the Initial Members, JDI and Secure further agree that such issuance
shall be treated as a retroactive adjustment to the Capital Accounts of the
Initial Members, JDI and Securea corresponding adjustment to the Capital
Accounts of the Initial Members, JDI and Secure.

     

    ARTICLE
V

    ALLOCATIONS AND
DISTRIBUTIONS

     

    Section
5.1.           Allocation of Profits and
Losses.

     

    (a)           Except
as otherwise provided herein, Profits and Losses, other than from a Capital
Transaction, shall be allocated to the Members in accordance with Percentage
Interests.  In the event that a Member’s Percentage Interest changes
during the year, the Board of Managers shall adjust allocations of income, gain,
loss, deduction and credit to take account of the varying interests of the
Members in any manner consistent with Code Section 706 and the Treasury
Regulations thereunder.

     

    (b)           Except
as otherwise provided herein, Profits and Losses from a Capital Transaction
(or in the event of a liquidation of the Company, items thereof) shall be
allocated among the Members in a manner so as to cause their Adjusted
Capital Accounts to equal as nearly as possible the amount that would be
distributed to thee Members on liquidation of the Company if all of the
Company's assets were sold for their Carrying Value, liabilities satisfied
and the remaining proceeds distributed in accordance with Section 11.2(d).  

     

    (c)           Notwithstanding
any provision of this Section
5.1, no item of deduction or loss shall be allocated to a Member to the
extent the allocation would cause a negative balance in such Member’s Adjusted
Capital Account.  In the event some but not all of the Members would
have such Adjusted Capital Account deficits as a consequence of such allocation
of loss or deduction, the limitation set forth in this Section 5.1(c) shall be
applied on a Member-by-Member basis so as to allocate the maximum permissible
deduction or loss to each Member under Section 1.704-1(b)(2)(ii)(d) of the
Treasury Regulations.  In the event any loss or deduction shall be
specially allocated to a Member pursuant to the preceding sentence, an equal
amount of income of the Company shall be specially allocated to such Member
prior to any allocation pursuant to Section 5.1(a) or Section
5.1(b).

     

    
      
        
        

      

      
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    (d)           In
the event any Member unexpectedly receives any adjustments, allocations, or
distributions described in Treasury Regulations
Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6), items of Company income and
gain shall be specially allocated to such Member in an amount and manner
sufficient to eliminate as quickly as possible any deficit balance in its
Adjusted Capital Account; provided, however, that any allocation of income or
gain under this sentence shall be required only if and to the extent that such
Member would have a deficit balance in such Member’s Adjusted Capital Account
after all other allocations provided for in this Agreement have been tentatively
made as if this Section
5.1(d) were not contained herein.

     

    (e)           For
purposes of this Agreement (i) “partner nonrecourse deductions” (as defined
in Treasury Regulations Section 1.704-2(i)), if any, of the Company shall
be allocated for each period to the Member that bears the economic risk of loss
within the meaning of Treasury Regulations Section 1.704-2(i), and (ii)
“nonrecourse deductions” (as defined in Treasury Regulations
Section 1.704-2(b)), if any, of the Company shall be allocated to the
Members in accordance with Percentage
Interests.        

     

    (f)           This
Agreement shall be deemed to include “minimum gain chargeback” and “partner
nonrecourse debt minimum gain chargeback” provisions within the meaning of
Treasury Regulations under Section 704(b) of the Code.  Accordingly,
notwithstanding any other provision of this Agreement, items of gross income
shall be allocated to the Members on a priority basis to the extent and in the
manner required by such provisions.

     

    (g)           For
income tax purposes only, each item of income, gain, loss and deduction of the
Company shall be allocated among the Members in the same manner as the
corresponding items of Profits and Losses and specially allocated items are
allocated for Capital Account purposes; provided, that, in the case of
any Company asset the Carrying Value of which differs from its adjusted tax
basis for United States federal income tax purposes, income, gain, loss and
deduction with respect to such asset shall be allocated solely for income tax
purposes in accordance with the principles of Sections 704(b) and (c) of the
Code (as determined by the Board of Mangers, but using the “traditional method”
as defined under Treasury Regulations Sections 1.704-3(b)) so as to take
account of the difference between Carrying Value and adjusted basis of such
asset.

     

    (h)           All
elections, decisions and other matters concerning the allocation of income,
gains and losses among the Members, and accounting procedures, not specifically
and expressly provided for by the terms of this Agreement, shall be determined
by the Board of Managers.

     

    (i)           The
Board of Managers shall, to the maximum extent possible, and in accordance with
Treasury Regulations Section 1.752-3(a)(3), allocate liabilities to the Members
listed in Schedule
5.1(i) in an amount equal to not less than the amount set forth on such
Schedule with respect to each such Member, as amended from time to
time.  To the extent that any such allocation of liabilities to any of
such Members for any Fiscal Year would be less than the amount set forth on
Schedule 5.1(i)
with respect to a Member (a “shortfall”), the Board of
Managers shall provide notice to such Member not less than sixty (60) days prior
to the end of the Fiscal Year, offering such Member the right to enter into one
or more guarantees of Company liabilities (including, at the option of the
Member, a “bottom dollar guaranty”) in an amount sufficient to satisfy such
shortfall.

    
      
         

      

      
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    Section
5.2.           Distributions.

     

    (a)           Distributions.  Except
as otherwise provided herein and as further limited by the Basic Documents, all
distributions shall be made at such times and in such amounts as the Board of
Managers may determine to and among the Members on a pro rata basis in accordance
with their respective Percentage Interests.  In the event that
distributions under Section 5.2(b) or (c) cause aggregate distributions to
Members under this Section 5.2 to be other than in accordance with the
Percentage Interests of the Members, the Board of Managers shall adjust
distributions under this Section 5.2(a) to ensure that aggregate distributions
to Members under this Section 5.2 are in accordance with the Percentage
Interests of the Members.

     

    (b)           Minimum Quarterly
Distribution.  Notwithstanding Section 5.2(a), with respect to
each Fiscal Year of the Company, no later than April 10, June 10,  and
September 10 of such Fiscal Year and January 10 of the next succeeding Fiscal
Year, the Company shall distribute to each Member an amount with respect to each
date so that no Member receives less than an amount equal to one quarter of 110%
of the product of the Tax Rate and the amount allocated to such Member as the
Company’s taxable income for the preceding Fiscal Year (the “Minimum Quarterly
Distributions”); provided, however, that with
respect to the first and second Fiscal Year of the Company following the date of
this agreement, such taxable income shall include the taxable income allocated
to any such Member with respect to the predecessor entities.  Solely
for purposes of calculating Minimum Quarterly Distributions, if a Member is
allocated a net taxable loss for federal income tax purposes for any fiscal year
of the Company, such net taxable loss shall be offset against, and shall reduce,
the net taxable income allocated to such Member in subsequent quarters until
such net taxable loss is exhausted.

     

    (c)           Tax True Up
Distribution.  Notwithstanding Section 5.2(a), later than April
10 of each year, the Company shall distribute to each of the Members an amount
equal to the excess if any of (i) the product of the Tax Rate and the amount
allocated to each such Member as the Company’s taxable income for the preceding
Fiscal Year over (ii) the Minimum Quarterly Distributions with respect to such
preceding Fiscal Year.

     

    (d)           Withholding.  The Company shall
comply with withholding requirements under federal, state, local and foreign law
and shall remit amounts withheld to and file required forms with the applicable
jurisdictions.  To the extent the Company is required to withhold and
pay over any amounts to any authority with respect to distributions or
allocations to any Member, the amount withheld shall be deemed to be a
distribution to such Member in the amount of the withholding and shall reduce
the amount such Member shall otherwise receive under Section 5.2 or Section 11.2(d).  Each
Member agrees to furnish the Company with any representations and forms as shall
reasonably be requested by the Company to assist it in determining the extent
of, and in fulfilling, its withholding obligations.

     

    ARTICLE
VI

    BOOKS OF ACCOUNT, REPORTS,
FISCAL YEAR

     

    Section
6.1.           Books and
Records.  Proper and complete records and books of account
shall be kept by the Company in which shall be entered fully and accurately all
transactions and other matters relative to the Company’s business as are usually
entered into records and books of account maintained by Persons engaged in
businesses of a like character, including the Capital Account established for
each Member.  The Company books and records shall be maintained in
accordance with sound business practices and the requirements of
Section 13(b)(2) of the Exchange Act (notwithstanding the fact that the
Company is not subject to that section), including the maintenance of an
adequate system of internal controls.  The books and records shall at
all times be maintained at the principal office of the Company and shall be open
to the inspection and examination of the Members or their duly authorized
representatives for a proper purpose as set forth in Section 18-305 of the
Act during reasonable business hours and upon reasonable advance notice at the
sole cost and expense of the inspecting or examining Member.

    
      
         

      

      
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    Section
6.2.           Annual Tax
Reports.  Within ninety (90) days after the end of each
Fiscal Year, the Company shall send to each Person who was a Member at any time
during such Fiscal Year a copy of Schedule K-1 to Internal Revenue Service
Form 1065 (or any successor form) indicating such Member’s share of the
Company’s income, loss, gain, expense and other items relevant for federal
income tax purposes and corresponding analogous state and local tax
forms.

     

    Section
6.3.           Fiscal
Year.  The fiscal year of the Company (the “Fiscal Year”) shall be
the calendar year; provided,
however, that the last Fiscal Year of the Company shall end on the date
on which the Company is terminated.

     

    ARTICLE
VII

    POWERS, RIGHTS AND DUTIES OF
THE MEMBERS

     

    Section
7.1.           Limitations.  Other
than as set forth in this Agreement, the Members shall not participate in the
management or control of the Company’s business nor shall they transact any
business for the Company, nor shall they have the power to act for or bind the
Company, said powers being vested solely and exclusively in the Board of
Managers.

     

    Section
7.2.           Liability.  Subject
to the provisions of the Act, no Member shall be liable for the repayment,
satisfaction or discharge of any Company liability or obligation.  No
Member shall be personally liable for the return of any portion of the Capital
Contributions (or any return thereon) of any other Member.

     

    Section
7.3.           No
Priority.  No Member shall have priority over any other Member
as to Company allocations or distributions.

     

    Section
7.4.           Admission of Springing
Members as Special Members.  Upon the occurrence of any event
that causes the last remaining Member to cease to be a member of the Company
(other than upon continuation of the Company without dissolution upon (i) an
assignment by the Member of all of its Units in the Company and the admission of
the transferee pursuant to Sections 9.1 or 9.4, or (ii) the resignation of the
last remaining Member and the admission of an additional member of the Company),
each person executing this Agreement as a Springing Member shall, without any
action of any Person and simultaneously with the last remaining Member ceasing
to be a member of the Company, automatically be admitted to the Company as a
Special Member and shall continue the Company without
dissolution.  The Company shall at all times have at least two (2)
Springing Members.  No resignation or removal of a Springing Member,
and no appointment of a successor Springing Member, shall be effective unless
and until such successor shall have executed a counterpart to this
Agreement.  In the event of a vacancy in the position of a Springing
Member, the Board shall, as soon as practicable, appoint a successor Springing
Member to fill such vacancy.  By signing this Agreement, each
Springing Member agrees that, should such Springing Member become a Special
Member, such Springing Member will be subject to and bound by the provisions of
this Agreement applicable to a Special Member.  No Special Member may
resign from the Company or transfer its rights as Special Member unless a
successor Special Member has been admitted to the Company as a Special Member by
executing a counterpart to this Agreement; provided, however, that the Special
Member shall automatically cease to be a member of the Company upon the
admission to the Company of a substitute Special Member.  Each Special
Member shall be a member of the Company but shall have no interest in the
profits, losses and capital of the Company and no right to receive any
distributions of Company assets. Pursuant to Section 18-301 of the Act, a
Special Member shall not be required to make any capital contributions to the
Company and shall not receive any Units in the Company.  Each Special
Member, in its capacity as a Special Member, may not bind the
Company.  Except as required by any mandatory provision of the Act,
each Special Member, in its capacity as a Special Member, shall have no right to
vote on, approve or otherwise consent to any action by, or matter relating to,
the Company, including, without limitation, the merger, consolidation or
conversion of the Company.  In order to implement the admission to the
Company of each Special Member, each person named in this Agreement as a
Springing Member shall execute a counterpart to this Agreement.  Prior
to its admission to the Company as a Special Member, each Person executing this
Agreement as Springing Member shall not be a member of the
Company.

    
      
         

      

      
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    Section
7.5.        Admission of
JDI.  Secure
and the Initial Members acknowledge and agree that in connection and
contemporaneously, Ultimate Resort will transfer 3,123,797 Retained Units to JDI
and thereafter JDI shall become a Member of the Company and Secure and the
Initial Members consent to such transfer and admission.  In connection
with its receipt of the JDI Units and admission to the Company JDI acknowledges
and agrees (i) that it will vote any and all Public Company Shares that it may
own in accordance with the terms of that certain Voting Agreement dated as of
the date hereof among Ultimate Resort, PE and the other parties thereto the form
of which was attached as an exhibit to the Contribution Agreement, (ii) that it
consents to the appointment of James M. Tousignant as the Member Representative
and empowers him to take such actions as a the Member Representative shall be
entitled to take under the Contribution Agreement, the Escrow Agreement, this
Agreement and any other documents executed in connection with the Transactions,
including without limitation, the right to vote the Series A Preferred Voting
Stock, (iii) that any Earn-Out Payment that JDI may be entitled to under Section 3.6 shall be subject
to the set-off rights set forth in Section 1(g) of the Escrow Agreement up to
JDI’s Sharing Percentage, (iv) that 302,267 of the JDI Units shall be deposited
with the Escrow Agent and shall be held in accordance with and subject to the
terms of the Escrow Agreement, and (v) that any and all obligations of the
holders of the Retained Units under this Agreement shall continue in full force
and effect and JDI shall be subject to such obligations as a transferee of the
Retained Units.  In connection with the JDI Ultimate Resort Redemption
and the receipt by JDI of the JDI Units, Secure acknowledges and agrees that JDI
shall be entitled to the rights conferred under the Registration Rights
Agreement.

     

    ARTICLE
VIII

    POWERS, RIGHTS AND DUTIES OF
THE BOARD OF MANAGERS

     

    Section
8.1.        Authority. Subject
to the limitations provided in this Agreement and except as specifically
contemplated by this Agreement, the Board of Managers shall have exclusive and
complete authority and discretion to manage the operations and affairs of the
Company and to make all decisions regarding the business of the Company,
including, without limitation, any dissolution, winding up, liquidation,
consolidation or merger of the Company or sale of all or substantially all of
the Company’s assets.  Any action authorized by the Board of Managers
shall constitute the act of and serve to bind the Company.  Persons
dealing with the Company are entitled to rely conclusively on the power and
authority of the Board of Managers as set forth in this Agreement.

     

    
      
         

      

      
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    Section
8.2.       Powers and Duties of the
Board of Managers.  Except
as otherwise provided in this Agreement and without limiting Section 8.1, the Board
of Managers in managing the business of the Company shall have all the rights
and powers of the board of directors of a corporation organized under the
Delaware General Corporation Law.

     

    Section
8.3.        Board of
Managers.  A
Board of Managers shall be established to manage the business and affairs of the
Company in accordance with the following terms:

     

    (a)         Number and
Appointment.  The Board of Managers shall consist of the same
number of managers as the number of members of Secure’s board of directors from
time to time, and each member of Secure’s board of directors shall also, upon
appointment to Secure’s board of directors, be simultaneously appointed to serve
as a member of the Board of Managers, with no further action required on the
part of the Members. As with Secure, the Company’s Board of Managers shall be
divided into three classes: Class A, Class B and Class C. The number of managers
in each class shall be as nearly equal as possible. The managers in Class A
shall be elected for a term expiring at the first annual meeting of stockholders
held after the Secure stockholders’ meeting held to approve the transactions
contemplated by the Contribution Agreement and this Agreement (the “Secure Stockholder Meeting”),
the managers in Class B shall be elected for a term expiring at the second
annual meeting of stockholders after the Secure Stockholder Meeting, and the
managers in Class C
shall be elected for a term expiring at the third annual meeting of stockholders
after the Secure Stockholder Meeting. The initial members of the
Board of Managers shall be in accordance with Section 5.10 of the Contribution
Agreement.

     

    (b)         Resignation and
Removal.  If any member of the Board of Managers ceases to
serve on Secure’s board of directors for any reason, such member shall
simultaneously cease to serve as a member of the Board of Managers, with no
further action required on the part of the Members.  Except as set
forth in the preceding sentence, no member of the Board of Managers may be
removed for any reason.  Any manager may resign from the Board of
Managers at any time upon written notice to the Company.  Any such
resignation shall take effect at the time specified therein or, if the time be
not specified, upon receipt thereof, and the acceptance of such resignation,
unless required by the terms thereof, shall not be necessary to make such
resignation effective.  If such manager does not also resign from, or
does not otherwise cease to serve on, Secure’s board of directors, the Member(s)
who designated such person to serve on Secure’s board of directors in accordance
with Section 5.10 of the Contribution Agreement shall have the right to
designate a member to replace such manager on the Board of
Managers.

     

    
      
         

      

      
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    (c)          Meetings.  Meetings
of the Board of Managers, regular or special, may be held at any place within or
without the State of Delaware.  Members of the Board of Managers, or
of any committee designated by the Board of Managers, may participate in a
meeting of the Board of Managers or such committee by means of conference
telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other, and participation in a meeting
by such means shall constitute presence in person at such
meeting.  The Board of Managers may fix times and places for regular
meetings of the Board of Managers and no notice of such meetings need be
given.  A special meeting of the Board of Managers shall be held
whenever called by any manager then in office, at such time and place as shall
be specified in the notice or waiver thereof.  Notice of each special
meeting shall be given by the person calling the meeting to each manager
personally or by faxing or emailing and telephoning the same not later than the
day before such special meeting.

     

    (d)          Quorum and
Voting.  A whole number of managers equal to at least a
majority of the
entire Board of Managers, either present or represented by proxy, shall
constitute a quorum for the transaction of business, but if there be less than a
quorum at any meeting of the Board of Managers, a majority of the managers
present may adjourn the meeting from time to time, provided that notice of
adjournment and the time and place of the rescheduled meeting shall be given to
all of the managers not then in attendance.  Except as otherwise
provided by this Agreement, the vote of a majority of the managers present at a
meeting at which a quorum is present or at an adjourned meeting shall be the act
of the Board of Managers.

     

    (e)          Proxies.  Each
manager entitled to vote at a meeting of the Board of Managers may authorize
another person or persons to act for him or her by proxy.  Each proxy
shall be signed by the manager giving such proxy.

     

    (f)          Unanimous Written Consent of
Managers in Lieu of a Meeting.  Any action required or
permitted to be taken at any meeting of the Board of Managers may be taken
without a meeting if all of the members of the Board of Managers consent thereto
in writing.

     

    (g)         Expenses;
Compensation.  The Company shall pay all out-of-pocket expenses
incurred by each manager in connection with attending regular and special
meetings of the Board of Managers and any committee of the Board of
Managers.  Members of the Board of Managers shall not be entitled to
receive compensation for services to the Company in their capacities as members
of the Board of Managers, however, this shall in no way limit the members of the
Board of Managers from receiving reasonable compensation in their capacity as
members of the board of directors of Secure.

     

    Section
8.4.        Officers, Agents and
Employees.

     

    (a)         Appointment and Term of
Office.  The Board of Managers may appoint, and may delegate
power to appoint, such officers, agents and employees as it may deem necessary
or proper, who shall hold their offices or positions for such terms, have such
authority and perform such duties as may from time to time be determined by or
pursuant to authorization of the Board of Managers.  Notwithstanding
the foregoing, the persons appointed to serve as officers of Secure pursuant to
Section 5.10 of the Contribution Agreement are hereby appointed to the same
positions of officers of the Company.  Any action taken by an officer
of the Company pursuant to authorization of the Board of Managers shall
constitute the act of and serve to bind the Company.  Persons dealing
with the Company are entitled to rely conclusively on authority of such officers
set forth in the authorization of the Board of Managers.

