Document:

Exhibit 10.10

 

	Principal Amount $250,000	Issue Date: November 3, 2016

 

UNSECURED PROMISSORY NOTE

 

FOR VALUE RECEIVED, FULL
SPECTRUM INC., a Delaware company (hereinafter called "Borrower"), hereby promises to pay to _________________________
(the "Holder") without demand, the sum of Two Hundred and Fifty Hundred Thousand USD ($250,000) (“Principal Amount”),
with unpaid interest accruing thereon, on the Due Date, if not retired sooner.

 

This Note has been entered
into pursuant to the terms of a purchase order financing agreement between the Borrower and the Holder, dated as of November 3,
2016 (the “Financing Agreement”), and shall be governed by the terms of such Financing Agreement. Unless otherwise
separately defined herein, all capitalized terms used in this Note shall have the same meaning as is set forth in the Financing
Agreement. The following terms shall apply to this Note:

 

1             Interest
Rate. Subject to the terms of the Financing Agreement interest payable on this Note shall be equal to the Fixed Rate. Interest
on the outstanding Principal Amount shall accrue from the date of this Note and shall be payable in arrears together with, at the
same time and in the same manner as payment of Principal Amount and on the Due Date, whether by acceleration or otherwise.

 

2             Procedure
for Payments, All payments (including prepayments) made by the Borrower hereunder and under the Note, whether on account of
principal, interest, fees, or otherwise, shall be made by wire to account of the Holder as may be specified in writing to the Borrower
from time to time.

 

3.            No
Recourse. No recourse shall be had for the payment of the principal or interest of this Note, or for any claim based hereon,
or otherwise in respect hereof, against any incorporator, shareholder, officer or director, as such, past, present or future, of
the Borrower or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration
for the issue hereof, expressly waived and released. This provision shall not affect the obligations of Borrower in any manner
under this Note.

 

4.            Purchase
Entirely for Own Account. The Holder is acquiring the Note for investment for its own account, not as a nominee or agent, and
not with a view to, or for the resale or distribution of any part thereof. The Holder has no present intention of selling, granting
any participation in, or otherwise distributing the same. The Holder further represents that it does not have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with
respect to the Note.

 

5.            Failure
or Indulgence Not Waiver. No failure or delay on the part of Holder hereof in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privilege. All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

 

6.            Amendment
Provision. The term "Note" and all reference thereto, as used throughout this instrument, shall mean this instrument
as originally executed, or if later amended or supplemented, then as so amended or supplemented.

 

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7.            Assignability.
This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to the benefit of the Holder and its
successors and assigns.

 

8.            Cost
of Collection. If default is made in the payment of this Note, Borrower shall pay the Holder hereof reasonable costs of collection,
including reasonable attorneys' fees.

 

9.            Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of New York. Any action brought
by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state
courts of New York or in the federal courts located in the state of New York. Both parties and the individual signing this Agreement
on behalf of the Borrower agree to submit to the jurisdiction of such courts. The prevailing party shall be entitled to recover
from the other party its reasonable attorney's fees and costs.

 

10.          Construction.
Each party acknowledges that its legal counsel participated in the preparation of this Note and, therefore, stipulates that the
rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in the interpretation
of this Note to favor any party against the other.

 

11.          Remedies.
This Note shall be deemed an unconditional obligation of Borrower for the payment of money and, without limitation to any other
remedies available to Holder. This Note may be enforced against Borrower by summary proceeding pursuant to N.Y. Civil Procedure
Law and rules Sect. 3213 or any similar rule or statute in the jurisdiction where enforcement is sought.

 

IN WITNESS WHEREOF,
Borrower has caused this Note to be signed in its name by an authorized officer as of the 3rd day of November, 2016.

 

	 	 	FULL
    SPECTRUM INC.
	 	 	 	 
	 	 	By:	         
	 	 	Name:
    Stewart Kantor
	 	 	Title:
    CEO
	 	 	 
	WITNESS:	 	 
	 	 	 
	 	 	 

 

    	 	2Exhibit 10.11

 

PURCHASE ORDER FINANCING AGREEMENT

 

dated as of ___________, 2014

 

by and between

 

FULL SPECTRUM INC.

as the Debtor

 

and

 

__________________________

as the Secured Party

 

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PURCHASE ORDER FINANCING AGREEMENT

 

This PURCHASE ORDER
FINANCING AGREEMENT dated as of February 19, 2014, is entered into by and between Full Spectrum Inc., a Delaware corporation (the
“Debtor”) and _______________________, a _______________ company (the “Secured Party”).

 

ARTICLE 1.

DEFINITIONS

 

Section 1.1 Defined
Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Advance” means Purchase Money
Advance.

 

“Advance Limit” means $3,000,000.

 

“Affiliate”
means, as to any Person, any other Person which, directly or indirectly, is m control of, is controlled by, or is under common
control with, such Person.

 

“Agreement”
means this Purchase Order Financing Agreement, as amended supplemented or otherwise modified from time to time.

