Document:

Exhibit 10.1

 

	
 
    

 

LOAN AGREEMENT

 

dated as of September 17, 2013

 

among

 

STELLARIS LLC, JAMES CONSTRUCTION GROUP L.L.C. and ROCKFORD CORPORATION
  jointly and severally, as Borrower

 

and

 

RBS ASSET FINANCE, INC.,
  as Lender

 

	
 
    

 

 

 

	
ARTICLE I:  DEFINITIONS AND ACCOUNTING TERMS
    
	
 
    	
 
    	
 
    
	
Section 1.01.
    	
Defined   Terms
    	
1
    
	
Section 1.02.
    	
Rules of   Construction
    	
4
    
	
Section 1.03.
    	
Accounting   and Financial Determinations
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE II: THE LOANS
    
	
 
    
	
Section 2.01.
    	
Loans
    	
4
    
	
Section 2.02.
    	
Note
    	
5
    
	
Section 2.03.
    	
Scheduled   Payments
    	
5
    
	
Section 2.04.
    	
Prepayments
    	
5
    
	
Section 2.05.
    	
Interest   Provisions
    	
5
    
	
Section 2.06.
    	
Payments   Absolute
    	
6
    
	
Section 2.07.
    	
Increased   Capital Costs
    	
6
    
	
Section 2.08.
    	
Taxes
    	
6
    
	
Section 2.09.
    	
Joint   and Several Liability
    	
7
    
	
 
    	
 
    	
 
    
	
ARTICLE III
    
	
 
    
	
CONDITIONS TO LOANS
    	
7
    
	
 
    	
 
    
	
ARTICLE IV
    
	
 
    
	
REPRESENTATIONS, WARRANTIES AND COVENANTS OF   BORROWER
    	
8
    
	
 
    	
 
    
	
ARTICLE V
    
	
 
    
	
SECURITY INTEREST
    	
10
    
	
 
    	
 
    
	
ARTICLE VI: COVENANTS
    
	
 
    
	
Section 6.01.
    	
Affirmative   Covenants
    	
10
    
	
Section 6.02.
    	
Negative   Covenants
    	
12
    
	
Section 6.03.
    	
Indemnity
    	
13
    
	
Section 6.04.
    	
Performance   by Lender
    	
13
    
	
 
    	
 
    	
 
    
	
ARTICLE VII: EVENTS   OF DEFAULT
    
	
 
    
	
Section 7.01.
    	
Events   of Default
    	
14
    
	
Section 7.02.
    	
Remedies
    	
15
    
	
Section 7.03.
    	
Use   of Proceeds
    	
15
    
	
 
    	
 
    	
 
    
	
ARTICLE VIII:   MISCELLANEOUS PROVISIONS
    
	
 
    
	
Section 8.01.
    	
Waivers,   Amendments
    	
15
    
	
Section 8.02.
    	
Notices
    	
15
    
	
Section 8.03.
    	
Severability
    	
16
    
	
Section 8.04.
    	
Execution   in Counterparts
    	
16
    
	
Section 8.05.
    	
Further   Assurance and Corrective Instruments
    	
16
    
	
Section 8.06.
    	
Time   of the Essence
    	
16
    
	
Section 8.07.
    	
Entire   Agreement
    	
16
    
	
Section 8.08.
    	
Governing   Law
    	
16
    
	
Section 8.09.
    	
Successors   and Assigns; Assignments by Lender
    	
16
    
	
Section 8.10.
    	
Assignments,   Participations and Securitizations
    	
16
    
	
Section 8.11.
    	
Waiver   of Jury Trial
    	
17
    
	
Section 8.12.
    	
Forum   Selection and Consent to Jurisdiction
    	
17
    
	
Section 8.13.
    	
Waiver   of Certain Claims
    	
17
    

 

 

SCHEDULES

 

	
SCHEDULE I
    	
-
    	
Additional   Definitions
    
	
SCHEDULE II
    	
-
    	
Additional   Conditions Precedent
    
	
SCHEDULE III
    	
-
    	
Financial   Covenants
    
	
SCHEDULE IV
    	
-
    	
Disclosure   Statements
    
	
SCHEDULE V
    	
-
    	
List   of Subsidiaries
    

 

ii

 

LOAN AGREEMENT

 

THIS LOAN AGREEMENT (this “Agreement”) dated as of September 17, 2013 among STELLARIS LLC, a Nevada limited liability company (together with its successors and assigns, “Stellaris”), JAMES CONTRUCTION GROUP, L.L.C. a Florida limited liability company (together with its successors and assigns, “James”) and ROCKFORD CORPORATION a Oregon corporation (together with it succesors and assigns, “Rockford”; Stellaris, James and Rockford, jointly and severally, “Borrower”), and RBS ASSET FINANCE, INC., a New York corporation (together with its successors and assigns, “Lender”).

 

W I T N E S S E T H:

 

WHEREAS, Borrower desires to obtain one or more loans from Lender in an aggregate principal amount not to exceed the Maximum Principal Amount (as defined below), secured by the Collateral (as defined below).

 

NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, and in consideration of the premises contained in this Agreement, Lender and Borrower agree as follows:

 

ARTICLE I:  DEFINITIONS AND ACCOUNTING TERMS

 

Section 1.01.  Defined Terms.  The following terms shall have the following meanings for all purposes of this Agreement:

 

“Affiliate” means any Person that, directly or indirectly, controls, is controlled by or is under common control with any other Person.  “Controls,” “controlled by” or “under common control with” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person whether by ownership of voting securities, contract or otherwise.  Without limitation, any director, executive officer or beneficial owner of 20% or more of the equity of a Person shall for purposes of this Agreement be deemed to control the other Person.  In no event shall Lender be deemed an “Affiliate” of Borrower.

 

“Agreement” means this Loan Agreement, as amended, supplemented, restated or otherwise modified from time to time in accordance with the terms hereof.

 

“Authorizing Entities” has the meaning ascribed to such term in Schedule I hereto.

 

“Borrower’s State” has the meaning ascribed to such term in Schedule I hereto.

 

“Business Day” means any day on which Lender is open for business and is neither a Saturday or Sunday nor a legal holiday on which banks are authorized or required to be closed in New York, New York or Chicago, Illinois.

 

“Change of Control” means a change in control of Borrower, any Subsidiary or any Guarantor, including, without limitation, a change in control resulting from direct or indirect transfers of voting stock or partnership, membership or other ownership interests, whether in one or a series of transactions.  “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of Borrower, any Subsidiary or any Guarantor, and a Change of Control shall occur if any of the following occurs: (a) any Person or group (as such term is used in Section 13(d)(3) of the Exchange Act) acquires, after the date of this Agreement, the beneficial ownership directly or indirectly, of 50% or more of the voting power of the total outstanding stock or other ownership interests of Borrower, any Subsidiary or any Guarantor or (b) the occurrence of an Owner Change.

 

“Closing Date” means with respect to the initial Loan, the Initial Closing Date, and with respect to any Loan funded after the Initial Closing Date, the date that the proceeds of such Loan are disbursed to, or on behalf of, Borrower.

 

“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.

 

“Collateral” means the property described on each Collateral Schedule, which property shall be acceptable to Lender, in its sole discretion, and any other assets of Borrower, any Guarantor or any other Person that are subject to a Lien in favor of Lender pursuant to any Loan Document.

 

“Collateral Schedule” means each schedule describing Collateral attached to and referencing a Note or Notes and executed by Borrower and Lender.

 

“Commitment” means Lender’s obligation to make Loans to Borrower pursuant to Section 2.01 in an amount not to exceed the Maximum Principal Amount.

 

“Commitment Termination Date” means the earliest of (a) the date on which the aggregate Original Principal Amount of all Loans equals the Maximum Principal Amount, (b) the Scheduled Commitment Termination Date, (c) the date that an Event of Default described in subsection (i) of Section 7.01 occurs or (d) the date on which Lender elects to terminate the Commitment following (i) an Event of Default or (ii) the occurrence of a material adverse change in the business, assets or financial condition of Borrower or any Guarantor.

 

 

“Corporate Guarantor” means any Guarantor that is not an Individual Guarantor.

 

“Default” means any Event of Default or any condition, occurrence or event that, after notice or lapse of time or both, would constitute an Event of Default.

 

“Default Rate” has the meaning ascribed to such term in Section 2.05(c).

 

“Documentation Fee” has the meaning ascribed to such term in Schedule I hereto.

 

“Environmental Laws” means (a) all Federal Toxic Waste Laws, (b) all local, state or foreign law, statute, regulation, or ordinance analogous to any of the Federal Toxic Waste Laws and (c) all other federal, state, local, or foreign law (including any common law, consent decrees and administrative orders), statute, regulation, or ordinance regulating, permitting, prohibiting or otherwise restricting the placement, discharge, release, generation, treatment or disposal upon or into any environmental media of any substance, pollutant, contaminant or waste that is now or hereafter classified or considered to be hazardous or toxic; “Environmental Laws” shall also include any and all amendments to any of (a), (b) or (c).

 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, together with the regulations thereunder, in each case as in effect from time to time.

 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with Borrower or any Guarantor, as applicable, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

 

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived by the Pension Benefit Guaranty Corporation), (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived, (c) the filing pursuant to Section 412 (d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, (d) the incurrence by Borrower, any Guarantor or any of its or their ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, (e) the receipt by Borrower, any Guarantor or any of its or their ERISA Affiliates from the Pension Benefit Guaranty Corporation or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, (f) the incurrence by the Borrower, any Guarantor or any of its or their ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan or (g) the receipt by Borrower, any Guarantor or any of its or their ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from Borrower, any Guarantor or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

 

“Event of Default” has the meaning assigned to such term in Section 7.01.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Federal Toxic Waste Laws” means any federal law or implementing regulation regulating any substance, matter, material, waste, contaminant or pollutant, the generation, storage, disposal, handling, release, treatment, discharge or emission of which is regulated, prohibited or limited, including, without limitation: (i) the Resource Conservation and Recovery Act, as amended by the Hazardous and Solid Waste Amendments of 1984, as now or hereafter amended (42 U.S.C. Section 6901 et seq.), (ii) the Comprehensive Environmental Response, Compensation and Liability Act, as amended by the Superfund Amendments and Reauthorization Act of 1986, as now or hereafter amended (42 U.S.C. Section 9601 et seq.), (iii) the Clean Water Act, as now or hereafter amended (33 U.S.C. Section 1251 et seq.), (iv) the Toxic Substances and Control Act, as now or hereafter amended (15 U.S.C. Section 2601 et seq.) and (v) the Clean Air Act, as now or hereafter amended (42 U.S.C. Section 7401 et seq.).

 

“Financial Statements” has the meaning ascribed to such term in Schedule I hereto.

 

“Fixed Rate” has the meaning ascribed to such term in Schedule I hereto.

 

“GAAP” means generally accepted accounting principles in the United States.

 

“Guarantor” means each guarantor of the Obligations.

 

“Guaranty” means one or more instruments by which a Guarantor guarantees the Obligations, in form and substance acceptable to Lender.

 

2

 

“Indebtedness” means (a) all items of indebtedness or liability which in accordance with GAAP or federal tax law would be included in determining total liabilities as shown on the liabilities side of a balance sheet, (b) indebtedness secured by any mortgage, pledge, lien or security interest existing on property owned by Borrower, whether or not the indebtedness secured thereby shall have been assumed and (c) guaranties and endorsements (other than for purposes of collection in the ordinary course of business) by Borrower and other contingent obligations of Borrower in respect of, or to purchase or otherwise acquire, indebtedness of others.

 

“Individual Guarantor” means a Guarantor that is a natural person.

 

“Initial Closing Date” has the meaning ascribed to such term in Schedule I hereto.

 

“Interim Interest Date” has the meaning ascribed to such term in Schedule I hereto.

 

“Interim Interest Payment Date” has the meaning ascribed to such term in Schedule I hereto.

 

“Lien” means any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge against or interest in property to secure payment of a debt or performance of an obligation or other priority or preferential arrangement of any kind or nature whatsoever.

 

“Loan” means a loan from Lender to Borrower pursuant to this Agreement.

 

“Loan Documents” means, collectively, this Agreement, each Note, each Loan Request, any Guaranty and each other instrument or document executed or delivered pursuant to or in connection with this Agreement and the other Loan Documents, including, without limitation, any instrument or agreement given to evidence or further secure the Obligations.

 

“Loan Request” means a Loan Request, duly executed by an authorized officer of Borrower, in form and substance acceptable to Lender.

 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations, properties or condition (financial or otherwise) of Borrower, any Guarantor or any of their Subsidiaries, (b) the ability of Borrower to perform or pay its Obligations or any material Indebtedness in accordance with the terms thereof, (c) the ability of any Guarantor to perform its, his or her obligations under a Guaranty, (d) Lender’s Lien on the Collateral or the priority of such Lien, or (e) the validity or enforceability of any Loan Document or the rights and remedies available to Lender under any Loan Document.

 

“Maximum Principal Amount” has the meaning ascribed to such term in Schedule I hereto.

 

“Multiemployer Plan” means a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Note” has the meaning ascribed to such term in Section 2.02.

 

“Notice Address” has the meaning ascribed to such term in Schedule I hereto.

 

“Obligations” means, subject to Section 8.10(c), the obligations to make the payment of all indebtedness evidenced by the Notes, together with all extensions, renewals, amendments and modifications thereof and the payment of all other Indebtedness and other sums owed under, and the payment and the performance of all obligations and covenants contained in the Loan Documents, in each case whether now existing or hereafter incurred, direct or indirect, absolute or contingent, and due or to become due, together with all fees and expenses (including, without limitation, all attorneys’ fees and expenses) incurred by Lender in connection with the collection or enforcement of any of the Obligations.

 

“Organizational Documents” has the meaning ascribed to such term in Schedule I hereto.

 

“Original Principal Amount” means the aggregate principal balance of each Loan as of the Closing Date for such Loan.

 

“Owner Change” has the meaning ascribed to such term in Schedule I hereto.

 

“Payment Date” has the meaning ascribed to such term in Schedule I hereto.

 

“Permitted Liens” means any of the following:  (a) Liens (other than Liens relating to Environmental Laws) for taxes, assessments or other governmental charges not yet due and payable, (b) statutory Liens of landlords, carriers, warehousemen, mechanics, materialmen and other similar Liens imposed by law, which are incurred in the ordinary course of business for sums  that are not delinquent, (c) Liens in favor of Lender, and (d) Liens explicitly identified in any Loan Document as “permitted liens.”

 

“Person” means any natural person, corporation, partnership, limited liability company, firm, association, trust, government, governmental agency or any other entity, whether acting in an individual, fiduciary or other capacity.

 

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which Borrower, any Guarantor or any of its or their ERISA Affiliates is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Prepayment Fee” means with respect to each Loan, the prepayment fee described in the related Note.

 

3

 

“Scheduled Commitment Termination Date” has the meaning ascribed to such term in Schedule I hereto.

 

“Stated Maturity Date” means, with respect to each Loan, the scheduled maturity date described in the related Note.

 

“Subsidiary” means, with respect to any Person (the “Parent”) at any date, (a) any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the Parent in the Parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, (b) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors or other governing body of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned by the Parent, or by one or more Subsidiaries of such Parent or (c) any partnership, joint venture, limited liability company, or other entity as to which the Parent, or one or more Subsidiaries of such Parent, owns more than a 50% ownership, equity or similar interest or has power to direct or cause the direction of management and policies, or the power to elect the managing partner (or the equivalent), of such partnership, joint venture or other entity, as the case may be.

 

“UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York.

 

“Voluntary Prepayment Date” has the meaning ascribed to such term in Schedule I hereto.

 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

Section 1.02.  Rules of Construction.

 

(a)           The singular form of any word used herein, including the terms defined in Section 1.01 hereof, shall include the plural, and vice versa.  The use herein of a word of any gender shall include correlative words of all genders.

 

(b)           Unless otherwise specified, references to Articles, Sections and other subdivisions of this Agreement are to the designated Articles, Sections and other subdivision of this Agreement as originally executed.  The words “hereof,” “herein,” “hereunder” and words of similar import refer to this Agreement as a whole.

 

(c)           The headings or titles of the several articles and sections shall be solely for convenience of reference and shall not affect the meaning, construction or effect of the provisions hereof.

 

Section 1.03.  Accounting and Financial Determinations.  Unless otherwise specified, all accounting terms used herein or in any other Loan Document shall be interpreted, all accounting determinations and computations hereunder or thereunder shall be made, and all financial statements required to be delivered hereunder or thereunder shall be prepared in accordance with GAAP consistently applied.  In the event that GAAP changes during the term of this Agreement such that the financial covenants contained herein would then be calculated in a different manner or with different components, Borrower and Lender shall amend such provisions of this Agreement in such respects as necessary to conform the financial covenants as criteria for evaluating the financial condition of Borrower or a Guarantor, as applicable, to substantially the same criteria as were effective prior to such change in GAAP.

 

ARTICLE II:  THE LOANS

 

Section 2.01.  Loans.

 

(a)           Commitment.  Lender hereby agrees, subject to the terms and conditions of this Agreement (including, without limitation, the fulfillment of the conditions set forth in Article III or Lender’s written waiver thereof), to make one or more Loans to Borrower from time to time during the period from the Initial Closing Date to the Commitment Termination Date in the aggregate Original Principal Amount not to exceed the Maximum Principal Amount (the “Commitment”).  Not more than one Loan shall be funded in any calendar month, and each Loan shall be in an Original Principal Amount of at least $3,000,000.  The Original Principal Amount of each Loan shall reduce, dollar for dollar, the remaining available amount under the Commitment, and any amount funded may not be reborrowed after being repaid.  The Commitment shall terminate automatically and without any further action on the Commitment Termination Date.  Borrower’s obligation to repay a Loan shall commence, and interest shall begin to accrue, on the Closing Date of such Loan.

 

(b)           Loan Request.  By delivering a duly completed and executed Loan Request to Lender, on a Business Day, Borrower may irrevocably request that a Loan be made on the Closing Date specified in such Loan Request (which date shall be at least two Business Days but no more than 10 Business Days after the date of delivery to Lender of such Loan Request).  On such Closing Date, subject to the terms and conditions contained herein (including, without limitation, the fulfillment of the conditions set forth in Article III or Lender’s written waiver thereof), Lender shall disburse the Original Principal Amount specified in such Loan Request to, or on behalf of, Borrower to the accounts or entities specified in such Loan Request.  Such Loan Request shall specify the applicable Closing Date, the Original Principal Amount of such Loan and the applicable disbursement instructions.  Borrower agrees that the proceeds of all Loans shall be used solely for the purposes described in such Loan Request.

 

4

 

Section 2.02.  Note.  Each Loan made by Lender under this Agreement shall be evidenced by, and repaid with interest in accordance with, a single promissory note of Borrower in form and substance acceptable to Lender, duly completed, in the principal amount of the Original Principal Amount of such Loan, dated as of the Closing Date for such Loan, made payable to Lender or order, and maturing on the Stated Maturity Date of such Loan or such earlier date pursuant to an acceleration hereunder (the “Note”).

 

Section 2.03.  Scheduled Payments.  On each Payment Date, Borrower shall pay the aggregate scheduled principal and interest payments owed with respect to each Loan as set forth in the Notes and any prepayment as provided in Section 2.04; provided, however, on the Stated Maturity Date or date of acceleration of a Loan, Borrower shall repay in full the aggregate then outstanding principal amount of such Loan plus all accrued and unpaid interest thereon and all other amounts owed hereunder or under any other Loan Document related to such Loan.

 

All amounts required to be paid by Borrower hereunder shall be paid in lawful money of the United States of America in immediately available funds to the following account, or to such other account as designated by Lender to Borrower in writing:

 

	
Account   Name:
    	
 
    	
RBS   Asset Finance Customer Payments
    
	
Account   Number:
    	
 
    	
xxxxxx-xxx-x
    
	
ABA   Number:
    	
 
    	
xxxxxxxxx
    
	
Bank:
    	
 
    	
RBS   Citizens, National Association
    
	
 
    	
 
    	
One   Citizens Drive
    
	
 
    	
 
    	
Riverside,   RI 02915
    
	
Reference:
    	
 
    	
Stellaris   LLC
    

 

Any payment received after 12:00 p.m. New York time will be deemed to be received on the next succeeding Business Day.  Whenever any payment to be made hereunder shall be stated to be due on a day which is not a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of interest or the fees hereunder, as the case may be.  All payments shall be applied first to accrued interest and then to principal.

 

Section 2.04.  Prepayments.

 

(a)           Voluntary Prepayments.  Prior to the Stated Maturity Date, Borrower may, from time to time on any Payment Date occurring after the Voluntary Prepayment Date, make a voluntary prepayment, in whole but not in part, of the outstanding principal amount of the Loans; provided, however, that (a) any such voluntary partial prepayment shall be made only of a Loan in full; (b) all such voluntary prepayments shall require written notice on or before the date that is 30 calendar days in advance of any prepayment of the Loans; and (c) in connection with each such voluntary prepayment, Borrower shall pay all accrued interest on the outstanding principal amount of the Loan or Loans prepaid, all other amount owed under any Loan Document and, except as otherwise provided in any Loan Document, the aggregate Prepayment Fee for the Loan or Loans prepaid, which shall not be refundable.