    
      
         

      

      
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    (b)         Resignation and
Removal.  Any officer may resign at any time upon written
notice to the Company.  Any officer, agent or employee of the Company
may be removed by the Board of Managers with or without cause at any
time.  The Board of Managers may delegate such power of removal as to
officers, agents and employees not appointed by the Board of
Managers.

     

    (c)         Compensation.  The
compensation of the officers of the Company shall be fixed by the Board of
Managers or a committee thereof.

     

    Section
8.5.        Company
Assets.  All
property owned by the Company, whether real or personal, tangible or intangible,
shall be deemed to be owned by the Company as an entity, and no Member,
individually, shall have any ownership of such property.  Company
funds shall be held in the name of the Company, shall not be commingled with
those of any other Person and shall be used only for the business of the
Company.

     

    Section
8.6.        Exculpation.  No
director, manager, officer, agent or employee of the Company or any Member shall
be personally liable for the return of any portion of the Capital Contributions
(or any return thereon) of any Member.  The return of such Capital
Contributions (or any return thereon) shall be made solely from the Company’s
assets.  No director, officer, agent or employee of the Company or any
Member shall be required to pay to the Company or to any Member any deficit in
the Capital Account of any Member upon dissolution of the Company or
otherwise.  No Member shall have the right to demand or receive
property other than cash or Public Company Shares for its Units.  No
director, manager, officer, agent or employee of the Company or any Member shall
be liable, responsible or accountable in damages or otherwise to the Company or
any Member for any loss incurred as a result of any act or failure to act by
such Person on behalf of the Company unless such loss is finally determined by a
court of competent jurisdiction to have resulted solely from such Person’s
fraud, gross negligence or willful misconduct.

     

    Section
8.7.        Tax Matters
Partner.  For
purposes of Code section 6231(a)(7), the “Tax Matters Partner” shall be
James M. Tousignant, acting only at the direction of the Board of
Managers.  The Tax Matters Partner shall keep the Board of Managers
and the other Members fully advised on a current basis of any contacts by or
discussions with the revenue authorities, and the Members shall have the right
to observe and participate through representatives of their own choosing (at
their sole expense) in any tax proceedings.  The Tax Matters Partner
shall not settle or compromise any issue that adversely affects Members without
the consent of such Members, such consent not to be unreasonably
withheld.  In addition, the Tax Matters Partner shall not extend the
statute of limitations as regards any partnership item affecting a Member
without such Member’s consent.

     

    Section
8.8.        Indemnification of the Board
of Managers, Officers and Agents.

     

    (a)         The
Company shall indemnify and hold harmless the managers and officers of the
Company (each, an “Indemnified
Party”) from and against any loss, expense, damage or injury suffered or
sustained by them, by reason of any claim by or on behalf of a Person other than
a Member or the Company relating to any acts, omissions or alleged acts or
omissions arising out of their activities on behalf of the Company or in
furtherance of the interests of the Company, including but not limited to any
judgment, award, settlement, reasonable attorneys’ fees and other costs or
expenses incurred in connection with the defense of any actual or threatened
action, proceeding or claim if the acts, omissions or alleged acts or omissions
upon which such actual or threatened action, proceeding or claims are based were
not a result of fraud, gross negligence or willful misconduct by such
Indemnified Party.  Any indemnification pursuant to this Section 8.8 shall only
be from the assets of the Company.
 

    
      
         

      

      
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    (b)         Expenses
(including attorneys’ fees) incurred by an Indemnified Party in a civil or
criminal action, suit or proceeding, other than by or on behalf of a Member or
the Company, shall be paid by the Company in advance of the final disposition of
such action, suit or proceeding; provided that if an
Indemnified Party is advanced such expenses and it is later determined by a
final, non-appealable order of a court of competent jurisdiction that such
Indemnified Party was not entitled to indemnification with respect to such
action, suit or proceeding, then such Indemnified Party shall reimburse the
Company for such advances.

     

    Section
8.9.        Limitations on the Company’s
Activities –Material Actions.

     

    (a)            The
Members shall not, so long as any Obligation is outstanding, amend, alter,
change or repeal the definitions of “Agent”, “Approval Board”, “Bankruptcy”,
Basic Documents”, “Indemnity Guaranty”, “Independent Manager”, “Keith Guaranty”,
“Loan Agreement”, “Loan Documents”, “Management Agreement”, “Material Action”,
“Mezz Loan Documents”,  “Mezz Loan”, “ Mezz Second Mortgage Note”,
“Obligations”, “Rating Agency”, “Rating Agency Condition”, “Special Member”,
“Springing Member”, “Tousignant Guaranty”, and “UE Holdings Subsidiaries” or
Sections 3.3, 5.2(a), 7.4,
8.1, 8.2, 8.9, 9.1, 9.4, 11.1, or Articles XII, XV or XVI of
this Agreement (collectively, the “Independent Manager  Provisions”)
without the unanimous written consent of the Members, the Board of Managers, the
Approval Board, and Agent.  Subject to this Section 8.9, the Members
reserve the right to amend, alter, change or repeal any provisions contained in
this Agreement in accordance with Article XII.  To the fullest extent
permitted by applicable law, in the event of any conflict between any of the
Independent Manager Provisions and any other provisions of this or any document
governing the formation, management or operation of the Company, the Independent
Manager Provisions shall control.

    

    (b)           Notwithstanding
any other provision of this Agreement and any provision of law that otherwise so
empowers the Company, the Members, the Board of Managers, the Officers, or any
other Person, for so long as any Obligation remains outstanding, neither the
Company nor the Members nor the Board of Managers nor the Officers nor any other
Person shall be authorized or empowered, nor shall they permit the Company or
any of the UE Holdings Subsidiaries, without the prior unanimous affirmative
written consent of (i) the Members, (ii) the Board of Managers and (iii) the
Approval Board, to take any Material Action. Provided, however, that the
Approval Board may not vote on, or authorize any Material Action, unless the
Approval Board includes at least one (1) Independent Manager and such action is
taken in accordance with this Agreement.

    

    ARTICLE
IX

    TRANSFERS OF INTEREST BY
MEMBERS

     

    Section
9.1.        Transfers by the Initial
Members and JDI.  Except
for the pledge of Interests to Agent pursuant to each Assignment of Ownership
Interests (as defined in the Loan Agreement), no Initial Member or JDI may sell,
assign, pledge or in any manner dispose of or create or suffer the creation of a
security interest in or any encumbrance (the commission of any such act being
referred to as a “Transfer,” any person who
effects a Transfer being referred to as a “Transferor” and any person to
whom a Transfer is effected being referred to as a “Transferee”) on all or a
portion of its Interest in the Company, except for (a) any
Transfer  that is made in accordance with Article X hereof, and
(b) any Transfer to a Permitted Transferee; provided that each Permitted
Transferee shall agree in writing that it shall be subject to the terms and
conditions of this Agreement.  Any Transferee pursuant to this Section 9.1 shall be
admitted as a Substitute Member without the requirement for any further approval
or formality.

    
      
         

      

      
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    Section
9.2.       Effects of Non-Conforming
Transfers.  With the exception of
the Agent’s exercise of its rights in relation to the Interests pledged pursuant
to each Assignment of Ownership Interests (as defined in the Loan Agreement), no
Transfer of an Interest in the Company shall be effective until such time as all
requirements of this Article IX have been
satisfied and, if consents, approvals or waivers are required by the Board of
Managers or any Member, all of same shall have been confirmed in writing by the
Board of Managers or such Member, as applicable.  With the exception
of the Agent’s exercise of its rights in relation to the Interests pledged
pursuant to each Assignment of Ownership Interests (as defined in the Loan
Agreement), any Transfer or purported Transfer of an Interest in the Company not
made in accordance with this Agreement (a “Void Transfer”) shall be null
and void and of no force or effect whatsoever.  With the exception of
the Agent’s exercise of its rights in relation to the Interests pledged pursuant
to each Assignment of Ownership Interests (as defined in the Loan Agreement),
any amounts otherwise distributable under Article V or Article XI in respect of
an Interest in the Company that has been the subject of a Void Transfer may be
withheld by the Company until the Void Transfer has been rescinded, whereupon
the amount withheld (after reduction by any damages suffered by the Company
attributable to such Void Transfer) shall be distributed without
interest.

     

    Section
9.3.       Registration Rights
Agreement.  The
Parties acknowledge the entry by the Initial Members and Secure into a separate
registration rights agreement on the date hereof (the “Registration Rights
Agreement”), pursuant to which Secure has agreed to, on the terms and
subject to the conditions set forth in the Registration Rights Agreement,
register under the Securities Act any Public Company Shares which the Initial
Members may receive upon exchange of their Units for Public Company Shares
pursuant to Article X below,
including, without limitation, any Units issued pursuant to Section 3.6 of this Agreement
that are subsequently exchanged for Public Company Shares.

     

    Section
9.4.       Right of Consent to
Transfer.  So
long as any Obligation is outstanding, no Member may assign its interest in the
Company, except as permitted under the Basic Documents.  Thereafter,
except for transfers to a Permitted Transferee, no Member shall sell, assign,
exchange, pledge, mortgage, hypothecate or otherwise transfer or encumber its
interest in the Company (collectively, a “Transfer”) without the prior
written consent of the other Member(s). Any such Transfer shall be void from
inception and of no force or effect whatsoever.  Notwithstanding the
foregoing, any transfer that would cause a technical termination pursuant to
Section 708 of the Code will not constitute a Permitted Transfer without the
approval of the Board of Managers.

    
      
         

      

      
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    ARTICLE
X

    EXCHANGE OF UNITS;
LOCK-UP

     

    Section
10.1.      Grant of Exchange
Rights.

     

    (a)         Initial Member’s and JDI’s
Rights.  Each Initial Member and JDI shall have the right, but
not the obligation, exercisable at any time or from time to time (the “Exchange Right”), to exchange
with the Company all or a portion of such Initial Member’s and JDI’s Units,
including Units issued pursuant to Section 3.6 (such Units
tendered, the “Offered
Units”), on the terms and subject to the conditions set forth in this
Article X.

     

    (b)         Company’s Rights Upon Exercise of
Exchange Right.  Upon exercise of the Exchange Right by an
Initial Member or JDI, the Company shall exchange such Initial Member’s or JDI’s
Offered Units for the following (the “Exchange Consideration”): (A)
(I) a number of Public Company Shares, to be issued by Secure, equal to the
product of (x) the number of Offered Units and (y) the Exchange Rate (the “Exchange Shares”), and (II)
cash, payable by wire transfer of immediately available funds to the applicable
Initial Member or JDI, in the amount of all dividends and distributions that
would have been paid on the Exchange Shares had the Exchange Shares been
outstanding from the date hereof to the date of the Exchange Notice (the “Dividend Amount”); or (B) (I)
cash, payable by wire transfer of immediately available funds to the applicable
Initial Member or JDI, in an amount equal to the product of (x) the number of
Exchange Shares, and (y) the Fair Market Value as computed on the date on which
the Exchange Notice was delivered to the Company, and (II) cash, payable by wire
transfer of immediately available funds to the applicable Initial Member or JDI,
in the Dividend Amount.  The determination of the election of option
(A) or (B) in the preceding sentence will be made by Secure in its sole
discretion on the terms and subject to the conditions set forth in this Article X; provided, however, that
Secure may not elect option (A) if Secure is then in default under the terms of
the Registration Rights Agreement.

     

    (c)         Exchange Rate.  The
“Exchange Rate” shall be
one (1) Public Company Share for each Unit, and subject to adjustment as
follows:

     

    (i)           In
the event Secure: (a) declares or pays a dividend on the Public Company Shares
in Public Company Shares, (b) splits or subdivides the outstanding Public
Company Shares or (c) effects a reverse stock split or otherwise combines the
outstanding Public Company Shares into a smaller number of Public Company
Shares, the Exchange Rate shall be adjusted by multiplying the Exchange Rate in
effect immediately prior to such adjustment by a fraction, (1) the numerator of
which shall be the number of Public Company Shares issued and outstanding on the
record date for such dividend, distribution, split, subdivision, reverse split
or combination (assuming for such purposes that such dividend, distribution,
split, subdivision, reverse split or combination has occurred as of such time)
and (2) the denominator of which shall be the actual number of Public Company
Shares issued and outstanding on the record date for such dividend,
distribution, split, subdivision, reverse split or combination (assuming for
such purposes that such dividend, distribution, split, subdivision, reverse
split or combination has not occurred as of such time).

     

    (ii)           Any
adjustments to the Exchange Rate shall become effective immediately after the
effective date of such event, retroactive to the record date, if any, for such
event.  In the event of an adjustment of the Exchange Rate, Secure shall provide
prompt written notice to each Initial Member and JDI, including a certificate of
Secure’s principal financial officer certifying the accuracy of the calculation
and providing sufficient details to enable the Initial Members and JDI to verify
the calculation of the new Exchange Rate. The Initial Members and JDI, together,
shall have ten (10) Business Days from the date of receipt of Secure’s written
notice to object in writing, providing sufficient details to enable Secure to
verify the calculation included in such written notice of objection. If Secure,
the Initial Members and JDI are not able to agree on the adjusted Exchange Rate
within ten (10) Business Days of Secure’s receipt of the Initial Members’ or
JDI’s notice of objection, then the Independent Accountant shall determine the
Exchange Rate within ten (10) Business Days thereafter, which determination
shall be binding upon the parties.

    
      
         

      

      
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    (d)         Right to Assign Obligation to Honor
Exchange Right.  The Company may assign to Secure its right to
acquire the Offered Units and to pay the Exchange Consideration in accordance
with this Article X.  Secure
may, in its sole and absolute discretion, elect to accept such assignment, in
which event it shall pay the Exchange Consideration in accordance with this
Article X, and
thereafter the Company shall have no further obligation with respect to such
payment.

     

    (e)         Treatment of Exchange Right upon
Merger of Secure.  Upon (i) any recapitalization,
reclassification or change of the outstanding Public Company Shares (other than
a change in par value, or from par value to no par value, or from no par value
to par value, or as a result of a split, subdivision or combination), (ii) any
consolidation, merger or combination of Secure with another Person as a result
of which holders of Public Company Shares shall be entitled to receive stock,
securities, other property, assets or cash with respect to or in exchange for
such Public Company Shares, or (iii) any statutory share exchange, in each case
as a result of which holders of Public Company Shares shall be entitled to
receive stock, securities, other property, assets or cash with respect to or in
exchange for such Public Company Shares, then:

     

    (A)          At
the effective time of the transaction, the Exchange Right will be changed into a
right to convert all Units into the kind and amount of shares of stock, other
securities or other property or assets, including cash or any combination
thereof, that an Initial Member or JDI would be entitled to receive had such
Initial Member or JDI exercised an Exchange Right with regard to the Units owned
by such Initial Member or JDI immediately prior to the effective time of such
transaction.

     

    (B)          In
the event holders of Public Company Shares have the opportunity to elect the
form of consideration to be received in such transaction, the type and amount of
consideration that the Initial Member or JDI would have been entitled to receive
will be deemed to be the weighted average of the types and amounts of
consideration received by the holders of Public Company Shares that
affirmatively make an election.

     

    Section
10.2.      Exercise of Exchange
Right.

     

    (a)         In
order to exercise the Exchange Right, an Initial Member or JDI shall deliver a
written notice (an “Exchange
Notice”) to such effect to the Company, not less than ten (10) Business
Days prior to the date as of which the Initial Member or JDI desires the closing
(the “Exchange Closing”)
of the exchange to occur (such date, the “Proposed Exchange Closing
Date”).  The Exchange Notice shall include a representation and
warranty by the Initial Member or JDI to the effect that such Initial Member or
JDI owns, and will continue to own until the Exchange Closing, the Offered Units
subject to the Exchange Notice, free and clear of all liens, charges, security
interests, options, claims, mortgages, pledges, proxies, voting trusts or
agreements, obligations, understandings or arrangements or other restrictions on
title or transfer of any nature whatsoever (“Liens”) other than Liens
arising under this Agreement and Liens that will be discharged at or prior to
Exchange Closing.

    
      
         

      

      
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    (b)         Within
five (5) Business Days after receipt by the Company of an Exchange Notice, the
Company shall deliver to the exercising Initial Member or JDI a written
notice:  (i) specifying whether the Company or Secure will satisfy the
Exchange Right and deliver to the Initial Member or JDI the Exchange
Consideration, (ii) setting forth the preferred form of consideration and the
Exchange Rate, (iii) if the Exchange Consideration is to include cash pursuant
to Section 10.1(b)(B),
the applicable Fair Market Value, (iv) if the Exchange Consideration is to
include Public Company Shares pursuant to Section 10.1(b)(A),
confirming whether the Public Company Shares to be delivered to the Initial
Member or JDI will be included for listing on all exchanges on which all other
Public Company Shares are listed, and confirming (a) that there has not been
issued any order suspending the effectiveness of any registration statement
relating to the Public Company Shares and (b) that there has not been a
suspension of the qualification (or exemption from qualification) of any of the
Public Company Shares for sale in any jurisdiction, (v) acknowledging compliance
by Secure with the covenants set forth in Section 10.6  below
and that it is prepared to close on the Exchange Closing Date (as defined below)
and (vi) setting forth the exercising Initial Members’ or JDI’s rights to
receive Earn Out Shares, if any, to be granted on the Exercise Closing
Date.

     

    (c)         An
Initial Member or JDI may withdraw an Exchange Notice at any time prior to the
Exchange Closing Date.

     

    Section
10.3.      Exchange
Closing.  The
Exchange Closing shall, unless otherwise mutually agreed by the Company and the
Initial Member or JDI, be held at the principal offices of the Company, on a
date (the “Exchange Closing
Date”) that is the later of (a) Proposed Exchange Closing Date as
specified in the Exchange Notice or (b) the date that is five Business Days
after the expiration or termination of the waiting period applicable to the
Initial Member or JDI, if any, under the Hart-Scott-Rodino Antirust Improvement
Act of 1976, as amended (the “HSR Act”).  The
Company agrees to use its best efforts to obtain an early termination of the
waiting period applicable to any such acquisition, if any, under the HSR
Act.  Until the Exchange Closing Date, an Initial Member and JDI shall
continue to own his Offered Units, and will continue to be treated as a Member
for all purposes of this Agreement, including, without limitation, for purposes
of voting, consent, allocations and distributions.  Offered Units will
be transferred to the Company only upon receipt by the tendering Initial Member
or JDI of Public Company Shares or cash in payment in full
therefor.

     

    Section
10.4.      Conditions to Exchange
Closing.

     

    (a)         The
obligations of each of the parties to consummate an Exchange Right shall be
subject to the condition that there shall be no injunction, restraining order or
decree of any nature of any Governmental Entity that is in effect that restrains
or prohibits the Exchange Right.

     

    (b)         In
the event that Secure elects to issue Public Company Shares to an Initial Member
or JDI in exchange for Offered Units, the obligation of an Initial Member or JDI
to consummate an Exchange Right shall be subject to the receipt of a certificate
from Secure that it and the Public Company Shares being delivered in connection
with the Closing are in compliance with Section 10.1 and
Section 10.6 and confirming (a) that there has not been issued any
order suspending the effectiveness of any registration statement relating to the
Public Company Shares and (b) that there has not been a suspension of the
qualification (or exemption from qualification) of any of the Public Company
Shares for sale in any jurisdiction.

    
      
         

      

      
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    Section
10.5.      Exchange Closing
Deliveries.  At
each Exchange Closing, with respect to each Initial Member or JDI that requests
the Exchange:

     

    (a)         such
Initial Member or JDI shall deliver to the Company or Secure, as applicable,
certificates representing the Offered Units, free and clear of all Liens,
together with stock powers duly endorsed in blank;

     

    (b)         The
Company or Secure, as applicable, shall deliver to the Initial Member or
JDI:

     

    (i)           The
certificate required by Section 10.4(b); and

     

    (ii)           If
the Exchange Consideration is to be paid in Public Company Shares, a certificate
or certificates, registered in the name of such Initial Member, JDI or its
designee, representing a number of duly authorized, validly issued, fully paid
and non-assessable Public Company Shares as determined in accordance with Section 10.1, which
Public Company Shares shall be free and clear of all Liens; provided, however, the
Company or Secure, as applicable, shall deliver cash, in lieu of any fractional
shares to which such holder would otherwise be entitled, based on the Fair
Market Value for the Public Company Shares.