 

“Business Day”
means a day other than Saturday, Sunday or other day on which commercial banks in New York are authorized or required by law to
be closed.

 

“Buyer”
means a customer of Debtor who has agreed to purchase the Goods which are the subject of a Financed Transaction.

 

“Capital Stock”
means (i) in the case of a corporation, capital stock, (ii) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of capital stock, (iii) in the case of a partnership
interests (whether general or limited), (iv) in the case of a limited liability company’ membership interests, (v) any other
interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, and (vi) any and all warrants or options to purchase any of the equity or other interests described
in clause (1) through (v) of this definition.

 

“Cash Equivalents”
means any Investment in (i) direct obligations of the United States or any agency thereof, or obligations guaranteed by the United
States or any agency thereof, (n) commercial paper rated at least A 1 by Standard & Poor’s Ratings Service and P 1 by
Moody’s Investors Services, Inc., (iii) time deposits with, including certificates of deposit issued by, any office located
in the United States of any bank or trust company which is organized under the laws of the United States or any State thereof and
has capital, surplus and undivided profits aggregating at least $500,000,000 and which issues (or the parent of which issues) certificates
of deposit or commercial paper with a rating described in clause (ii) above (iv) repurchase agreements with respect to securities
described in clause (i) above entered into with an office of a bank or trust company meeting the criteria specified in clause (iii)
above, provided in each case that such Investment matures within one year from the date thereof, or (v) any money market or mutual
fund which invests at least 90% of its assets in the foregoing types of investments and the liquidity of which is reasonably satisfactory
to Secured Party.

 

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“Contractual
Obligation” means, as to any Person, any provision of any security document issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Default”
means any of the events specified in Section 7.1, whether or not any requirement for the giving of notice, the lapse of time, or
both, or any other condition, has been satisfied.

 

“Due Date”
means the earlier of (i) three Business Days following payment by Buyer (and receipt of funds by Debtor) for goods which are the
subject of an Advance, (ii) three Business Days following cancellation of Eligible Purchase Order for which Advance has been made,
(iii) 194 days following date of Advance, and (iv) date of acceleration pursuant to Article 7 ‘Event of Default’.

 

“Eligible Purchase
Orders” means any purchase order (i) issued in favor of Debtor, (ii) that has not expired or been cancelled, (iii) covering
the purchase of goods from Debtor, and (iv) issued by a Buyer.

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests
in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof
to purchase or acquire any such equity interest.

 

“Event of Default” as defined
in Section 7.1.

 

“Financed Transaction”
means a transaction whereby Debtor has agreed to provide financing hereunder to enable Debtor to acquire and manufacture the subject
Goods.

 

“Financing Request”
means (i) all documents between Debtor and a Buyer evidencing a valid and binding contract for the sale by Debtor to a Buyer of
Goods and (ii) email request for financing from Debtor specifying amount requested;

 

“Fixed Rate”
means a per Financed Transaction rate of interest equal to the following rates on the unpaid principal balance then outstanding:

 

(i)             The
rate of 2.5% for the first three 30 day periods;

 

(ii)            The
rate of 1.25% for the subsequent 14 day period;

 

(iii)           The rate
of 4.17% for each of the three subsequent 30 day periods; and

 

(iv)           The rate
of 4.17% for each subsequent 30 day period, or during the pendency of any Event of Default, as default interest.

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government.

 

“Goods” means goods which are
the subject of Eligible Purchase Orders.

 

“Indebtedness” of any Person
at any date (without duplication) means and includes:

 

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(a) all indebtedness
of such Person for borrowed money or for the deferred purchase price of property or services (other than current trade liabilities
incurred in the ordinary course of business and payable in accordance with customary practices),

 

(b) any other indebtedness
of such Person which is evidenced by a note, bond, debenture or similar instrument,

 

(c) all reimbursement
and other obligations of such Person in respect of letters of credit, acceptances and similar obligations issued or created for
the account of such Person,

 

(e) all liabilities
secured by any Lien on any Property owned by such Person even though such Person has not assumed or otherwise become liable for
the payment thereof.

 

“Investment”
means any investment in any Person, whether by means of acquiring or holding securities, capital contribution, loan, advance, guarantee
or otherwise.

 

“Lien”
any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), other charge or security
interest; or any preference, priority or other agreement or preferential arrangement of any kind or nature whatsoever (including,
without limitation, any conditional sale or other title retention agreement,). A precautionary filing of a financing statement
by a lessor of property covering only such property shall not constitute a Lien.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, operations, property or condition (financial or otherwise) of
Debtor, or (b) the validity or enforceability of (i) this Agreement or the Note or (ii) the rights or remedies of the Secured Party
hereunder or thereunder.

 

“Maturity Date” means February
__, 2016.

 

“Note” is defined in Section
2.2.

 

“Person”
means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, Governmental Authority or other entity of whatever nature.

 

“Property”
means any right, title, or interest in or to property of any kind whatsoever, whether real, personal, or mixed and whether tangible
or intangible, including without limitation Equity Interests.