 

(b)           Mandatory Prepayment Upon Acceleration.  Upon any acceleration of any Loan pursuant to Section 7.02, Borrower shall immediately repay all (or if only a portion is accelerated thereunder, such portion of) the Loans then outstanding, including accrued and unpaid interest thereon, plus the aggregate Prepayment Fee for all such Loans and all other amounts owed under the Loan Documents.

 

Section 2.05.  Interest Provisions.

 

(a)           Interest on the outstanding principal amount of each Loan shall accrue at a rate per annum equal to the Fixed Rate for such Loan.  Interest shall be computed on the basis of a 360-day year consisting of 12 30-day months. On the Interim Interest Payment Date for a Loan, Borrower shall pay interest accruing on such Loan from the applicable Closing Date through and including the last day of the calendar month immediately preceding the applicable Interim Interest Date.  Interest accruing on each Loan on and after the Interim Interest Date for such Loan shall be payable on each Payment Date or the date of prepayment, as applicable.

 

(b)           Any payment under a Loan Document that is not paid by Borrower on the due date thereof shall, to the extent permissible by law, bear a late charge equal to the lesser of three cents ($.03) per dollar of the delinquent amount or the lawful maximum, and Borrower shall be obligated to pay the same immediately upon receipt of Lender’s written invoice therefor.

 

5

 

(c)           Upon the occurrence and during the continuation of any Event of Default or after acceleration, Borrower shall pay interest (i) with respect to all Loans at a rate per annum equal to the rate otherwise in effect plus an additional 3% per annum and (ii) with respect to all other Obligations of Borrower to Lender at a rate per annum equal to the highest Fixed Rate then in effect plus an additional 3% per annum (each such rate, a “Default Rate”).

 

(d)           The obligations of Borrower hereunder and under the Notes and the other Loan Documents shall be subject to the limitation that payments of interest to Lender, plus any other amounts paid to Lender in connection herewith and therewith, shall not be required to the extent (but only to the extent) that contracting for and receiving such payment by Lender would be contrary to the provisions of any law applicable to Lender limiting the highest rate of interest which may be contracted for, charged or received by Lender, and in such event Borrower shall pay such Lender interest and other amounts at the highest rate permitted by applicable law.

 

Section 2.06.  Payments Absolute.  The obligations of Borrower to pay interest and principal required under this Article II and to make other payments under the Loan Documents and to perform and observe the covenants and agreements contained herein and therein shall be absolute and unconditional in all events, without abatement, diminution, deduction, setoff or defense for any reason, including, without limitation, any failure of the Collateral to be delivered, installed or constructed, as applicable, any defects, malfunctions, breakdowns or infirmities in the Collateral or any accident, condemnation, destruction or unforeseen circumstances.  Notwithstanding any dispute between Borrower and Lender or any other person, Borrower shall make all payments under the Loan Documents when due and shall not withhold any payments pending final resolution of such dispute, nor shall Borrower assert any right of set-off or counterclaim against its obligation to make such payments required under the Loan Documents.

 

Section 2.07.  Increased Capital Costs.  If any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law) of any court, central bank, regulator or other governmental authority affects or would affect the amount of capital required or expected to be maintained by Lender or any Person controlling Lender, and Lender determines that the rate of return on its or such controlling Person’s capital as a consequence of its Commitment or the Loans made by Lender is reduced to a level below that which Lender or such controlling Person could have achieved but for the occurrence of any such circumstance, then, in any such case upon notice from time to time by Lender to Borrower, Borrower shall immediately pay directly to Lender additional amounts sufficient to compensate Lender or such controlling Person for such reduction in rate of return.  A statement of Lender as to any such additional amount or amounts (including calculations thereof in reasonable detail) shall, in the absence of manifest error, be conclusive and binding on Borrower.  In determining such amount, Lender may use any method of averaging and attribution that it shall deem applicable.

 

Section 2.08.  Taxes.

 

(a)           Withholding Taxes.  Any and all payments by Borrower of principal of, and interest on, the Loans and all other amounts payable hereunder and under the Loan Documents shall be made free and clear of and without deduction for any present or future taxes, levies, imposts, deductions, fees, duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding franchise taxes and taxes imposed on or measured by Lender’s gross or net income or receipts by the jurisdiction under the laws of which Lender is organized or any political subdivision thereof or in which Lender is maintaining a lending office (such non-excluded items are referred to herein as “Taxes”).  In the event that any withholding or deduction from any payment to be made by Borrower hereunder is required in respect of any Taxes pursuant to any applicable law, rule or regulation, then Borrower will (i) pay directly to the relevant authority the full amount required to be so withheld or deducted; (ii) promptly forward to Lender an official receipt or other documentation satisfactory to Lender evidencing such payment to such authority; and (iii) pay to Lender such additional amount or amounts as is necessary to ensure that the net amount actually received by Lender will equal the full amount Lender would have received had no such withholding or deduction been required (including penalties, interest, additional taxes and expenses (including reasonable attorney’s fees and expenses) arising therefrom or with respect thereto).

 

(b)           Other Taxes.  In addition, Borrower shall pay any present or future stamp, documentary, excise, property or similar taxes, charges or levies that arise from any payment made hereunder or under the Note or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or any other Loan Document (collectively, “Other Taxes”).

 

(c)           Tax Indemnity.  Borrower shall indemnify Lender for the full amount of Taxes and Other Taxes (including, without limitation, any amounts paid by Lender) and any liability (including, without limitation, penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto.  This indemnification shall be made within 30 days from the date Lender makes written demand therefor and shall survive the termination of this Agreement.

 

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Section 2.09.  Joint and Several Liability.  The obligations of Stellaris LLC, James Construction Group, L.L.C. and Rockford Corporation (each, a “Co-Borrower”) under each Loan Document are joint and several.  Each reference to the term “Borrower” in each Loan Document shall be deemed to refer to each Co-Borrower; each representation and warranty made by Borrower in any Loan Document shall be deemed to have been made by each Co-Borrower; each covenant and undertaking on the part of Borrower under each Loan Document shall be deemed individually applicable with respect to each Co-Borrower; and each event constituting an Event of Default under this Agreement shall be determined with respect to each Co-Borrower.  A separate action or actions may be brought and prosecuted against any Co-Borrower whether an action is brought against any other Co-Borrower or whether any other Co-Borrower is joined in any such action or actions.  Each Co-Borrower waives any right to require Lender to:  (a) proceed against any other Co-Borrower; (b) proceed against or exhaust any security held from any other Co-Borrower; or (c) pursue any other remedy in Lender’s power whatsoever.  Notices under any Loan Document required to be provided to Borrower shall be effective if provided to any Co-Borrower.  Any consent on the part of Borrower under any Loan Document shall be effective when provided by any Co-Borrower, and Lender shall be entitled to rely upon any notice or consent given by any Co-Borrower as being notice or consent given by Borrower hereunder.

 

In the event any obligation of Borrower under any Loan Document is deemed to be an agreement by any Co-Borrower to answer for the debt or default of another Co-Borrower or as a hypothecation of property as security therefor, each Co-Borrower represents and warrants that:  (x) no representation has been made to it as to the creditworthiness of any other Co-Borrower and (y) it has established adequate means of obtaining from each other Co-Borrower on a continuing basis, financial or other information pertaining to each other Co-Borrower’s financial condition.  Each Co-Borrower expressly waives diligence, demand, presentment, protest and notice of every kind and nature whatsoever, consents to the taking by Lender of any additional security for the Obligations, or the alteration or release in any manner of any security now or hereafter held in connection with any Obligations, and consents that Lender and any Co-Borrower may deal with each other in connection with said obligations or otherwise, or alter any contracts now or hereafter existing between them, in any manner whatsoever, including, without limitation, the renewal, extension, acceleration, changes in time for payment, and increases or decreases in any rent, rate of interest or other amounts owing, all without in any way altering the liability of any Co-Borrower, or affecting any security for such obligations.  Should any default be made in the payment of any such Obligations or in the terms or conditions of any Loan Document, Lender is hereby expressly given the right, at its option, to proceed in the enforcement of such Obligations or Loan Document independently of any other remedy or security it may at any time hold in connection with such Obligations and it shall not be necessary for Lender to proceed upon or against and/or exhaust any other security or remedy before proceeding to enforce its rights against any Co-Borrower.  Each Co-Borrower further waives any right of subrogation, reimbursement, exoneration, contribution, indemnification, setoff or other recourse in respect of sums paid to Lender by any Co-Borrower.

 

ARTICLE III:  CONDITIONS TO LOANS

 

Lender’s agreement to make the Loans to Borrower hereunder and to disburse the proceeds thereof shall be subject to the condition precedent that Lender shall have received, on or prior to the applicable Closing Date (or by such other time as may be specified herein with respect thereto), all of the following, each in form and substance satisfactory to Lender:

 

(a)           This Agreement and all other Loan Documents, properly executed on behalf of Borrower, and each of the exhibits and schedules hereto and thereto properly completed.

 

(b)           The respective Note, properly executed on behalf of Borrower.

 

(c)           A Loan Request for each Loan to be funded, duly completed and properly executed on behalf of Borrower.

 

(d)           A certificate of the Secretary or an Assistant Secretary of Borrower, certifying as to (i) the resolutions of the Authorizing Entities of Borrower, authorizing the execution, delivery and performance of this Agreement, the Note, the other Loan Documents and any related documents, (ii) the Organizational Documents of Borrower, and (iii) the signatures of the officers or agents of Borrower authorized to execute and deliver this Agreement, the Note, the other Loan Documents and other instruments, agreements and certificates on behalf of Borrower.

 

(e)           Current certified copies of the Organizational Documents of Borrower.

 

(f)            A Certificate of Good Standing issued as to Borrower by the Secretary of the State of the state of Borrower’s organization not more than 30 days prior to the Closing Date.

 

(g)           A Certificate of Qualification issued as to Borrower by the Secretary of the State of the state where the Collateral is or will be located not more than 30 days prior to the Closing Date.

 

(h)           The Guaranties, if any, properly executed by or on behalf of Guarantors.

 

(i)            A certificate of the Secretary or an Assistant Secretary of any Corporate Guarantor certifying as to (i) the resolutions of the Authorizing Entities of such Guarantor, authorizing the execution, delivery and performance of the Guaranty and any related documents, (ii) the Organizational Documents of Guarantor, and (iii) the signatures of the officers or agents of Guarantor authorized to execute and deliver the Guaranty and other instruments, agreements and certificates on behalf of Guarantor.

 

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(j)            Current certified copies of the Organizational Documents of any Corporate Guarantor.

 

(k)           A Certificate of Good Standing issued as to all Corporate Guarantors by the Secretary of the State of the state of such Guarantor’s organization not more than 30 days prior to the Closing Date.

 

(l)            Opinion of counsel to Borrower and such opinions of local counsel to Borrower, as required by Lender.

 

(m)          Opinion of counsel to Guarantors, as applicable.

 

(n)           Certificates of the insurance required hereunder, containing a lender’s loss payable clause or endorsement in favor of Lender.

 

(o)           A true and correct copy of any and all leases pursuant to which Borrower is leasing any property where the Collateral will be located, together with a landlord’s disclaimer and consent with respect to each such lease.

 

(p)           A true and correct copy of any and all mortgages, deeds of trust or similar agreements (whether or not Borrower is a party to any such agreement) relating to the Collateral or any property where the Collateral will be located, together with a mortgagee’s waiver or estoppel certificate, as applicable, with respect to each such mortgage, deed of trust or similar agreement.

 

(q)           The original certificate of title or manufacturer’s certificate of origin and title application if any of the Collateral is subject to certificate of title laws.

 

(r)            Current searches of appropriate filing offices showing that (i) no state or federal tax liens have been filed and remain in effect against Borrower, and (ii) no financing statements have been filed and remain in effect against Borrower relating to the Collateral except those financing statements filed by Lender.

 

(s)            Payment, if any, of all of Lender’s other fees, commissions and expenses in connection with the funding of each Loan.  In addition to the foregoing, each time Borrower submits a Loan Request, Borrower shall pay to Lender a fee Documentation Fee.

 

(t)            Evidence that no Default or event or circumstance that could reasonably be likely to have a Material Adverse Effect has occurred.

 

(u)           Any other documents or items required by Lender.

 

(v)           Any other documents or items listed on Schedule II hereto.

 

ARTICLE IV:  REPRESENTATIONS, WARRANTIES AND COVENANTS OF BORROWER

 

Borrower represents, warrants and covenants for the benefit of Lender, as follows:

 

(a)           Borrower is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization.  Borrower is in good standing and is duly licensed or qualified to transact business in each jurisdiction where the nature of its business requires such qualification, except for those jurisdictions in which the failure to qualify could not reasonably be expected to have a Material Adverse Effect.  Borrower’s exact legal name is as set forth on the execution page hereof.

 

(b)           Borrower has full power and authority and holds all requisite governmental licenses, permits and other approvals to (i) enter into and perform its obligations under this Agreement, the Note and each other Loan Document to which it is a party and to own its property, (ii) use the Collateral and (iii) conduct its business substantially as currently conducted by it, except as to clause (iii) where the failure to hold such licenses, permits and approvals could not reasonably be expected to have a Material Adverse Effect.

 

(c)           This Agreement, the Note and the other Loan Documents to which it is a party have been duly authorized, executed and delivered by Borrower and constitute legal, valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms, except to the extent limited by bankruptcy, reorganization or other laws of general application relating to or effecting the enforcement of creditors’ rights.

 

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(d)           The execution and delivery of this Agreement, the Note and the other Loan Documents, the consummation of the transactions contemplated hereby and thereby and the fulfillment of the terms and conditions hereof and thereof do not and will not violate any law, rule, regulation or order, conflict with or result in a breach of any of the terms or conditions of any Organizational Document of Borrower or of any corporate restriction or of any agreement or instrument to which Borrower is now a party and do not and will not constitute a default under any of the foregoing or result in the creation or imposition of any liens, charges or encumbrances of any nature upon any of the property or assets of Borrower other than Liens in favor of Lender.

 

(e)           The authorization, execution, delivery and performance of this Agreement, the Note and the other Loan Documents by Borrower do not require submission to, approval of, or other action by any governmental authority or agency, except for such action that has been duly obtained or taken and is in full force and effect.

 

(f)            Each of the Loan Documents that purports to create a security interest creates a valid first priority Lien on the Collateral subject only to Permitted Liens, securing the payment and performance of the Obligations.

 

(g)           Except as disclosed on Schedule IV, there is no action, suit, proceeding, claim, inquiry or investigation, at law or in equity, before or by any court, regulatory agency, public board or body pending or, to the best of Borrower’s knowledge, threatened against or affecting Borrower, any Guarantor or any of their Subsidiaries, challenging Borrower’s or any Guarantor’s authority to enter into this Agreement, the Note or any of the other Loan Documents or any other action wherein an unfavorable ruling or finding would adversely affect the enforceability of this Agreement, the Note or any of the other Loan Documents, or could reasonably be expected to have a Material Adverse Effect.

 

(h)           Borrower has good, marketable and insurable title in fee simple to all Collateral that is real property, and good title to all other Collateral, in each case free and clear of all Liens except for Permitted Liens.  With respect to Collateral that is personal property, Borrower owns/leases the real property where the Collateral will be located, subject to no Liens of any kind except for Permitted Liens, and has provided a complete and accurate legal description and the exact name of the fee simple owner of record of such real property, and no person other than Borrower is in occupancy or possession of any portion of such real property.

 

(i)            Borrower is in compliance with all laws, rules, regulations and orders of governmental authorities applicable to it and its properties except to the extent the non-compliance with which could not reasonably be expected to have a Material Adverse Effect.

 

(j)            Borrower has heretofore furnished to Lender the Financial Statements and those statements fairly present the financial condition of Borrower and such Guarantor, if any, on the dates thereof and the results of its operations and cash flows for the periods then ended and were prepared in accordance with GAAP.  Since the date of the most recent financial statements, there has been no material adverse change in the business, properties or condition (financial or otherwise) of Borrower or any Guarantor.   Except as disclosed in the Financial Statements or the notes thereto and for the items disclosed on Schedule IV, neither Borrower nor any Guarantor, as of each Closing Date, has or will have any liabilities, contingent or otherwise, that could reasonably be expected to have a Material Adverse Effect.

 

(k)           Borrower has paid or caused to be paid, and will pay, to the proper authorities when due all federal, state and local taxes required to be withheld by it.  Borrower has filed, and will pay, all federal, state and local tax returns which are required to be filed, and Borrower has paid or caused to be paid to the respective taxing authorities all taxes as shown on said returns or on any assessment received by it to the extent such taxes have become due, except any such taxes or charges which are being diligently contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP have been set aside on its books.

 

(l)            For purposes of Section 9-307 of the UCC, Borrower is and will remain located in the Borrower’s State. Borrower’s residence for federal income tax purposes is located at its Notice Address specified in Schedule I.  Borrower has authorized Lender to file financing statements that are sufficient when filed to perfect the security interests created pursuant to this Agreement and the other Loan Documents.  When such financing statements are filed in the offices noted therein, Lender will have a valid and perfected security interest in the Collateral that constitutes personal property, subject to no other Lien other than Permitted Liens.

 

(m)          None of the Collateral constitutes a replacement of, substitution for or accessory to any property of Borrower subject to a lien of any kind.

 

(n)           No ERISA Event has occurred or is reasonably likely to occur with respect to any Plan, and each Plan is in compliance in all material respects with the applicable provisions of ERISA.

 

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(o)           Borrower has obtained all permits, licenses and other authorizations which are required under all Environmental Laws at Borrower’s facilities or in connection with the operation of its business.  Except as disclosed on Schedule IV, Borrower and all activities of Borrower at its facilities comply with all Environmental Laws and with all terms and conditions of any required permits, licenses and authorizations applicable to Borrower with respect thereto.  Except as disclosed on Schedule IV, Borrower is also in compliance with all limitations, restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and timetables contained in Environmental Laws or contained in any plan, order, decree, judgment or notice of which Borrower is aware.  Except as disclosed on Schedule IV, Borrower is not aware of, nor has Borrower received notice of, any events, conditions, circumstances, activities, practices, incidents, actions or plans which may interfere with or prevent continued compliance with, or which may give rise to any liability under, any Environmental Laws.

 

(p)           All factual information heretofor or contemporaneously furnished by or on behalf of Borrower or any Guarantor in writing to Lender for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all other such factual information hereafter furnished by or on behalf of Borrower or any Guarantor to Lender will be, true and correct in every material respect on the date as of which such information is dated or certified, and such information is not, or shall not be, as the case may be, incomplete by omitting to state any material fact necessary to make such information not misleading.

 

(q)           None of Borrower, any Guarantor or any of their Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying “margin stock.”  None of the proceeds of any Loan will be used for the purpose of, or be made available by Borrower, any Guarantor or any of their Subsidiaries in any manner to any other Person to enable or assist such Person in, directly or indirectly purchasing or carrying “margin stock”.  Terms for which meanings are provided in F.R.S. Board Regulation T, U or X or any regulations substituted therefor, as from time to time in effect, are used in this Section with such meanings.

 

(r)            None of Borrower, any Guarantor or any of their Subsidiaries is an “investment company” nor a “company controlled by an investment company” within the meaning of the Investment Company Act of 1940, as amended, or a “holding company,” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company,” within the meaning of the Public Utility Holding Company Act of 1935, as amended.

 

(s)            Schedule V is an accurate and complete list of all Subsidiaries of Borrower and each Corporate Guarantor and the respective ownership interests therein.

 

(t)            Borrower and each Guarantor are solvent and will not be rendered insolvent by the Loan Documents or the transactions contemplated thereby and, after giving effect to such transactions, neither Borrower nor any Guarantor will be left with an unreasonably small amount of capital with which to engage in its business, nor does Borrower or any Guarantor intend to incur, or believe that it has incurred, debts beyond its ability to pay as they mature.  Neither Borrower nor any Guarantor contemplates the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of Borrower or any Guarantor or any of their assets.  Neither Borrower nor any Guarantor are entering into the transactions contemplated by the Loan Documents with any intent to hinder, delay or defraud any of Borrower’s or any Guarantor’s creditors.

 

ARTICLE V:  SECURITY INTEREST

 

This Agreement is intended to constitute a security agreement within the meaning of the UCC.  To secure the payment and performance of the Obligations, Borrower hereby grants to Lender a security interest constituting a first Lien on the Collateral.  Borrower hereby authorizes, and ratifies any previous authorization for, Lender to file UCC financing statements and any amendments thereto describing the Collateral and containing any other information required by the applicable UCC.  Borrower authorizes Lender, and hereby grants Lender a power of attorney (which is coupled with an interest), to file financing statements and amendments thereto describing the Collateral and containing any other information required by the applicable UCC and all proper terminations of the filings of other secured parties with respect to the Collateral, in such form and substance as Lender, in its sole discretion, may determine.  Borrower hereby waives any right that Borrower may have to file with the applicable filing officer, and agrees that it will not file or authorize the filing of, any financing statement, amendment, termination or other record pertaining to the Collateral and/or Lender’s interest therein, except as authorized by Lender in writing.