     

    (iii)           All
certificates representing Public Company Shares shall have endorsed thereon a
legend substantially as follows:

     

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES
LAW AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, TRANSFERRED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT COVERING THESE
SECURITIES UNDER THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS OR AN OPINION
FROM COUNSEL REASONABLY SATISFACTORY TO THE COMPANY IN FORM AND SUBSTANCE
SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT OR
UNDER APPLICABLE STATE SECURITIES LAWS.

     

    Section
10.6.     Covenants Relating to the
Exchange.  To
facilitate Secure’s ability fully to perform its obligations hereunder in the
event that it accepts an assignment of an Exchange Right in accordance with
Section 10.1,
Secure covenants and agrees as follows:

     

    (a)         At
all times while the Exchange Rights are in existence, Secure shall reserve for
issuance such number of Public Company Shares as may be necessary to enable
Secure to issue such Shares in full payment of the Exchange Consideration in
regard to all Units which are from time to time outstanding and held by the
Initial Members and JDI.

    
      
         

      

      
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    (b)         All
Public Company Shares issuable upon exercise of the Exchange Rights shall, upon
issuance in accordance with the terms of this Article X, be duly and
validly authorized, issued and fully paid and non-assessable. Such Public
Company Shares shall be free from preemptive rights or any other contingent
purchase rights or Liens.  Secure shall use its best efforts to assure
that such Public Company Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of any
securities exchange upon which the Public Company Shares may be
listed.

     

    Section
10.7.     Term of Exchange
Rights.  The
Exchange Rights of the Initial Members and JDI with respect to the Units shall
remain in effect, subject to the terms hereof, throughout the existence of the
Company.

     

    Section
10.8.     Lock-Up of Initial Members
and JDI.  From
the date hereof to the earlier of (x) the date on which Secure consummates a
transaction that results in all of its stockholders having the right to exchange
their shares of Common Stock for cash, securities or other property, or (y) the
first anniversary of the date of this Agreement, each Initial Member and JDI
hereby agrees that it shall not Transfer any Public Company Shares it obtains
pursuant to the exercise of an Exchange Right except (a) to a Permitted
Transferee (provided
that the Permitted Transferee agrees, in writing, to be bound by the terms of
this Section 10.8), or (b) to
the extent authorized by Secure in writing prior thereto.

     

    Section
10.9.     Rule 145.  All
Public Company Shares issued pursuant to this Agreement to “affiliates” of the
Company listed on Schedule 10.9 will be
subject to certain resale restrictions under Rule 145 promulgated under the
Securities Act, and all certificates representing such shares shall bear an
appropriate restrictive legend.

     

    Section
10.10.   Secure Series A Preferred
Shares.  On
the date hereof, Secure shall issue to the Member Representative 7,556,675
shares of Secure preferred stock which will be designated by the board of
directors of Secure as a new series of Secure preferred stock titled Series A
preferred voting stock, which will be entitled to one vote per share and to vote
as a single class with the Common Stock on all matters, but which will not be
entitled to any liquidation preferences, dividends or certain other
distributions (the “Series A
Preferred Voting Stock”).  Additionally, Secure shall issue to
the Member Representative additional shares of Series A Preferred Voting Stock
equal to the number of Units that are issued in connection with any Earn-Out
Payments made pursuant to Section
3.6.   At the time that any Offered Units are exchanged
for Public Company Shares pursuant to the terms of this Article X, a like number of
shares of Series A Preferred Voting Stock will be canceled.  Secure
acknowledges and agrees that in connection with the foregoing, on the date
hereof, it shall file with the Delaware Secretary of State a Certificate of
Designation reflecting the foregoing designation, preference and rights, in a
form to be mutually acceptable to Secure and the Company.

    
      
         

      

      
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    ARTICLE
XI

    LIQUIDATION AND DISTRIBUTION
OF ASSETS

     

    Section
11.1.      Dissolution of the
Company.

     

    (a)         Subject
to the limitations set forth in Section 8.9, the Company shall be dissolved,
wound up and terminated as provided herein upon the first to occur of the
following:

     

    (i)           the
entry of a decree of judicial dissolution under Section 18-802 of the
Act;

     

    (ii)          the
determination of the Board of Managers with the consent of the Member
Representative to dissolve the Company; or

     

    (iii)         the
occurrence of any other event that would make it unlawful for the business of
the Company to be continued.

     

    Except as
expressly provided herein or as otherwise required by the Act, the Members shall
have no power to dissolve the Company.

     

    (b)         In
the event of the dissolution of the Company, the Board of Managers or a
liquidating agent or committee appointed by the Board of Managers shall act as a
liquidating agent (the Board of Managers or such liquidating agent or committee,
in such capacity, is hereinafter referred to as the “Liquidator”) and shall
commence to wind up the affairs of the Company and to liquidate Company
assets.  The Members shall continue to share all income, losses and
distributions during the period of liquidation in accordance with Article IV and Article V.  The
Liquidator shall have full right and unlimited discretion to determine the time,
manner and terms of any sale or sales of the Company assets pursuant to such
liquidation, giving due regard to the activity and condition of the relevant
market and general financial and economic conditions.

     

    (c)         The
Liquidator shall have all of the rights and powers with respect to the assets
and liabilities of the Company in connection with the liquidation and
termination of the Company that the Board of Managers would have with respect to
the assets and liabilities of the Company during the term of the Company, and
the Liquidator is hereby expressly authorized and empowered to execute any and
all documents necessary or desirable to effectuate the liquidation and
termination of the Company and the transfer of any Company assets.

     

    (d)         Notwithstanding
the foregoing, a Liquidator which is not a Member shall not be deemed a Member
and shall not have any of the economic interests in the Company of a Member; and
such Liquidator shall be compensated for its services to the Company at normal,
customary and competitive rates for its services to the Company, as reasonably
determined by the Board of Managers.

     

    (e)         Notwithstanding
any other provision of this Agreement, the Bankruptcy of a Member or a Special
Member shall not cause the Member or Special Member, respectively, to cease to
be a member of the Company and upon the occurrence of such an event, the Company
shall continue without dissolution.

     

    (f)          Notwithstanding
any other provision of this Agreement, each Member and each Special Member
waives any right it might have to agree in writing to dissolve the Company upon
the Bankruptcy of the Member or a Special Member, or the occurrence of an event
that causes a Member or a Special Member to cease to be a member of the
Company.

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

    Section
11.2.      Distribution in
Liquidation.  Subject
to applicable law, the Company’s assets shall be applied in the following order
of priority:

     

    (a)         first,
to pay the costs and expenses of the winding up, liquidation and termination of
the Company;

     

    (b)         second,
to creditors of the Company, in the order of priority provided by law, including
fees, indemnification payments and reimbursements payable to the Members or
their Affiliates, but not including those liabilities (other than liabilities to
the Members for any expenses of the Company paid by the Members or their
Affiliates, to the extent the Members are entitled to reimbursement hereunder)
to the Members in their capacity as Members;

     

    (c)         third,
to establish reserves reasonably adequate to meet any and all contingent or
unforeseen liabilities or obligations of the Company; provided, however, that at
the expiration of such period of time as the Liquidator may deem in good faith
to be advisable, the balance of such reserves remaining after the payment of
such contingencies or liabilities shall be distributed as hereinafter provided;
and

     

    (d)         fourth,
the remainder to the Members on a pro rata basis in accordance
with their respective Percentage Interests.

     

    Section
11.3.     Final
Reports.  Within
a reasonable time following the completion of the liquidation of the Company’s
assets, the Liquidator shall deliver to each of the Members a statement which
shall set forth the assets and liabilities of the Company as of the date of
complete liquidation and each Member’s portion of distributions pursuant to
Section 11.2.

     

    Section
11.4.     Rights of
Members.  Each
Member shall look solely to the Company’s assets for all distributions with
respect to the Company and such Member’s Capital Contribution (including return
thereof), and such Member’s share of profits or losses thereon, and shall have
no recourse therefor (upon dissolution or otherwise) against the Member, the
Member Representative or the Board of Managers.  No Member shall have
any right to demand or receive property other than cash upon dissolution and
termination of the Company.

     

    Section
11.5.     No Deficit
Restoration.  Notwithstanding
any other provision of this Agreement to the contrary, upon liquidation of a
Member’s Interest in the Company (whether or not in connection with a
liquidation of the Company), no Member shall have any liability to restore any
deficit in its Capital Account.  In addition, no allocation to any
Member of any loss, whether attributable to depreciation or otherwise, shall
create any asset of or obligation to the Company, even if such allocation
reduces the Capital Account of any Member or creates or increases a deficit in
such Capital Account; it is also the intent of the Members that no Member shall
be obligated to pay any such amount to or for the account of the Company or any
creditor of the Company.  Except as set forth in Section 13.11, no
creditor of the Company is intended as a third-party beneficiary of this
Agreement nor shall any such creditor have any rights hereunder.

     

    Section
11.6.     Termination.  The
Company shall terminate when all property owned by the Company shall have been
disposed of and the assets shall have been distributed as provided in Section 11.2 and
Certificate of Cancellation have been filed with the Secretary of State of the
State of Delaware.

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

    ARTICLE
XII

    AMENDMENT OF
AGREEMENT

     

    Section
12.1.     Amendments.  Except
as expressly limited by Section 8.9 and Article IX hereof, this Agreement may be
amended, and the observance of any term of this Agreement may be waived, with
(and only with) the written consent of Secure and the Member Representative;
provided, however, that
no amendment or waiver that disproportionately and adversely affects any Member
may be approved without such Member’s written consent; provided so long as any
Obligation is outstanding, this Agreement may not be modified, altered,
supplemented or amended unless the Rating Agency Condition is satisfied
except:  (i) to cure any ambiguity or (ii) to convert or supplement
any provision in a manner consistent with the intent of this Agreement and the
other Basic Documents.  Each Member hereby agrees to cooperate and
take all actions reasonably requested by Secure to give effect to any amendment
to this Agreement approved in accordance with this Section 12.1.

     

    Section
12.2.     Amendment of Certificate of
Formation.  In
the event this Agreement shall be amended pursuant to this Article XII, Secure
shall amend the Certificate of Formation to reflect such change if Secure deems
such amendment of the Certificate of Formation to be necessary or
appropriate.

     

    ARTICLE
XIII

    MISCELLANEOUS

     

    Section
13.1.     Notices.  All
notices, consents, waivers and other communications hereunder shall be in
writing and shall be deemed to have been duly given when delivered in person, by
facsimile or other electronic means, receipt confirmed, or on the next Business
Day when sent by reliable overnight courier to the respective Parties at the
following addresses (or at such other address for a Party as shall be specified
by like notice):

     

    
      
        	
                If
      to a Member:

              	
                To
      the addresses set forth below each Member’s name on the signature page
      hereto.

              
	 
      	 
      
	
                If
      to the Company:

              	
                Ultimate
      Escapes Holdings, LLC

              
	 
      	
                3501
      W. Vine St. Suite 225

              
	 
      	
                Kissimmee,
      FL 34741

              
	 
      	
                Attn:  James
      M. Tousignant, President

              
	 
      	
                Facsimile:  (407)
      483-1935

              
	 
      	 
      
	
                with
      a copy to:

              	 
      
	
                (which
      shall not constitute notice)

              	
                Greenberg
      Traurig LLP

              
	 
      	
                200
      Park Avenue

              
	 
      	
                New
      York, NY 10166

              
	 
      	
                Attn:  Alan
      I. Annex, Esq.

              
	 
      	
                Facsimile:
      (212) 801-6400

              

      

    

    

    or to
such other address as any Party hereto may, from time to time, designate in
writing delivered pursuant to the terms of this Section 13.1.

     

    Section
13.2.     Binding Effect;
Assignment.  This
Agreement and all of the provisions hereof shall be binding upon and inure to
the benefit of the Parties hereto and their respective successors and permitted
assigns. This Agreement shall not be assigned by operation of law or otherwise
by any Member except in compliance with Article IX hereof, and
any assignment not permitted hereunder shall be null and void.

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

    Section
13.3.     Waiver of Jury
Trial.  Each
of the Parties hereby waives to the fullest extent permitted by applicable Law
any right it may have to a trial by jury with respect to any Action directly or
indirectly arising out of, under or in connection with this Agreement or the
transactions contemplated hereby. Each of the Parties (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 any Action, seek
to enforce that 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 13.3.

     

    Section
13.4.     Entire
Agreement.  This
Agreement constitutes the entire agreement among the Members with respect to the
subject matter hereof, supersedes and is in full substitution for any and all
prior agreements and understandings among them relating to such subject
matter.  Without limiting the generality of the foregoing, this
Agreement amends, restated and supersedes the Original Agreement in its
entirety, and the Original Agreement is of no further force or
effect.  The Schedules to this Agreement are hereby incorporated and
made a part hereof and are an integral part of this Agreement.

     

    Section
13.5.     Descriptive
Headings.  The
descriptive headings of the several sections of this Agreement are inserted for
convenience only and shall not control or affect the meaning or construction of
any of the provisions hereof.

     

    Section
13.6.     Counterparts.  For
the convenience of the Parties, any number of counterparts of this Agreement may
be executed by any one or more Parties, and each such executed counterpart shall
be, and shall be deemed to be, an original, but all of which shall constitute,
and shall be deemed to constitute, in the aggregate but one and the same
instrument.

     

    Section
13.7.     Governing Law;
Jurisdiction.  This
Agreement shall be governed by, construed and enforced in accordance with the
laws of the State of Delaware without regard to the conflict of laws principles
thereof. All Actions arising out of or relating to this Agreement shall be heard
and determined exclusively in any state or federal court located in Delaware.
The Parties hereto hereby (a) submit to the exclusive jurisdiction of any
Delaware state or federal court for the purpose of any Action arising out of or
relating to this Agreement brought by any Party hereto and (b) irrevocably
waive, and agree not to assert by way of motion, defense or otherwise, in any
such Action, any claim that it is not subject personally to the jurisdiction of
the above-named courts, that its property is exempt or immune from attachment or
execution, that the Action is brought in an inconvenient forum, that the venue
of the Action is improper, or that this Agreement or the transactions
contemplated hereby may not be enforced in or by any of the above-named courts.
The Parties agree that a final judgment in any 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 of the Parties irrevocably consents to
the service of the summons and complaint and any other process in any other
Action or proceeding relating to the transactions contemplated by this
Agreement, on behalf of itself or its property, by personal delivery of copies
of such process to such Party.  Nothing in this Section 13.7 shall affect the
right of any Party to serve legal process in any other manner permitted by
law.

    
      
         

      

      
        36

        
          

        

      

      
         

      

    

    Section
13.8.     Specific
Performance.  The
Parties hereto agree that irreparable damage would occur in the event that any
of the provisions of this Agreement were not performed by the Company or Secure
in accordance with their specific terms or were otherwise breached. Accordingly,
the Parties further agree that prior to the termination of this Agreement in
accordance with Section 7.1, each Party shall be entitled to seek an injunction
or restraining order to prevent breaches of this Agreement and to seek to
enforce specifically the terms and provisions hereof, this being in addition to
any other right or remedy to which such Party may be entitled under this
Agreement, at law or in equity.

     

    Section
13.9.     Construction.  The
language used in this Agreement will be deemed to be the language chosen by the
Parties to express their mutual intent, and no rule of strict construction will
be applied against any Party.  Any references to any federal, state,
local or foreign statute or law will also refer to all rules and regulations
promulgated thereunder, unless the context requires otherwise.  Unless
the context otherwise requires:  (a) a term has the meaning
assigned to it by this Agreement; (b) “including” means “including but not
limited to”; (c) “or” is disjunctive but not exclusive; (d) words in
the singular include the plural, and in the plural include the singular; and
(e) “$” means the currency of the United States of America.  No
specific provision, representation or warranty shall limit the applicability of
a more general provision, representation or warranty.  It is the
intent of the Parties that each representation, warranty, covenant, condition
and agreement contained in this Agreement shall be given full, separate, and
independent effect and that such provisions are
cumulative.  References to “days” shall mean calendar days unless
expressly stated otherwise.  The words “hereof,” “herein,” “hereby”
and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this
Agreement. The Parties have participated jointly in the negotiation and drafting
of this Agreement. Consequently, in the event an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as if drafted
jointly by the Parties hereto, and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provision
of this Agreement.

     

    Section
13.10.   Severability.  In
case any provision in this Agreement shall be held invalid, illegal or
unenforceable in a jurisdiction, such provision shall be modified or deleted, as
to the jurisdiction involved, only to the extent necessary to render the same
valid, legal and enforceable, and the validity, legality and enforceability of
the remaining provisions hereof shall not in any way be affected or impaired
thereby nor shall the validity, legality or enforceability of such provision be
affected thereby in any other jurisdiction. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the
Parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the Parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereunder be
consummated as originally contemplated to the fullest extent
possible.

     

    Section
13.11.   Third
Parties.  Agent,
and its successors and assigns, are hereby declared to be intended third party
beneficiaries of the provisions of Section 8.9, and it is expressly intended
that if any of the actions set forth in Section 8.9 are undertaken in violation
of the terms and conditions of this Agreement, Agent, and its successors and
assigns, shall have standing to contest such action in a court of competent
jurisdiction.  Except as set forth in previous sentence and except for
the rights of the Indemnified Parties pursuant to Section 8.8, nothing
contained in this Agreement or in any instrument or document executed by any
party in connection with the transactions contemplated hereby shall create any
rights in, or be deemed to have been executed for the benefit of, any Person
that is not a Party hereto or thereto or a successor or permitted assign of such
a Party.

    
      
         

      

      
        37

        
          

        

      

      
         

      

    

    Section
13.12.    Waiver of
Partition.  The
Members hereby agree that Company assets are not and will not be suitable for
partition.  Accordingly, each of the Members hereby irrevocably waives
any and all rights (if any) that such Member may have to maintain any action for
partition of any of such assets.

     

    Section
13.13.   Certain Constituent Member
Rights.  The
Members acknowledge and agree that there are certain rights granted with respect
to the Company’s assets to certain members of Ultimate Resort, LLC, a Florida
limited liability company (“UR”) pursuant to Section 3.7
of that certain Amended and Restated Operating Agreement of UR dated as of March
9, 2007 (the “UR Member
Rights”).  The Company and the Members acknowledge that they
shall at all times honor the UR Member Rights which are in existence on the date
hereof.

     

    ARTICLE
XIV

    INITIAL PUBLIC
OFFERING

     

    Section
14.1.     Approval.  The
Company may conduct an initial public offering of all or part of its Membership
Interests on such terms as the Board of Managers shall determine.  The
Company may effect a conversion of Membership Interests from those of a limited
liability company to ownership in a corporation on such terms as are approved by
the Board of Managers.

     

    Section
14.2.      Severability.  This
Article is severable from the balance of this Agreement and shall be disregarded
in construction of this Agreement.

     

    ARTICLE
XV

    INDEPENDENT MANAGER AND
APPROVAL BOARD

     

    Section
15.1.     Appointment of Independent
Manager.  So
long as any of the Obligations remains outstanding, the Members shall cause the
Company at all times to have at least one (1) Independent Manager who will be
appointed by Ultimate Resort.  Each Independent Manager shall be, and
is hereby designated as a “manager” within the meaning of Section 18-101(10) of
the Act, and shall have only those powers in management of the business and
affairs of the Company as shall be specifically provided in this
Agreement.  To the fullest extent permitted by law, including Section
18-1101(c) of the Act, each Independent Manager shall consider only the
interests of the Company or UE Holdings Subsidiaries (depending on which is the
subject of the Material Action), including its respective
creditors.  No resignation or removal of an Independent Manager, and
no appointment of a successor Independent Manager, shall be effective until such
successor (i) shall have accepted his or her appointment as an Independent
Manager by a written instrument, which may be a counterpart signature page to
the Management Agreement, and (ii) shall have executed a counterpart to this
Agreement.  In the event of a vacancy in the position of an
Independent Manager, the Members shall, as soon as practicable, appoint a
successor Independent Manager.  All right, power and authority of the
Independent Manager shall be limited to the extent necessary to exercise those
rights and perform those duties specifically set forth in this
Agreement.  Except as provided in the third sentence of this Section 15.1, in exercising
their rights and performing their duties under this Agreement, any Independent
Manager shall have a fiduciary duty of loyalty and care similar to that of a
director of a business corporation organized under the General Corporation Law
of the State of Delaware.  No Independent Manager shall at any time
serve as trustee in bankruptcy for any affiliate of the Company.  Upon
execution hereinbelow, the Members appoint Michael C. Doyle as the initial
Independent Manager of the Company.