 

“Purchase Money Advance” means
amounts paid by Secured Party for an Eligible Purchase Order as a loan to Debtor to enable Debtor to manufacture and acquire Goods.

 

“Purchase Money
Advance Limit” means up to 90% of that portion of the Eligible Purchase Orders which relates to the sales price of the Goods,
excluding shipping and like charges.

 

“Subsidiary”
means, as to any Person (a “Parent”) (a) any other Person in which the Parent owns or controls, directly or indirectly,
more than 50% of the Capital Stock of such Person, (b) any other

 

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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, and Section, subsection, Schedule and Exhibit references are
to this Agreement unless otherwise specified.

 

The meanings given
to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

ARTICLE 2.

AMOUNT AND TERMS OF COMMITMENTS

 

Section 2.1 Purchase
Money Advances. Subject to the terms and conditions hereof, Secured Party agrees that, from time to time from the date hereof
to but excluding the Maturity Date, upon receipt and approval by Secured Party in its sole discretion of a Financing Request, Secured
Party may make a Purchase Money Advance in immediately available funds up to the Purchase Money Advance Limit. During the term
of this Agreement, Debtor agrees that it if it is seeking financing with respect to any Eligible Purchase Order, Debtor shall provide
a right of first refusal to Secured Party with respect to its option to lend a Purchase Money Advance for any such Eligible Purchase
Order. Upon receipt by Secured Party of a satisfactory Financing Request in accordance with this Agreement, Secured Party shall
in its sole discretion have seven Business Days to make the Purchase Money Advance in immediately available funds. If Secured Party
does not intend to exercise its right of first refusal and provide a Purchase Money Advance with respect to such Financing Request
and Eligible Purchase Order, Secured Party shall deliver written notice of such intention to Debtor no later than three Business
Days after receipt of such Financing Request. If Secured Party declines to exercise its right of first refusal hereunder or fails
to notify Debtor of its decision within three Business Days after receipt of a Financing Request, then Secured Party shall be deemed
to have not exercised its right of first refusal hereunder and Debtor may receive financing solely with respect to that Eligible
Purchase Order from a third-party financing source.

 

The Debtor may borrow and prepay any such
Purchase Money Advance in whole or in part, all in accordance with the terms and conditions hereof. Each Purchase Money Advance
shall be remitted directly by Secured Party to the account of Debtor.

 

Section 2.2 Note.
The Purchase Money Advances made by Secured Party shall be evidenced by a secured promissory note of the Debtor, substantially
in the form of Exhibit A (the “Note”), with appropriate insertions therein as to date and principal amount, payable
to the order of Secured Party.

 

Section 2.3 Limitations on Secured Party
Liability and Related Matters.

 

(a) Secured Party shall
not be responsible for: (a) the existence, character, quality, quantity, condition, packing, value or delivery of the goods purporting
to be represented by any documents or manufactured by Debtor; (b) any difference or variation in the character, quality, quantity,
condition, packing, value or delivery of the goods from that expressed in the documents; (c) the validity, sufficiency or genuineness
of any documents or of any endorsements thereon, even if such documents should in fact prove to be in any or all respects invalid,
insufficient, fraudulent or forged; (d) the time, place, manner or order in which shipment is made; partial or incomplete shipment,
or failure or omission to ship any or all of the goods referred to in the Letters of Credit or documents; (e) any deviation from
instructions; (f) delay, default, or fraud by the shipper and/or anyone else in connection with the goods or the shipping thereof;
or (g) any breach of contract between the shipper or vendors and Debtor.

 

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(b) Notwithstanding
any other provision of this Agreement, Secured Party shall decide to fund any Advances in its sole and absolute discretion, and
shall not be liable for any refusal or failure to provide any such funding or take any such action.

 

Section 2.4 Limitation
on Advances. Debtor acknowledges and agrees that Secured Party does not intend to make any Advances to the extent that, before
or as a result thereof, the aggregate Purchase Money Advances currently outstanding shall exceed the Advance Limit at any time.

 

Section 2.5 Interest Rate and Payment.

 

(a)          The
Advances shall bear interest at the Fixed Rate, on the advanced principal amount of the Advances.

 

(b)          Interest on an
Advance shall be payable on the Due Date.

 

Section 2.6 Repayment of Advances/Reduction
of Borrowing Base.

 

Advances may be repaid
in whole or in part, at any time up to their respective Due Dates. Each Advance shall be paid in full to Secured Party no later
than on its respective Due Date. Any and all Advances outstanding on the Maturity Date shall be paid in full on such date, together
with all unpaid accrued interest, fees, charges, expenses and other sums, if any, then due and owing to the Secured Party.

 

Section 2.7 Intentionally
Omitted.

 

Section 2.8 Procedure for Payments.

 

(a) All payments (including
prepayments) made by the Debtor hereunder and under the Note, whether on account of principal, interest, fees, or otherwise, shall
be made by wire to account of the Secured Party as may be specified in writing to the Debtor from time to time.