 

ARTICLE VI:  COVENANTS

 

Section 6.01.  Affirmative Covenants.  So long as any Loan shall remain unpaid, Borrower will comply, and shall cause each Guarantor to comply, with the following requirements unless waived by Lender in writing:

 

(a)           Financial Statements.  Borrower shall deliver to Lender for Borrower and each Corporate Guarantor respectively: (i) as soon as practicable, and in any event within 45 days after the end of each fiscal quarter (other than the last fiscal quarter), unaudited financial statements including in each instance, balance sheets, income statements, and statements of cash flow, on a consolidated and consolidating basis, as appropriate, and separate profit and loss statements

 

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as of and for the quarterly period then ended and for the fiscal year to date, prepared in accordance with GAAP, and certified by Borrower’s chief financial officer or such Corporate Guarantor’s chief financial officer, as applicable, to be true and correct, (ii) as soon as practicable, and in any event within 90 days after the end of each fiscal year, annual unaudited financial statements (management prepared) for Borrower and audited financial statement for Guarantor, including balance sheets, income statements and statements of cash flow for the fiscal year then ended, on a consolidated and consolidating basis, as appropriate, which have been prepared by the independent accountants of Borrower or such Corporate Guarantor, as applicable, in accordance with GAAP and (iii) as soon as practicable, any certifications required by the Securities and Exchange Commission of the United States (the “SEC”) or by securities laws applicable to Borrower and each Corporate Guarantor concerning financial statements of Borrower or such Corporate Guarantor, as applicable.  Such audited financial statements shall be accompanied by the independent accountant’s opinion, which opinion shall be in form generally recognized as “unqualified.”   Borrower shall be deemed to have complied with the foregoing requirements with respect to Borrower and/or any Corporate Guarantor, as applicable, if such entity files Forms 10-K and 10-Q with the SEC that are publicly available within the time frames set forth above.  Borrower shall cause each Individual Guarantor to deliver such financial information as Lender shall require from time to time.

 

(b)           Compliance Certificate.  If any financial covenants are set forth on Schedule III, concurrently with the delivery of the financial statements pursuant to subsection (a), Borrower shall deliver to Lender a certificate from Borrower’s chief financial officer or Corporate Guarantor’s chief financial officer, as applicable, containing information (in reasonable detail and with appropriate calculations and computations in all respects reasonably satisfactory to Lender) that demonstrates compliance with the financial covenants set forth on Schedule III.

 

(c)           Notices.  Borrower shall deliver to Lender each of the following:

 

(i)            as soon as possible and in any event within three Business Days after the occurrence of a Default, an Event of Default or an event which could reasonably be expected to result in a Material Adverse Effect, a statement of Borrower setting forth reasonably detailed information regarding such Default, Event of Default or event and the action that Borrower has taken and proposes to take with respect thereto;

 

(ii)           promptly after the commencement thereof, notice in writing of all litigation and of all proceedings before any governmental or regulatory agency affecting Borrower, any Guarantor or any of their Subsidiaries of the type described in Article IV hereof or which seek a monetary recovery against Borrower, any Guarantor or any of their Subsidiaries in excess of $3,000,000;

 

(iii)          promptly upon knowledge thereof, notice of any loss, theft or destruction of or material damage to, any accident involving any, and any action, suit or proceeding relating to, Collateral having a value in excess of $250,000;

 

(iv)          promptly after the amending thereof, copies of any and all amendments to any of its Organizational Documents;

 

(v)           promptly upon knowledge thereof, notice of the violation by Borrower of any law, rule or regulation applicable to Borrower, which violation could reasonably be expected to have a Material Adverse Effect.

 

(d)           Compliance with Laws.  Borrower and each of its Subsidiaries shall comply in all material respects with all governmental rules and regulations and all other applicable laws, rules, regulations and orders, including, without limitation, all Environmental Laws.

 

(e)           Maintenance of Properties.  Borrower shall, at its own expense, maintain, preserve, protect and keep the Collateral in good repair, working order and condition in compliance with all applicable laws, rules, regulations and the requirements of all applicable insurance policies, and make necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may be properly conducted at all times and shall maintain in full force and effect all rights, franchises, permits, licenses, trademarks, tradenames, approvals, authorizations, leases and contracts necessary to carry on its business as presently or proposed to be conducted where the failure to so maintain the same could reasonably be expected to have a Material Adverse Effect.  Borrower will not make any material alterations, modifications or additions to the Collateral which cannot be removed without materially damaging the functional capabilities or economic value of the Collateral unless Lender has provided its prior written consent.

 

(f)            Insurance.  Borrower shall, at its own expense, procure and maintain continuously in effect: (i) public liability insurance for personal injuries, death or damage to or loss of property arising out of or in any way relating to the Collateral sufficient to protect Lender from liability in all events, and (ii) insurance against such hazards as Lender may require, including, without limitation, all-risk property and casualty insurance, in each case in amounts acceptable to Lender.  All insurance policies required by this Section shall be taken out and maintained with insurance companies

 

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acceptable to Lender; and shall contain a provision that the insurer shall not cancel or revise coverage thereunder without giving written notice to the insured parties at least 30 days before the cancellation or revision becomes effective.  No insurance shall be subject to any co-insurance clause.  Borrower shall cause Lender to be named as loss payee on all insurance policies relating to any Collateral and shall cause Lender to be named as additional insured under all liability policies, in each case pursuant to appropriate endorsements in form and substance satisfactory to Lender.  Such insurance shall not be affected by any unintentional act or negligence or representation or warranty on the part of Borrower or other owner of the policy or the property described in such policy.  Prior to each Closing Date, Borrower shall deposit with Lender evidence satisfactory to Lender of such insurance and, at least 10 days prior to the expiration thereof, shall provide Lender evidence of all renewals or replacements thereof.  Borrower shall provide or cause to be provided to Lender and to its insurance consultant (or any agent, officer or employee of Lender) such other information relating to its insurance coverage as may be reasonably requested by Lender.

 

(g)           Books and Records; Inspections.  Borrower will keep books and records that accurately reflect all of its business affairs and transactions.  Borrower will, and will cause each Guarantor to, permit Lender or any of its representatives (including outside auditors), at reasonable times and intervals, to visit all of its offices, to discuss its financial matters with its officers and independent public accountant (and Borrower hereby authorizes such independent accountant to discuss Borrower’s financial matters with Lender or its representatives whether or not any representative of Borrower is present) and to examine (and, at the expense of Borrower, copy extracts from) books or other corporate records (including computer records).  If Lender exercises its rights under this Section following the occurrence of a Default, Borrower shall pay any fees of such independent accountant incurred in connection therewith.

 

(h)           Perfection of Liens.  Borrower shall take such action as may be necessary or as Lender may request in order to perfect and protect Lender’s Lien on the Collateral.  If requested by Lender, Borrower shall obtain a landlord and/or mortgagee’s consent and waiver with respect to the property where the Collateral is located.  If requested by Lender, Borrower shall conspicuously mark the Collateral with appropriate lettering, labels or tags, and maintain such markings, so as clearly to disclose Lender’s security interest in the Collateral.

 

(i)            Title.  Borrower will at all times protect and defend, at its own cost and expense, its title from and against all claims, liens and legal processes of creditors of Borrower (other than Lender), and keep all Collateral free and clear of all such claims, liens and processes other than Permitted Liens.

 

(j)            Financial Covenants.  Borrower agrees to comply with, and to cause each Guarantor to comply with, the financial covenants set forth on Schedule III, if any.

 

Section 6.02.  Negative Covenants.  So long as the Loan shall remain unpaid, Borrower agrees that unless waived by Lender in writing:

 

(a)           Liens.  Borrower will not create, incur or suffer to exist any mortgage, deed of trust, pledge, lien, security interest, assignment or transfer in, on or of any of the Collateral except for Permitted Liens.

 

(b)           Fundamental Changes.  Borrower will not, and will not permit any of its Subsidiaries to, form or acquire any Subsidiary, enter into any merger, consolidation, reorganization, or recapitalization, or reclassify its capital stock, or liquidate, wind up, or dissolve itself (or suffer any liquidation or dissolution), or, other than in the ordinary course of its business, convey, sell assign, lease, transfer, or otherwise dispose of, in one transaction or series of transactions, all or any substantial part of its property or assets, unless Borrower is the surviving entity and the transaction has no Material Adverse Effect on the financial condition of Borrower.

 

(c)           Sale, Assignment, Substitution of Collateral.  Notwithstanding anything to the contrary in the Loan Documents, Borrower will not, and will not permit any of its Subsidiaries to, sell, transfer, lease, contribute or otherwise convey or dispose of (in each case in one transaction or series of transactions), or grant options, warrants or other rights with respect to (in each case in one transaction or series of related transactions), or agree to do any of the foregoing with respect to, all or any part of the Collateral, except Borrower may lease up to $1,000,000 Acquisition Cost of Collateral to third parties, provided such lessee is organized under the laws of the United States, the terms of such lease do not conflict with the terms of this Agreement, the lease is pursuant to a written agreement which expressly provides that the rights of the lessee are subordinate to the rights of the Lender hereunder and Lender has the right to terminate such lease upon a default by Borrower under this Agreement.  Borrower must assign any lease to Lender and provide Lender with a copy of the lease and the location of the equipment on a quarterly basis.  Further, Notwithstanding anything to the contrary in the Loan Documents, Borrower may with Lender’s prior written consent, substitute any like kind item of Collateral, for another item of “Like Collateral”, which is defined as the same type of equipment as the Collateral, has the same or greater value than the Collateral which is being substituted for (as determined by Lender) and is in the condition required under the Loan Documents.  Further, the Like Collateral (i) must be owned by the Borrower, free and clear of all liens, claims and encumbrances; (ii) will be subject to a Lien in favor of Lender; and (iii) upon transfer will be considered

 

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Collateral under the Loan Documents.  Borrower agrees to pay all cost and expenses associated with the substitution of Collateral, including without limitation titling fees, UCC search fees and/or UCC filing fees.  Upon the substitution of Collateral in accordance with this paragraph, Lender will take all actions necessary to terminate its Lien with respect to the Collateral being substituted at Borrower’s sole cost and expense.

 

(d)           Location or Name Changes.  Borrower will not change its location for purposes of Section 9-307 of the UCC or its name in any manner that could make any financing statement filed in connection with any Loan Document seriously misleading within the meaning of Section 9-506 of the UCC or any similar statute, unless it shall have given Lender at least 30 days’ prior written notice thereof.

 

Section 6.03.  Indemnity.

 

(a)           Whether or not covered by insurance, Borrower hereby assumes responsibility for and agrees to reimburse Lender, its affiliates and its and their respective officers, directors, employees and agents (individually and collectively, the “Indemnified Parties”) for and will indemnify, defend and hold the Indemnified Parties harmless from and against all liabilities, obligations, losses, damages, penalties, claims, suits, actions, proceedings, judgments, awards, amounts paid in settlements, obligations, debts, diminutions in value, fines, penalties, charges, fees, costs and expenses (including reasonable attorneys’ fees and expenses) of whatsoever kind and nature, imposed on, incurred by or asserted against any Indemnified Party that in any way relate to or arise out of any of the Loan Documents, the transactions contemplated thereby or the Collateral, including, without limitation (collectively, the “Losses”), (i) the selection, manufacture, construction, acquisition, acceptance or rejection of the Collateral, (ii) the ownership of the Collateral, (iii) the delivery, installation, lease, possession, maintenance, use, condition, return or operation of the Collateral, (iv) the condition of the Collateral sold or otherwise disposed of after possession by Borrower, (v) any patent or copyright infringement, (vi) any act or omission on the part of Borrower, Guarantor or any of its or their officers, employees, agents, contractors, lessees, licensees or invitees, (vii) any misrepresentation or inaccuracy in any representation or warranty of Borrower or any Guarantor, or a breach of Borrower or any Guarantor of any of its covenants or obligations under any of the Loan Documents, (viii) any claim, loss, cost or expense involving alleged damage to the environment relating to the Collateral , including, without limitation, investigation, removal, cleanup and remedial costs, (ix) any personal injury, wrongful death or property damage arising under any statutory or common law or tort law theory, including, without limitation, damages assess for the maintenance of a private or public nuisance or for the conducting of an abnormally dangerous activity on or near the Collateral, (x) any past, present or threatened, in writing, injury to, or destruction of, the Collateral, including, without limitation, costs to investigate and assess such injury or damage and (xi) any administrative process or proceeding or judicial or other similar proceeding (including, without limitation, any alternative dispute resolution process and any bankruptcy proceeding) in any way connected with any matter addressed in any of the Loan Documents.

 

(b)           If any action or proceeding be commenced, to which action or proceeding the Indemnified Parties are made a party by reason of the execution or performance of this Agreement or any other Loan Document, or in which it becomes necessary to defend or uphold the Lien of this Agreement, all sums paid by the Indemnified Parties, for the expense of any litigation to prosecute or defend the rights and Lien created hereby or otherwise, shall be paid by Borrower to such Indemnified Parties, as the case may be, as hereinafter provided.  Borrower will pay and save the Indemnified Parties harmless against any and all liability with respect to any intangible personal property tax or similar imposition of any state or any subdivision or authority thereof now or hereafter in effect, to the extent that the same may be payable by the Indemnified Parties in respect of this Agreement or any Obligation.

 

(c)           All amounts payable to the Indemnified Parties under this Section shall be deemed Obligations secured by this Agreement and shall be payable immediately upon demand.  In case any action, suit or proceeding is brought against the Indemnified Parties by reason of any such occurrence, Borrower, upon request of such Indemnified Parties, will, at Borrower’s expense, resist and defend such action, suit or proceeding or cause the same to be resisted or defended by counsel designated by Lender.  The obligations of Borrower under this Section shall survive the termination of this Agreement and not be merged with any applicable judgment.  If and to the extent that the foregoing undertaking may be unenforceable for any reason, Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Losses that is permissible under applicable law.

 

Section 6.04.  Performance by Lender.  If Borrower at any time fails to perform or observe any of the covenants or agreements contained in this Agreement, Lender may, but need not, perform or observe such covenant on behalf and in the name, place and stead of Borrower (or, at Lender’s option, in Lender’s name) and may, but need not, take any and all other actions which Lender may reasonably deem necessary to cure or correct such failure (including, without limitation, the payment of taxes, the satisfaction of security interests, liens or encumbrances, the performance of obligations owed to account debtors or other obligors, the procurement and maintenance of insurance, the execution of assignments, security agreements and financing statements, and the endorsement of instruments), and Borrower shall thereupon pay to Lender on demand the amount of all moneys expended and

 

13

 

all costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred by Lender in connection with or as a result of the performance or observance of such agreements or the taking of such action by Lender, together with interest thereon from the date expended or incurred at the lesser of the highest Default Rate then in effect or the highest rate permitted by law.  To facilitate the performance or observance by Lender of such covenants of Borrower, Borrower hereby irrevocably appoints Lender, or the delegate of Lender, acting alone, as the attorney in fact of Borrower with the right (but not the duty) from time to time to create, prepare, complete, execute, deliver, endorse or file in the name and on behalf of Borrower any and all instruments, documents, assignments, security agreements, financing statements, applications for insurance and other agreements and writings required to be obtained, executed, delivered or endorsed by Borrower under this Agreement.

 

ARTICLE VII:  EVENTS OF DEFAULT

 

Section 7.01.  Events of Default.  Each of the following events or occurrences shall constitute an “Event of Default”:

 

(a)           Borrower shall default in the payment of any Obligation when due and such failure continues for 10 calendar days;

 

(b)           Any representation or warranty of Borrower made in any Loan Document or any other writing or certificate furnished by or on behalf of Borrower pursuant to any Loan Document is or shall be incorrect when made in any material respect;

 

(c)           Borrower shall fail to perform any of its obligations under Section 6.01(c), 6.01(f), 6.01(i), 6.01(j) or 6.02(a);

 

(d)           Borrower shall default in the due performance and observance of any other agreement contained herein or in any other Loan Document (other than items set forth elsewhere in this Section 7.01), and such default shall continue unremedied for a period of 30 days after Borrower has actual knowledge thereof or has received notice by Lender thereof;

 

(e)           The occurrence of an event of default or a breach or default, after the passage of all applicable notice and cure or grace periods provided therefor, under any other Loan Document or any other agreement between or among Borrower, any Guarantor or any of their Subsidiaries and Lender or any of its Affiliates;

 

(f)            The occurrence of a default or an event of default (however defined) under any instrument, agreement or other document evidencing or relating to, and the acceleration of, any indebtedness or other monetary obligation of Borrower, any Guarantor or any of their Subsidiaries having a principal amount (including, without limitation, the amount of any outstanding letters of credit), individually or in the aggregate, in excess of $3,000,000;

 

(g)           Any judgment or order for the payment of money (not paid or fully covered by insurance maintained in accordance with the requirements of this Agreement and as to which the relevant insurance company has acknowledged coverage) in excess of $3,000,000 shall be rendered against Borrower, or $5,000,000 against Guarantor or any of their Subsidiaries;

 

(h)           The occurrence of any Change in Control;

 

(i)            Borrower, any Guarantor or any of their Subsidiaries shall be or become insolvent, or admit in writing its inability to pay its debts as they mature, or make an assignment for the benefit of creditors; or Borrower, any Guarantor or any of their Subsidiaries shall apply for or consent to the appointment of any receiver, trustee or similar officer for it or for all or any substantial part of its property; or such receiver, trustee or similar officer shall be appointed without the application or consent of Borrower, any Guarantor or any of their Subsidiaries; or Borrower, any Guarantor or any of their Subsidiaries shall institute (by petition, application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceeding relating to it under the laws of any jurisdiction; or any such proceeding shall be instituted (by petition, application or otherwise) against Borrower, any Guarantor or any of their Subsidiaries; or any Individual Guarantor shall become disabled or die;

 

(j)            Any Loan Document or any Lien granted thereunder shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of Borrower; Borrower, any Guarantor, any of their Subsidiaries or any other party shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Loan Document or any Lien granted thereunder; or any Lien securing (or required to secure) any Obligation shall, in whole or in part, cease to be a first priority perfected Lien subject only to Permitted Liens;

 

(k)           The occurrence of an ERISA Event that, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in liability under Title IV of ERISA of Borrower or any Guarantor or any of their Subsidiaries in an aggregate amount exceeding $3,000,000;

 

14

 

(l)            The termination of, or the receipt by Lender of notice of the termination of, any lease with respect to the real property where the Collateral is located; or

 

(m)          The occurrence of a material adverse change in the business, assets or financial condition of Borrower, any Guarantor or any of their Subsidiaries.

 

Section 7.02.  Remedies.  (a)  Following the occurrence of an Event of Default described in subsection (i) of Section 7.01, all of the outstanding principal amount of the Loans and other Obligations shall be due and payable and the Commitment (if not theretofore terminated) shall terminate, whereupon the full unpaid amount of such Loans and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without presentment, notice of dishonor, protest or further notice of any kind, all of which are hereby expressly waived by Borrower, and, as the case may be, the Commitment shall terminate.

 

(b)  Following the occurrence of any Event of Default and subject to subsection (a) of this Section, Lender may exercise, at its option, concurrently, successively or in any combination, all rights and remedies of a secured party in, to and against the Collateral granted by the UCC or otherwise available at law or in equity, including, without limitation:

 

(i)            by notice to Borrower, declare all or any portion of the outstanding principal amount of the Loans and other Obligations to be due and payable and/or the Commitment (if not theretofore terminated) to be terminated, whereupon the full unpaid amount of such Loans and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without presentment, notice of dishonor, protest or further notice of any kind, all of which are hereby expressly waived by Borrower, and/or, as the case may be, the Commitment shall terminate;

 

(ii)           recover all fees and expenses (including, without limitation, reasonable attorneys’ fees) in connection with the collection or enforcement of the Obligations, which fees and expenses shall constitute additional Obligations of Borrower hereunder;

 

(iii)          take immediate and exclusive possession of the Collateral, which constitutes personal property, or any part thereof, with or without any court order or other process of law and enter the premises where such Collateral is located and remove the same therefrom, or require Borrower to assemble and package such Collateral and make it available to Lender for its possession at a place designated by Lender;

 

(iv)          sell, lease, sublease, hold or otherwise dispose of all or any part of the Collateral and hold, maintain, preserve and prepare the Collateral for sale until disposed of;

 

(v)           act as, and Borrower hereby constitutes and appoints Lender, Borrower’s true, lawful and irrevocable attorney-in-fact (which appointment is coupled with an interest) to demand, receive and enforce payments and to give receipts, releases, satisfaction for and to sue for moneys payable to Borrower under or with respect to any of the Collateral, and actions taken pursuant to this appointment may be taken either in the name of Borrower or in the name of Lender with the same force and effect as if this appointment had not been made;

 

(vi)          sue for specific performance of any Obligation or recover damages for breach thereof; and

 

(vii)         exercise any one or more of the remedies available under any Loan Document.

 

Section 7.03.  Use of Proceeds.  Any proceeds received by Lender in exercising the rights and remedies specified in Section 7.02 shall be first applied to pay the costs and expenses, including, without limitation, reasonable attorneys’ fees and expenses, incurred by Lender as a result of an Event of Default.  Any proceeds remaining after payment of such costs and expenses shall be applied to the satisfaction of the Obligations as determined by Lender in its sole discretion and, unless Lender accepts the Collateral in full or partial satisfaction of the Obligations, any excess proceeds after satisfaction of all Obligations shall be paid to Borrower.

 

ARTICLE VIII:  MISCELLANEOUS PROVISIONS

 

Section 8.01.  Waivers, Amendments.  No provision of this Agreement or any of the other Loan Documents shall be deemed waived or amended except by a written instrument setting forth the matter waived or amended and signed by the party against which enforcement of such waiver or amendment is sought.  Waiver of any matter shall not be deemed a waiver of the same or any other matter on any future occasion.  No notice to or demand on Borrower in any case shall entitle it to any notice or demand in similar or other circumstances.