    
      
         

      

      
        38

        
          

        

      

      
         

      

    

    Section
15.2.     Approval
Board.  The
Members hereby establish a board (the “Approval Board”), which shall
not be deemed “managers” as defined in the Act (other than the Independent
Manager), but which shall (i) remain in existence (A) for so long as the
Obligations remain outstanding and (B) until the obligations of James Tousignant
pursuant to the Tousignant Guaranty and Richard Keith pursuant to the Keith
Guaranty have been discharged in full, unless the consent of James Tousignant or
Richard Keith, as applicable, is given to earlier termination under this clause
(i)(B) (but such consent shall not affect clause (i)(A)) and (ii) always consist
of the following three persons (unless a successor is appointed in accordance
with the terms hereof):  (1) James Tousignant; (2) Richard Keith; and (3)
the Independent Manager.  If at any time that the Tousignant Guaranty is in
effect, James Tousignant (or his successor) becomes disabled or dies, James
Tousignant or James Tousignant’s guardian (in the case of disability) or his
estate (in the case of his death) shall have the sole right to appoint the
successor person to fill such Approval Board position currently held by James
Tousignant.  If at any time that the Keith Guaranty is in effect, Richard
Keith (or his successor) becomes disabled or dies, Richard Keith or Richard
Keith’s guardian (in the case of disability) or his estate (in the case of his
death) shall have the sole right to appoint the successor person to fill such
Approval Board position currently held by Richard Keith.  Notwithstanding
anything to the contrary contained in this Agreement, the Approval Board shall
not have any authority to manage the business or affairs of the Company and
shall not have any obligations under this Agreement except as expressly set
forth in Section 8.9.

     

    ARTICLE
XVI

    PLEDGE OF
INTERESTS TO AGENT

     

    Section
16.1.     Notwithstanding any provision of this
Agreement to the contrary, upon a foreclosure, sale or other transfer of the
Units of a Member, as a member of the Company (the “Pledged Interest”), pursuant
to the Assignments of Ownership Interests (as defined in the Loan Agreement)
(hereinafter, the “Pledge
Agreement”), the holder of the Pledged Interest shall automatically be
admitted as a member of the Company upon such foreclosure, sale or other
transfer, with all of the rights and obligations of the Member, as member
hereunder.  Such admission shall be deemed effective immediately prior
to such transfer and, immediately following such admission, the transferor
member shall cease to be a member of the Company.  The Company
acknowledges that the pledge of the Pledged Interest made by the Member in
connection with the Pledge Agreement shall, to the fullest extent permitted by
applicable law, be a pledge not only of its rights with respect to the profits
and losses of the Company, but also a pledge of all rights and obligations of
the Member hereunder.  Upon a foreclosure, sale or other transfer of
the Units in the Company pursuant to the Pledge Agreement, the successor Member
may transfer its interests in the Company, subject to Sections 9.1 and 9.4
hereof.  Notwithstanding any provision in the Act or any other
provision contained herein to the contrary, and to the fullest extent permitted
by applicable law, the Member shall be permitted to pledge the Pledged Interest,
and upon any foreclosure of the Pledged Interest in accordance with the Pledge
Agreement, and the admission of the Pledgee as a member of the Company as
provided in this Article XVI, transfer to the Pledgee all such rights and powers
to manage and control the affairs of the Company as it may have
hereunder.

     

    [SIGNATURE
PAGES FOLLOW]

    
      
         

      

      
        39

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the undersigned Member has caused this counterpart signature
page to the Amended and Restated Operating Agreement of Ultimate Escapes
Holdings, LLC, dated as of October 29, 2009, to be duly executed as of the date
first above written.

     

    
      
        
          
            	
                    THE
      COMPANY:

                  
	 
      
	
                    ULTIMATE
      ESCAPES HOLDINGS, LLC

                  
	 
      	 
      
	
                    By:  

                  	
                    /s/ Jim Tousignant

                  
	 
      	
                    Name:
      Jim Tousignant

                  
	 
      	
                    Title:
      President and CEO

                  
	 
      	 
      
	
                    THE
      MEMBERS:

                  
	 
      
	
                    SECURE
      AMERICA ACQUISITION CORPORATION

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ C. Thomas McMillen

                  
	 
      	
                    Name:
      C. Thomas McMillen

                  
	 
      	
                    Title:
      Co-Chief Executive Officer

                  
	 
      	 
      
	
                    Address for Notices:

                  
	 
      
	
                    Secure
      America Acquisition Holdings, LLC

                  
	
                    1005
      North Glebe Road, Suite 550

                  
	
                    Arlington,
      VA 22201

                  
	
                    Attn:
      C. Thomas McMillen

                  
	
                    Facsimile:
      (703) 528-0956

                  
	 
      	 
      
	
                    ULTIMATE
      RESORT HOLDINGS, LLC

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ Jim Tousignant

                  
	 
      	
                    Name:
      Jim Tousignant

                  
	 
      	
                    Title:
      CEO

                  
	 
      	 
      
	
                    Address for Notices:

                  
	 
      
	
                    Ultimate
      Resort Holdings, LLC

                  
	
                    3501
      W. Vine Street, Suite 225

                  
	
                    Kissimmee,
      Florida 34741

                  
	
                    Attn:  James
      Tousignant

                  
	
                    Facsimile
      No.:  (407)
483-1935

                  

          

        

      

    

     

    
      
         

      

      
        40

        
          

        

      

      
         

      

    

     

    
      
        
          
            	
                    PRIVATE
      ESCAPES HOLDINGS, LLC

                  
	 
      	 
      
	
                    By:  

                  	
                    /s/ Richard Keith

                  
	 
      	
                    Name:

                  
	 
      	
                    Title:

                  
	 
      	 
      
	
                    Address for Notices:

                  
	 
      
	
                    Private
      Escapes Holdings, LLC

                  
	
                    314
      East Mountain Avenue, Suite 101

                  
	
                    Fort
      Collins, Colorado 80524

                  
	
                    Attn:  Richard
      Keith

                  
	
                    Facsimile
      No.:   (970) 212-1620

                  
	 
      	 
      
	
                    JDI
      ULTIMATE, L.L.C.

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ Kevin Connor

                  
	 
      	
                    Name:  Kevin
      Connor

                  
	 
      	
                    Title:  Manager

                  
	 
      	 
      
	
                    Address for Notices:

                  
	 
      
	
                    JDI
      Ultimate, L.L.C.

                  
	
                    52
      N. Elston Avenue

                  
	
                    Chicago,
      Illinois 60622

                  
	
                    Attn:  Jeff
      Aeder

                  
	
                    Facsimile
      No.:  (312) 433-0555

                  
	 
      	 
      
	 
      	
                    SPRINGING
      MEMBERS:

                  
	 
      	 
      
	 
      	
                    /s/ James Tousignant

                  
	 
      	
                    Name:  James
      Tousignant

                  
	 
      	 
      
	 
      	
                    /s/ Philip Callaghan

                  
	 
      	
                    Name:  Philip
      Callaghan

                  
	 
      	 
      
	 
      	
                    INDEPENDENT
      MANAGER:

                  
	 
      	 
      
	 
      	
                    /s/ Michael C. Doyle

                  
	 
      	
                    Name:  Michael
      C. Doyle

                  

          

        

      

    

    
      
         

      

      
        41

        
          

        

      

      
         

      

    

    SCHEDULE
I

     

    UNIT
OWNERSHIP

    

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                Name

                              	 	
                                Address

                              	 	
                                Units

                              	 	 	
                                Percentage

                                Interest

                              	 	 	
                                Sharing

                                Percentage

                              	 	 	
                                Earn-Out

                                Sharing

                                Percentage

                              	 	 	
                                Capital

                                Account

                              	 
	
                                Secure
      America Acquisition Corporation

                              	 	
                                See
      Signature Pages

                              	 	 	1,232,601	 	 	 	14.02	%	 	 	N/A	 	 	 	N/A	 	 	$	9,786,853.13	 
	
                                Ultimate
      Resort Holdings, LLC

                              	 	
                                See
      Signature Pages

                              	 	 	3,858,571	 	 	 	43.90	%	 	 	49.89	%	 	 	56.13	%	 	$	30,637,054	 
	
                                JDI
      Ultimate, L.L.C.

                              	 	
                                See
      Signature Pages

                              	 	 	3,123,797	 	 	 	35.54	%	 	 	42.11	%	 	 	35.87	%	 	$	24,802,948	 
	
                                Private
      Escapes Holdings, LLC

                              	 	
                                See
      Signature Pages

                              	 	 	574,307	 	 	 	6.54	%	 	 	8.0	%	 	 	8.0	%	 	$	4,560,000	 
	
                                Totals

                              	 	 
      	 	 	8,789,276	 	 	 	100.00	%	 	 	100	%	 	 	100	%	 	$	69,786,855.13	 

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        42

        
          

        

      

      
         

      

    

    SCHEDULE
2.1(a)

    Management
Agreement

     

    October
29, 2009

     

    Ultimate
Escapes Holdings, LLC

    3501 W.
Vine Street, Suite 225

    Kissimmee,
Florida 34741

    

    Re:           Management Agreement
— Ultimate Escapes Holdings, LLC

    

    Ladies
and Gentlemen:

     

    For good
and valuable consideration, the undersigned Person, who has been designated as
an Independent Manager of Ultimate Escapes Holdings, LLC, a Delaware limited
liability company (the “Company”), in
accordance with the Amended and Restated Operating Agreement of the Company,
dated as of October 29, 2009, as it may be amended or restated from time to time
(the “LLC
Agreement”), hereby agrees as follows:

     

    1.           The
undersigned accepts such Person’s rights and authority as the Independent
Manager under the LLC Agreement and agrees to perform and discharge such
Person’s duties and obligations as the Independent Manager under the LLC
Agreement, and further agrees that such rights, authorities, duties and
obligations under the LLC Agreement shall continue until such Person’s successor
as the Independent Manager is designated or until such Person’s resignation or
removal as the Independent Manager in accordance with the LLC
Agreement.  The undersigned agrees and acknowledges that he has been
designated as a “manager” of the Company within the meaning of the Delaware
Limited Liability Company Act.

     

    2.           So
long as any Obligation is outstanding, the undersigned agrees, solely in his
capacity as a creditor of the Company on account of any indemnification or other
payment owing to the undersigned by the Company, not to acquiesce, petition or
otherwise invoke or cause the Company to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Company under any federal or state bankruptcy, insolvency or similar
law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Company or any substantial part of
the property of the Company, or ordering the winding up or liquidation of the
affairs of the Company.

     

    3.           THIS
MANAGEMENT AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF DELAWARE, AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY
SUCH LAWS WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

     

    Initially
capitalized terms used and not otherwise defined herein have the meanings set
forth in the LLC Agreement.

     

    IN
WITNESS WHEREOF, the undersigned has executed this Management Agreement as of
the day and year first above written.

     

    
      
        
          	 
      	 
	
                  Michael
      C. Doyle

                	 

        

      

    

     

    
      
         

      

      
        43

        
          

        

      

      
         

      

    

    SCHEDULE
3.4(f)

    

    CERTIFICATE
FOR

    ULTIMATE ESCAPES HOLDINGS,
LLC

     

    Certificate
Number
____                                                                                                ___
Units

     

    ULTIMATE ESCAPES HOLDINGS,
LLC, a Delaware limited liability company (the “Company”), hereby certifies
that __________________________ (the “Holder”) is the registered
owner of _____ Units in the Company (the “Interests”).

     

    THE UNITS
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

     

    THE UNITS
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER RESTRICTIONS AND OTHER
TERMS CONTAINED IN THE AMENDED AND RESTATED OPERATING AGREEMENT OF ULTIMATE
ESCAPES HOLDINGS, LLC, DATED AS OF OCTOBER 29, 2009, AS SUCH AGREEMENT MAY BE
AMENDED FROM TIME TO TIME. A COPY OF SUCH AGREEMENT IS ON FILE AT THE COMPANY’S
PRINCIPAL EXECUTIVE OFFICES.

     

    By
acceptance of this Certificate, and as a condition to being entitled to any
rights and/or benefits with respect to the Interests evidenced hereby, the
Holder is deemed to have agreed to comply with and be bound by all of the terms
and conditions of the Agreement.  The Company will furnish a copy of
the Agreement to the Holder without charge upon written request to the Company
at its principal place of business.  The Company maintains books for
the purpose or registering the transfer of Interests.

     

    Each
limited liability company interest in the Company shall constitute a “security”
within the meaning of, and governed by, (i) Article 8 of the Uniform Commercial
Code (including Section 8-102(a)(15) thereof) as in effect from time to time in
the State of Delaware, and (ii) Article 8 of the Uniform Commercial Code of any
other applicable jurisdiction that now or hereafter substantially includes the
1994 revisions to Article 8 thereof as adopted by the American Law Institute and
the National Conference of Commissioner on Uniform State Laws and approved by
the American Bar Association on February 14, 1995.

     

    This
Certificate shall be governed by and construed in accordance with the laws of
the State of Delaware without regard to principles of conflict of
laws.

     

    IN
WITNESS WHEREOF, the Company has caused this Certificate to be executed by
_______________________ its ______________________ as of the date set forth
below.

     

    
      
        	
                Dated:
      _____________ __, 200_

              	 
      	
                ULTIMATE
      ESCAPES HOLDINGS, LLC

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	 
      
	 
      	 
      	
                Name:  

              	 
      
	 
      	 
      	
                Title:

              	 
      

      

    

     

    
      
         

      

      
        44

        
          

        

      

      
         

      

    

    REVERSE
SIDE OF CERTIFICATE

    REPRESENTED
INTERESTS OF

    ULTIMATE
ESCAPES HOLDINGS, LLC

     

    FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto
__________________________ [print or typewrite the name of the transferee],
_____________________ [insert Social Security Number or other taxpayer
identification number of transferee], the following specified number of Units:
__________________________ [identify number of Units being transferred], and
irrevocably constitutes and appoints _____________________ as attorney-in-fact
to transfer the same on the books and records of the Company, with full power of
substitution in the premises.

     

    Dated:
___________ ___,
200_                  Signature:
_________________________

    (Transferor)

     

    Address:
____________________________

     

    APPLICATION
FOR TRANSFER OF INTERESTS

    The
undersigned applicant (the “Applicant”) hereby (a)
applies for a transfer of the number of Units (the “Transfer”) and applies to be
admitted to the Company as a substitute member of the Company, (b) agrees to
comply with and be bound by all of the terms and provisions of the Agreement,
(c) represents that the Transfer complies with the terms and conditions of the
Agreement, (d) represents that the Transfer does not violate any applicable laws
and regulations, and (e) agrees to execute and acknowledge such instruments
(including, without limitation, a counterpart of the Agreement), in form and
substance satisfactory to the Company, as the Company reasonably deems necessary
or desirable to effect the Applicant’s admission to the Company as a substitute
member of the Company and to confirm the agreement of the Applicant to be bound
by all the terms and provisions of the Agreement with respect to the
Interests.  Initially capitalized terms used herein and not otherwise
defined herein are used as defined in the Agreement.

    

    The
Applicant directs that the foregoing Transfer and the Applicant’s admission to
the Company as a Substitute Member shall be effective as of
______________________________.

    

    Name of
Transferee (Print)

    ________________________________________

    Dated:    __________________________               Signature:______________________________

    (Transferee)

    Address:                                                                                     

    _________________________________________________________________________________________________

    The
Company has determined (a) that the Transfer described above is permitted by the
Agreement, (b) hereby agrees to effect such Transfer and the admission of the
Applicant as a substitute member of the Company effective as of the date and
time directed above, and (c) agrees to record, as promptly as possible, in the
books and records of the Company the admission of the Applicant as a substitute
member.

     

    
      	
               

            	 
      	
              ULTIMATE
      ESCAPES HOLDINGS, LLC

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              By:  

            	 
      
	 
      	 
      	
               

            	
              Name:   
      

            
	 
      	 
      	
               

            	
              Title: 
      

            

    

    
    

    
      
         

      

      
        45CREDIT AND SECURITY
AGREEMENT

     

    THIS
CREDIT AND SECURITY AGREEMENT (“Agreement”), dated as of the _____ day of December, 2009,
by and among GLOBAL AXCESS
CORP., a Nevada corporation (the “Borrower”), and SUNTRUST BANK, a Georgia
banking corporation (“Lender”).

     

    STATEMENT OF
PURPOSE

     

    WHEREAS,
Borrower desires to borrow funds from Lender, and Lender has agreed to make
loans and extend certain credit to Borrower on the terms and conditions of this
Agreement.

     

    NOW,
THEREFORE, for good and valuable considerations, the receipt and sufficiency of
which are hereby acknowledged by the parties hereto, Borrower and Lender hereby
agree as follows:

     

    ARTICLE
I

    DEFINITIONS

     

    SECTION
1.1          Definitions. The
following terms when used in this Agreement shall have the meanings assigned to
them below:

     

    “Account Debtor” means
any Person who is or who may become obligated under, with respect to, or on
account of, an Account.

     

    “Accounts” means all
currently existing and hereafter arising accounts, contract rights, and all
other forms of obligations owing to Borrower including without limitation
obligations arising out of the sale or lease of goods or the rendition of
services by Borrower, irrespective of whether earned by performance, deposit
accounts, certificates of deposit, rights to tax refunds and tax refund claims,
insurance premium rebates, monies due or recoverable from pension funds, and any
and all credit insurance, guaranties, or security therefor.

     

    “Affiliate” means,
with respect to a Person, any other Person who directly or indirectly through
one or more intermediaries, controls, or is controlled by, or is under common
control with, such Person. The term “control” means (a) with respect to an
Affiliate of Borrower or any Subsidiary thereof, the power to vote fifty percent
(50 %) or more of the securities or other equity interests, of such Person
having ordinary voting power; (b) with respect to an Affiliate of Lender, the
power to vote eighty percent (80 %) or more of the securities or other equity
interests of a Person having ordinary voting power; or (c) with respect to any
Person, the possession, directly or indirectly, of any other power to direct or
cause the direction of the management and policies of a Person, whether through
ownership of voting securities, by contract or otherwise.

     

    “Aggregate Commitment”
means the aggregate amount of the Term Loan Commitment Amount hereunder, as such
amount may be reduced or modified at any time or from time to time pursuant to
the terms hereof.

     

    “Agreement” means this
Credit and Security Agreement, as amended or supplemented from time to
time.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    “Applicable Law” means
all applicable provisions of constitutions, statutes, rules, regulations and
orders of all Governmental Authorities and all orders and decrees of all courts
and arbitrators.

     

    “Borrower” means
Global Axcess Corp. and its successors and assigns.

     

    “Borrower’s Books”
means all of Borrower’s books and records including: ledgers and records
indicating, summarizing, or evidencing Borrower’s properties or assets
(including the Collateral) or liabilities; all information relating to
Borrower’s business operations or financial condition; and all computer
programs, disk or tape files, printouts, runs, or other computer prepared
information.

     

    “Business” shall mean
the business that Borrower operates from time to time during the term in which
any of the Obligations are owed to Lender.

     

    “Business Day” means
any day other than a Saturday, Sunday or legal holiday on which banks in Tampa,
Florida are open for the conduct of their commercial banking
business.

     

    “Capital Lease” means
any lease of any property by a Person or any Subsidiary thereof at any time as
lessee that would, in accordance with GAAP, be required to be classified or
accounted for as a capital lease on a consolidated balance sheet of such
Person.

     

    “Capital Lease
Obligation” means, with respect to any Capital Lease, the amount of the
obligation of a Person or any Subsidiary thereof that would, in accordance with
GAAP, appear on a balance sheet of such Person as a liability in respect of such
Capital Lease.