 

(b) If any payment
hereunder becomes due and payable on a day other than a Business Day, such payment date shall be extended to the next succeeding
Business Day, and interest thereon shall be payable at the then applicable rate during such extension.

 

(c) Secured Party shall
fund each Advance made by it by wiring the amount thereof to the account of Debtor as may be specified in writing to the Secured
Party from time to time.

 

(d) All wires made under this Section 2.8
shall be without deduction or set off.

 

Section 2.9 Indemnity.
The Debtor agrees to defend, protect, indemnify and hold harmless the Secured Party and each of its affiliates, officers, directors,
employees, agents and attorneys (each, an “Indemnitee”) from and against any and all liabilities, obligations, losses,
damages, penalties, actions, suits, proceedings, judgments, suits, claims, costs, expenses and disbursements or any kind or nature
whatsoever (including, without limitation, the reasonable fees and disbursements of counsel for such Indemnitee incurred in connection
with any action or proceeding between any Indemnitee and any third party), imposed on, incurred by, or asserted against such in
any manner relating to or arising out of making of the Advances (collectively, the “Indemnified Matters”); provided,
however, that the Debtor shall not have any obligation to any Indemnitee hereunder with respect to Indemnified Matters caused by
or resulting primarily from the willful misconduct or negligence of such Indemnitee. The indemnified parties under this Section
2.9 shall promptly notify the indemnifying party in writing of such claim after becoming aware thereof and permit the indemnifying
party to control the defense or settlement thereof; provided that (a) the indemnified party, or its applicable affiliate, may participate
in the defense of such claim at its own expense; and (b) any settlement of such claim does not admit liability or fault of the
indemnified party, or any of its affiliates, and includes a full release of all indemnified parties from such claim and all liability
therefor.

 

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ARTICLE 3.

REPRESENTATIONS AND WARRANTIES

 

To induce the Secured
Party to enter into this Agreement and to make the Advances, the Debtor hereby represents and warrants to the Secured Party that
as of the Closing Date and as of the making of each Purchase Money Advance as follows:

 

Section 3.1         Organization
and Authority; Subsidiaries. Debtor is a corporation validly existing and in good standing under the laws of the State of
Delaware, with full power and authority to enter into and perform this Agreement, each Note and the other agreements
contemplated hereby to which it is a party. Debtor is duly licensed or qualified to do business as a foreign corporation and
is in good standing under the laws of all other jurisdictions in which the character of the properties owned or leased by it
therein or in which the transaction of its business makes such qualification necessary, except for jurisdictions where
failure to become licensed or to so qualify could not reasonably be expected to have a Material Adverse Effect. Debtor has
all requisite corporate power and authority to own its properties, to carry on its business as now conducted, and to enter
into and perform its obligations under this Agreement.

 

Section 3.2         Authorization;
Binding Effect. Debtor has taken all actions which are necessary to authorize the execution, delivery and performance of
this Agreement and each Note and the performance of its obligations hereunder. This Agreement has been duly executed by
Debtor and when delivered will constitute the valid and legally binding obligation of Debtor, enforceable against Debtor in
accordance with its terms, except as may be limited by bankruptcy and similar laws and general equitable principles. Each
Note will be duly executed by Debtor and when delivered will constitute the valid and legally binding obligation of Debtor,
enforceable against Debtor in accordance with its respective terms, except as may be limited by bankruptcy and similar laws
and general equitable principles.

 

Section 3.3
         No Bankruptcy or Insolvency. Debtor has not filed any voluntary petition in bankruptcy or been adjudicated a
bankrupt or insolvent, filed by petition or answer seeking any reorganization, liquidation, dissolution or similar relief
under any federal bankruptcy, insolvency, or other debtor relief law, or sought or consented to or acquiesced in the
appointment of any trustee, receiver, conservator or liquidator of all or any substantial part of its properties. No court of
competent jurisdiction has entered an order, judgment or decree approving a petition filed against Debtor seeking any
reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any federal
bankruptcy act, or other debtor relief law, and no other liquidator has been appointed of Debtor or of all or any substantial
part of its properties.

 

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Section 3.4           No
Litigation. There are no actions, suits or proceedings of any type pending or, to the knowledge of Debtor, threatened,
against Debtor which if adversely determined could have a Material Adverse Effect.

 

Section 3.5           Investment
Company. Debtor is not, and is not controlled by, an “Investment Company” within the meaning of the
Investment Company Act.

 

Section 3.6           Governmental
Consents and Notices. No consent, approval or authorization of or designation, declaration or filing with any
governmental authority on the part of Debtor is required in connection with the valid execution and delivery of this
Agreement or any Note or the consummation of any other transaction contemplated hereby.

 

Section 3.7           Compliance
with Applicable Laws. To the knowledge of Debtor, Debtor is in compliance in all material respects with all statutes,
regulations, rules and orders of all governmental authorities which are applicable to Debtor, except for any such
non-compliance with would reasonably be expected to result in a Material Adverse Effect.