 

Section 8.02.  Notices.  All notices, certificates, requests, demands and other communications provided for hereunder or under any Loan Document shall be in writing and shall be (a) personally delivered or (b) sent by overnight courier of national reputation, and shall be deemed to have been given on (i) the date received if personally delivered and (ii) the next Business Day if sent by overnight courier.   All communications shall be addressed to the party to whom notice is being given at its Notice Address.

 

15

 

If notice to Borrower of any intended disposition of the Collateral or any other intended action is required by law in a particular instance, such notice shall be deemed commercially reasonable if given (in the manner specified in this Section) at least 10 calendar days prior to the date of intended disposition or other action.

 

Section 8.03.  Severability.  Any provision of this Agreement or any other Loan Document which is invalid, illegal or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions of this Agreement or such Loan Document or affecting the validity, legality or enforceability of such provision in any other jurisdiction.

 

Section 8.04.  Execution in Counterparts.  This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same document, and any of the parties hereto may execute this Agreement by signing any such counterpart, provided that only the original marked “ORIGINAL: 1 of 4” on the execution page thereof shall constitute chattel paper under the UCC.

 

Section 8.05.  Further Assurance and Corrective Instruments.  Borrower hereby agrees that it will, from time to time, execute, acknowledge and deliver or authorize, as applicable, or cause to be executed, acknowledged and delivered or authorized, such further acts, instruments, conveyances, transfers and assurances and take such other actions, as Lender reasonably deems necessary or advisable for the implementation, correction, confirmation or perfection of this Agreement or the other Loan Documents and any rights of Lender hereunder or thereunder.  Borrower hereby designates and appoints Lender as its agent, and grants to Lender a power of attorney (which is coupled with an interest), to execute on behalf of Borrower such additional documents and to take such other action.

 

Section 8.06.  Time of the Essence.  Time is of the essence with respect to the performance by Borrower of the Obligations.

 

Section 8.07.  Entire Agreement.  This Agreement and the other Loan Documents constitute the entire agreement between Lender and Borrower.  There are no other understandings, agreements, representations or warranties, written or oral, between Lender and Borrower with respect to the subject matter of this Agreement and the other Loan Documents.  Upon the execution and delivery of this Agreement and the other Loan Documents, any proposal or loan commitment with respect to the transactions contemplated by this Agreement shall be deemed null and void and of no further force and effect (except to the extent of the provisions therein concerning any Documentation Fee), and the terms and conditions of this Agreement and the other Loan Documents shall control notwithstanding that such terms and conditions may be inconsistent with or vary from those set forth in such bid proposal or loan commitment.

 

Section 8.08.  Governing Law.  THIS AGREEMENT AND THE NOTES SHALL EACH BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

 

Section 8.09.  Successors and Assigns; Assignments by Lender.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that Borrower may not assign or transfer its rights or obligations hereunder without the prior written consent of Lender.  Lender may assign, in whole or in part, its rights under this Agreement, including, without limitation, in connection with any assignment, participation and/or securitization.  Upon any assignment by Lender of its entire right and interest under the Loan Documents, Lender shall automatically be relieved, from and after the date of such assignment, of any liability for the performance of any obligation of Lender therein.

 

Section 8.10.  Assignments, Participations and Securitizations.  Borrower acknowledges and agrees that a material inducement to Lender’s willingness to complete the transactions contemplated by the Loan Documents is that Lender may, at any time, complete an assignment, participation or securitization with respect to any Loan Document or any or all of the servicing rights with respect thereto.  In connection with any such assignment, participation or securitization:

 

(a)           Borrower agrees to cooperate in good faith with Lender, including, without limitation, providing such documents, financial information and other information (“Information”) reasonably requested by Lender or any entity involved with respect to such assignment, participation or securitization;

 

(b)           Borrower consents to Lender’s providing the Information, including any other information that Lender may now have or hereafter acquire with respect to Borrower or the Collateral to any entity involved with respect to such assignment, participation or securitization;

 

16

 

(c)           Notwithstanding anything to the contrary in any Loan Document, in the event that Lender assigns a Note, (i) the related Loan shall be deemed a separate loan that includes and incorporates each term and condition in this Agreement and the other Loan Documents related thereto, (ii) the term “Obligations” as used herein and in the Loan Documents with respect to any assignee shall mean only the Indebtedness and obligations evidenced by or related to the Notes held by the assignee and (iii) the term Collateral as used herein and in the Loan Documents with respect to such assignee shall mean only the Collateral described on the Collateral Schedules that specifically refer to the Notes held by such assignee.

 

(d)           If at least one, but not all, of the Loans is subject to an assignment, participation or securitization, Borrower, at Lender’s request, shall promptly execute (i) a separate loan agreement with respect to the Loans subject to assignment, participation or securitization which shall be in substantially the same form and substance as this Agreement but shall only apply with respect to Collateral corresponding to such Loans subject to an assignment, participation or securitization and (ii) an amendment to the Loan Documents to delete the Collateral corresponding to the Loans that are subject to assignment, participation or securitization.

 

Section 8.11.  Waiver of Jury Trial.  LENDER AND BORROWER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS AGREEMENT, ANY OF THE LOAN DOCUMENTS, ANY DEALINGS BETWEEN LENDER AND BORROWER RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY LOAN DOCUMENT, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN LENDER AND BORROWER.  BORROWER ACKNOWLEDGES AND AGREES THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS).  THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT, ANY LOAN DOCUMENT, OR TO ANY OTHER DOCUMENT OR AGREEMENT RELATING TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY RELATED TRANSACTION.  IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

Section 8.12.  Forum Selection and Consent to Jurisdiction.  BORROWER AND LENDER HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY COURT IN THE STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND TO OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREUNDER OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT LENDER’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL MAY BE FOUND.  BORROWER HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION.  BORROWER FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK.  BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.  TO THE EXTENT THAT BORROWER HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, BORROWER HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

 

Section 8.13.  Waiver of Certain Claims.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND EACH GUARANTOR SHALL NOT ASSERT, AND HEREBY WAIVES, ANY CLAIM AGAINST LENDER ON ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, ANY LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED THEREBY, ANY LOAN OR THE USE OF THE PROCEEDS THEREOF.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK; EXECUTION PAGE FOLLOWS.]

 

17

 

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

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
STELLARIS   LLC
    
	
 
    	
By:   PRIMORIS SERVICES CORPORATION
    
	
 
    	
Its   Sole Member
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/Alfons   Theeuwes
    
	
 
    	
Name:   
    	
Alfons   Theeuwes
    
	
 
    	
Title:   
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
JAMES   CONSTRUCTION GROUP, L.L.C.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/Alfons   Theeuwes
    
	
 
    	
Name:   
    	
Alfons   Theeuwes
    
	
 
    	
Title:   
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ROCKFORD   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/Alfons   Theeuwes
    
	
 
    	
Name:   
    	
Alfons   Theeuwes
    
	
 
    	
Title:   
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
LENDER:
    
	
 
    	
 
    
	
 
    	
RBS   ASSET FINANCE, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/Misty   Watte
    
	
 
    	
Name:   
    	
Misty   Watte
    
	
 
    	
Title:   
    	
Assistant   Vice President
    

 

 

SCHEDULE I

 

The following terms shall have the following meanings:

 

“Authorizing Entities” means (i) with respect to Borrower, the managing members and, if required, the members of Borrower and (ii) with respect to each Corporate Guarantor, the board of directors and, if required, the shareholders of such Guarantor.

 

“Borrower’s State” means Nevada for Stellaris, Florida for James and Oregon for Rockford.

 

“Documentation Fee” means the $250 if the acquisition cost for the Collateral is less than $2,500,000 and $500.00 if the acquisition cost for the Collateral is $2,500,000 or more, as defined in the certain Proposal Letter dated August 21, 2013, from Lender to Borrower relating to the Loans.

 

“Financial Statements” means the audited financial statement of Borrower and each Guarantor for their fiscal years ended December 31, 2012 and the unaudited financial statement of Borrower and each Guarantor and for the months ended March 31, 2013.

 

“Fixed Rate” means, with respect to each Loan and each Note, a rate per annum equal to the sum of (i) the three and a half year US Dollar Interest Rate Swap (mid) yield as published on the Bloomberg IRSB 18 page on the applicable Closing Date and (ii) 1.35%, which rate will be set forth in such Note.

 

“Initial Closing Date” means September 17, 2013.

 

“Interim Interest Date” means, with respect to each Loan and each Note, the interim interest date described in such Note.

 

“Interim Interest Payment Date” means, with respect to each Loan and each Note, the interim interest date described in such Note.

 

“Maximum Principal Amount” means $26,000,000.00

 

“Notice Address” means with respect to Borrower or Lender, as applicable, the following address, or such other address as such party may designate in writing to the other party:

 

	
If   to Borrower:
    	
Senior   Vice President, Finance
    
	
 
    	
Stellaris   LLC
    
	
 
    	
26000   Commercenter Drive
    
	
 
    	
Lake   Forest, CA 92630
    
	
 
    	
Telephone   No.: (949) 454-7162
    
	
 
    	
Facsimile   No.: (949) 595-5532
    
	
 
    	
 
    
	
If   to Lender:
    	
RBS   Asset Finance, Inc.
    
	
 
    	
71   S. Wacker Drive, Suite 2800
    
	
 
    	
Chicago, IL   60606
    
	
 
    	
Telephone   No.: (312) 777-3500
    
	
 
    	
Facsimile   No.: (312) 777-4001
    

 

“Organizational Documents” means (i) with respect to Borrower, the certificate of formation and limited liability company/operating agreement of Borrower and (ii) with respect to each Corporate Guarantor, the articles of incorporation and by-laws of such Guarantor.

 

“Owner Change” means Guarantor shall cease to be the record and beneficial owner of at least 100% of equity ownership of Borrower.

 

“Payment Date” means the first Business Day of each calendar month.

 

“Scheduled Commitment Termination Date” means March 31, 2014.

 

“Voluntary Prepayment Date” means the first anniversary of the each Closing Date.

 

2

 

SCHEDULE II

 

ADDITIONAL CONDITIONS PRECEDENT

 

EQUIPMENT — In addition to the conditions precedent contained in Article III of the Loan Agreement, Borrower shall deliver to Lender, on or prior to the applicable Closing Date, each of the following items, in form and substance acceptable to Lender:

 

(a)           Manufacturer or supplier invoice(s) and/or bill(s) of sale relating to the Collateral and, if such invoices have been paid by Borrower, evidence of payment therefore.

 

 

SCHEDULE III

 

FINANCIAL COVENANTS

 

NONE

 

 

SCHEDULE IV

 

DISCLOSURE STATEMENTS

 

NONE

 

 

COLLATERAL SCHEDULE NO. 1

 

This Collateral Schedule No. 1 dated as of September 17, 2013 (this “Collateral Schedule”) is among STELLARIS LLC, a Nevada limited liability company (together with its successors and assigns, “Stellaris”), JAMES CONSTRUCTION GROUP, L.L.C. a florida corporation (together with its successors and assigns, “James”) and ROCKFORD CORPORATION a Oregon limited liability company (together with its successors and assigns, “Rockford”; Stellaris, James and Rockford,  jointly and severally, “Borrower”), and RBS ASSET FINANCE, INC., a New York corporation (together with its successors and assigns, “Lender”), and is executed in connection with the Loan Agreement dated as of September 17, 2013 (the “Loan Agreement”) between Borrower and Lender and the Note dated as of September 17, 2013 (the “Related Note”) executed by Borrower in favor of Lender, to which this Collateral Schedule is attached.  Capitalized terms used in this Collateral Schedule but not defined herein shall have the meaning ascribed to such terms in the Loan Agreement.

 

Borrower agrees the Collateral set forth in the attached Exhibit A, which is incorporated herein, is given to secure the payment and performance of all Obligations and all other obligations of Borrower to Lender under any other instrument or agreement, and any renewals, extensions and modifications thereof or thereto; provided, however, that in the event that Lender assigns the Related Note, (a) the related Loan shall be deemed a separate loan that includes and incorporates each term and condition in the Loan Agreement and the other Loan Documents related thereto, (ii) the term “Obligations” as used in the Loan Agreement and the other Loan Documents with respect to any assignee shall mean only the obligations evidenced by or related to the Notes held by the assignee and (iii) the term Collateral as used in the Loan Agreement and the other Loan Documents with respect to such assignee shall mean only the Collateral described on the Collateral Schedules that specifically refer to the Notes held by such assignee.  All such Collateral shall be located and remain in the continental United States.

 

Borrower hereby certifies that the description of the Collateral set forth in the attached Exhibit A is accurate, complete and reasonably identifies the Collateral for UCC purposes.  Such Collateral shall be located at the following address:

 

See Exhibit A

 

Borrower will provide prior written notice to Lender of the relocation of the Collateral or any portion thereof.

 

Borrower hereby represents and warrants that as of the Closing Date for the Related Note, the Collateral set forth in the attached Exhibit A has been delivered and completely installed, is in good order and operating condition and is in all respects fit and satisfactory for the uses for which it is intended, and Borrower has finally and unconditionally accepted such Collateral.

 

[REMAINDER INTENTIONALLY BLANK; EXECUTION PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, Borrower and Lender hereto have caused this Collateral Schedule to be executed by their respective officers thereunto duly authorized as of the day and year first above written.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
STELLARIS LLC
    
	
 
    	
By: PRIMORIS SERVICES CORPORATION
    
	
 
    	
Its Sole Member
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/Alfons Theeuwes
    
	
 
    	
Name: 
    	
Alfons Theeuwes
    
	
 
    	
Title: 
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
JAMES CONSTRUCTION GROUP, L.L.C.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/Alfons Theeuwes
    
	
 
    	
Name: 
    	
Alfons Theeuwes
    
	
 
    	
Title: 
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ROCKFORD CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/Alfons Theeuwes
    
	
 
    	
Name: 
    	
Alfons Theeuwes
    
	
 
    	
Title: 
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
LENDER:
    
	
 
    	
 
    
	
 
    	
RBS ASSET FINANCE, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/Misty Watte
    
	
 
    	
Name: 
    	
Misty Watte
    
	
 
    	
Title: 
    	
Assistant Vice President
    

 

[EXECUTION PAGE OF COLLATERAL SCHEDULE NO. 1]

 

 

EXHIBIT A

 

DESCRIPTION OF COLLATERAL

 

The Collateral described on this Collateral Schedule consists of all of Borrower’s right, title and interest, if any, in and to EQUIPMENT - (i) the equipment described on Schedule 1 attached hereto and made part hereof, (ii) all general intangibles relating thereto, (iii) any and all accessories, attachments, parts, equipment and repairs now or hereafter attached or affixed to any of the foregoing property, (iv) all additions, upgrades and accessions to any of the foregoing property, (v) all documents relating to any of the foregoing property, (vi) all replacements and substitutions for any of the foregoing property, (vii) all accounts, chattel paper and general intangibles arising out of the sale, transfer or other disposition of any of the foregoing property, (viii) all of Borrower’s rights to receive return of any premiums for or proceeds of any insurance, indemnity, warranty or guaranty with respect to any of the foregoing property and (ix) all products and proceeds of any of the foregoing property.

 

3

 

Schedule 1 to Collateral Schedule No. 1

 

	
Asset Number
    	
 
    	
Year
    	
 
    	
DESCRIPTION
    	
 
    	
SERIAL NUMBER
    	
 
    	
ADDRESS
    	
 
    	
CITY
    	
 
    	
STATE
    	
 
    	
ZIP
    	
 
    	
Original Sales Price
    	
 
    
	
134078
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED 4X4
    	
 
    	
1FDUF5HT9DEB42928
    	
 
    	
20602   Indian Ocean Drive
    	
 
    	
Lake   Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
$
    	
49,596.34
    	
 
    
	
134079
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED 4X4
    	
 
    	
1FDUF5HT0DEB42929
    	
 
    	
20602   Indian Ocean Drive
    	
 
    	
Lake   Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
$
    	
49,596.34
    	
 
    
	
134080
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED 4X4
    	
 
    	
1FDUF5HT7DEB42930
    	
 
    	
20602   Indian Ocean Drive
    	
 
    	
Lake   Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
$
    	
49,596.34
    	
 
    
	
134081
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED 4X4
    	
 
    	
1FDUF5HT4DEB42934
    	
 
    	
20602   Indian Ocean Drive
    	
 
    	
Lake   Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
$
    	
49,596.34
    	
 
    
	
134082
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED 4X4
    	
 
    	
1FDUF5HT2DEB42933
    	
 
    	
20602   Indian Ocean Drive
    	
 
    	
Lake   Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
$
    	
49,596.34
    	
 
    
	
134083
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED 4X4
    	
 
    	
1FDUF5HT8DEB42936
    	
 
    	
Harrod   Road
    	
 
    	
Hesperia
    	
 
    	
CA
    	
 
    	
92356
    	
 
    	
$
    	
49,483.91
    	
 
    
	
134084
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED 4X4
    	
 
    	
1FDUF5HT5DEB48225
    	
 
    	
20602   Indian Ocean Drive
    	
 
    	
Lake   Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
$
    	
49,596.34
    	
 
    
	
134085
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED 4X4
    	
 
    	
1FDUF5HT7DEB48226
    	
 
    	
32587   CA-18
    	
 
    	
Lucerne   Valley
    	
 
    	
CA
    	
 
    	
92356
    	
 
    	
$
    	
49,596.34
    	
 
    
	
134086
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED 4X4
    	
 
    	
1FDUF5HT0DEB42932
    	
 
    	
20602   Indian Ocean Drive
    	
 
    	
Lake   Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
$
    	
49,596.34
    	
 
    
	
134087
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED 4X4
    	
 
    	
1FDUF5HT9DEB42931
    	
 
    	
20602   Indian Ocean Drive
    	
 
    	
Lake   Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
$
    	
49,596.34
    	
 
    
	
137074
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED
    	
 
    	
1FDUF5GT2DEB48216
    	
 
    	
1213   Pacific Avenue
    	
 
    	
Long   Beach
    	
 
    	
CA
    	
 
    	
90813
    	
 
    	
$
    	
46,586.74
    	
 
    
	
137075
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED
    	
 
    	
1FDUF5GTXDEB48223
    	
 
    	
1079   11th Street
    	
 
    	
Los   Osos
    	
 
    	
CA
    	
 
    	
93402
    	
 
    	
$
    	
46,586.74
    	
 
    
	
137076
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED
    	
 
    	
1FDUF5GT5DEB54219
    	
 
    	
20602   Indian Ocean Drive
    	
 
    	
Lake   Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
$
    	
40,106.62
    	
 
    
	
137077
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED
    	
 
    	
1FDUF5GT4DEB48217
    	
 
    	
1235   San Antonio Road
    	
 
    	
Palo   Alto
    	
 
    	
CA
    	
 
    	
94303
    	
 
    	
$
    	
46,586.74
    	
 
    
	
137078
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED
    	
 
    	
1FDUF5GT3DEB54218
    	
 
    	
Suckow   Road
    	
 
    	
Boron
    	
 
    	
CA
    	
 
    	
93523
    	
 
    	
$
    	
40,106.62
    	
 
    
	
137079
    	
 
    	
2013
    	
 
    	
FORD F550 FLATBED
    	
 
    	
1FDUF5GT8DEB48219
    	
 
    	
1158   San Antonio Road
    	
 
    	
Palo   Alto
    	
 
    	
CA
    	
 
    	
94303
    	
 
    	
$
    	
46,586.74
    	
 
    
	
264038
    	
 
    	
2012
    	
 
    	
CAT TL1055C TELEHANDLER
    	
 
    	
KDE00312
    	
 
    	
611   N. Henry Ford Avenue
    	
 
    	
Wilmington
    	
 
    	
CA
    	
 
    	
90744
    	
 
    	
$
    	
138,585.28
    	
 
    
	
264039
    	
 
    	
2012
    	
 
    	
CAT TL1055C TELEHANDLER
    	
 
    	
KDE00311
    	
 
    	
Air   Expressway Boulevard
    	
 
    	
Adelanto
    	
 
    	
CA
    	
 
    	
92301
    	
 
    	
$
    	
138,585.28
    	
 
    
	
264040
    	
 
    	
2012
    	
 
    	
CAT TL1055C TELEHANDLER
    	
 
    	
KDE00309
    	
 
    	
7820   Torrey Santa Fe Road
    	
 
    	
San   Diego
    	
 
    	
CA
    	
 
    	
92129
    	
 
    	
$
    	
138,585.28
    	
 
    
	
332050
    	
 
    	
2012
    	
 
    	
CAT TL1055C TELEHANDLER
    	
 
    	
ZJB01157
    	
 
    	
US-62
    	
 
    	
Washington   Court House
    	
 
    	
OH
    	
 
    	
43160
    	
 
    	
$
    	
425,286.73
    	
 
    
	
332051
    	
 
    	
2012
    	
 
    	
CAT TL1055C TELEHANDLER
    	
 
    	
ZJB01158
    	
 
    	
264   Wilsonburg Road
    	
 
    	
Clarksburg
    	
 
    	
WV
    	
 
    	
26301
    	
 
    	
$
    	
425,286.73
    	
 
    