     

    “Closing Date” means
the date of this Agreement or such later Business Day upon which each condition
described in Article IV shall be satisfied or waived in all respects in a manner
acceptable to Lender.

     

    “Code” means the
Internal Revenue Code of 1986, and the rules and regulations thereunder, each as
amended or supplemented from time to time.

     

    “Collateral” means all
assets of Borrower, whether now existing or hereafter arising, including without
limitation each of the following personal property assets:

     

    
      	
            	
              (a) 

            	
              the
      Accounts,

            

    

    
      	
            	
              (b) 

            	
              Borrower’s
      Books,

            

    

    
      	
            	
              (c) 

            	
              the
      Equipment,

            

    

    
      	
            	
              (d) 

            	
              the
      General Intangibles,

            

    

    
      	
               
      

            	
              (e)

            	
              the
      Inventory,

            

    

    
      	
               
      

            	
              (e)

            	
              the
      Negotiable Collateral,

            

    

    
      	
               
      

            	
              (f)

            	
              the
      Investment Property,

            

    

    
      	
               
      

            	
              (g)

            	
              any
      other personal property,

            

    

    
      	
               
      

            	
              (h)

            	
              any
      money, or other assets of Borrower that now or hereafter come into the
      possession, custody, or control of Lender,
and

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (i)

            	
              the
      proceeds and products, whether tangible or intangible, of any of the
      foregoing, including proceeds of insurance covering any or all of the
      Collateral, and any and all Accounts, Borrower’s Books, Equipment, General
      Intangibles, Inventory, Negotiable Collateral, Investment Property, money,
      deposit accounts, or other tangible or intangible property resulting from
      the sale, exchange, collection, or other disposition of any of the
      foregoing, or any portion thereof or interest therein, and the proceeds
      thereof.

            

    

     

    The
Collateral expressly excludes any real estate owned by Borrower.

     

    “Credit Facility”
means the loan facility established pursuant to Article II hereof.

     

    “Debt” means, with
respect to any Person, all liabilities, obligations and indebtedness (including
subordinated indebtedness) of such Person for borrowed money, whether now or
hereafter owing or arising and whether primary, secondary, direct, fixed or
otherwise and whether matured or unmatured, including without limitation: (a)
all notes payable and drafts accepted representing extensions of credit and all
obligations evidenced by bonds, debentures, notes or other similar instruments;
and (b) all other obligations which are treated as liabilities under
GAAP.

     

    "Debt Service" means
the sum of (a) all principal payments paid by Borrower on Funded Debt plus (b) Interest
Expense, each determined for such fiscal quarter and the preceding three fiscal
quarters.

     

    “Debt Service Coverage
Ratio” means as of any fiscal quarter end of Borrower, the ratio
calculable by dividing (a) (net income plus depreciation and interest expense
less withdrawals and dividends) by (b) (Long Term Debt and Interest
Expense).

     

    “Default” means any of
the events specified in Section 8.1 which with the passage of time, the giving
of notice or any other condition, would constitute an Event of
Default.

     

    “Default Rate” means,
at the option of Lender, a rate equal to eighteen percent (18.00%) per annum;
provided, however, the Default Rate shall never exceed the highest non-usurious
rate allowed under Applicable Law.

     

    “Disputes” shall have
the meaning set forth in Section 9.7(b).

     

    “Dollars” or “$” means, unless
otherwise qualified, dollars in lawful currency of the United
States.

     

    “EBIDA” means Net
Income plus
Interest Expense, depreciation expense and amortization expense, each determined
for such fiscal quarter and the prior three fiscal quarters. EBIDA will be
adjusted for Lender approved non-cash charges.

     

    “Employee Benefit
Plan” means any employee benefit plan within the meaning of Section 3(3)
of ERISA which (a) is maintained for employees of Borrower or any ERISA
Affiliate or (b) has at any time within the preceding six years been maintained
for the employees of Borrower or any current or former ERISA
Affiliate.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    “Environmental Laws”
means any and all federal, state and local laws, statutes, ordinances, rules,
regulations, permits, licenses, approvals, interpretations and orders of courts
or Governmental Authorities, relating to the protection of the environment,
including, but not limited to, requirements pertaining to the manufacture,
processing, distribution, use, treatment, storage, disposal, transportation,
handling, reporting, licensing, permitting, investigation or remediation of
Hazardous Materials.

     

    “Equipment” means all
of Borrower’s present and hereafter acquired machinery, machine tools, motors,
equipment, furniture, furnishings, vehicles (including motor vehicles and
trailers), tools, parts, goods, wherever located, including (a) any interest of
Borrower in any of the foregoing, and (b) all attachments, accessories,
accessions, replacements, substitutions, additions, and improvements to any of
the foregoing.

     

    “ERISA” means the
Employee Retirement Income Security Act of 1974, and the rules and regulations
thereunder, each as amended or modified from time to time.

     

    “ERISA Affiliate”
means any Person who is a member of a group which is under common control with
Borrower, who together with Borrower is treated as a single employer within the
meaning of Section 414(b) and (c) of the Code.

     

    “Event of Default”
means any of the events specified in Section 8.1, provided that any requirement
for passage of time, giving of notice, or any other condition, including
Borrower’ right to cure, has been satisfied.

     

    “FDIC” means the
Federal Deposit Insurance Corporation, or any successor thereto.

     

    “Final Maturity Date of the
Term Loan” means the first to occur of (a) the termination of the Credit
Facility in accordance with Section 8.2(a), or (b) January 31,
2012.

     

    “Financial Contract”
means any agreement with respect to an interest rate swap, collar, cap, floor or
a forward rate agreement or other agreement executed in connection with hedging
the interest rate exposure of Borrower under this Agreement, and any confirming
letter executed pursuant to such financial contract, all as amended or
modified.

     

    “Fiscal Year” means
the fiscal year of Borrower ending on December 31.

     

    “Funded Debt” means
(1) all obligations for money borrowed, (2) all obligations evidenced by a bond,
indenture, note, letter of credit or similar instrument, (3) all obligations
under capital leases and (4) all other obligations upon which interest charges
are customarily paid.

     

    “GAAP” means Generally
Accepted Accounting Principles.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    “General Intangibles”
means all of Borrower’s present and future general intangibles and other
personal property, including contract rights, rights arising under common law,
statutes, or regulations, choses or things in action, goodwill, patents, trade
names, trademarks, servicemarks, copyrights, blueprints, drawings, purchase
orders, customer lists, monies due or recoverable from pension funds, route
lists, rights to payment and other rights under any royalty or licensing
agreements, infringement claims, computer programs, information contained on
computer disks or tapes, literature, reports, catalogues, and deposit accounts,
insurance premium rebates, tax refunds, and tax refund claims.

     

    “Governmental
Approvals” means all authorizations, consents, approvals, licenses and
exemptions of, registrations and filings with, and reports to, all Governmental
Authorities.

     

    “Governmental
Authority” means any nation, province, state or other political
subdivision thereof, and any government or any Person exercising executive,
legislative, regulatory or administrative functions of or pertaining to
government, and any corporation or other entity owned or controlled, through
stock or capital ownership or otherwise, by any of the foregoing.

     

    “Interest Expense”
means, for any period, total interest expense of Borrower (including without
limitation, interest expense attributable to Capital Leases, whether capitalized
or expensed during such period) determined on a consolidated basis in accordance
with GAAP for such fiscal quarter and the prior three fiscal
quarters.

     

    “Inventory” means all
present and future inventory in which Borrower has any interest, including goods
held for sale or lease or to be furnished under a contract of service and all of
Borrower’s present and future raw materials, work in process, finished goods and
spare parts, wherever located.

     

    “Investment Property”
means all of Borrower’s securities, now owned or hereafter acquired by Borrower
and, in any event, including without limitation all securities, whether
certificated or uncertificated, security entitlements, securities accounts,
commodity contracts and commodity accounts.

     

    “Lender” means
SunTrust Bank.

     

    “Lien” means any
interest in property securing an obligation owed to, or a claim by, any Person
other than the owner of the property whether or not such interest shall be
contingent on future events or circumstances, including but not limited to, with
respect to any asset, any mortgage, lien, pledge, charge, security interest,
consignment or bailment or encumbrance of any kind in respect of such asset. For
the purposes of this Agreement, Borrower shall be deemed to own subject to a
Lien any asset which it has acquired or holds subject to the interest of a
vendor or lessor under any conditional sale agreement, lease or other title
retention agreement relating to such asset.

     

    “Loan Documents”
means, collectively, this Agreement, the Note, the Security Documents, and each
other document, instrument and agreement executed and delivered by Borrower in
connection with this Agreement, all as amended, modified or supplemented from
time to time.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    “Loan” means the Term
Loan made to Borrower pursuant to Section 2.1.

     

    “Material Adverse
Change” means a change, event or other occurrence that produces a
Material Adverse Effect.”

     

    “Material Adverse
Effect” means an adverse change in Borrower or in any Subsidiary that
materially increases the credit risk on the Loan to an unacceptable level as
determined by Lender in its sole discretion.

     

    “Material Contracts”
means any (a) contract or agreement, written or oral, of Borrower which
individually generates an amount equal to or greater than five percent (5%) of
the revenue of Borrower as of the end of December 31, 2009, (b) contract or
agreement not referred to above the cancellation or non-renewal of which could
reasonably be expected to have a Material Adverse Effect; and (c) contract
or agreement with Food Lion, LLC or any of its Affiliates.

     

    “Monetary Default”
shall have the meaning set forth in Section 8.1(a) below.

     

    “Multiemployer Plan”
means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which
Borrower or any ERISA Affiliate is making, or is accruing an obligation to make,
contributions within the preceding six (6) years.

     

    “Negotiable
Collateral” means all of Borrower’s present and future letters of credit,
notes, drafts, instruments, Investment Property, security entitlements,
securities, documents, personal property leases (wherein Borrower is the
lessor), chattel paper, and Borrower’s Books relating to any of the
foregoing.

     

    “Net Income” means,
for any period, the net income (or loss) of Borrower determined in accordance
with GAAP for such period; provided that there shall be excluded from such net
income the net income of any Person not a Wholly-owned Subsidiary of
Borrower.

     

    “Net Worth” means
Assets minus Liabilities as defined by GAAP.

     

    “Non-Monetary Default”
shall have the meaning set forth in Section 8.1(b) below.

     

    “Note” means the Term
Note made by Borrower payable to the order of Lender evidencing the Credit
Facility, and any amendments and modifications thereto, any substitutes
therefor, and any replacements, restatements, renewals or extension thereof, in
whole or in part.

     

    “Obligations” means,
in each case, whether now in existence or hereafter arising: (a) the principal
of the Loan; (b) the interest on (including interest accruing after the filing
of any bankruptcy or similar petition) the Loan; (c) all other payments and
other amounts due to Lender under the Loan Documents including without
limitation all amounts due by Borrower to Lender under any Financial Contract;
and (d) all other fees (including reasonable attorney’s fees) and other amounts
to reimburse or indemnify Lender for disbursements incurred in connection with
the protection of the Collateral and the enforcement of its rights hereunder, in
each case under or in respect of this Agreement, the Note or any of the other
Loan Documents.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    “Officer’s Compliance
Certificate” shall have the meaning assigned thereto in Section
6.14(a).

     

    “Pension Plan” means
any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to
the provisions of Title IV of ERISA or Section 412 of the Code and which (a) is
maintained for employees of Borrower or any ERISA Affiliates or (b) has at any
time within the preceding six years been maintained for the employees of
Borrower or any of their current or former ERISA Affiliates.

     

    “Permitted Liens”
means the liens permitted by Section 7.9.

     

    “Permitted Protest”
means the right of Borrower to protest any Lien (other than any such Lien that
secures the Obligations), tax (other than payroll taxes or taxes that are the
subject of a United States federal tax lien), or rental payment diligently and
in good faith.

     

    “Person” means an
individual, corporation, limited liability company, partnership, association,
trust, business trust, joint venture, joint stock company, pool, syndicate, sole
proprietorship, unincorporated organization, Governmental Authority or any other
form of entity or group thereof.

     

    “Related Party
Receivables” means all amounts due from related entities (including
without limitation affiliates, subsidiaries, shareholders and
officers).

     

    “Security Documents”
means the collective reference to this Agreement, any UCC-1 Filings, and each
other agreement or writing pursuant to which Borrower pledges or grants or
otherwise evidences a security interest in the Collateral securing the
Obligations.

     

    “Solvent” means, as to
any Person on a particular date, that such Person (a) has capital sufficient to
carry on its business and transactions and all business and transactions in
which it is about to engage and is able to pay its debts as they mature, (b)
does not reasonably believe that it will incur debts or liabilities beyond its
ability to pay such debts or liabilities as they mature, and (c) is not
insolvent within the meaning of the federal bankruptcy laws, Title 11, U.S.C.
Section 101(32).

     

    “Stamp and Other
Taxes” shall have the meaning ascribed to this term in Section
3.7(a).

     

    “Subsidiary” means,
with respect to any Person, any corporation, partnership or other entity of
which more than fifty percent (50 %) of the outstanding capital stock,
partnership interest or other equity interests is at the time, directly or
indirectly, owned by such Person.

     

    “Tangible Net Worth”
means shareholders’ equity minus intangible assets and Related Party
Receivables.

     

    “Term Loan” means the
loan made by Lender pursuant to Section 2.1 hereof.

     

    “Term Loan Commitment
Amount” shall have the meaning ascribed to it in Section
2.1(a).

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    “Term Note” means the
promissory note issued by Borrower to Lender evidencing the Term
Loan.

     

    “Termination Date”
means the date when all Loan and other Obligations hereunder are paid in full
with no further possibility of advances hereunder.

     

    “Wholly-owned” means a
Subsidiary all of the shares of the capital stock or other ownership matters of
which are, directly or indirectly, owned or controlled by Borrower and/or one or
more of its Wholly-Owned Subsidiaries.

     

    SECTION
1.2          General. Unless
otherwise specified, a reference in this Agreement to a particular section,
subsection, Schedule or Exhibit is a reference to that section, subsection,
Schedule or Exhibit of this Agreement. Wherever from the context it appears
appropriate, each term stated in either the singular or plural shall include the
singular and plural, and pronouns stated in the masculine, feminine or neuter
gender shall include the masculine, the feminine and the neuter. Any reference
herein to “Jacksonville time” shall refer to the applicable time of day in
Jacksonville, Florida. An Event of Default shall “continue” or be “continuing”
until such Event of Default has been either cured by Borrower or waived in
writing by the Lender. Section, subsection, clause, schedule, and exhibit
references are to this Agreement unless otherwise specified. Any reference in
this Agreement or in the Loan Documents to this Agreement or any of the Loan
Documents shall include all alterations, amendments, changes, extensions,
modifications, renewals, replacements, substitutions, and supplements, thereto
and thereof, as applicable.

     

    SECTION
1.3           Other Definitions and
Provisions.

     

    (a)           Use of Capitalized
Terms. Unless otherwise defined therein, all terms defined in this
Agreement shall have the defined meanings when used in the Note and the other
Loan Documents or any certificate, report or other document made or delivered
pursuant to this Agreement. Any capitalized terms not specifically defined
herein shall have the meaning ascribed to such term under GAAP.

     

    (b)           Miscellaneous. The
words “hereof”, “herein” and “hereunder” and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement.

     

    ARTICLE
II

    CREDIT
FACILITY

     

    SECTION
2.1          Term Loan. With
respect to the Term Loan, and subject to the terms and conditions of this
Agreement, Lender agrees to make a Term Loan to Borrower on the Closing Date in
such principal amount as Borrower shall request up to, but not exceeding, the
Term Loan Commitment Amount.

     

    (a)           Maximum Term Loan
Amount. Subject to the terms and conditions of this Agreement, Borrower
may borrow One Million Two Hundred Thousand and 00/100 Dollars ($1,200,000.00)
(“Term Loan Commitment Amount”).

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    (b)           Requests for
Borrowings. Borrower acknowledges that all advances under this Term Loan
credit facility will be made and funded at Closing and are evidenced by a Term
Note, which shall be in the form of Exhibit A hereto
(the “Term Note”), executed by Borrower payable to the order of Lender,
representing Borrower’s obligation to pay Lender the Term Loan Commitment
Amount, plus interest and all other fees, charges and other amounts due thereon.
The Term Note shall bear interest as set forth in Subsection (d)
below.

     

    (c)           Disbursement of Loan.
Borrower hereby irrevocably authorizes Lender to disburse the proceeds of the
Term Loan in immediately available funds as set forth in the Loan Closing
Statement executed by Borrower on the Closing Date.

     

    (d)           Interest. The
aggregate principal balance of the Term Note hereunder, or any portion thereof,
shall bear a fixed rate of interest per annum as set forth in the Term Note.
Interest will be computed and payments made in accordance with the provisions of
Article III below.

     

    (e)           Use of Proceeds.
Borrower shall use the proceeds of the Term Loan to refinance $1,200,000 of
existing subordinated debt owed to Edward Ashurian, Renaissance Capital, Lock
Ireland, and Valfrid E. Palmer.

     

    (f)           Repayment of
Loan/Amortization. Borrower shall repay the Term Loan over
25 months, beginning January 31, 2010, with 25 equal monthly payments
of principal plus accrued interest, payable on the same day of each consecutive
month, with the final payment to be made on January 31, 2012, to also include
accrued and unpaid interest and any other amounts owed, due and payable on the
Final Maturity Date of the Term Loan. Assuming that the full Term Loan
Commitment Amount is disbursed at Closing, the principal plus accrued interest
amortization schedule will consist of monthly payments of $35,943.53 each month.
In the event that a lesser amount is disbursed at Closing, the amortization
schedule will be adjusted to reflect the lesser amount of borrowings under the
Term Loan, and Lender will provide a revised amortization schedule.

     

    (g)           Maturity. Borrower
shall repay the outstanding principal amount of the Term Loan in full, together
with all accrued but unpaid interest thereon and any other outstanding
Obligations related thereto, on the Final Maturity Date of the Term
Loan.

     

    ARTICLE
III

    GENERAL LOAN
PROVISIONS

     

    SECTION
3.1          Interest.

     

    (a)           Interest Rate Payments and
Interest and Fee Computation. Interest on the Loan shall be payable in
arrears on the thirty-first (31st) day of
each calendar month for interest accrued the prior month, commencing with the
month of January, 2010. All interest rates, fees and other commissions provided
hereunder shall be computed on the basis of a 360-day year and assessed for the
actual number of days elapsed. Principal payments on each Loan shall be paid as
provided in Article II hereof, at the time any interest payment is being made,
if any, until maturity.

    
      
         

      

      
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    (b)           Maximum Rate. In no
contingency or event whatsoever shall the aggregate of all amounts deemed
interest hereunder or under the Note charged or collected pursuant to the terms
of this Agreement or pursuant to the Note exceed the highest rate permissible
under any Applicable Law which a court of competent jurisdiction shall, in a
final determination, deem applicable hereto. In the event that such a court
determines that Lender has charged or received interest hereunder in excess of
the highest applicable rate, the rate in effect hereunder shall automatically be
reduced to the maximum rate permitted by Applicable Law and Lender shall, at
Lender’s option, promptly refund to Borrower any interest received by Lender in
excess of the maximum lawful rate or shall apply such excess to the principal
balance of the Obligations. It is the intent hereof that Borrower not pay or
contract to pay, and that Lender will not receive or contract to receive,
directly or indirectly in any manner whatsoever, interest in excess of that
which may be paid by Borrower under Applicable Law.

     

    SECTION
3.2            Mandatory Repayment for
Over-commitments. If at any time the outstanding principal amount of the
Loan exceeds the Aggregate Commitment, Borrower shall repay immediately upon
notice from Lender, by payment to Lender for the account of Lender, the Loan in
an amount equal to such excess. During the Loan amortization period for any Loan
hereunder, any repayment of the Loan shall be applied to the last payments due
thereunder in reverse order. Each such repayment shall be accompanied by accrued
interest on the amount repaid.

     

    SECTION
3.3            Collateral and Creation of
Security Interest.