 

Section 3.8           Intellectual
Property Rights and Interests. Debtor has not received any written or oral notice or claim that Debtor is infringing the
intellectual property rights of any other person or legal entity or that Debtor is in material breach or default of any
license granting to Debtor rights in any intellectual property. To the knowledge of Debtor as of the date hereof, without
having conducted any independent investigation or analysis of its intellectual property rights and the use thereof by third
parties, no third party is infringing upon any intellectual property rights proprietary to Debtor.

 

Section 3.9          Absence
of Defaults; No Conflicting Agreements.

 

(a)        Debtor is not in material default, and no event has occurred that with the passage of time would constitute a
material default, under any mortgage, indenture, contract or agreement to which it is a party or by which it or any of its
property is bound. The execution, delivery or carrying out of the terms of this Agreement and each Note will not constitute a
default under, or result in the creation or imposition of, or obligation to create, any lien (other than liens in favor of
Secured Party) upon any property of Debtor or result in a breach of or require the mandatory repayment of or other
acceleration of payment under or pursuant to the terms of any such mortgage, indenture, contract or agreement to which Debtor
is a party or by which it or any of its property is bound.

 

(b)        Debtor is not in default with respect to any judgment, order, writ, injunction, decree or decision of any governmental
authority, except for any such default which would not reasonably be expected to result in a Material Adverse Effect.

 

Section 3.10        Title
to Assets. Debtor has good and valid title to its owned properties and assets and good leasehold interests in its leased
properties and assets, as necessary for Debtor to conduct its business in the ordinary course of business. The property and
assets that Debtor owns are free and clear of all mortgages, deeds of trust, security interests, liens, loans and
encumbrances, except for (i) statutory liens for the payment of current taxes that are not yet delinquent, (ii) liens that do
not materially impair Debtor’s ownership or use of such property or assets, and (c) liens in favor of any lender of
Debtor in connection with any debt financing transaction consented to by the Secured Party or existing as of the date of this
Agreement.

 

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Section 3.11        Absence
of Undisclosed Liabilities. There are no material contingent liabilities, material liabilities for taxes, material
unusual forward or long-term commitments or material unrealized or anticipated material losses from any unfavorable
commitments of Debtor.

 

Section 3.12        Solvency.
Upon consummation of the transactions set forth herein and immediately after and giving effect to any Advance hereunder on a
pro forma basis, (i) Debtor will own property having a fair value that is greater than Debtor’s stated liabilities and
identified contingent liabilities, and (ii) Debtor will be able to pay its debts as they become absolute and mature.

 

Section 3.13         No
Material Adverse Effect. Since December 23, 2013, there has been no Material Adverse Effect.

 

Section 3.14        No
Existing Liens. There exists no lien securing indebtedness of Debtor outstanding on the date hereof and covering any property
of Debtor.

 

Section 3.15        Taxes.
Debtor has filed or caused to be filed all tax returns required to be filed and has paid, or has made adequate provisions for
the payment of, all taxes shown to be due and payable on said returns or in any assessments made against it (other than those
being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set aside on
its books) which would be material to Debtor, and no undischarged tax liens have been filed with respect thereto. The
charges, accruals and reserves on the books of Debtor with respect all taxes are adequate for the payment of such taxes, and
Debtor knows of no material unpaid assessment which is due and payable against Debtor except such thereof as are being
contested in good faith by appropriate proceedings and for which adequate reserves have been set aside.

 

Section 3.16        Security
Interest. Article 8 of this Agreement is effective to create in favor of Secured Party, a legal, valid and enforceable
security interest in the collateral intended to be covered thereby, which security interest, upon the filing in the
appropriate filing offices of Uniform Commercial Code financing statements with respect to such security interest created
thereby, will constitute a security interest on all right, title and interest of Debtor in and to such collateral (other than
collateral in which a security interest may be effected only by the taking of control).

 

ARTICLE 4

CONDITIONS PRECEDENT

 

Conditions Precedent
to Each Advance. Each Advance under this Agreement is subject to the satisfaction of the following conditions precedent, except
as otherwise agreed between Debtor and Secured Party:

 

(a)         Secured
Party shall have received a Financing Request, in form and substance reasonably satisfactory to Secured Party, with respect to
such Purchase Order Advance in accordance with Section 2.1 hereof;

 

(b)         Secured
Party shall have received an Eligible Purchase Order with respect to such Purchase Order Advance;

 

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(c)          no
Event of Default shall have occurred and be continuing;

 

(d)         the
representations and warranties contained in Article 3 hereof (disregarding materiality qualifiers contained therein) shall be true
and correct in all material respects, except to the extent that such representations and warranties relate solely to an earlier
date;

 

(e)         there
shall have been no event or circumstance, individually or in the aggregate since the date of this Agreement that has or could reasonably
be expected to have a Material Adverse Effect; and

 

ARTICLE 5

AFFIRMATIVE COVENANTS

 