	
332052
    	
 
    	
2012
    	
 
    	
CAT TL1055C TELEHANDLER
    	
 
    	
ZJB01159
    	
 
    	
108   N. Mound Road
    	
 
    	
Wilmington
    	
 
    	
OH
    	
 
    	
45177
    	
 
    	
$
    	
425,286.73
    	
 
    
	
332053
    	
 
    	
2012
    	
 
    	
CAT TL1055C TELEHANDLER
    	
 
    	
ZJB01160
    	
 
    	
6335   Grassy Branch Road
    	
 
    	
Sabina
    	
 
    	
OH
    	
 
    	
45169
    	
 
    	
$
    	
425,286.73
    	
 
    
	
332054
    	
 
    	
2012
    	
 
    	
CAT TL1055C TELEHANDLER
    	
 
    	
ZJB01161
    	
 
    	
2856   Walnut Road
    	
 
    	
Hebron
    	
 
    	
OH
    	
 
    	
43025
    	
 
    	
$
    	
425,286.73
    	
 
    
	
332055
    	
 
    	
2012
    	
 
    	
CAT TL1055C TELEHANDLER
    	
 
    	
ZJB01181
    	
 
    	
108   N. Mound Road
    	
 
    	
Wilmington
    	
 
    	
OH
    	
 
    	
45177
    	
 
    	
$
    	
425,286.73
    	
 
    
	
332056
    	
 
    	
2012
    	
 
    	
CAT TL1055C TELEHANDLER
    	
 
    	
ZJB01182
    	
 
    	
1323   Wildwood Road NW
    	
 
    	
Washington   Court House
    	
 
    	
OH
    	
 
    	
43160
    	
 
    	
$
    	
425,286.73
    	
 
    
	
332057
    	
 
    	
2012
    	
 
    	
CAT TL1055C TELEHANDLER
    	
 
    	
ZJB01183
    	
 
    	
1341   Carroll Southern Road
    	
 
    	
Carroll
    	
 
    	
OH
    	
 
    	
43122
    	
 
    	
$
    	
425,286.73
    	
 
    
	
332058
    	
 
    	
2012
    	
 
    	
CAT TL1055C TELEHANDLER
    	
 
    	
ZJB01184
    	
 
    	
1321   Wildwood Road NW
    	
 
    	
Washington   Court House
    	
 
    	
OH
    	
 
    	
43160
    	
 
    	
$
    	
425,286.73
    	
 
    
	
332059
    	
 
    	
2013
    	
 
    	
CAT D6T PIPELAYER
    	
 
    	
ZJB01275
    	
 
    	
20602   Indian Ocean Drive
    	
 
    	
Lake   Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
$
    	
436,342.43
    	
 
    
	
332060
    	
 
    	
2013
    	
 
    	
CAT D6T PIPELAYER
    	
 
    	
ZJB01276
    	
 
    	
20602   Indian Ocean Drive
    	
 
    	
Lake   Forest
    	
 
    	
CA
    	
 
    	
92630
    	
 
    	
$
    	
436,342.43
    	
 
    
	
332061
    	
 
    	
2013
    	
 
    	
CAT D6T PIPELAYER
    	
 
    	
ZJB01277
    	
 
    	
230   S. Trevor Street
    	
 
    	
Anaheim
    	
 
    	
CA
    	
 
    	
92806
    	
 
    	
$
    	
436,342.43
    	
 
    
	
332062
    	
 
    	
2013
    	
 
    	
CAT D6T PIPELAYER
    	
 
    	
ZJB01283
    	
 
    	
Lincoln   Avenue/S. Kingsley Street
    	
 
    	
Anaheim
    	
 
    	
CA
    	
 
    	
92806
    	
 
    	
$
    	
436,342.43
    	
 
    
	
361038
    	
 
    	
2012
    	
 
    	
CAT 320E EXCAVATOR
    	
 
    	
TFX00270
    	
 
    	
1333   Van Beurden Drive
    	
 
    	
Los   Osos
    	
 
    	
CA
    	
 
    	
93402
    	
 
    	
$
    	
166,556.37
    	
 
    
	
361039
    	
 
    	
2012
    	
 
    	
CAT 320E EXCAVATOR
    	
 
    	
TFX00279
    	
 
    	
1333   Van Beurden Drive
    	
 
    	
Los   Osos
    	
 
    	
CA
    	
 
    	
93402
    	
 
    	
$
    	
173,878.36
    	
 
    
	
361040
    	
 
    	
2012
    	
 
    	
CAT 320E EXCAVATOR
    	
 
    	
1FX00275
    	
 
    	
1333   Van Beurden Drive
    	
 
    	
Los   Osos
    	
 
    	
CA
    	
 
    	
93402
    	
 
    	
$
    	
170,619.44
    	
 
    
	
392105
    	
 
    	
2012
    	
 
    	
CAT 420F BACKHOE
    	
 
    	
SKR01024
    	
 
    	
611   N. Henry Ford Avenue
    	
 
    	
Wilmington
    	
 
    	
CA
    	
 
    	
90744
    	
 
    	
$
    	
86,035.52
    	
 
    
	
393010
    	
 
    	
2013
    	
 
    	
CAT 450E BACKHOE
    	
 
    	
RBA00236
    	
 
    	
E.   Market Street/S. Atlantic Avenue
    	
 
    	
Long   Beach
    	
 
    	
CA
    	
 
    	
90805
    	
 
    	
$
    	
114,818.21
    	
 
    
	
552168
    	
 
    	
2013
    	
 
    	
WEILER P385 ASPHALT PAVER
    	
 
    	
1159
    	
 
    	
1333   Van Beurden Drive
    	
 
    	
Los   Osos
    	
 
    	
CA
    	
 
    	
93402
    	
 
    	
$
    	
149,398.13
    	
 
    
	
LW0456
    	
 
    	
2013
    	
 
    	
WHEEL LOADER 950K
    	
 
    	
R4A00593
    	
 
    	
6218   North Hwy 317
    	
 
    	
Geismar
    	
 
    	
LA
    	
 
    	
70734
    	
 
    	
$
    	
250,863.09
    	
 
    
	
T0553
    	
 
    	
2012
    	
 
    	
DOZER D6T XL WITH RIPPER
    	
 
    	
GMK01011
    	
 
    	
6218   North Hwy 317
    	
 
    	
Geismar
    	
 
    	
LA
    	
 
    	
70734
    	
 
    	
$
    	
281,090.70
    	
 
    
	
LW0457
    	
 
    	
2008
    	
 
    	
FORKLIFT D80S
    	
 
    	
PA00734
    	
 
    	
6218   North Hwy 317
    	
 
    	
Geismar
    	
 
    	
LA
    	
 
    	
70734
    	
 
    	
$
    	
43,466.61
    	
 
    
	
LH0109
    	
 
    	
2012
    	
 
    	
BACKHOE 420F
    	
 
    	
JWJ00203
    	
 
    	
6218   North Hwy 317
    	
 
    	
Geismar
    	
 
    	
LA
    	
 
    	
70734
    	
 
    	
$
    	
90,709.85
    	
 
    
	
LH0108
    	
 
    	
2012
    	
 
    	
BACKHOE 420E
    	
 
    	
DAN02242
    	
 
    	
6218   North Hwy 317
    	
 
    	
Geismar
    	
 
    	
LA
    	
 
    	
70734
    	
 
    	
$
    	
80,257.19
    	
 
    
	
EB0236
    	
 
    	
2012
    	
 
    	
349EL HYDRAULIC EXCAVATOR
    	
 
    	
TFG00573
    	
 
    	
6218   North Hwy 317
    	
 
    	
Geismar
    	
 
    	
LA
    	
 
    	
70734
    	
 
    	
$
    	
406,728.75
    	
 
    

 

 

	
Asset Number
    	
 
    	
Year
    	
 
    	
DESCRIPTION
    	
 
    	
SERIAL NUMBER
    	
 
    	
ADDRESS
    	
 
    	
CITY
    	
 
    	
STATE
    	
 
    	
ZIP
    	
 
    	
Original Sales Price
    	
 
    
	
LH0110
    	
 
    	
2008
    	
 
    	
BACKHOE 420E IT
    	
 
    	
DAN01665
    	
 
    	
6218   North Hwy 317
    	
 
    	
Geismar
    	
 
    	
LA
    	
 
    	
70734
    	
 
    	
$
    	
65,601.45
    	
 
    
	
EB0237
    	
 
    	
2012
    	
 
    	
ZERO TURN EXCAVATOR 314DL
    	
 
    	
SSZ00655
    	
 
    	
6218   North Hwy 317
    	
 
    	
Geismar
    	
 
    	
LA
    	
 
    	
70734
    	
 
    	
$
    	
114,297.93
    	
 
    
	
LW0458
    	
 
    	
2012
    	
 
    	
INTEGRATED TOOL CARRIER 930 IT
    	
 
    	
RHN00812
    	
 
    	
6218   North Hwy 317
    	
 
    	
Geismar
    	
 
    	
LA
    	
 
    	
70734
    	
 
    	
$
    	
142,713.34
    	
 
    
	
EB0238
    	
 
    	
2012
    	
 
    	
EXACAVATOR 349EL
    	
 
    	
KCN00219
    	
 
    	
6218   North Hwy 317
    	
 
    	
Geismar
    	
 
    	
LA
    	
 
    	
70734
    	
 
    	
$
    	
406,096.85
    	
 
    
	
T0554
    	
 
    	
 
    	
 
    	
DOZER D11T WITH RIPPER
    	
 
    	
 
    	
 
    	
6218   North Hwy 317
    	
 
    	
Geismar
    	
 
    	
LA
    	
 
    	
70734
    	
 
    	
$
    	
1,592,967.00
    	
 
    
	
385003
    	
 
    	
2013
    	
 
    	
CRC 16-30 BENDING MACHINE
    	
 
    	
PB30231C
    	
 
    	
3015   Lithopolis Road NW
    	
 
    	
Lancaster
    	
 
    	
OH
    	
 
    	
43130
    	
 
    	
$
    	
258,316.70
    	
 
    
	
381032
    	
 
    	
 
    	
 
    	
MCLGHLN 12-48 CRADLE BORE MACH
    	
 
    	
48C040513114
    	
 
    	
620   Old Brick Road
    	
 
    	
West   Alexander
    	
 
    	
PA
    	
 
    	
15376
    	
 
    	
$
    	
244,369.00
    	
 
    
	
381031
    	
 
    	
 
    	
 
    	
MCLGHLN 12-48 CRADLE BORE MACH
    	
 
    	
48C032713113
    	
 
    	
620   Old Brick Road
    	
 
    	
West   Alexander
    	
 
    	
PA
    	
 
    	
15376
    	
 
    	
$
    	
244,369.00
    	
 
    
	
201075
    	
 
    	
2014
    	
 
    	
PETERBILT 367 TRACTOR
    	
 
    	
1XPTD4TX0ED220464
    	
 
    	
620   Old Brick Road
    	
 
    	
West   Alexander
    	
 
    	
PA
    	
 
    	
15376
    	
 
    	
$
    	
182,693.06
    	
 
    
	
201076
    	
 
    	
2014
    	
 
    	
PETERBILT 367 TRACTOR
    	
 
    	
1XPTD4TX2ED220465
    	
 
    	
620   Old Brick Road
    	
 
    	
West   Alexander
    	
 
    	
PA
    	
 
    	
15376
    	
 
    	
$
    	
182,639.81
    	
 
    
	
201077
    	
 
    	
2014
    	
 
    	
PETERBILT 367 TRACTOR
    	
 
    	
1XPTD4TX4ED220466
    	
 
    	
3015   Lithopolis Road NW
    	
 
    	
Lancaster
    	
 
    	
OH
    	
 
    	
43130
    	
 
    	
$
    	
181,782.35
    	
 
    
	
201078
    	
 
    	
2014
    	
 
    	
PETERBILT 367 TRACTOR
    	
 
    	
1XPTD4TX6ED220467
    	
 
    	
3015   Lithopolis Road NW
    	
 
    	
Lancaster
    	
 
    	
OH
    	
 
    	
43130
    	
 
    	
$
    	
181,782.35
    	
 
    
	
185006
    	
 
    	
2014
    	
 
    	
PETERBILT 25TON BOOM TRUCK
    	
 
    	
1NPSL70X1ED219256
    	
 
    	
620   Old Brick Road
    	
 
    	
West   Alexander
    	
 
    	
PA
    	
 
    	
15376
    	
 
    	
$
    	
146,852.94
    	
 
    
	
185005
    	
 
    	
2014
    	
 
    	
PETERBILT 25TON BOOM TRUCK
    	
 
    	
1NPSL70XXED219255
    	
 
    	
3015   Lithopolis Road NW
    	
 
    	
Lancaster
    	
 
    	
OH
    	
 
    	
43130
    	
 
    	
$
    	
147,598.89
    	
 
    
	
232056
    	
 
    	
2013
    	
 
    	
TRAILKING LOWBED TRAILER
    	
 
    	
1TKJ0533XDM041623
    	
 
    	
620   Old Brick Road
    	
 
    	
West   Alexander
    	
 
    	
PA
    	
 
    	
15376
    	
 
    	
$
    	
108,328.78
    	
 
    
	
232058
    	
 
    	
2013
    	
 
    	
TRAILKING LOWBED TRAILER
    	
 
    	
1TKJ05337DM041627
    	
 
    	
3015   Lithopolis Road NW
    	
 
    	
Lancaster
    	
 
    	
OH
    	
 
    	
43130
    	
 
    	
$
    	
108,790.26
    	
 
    
	
232059
    	
 
    	
2013
    	
 
    	
TRAILKING LOWBED TRAILER
    	
 
    	
1TKJ05330DM041629
    	
 
    	
3015   Lithopolis Road NW
    	
 
    	
Lancaster
    	
 
    	
OH
    	
 
    	
43130
    	
 
    	
$
    	
108,790.26
    	
 
    
	
232057
    	
 
    	
2013
    	
 
    	
TRAILKING LOWBED TRAILER
    	
 
    	
1TKJ05333DM041625
    	
 
    	
620   Old Brick Road
    	
 
    	
West   Alexander
    	
 
    	
PA
    	
 
    	
15376
    	
 
    	
$
    	
108,328.78
    	
 
    
	
185006
    	
 
    	
2014
    	
 
    	
PETERBILT 25TON BOOM TRUCK
    	
 
    	
1NPSL70X1ED219256
    	
 
    	
620   Old Brick Road
    	
 
    	
West   Alexander
    	
 
    	
PA
    	
 
    	
15376
    	
 
    	
$
    	
152,271.12
    	
 
    
	
185005
    	
 
    	
2014
    	
 
    	
PETERBILT 25TON BOOM TRUCK
    	
 
    	
1NPSL70XXED219255
    	
 
    	
3015   Lithopolis Road NW
    	
 
    	
Lancaster
    	
 
    	
OH
    	
 
    	
43130
    	
 
    	
$
    	
152,989.38
    	
 
    
	
178027
    	
 
    	
2013
    	
 
    	
FORD F750 4DR FLATBED DUMP
    	
 
    	
3FRXW7FL0DV763207
    	
 
    	
3015   Lithopolis Road NW
    	
 
    	
Lancaster
    	
 
    	
OH
    	
 
    	
43130
    	
 
    	
$
    	
83,779.29
    	
 
    
	
178028
    	
 
    	
2013
    	
 
    	
FORD F750 4DR FLATBED DUMP
    	
 
    	
3FRXW7FL7DV763205
    	
 
    	
3015   Lithopolis Road NW
    	
 
    	
Lancaster
    	
 
    	
OH
    	
 
    	
43130
    	
 
    	
$
    	
83,779.29
    	
 
    
	
108029
    	
 
    	
2013
    	
 
    	
FORD F750 4DR FLATBED DUMP
    	
 
    	
3FRXW7FL9DV763206
    	
 
    	
3015   Lithopolis Road NW
    	
 
    	
Lancaster
    	
 
    	
OH
    	
 
    	
43130
    	
 
    	
$
    	
83,779.29
    	
 
    
	
178030
    	
 
    	
2013
    	
 
    	
FORD F750 4DR FLATBED DUMP
    	
 
    	
3FRXW7FL1DV763202
    	
 
    	
620   Old Brick Road
    	
 
    	
West   Alexander
    	
 
    	
PA
    	
 
    	
15376
    	
 
    	
$
    	
83,381.16
    	
 
    
	
178031
    	
 
    	
2013
    	
 
    	
FORD F750 4DR FLATBED DUMP
    	
 
    	
3FRXW7FL3DV763203
    	
 
    	
620   Old Brick Road
    	
 
    	
West   Alexander
    	
 
    	
PA
    	
 
    	
15376
    	
 
    	
$
    	
83,381.16
    	
 
    
	
178032
    	
 
    	
2013
    	
 
    	
FORD F750 4DR FLATBED DUMP
    	
 
    	
3FRXW7FL5DV763204
    	
 
    	
620   Old Brick Road
    	
 
    	
West   Alexander
    	
 
    	
PA
    	
 
    	
15376
    	
 
    	
$
    	
83,381.16
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
TOTAL
    	
 
    	
$
    	
14,098,600.12
    	
 
    

 

 

NOTE

 

	
$14,098,600.12
    	
September 17, 2013
    

 

FOR VALUE RECEIVED, the undersigned, STELLARIS LLC (“Stellaris”), JAMES CONSTRUCTION GROUP, L.L.C. (“James”) and ROCKFORD CORPORATION (“Rockford”, Stellaris, James and Rockford, jointly and severally, “Borrower”) unconditionally promise to pay to the order of RBS ASSET FINANCE, INC. (“Lender”) the principal sum of Fourteen Million Ninety-Eight Thousand Six Hundred and 12/100 DOLLARS ($14,098,600.12), which is the Original Principal Amount of the Loan made by Lender on the date hereof pursuant to that certain Loan Agreement dated as of September 17, 2013 (together with any and all amendments or supplements thereto, the “Loan Agreement”) between Borrower and Lender.  Principal shall be payable on each Payment Date in installments as set forth on Schedule A hereto, with a final installment (in the amount necessary to pay in full this Note) due and payable on October 1, 2020, which is the Stated Maturity Date for this Note and the related Loan, or earlier upon acceleration pursuant to the Loan Agreement.  Borrower also promises to pay interest on the unpaid principal amount hereof from the date hereof, which is the Closing Date for this Note and the related Loan, until maturity (whether by acceleration or otherwise) and, after maturity, until paid.  Except as otherwise provided in the Loan Agreement, interest shall accrue on this Note at a rate per annum equal to 2.45% and shall be payable on each Payment Date as set forth on Schedule A hereto.  In addition, interest for the period from the Closing Date through and including the last day of the calendar month immediately preceding October 1, 2013 (the “Interim Interest Date” for this Note and the related Loan) shall be payable on  November 1, 2013 (the “Interim Interest Payment Date” for this Note and the related Loan).  In addition to the foregoing, Borrower may make one (1) additional principal payment per year equal to 10% of the principal loan amount balance, which shall occur on a Payment Date.

 

Payments of both principal and interest are to be made without set-off or counterclaim in lawful money of the United States of America in same day or immediately available funds to the account designated by Lender pursuant to the Loan Agreement.

 

Borrower may prepay this Note only in accordance with the terms of the Loan Agreement, and in connection with any such prepayment, Borrower shall pay to Lender a Prepayment Fee equal to the sum of (a) an amount equal to 3% of the amount prepaid if prepayment is on or prior to the first anniversary of the Closing Date for this Note, 2% of the amount prepaid if prepayment is after the first anniversary of the Closing Date of this Note but on or prior to the second anniversary of the Closing Date for this Note, 1% of the amount prepaid if prepayment is after the second anniversary of the Closing Date of this Note but on or prior to the third anniversary of the Closing Date for this Note and  0% of the amount prepaid if prepayment is after the third anniversary of the Closing Date of this Note.

 

This Note evidences Indebtedness incurred under the Loan Agreement and is secured by the Collateral described in the Loan Agreement, including, without limitation, the Collateral described on the Collateral Schedule referencing this Note.  This Note is subject to the terms and conditions set forth in the Loan Agreement.  Capitalized terms used herein but not defined herein shall have the meanings ascribed to such terms in the Loan Agreement.

 

Borrower hereby irrevocably authorizes Lender to make (or cause to be made) appropriate notations on the Schedule A attached to this Note (or on any continuation of or supplements to such schedule), which notations, if made, shall evidence, inter  alia, the date of, the outstanding principal of, and the interest rate applicable to, the Loan evidenced hereby.  Such notations shall be, absent manifest error, evidence of the information so set forth therein; provided, however, that the failure of Lender to make any such notations shall not limit or otherwise affect any Obligations of Borrower.

 

All parties hereto, whether as makers, endorsers, or otherwise, severally waive presentment for payment, demand, protest and notice of dishonor.

 

All of the obligations, promises, agreements and covenants of Borrower under this Note are joint and several.