     

    (a)           Grant of Security
Interest. Borrower hereby grants to Lender a continuing security interest
in all of its currently existing and hereafter acquired or arising Collateral in
order to secure prompt repayment of any and all Obligations of Borrower and to
secure prompt performance by Borrower of its covenants and duties under the Loan
Documents. The security interests of Lender in the Collateral shall attach to
all of the Collateral without further act on the part of Lender or Borrower.
Anything contained in this Agreement or any other Loan Document to the contrary
notwithstanding, Borrower has no authority, express or implied, to dispose of
any item or portion of the Collateral outside of the ordinary course of business
without the prior written consent of Lender. The Collateral also includes other
assets of the same class or classes hereafter owned by or acquired by Borrower.
Lender shall have a security interest in all such after acquired assets and all
parts, accessories, attachments, additions, replacements, accessions,
substitutions, increases, profits, income, distributions, proceeds and products
of or to the foregoing Collateral together with all Borrower’s Books relating
thereto in any form.

     

    (b)           Negotiable
Collateral. In the event that any Collateral, including proceeds, is
evidenced by or consists of Negotiable Collateral, Borrower, immediately upon
the request of Lender, shall endorse and deliver physical possession of such
Negotiable Collateral to Lender.

     

    (c)           Collection of Accounts,
General Intangibles and Negotiable Collateral. At any time, upon the
occurrence and continuance of an Event of Default, Lender or Lender’s designee
may (i) notify customers or Account Debtors of Borrower that the Accounts,
General Intangibles, or Negotiable Collateral have been assigned to Lender or
that Lender has a security interest therein, and (ii) collect the Accounts,
General Intangibles, and Negotiable Collateral directly and charge the
collection costs and expenses to the loan account. Upon the occurrence and
continuance of an Event of Default, Borrower agrees that it will hold in trust
for Lender, as Lender’s trustee, any collections that it receives and, upon the
request of Lender, immediately deliver said collections to Lender in their
original form as received by Borrower.

    
      
         

      

      
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    (d)           Delivery of Additional
Documentation Required. At any time upon the request of Lender, Borrower
shall execute and deliver to Lender all financing statements, continuation
financing statements, fixture filings, security agreements, pledges,
assignments, endorsements of certificates of title (other than motor vehicles
which shall not be deliverable until there is an Event of Default), applications
for title, affidavits, reports, notices, schedules of accounts, letters of
authority, and all other documents that Lender reasonably may request, in form
satisfactory to Lender, to perfect and continue perfection of the Liens of
Lender in the Collateral pledged by Borrower, and in order to fully consummate
all of the transactions contemplated hereby and under the other Loan
Documents.

     

    (e)           Power of Attorney.
Borrower hereby irrevocably makes, constitutes, and appoints Lender (and any of
Lender’s officers, employees, or lenders designated by Lender) as Borrower’s
true and lawful attorney, with power to (i) if Borrower refuses to, or fails
timely to execute and deliver any of the documents described in subsection (d)
above, sign the name of Borrower on any of the documents described in subsection
(d) at any time that an Event of Default has occurred and is continuing or upon
the occurrence a Material Adverse Change, (ii) at any time that an Event of
Default has occurred and is continuing (A) sign Borrower’s name on any invoice
or bill of lading relating to any account, drafts against Account Debtors,
schedules and assignments of Accounts, verifications of Accounts, and notices to
Account Debtors, (B) send requests for verification of Accounts, (C) endorse
Borrower’s name on any collection item that may come into Lender’s possession,
(iii) at any time that an Event of Default has occurred and is continuing or
upon the occurrence of a Material Adverse Change , (A) make, settle, and adjust
all claims under Borrower’s policies of insurance and make all determinations
and decisions with respect to such policies of insurance, and (iv) at any time
that an Event of Default has occurred and is continuing, settle and adjust
disputes and claims respecting the Accounts directly with Account Debtors, for
amounts and upon terms that Lender determines to be reasonable, and Lender may
cause to be executed and delivered any documents and releases that Lender
determines to be necessary. The appointment of Lender as Borrower’s attorney,
and each and every one of Lender’s rights and powers, being coupled with an
interest, is irrevocable until all of the Obligations have been fully and
finally repaid and performed and Lender’s obligation to extend credit hereunder
is terminated.

     

    SECTION
3.4             Term Loan Fee.
Borrower shall pay, or shall have paid, to Lender on the Closing Date, a
nonrefundable commitment fee for the Term Loan equal to Six Thousand
and 00/100 Dollars ($6,000.00).

     

    
      
         

      

      
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    SECTION
3.5           Manner of Payment.
Unless otherwise provided in the Note, each payment by Borrower on account of
the principal of or interest on the Loan or of any commission or other amounts
payable to Lender under this Agreement or the Note shall be made not later than
1:00 p.m. (Jacksonville time) on the date specified for payment under this
Agreement to Lender, at Lender’s office set forth in Section 9.3 hereof, in
immediately available funds, and shall be made without any set-off, counterclaim
or deduction whatsoever. Any payment received after such time but before 2:00 p.
m. (Jacksonville time) on such day shall be deemed a payment on such date for
the purposes of determining if an Event of Default has occurred under Section
8.1, but for all other purposes shall be deemed to have been made on the next
succeeding Business Day. Any payment received after 2:00 p.m. (Jacksonville
time) shall be deemed to have been made on the next succeeding Business Day for
all purposes. Subject to Section 3.1, if any payment under this Agreement or the
Note shall be specified to be made upon a day which is not a Business Day, it
shall be made on the next succeeding day which is a Business Day and such
extension of time shall in such case be included in computing any interest if
payable along with such payment.

     

    SECTION
3.6           Crediting of Payments and
Proceeds. In the event that Borrower shall fail to pay any of the
Obligations when due and the Obligations have been accelerated pursuant to
Section 8.2(a), all payments received by Lender upon the Note and the other
Obligations and all net proceeds from the enforcement of the Obligations shall
be applied first to all expenses then due and payable by Borrower hereunder,
including payment of any amounts due Lender in respect of reimbursements or
indemnification for disbursements incurred by Lender in connection with the
enforcement of its rights hereunder, arbitral awards or final judgments awarded
to Lender in connection with any disputes or other indemnity obligations
hereunder, then to all Lender’s fees then due and payable, then to all
commitment and other fees and commissions relating hereto then due and payable,
then to accrued and unpaid interest on the Note, then to the principal amount of
the Note, in that order.

     

    SECTION
3.7            Taxes.

     

    (a)           Certain Taxes.
Borrower shall pay any and all present or future stamp, registration,
documentary or recording fees or taxes or any other similar fees or charges, or
excise or property taxes (other than excise and property taxes to which Lender
would have been subject in the absence of this Agreement), levies of the United
States or of any state or political subdivision or applicable foreign
jurisdiction, which arise from any payment made hereunder or from the execution,
delivery or registration of, or otherwise with respect to, this Agreement, the
Loan, the other Loan Documents, or the perfection of any rights or security
interest in respect thereto (such taxes are hereinafter referred to as the
“Stamp and Other Taxes”).

     

    (b)           Indemnity. Borrower
shall indemnify Lender for the full amount of Stamp and Other Taxes (including,
without limitation, any Stamp and Other Taxes imposed by any jurisdiction on
amounts payable under this Section 3.7) paid by Lender and any liability
(including, to the extent resulting from late payment by Borrower or any
Subsidiary thereof, penalties, interest and expenses) arising therefrom or with
respect thereto, whether or not any such Stamp and Other Taxes were correctly or
legally asserted. Such indemnification shall be made within thirty (30) days
from the date Lender makes written demand therefor, which demand shall include
the calculation of the Stamp and Other Taxes to be reimbursed.

     

    (c)           Survival. Without
prejudice to the survival of any other agreement of Borrower hereunder, the
agreements and obligations of Borrower contained in this Section 3.7 shall
survive the payment in full of the Obligations and the termination of the Credit
Facility.

    
      
         

      

      
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    SECTION
3.8           Termination of Credit
Facility. The Credit Facility shall terminate and all outstanding
Obligations shall be paid in full on the earliest of (a) the Final Maturity Date
of the Term Loan, (b) the date of termination pursuant to Section 8.2(a), or (c)
any early prepayment of the Loan and termination of the Credit Facility by
Borrower.

     

    ARTICLE
IV

    CONDITIONS OF CLOSING AND
BORROWING

     

    SECTION
4.1            Closing. The closing
shall take place at the offices of Lender in Jacksonville, Florida, at 10:00
a.m. local time on December _____, 2009, or on such
other date as the parties hereto shall mutually agree.

     

    SECTION
4.2            Conditions to
Closing. The obligation of Lender to close under this Agreement and to
make the Loan is subject to the satisfaction of each of the following conditions
which must be satisfied prior to Closing:

     

    (a)           Executed Loan Documents and
Other Agreements. The following documents shall have been duly
authorized, executed and originals thereof delivered by Borrower in form and
substance reasonably satisfactory to Lender, and each of such documents shall
each be in full force and effect and no Event of Default shall exist
thereunder:

     

    (i)          this
Agreement;

    (ii)         the
Note;

    (iii)        the
Loan Closing Statement; and

    (iv)        the
certificates described in Sections 4.2(c)(i) and (ii) and
4.2(e)(ii).

     

    To the
extent any of the Schedules to this Agreement are not delivered at Closing,
Lender shall not be obligated to fund the Loan until such schedules are
delivered.

     

    (b)           Collateral.

     

    (i)           Filings and
Recordings. UCC-1 Filings and any and all filings and recordations that
are necessary to perfect the security interests of Lender in the Collateral
shall have been executed and delivered to Lender for filing in all appropriate
locations and Lender shall have received evidence satisfactory to Lender that
upon such filing or recording such security interests shall constitute valid and
perfected first priority Liens therein subject only to Permitted
Liens.

     

    (ii)           UCC-11 Searches.
Lender shall have received the results of UCC-11 searches of all filings made
against Borrower and its Subsidiaries, under the Uniform Commercial Code as in
effect in the state or jurisdiction where Borrower is organized within the
United States, indicating among other things that the assets of Borrower and its
Subsidiaries are free and clear of any Lien, except for liens that are being
terminated on or prior to Closing or Permitted Liens.

    
      
         

      

      
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    (iii)           Insurance. Lender
shall have received certificates of insurance and certified copies of insurance
policies in the form required under Section 6.3 and the Security Documents and
otherwise in form and substance reasonably satisfactory to Lender.

     

    (c)           Closing Certificates and
Opinions; etc.

     

    (i)           Certificate of
Borrower. Borrower shall deliver to Lender a certificate from Borrower
dated as of the Closing Date, in form and substance satisfactory to Lender,
certifying on behalf of Borrower that all representations and warranties of
Borrower contained in this Agreement and the other Loan Documents are true and
correct; that Borrower is not in violation of any of the covenants contained in
this Agreement and the other Loan Documents; that, after giving effect to the
transactions contemplated by this Agreement, no Default or Event of Default has
occurred and is continuing; and that Borrower has satisfied each of the closing
conditions to be satisfied thereby which has not been waived by
Lender.

     

    (ii)           Certificate of Secretary of
Borrower. Lender shall have received a certificate of the secretary or
assistant secretary of Borrower certifying on behalf of Borrower that attached
thereto is a true and complete copy of the articles of incorporation of Borrower
and all amendments thereto certified by the Secretary of State of Nevada; that
attached thereto is a true and complete copy of the bylaws of Borrower; that
attached thereto is a true and complete copy of resolutions duly adopted by the
Board of Directors of Borrower, authorizing the Loan contemplated hereunder; and
as to the incumbency and genuineness of the signature of each officer of
Borrower executing Loan Documents to which Borrower is a party.

     

    (iii)           Certificates of Good
Standing. Lender shall have received certificates of good standing from
the jurisdiction of incorporation of Borrower and any Subsidiaries of Borrower
reasonably required by Lender and, to the extent requested by Lender,
certificates of authority to do business from each jurisdiction where Borrower
and such Subsidiaries are authorized to do business which shall be deemed to
include any jurisdiction where the failure to be so qualified would cause a
Material Adverse Effect to Borrower.

     

    (d)           Consents; Defaults; Adverse
Changes; Litigation.

     

    (i)           Governmental and Third Party
Approvals. All necessary approvals, authorizations and consents, if any
be required, of any Person and of all Governmental Authorities and courts having
jurisdiction with respect to the transactions contemplated by this Agreement and
the other Loan Documents shall have been obtained.

     

    (ii)           Permits and Licenses.
All permits and licenses, including permits and licenses required under
Applicable Laws, necessary to the conduct of business by Borrower and its
Subsidiaries shall have been obtained and remain in full force and
effect.

    
      
         

      

      
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    (iii)           No Injunction, Etc.
No action, proceeding, investigation, regulation or legislation shall have been
instituted, threatened or proposed before any Governmental Authority to enjoin,
restrain, or prohibit, or to obtain substantial damages in respect of, or which
is related to or arises out of this Agreement, the other Loan Documents, or the
consummation of the transactions contemplated hereby or thereby, or which, in
Lender’s discretion, would make it inadvisable to consummate the transactions
contemplated by this Agreement, and such other Loan Documents.

     

    (iv)           No Material Adverse
Change. There shall not have occurred any Material Adverse Change in the
business, results of operations, prospects, properties or financial condition of
Borrower or of Borrower and its Affiliates or Subsidiaries taken as a whole
since December 31, 2008.

     

    (v)        
   No
Event of Default. No Default or Event of Default shall have occurred and
be continuing.

     

    (vi)           Litigation. There
shall not be any pending litigation threatened against or affecting Borrower or
its Subsidiaries that would materially affect the financial condition of
Borrower or its Subsidiaries.

     

    (e)           Financial
Matters.

     

    (i)           Financial Statements and Tax
Returns. Lender shall have received (A) certified unaudited
financial statements for the Borrower for the two months ended February 28,
2009, and certified by its chief financial officer, treasurer or controller; and
(B) such other financial information as may be reasonably requested by
Lender.

     

    (ii)           Fee Payment at
Closing. There shall have been paid by Borrower to Lender the fees set
forth or referenced in Section 3.4 as well as all costs, fees, and expenses
incurred by Lender in connection with the transactions contemplated hereby,
including, without limitation, attorneys’ fees, documentation fees, appraisal
fees, environmental report fees, lien search fees, and title insurance fees, and
any other accrued and unpaid fees or commissions due hereunder, and to any other
Person such amount as may be due thereto in connection with the transactions
contemplated hereby, including all taxes, fees and other charges in connection
with the execution, delivery, recording, filing and registration of any of the
Loan Documents.

     

    (f)           Miscellaneous.

     

    (i)           Proceedings and
Documents. All opinions, certificates and other instruments and all
proceedings in connection with the transactions contemplated by this Agreement
shall be satisfactory in form and substance to Lender. Lender shall have
received copies of all other instruments and other evidence as Lender may
reasonably request, in form and substance satisfactory to Lender, with respect
to the transactions contemplated by this Agreement and the taking of all actions
in connection therewith.

     

    (ii)           Other Documents.
Borrower shall have delivered to Lender such other documents, certificates and
opinions as Lender may reasonably request.

    
      
         

      

      
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    ARTICLE
V

    REPRESENTATIONS AND
WARRANTIES OF BORROWER

     

    To induce
Lender to enter into this Agreement and Lender to make the Loan, Borrower hereby
represents and warrants to Lender that:

     

    SECTION
5.1          Organization, Powers,
etc. Borrower (i) is a corporation duly organized, validly existing and
in good standing under the laws of the State of Nevada, (ii) has all requisite
power and authority to own properties and assets and carry on its business as
now conducted and proposed to be conducted, (iii) is duly qualified to do
business and is in good standing in every jurisdiction in which the character of
its properties or assets owned or the nature of its activities conducted makes
such qualification necessary, including the State of Florida and the State of
Nevada, and (iv) has the power and authority to execute and deliver, and to
perform all obligations under this Agreement and the other Loan
Documents.

     

    SECTION
5.2          Authorization of
Loan. The execution, delivery and performance of the Loan Documents by
Borrower (a) have been duly authorized by all requisite action and (b) will not
(i) violate any provision of law, any governmental rule or regulation, any
order, writ, judgment or decree or Articles of Incorporation or Bylaws of
Borrower or any agreement or other instrument to which Borrower is a party or by
which it or any of its properties or assets is bound, (ii) be in conflict with,
result in a breach of or constitute a default under any such indenture,
agreement or other instrument, or (iii) result in the creation or imposition of
any lien, charge or encumbrance of any nature whatsoever upon any of the
properties or assets of Borrower other than as permitted by the terms hereof.
This Agreement is, and the other Loan Documents when delivered hereunder will be
legal, valid, and binding obligations of Borrower, enforceable against Borrower
in accordance with their respective terms.

     

    SECTION
5.3          Agreements. As of the
date of this Agreement, Borrower is not in default of performance, observance or
fulfillment of any of the material obligations, covenants, or conditions
contained in any Material Contract or other material agreement to which it is a
party.

     

    SECTION
5.4          Financial
Statements. The financial statements
described in Section 4.2(e) and other financial information which Borrower has
heretofore delivered or caused to be delivered to Lender in connection with the
loan transaction are complete and correct and fairly presents the financial
condition of Borrower and the results of its operations and transactions. There
are no material liabilities, direct or indirect, fixed or contingent, of
Borrower as of the date of delivery of such information to Lender which are not
reflected therein. Since December 31, 2008, there has been no material
adverse change in the financial condition of Borrower or any Subsidiary. All
such Financial Statements, including the related schedules and notes thereto,
have been prepared in accordance with GAAP applied consistently throughout the
periods involved except as indicated in the notes thereto.

    
      
         

      

      
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    SECTION
5.5           Litigation, etc.
There is no action, suit, investigation or proceeding by or before any court,
arbitrator, administrative agency or other Governmental Authority pending or, to
the knowledge of Borrower, threatened against or affecting Borrower which, if
adversely determined, would materially adversely affect the financial condition
of Borrower. Borrower is not in default under (1) any order, writ, injunction,
award, or decree of any court, arbitrator, administrative agency or other
governmental authority binding upon Borrower or its assets or (2) any indenture,
mortgage, contract, agreement or any other undertaking or instrument to which it
is a party or by which any of its properties may be bound, and nothing has
occurred which materially adversely affects Borrower's ability to perform its
obligations under any such order, writ, injunction, award or decree or any such
indenture, mortgage, contract, agreement or other undertaking.

     

    SECTION
5.6           Tax Returns and Tax
Payments. Borrower has filed or caused to be filed all Federal, state,
and local tax returns that are required to be filed by law (including, but not
limited to, all income, franchise, employment, property and sales tax returns)
and has paid or caused to be paid all taxes shown on such returns or on any
assessment received by it, to the extent that such taxes have become
due.

     

    SECTION
5.7           Good and Marketable
Title. Borrower has good and marketable title to all of its assets,
subject to no Liens, except as set forth in the Financial Statements of Borrower
which Borrower has previously provided to Lender. Assets pledged as security for
the Loan contemplated under this Agreement are free and clear of all Liens
except for the Lien in favor of Lender granted pursuant to this Agreement and
other Loan Documents.

     

    SECTION
5.8            Use of Loan. The
proceeds of the Loan, to the extent disbursed to third parties on the Closing
Date as instructed by Borrower, are being used exclusively for the purpose set
forth in Article 2 of this Agreement.

     

    SECTION
5.9            Communication with
Accountants. Borrower authorizes Lender to engage in reasonable
communication directly with Borrower’s independent certified public accountant
(“CPA”) and authorizes the CPA to disclose to Lender any information as Lender
may reasonably request from time to time related to or relevant to any
documentation prepared by such CPA and provided to Lender with respect to
Borrower’s business and financial condition. Lender shall treat information so
obtained as confidential and shall use reasonable efforts to notify Borrower of
Lender’s direct communication with the CPA within a reasonable time
thereafter.

     

    SECTION
5.10          Lender's Influence.
Borrower acknowledges and agrees that Lender has not exercised or attempted to
exercise, directly or indirectly, any degree of control or influence of any kind
whatsoever over the internal business operations or financial affairs of
Borrower or its subsidiaries. Borrower acknowledges and agrees that Lender has
not acted as a business, investment or financial consultant or advisor to
Borrower or its Subsidiaries.