Section 5.1 Notices
of Events. Debtor hereby agrees that, so long as the Note remains outstanding and unpaid or any other amount is owing to Secured
Party hereunder Debtor shall promptly give notice to the Secured Party of:

 

(a) the occurrence of any Default or Event
of Default;

 

(b) any (i) default
or event of default under any Contractual Obligation of Debtor or (ii) litigation, investigation or proceeding which may exist
at any time between Debtor and any Governmental Authority, which in either case, if not cured or if adversely determined, as the
case may be, could have a Material Adverse Effect;

 

(c) the filing or commencement
of, or any threat or notice of intention of any person to file or commence, any action, suit or proceeding, whether at law or in
equity or by or before any governmental authority, against Debtor or any affiliate thereof that could reasonably be expected to
have a Material Adverse Effect;

 

(d) the occurrence
of any event having a Material Adverse Effect or that, with the lapse of time, would be reasonably likely to have a Material Adverse
Effect; and

 

(e) the occurrence
of any cancellation or attempted cancellation of any Eligible Purchase Order.

 

Each notice pursuant
to this subsection shall be accompanied by a statement setting forth details of the occurrence referred to therein and stating
what action Debtor proposes to take with respect thereto.

 

ARTICLE 6.

NEGATIVE COVENANTS

 

Debtor agrees that,
so long as any obligation under a Note remains outstanding and unpaid or any other amount is owing to Secured Party hereunder,
it shall not, directly or indirectly, without Secured Party’s prior written consent:

 

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Section 6.1 Limitations
on Fundamental Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or
suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially
all of its Property, business or assets, or make any material change in its present method of conducting business; provided that
Debtor may enter into a merger, consolidation or amalgamation for purposes of restructuring the Debtor without consent of Secured
Party so long as (a) Debtor is the surviving entity in such transaction, (b) such transaction does not result in any transfer of
collateral hereunder, and (c) immediately following the transaction the equity ownership of Debtor is the same as it was immediately
prior to such transaction. Furthermore, Debtor shall provide Secured Party with no less than 15 days’ prior written notice
before changing its corporate name, changing its form of organization, changing its state of organization or changing the primary
business address where the collateral hereunder is located.

 

Section 6.2 Limitation
on Sale of Assets. Convey, sell, lease, assign, transfer or otherwise dispose of any of its Property, business or assets (including,
without limitation, all or substantively all of the Capital Stock of Debtor), whether now owned or hereafter acquired, except:

 

(a) obsolete or worn
out Property disposed of in the ordinary course of business;

 

(b) the sale of inventory
in the ordinary course of business; and

 

(c) the sale or discount
without recourse of accounts receivable only in connection with the compromise thereof or the assignment of past-due accounts receivable
for collection.

 

Section 6.3 Limitation
on Investments, Loans and Advances. Acquire any assets other than in the ordinary course of business, purchase, hold or acquire
beneficially any Capital Stock, other securities or evidences of indebtedness of, make or permit to exist any loans or advances
to, or make or permit to exist any Investment or acquire any interest whatsoever in, any other Person, except (a) Cash Equivalents;
(b) Investments in Subsidiaries so long as such Subsidiary is organized under the laws of a state of the United States of America;
(c) Investments in securities of account debtors received pursuant to any plan of reorganization or similar arrangement upon the
bankruptcy or insolvency of such account debtors; (d) Investments consisting of security deposits with utilities and other like
Persons made in the ordinary course of business; and (e) extensions of trade credit in the ordinary course of business.

 

Section 6.4 Limitation on Indebtedness.
Create, incur, assume, guarantee or otherwise become or remain liable in respect of any indebtedness, other than:

 

(a)          indebtedness
under this Agreement and any Note;

 

(b)          indebtedness
incurred in the ordinary course of business, provided that such indebtedness shall not be senior in priority to the Advances hereunder
and that no liens shall be granted on the collateral hereunder with respect thereto. Ordinary course of business includes debt
incurred for equipment loans, purchase order financing (only to the extent permitted by Section 2.1), credit lines and debt securities
issued by the Company for the bona fide purpose of raising capital.

 

ARTICLE 7.

EVENTS OF DEFAULT

 

Section 7.1 Events
of Default. If any of the following events (each, an “Event of Default”) shall occur and be continuing:

 

(a) The Debtor shall
fail to pay any principal or interest payable hereunder when stated to be due in accordance with the terms thereof or hereof and
such default shall continue for a period of five Business Days; or

 

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(b) Any material representation
or warranty by Debtor herein shall prove to have been incorrect in any material respect on or as of the date made or deemed made;
or

 

(c) Debtor shall default
in the observance or performance of any material covenant contained in Articles 5 or 6 hereof and, in the case in a default under
Article 6 if such default is capable of being cured, such default shall continue for five Business Days following receipt of notice
thereof; or

 

(d) Debtor shall default
in the observance or performance of any other material agreement contained in this Agreement and such default shall continue unremedied
for a period of 30 days following knowledge thereof or constructive knowledge thereof by the Debtor; or