 

THIS NOTE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK; EXECUTION PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, each Borrower has caused this Note to be executed by its officer and duly authorized as of the day and year first above written.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
STELLARIS   LLC
    
	
 
    	
By:   PRIMORIS SERVICES CORPORATION
    
	
 
    	
Its   Sole Member
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Alfons   Theeuwes
    
	
 
    	
Name:
    	
Alfons   Theeuwes
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
JAMES   CONSTRUCTION GROUP, L.L.C.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Alfons   Theeuwes
    
	
 
    	
Name:
    	
Alfons   Theeuwes
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ROCKFORD   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Alfons   Theeuwes
    
	
 
    	
Name:
    	
Alfons   Theeuwes
    
	
 
    	
Title:
    	
Treasurer
    

 

2

 

SCHEDULE A

 

	
Date
    	
 
    	
Payment
    	
 
    
	
11/1/2013
    	
 
    	
$
    	
182,815.22
    	
 
    
	
12/1/2013
    	
 
    	
$
    	
182,815.22
    	
 
    
	
1/1/2014
    	
 
    	
$
    	
182,815.22
    	
 
    
	
2/1/2014
    	
 
    	
$
    	
182,815.22
    	
 
    
	
3/1/2014
    	
 
    	
$
    	
182,815.22
    	
 
    
	
4/1/2014
    	
 
    	
$
    	
182,815.22
    	
 
    
	
5/1/2014
    	
 
    	
$
    	
182,815.22
    	
 
    
	
6/1/2014
    	
 
    	
$
    	
182,815.22
    	
 
    
	
7/1/2014
    	
 
    	
$
    	
182,815.22
    	
 
    
	
8/1/2014
    	
 
    	
$
    	
182,815.22
    	
 
    
	
9/1/2014
    	
 
    	
$
    	
182,815.22
    	
 
    
	
10/1/2014
    	
 
    	
$
    	
182,815.22
    	
 
    
	
11/1/2014
    	
 
    	
$
    	
182,815.22
    	
 
    
	
12/1/2014
    	
 
    	
$
    	
182,815.22
    	
 
    
	
1/1/2015
    	
 
    	
$
    	
182,815.22
    	
 
    
	
2/1/2015
    	
 
    	
$
    	
182,815.22
    	
 
    
	
3/1/2015
    	
 
    	
$
    	
182,815.22
    	
 
    
	
4/1/2015
    	
 
    	
$
    	
182,815.22
    	
 
    
	
5/1/2015
    	
 
    	
$
    	
182,815.22
    	
 
    
	
6/1/2015
    	
 
    	
$
    	
182,815.22
    	
 
    
	
7/1/2015
    	
 
    	
$
    	
182,815.22
    	
 
    
	
8/1/2015
    	
 
    	
$
    	
182,815.22
    	
 
    
	
9/1/2015
    	
 
    	
$
    	
182,815.22
    	
 
    
	
10/1/2015
    	
 
    	
$
    	
182,815.22
    	
 
    
	
11/1/2015
    	
 
    	
$
    	
182,815.22
    	
 
    
	
12/1/2015
    	
 
    	
$
    	
182,815.22
    	
 
    
	
1/1/2016
    	
 
    	
$
    	
182,815.22
    	
 
    
	
2/1/2016
    	
 
    	
$
    	
182,815.22
    	
 
    
	
3/1/2016
    	
 
    	
$
    	
182,815.22
    	
 
    
	
4/1/2016
    	
 
    	
$
    	
182,815.22
    	
 
    
	
5/1/2016
    	
 
    	
$
    	
182,815.22
    	
 
    
	
6/1/2016
    	
 
    	
$
    	
182,815.22
    	
 
    
	
7/1/2016
    	
 
    	
$
    	
182,815.22
    	
 
    
	
8/1/2016
    	
 
    	
$
    	
182,815.22
    	
 
    
	
9/1/2016
    	
 
    	
$
    	
182,815.22
    	
 
    
	
10/1/2016
    	
 
    	
$
    	
182,815.22
    	
 
    
	
11/1/2016
    	
 
    	
$
    	
182,815.22
    	
 
    
	
12/1/2016
    	
 
    	
$
    	
182,815.22
    	
 
    
	
1/1/2017
    	
 
    	
$
    	
182,815.22
    	
 
    
	
2/1/2017
    	
 
    	
$
    	
182,815.22
    	
 
    
	
3/1/2017
    	
 
    	
$
    	
182,815.22
    	
 
    
	
4/1/2017
    	
 
    	
$
    	
182,815.22
    	
 
    
	
5/1/2017
    	
 
    	
$
    	
182,815.22
    	
 
    
	
6/1/2017
    	
 
    	
$
    	
182,815.22
    	
 
    
	
7/1/2017
    	
 
    	
$
    	
182,815.22
    	
 
    
	
8/1/2017
    	
 
    	
$
    	
182,815.22
    	
 
    
	
9/1/2017
    	
 
    	
$
    	
182,815.22
    	
 
    
	
10/1/2017
    	
 
    	
$
    	
182,815.22
    	
 
    
	
11/1/2017
    	
 
    	
$
    	
182,815.22
    	
 
    
	
12/1/2017
    	
 
    	
$
    	
182,815.22
    	
 
    

 

3

 

	
1/1/2018
    	
 
    	
$
    	
182,815.22
    	
 
    
	
2/1/2018
    	
 
    	
$
    	
182,815.22
    	
 
    
	
3/1/2018
    	
 
    	
$
    	
182,815.22
    	
 
    
	
4/1/2018
    	
 
    	
$
    	
182,815.22
    	
 
    
	
5/1/2018
    	
 
    	
$
    	
182,815.22
    	
 
    
	
6/1/2018
    	
 
    	
$
    	
182,815.22
    	
 
    
	
7/1/2018
    	
 
    	
$
    	
182,815.22
    	
 
    
	
8/1/2018
    	
 
    	
$
    	
182,815.22
    	
 
    
	
9/1/2018
    	
 
    	
$
    	
182,815.22
    	
 
    
	
10/1/2018
    	
 
    	
$
    	
182,815.22
    	
 
    
	
11/1/2018
    	
 
    	
$
    	
182,815.22
    	
 
    
	
12/1/2018
    	
 
    	
$
    	
182,815.22
    	
 
    
	
1/1/2019
    	
 
    	
$
    	
182,815.22
    	
 
    
	
2/1/2019
    	
 
    	
$
    	
182,815.22
    	
 
    
	
3/1/2019
    	
 
    	
$
    	
182,815.22
    	
 
    
	
4/1/2019
    	
 
    	
$
    	
182,815.22
    	
 
    
	
5/1/2019
    	
 
    	
$
    	
182,815.22
    	
 
    
	
6/1/2019
    	
 
    	
$
    	
182,815.22
    	
 
    
	
7/1/2019
    	
 
    	
$
    	
182,815.22
    	
 
    
	
8/1/2019
    	
 
    	
$
    	
182,815.22
    	
 
    
	
9/1/2019
    	
 
    	
$
    	
182,815.22
    	
 
    
	
10/1/2019
    	
 
    	
$
    	
182,815.22
    	
 
    
	
11/1/2019
    	
 
    	
$
    	
182,815.22
    	
 
    
	
12/1/2019
    	
 
    	
$
    	
182,815.22
    	
 
    
	
1/1/2020
    	
 
    	
$
    	
182,815.22
    	
 
    
	
2/1/2020
    	
 
    	
$
    	
182,815.22
    	
 
    
	
3/1/2020
    	
 
    	
$
    	
182,815.22
    	
 
    
	
4/1/2020
    	
 
    	
$
    	
182,815.22
    	
 
    
	
5/1/2020
    	
 
    	
$
    	
182,815.22
    	
 
    
	
6/1/2020
    	
 
    	
$
    	
182,815.22
    	
 
    
	
7/1/2020
    	
 
    	
$
    	
182,815.22
    	
 
    
	
8/1/2020
    	
 
    	
$
    	
182,815.22
    	
 
    
	
9/1/2020
    	
 
    	
$
    	
182,815.22
    	
 
    
	
10/1/2020
    	
 
    	
$
    	
182,815.22
    	
 
    

 

4Exhibit 10.2

 

PNC EQUIPMENT FINANCE, LLC

 

LOAN AND SECURITY AGREEMENT

 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) is made as of the 20th day of September, 2013, by and between PNC EQUIPMENT FINANCE, LLC (“Lender”) and STELLARIS LLC and Q3 CONTRACTING, INC. (hereinafter individually and collectively, “Borrower”).

 

Borrower is desirous of obtaining a loan from Lender and Lender is willing to make the loan to Borrower upon the terms and conditions set forth herein.

 

Capitalized terms used herein without definition shall have the meanings assigned to them in Schedule A attached hereto and, for purposes of this Agreement and the other Loan Documents, the rules of construction set forth in Schedule A shall govern.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

 

1.                                      ADVANCE OF LOAN.

 

(a)                                 The Loan.  On the terms and conditions hereinafter set forth, the parties agree that Lender shall lend to Borrower certain sums (the “Loan”) on the terms specified herein.  Time is of the essence.

 

(b)                                 Promissory Note.  The obligation to repay the Loan hereunder shall be evidenced by one or more promissory notes payable by Borrower to the order of Lender in form and substance satisfactory to Lender (hereinafter collectively referred to as the “Promissory Note”).

 

(c)                                  Expiration of Commitment.  The obligation of Lender to make the Loan herein shall expire on November 30, 2013; provided, however, that such obligation shall terminate (at Lender’s option) upon the occurrence of any Default or of any event which, with the giving of notice or lapse of time, or both, would become a Default hereunder.

 

(d)                                 Single Loan.  The Loan and all of the other Obligations of Borrower to Lender shall constitute one general obligation of Borrower secured by all of the Collateral.

 

2.                                      PAYMENTS AND PREPAYMENT OF LOAN.

 

(a)                                 Principal Payment.  On each Payment Date, Borrower shall pay the aggregate principal payments owed with respect to the Loan as set forth in the Promissory Note; provided, however, on the Stated Maturity Date or date of acceleration of the Loan, Borrower shall repay in full the aggregate of then outstanding principal amount of the Loan plus all accrued and unpaid interest thereon, any Prepayment Fee applicable to the Loan and all other amounts owed hereunder and under each Loan Document related to the Loan.  Borrower shall pay accrued interest on the Loan on each Payment Date as provided in Section 2(d) hereof.

 

(b)                                 Prepayment.  Borrower shall have the right, on a Payment Date  upon thirty (30) days’ prior written notice to Lender, to prepay all (but not less than all) of the Loan.  If Borrower exercises its right of prepayment, Borrower shall pay to Lender the outstanding principal amount of the Loan, all accrued interest thereon, all other amounts owed under any Loan Document and any applicable Prepayment Fee, none of which shall be refundable.

 

(c)                                  Acceleration.  Upon any acceleration of the Loan pursuant to this Agreement or any other Loan Document, Borrower shall immediately repay all (or if only a portion is accelerated thereunder, such portion of) the Loan then outstanding, including all accrued and unpaid interest thereon, plus the aggregate Prepayment Fee for the Loan and all other amounts owed under the Loan Documents.

 

 

(d)                                 Interest.  Borrower shall pay interest to Lender on the aggregate outstanding principal balance of the Loan at the rate specified in the Promissory Note (the “Loan Rate”).  In no event will Lender charge interest at a rate that exceeds the highest rate of interest permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable.  Interest shall be payable on the outstanding principal amount of the Loan on each Payment Date.  If any payment due hereunder is not received within ten (10) days of its due date, Borrower shall pay a late charge equal to five (5) percent of the amount in arrears.

 

(e)                                  Default Rate.  Effective upon the occurrence of any Default and for so long as any Default shall be continuing, the Loan Rate shall automatically be increased by two (2) percent per annum (such increased rate, the “Default Rate”), and all outstanding Obligations, including unpaid interest, shall continue to accrue interest from the date of such Default at the Default Rate applicable to such Obligations.

 

(f)                                   Payment Date.  If any interest or any other payment to Lender under this Agreement becomes due and payable on a day other than a Business Day, such Payment Date shall be extended to the next succeeding Business Day (unless such next succeeding Business Day is in the next calendar month, in which case such payment date shall be the immediately preceding Business Day) and interest thereon shall be payable at the then applicable rate during such extension.

 

(g)                                  Payment.  Borrower shall make each payment under this Agreement without set-off, counterclaim or deduction and free and clear of all Taxes to such account or address as Lender shall specify from time to time in writing.  If Borrower shall be required by law to deduct any Taxes from any payment to Lender under any Loan Document, then the amount payable to Lender shall be increased so that, after making all required deductions, Lender receives an amount equal to that which it could have received had no such deductions been made.

 

(h)                                 Application of Payments.  Borrower irrevocably agrees that Lender shall have the continuing and exclusive right to apply any and all payments against the then due and payable Obligations in such order as Lender may deem advisable.  Lender is authorized to, and at its option may (without prior notice or precondition and at any time or times), but shall not be obligated to, make or cause to be made advances on behalf of Borrower for:  (1) payment of all fees, expenses, indemnities, charges, costs, principal, interest, or other Obligations owing by Borrower under this Agreement or any of the other Loan Documents, (2) the payment, performance or satisfaction of any of Borrower’s obligations with respect to preservation of the Collateral, or (3) any premium in whole or in part required in respect of any of the policies of insurance required by this Agreement, even if the making of any such advance causes the outstanding balance of the Loan to exceed the Maximum Amount and Borrower agrees to repay immediately, in cash, any amount by which the Loan exceeds the Maximum Amount.

 

(j)                                    Funding Losses.  In the event of (1) the payment or prepayment of any principal of the Loan other than on the last day of the Interest Period applicable thereto (including as a result of a Default), or (2) the failure by Borrower to borrow or prepay the Loan on the date specified in any applicable notice (regardless of whether such notice is withdrawn or revoked), then, in any such event, Lender shall promptly notify Borrower in writing of the occurrence of any such event, such notice to state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate Lender as a result of such event, and Borrower shall compensate Lender within three (3) Business Days after such written notice from Lender for any loss, cost or expense attributable to such event.  Such notice shall, in absence of manifest error, be conclusive and binding on Borrower.

 

3.                                      SECURITY.  As security for the payment as and when due of the indebtedness of Borrower to Lender hereunder and under the Promissory Note (and any renewals, extensions and modifications thereof) and under any other agreement or instrument, both now in existence and hereafter created (as the same may be renewed, extended or modified), and the performance as and when due of all other Obligations of Borrower to Lender, both now in existence and hereafter created (as the same may be renewed, extended or modified), Borrower hereby grants to Lender a [purchase money] security interest in the items of equipment described on the collateral schedule(s) in form and substance satisfactory to Lender (hereinafter collectively referred to as the “Collateral Schedule”) now or hereafter executed in connection with the Promissory Note, and all replacements, substitutions and exchanges therefor and thereof and accessions thereto (the “Equipment”) and any and all Proceeds thereof (the “Collateral”).  Borrower agrees that, with respect to the Collateral, Lender shall have all of the rights and remedies of a secured party under the UCC.  Borrower hereby authorizes Lender to file UCC financing statements (“UCC Statements”) describing the Collateral.  Without Lender’s prior written consent, Borrower agrees not to file any corrective or termination statements or partial releases with respect to any UCC Statements filed by Lender pursuant to this Agreement.

 

2

 

4.                                      CONDITIONS PRECEDENT TO LENDER’S OBLIGATION.  The obligation of Lender to make the Loan as set forth in Section 1 hereof is expressly conditioned upon compliance by Borrower, to the reasonable satisfaction of Lender and its counsel, of the following conditions precedent:

 

(a)                                 Initial Advance.  Concurrently with the execution hereof, or on or prior to the first date on which Lender is to advance the Loan hereunder, Borrower shall cause to be provided to Lender the following:

 

(1)                                 Resolutions of the [Board of Directors/ managing body] or validly authorized Executive Committee of Borrower, certified by the Secretary or an Assistant Secretary of Borrower, duly authorizing the borrowing of funds hereunder and the execution, delivery and performance of this Agreement, the Promissory Note and all related instruments and documents.

 

(2)                                 An opinion of counsel for Borrower satisfactory as to form and substance to Lender, as to each of the matters set forth in sub-parts (a) through (e) of Section 5 hereof  and as to such other matters as Lender may reasonably request.

 

(3)                                 An Agreement of Guaranty in form and substance satisfactory to Lender (hereinafter referred to as the “Guaranty”) duly executed by or on behalf of Primoris Services Corporation (hereinafter referred to as “Guarantor”).

 

(4)                                 Resolutions of the Board of Directors or validly authorized Executive Committee of Guarantor, certified by the Secretary or an Assistant Secretary of Guarantor, duly authorizing the undertaking to guarantee Borrower’s obligations hereunder and the execution, delivery and performance of the Guaranty.

 

(5)                                 An opinion of counsel for Guarantor satisfactory as to form and substance to Lender, as to each of the matters set forth in sub-parts (a), (b), (d) and (e) of Section 4 of the Guaranty and as to such other matters as Lender reasonably may request.

 

(b)                                 Each Advance.  On each date on which Lender is to advance funds hereunder,

 

(1)                                 Borrower shall cause to be provided to Lender the following:

 

a.                                      A certificate executed by the Secretary or an Assistant Secretary of Borrower, certifying that the representations and warranties of Borrower contained herein remain true and correct as of such date, and that no Default or event which, with the giving of notice or the lapse of time, or both, would become a Default hereunder, has then occurred.

 

b.                                      Evidence satisfactory to Lender as to due compliance with the insurance provisions of Section 6(f) hereof.

 

c.                                       Photocopies of the invoice(s) or other evidence reasonably satisfactory to Lender and its counsel, related to the acquisition cost of the Equipment to which such advance of the Loan relates[; and, if requested by Lender, an appraisal of such Equipment in form and substance, and by an appraiser, acceptable to Lender].

 

d.                                      A Collateral Schedule describing the Equipment to which such advance of the Loan relates.

 

e.                                       A Pay Proceeds Authorization in the amount of the Loan to be advanced on such date, duly executed on behalf of Borrower.

 

f.                                        A Promissory Note in the amount of the Loan to be advanced on such date, duly executed on behalf of Borrower, pursuant to Section 1 hereof.

 

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g.                                       Such documents and instruments as reasonably may be required by Lender to note Lender as the registered lienholder on the certificate of title (the “Title Lien Notation Documents”) with respect to the Equipment to which such advance of the Loan relates.

 

(2)                                 Such filings shall have been made and other actions taken as reasonably may be required by Lender and its counsel to perfect a valid, first priority purchase money security interest granted by Borrower to Lender with respect to the Collateral.

 

(3)                                 No Default or event which, with the giving of notice or lapse of time, or both, would become a Default hereunder, shall have occurred.

 

(4)                                 No event shall have occurred which could have a Material Adverse Effect.

 

5.                                      REPRESENTATIONS AND WARRANTIES.  Borrower hereby represents and warrants that:

 

(a)                                 Business Existence.  Borrower has the form of business organization, and is and will remain duly organized and validly existing in good standing under the laws of the jurisdiction, specified below the signature of Borrower; and is duly qualified and authorized to transact business and is in good standing wherever necessary to perform its obligations under the Loan Documents, including each jurisdiction in which the Collateral is to be located.

 

(b)                                 Requisite Power and Authority.  Borrower has the requisite power and authority to own or hold under lease its properties and to enter into and perform its obligations hereunder; and the borrowing hereunder by Borrower from Lender, the execution, delivery and performance of the Loan Documents, (1) have been duly authorized by all necessary action consistent with Borrower’s form of organization; (2) do not require any approval or consent of any stockholder, member, partner, trustee or holders of any indebtedness or obligations of Borrower except such as have been duly obtained; and (3) do not and will not contravene any law, governmental rule, regulation or order now binding on Borrower, or the organizational documents of Borrower, or contravene the provisions of, or constitute a default under, or result in the creation of any Lien or encumbrance upon the property of Borrower under any agreement to which Borrower is a party or by which it or its property is bound.

 

(c)                                  No Consents or Approvals.  Neither the execution and delivery by Borrower of the Loan Documents, nor the consummation of any of the transactions by Borrower contemplated hereby or thereby, requires the consent or approval of, the giving of notice to, the registration with, or the taking of any other action in respect of, any Federal, state or foreign governmental authority or agency, except as provided herein.

 

(d)                                 Enforceability.  This Agreement constitutes, and all other Loan Documents when entered into will constitute, the legal, valid and binding obligation of Borrower enforceable against Borrower in accordance with the terms hereof and thereof, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or affecting the enforcement of creditors’ rights generally, and by applicable laws (including any applicable common law and equity) and judicial decisions which may affect the remedies provided herein and therein.

 

(e)                                  Litigation.  There are no pending or threatened actions or proceedings to which Borrower is a party, and there are no other pending or threatened actions or proceedings of which Borrower has knowledge, before any court, arbitrator or administrative agency, which, either individually or in the aggregate, would have a Material Adverse Effect.  Further, Borrower is not in default under any material obligation for the payment of borrowed money, for the deferred purchase price of property or for the payment of any rent which, either individually or in the aggregate, would have a Material Adverse Effect.

 

(f)                                   Not Real Property Fixtures.  Under the laws of the state(s) in which the Equipment is to be located, the Equipment consists solely of personal property and not fixtures.

 

(g)                                  Validity and Priority of Security Interest.  Upon payment in full of the acquisition cost of the Equipment, Borrower will have good and marketable title to the Equipment, free and clear of all Liens and encumbrances (excepting only the Lien of Lender).  Upon the last to occur of: (1) delivery of an item of Equipment, (2) payment to the vendor of the acquisition cost of such item of the Equipment, (3) advance by Lender to Borrower of the Loan relating to such item of the Equipment, and (4) filing in the appropriate public office of a UCC financing statement naming Borrower as debtor, and Lender as secured party, and describing such item of the Equipment,

 

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and (5) filing in the appropriate public office of the Title Lien Notation Documents with respect to such Equipment,

 

Lender will have a valid, perfected, first priority purchase money security interest in such item of the Equipment.