     

    SECTION
5.11          Purpose, No Margin
Stock. Borrower is not engaged principally or as one of its activities in
the business of extending credit for the purpose of “purchasing” or “carrying”
any “margin stock” (as each such term is defined or used in Regulation U of the
Board of Governors of, the Federal Reserve System) and none of the proceeds from
the loans contemplated by this Agreement will be used to purchase or carry any
margin stock or to engage in any other violation of Regulations T, U, or X of
the Board of Governors. This Agreement and the Loan Documents and the
obligations described herein and therein are executed and incurred for business
purposes and not consumer purposes and all proceeds of Lender's advances, loans
and/or other financial accommodations to Borrower shall be used exclusively in
Borrower's business and for no other purpose.

    
      
         

      

      
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    SECTION
5.12           Lender's
Relationship. Nothing contained herein creates or is intended to create
any type of joint venture or partnership between Lender and Borrower, and the
execution and consummation of this Agreement and Loan Documents and the
transactions contemplated therein do not and shall not constitute or amount to a
joint venture or partnership.

     

    SECTION
5.13           Governmental
Approvals. Borrower has obtained and will continue to obtain all
governmental approvals, including but not limited to, approvals required by any
federal, state, county, or municipal statute, regulation, or ordinance required
to fulfill any obligations required pursuant to this Agreement or the Loan
Documents.

     

    SECTION
5.14            Title to Assets.
Borrower has valid and legal title to all of its personal property and assets
constituting Collateral, including, but not limited to, those reflected on the
balance sheet of Borrower delivered pursuant to Section 4.2(e), except those
which have been disposed of by Borrower subsequent to such date which
dispositions have been in the ordinary course of business. Such assets are owned
free and clear of any Liens except Liens which will be released at Closing, and
Liens created in favor of Lender.

     

    SECTION
5.15             Collateral.

     

    (a)           Accounts. The
Accounts are bona fide existing obligations created in connection with the
rendition of services to Account Debtors by Borrower in the ordinary course of
Borrower’s business, unconditionally owed to Borrower and, to its knowledge,
without defenses, disputes, offsets, counterclaims, or rights of return or
cancellation. Borrower has not received notice of bankruptcy, insolvency, or
material impairment of the financial condition of any Account Debtor regarding
any Account.

     

    (b)           Contracts. All of
Borrower’s Material Contracts are listed on Schedule 5.16(b),
copies of which have been provided to Lender.

     

    (c)           Equipment. All of the
Equipment is used or held for use in Borrower's businesses and is fit for such
purposes.

     

    (d)           Inventory Records.
Borrower keeps correct and accurate records itemizing and describing the kind,
type, quality, and quantity of the Inventory.

     

    (e)           Location of Chief Executive
Office; FEIN. The chief executive and principal business office of
Borrower and the place where all business records, inventory records and
Borrower’s Books are kept is located at 7800 Belfort Parkway, Suite 165,
Jacksonville, Florida 32256, and Borrower’s FEIN is set forth on Schedule
5.16(e).

    
      
         

      

      
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    (f)           Ownership Investment
Property. Borrower’s Investment Property is as set forth on Schedule 5.16(f)
hereto. Borrower owns its Investment Property free and clear of any
encumbrances, liens, or claims thereon.

     

    (g)           Accuracy and Completeness of
Information. All written information, reports and other papers and data
produced by or on behalf of Borrower and furnished to Lender was, at the time
the same were so furnished, complete and correct in all material respects to the
extent necessary to give the recipient a true and accurate knowledge of the
subject matter. No document furnished or written statement made to Lender by
Borrower in connection with the negotiation, preparation or execution of this
Agreement or any of the Loan Documents contains or will contain any untrue
statement of a fact material to the credit worthiness of Borrower or omits or
will omit to state a fact necessary in order to make the statements contained
therein not misleading. Borrower is not aware of any facts which have not been
disclosed in writing to Lender which could reasonably be expected to have a
Material Adverse Effect.

     

    SECTION
5.16           Survival of Representations
and Warranties. All representations and warranties set forth in this
Article V and all representations and warranties contained in any certificate,
or any of the Loan Documents (including but not limited to any such
representation or warranty made in or in connection with any amendment thereto)
shall constitute representations and warranties made under this Agreement. All
representations and warranties made under this Agreement shall be made or deemed
to be made at and as of the Closing Date, shall survive the Closing Date and
shall not be waived by the execution and delivery of this Agreement or any
borrowing hereunder.

     

    ARTICLE
VI

    AFFIRMATIVE
COVENANTS

     

    Until all
of the Obligations have been finally and indefeasibly paid and satisfied in full
and the Credit Facility terminated, unless consent has been obtained in the
manner provided for in Section 9.6, Borrower agrees to perform, deliver or take
such other action as stated below:

     

    SECTION
6.1           Obligations and
Taxes.  In addition to the Obligations, Borrower shall pay from
time to time as the same shall become due and payable, the full amount of all
taxes of every nature and kind, including without limitation, documentary stamps
taxes and intangible taxes as well as all of the tax-related interest and
penalties due on the Note, and any other indebtedness and liabilities in
accordance with customary trade practices. Borrower further agrees to indemnify
and hold Lender harmless from and against any and all documentary stamp taxes,
intangible taxes and interest and penalties thereon assessed in connection with
any loan transaction subject to this Agreement. Borrower shall pay when due all
taxes, license fees, assessments and other liabilities and charges, except as
shall be contested in good faith by appropriate proceedings being diligently
prosecuted; provided that with respect to such contested matter, Borrower shall
have created adequate reserves against its possible liability thereunder; and
provided, further, that if Lender shall notify Borrower that in its reasonable
opinion, by non-payment of any such matters the Collateral or any part thereof
will be subject to immediate loss or forfeiture, any such taxes, assessments or
charges shall be promptly paid by Borrower.

    
      
         

      

      
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    SECTION
6.2            Preservation of
Existence. To the extent that the same are necessary for the proper and
advantageous conduct of the business of Borrower, do or cause to be done all
things necessary to preserve, renew, and keep in full force and effect its
corporate existence and all material rights, licenses and permits necessary to
the conduct of its business, and conduct and operate its business in
substantially the same manner as presently conducted and operated, including but
not limited to maintaining Borrower’s qualification to do business in all
jurisdictions where its ownership of property or nature of business requires
such qualifications.

     

    SECTION
6.3            Insurance. Borrower
shall procure and maintain hazard insurance coverage, business interruption
insurance coverage, general liability insurance coverage, and worker’s
compensation insurance coverage in such amounts and with such loss deductible
amounts as are at least equal to the amounts reflected on the certificates of
insurance attached hereto as Schedule 6.3, with
either the same insurers as are shown on such certificates or other insurers of
at least equal financial stature and reputation. Each such policy shall name
Lender as loss payee and contain a clause or endorsement satisfactory to Lender
that such policy may not be cancelled or altered and Lender may not be removed
as loss payee without at least thirty (30) days’ prior written notice to Lender.
In all events, the amounts of such insurance coverages shall conform to prudent
business practices and shall be in such minimum amounts that Borrower will not
be deemed co-insurers under applicable insurance laws, regulations, policies or
practices. Borrower hereby assigns and grants to Lender a security interest in
any and all proceeds of such policies and, upon the occurrence of an Event of
Default and continuously thereafter, authorize each insurance company to pay all
such proceeds directly and solely to Lender and not to Borrower and Lender
jointly.

     

    SECTION
6.4            Notice of Default.
Borrower shall immediately notify Lender in writing upon the happening,
occurrence, or existence of any Event of Default, or any event or condition
which with the passage of time or giving of notice, or both, would constitute an
Event of Default, and shall provide Lender with a detailed statement by a
responsible officer of Borrower, of all relevant facts and the action being
taken or proposed to be taken by Borrower with respect to remedying the Event of
Default.

     

    SECTION
6.5            Litigation Notice.
Borrower shall give Lender prompt written notice of any action, suit or
proceeding at law or in equity or before any governmental instrumentality or
other agency, including any investigation by any governmental instrumentality or
any other agency, the outcome of which might adversely affect the operations or
financial condition of Borrower.

     

    SECTION
6.6            Access to Premises and
Inspections. At any time during normal business hours and as often as
Lender may reasonably request, Borrower shall permit or arrange for any
authorized representative designated by Lender to visit and inspect the
principal office and operations of Borrower, any of the other offices or
properties of Borrower, including, without limitation, the Collateral, the
corporate books of Borrower, and to discuss the affairs, finances, and accounts
of Borrower as may be reasonably requested by Lender.

     

    SECTION
6.7            Continued Assistance.
Promptly, from time to time as Lender may reasonably request, Borrower shall
execute, acknowledge, deliver, file, register, deposit, or record any and all
further instruments, agreements, and documents, whether to continue, preserve,
renew, record or perfect Lender’s interest in the Collateral, as well as the
priority thereof.

    
      
         

      

      
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      SECTION
6.8     Compliance With Laws.
Borrower shall comply with all Laws, rules, ordinances, and regulations to which
it may be subject promulgated by any Governmental Authority and applicable to
Borrower, unless contested by Borrower as permitted by law.

       

      SECTION
6.9     Maintenance of
Accounts/Treasury Management Relationship. Borrower shall place on
deposit with Lender all of its deposit accounts, making Lender its primary
depository relationship.

       

      SECTION
6.10   Change of Name.
Borrower shall provide Lender with thirty (30) or more days prior written notice
of the nature of any intended change in its legal or trade name or the location
of any facility where any of the Collateral may be located and when such change
or use shall become effective.

       

      SECTION
6.11   Fiscal Year. Borrower
shall not change its fiscal year without the express written consent of
Lender.

       

      SECTION
6.12   Accounting, Financial
Statements of Borrower. Borrower shall deliver to Lender, copies of the
following:

       

      (a)          Quarterly Financial
Statements. As soon as practicable and in any event within forty-five
(45) days after the end of fiscal quarter, internal combined financial
statements of Borrower including its Subsidiaries as of the close of such fiscal
quarter, including a profit and loss statement and balance sheet, for such
fiscal quarter and that portion of the Fiscal Year then ended, all in reasonable
detail and prepared by Borrower using GAAP applied on a basis consistent with
that of the preceding period, and certified by the chief financial officer,
treasurer or controller of Borrower to present fairly in all material respects
the financial condition of Borrower and its Subsidiaries as of their respective
dates and the results of operations of Borrower and its Subsidiaries for the
respective periods then ended, subject to normal year-end
adjustments.

       

      (b)          Annual Financial
Statements. As soon as practicable and in any event:

       

      (i)           Within
one hundred fifty (50) days after the end of each Fiscal Year, reviewed
financial statements of Borrower (including its Subsidiaries) as of the close of
such Fiscal Year, including a profit and loss statement, balance sheet,
reconciliation of net worth, and statement of cash flows of such entities for
the Fiscal Year then ended, including the notes thereto, all in reasonable
detail and prepared by an independent certified public accounting firm
acceptable to Lender on a GAAP basis, applied on a basis consistent with that of
the preceding year and certified as true and correct by the chief financial
officer, treasurer or controller of Borrower.

       

      (ii)          As
soon as filed but in no event later than ten (10) days from the date of filing
thereof, the federal income tax return, including all schedules, of Borrower and
its Subsidiaries.

      
        
           

        

        
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      (c)          Other Reports. On a
quarterly basis, within forty-five (45) days after the end of each fiscal
quarter, an aged list of accounts receivable and an aged list of accounts
payable, all in reasonable detail as may be required by Lender. Promptly upon
receipt thereof, copies of all other detailed reports (if any) (including,
without limitation, any management letters) submitted to Borrower by independent
certified public accountants in connection with each annual or interim audit or
review of the books of Borrower by such accountants.

       

      (d)          Other Financial
Information. Such other information regarding the operations, business
affairs and financial condition of Borrower as Lender may reasonably
request.

       

      SECTION
6.13   Financial Covenants.
Borrower will take measures to ensure that the ratios set forth below are met,
and will not:

       

      (a)          Tangible Net Worth.
At the end of each quarter beginning with the quarter ended March 31, 2009,
allow Borrower’s Tangible Net Worth to be less than $9,000,000.00.

       

      (b)          Debt Service Coverage
Ratio. As of the end of any fiscal quarter of Borrower during the term of
the Credit Facility, permit the Debt Service Coverage Ratio of Borrower on a
combined basis to be less than 1.25x tested annually.

       

      SECTION
6.14   Certain Notices and
Certificates. Borrower will provide
the following:

       

      (a)          Officer’s Compliance
Certificate. At each time financial statements are delivered pursuant to
Section 6.12(a), (b) or (c) and at such other times as Lender shall reasonably
request, but in no event less than quarterly, a certificate of the chief
executive officer or chief financial officer (or controller or treasurer) of
Borrower in the form of Exhibit B
attached hereto (an “Officer’s Compliance Certificate”).

       

      (b)          Notice of Litigation and
Other Matters. Prompt (but in no event later than five (5) Business Days
after Borrower obtains knowledge thereof) telephonic and written notice
of:

       

      (i)           any
event which makes any of the representations set forth in Article V inaccurate
in any material respect (provided that all Schedules must be updated by Borrower
only at each fiscal quarter end by forwarding any such updates to Lender with
the applicable Officer’s Compliance Certificate);

       

      (ii)          any
proposed amendment, change or modification to, or waiver of any provision of, or
any termination of, any Material Contract which could reasonably be expected to
have a Material Adverse Effect on Borrower; and

       

      (iii)         any
material adverse change in Borrower’s financial position and the nature of such
change.

       

      SECTION
6.15   Continuation and
Investigation. The warranties and representations of Borrower contained
in this Agreement are and shall remain correct and complete until the Loan is
paid in full, and any request by Borrower for a disbursement under the Loan
shall constitute an affirmation that the representations and warranties set
forth in this Agreement remain correct and complete as of the date of that
request. All representations and warranties made to Lender by or on behalf of
Borrower in connection with this Agreement may be relied upon by Lender
notwithstanding any independent investigation made by or on behalf of
Lender.

       

      
        
           

        

        
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      SECTION
6.16   Maintenance of
Properties. Borrower shall maintain or cause to be maintained in good
repair (in as good a condition as presently exists reasonable wear and tear
expected), working order, and condition, all properties, whether tangible,
personal or real, used or useful in its business(s) and from time to time will
make or cause to be made all appropriate repairs, renewals, improvements and
replacements thereof so that the business carried on in connection therewith may
be properly and advantageously conducted at all times. To the extent that
Borrower leases any of its Places of Business it shall maintain and keep current
at all times all leases for said places of business, unless a Landlord Waiver
and Estoppel has been provided.

       

      SECTION
6.17   Collateral
Assurances. If at any time counsel for Lender is of the reasonable
opinion that any portion of the Obligations is not secured or will or may not be
secured by a first priority lien (other than Permitted Liens) on the Accounts,
then after written notice of such opinion from Lender, do all things and matters
necessary to assure to the reasonable satisfaction of counsel for Lender that
any part of the Obligations then existing or thereafter to be created is secured
or will be secured as contemplated by this Agreement.

       

      SECTION
6.18   Further Assurances.
Make, execute and deliver such additional and further acts, things, deeds,
reports and instruments all as Lender may reasonably require to document and
consummate the transactions contemplated hereby or to enable Lender to obtain
the information that Borrower is required to provide to Lender, whether directly
or indirectly through Borrower’s CPA, under this Agreement or any of the other
Loan Documents.

       

      ARTICLE
VII

      NEGATIVE
COVENANTS

       

      Until all
of the Obligations have been finally and indefeasibly paid and satisfied in full
and the Credit Facility terminated, unless prior written consent has been
obtained from Lender, Borrower will not:

       

      SECTION
7.1   Sale of Assets. Sell,
lease, assign, transfer or otherwise dispose of any of its assets or properties,
tangible or intangible, except in the ordinary course of business without the
prior written consent of Lender.

       

      SECTION
7.2   Merger, Consolidation,
Dissolution, etc. Consolidate with or merge into any other corporation,
partnership or other entity, or permit another corporation, partnership or other
entity to merge into it, or dissolve or take any action which would result in
its dissolution, change in ownership of shareholders as existing as of the date
of this Agreement, or acquire all or substantially all of the properties or
assets of any other corporation, partnership or entity, or enter into any
arrangement, directly or indirectly, with any entity whereby Borrower shall sell
or transfer any property, real or personal, whether now owned or hereafter
acquired, and thereafter rent or lease such property or other property which
Borrower intended to use for substantially the same purpose or purposes as the
property being sold or transferred without the prior written consent of
Lender.

       

      
        
           

        

        
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      SECTION
7.3   Loan, Advances, Investments,
and Contingent Liabilities. Make or permit to remain outstanding any loan
or advance to, or guarantee, endorse or otherwise be or become contingently
liable, directly or indirectly, in connection with the obligations, stock or
dividends of, or own, purchase or acquire any stock, obligations or securities
of, or any other interest in, or make any capital contribution, donation or
transfer of monies to, or otherwise invest in, any entity other than accounts
created in the normal course of business, without the prior written consent of
Lender.

       

      SECTION
7.4   Change in Business.
Engage in any business other than the business presently conducted by Borrower
as of the date of this Agreement and business of substantially the same type or
directly related thereto without the prior written consent of
Lender.

       

      SECTION
7.5   Other Agreements.
Enter into any arrangements, contractual or otherwise, which would materially
and adversely affect their duties or the rights of Lender under the Loan
Documents, or which is inconsistent with or limits or abrogates the Loan
Documents.

       

      SECTION
7.6   Discount or Sale of
Receivables. Sell with or without recourse, or discount or otherwise sell
for less than face value thereof, any of its Accounts.

       

      SECTION
7.7   Capital Expenditure
Limitation. Invest in, purchase, finance, or lease (i) new automated
teller machines in excess of $2,000,000 in the aggregate during the course of
any fiscal year, or (ii) additional fixed assets in excess of $200,000 in
the aggregate during the course of any fiscal year period, in each case without
the prior written consent of Lender.

       

      SECTION
7.8   Limitations on Debt.
Unless previously approved by Lender in writing, create, incur, assume, suffer
to exist or guarantee any additional Debt in excess of $200,000, including lease
obligations, whether or not classified as Capital Lease Obligations, other than
(a) the Obligations, (b) existing Debt (including Capital Lease Obligations)
described on the Financial Statements described in Section 4.2 (but not the
increase thereof), and (c) operating leases required for the business of
Borrower and entered into in the ordinary course of business.

       

      SECTION
7.9   Limitations on Liens.
Create, incur, assume or suffer to exist, any Lien on or with respect to any of
its owned property, real or personal (including without limitation capital stock
or other ownership interests), whether now owned or hereafter acquired, except
the following “Permitted Liens”:

       

      (a)           Liens
for taxes, assessments and other governmental charges or levies (excluding any
Lien imposed pursuant to any of the provisions of ERISA or Environmental Laws)
not yet due or as to which the period of grace (not to exceed thirty (30) days),
if any, related thereto has not expired or which are the subject of a Permitted
Protest;

       

      (b)           The
claims of materialmen, mechanics, carriers, warehousemen, processors or
landlords for labor, materials, supplies or rentals incurred in the ordinary
course of business (i) which are not overdue for a period of more than thirty
(30) days or (ii) which are the subject of a Permitted Protest;

       

      
        
           

        

        
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      (c)           Liens
consisting of deposits or pledges made in the ordinary course of business in
connection with, or to secure payment of, obligations under workers’
compensation, unemployment insurance or similar claims or to secure the
performance of tenders, bids, contracts, statutory obligations and other similar
obligations;

       

      (d)           Liens
in favor of Lender arising under the Loan Documents.

       

      SECTION
7.10   Limitations on Changes in
Ownership Structure. Change the ownership structure of Borrower from its
current status, whether through sale, merger or otherwise.

       

      SECTION
7.11   No Distributions.
Make any distributions whatsoever to its shareholders.

       

      SECTION
7.12   Repurchase of Shares.
Repurchase any of its shares or other securities in excess of $150,000.00 in the
aggregate. Any such repurchase other than the approved aggregate repurchase of
$150,000.000 shall require the express written consent of Lender in its sole
discretion. However, no stock repurchases can be made while the Term Loan is
outstanding without prior written consent from Lender.