 

(e) Debtor shall default
in any payment of principal of or interest on any Indebtedness (other than the Note), beyond the period of grace, if any, provided
in the instrument or agreement under which such Indebtedness was created; or

 

(f) (1) Debtor shall
commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating
to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for relief entered with
respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver,
trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Debtor or
Guarantor shall make a general assignment for the benefit of its creditors; or (2) there shall be commenced against Debtor or Guarantor
any case, proceeding or other action of a nature referred to in clause (1) above which (A) results in the entry of an order for
relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or
(3) there shall be commenced against Debtor any case, proceeding or other action seeking issuance of a warrant of attachment, execution,
distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such
relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof;
or (4) Debtor shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
acts set forth in clause (1), (2) or (3) above; or (5) shall generally not, or shall be unable to, or shall admit in writing its
inability to, pay its debts as they become due; or

 

(g) One or more judgments
or decrees shall be entered against Debtor involving in the aggregate a liability (not paid or fully covered by insurance) of $100,000
or more and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days
from the entry thereof; or

 

(h) any judicial decision,
legislative or regulatory change or any change in Debtor’s right to conduct business results in a Material Adverse Effect
or would, after the passage of time, be reasonably likely to result in a Material Adverse Effect; or

 

(i) Debtor shall have
failed to pay the full amount of principal and interest payable with respect to any Advance within 194 days after such Advance
was made; or

 

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(j) liabilities and/or
other obligations of Debtor whether as principal, guarantor, surety or other obligor, for the payment of any indebtedness which
shall become or shall be declared to be due and payable prior to the expressed maturity thereof, or shall not be paid when due
or within any grace period for the payment thereof, or any holder of any such obligation shall have the right to declare such obligation
due and payable prior to the expressed maturity thereof or as a consequence of the occurrence or continuation of any event or condition,
Debtor becomes obligated to purchase or repay any indebtedness before its regularly scheduled maturity date; or

 

(k) any lien purported
to be created under Article 8 hereunder shall cease to be a valid lien on any collateral hereunder; or

 

(l) any license, franchise,
permit, right, approval or agreement of Debtor is not renewed, or is suspended, revoked or terminated and the non-renewal, suspension,
revocation or termination thereof would have a Material Adverse Effect (unless such license, franchise, permit, right, approval
or agreement is renewed or obtained prior to the occurrence of a Material Adverse Effect);

 

then, and in any such
event, (A) (i) if such event is an Event of Default specified in Section 7.1(f) above, automatically all Advances (with accrued
interest thereon) and all other amounts owing under this Agreement and the Notes shall immediately become due and payable and all
commitments hereunder to make Advances shall automatically terminate, and (ii) if such event is any other Event of Default, Secured
Party may at its option, by written notice to the Debtor, declare the Advances (with accrued interest thereon) and all other amounts
owing to Secured Party under this Agreement and the Note to be due and payable forthwith, whereupon the same shall immediately
become due and payable and all commitments hereunder to make Advances shall simultaneously terminate, and (B) Secured Party may
and shall immediately exercise any and all other rights, remedies, and recourse available to it at law or in equity or under this
Agreement and Note. Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any
kind are hereby expressly waived.

 

ARTICLE 8.

SECURITY INTEREST

 

Section 8.1 Security
for Obligations. This Agreement secures the prompt and complete payment in full when due, whether at stated maturity, by required
prepayment, declaration, acceleration, demand or otherwise, of all obligations and liabilities of every nature of Debtor existing
or arising on or after the date hereof to the Secured Party, under or in connection with this Agreement, whether in respect of
principal, interest, fees, expenses or otherwise (the “Obligations”). The Obligations shall include interest which,
but for the filing of a petition in bankruptcy with respect to Debtor, would have accrued on any Obligation, whether or not a claim
is allowed against Debtor for such interest in the related bankruptcy proceeding.

 

Section 8.2 Grant
of Security. In order to secure and to provide for the payment and performance of the Obligations, Debtor hereby assigns, pledges,
transfers and grants to the Secured Party, a continuing security interest (subject to priority security interests now or hereafter
determined under statute or law) in, and a lien upon, all of Debtor’s right, title and interest in, to and under, whether
now owned or hereafter acquired, each Eligible Purchase Order (the “Collateral”).

 

Section 8.3 UCC
Financing Statements. During the term of this Agreement l, the Debtor hereby irrevocably authorizes the Secured Party at any
time and from time to time to file in any filing office in any Uniform Commercial Code (“UCC”) jurisdiction any financing
statements and amendments thereto that contain any information required by part 5 of Article 9 of the UCC for the sufficiency or
filing office acceptance of any financing statement or amendment. Debtor agrees to furnish any such information to the Secured
Party promptly upon request.