 

(h)                                 Financial Statements.  The financial statements of Borrower (copies of which have been furnished to Lender) have been prepared in accordance with GAAP, and fairly present Borrower’s financial condition and the results of Borrower’s operations as of the date of and for the period covered by such statements, and since the date of such statements there has been no Material Adverse Effect on such conditions or operations.

 

(i)                                     Tax Returns and Payments.  Borrower has filed or has caused to have been filed all federal, state and local tax returns which, to the knowledge of Borrower, are required to be filed, and has paid or caused to have been paid all taxes as shown on such returns or on any assessment received by it, to the extent that such taxes have become due, unless and to the extent only that such taxes, assessments and governmental charges are currently contested in good faith and by appropriate proceedings by Borrower and adequate reserves therefor have been established as required under GAAP.  To the extent Borrower believes it advisable to do so, Borrower has set up reserves which are believed by Borrower to be adequate for the payment of additional taxes for years which have not been audited by the respective tax authorities.

 

(j)                                    No Violation of Law.  Borrower is not in violation of any law, ordinance, governmental rule or regulation to which it is subject and the violation of which would have a Material Adverse Effect, and Borrower has obtained any and all licenses, permits, franchises or other governmental authorizations necessary for the ownership of its properties and the conduct of its business.

 

(k)                                 Use of Proceeds.  None of the proceeds of the Loan will be used, directly or indirectly, by Borrower for the purpose of purchasing or carrying, or for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry, any “margin security” or “margin stock” within the meaning of Regulation U (12 CFR Part 221), of the Board of Governors of the Federal Reserve System (herein called “margin security” and “margin stock”) or for any other purpose which might make the transactions contemplated herein a “purpose credit” within the meaning of Regulation U, or cause this Agreement to violate any other regulation of the Board of Governors of the Federal Reserve System or the Securities Exchange Act of 1934 or the Small Business Investment Act of 1958, as amended, or any rules or regulations promulgated under any of such statutes.

 

(l)                                     Business Information.  The legal name, jurisdiction of organization, Federal Employer Identification Number and Organizational Number of Borrower, specified on the signature page hereof, are true and correct.  Within the previous six (6) years, Borrower has not changed its name, done business under any other name, or merged or been the surviving entity of any merger, except as disclosed to Lender in writing.

 

(m)                             ERISA.  No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other existing ERISA Events, could reasonably be expected to result in a liability of Borrower of more than the Minimum Actionable Amount.  The present value of all accumulated benefit obligations of Borrower under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan by more than the Minimum Actionable Amount, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Account Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such underfunded Plans by more than the Minimum Actionable Amount.  Neither Borrower nor any ERISA Affiliate has incurred or reasonably expects to incur any Withdrawal Liability in excess of the Minimum Actionable Amount.

 

(n)                                 Full Disclosure.  No information contained in any Loan Document, the financial statements or any written statement furnished by or on behalf of Borrower under any Loan Document, or to induce Lender to execute the Loan Documents, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained herein or therein not misleading in light of the circumstances under which they were made.

 

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6.                                      COVENANTS OF BORROWER.  Borrower covenants and agrees as follows:

 

(a)                                 Application of Proceeds.  The proceeds of the Loan will be used exclusively for business or commercial purposes to finance the acquisition of the Equipment and/or to reimburse Borrower with respect to the acquisition cost of the Equipment.

 

(b)                                 Use of Collateral.  Borrower shall locate and use the Equipment solely in the Continental United States and in the conduct of its business and in a careful and proper manner; shall not permanently discontinue use of the Equipment.

 

(c)                                  Titling and Registration;  No Sale or Further Encumbrance.

 

If any of the Equipment are titled vehicles, Borrower shall cause such Equipment to be titled in the name of Borrower and shall deliver to Lender the original certificate of title with respect to the Equipment, promptly upon receipt thereof.  Borrower shall cause the Equipment to be registered in the name of Borrower, and shall take all actions as reasonably may be required to maintain such registration of the Equipment in the name of Borrower.

 

Borrower shall not dispose of or further encumber its interest in the Collateral without the prior written consent of Lender.  Borrower shall maintain the Equipment free from all claims, Liens and legal processes of creditors of Borrower other than Liens (1) for fees, taxes, or other governmental charges of any kind which are not yet delinquent or are being contested in good faith by appropriate proceedings which suspend the collection thereof (provided, however, that such proceedings do not involve any substantial danger of the sale, forfeiture or loss of the Equipment or any interest therein); (2) Liens of mechanics, materialmen, laborers, employees or suppliers and similar Liens arising by operation of law incurred by Borrower in the ordinary course of business for sums that are not yet delinquent or are being contested in good faith by negotiations or by appropriate proceedings which suspend the collection thereof (provided, however, that such contest does not involve any substantial danger of the sale, forfeiture or loss of the Equipment or any interest therein); and (3) Liens arising out of any judgments or awards against Borrower which have been adequately bonded to protect Lender’s interests or with respect to which a stay of execution has been obtained pending an appeal or a proceeding for review (“Permitted Liens”).  Borrower shall notify Lender immediately upon receipt of notice of any Lien, attachment or judicial proceeding affecting the Equipment in whole or in part.

 

(d)                                 Fees and Taxes; Maintenance.  Borrower, at its own expense, will pay or cause to be paid all taxes and fees relating to the ownership and use of the Equipment and will keep and maintain, or cause to be kept and maintained, the Equipment in accordance with the manufacturer’s recommended specifications, and in as good operating condition as on the date of execution hereof (or on the date on which acquired, if such date is subsequent to the date of execution hereof), ordinary wear and tear resulting from proper use thereof alone excepted, and will make all modifications and improvements to the Equipment as are required by Applicable Law; and will provide all maintenance and service and make all repairs necessary for such purpose.

 

(e)  Loss or Damage.  Borrower shall advise Lender in writing within ten (10) days of the occurrence of any material damage, loss, theft, destruction or governmental confiscation or appropriation of any item of the Equipment (an “Event of Loss”) and of the circumstances and extent of such Event of Loss.  Within thirty (30) days after receipt of notice from Lender, Borrower shall (at Lender’s option) either:  (1) replace the item of Equipment having suffered the Event of Loss with equipment which is free and clear of all Liens and has a value and utility at least equal to the item of Equipment having suffered the Event of Loss, and such replacement equipment shall immediately be deemed “Equipment” hereunder and subject to the security interest granted by Borrower herein; or (2) prepay the Obligations to the extent attributable to the unpaid portion of the Obligations funded with respect to the item of Equipment having suffered the Total Loss (as reasonably determined by Lender).  If any item of Equipment is damaged and such damage can be repaired, Borrower shall (at its expense) promptly effect such repairs.  Proceeds of insurance shall be paid to Lender with respect to such reparable damage to the Equipment and shall, at the election of Lender, be applied either to the repair of the Equipment by payment by Lender directly to the party completing the repairs, or to the reimbursement of Borrower for the cost of such repairs; provided, however, that Lender shall have no obligation to make such payment or any part thereof until receipt of such evidence as Lender shall deem satisfactory that such repairs have been completed, and further provided that Lender may apply such proceeds to the payment of any installment or other sum due or to become due under this Agreement if at the time such proceeds are received by Lender there shall have occurred and be continuing any Default or Event of Default.  All accessories, parts and replacements for or which are added to or become attached to the Equipment shall immediately be deemed incorporated in the Equipment and subject to the security interest granted by Borrower herein.  Upon reasonable advance notice, Lender shall have the right to inspect the Equipment and all maintenance records thereto, if any, at any reasonable time.

 

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(f)                                   Personal Property.  The parties intend that the Equipment shall remain personal property, notwithstanding the manner in which it may be affixed to any real property, and Borrower shall obtain and deliver to Lender (to be recorded at Borrower’s expense) from each Person having an interest in or Lien on the property (the “Premises”) where the Equipment is to be located, waivers of any Lien, encumbrance or interest which such Person might have or hereafter obtain or claim with respect to the Equipment.

 

(g)                                  Insurance.  At its own expense, Borrower shall keep the Equipment or cause it to be kept insured

 

for comprehensive and collision coverage and

 

against loss or damage due to fire and the risks normally included in extended coverage, malicious mischief and vandalism, for the full replacement value thereof.  All insurance for loss or damage shall provide that losses, if any, shall be payable to Lender under a lender’s loss payee endorsement.  The proceeds of such insurance payable as a result of loss of or damage to the Equipment shall be applied, at Lender’s option, (x) toward the replacement, restoration or repair of the Equipment which may be lost, stolen, destroyed or damaged, or (y) toward payment of the balance outstanding on the Promissory Note or the Obligations.  In addition, Borrower shall also carry public liability insurance, both personal injury and property damage.  All insurance required hereunder shall be in form and amount and with companies satisfactory to Lender.  Borrower shall pay or cause to be paid the premiums therefor and deliver to Lender evidence satisfactory to Lender of such insurance coverage.  Borrower shall cause to be provided to Lender, prior to the scheduled expiration or lapse of such insurance coverage, evidence satisfactory to Lender of renewal or replacement coverage.  Each insurer shall agree, by endorsement upon the policy or policies issued by it, or by independent instrument furnished to Lender, that (1) it will give Lender thirty (30) days’ prior written notice of the effective date of any material alteration or cancellation of such policy; and (2) insurance as to the interest of any named loss payee other than Borrower shall not be invalidated by any actions, inactions, breach of warranty or conditions or negligence of Borrower with respect to such policy or policies.

 

(h)                                 Further Assurances.  Borrower shall promptly and duly execute and deliver to Lender such further documents, instruments and assurances and take such further action as Lender may from time to time reasonably request in order to carry out the intent and purpose of this Agreement and to establish and protect the rights and remedies created or intended to be created in favor of Lender hereunder; including, without limitation, the execution and delivery of any document reasonably required, and payment of all necessary costs to record such documents (including payment of any documentary or stamp tax), to perfect and maintain perfected the security interest granted under this Agreement.

 

(i)                                     Notices to Lender.  Borrower shall provide written notice to Lender: (1) not less than thirty (30) days prior to any contemplated change in the name, the jurisdiction of organization, or address of the chief executive office, of Borrower or of Borrower’s organizational structure such that a filed financing statement would become seriously misleading (within the meaning of the UCC); and (2) promptly upon the occurrence of any event which constitutes a Default (as hereinafter defined) hereunder or which, with the giving of notice, lapse of time or both, would constitute a Default hereunder.

 

(j)                                    Delivery of Financial Information.  Borrower shall furnish Lender (1) within one hundred twenty (120) days after the end of each fiscal year of Borrower, its annual internally prepared financial statements; (2) within sixty (60) days after the end of each quarter of Borrower’s fiscal year, its internally prepared quarterly financial statements as at the end of such quarter.  Upon the written request of Lender, Borrower will deliver to Lender any additional information reasonably requested by Lender relating to the Collateral and/or the general financial condition of Borrower.

 

(k)                                 Notice of Bankruptcy.  Borrower shall provide written notice to Lender of the commencement of proceedings under the Federal bankruptcy laws or other insolvency laws (as now or hereafter in effect) involving Borrower as a debtor.

 

(l)                                     Bank Secrecy Act, etc.  (1) Borrower has been advised by Lender that the USA Patriot Act establishes minimum standards of account information to be collected and maintained by Lender, and that to help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account; and specifically, this means that

 

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when Borrower executes this Agreement, Lender may ask for Borrower’s name and address, the date of birth of the officers executing this Agreement, and other information that will allow Lender to identify Borrower; and that Lender may also ask to see the driver’s license or other identifying documents of the officers of Borrower executing this Agreement. (2)  Borrower is and will remain in full compliance with all Applicable Laws.  (e)  As of the date of this Agreement, as of the date of each advance of the Loan pursuant to this Agreement, and at all times that any obligations exist hereunder: (1) neither Borrower nor any guarantor, or any other obligor of the obligations created hereunder (together, the “Obligor”) (i) is listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejections of transactions) under any order or directive of any Compliance Authority; (ii) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person; or (iii) does business in or with, or derives any of its operating income from investments in or transactions with, any Sanctioned Person or Sanctioned Country in violation of any law or regulation enforced by any Compliance Authority; (2) the Loan made under this Agreement will not be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Country; and (3) each Obligor is in compliance with, and no Obligor engages in any dealings or transactions prohibited by, any laws of the United States including the USA Patriot Act, the Trading with the Enemy Act, or the U.S. Foreign Corrupt Practices Act of 1977, all as amended, supplemented or replaced from time to time.  As used herein: “Compliance Authority” means each and all of the (A) U.S. Department of the Treasury’s Office of Foreign Asset Control; (B) U.S. Treasury Department/Financial Crimes Enforcement Network; (C) U.S. State Department/Directorate of Defense Trade Controls; (D) U.S. Commerce Department/Bureau of Industry and Security; (E) U.S. Internal Revenue Service; (F) U.S. Justice Department; and (G) U.S. Securities and Exchange Commission; “Sanctioned Country” means a country subject to a sanctions program maintained by any Compliance Authority; and “Sanctioned Person” means any individual person, a group, regime, entity or thing subject to, or specially designated under, any sanctions program maintained by any Compliance Authority.

 

(m)                             Indemnification.  Borrower shall indemnify (on an after-tax basis) and defend Lender, its successors and assigns, and their respective directors, officers and employees, from and against any and all claims, actions and suits

 

of any kind, nature or description whatsoever arising, directly or indirectly, in connection with any of the Collateral (other than such as may result from the gross negligence or willful misconduct of Lender, its successors and assigns, and their respective directors, officers and employees). The obligations of Borrower under this Section 6(l) shall survive the expiration of the term of this Agreement.

 

7.                                      DEFAULT.  A default shall be deemed to have occurred hereunder (“Default”) upon the occurrence of any of the following:  (a) non-payment of an installment of principal and/or interest due under the Promissory Note within ten (10) days of the applicable payment date; (b) non-payment of any other Obligation within five (5) days after it is due; (c) failure to maintain, use or operate the Equipment in compliance with Applicable Law; (d) failure to obtain, maintain and comply with all of the insurance coverages required under this Agreement; (e) any transfer or encumbrance, or the existence of any Lien, that is prohibited by this Agreement; (f) a payment or other default by Borrower or its Affiliates under any loan, lease, guaranty or other financial obligation to Lender or its Affiliates which default entitles the other party to such obligation to exercise remedies; (g) a payment or other default by Borrower or its Affiliates under any material loan, lease, guaranty or other material financial obligation to any third party which default has been declared; (h) an inaccuracy in any representation or breach of warranty by Borrower (including any false or misleading representation or warranty) in any financial statement or Loan Document, including any omission of any substantial contingent or unliquidated liability or claim against Borrower; (i) the failure by Borrower generally to pay its debts as they become due or its admission in writing of its inability to pay the same, or the commencement of any bankruptcy, insolvency, receivership or similar proceeding by or against Borrower or any of its properties or business (unless, if involuntary, the proceeding is dismissed within sixty (60) days of the filing thereof) or the rejection of this Agreement or any other Loan Document in any such proceeding; (j) Borrower shall (1) enter into any transaction of merger or consolidation where Borrower is not the surviving entity (such actions being referred to as an “Event”), unless the surviving entity is organized and existing under the Laws of the United States or any state, and prior to such Event: (A) such Person executes and delivers to Lender (x) an agreement satisfactory to Lender, in its sole discretion, containing such Person’s effective assumption, and its agreement to pay, perform, comply with and otherwise be liable for, in a due and punctual manner, all of Borrower’s Obligations having previously arisen, or then or thereafter arising, under any and all of the Loan Documents, and (y) any and all other documents, agreements, instruments, certificates, opinions and filings requested by Lender; and (B) Lender is satisfied as to the creditworthiness of such Person, and as to such Person’s conformance to the other standard criteria then used by Lender when approving transactions similar to the transactions contemplated in this Agreement; (2) cease to do business as a going concern,

 

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liquidate, or dissolve; or (3) sell, transfer, or otherwise dispose of all or substantially all of its assets or property; (k) if Borrower is privately held and effective control of Borrower’s voting capital stock/membership interests/partnership interests, issued and outstanding from time to time, is not retained by the present holders (unless Borrower shall have provided thirty (30) days’ prior written notice to Lender of the proposed disposition and Lender shall have consented thereto in writing); (l) if Borrower is a publicly held corporation and there is a material change in the ownership of Borrower’s capital stock, unless Lender is satisfied as to the creditworthiness of Borrower and as to Borrower’s conformance to the other standard criteria then used by Lender for such purpose immediately thereafter; (m) there occurs a default or anticipatory repudiation under any guaranty executed in connection with this Agreement; (n) failure to satisfy the requirements of any financial covenants set forth in this Agreement; or (o) breach by Borrower of Section 6(l) of this Agreement; or (p) breach by Borrower of any other covenant, condition or agreement (other than those in items (a)-(o)) under this Agreement or any of the other Loan Documents that continues for thirty (30) days after Lender’s written notice to Borrower (but such notice and cure period will not be applicable unless such breach is curable by practical means within such notice period).

 

The occurrence of a Default with respect to any Promissory Note shall, at the sole discretion of Lender (as set forth in a written declaration to Borrower), constitute a Default with respect to any or all of the other Promissory Notes.  Notwithstanding anything to the contrary set forth herein, Lender or its assignee(s) (as applicable) may exercise all rights and remedies hereunder or under a Promissory Note independently with respect to each Promissory Note and/or with respect to the Collateral collateralizing such Promissory Note.

 

8.                                      REMEDIES.  Upon the occurrence of a Default hereunder, Lender may, at its option, declare this Agreement to be in default with respect to any or all of the Promissory Notes, and at any time thereafter may do any one or more of the following, all of which are hereby authorized by Borrower:

 

(a)                                 Rights and Remedies.  If any Default shall occur and be continuing, Lender may declare the unpaid principal amount of the Promissory Note together with accrued and unpaid interest thereon, and all other Obligations then outstanding to be immediately due and payable, whereupon the same shall become and be forthwith due and payable by Borrower to Lender, without presentment, demand, protest or notice of any kind, all of which are expressly waived by Borrower; provided, that, in the case of any Default referred to in Section 7(i), the unpaid principal amount of the Promissory Note together with accrued and unpaid interest thereon, and all other Obligations then outstanding shall be automatically and immediately due and payable by Borrower to Lender without notice, presentment, demand, protest or other action of any kind, all of which are expressly waived by Borrower.  Upon the occurrence and during the continuation of any Default, then in each and every case, Lender shall be entitled to exercise any and all rights and remedies of a secured party under the UCC in effect in any applicable jurisdiction at the date of this Agreement and in addition to those rights, at its sole discretion, may require Borrower (at Borrower’s sole expense) to forward promptly any or all of the Collateral to Lender at such location as shall reasonably be required by Lender, or enter upon the premises where any such Collateral is located (without obligation for rent) and take immediate possession of and remove the Collateral by summary proceedings or otherwise, all without liability from Lender to Borrower for or by reason of such entry or taking of possession, whether for the restoration of damage to property caused by such taking or otherwise.

 

(b)                                 Disposition of Collateral.  Subject to any right of Borrower to redeem the Collateral, sell, lease or otherwise dispose of any or all of the Collateral in a commercially reasonable manner at public or private sale with notice to Borrower (the parties agreeing that ten (10) days’ prior written notice shall constitute adequate notice of such sale) at such price as it may deem best, for cash, credit, or otherwise, with the right of Lender to purchase and apply the proceeds:

 

First, to the payment of all expenses and charges, including the expenses of any sale, lease or other disposition, the expenses of any taking, attorneys’ fees, court costs and any other expenses incurred or advances made by Lender in the protection of its rights or the pursuance of its remedies, and to provide adequate indemnity to Lender against all taxes and Liens which by law have, or may have, priority over the rights of Lender to the monies so received by Lender;

 

Second, to the payment of the Obligations; and

 

Third, to the payment of any surplus thereafter remaining to Borrower or to whosoever may be entitled thereto;

 

and in the event that the proceeds are insufficient to pay the amounts specified in clauses “First” and “Second” above, Lender may collect such deficiency from Borrower.

 

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(c)                                  Other Rights and Remedies.  Lender may exercise any other right or remedy available to it under the Loan Documents or Applicable Law, or proceed by appropriate court action to enforce the terms hereof or to recover damages for the breach hereof or to rescind this Agreement in whole or in part.

 

(d)                                 Costs and Expenses; No Remedy Exclusive.  In addition, Borrower shall be liable for any and all unpaid additional sums due hereunder or under the Promissory Note, before, after or during the exercise of any of the foregoing remedies; for all reasonable legal fees and other reasonable costs and expenses incurred by reason of any Default or of the exercise of Lender’s remedies with respect thereto.  No remedy referred to in this Section is intended to be exclusive, but each shall be cumulative, and shall be in addition to any other remedy referred to above or otherwise available at law or in equity, and may be exercised concurrently or separately from time to time.  Borrower hereby waives any and all existing or future claims to any offset against the sums due hereunder or under the Promissory Note and agrees to make the payments regardless of any offset or claim which may be asserted by Borrower or on its behalf in connection with this Agreement.