       

      ARTICLE
VIII

      DEFAULT AND
REMEDIES

       

      SECTION
8.1   Events of Default.
Subject to subsection (c) below, each of the following shall constitute an Event
of Default, whatever the reason for such event and whether it shall be voluntary
or involuntary or be effected by operation of law or pursuant to any judgment or
order of any court or any order, rule or regulation of any Governmental
Authority or otherwise:

       

      (a)           Monetary Defaults.
Borrower fails to make any payment of principal of, or interest on the Loan or
the Note when and as due (whether at maturity, by reason of acceleration, at the
discretion of Lender after an Event of Default, or otherwise).

       

      (b)           Non-Monetary
Defaults. The happening of one or more of the following events of default
shall constitute a Non-Monetary Default:

       

      (i)           If
Borrower shall fail to make any payment of principal or interest on any other
indebtedness with Lender, or if Borrower shall default in the performance of any
other agreement, term or condition, contained in any agreement under which such
obligation is created, if the effect of such default is to cause or permit the
holder or holders of such obligations to cause such obligations to become due
prior to stated maturity and which could have a Material Adverse Effect on the
Business of Borrower.

       

      (ii)          If
Borrower defaults in the performance of any covenant contained in this
Agreement, or violates any other term, condition or representation contained in
this Agreement, the Note, or in any instrument, document or agreement related
hereto or thereto, and such default shall continue past the grace period
applicable thereto. If there are final judgments for the payment of money, which
are outstanding against Borrower and any one of such judgments has been
outstanding for more than ninety (90) days from the date of its entry and has
not been discharged in full or stayed pending further proceedings.

       

      
        
           

        

        
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      (iii)         If
a receiver, liquidator or trustee of Borrower or of any material portion of
Borrower’s property, is appointed by court order and such order remains in
effect for more than thirty (30) days; or Borrower is adjudicated bankrupt or
insolvent; or any material portion of the properties of Borrower is attached or
sequestered by court order and such order remains in effect for more than thirty
(30) days; or a petition is filed against Borrower under any bankruptcy,
reorganization, arrangement, insolvency, readjustment of debt, dissolution or
liquidation law of any jurisdiction, whether now or hereafter in effect, and is
not dismissed within thirty (30) days after such filing.

       

      (iv)        If
Borrower files a petition in voluntary bankruptcy or seeks relief under any
provision of any bankruptcy, reorganization, arrangement, insolvency,
readjustment of debt, dissolution or liquidation law of any jurisdiction,
whether now or hereafter in effect, or consents to the filing of any petition
against it under such law.

       

      (v)         If
Borrower makes an assignment for the benefit of its creditors, or admits in
writing its inability to pay its debts generally as they become due, or consents
to the appointment of a receiver, trustee or liquidator of
Borrower.

       

      (vi)        Any
material provision of this Agreement or of any other Loan Document shall for any
reason cease to be valid and binding on Borrower, of if Borrower so states in
writing, or any Security Document shall for any reason cease to create a valid
and perfected first priority Lien on (which is prior to all other liens other
than the liens existing pursuant to this Agreement or Permitted Liens), or
security interest in, any of the Collateral purported to be covered thereby, in
each case other than in accordance with the express terms hereof or
thereof.

       

      (vii)    
  The Collateral shall suffer any impairment or deterioration of its
value.

       

      (viii)      Borrower’s
relationship with Food Lion or its Affiliates is materially altered or
lost.

       

      (ix)         If
there shall be any other occurrence, act or circumstance which leads Lender to
make a determination that there is a material adverse change in the financial
condition of Borrower or its Subsidiaries or that otherwise makes Lender
insecure.

       

      (x)           An
Event of Default has occurred under any other agreement between Borrower and
Lender, including that certain Credit and Security Agreement by and among
Borrower and Lender dated as of March 27, 2009.

       

      (c)           Cure
Periods.  Notwithstanding anything contained herein or in any
of the other Loan Documents to the contrary, Borrower shall be entitled to a ten
(10) day period from the date a payment is due to cure any Monetary Default, and
Borrower shall be entitled to a thirty (30) day period from the date of written
notice from Lender to Borrower to cure any Non-Monetary Default, provided that
such Non-Monetary Default is not the result of the intentional action or
inaction or gross negligence of Borrower in which event no notice is required
from Lender and no cure period is applicable.

       

      
        
           

        

        
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      SECTION
8.2   Remedies. Upon the
occurrence of an Event of Default, Lender may, at its sole option and with no
duty or obligation to do so, by notice to Borrower:

       

      (a)           Acceleration, Right of
Setoff and Other Rights. Declare the principal of and interest on the
Loan and the Note at the time outstanding, and all other indebtedness of
Borrower to Lender, whether direct or indirect, whether under this Agreement,
any of the other Loan Documents or under any other arrangement with Lender, to
be immediately due and payable, without presentment, demand, protest or other
notice of any kind, all of which are expressly waived, anything in this
Agreement or the other Loan Documents to the contrary notwithstanding, and
terminate the Credit Facility and any right of Borrower to request borrowings
thereunder without affecting Lender’s rights and security interests in the
Collateral and without affecting the Obligations. Lender may then proceed to
collect the same, to set off against all monies owed to Borrower (under this
Credit Facility or in any other facility or arrangement) by Lender in any
capacity, including without limitation monies held in bank depository accounts
with Lender, or as otherwise provided in the Notes or any Loan Document and,
upon such acceleration, the unpaid principal balance and all accrued yet unpaid
interest upon the Note shall from and after such date of acceleration bear
interest at the Default Rate. Lender shall also have such other rights and
remedies as provided herein or in any other instrument, document or agreement
executed by Borrower at law or at equity, including but not limited to the right
to sue for and recover damages as a result of any such default.

       

      (b)           No Further Advances.
Cease advancing money or extending credit to or for the benefit of Borrower
under this Agreement, under any of the Loan Documents, or under any other
agreement between Borrower and Lender.

       

      (c)           Foreclosure on
Collateral. Take such actions as may be necessary to foreclose on the
Collateral, including without limitation settling or adjusting disputes and
claims directly with Account Debtors, taking such steps as Lender considers
necessary or reasonable to protect its security interest in the Collateral or
any part thereof, setting off and applying to the Obligations any and all
balances and deposits of Borrower held by Lender or indebtedness at any time
owing to or for the credit or the account of Borrower held by Lender,
instituting a foreclosure suit in any court having jurisdiction thereof, and
selling the Collateral at either a public or private sale, or both, by way of
one or more contracts or transactions, for cash or on terms, in such manner and
at such places (including any premises of Borrower) as Lender determines is
commercially reasonable. Lender may credit bid and purchase at any public sale.
Notwithstanding the foregoing, any deficiency that exists after disposition of
the Collateral as provided above will be paid immediately by Borrower. Any
excess will be returned, without interest and subject to the rights of third
Persons, by Lender to Borrower.

       

      
        
           

        

        
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      (d)           Rights and Remedies
Cumulative: Non-Waiver: etc. The enumeration of the rights and remedies
of Lender set forth in this Agreement is not intended to be exhaustive and the
exercise by Lender of any right or remedy shall not preclude the exercise of any
other rights or remedies, all of which shall be cumulative, and shall be in
addition to any other right or remedy given hereunder or under the Loan
Documents or that may now or hereafter exist in law or in equity or by suit or
otherwise. No delay or failure to take action on the part of Lender in
exercising any right, power or privilege shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right, power or privilege
preclude other or further exercise thereof or the exercise of any other right,
power or privilege or shall be construed to be a waiver of any Event of Default.
No course of dealing between Borrower, Lender and their respective employees
shall be effective to change, modify or discharge any provision of this
Agreement or any of the other Loan Documents or to constitute a waiver of any
Event of Default.

       

      ARTICLE
IX

      MISCELLANEOUS

       

      SECTION
9.1   Remedies Cumulative.
All of Lender’s rights and remedies hereunder shall be cumulative and not
alternative and may be exercised consecutively or concurrently at Lender’s
option.

       

      SECTION
9.2   No Waiver. No waiver
by Lender of any Default shall operate as a waiver of any other Default or of
the same Default on a future occasion. No delay or omission on the part of
Lender in exercising any right or remedy shall operate as a waiver thereof, and
no single or partial exercise by Lender of any right or remedy shall preclude
any other or further exercise thereof or the exercise of any other rights or
remedy.

       

      SECTION
9.3   Notices. The service
upon Borrower of any notice provided for in this Agreement shall be deemed to
have been given by mailing a copy of such notice to Borrower’s last known
address of record as reflected on Lender’s records and shall be deemed to have
been received within five (5) days from the day on which the correspondence is
deposited in a United States post office, certified mail, return receipt
requested, or if delivered by a recognized overnight courier service, on the
next Business Day. Notices to any party shall be sent to it at the following
addresses, or any other address as to which all the other parties are notified
in writing:

       

      
        	
                To
      Lender:

              	
                SunTrust
      Bank

              
	 
      	
                76
      South Laura Street, 20th
      Floor

              
	 
      	
                Jacksonville,
      FL 32202

              
	 
      	
                Attn:
      Mr. Drew Wiseman

              
	 
      	 
      
	
                With
      a copy to:

              	
                James
      B. Porter

              
	 
      	
                Fowler
      White Boggs P.A.

              
	 
      	
                50
      North Laura Street, Suite 2200

              
	 
      	
                Jacksonville,
      FL 32202

              

      

      
        
           

        

        
          28

          
            

          

        

        
           

        

      

      

      
        	
                To
      Borrower:

              	
                Global
      Axcess Corp.

              
	 
      	
                7800
      Belfort Parkway, Suite 165

              
	 
      	
                Jacksonville,
      FL 32256

              
	 
      	
                Attn:
      Mr. Michael Loiacono, Chief Financial Officer

              
	 
      	 
      
	
                With
      a copy to:

              	
                Steven
      E. Brust, Esq.

              
	 
      	
                Smith,
      Gambrell & Russell, LLP

              
	 
      	
                50
      N. Laura Street, Suite 2600

              
	 
      	
                Jacksonville,
      FL 32202

              

      

      

      Lender
hereby designates its office located at the address set forth above, or any
subsequent office which shall have been specified for such purpose by written
notice to Borrower and Lender, as Lender’s Office referred to herein, to which
payments due are to be made and at which Loan will be disbursed.

       

      SECTION
9.4   Expenses: Indemnity.
Borrower will pay all reasonable out-of-pocket expenses of Lender in connection
with: (a) the preparation, execution, delivery, and administration of this
Agreement, including any waiver, amendment or consent by Lender or Lender
relating to this Agreement or any of the other Loan Documents, including
reasonable charges, fees and disbursements of counsel for Lender actually
incurred, search fees, recording fees, taxes imposed in connection therewith and
title insurance premiums and (b) upon the occurrence and continuance of an Event
of Default, all costs and expenses of enforcing any provision of this Agreement
or other Loan Documents, of collection and reasonable attorneys' fees, including
costs, expenses and reasonable attorneys' fees on appeal and fees charged by an
experts and consultants retained by Lender.

       

      SECTION
9.5   Governing
Law/Jurisdiction. This Agreement, the Notes and the other Loan Documents
shall be governed by, construed and enforced in accordance with the laws of the
State of Florida, without reference to the conflicts or choice of law principles
thereof. Wherever possible, each provision of this Agreement and the other Loan
Documents shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision (or portion thereof) of this Agreement or
other Loan Documents shall be ineffective, the invalidity of such provision (or
portion thereof) will not affect the enforceability of the remainder of such
provision in the case of a portion being invalid, or of this Agreement or other
Loan Documents. Borrower hereby irrevocably consents to the personal
jurisdiction of the state and federal courts located in Duval County, Florida,
in any action, claim or other proceeding arising out of any dispute in
connection with this Agreement, the Notes and the other Loan Documents, any
rights or obligations hereunder or thereunder, or the performance of such rights
and obligations.

       

      SECTION
9.6   Amendments. No
amendment, modification, termination or waiver of any provision of this
Agreement, any of the Notes, or other Loan Documents, nor consent to any
departure by Borrower therefrom, shall in any event be effective unless the same
shall be in writing and signed by Lender, and then such waiver or consent shall
be effective only in specific instances and for the specific purpose for which
given.

       

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

      SECTION
9.7   Binding Arbitration; Waiver
of Jury Trial.

       

      (a)           WAIVER OF TRIAL BY
JURY. BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE THE RIGHT EITHER OF THEM MAY HAVE TO TRIAL BY JURY IN ANY ACTION ARISING
OUT OF, OR BASED UPON, THIS LOAN AGREEMENT, THE PROMISSORY NOTES REPRESENTING
THE LOANS, THE COLLATERAL FOR THE LOANS, AND ANY AGREEMENT CONTEMPLATED TO BE
EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER WRITTEN OR VERBAL) OR ACTIONS OF EITHER PARTY. THIS
PROVISION IS A MATERIAL INDUCEMENT FOR LENDER EXTENDING CREDIT TO
BORROWER.

       

      (b)           Binding Arbitration.
If the provisions of Section 9.7(a) are held to be unenforceable by a final
non-appealable judgment of a court of competent jurisdiction, then upon demand
of any party, whether made before or after institution of any judicial
proceeding, any dispute, claim or controversy arising out of, connected with or
relating to this Agreement or any other Loan Documents (“Disputes”), between or
among parties to this Agreement or any other Loan Document shall be resolved by
binding arbitration as provided herein. Institution of a judicial proceeding by
a party does not waive the right of that party to demand arbitration hereunder.
Disputes may include, without limitation, tort claims, counterclaims claims
brought as class actions, claims arising from Loan Documents executed in the
future, or claims concerning any aspect of the past, present or future
relationships arising out or connected with the Loan Documents. Arbitration
shall be conducted under and governed by the Commercial Financial Disputes
Arbitration Rules (the “Arbitration Rules”) of the American Arbitration
Association (the “AAA”) and Title 9 of the U.S. Code. All arbitration hearings
shall be conducted in Jacksonville, Florida. The expedited procedures set forth
in Rule 51, et seq., of the Arbitration Rules shall be applicable to claims of
less than $1,000,000. All applicable statutes of limitation shall apply to any
Dispute. A judgment upon the award may be entered in any court having
jurisdiction. The panel from which all arbitrators are selected shall be
comprised of licensed attorneys. The single arbitrator selected for expedited
procedure shall be a retired judge from the highest court of general
jurisdiction, state or federal, of the state where the hearing will be
conducted

       

      (c)           Preservation of Certain
Remedies. Notwithstanding the preceding binding arbitration provisions,
the parties hereto and the other Loan Documents preserve, without diminution,
certain remedies that such Persons may employ or exercise freely, either alone,
in conjunction with or during a Dispute. Each such Person shall have and hereby
reserves the right to proceed in any court of proper jurisdiction or by self
help to exercise or prosecute the following remedies: (i) all rights to
foreclose against any real or personal property or other security by exercising
a power of sale granted in the Loan Documents or under applicable law or by
judicial foreclosure and sale, (ii) all rights of self help including peaceful
occupation of property and collection of rents, set off, and peaceful possession
of property, (iii) obtaining provisional or ancillary remedies including
injunctive relief, sequestration, garnishment, attachment, appointment of
receiver and in filing an involuntary bankruptcy proceeding, and (iv) when
applicable, a judgment by confession of judgment. Preservation of these remedies
does not limit the power of an arbitrator to grant similar remedies that may be
requested by a party in a Dispute.

       

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

      SECTION
9.8   Injunctive Relief:
Consequential Damages.

       

      (a)           Borrower
recognizes that, in the event Borrower fails to perform, observe or discharge
any of its obligations or liabilities under this Agreement, any remedy of law
may prove to be inadequate relief to Lender. Therefore, Borrower agrees that
Lender, at Lender’s option, shall be entitled to temporary and permanent
injunctive relief in any such case without the necessity of proving actual
damages.

       

      (b)           Lender
and Borrower (including any Subsidiaries of Borrower) hereby agree that no such
Person shall have a remedy of punitive or exemplary damages against any other
party to a Loan Document and each such Person hereby waives any right or claim
to punitive or exemplary damages that they may now have or may arise in the
future in connection with any Dispute, whether such Dispute is resolved through
arbitration or judicially.

       

      SECTION
9.9   Successors and
Assigns. All covenants and agreements contained in this Agreement or in
any of the other Loan Documents by or on behalf of either of the parties hereto
shall bind and inure to the benefit of the respective successors and assigns of
the parties hereto whether so expressed or not; provided, however, this clause
shall not by itself authorize any delegation of duties by Borrower or any other
assignment which may be prohibited by the terms and conditions of this
Agreement.

       

      SECTION
9.10   Survival of
Indemnities. Notwithstanding any termination of this Agreement, the
indemnities to which Lender is entitled under any provision of this Agreement
and the Loan Documents shall continue in full force and effect and shall protect
Lender against events arising after such termination as well as
before.

       

      SECTION
9.11   Headings, Titles and
Captions. The headings, titles and captions in this Agreement are
intended to be for convenience of reference only, and shall not define or limit
the scope, extent or intent or otherwise affect the meaning of any portion
hereof.

       

      SECTION
9.12   Counterparts. This
Agreement may be executed in any number of Counterparts, all of which when taken
together shall constitute one and the same instrument and be deemed to be an
original, binding upon all parties and their successors and assigns. Any of the
parties hereto may execute this Agreement by signing such
counterpart.

       

      SECTION
9.13   Term of Agreement.
This Agreement shall remain in effect from the Closing Date through and
including the date upon which all Obligations shall have been indefeasibly and
irrevocably paid and satisfied in full. No termination of this Agreement shall
affect the rights and obligations of the parties hereto arising prior to such
termination.

       

      SECTION
9.14   Time is of the
Essence. Time is of the essence to this Agreement, the Note and the other
Loan Documents.

       

      SECTION
9.15   Conflict. In the
event any conflict arises between the terms of this Agreement and the terms of
any other Loan Documents, Lender shall have the option of selecting which
conditions shall govern the loan relationship evidenced by this Agreement and,
if Lender does not so indicate, the terms of this Agreement shall govern in all
such instances of conflict.

       

      
        
           

        

        
          31

          
            

          

        

        
           

        

      

       

      SECTION
9.16   Cross Default/Cross
Collateralization. A default under any Loan Document or Financial
Contract, including a default under this Agreement, shall be and constitute a
default under each and every Loan Document, including this Agreement. The
Collateral for the Loan outlined herein shall also serve as security for
Borrower’s indebtedness under this Agreement and every other Loan Document and
for all other indebtedness of Borrower to Lender, whether now or hereafter
existing, whether by way of renewal or modification, or whether primary,
secondary, direct or indirect, by endorsement, guarantee, or
otherwise.

       

      SECTION
9.17   Further Assurances.
Borrower shall, from time to time, execute such additional documents as may be
requested by Lender or Lender’s counsel, to carry out the terms and fulfill the
intent and purpose of this Agreement and the Loan Documents.

       

      SECTION
9.18   No Third Party
Beneficiaries. The parties intend that this Agreement is solely for their
benefit and no person not a party hereto shall have any rights or privileges
under this Agreement whatsoever either as the third party beneficiary or
otherwise.

       

      [Signature
Page Follows]

      
        
           

        

        
          32

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereto have signed and sealed this Agreement on the
day and year first above written.

       

      
        	 
      	
                GLOBAL AXCESS
      CORP.,

              
	 
      	
                a
      Nevada corporation

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	
                   

              
	 
      	
                Name:

              	
                   

              
	 
      	
                Title:

              	
                   

              
	 
      	 
      
	 
      	 
      
	 
      	
                SUNTRUST
      BANK,

              
	 
      	
                a
      Georgia banking corporation

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	
                   

              
	 
      	
                Name:

              	
                   

              
	 
      	
                Title:

              	
                   

              

      

      
        
           

        

        
          33

          
            

          

        

        
           

        

      

      Exhibit
A

      

      Term
Note

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Exhibit
B

      

      Officer’s
Compliance Certificate

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Schedule
5.16(b)

      

      Contracts

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Schedule
5.16(e)

      

      Borrower’s
FEIN

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Schedule
5.16(f)

      

      Investment
Property

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Schedule
6.3

      

      Certificates
of Insurance

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