 

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Section 8.4 Further
Assurances. At any time and from time to time, upon the written request of the Secured Party and at the sole expense of Debtor,
Debtor shall promptly and duly execute and deliver any and all such further instruments and documents and take such further actions
as the Secured Party may reasonably request to better assure, preserve, protect and perfect the security interest and the rights
and powers herein granted, including filing any financing or continuation statements under the UCC with respect to the liens granted
hereunder or under any other related document as to those jurisdictions that are not UCC jurisdictions.

 

Section 8.5 Enforcement
of Security Interest. Upon the occurrence of an “Event of Default” as defined in herein, the Secured Party shall
have all of the rights and remedies of a secured party against a defaulting debtor provided in the New York UCC for the enforcement
of the Secured Party’s security interest in the Collateral.

 

ARTICLE 9

MISCELLANEOUS

 

Section 9.1 Amendments
and Waivers, (a) No amendment or waiver of any provision of this Agreement, nor consent to any departure by a Party, shall
in any event be effective unless the same shall be in writing and signed by the other Party, and then such waiver or consent shall
be effective only in the specific instance and for the specific purpose for which given.

 

Section 9.2 Limitation
on Liability. IN NO EVENT SHALL ANY PARTY BE LIABLE IN RESPECT OF OR ARISING OUT OF THE PERFORMANCE AND/OR BREACH OF ITS
OBLIGATIONS HEREUNDER FOR ANY INDIRECT, INCIDENTAL OR SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING LOSS OF PROFITS, REVENUE, DATA
OR USE, INCURRED BY THE OTHER PARTY, WHETHER IN AN ACTION IN CONTRACT OR TORT, EVEN IF THAT PARTY OR ANY OTHER PERSON HAS BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

Section 9.3 Notices.
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (or by telex, fax
or similar electronic transfer confirmed in writing), and, unless otherwise expressly provided herein, shall be deemed to have
been duly given or made (a) when delivered by hand, or (b) if given by mail, three Business Days after deposited in the mails by
certified mail, return receipt requested, postage prepaid, or (c) if delivered by reputable overnight air courier, on the next
Business Day, or (d) if by telex, fax or similar electronic transfer, when sent and receipt has been confirmed.

 

If to Debtor:

 

Att: Stewart Kantor

 

Full Spectrum Inc.

 

With a copy to:

 

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If to Secured Party:

 

With a copy to:

 

Any party may change its address for notices
by notice to the other parties hereto in the manner provided in this subsection.

 

Section 9.4 No Waiver: Cumulative Remedies.

 

(a) No failure to exercise
and no delay in exercising, on the part of Secured Party, any right, remedy, power or privilege hereunder shall operate as a waiver
thereof.

 

(b) No single or partial exercise of any
right, remedy, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege.

 

(c) The rights, remedies,
powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by law.

 

Section 9.5 Survival
of Representations and Warranties. All representations and warranties made hereunder and in any document, certificate or statement
delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the Note.

 

Section 9.6 Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the Debtor, the Secured Party, all future holders
of the Note and their respective successors and assigns, except that a Party may not assign, transfer or delegate any of its rights
or obligations under this Agreement or Note without the prior written consent of the other Party.

 

Section 9.7 Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all
of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

Section 9.8 Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 9.9 Integration.
This Agreement represents the agreement of the Debtor and the Secured Party with respect to the subject matter hereof, and there
are no promises, undertakings, representations or warranties by the Secured Party relative to subject matter hereof not expressly
set forth or referred to herein.

 

Section 9.10 Governing
Law. This Agreement and the Note and the rights and obligations of the parties under this Agreement and the Note shall be governed
by, and construed and interpreted in accordance with, the law of the State of New York without regard to principles of conflict
of laws thereunder.

 

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Section 9.11 Submission
to Jurisdiction; Waivers. Debtor hereby irrevocably and unconditionally;

 

(a) submits for itself
and its Property in any legal action or proceeding relating to or arising out of this Agreement to which it is a party, or the
conduct of any party with respect thereto, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive
general jurisdiction of the Courts of the State of New York, the courts of the United States of America for the Southern District
of New York, and appellate courts from any thereof;

 

(b) consents that any
such action or proceeding may be brought in such courts and waives to the fullest extent permitted by law any objection that it
may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was
brought in an inconvenient court and agrees not to plead or claim the same;

 

(c) agrees that nothing
herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue
in any other jurisdiction; and

 

(e) waives, to the
maximum extent permitted by law, any right it may have to claim or recover in any legal action or proceeding referred to in this
subsection any special, exemplary, punitive or consequential damages.

 

Section 9.12 Waivers
of Jury Trial. EACH OF DEBTOR AND SECURED PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT OR THE NOTE OR ANY OTHER FINANCING DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

[Signature page follows]

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as
of the day and year first above written.

 

	 	Debtor:
	 	Full Spectrum Inc.
	 	 
	 	By: _________________
	 	Name: Stewart Kantor
	 	Title: CEO
	 	 
	 	Secured Party:
	 	 
	 	By: __________________
	 	Name:   
	 	Title:   

 

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