 

(e)                                  No Waiver.  The failure of Lender to exercise, or delay in the exercise of, the rights granted hereunder upon any Default by Borrower or its Affiliates shall not constitute a waiver of any such right upon the continuation or recurrence of any such Default.  Lender may take or release other security; may release any party primarily or secondarily liable for the Obligations; may grant extensions, renewals or indulgences with respect to the Obligations and may apply any other security therefor held by it to the satisfaction of the Obligations without prejudice to any of its rights hereunder.

 

9.                                      NOTICES.  All notices (excluding billings and communications in the ordinary course of business) hereunder shall be in writing, personally delivered, sent by overnight courier service, sent by facsimile telecopier, or sent by certified mail, return receipt requested, addressed to the other party at its respective address stated below the signature of such parties or at such other addresses as such parties shall from time to time designate in writing to the other parties; and shall be effective from the date of receipt.  NOTWITHSTANDING THE FOREGOING, COMMUNICATIONS CONCERNING DISPUTED DEBTS HEREUNDER, INCLUDING AN INSTRUMENT TENDERED AS FULL SATISFACTION OF A DEBT HEREUNDER, ARE TO BE SENT TO:  2713 FOREST HILLS ROAD, BUILDING B, WILSON, NORTH CAROLINA  27893-4432, ATTN:  EQUIPMENT FINANCE SERVICING.

 

10.                               LENDER’S RIGHT TO PERFORM FOR BORROWER.  (a) Performance and Reimbursement. If Borrower fails to perform or comply with any of its agreements contained herein, Lender shall have the right, but shall not be obligated, to effect such performance or compliance, and the amount of any out-of-pocket expenses and other reasonable expenses of Lender thereby incurred, together with interest thereon at the Default Rate, shall be due and payable by Borrower upon demand.

 

(b) Power of Attorney. Borrower hereby appoints Lender as Borrower’s attorney-in-fact (which power shall be deemed coupled with an interest) to execute, endorse and deliver any deed, conveyance, assignment or other instrument in writing as may be required to vest in Lender any right, title or power which by the terms hereof are expressed to be conveyed to or conferred upon Lender, including, without limitation, real property waivers, and documents and checks or drafts relating to or received in payment for any loss or damage under the policies of insurance required hereby, but only to the extent that the same relates to the Collateral.

 

11.                               SUCCESSORS AND ASSIGNS.  This Agreement shall inure to the benefit of Lender, its successors and assigns, and shall be binding upon the successors of Borrower.  The rights and obligations of Borrower under this Agreement may not be assigned or delegated.  Lender reserves the right to sell, assign, transfer, negotiate or grant participations in all or any part of, or any interest in, Lender’s rights and obligations hereunder, in the Promissory Notes, in the Collateral and/or the Obligations held by it to others at any time and from time to time; and Lender may disclose to any such purchaser, assignee, transferee or participant (the “Participant”), or potential Participant, this Agreement and all information, reports, financial statements and documents executed or obtained in connection with this Agreement which Lender now or hereafter may have relating to the Loan, Borrower, or the business of Borrower.  Borrower hereby grants to any Participant all Liens, rights and remedies of Lender under the provisions of this Agreement or any other documents relating hereto or under applicable laws.  Borrower agrees that any Participant may enforce such Liens and exercise such rights and remedies in the same manner as if such Participant were Lender and a direct creditor of Borrower.  Upon the request of any Participant, Borrower agrees to promptly execute and deliver to Participant an acknowledgment of the assignment, transfer or sale of participation interest, in form and substance satisfactory to Participant.

 

10

 

12.                               CHOICE OF LAW; JURISDICTION; WAIVER OF JURY TRIAL.  (a) GOVERNING LAW. THIS AGREEMENT AND ALL OTHER RELATED INSTRUMENTS AND DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL, IN ALL RESPECTS, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH STATE (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW)), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE COLLATERAL.

 

(b) Jurisdiction. The parties agree that any action or proceeding arising out of or relating to this Agreement may be commenced in any state or Federal court of competent jurisdiction in the State of New York, and each party submits to the jurisdiction of such court and agrees that a summons and complaint commencing an action or proceeding in any such court shall be properly served and shall confer personal jurisdiction if served personally or by certified mail to it at its address designated pursuant hereto, or as otherwise provided under the laws of the State of New York.

 

(c)  WAIVER OF JURY TRIAL. BORROWER HEREBY WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH BORROWER AND LENDER MAY BE PARTIES, ARISING OUT OF OR IN ANY WAY PERTAINING TO THIS AGREEMENT OR THE PROMISSORY NOTE.  BORROWER AUTHORIZES LENDER TO FILE THIS PROVISION WITH THE CLERK OR JUDGE OF ANY COURT HEARING SUCH CLAIM.  THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY BORROWER AND BORROWER HEREBY ACKNOWLEDGES THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT.  BORROWER FURTHER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND THE PROMISSORY NOTE AND IN THE MAKING OF THIS WAIVER BY LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

 

13.                               MISCELLANEOUS.  (a)  Entire Agreement.  The Loan Documents constitute the entire agreement between the parties with respect to the subject matter hereof and thereof and shall not be amended or altered in any manner except by a document in writing executed by both parties.

 

(b)                                 Survival.  All representations, warranties, and covenants of Borrower contained herein or made pursuant hereto shall survive closing and continue throughout the term hereof and until the Obligations are satisfied in full.

 

(c)                                  Severability.  Any provision of the Loan Documents 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 or thereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  To the extent permitted by Applicable Law, Borrower hereby waives any provision of law which renders any provision hereof or thereof prohibited or unenforceable in any respect.

 

(d)                                 Captions.  The captions in this Agreement are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

 

(e)                                  Expenses.  Borrower agrees to pay or reimburse Lender for all costs and expenses (including the fees and expenses of all counsel, advisors, consultants and auditors retained in connection therewith), incurred in connection with:  (1) the preparation, negotiation, execution, delivery, performance and enforcement of the Loan Documents and the preservation of any rights thereunder (including, without limitation, filing or recording fees and taxes); (2) collection, including deficiency collections; (3) any amendment, waiver or other modification or waiver of, or consent with respect to, any Loan Document or advice in connection with the administration of the Loan or the rights thereunder; (4) any litigation, dispute, suit, proceeding or action (whether instituted by or between any combination of Lender, Borrower or any other Person), and an appeal or review thereof, in any way relating to the Collateral, any Loan Document, or any action taken or any other agreements to be executed or delivered in connection therewith, whether as a party, witness or otherwise; and (5) any effort (i) to monitor the Loan, (ii) to evaluate, observe or assess Borrower or the affairs of such Person, and (iii) to verify, protect, evaluate, assess, appraise, collect, sell, liquidate or otherwise dispose of the Collateral.

 

11

 

(f)                                   Counterparts.  This Agreement and all of the other Loan Documents may be executed in counterparts.  Photocopies, electronic or facsimile transmissions of signatures shall be deemed original signatures and shall be fully binding on the parties to the same extent as original signatures.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

12

 

IN WITNESS WHEREOF, the parties hereto have caused this Loan and Security Agreement to be duly executed  as of the day and year first above written.

 

 

	
PNC   EQUIPMENT FINANCE, LLC
    	
STELLARIS   LLC
    
	
Lender
    	
Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/Cheree   F. Kurela
    	
 
    	
By:
    	
/s/   Alfons Theeuwes
    
	
Name:
    	
Cheree   F. Kurela
    	
 
    	
Name:
    	
Alfons   Theeuwes
    
	
Title:
    	
Vice   President
    	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    
	
 
    	
 
    
	
995   Dalton Avenue
    	
Address:
    	
26000   Commercentre Dr.
    
	
Cincinnati,   Ohio 45203
    	
 
    	
Lake   Forest, CA 92630
    
	
Facsimile:   513-763-1637
    	
Facsimile:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Form of   Organization: Limited Liability Company
    
	
 
    	
Jurisdiction   of Organization: Nevada
    
	
 
    	
Organizational   No.: E0355482007-5
    
	
 
    	
Federal   Employer Identification No.: xx-xxxxxxx
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Q3   CONTRACTING, INC.
    
	
 
    	
Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Tom   Henkels
    
	
 
    	
Name:
    	
Tom   Henkels
    
	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Address:
    	
3066   Spruce St.
    
	
 
    	
 
    	
Little   Canada, MN 55117
    
	
 
    	
Facsimile:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Form of   Organization: Corporation
    
	
 
    	
Jurisdiction   of Organization: Minnesota
    
	
 
    	
Organizational   No.: 7J-390
    
	
 
    	
Federal   Employer Identification No.: xx-xxxxxxx
    
						

 

13

 

SCHEDULE A

 

DEFINITIONS

 

Capitalized terms used in this Agreement and the other Loan Documents shall have (unless otherwise provided elsewhere in this Agreement or in the Loan Documents) the following respective meanings:

 

“Adverse Environmental Condition” shall mean (i) the existence or the continuation of the existence of an Environmental Contamination (including, without limitation, a sudden or non-sudden accidental or non-accidental Environmental Contamination), or exposure to any substance, chemical, material, pollutant, Hazardous Substance, odor or audible noise or other release or emission in, into or onto the environment (including without limitation, the air, ground, water or any surface) at, in, by, from or related to any Collateral, (ii) the environmental aspect of the transportation, storage, treatment or disposal of materials in connection with the operation of any Collateral, or (iii) the violation, or alleged violation, of any Environmental Law, permits or licenses of, by or from any governmental authority, agency or court relating to environmental matters connected with any of the Collateral.

 

“Affiliate” means, with respect to any Person: (i) each other Person that, directly or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, five (5) percent or more of the Stock having ordinary voting power for the election of directors of such Person; (ii) each other Person that controls, is controlled by or is under common control with such Person or any Affiliate of such Person; or (iii) each of such Person’s officers, directors, joint venturers and partners.  For the purpose of this definition, “control” of a Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of its management or policies, whether through the ownership of voting Stock, by contract or otherwise.

 

“Agreement” means this Loan and Security Agreement including all appendices, exhibits or schedules attached or otherwise identified thereto, restatements and modifications and supplements thereto, and any appendices, exhibits or schedules to any of the foregoing, each as in effect at the time such reference becomes operative.

 

“Applicable Law” means any law, rule, regulation, ordinance, order, code, common law, interpretation, judgment, directive, decree, treaty, injunction, writ, determination, award, permit or similar norm or decision of any Governmental Authority.

 

“Borrower” means the Person identified as such in the preamble of this Agreement.

 

“BSA” has the meaning assigned to it in Section 6(l) of this Agreement.

 

“Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of New York.

 

“Closing Date” means the date on which a Promissory Note is executed and delivered to Lender pursuant to this Agreement.

 

“Collateral” has the meaning assigned to it in Section 3 of this Agreement.

 

“Collateral Schedule” has the meaning assigned to it in Section 3 of this Agreement.

 

“Default” has the meaning assigned to it in Section 7 of this Agreement.

 

“Default Rate” has the meaning assigned to it in Section 2(e) of this Agreement.

 

“Environmental Claim” shall mean any accusation, allegation, notice of violation, claim, demand, abatement or other order on direction (conditional or otherwise) by any governmental authority or any Person for personal injury (including sickness, disease or death), tangible or intangible property damage, damage to the environment or other adverse affects on the environment, or for fines, penalties or restrictions, resulting from or based upon any Adverse Environmental Condition.

 

 

“Environmental Contamination” shall mean any actual or threatened release, spill, emission, leaking, pumping, injection, presence, deposit, abandonment, disposal, discharge, dispersal, leaching or migration into the indoor or outdoor environment, or into or out of any of the Collateral, including, without limitation, the movement of any Hazardous Substance or other substance through or in the air, soil, surface water, groundwater or property which is not in compliance with applicable Environmental Laws.

 

“Environmental Law” shall mean any present or future federal, foreign, state or local law, ordinance, order, rule or regulation and all judicial, administrative and regulatory decrees, judgments and orders, pertaining to health, industrial hygiene, the use, disposal or transportation of Hazardous Substances, Environmental Contamination, or pertaining to the protection of the environment, including, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) (42 U.S.C. §9601 et seq.), the Hazardous Material Transportation Act (49 U.S.C. §1801 et seq.), the Federal Water Pollution Control Act (33 U.S.C. Section 1251 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. §6901 et seq.), the Clean Air Act (42 U.S.C. §7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.), the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. §1361 et seq.), the Occupational Safety and Health Act (19 U.S.C. §651 et seq.), and the Hazardous and Solid Waste Amendments (42 U.S.C. §2601 et seq.), as these laws have been or may be amended or supplemented, and any successor thereto, and any analogous foreign, state or local statutes, and the rules, regulations and orders promulgated pursuant thereto.

 

“Environmental Loss” shall mean any loss, cost, damage, liability, deficiency, fine, penalty or expense (including, without limitation, reasonable attorneys’ fees, engineering and other professional or expert fees), investigation, removal, cleanup and remedial costs (voluntarily or involuntarily incurred) and damages to, loss of the use of or decrease in value of the Collateral arising out of or related to any Adverse Environmental Condition.

 

“Equipment” has the meaning assigned to it in Section 3 of this Agreement.

 

“ERISA” means the Employee Retirement Income Security Act of 1974 (or any successor legislation thereto), as amended from time to time, and any regulations promulgated thereunder.

 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with Borrower, is treated as a single employer under Section 414(b), (c), (m) or (o) of the IRC, or, solely for the purposes of Section 302 of ERISA and Section 412 of the IRC, is treated as a single employer under Section 414 of the IRC.

 

“ERISA Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the IRC or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(b) of the IRC or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by Borrower or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or to appoint a trustee to administer any Plan; (f) the incurrence by Borrower or any ERISA Affiliate of any liability with respect to any withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

 

“Event” has the meaning assigned to it in Section 7(j) of this Agreement.

 

“Event of Loss” has the meaning assigned to it in Section 6(e) of this Agreement.

 

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

 

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

 

“Guarantor” has the meaning assigned to it in Section 4(a)(3) of this Agreement.

 

2

 

“Guaranty” has the meaning assigned to in Section 4(a)(3) of this Agreement.

 

“Hazardous Substances” shall mean and include hazardous substances as defined in CERCLA; oil of any kind, petroleum products and their by-products, including, but not limited to, sludge or residue; asbestos containing materials; polychlorinated biphenyls; any and all other hazardous or toxic substances; hazardous waste, as defined in CERCLA; medical waste; infectious waste; those substances listed in the United States Department of Transportation Table (49 C.F.R. §172.101); explosives; radioactive materials; and all other pollutants, contaminants and other substances regulated or controlled by the Environmental Laws and any other substance that requires special handling in its collection, storage, treatment or disposal under the Environmental Laws.

 

“Interest Period” has the meaning assigned to it in the Promissory Note.

 

“IRC” means the Internal Revenue Code of 1986, as now or hereafter amended.

 

“Lender” has the meaning assigned to it in the preamble of this Agreement and, if at any time Lender shall decide to assign, participate or syndicate all or any of the Obligations, such term shall include each such assignee, Participant or such other members of the syndicate; together with its or their successors and assigns.

 

“Lien” means any mortgage, security deed or deed of trust, pledge, hypothecation, assignment, deposit arrangement, Lien, charge, claim, security interest, security title, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any lease or title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under the UCC or comparable law of any jurisdiction).

 

“Loan” means the loan in the amount of the aggregate principal amount of all advances and evidenced by the Promissory Note, and made to Borrower under the terms of this Agreement, and any renewals, extensions, revisions, modifications or replacements therefor or thereof.

 

“Loan Documents” means this Agreement, the Promissory Note, the Collateral Schedule, [the Guaranty], and the other documents and instruments executed pursuant hereto, the financial statements, and all other documents, instruments, certificates and notices at any time delivered by any Person (other than Lender) in connection with any of the foregoing.

 

“Loan Rate” has the meaning assigned to it in Section 2(d) of this Agreement.

 

“Material Adverse Effect” means:  a material adverse effect on (a) the business, assets, operations, prospects or financial or other condition of Borrower or the industry within which Borrower operates, (b) Borrower’s ability to pay or perform the Obligations under the Loan Documents in accordance with the terms thereof, (c) the Collateral or the Lien of Lender on the Collateral or the priority of any such Lien, or (d) Lender’s rights and remedies under this Agreement and the other Loan Documents.

 

“Maximum Amount” means $15,600,000.00.

 

“Minimum Actionable Amount” means $50,000.

 

“Multiemployer Plan” means a “multiemployer plan,” as defined in Section 4001(a) (3) of ERISA, to which Borrower or any ERISA Affiliate is making, is obligated to make, has made or been obligated to make, contributions on behalf of participants who are or were employed by any of them.

 

“Obligations” means all loans, advances, debts, expense reimbursement, fees, liabilities, and obligations for the performance of covenants, tasks or duties or for payment of monetary amounts (whether or not such performance is then required or contingent, or amounts are liquidated or determinable) owing by Borrower to Lender, of any kind or nature, present or future, whether or not evidenced by any note, agreement or other instrument, whether arising under any of the Loan Documents or under any other agreement between Borrower and Lender, and all covenants and duties regarding such amounts.  This term includes all principal, interest (including interest accruing at the then applicable rate provided in this Agreement after the maturity of the Loan and interest accruing at the then applicable rate provided in this Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), fees, charges, expenses, attorneys’ fees and any other sum chargeable to Borrower under any of the Loan Documents, and all principal and interest due in respect of the Loan.

 

3

 

“OFAC” has the meaning assigned to it in Section 6(l) of this Agreement.

 

“Participant” has the meaning assigned to it in Section 11 of this Agreement.

 

“Payment Date” has the meaning assigned to it in the Promissory Note.

 

“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.

 

“Permitted Liens” has the meaning assigned to it in Section 6(c) of this Agreement.

 

“Person” means any individual, sole proprietorship, entity, limited liability entity, joint venture, trust, unincorporated organization, association, corporation, limited liability company, institution, public benefit corporation or government (whether Federal, state, county, city, municipal or otherwise, including any instrumentality, division, agency, body or department thereof), and shall include such Person’s successors and assigns.

 

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the IRC or Section 302 of ERISA, and in respect of which Borrower or any ERISA Affiliate is (or, if such plan were terminated, could under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Premises” has the meaning assigned to it in Section 6(f) of this Agreement.

 

“Prepayment Fee” means an amount equal to the principal amount outstanding of the Loan to be prepaid on the date of prepayment, multiplied by: 3% if prepayment shall occur (voluntarily by Borrower, upon a Default or otherwise) after the Closing Date and on or before the first anniversary of the Closing Date; 2% if prepayment shall occur (voluntarily by Borrower, upon a Default or otherwise) after the first anniversary of the Closing Date and on or before the second anniversary of the Closing Date; 1% if prepayment shall occur (voluntarily by Borrower, upon a Default or otherwise) after the second anniversary of the Closing Date and on or before the third anniversary of the Closing Date; and 0% if prepayment shall occur (voluntarily by Borrower, upon a Default or otherwise) after the third anniversary of the Closing Date.  Borrower acknowledges and agrees that (i) it could be difficult or impractical to calculate Lender’s actual damages from prepayment for any reason pursuant to Sections 2 or 8 of this Agreement, (ii) the Prepayment Fee is intended to be a fair and reasonable approximation of such damages, and (iii) the Prepayment Fee is not intended to be a penalty.

 

“Prime Rate” has the meaning assigned to it in the Promissory Note.

 

“Proceeds” means “proceeds,” as such term is defined in the UCC and, in any event, shall include:  (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to Borrower from time to time with respect to any Collateral; (ii) any and all payments (in any form whatsoever) made or due and payable to Borrower from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of any Collateral by any governmental body, authority, bureau or agency (or any Person acting under color of governmental authority); (iii) any recoveries by Borrower against third parties with respect to any litigation or dispute concerning any Collateral, including claims arising out of the loss or nonconformity of, interference with the use of, defects in, or infringement of rights in, or damage to, Collateral; and (iv) any and all other amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or other disposition of Collateral and all rights arising out of Collateral.

 

“Promissory Note” has the meaning assigned to it in Section 1(b) of this Agreement.

 

“SEC” has the meaning assigned to it in Section 6(j) of this Agreement.

 

“Stated Maturity Date” has the meaning assigned to it in the Promissory Note.

 

“Stock” means all certificated and uncertificated shares, options, warrants, membership interests, general or limited partnership interests, participation or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred stock, or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934).

 

4

 

“Taxes” means taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding taxes imposed on or measured by the net income of Lender.

 

“Title Lien Notation Documents” has the meaning assigned to it in Section 4(b)(1) of this Agreement.

 

“UCC” means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to the Lien of Lender on any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions of this Agreement relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions; provided further, that to the extent that the UCC is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the UCC, the definition of such term contained in Article or Division 9 shall govern.

 

“UCC Statements” has the meaning assigned to it in Section 3 of this Agreement.

 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

Any accounting term used in this Agreement or the other Loan Documents shall have, unless otherwise specifically provided therein, the meaning customarily given such term in accordance with GAAP, and all financial computations thereunder shall be computed, unless otherwise specifically provided therein, in accordance with GAAP consistently applied; provided, that all financial covenants and calculations in the Loan Documents shall be made in accordance with GAAP as in effect on the Closing Date unless Borrower and Lender shall otherwise specifically agree in writing.  That certain items or computations are explicitly modified by the phrase “in accordance with GAAP” shall in no way be construed to limit the foregoing.  All other undefined terms contained in this Agreement or the other Loan Documents shall, unless the context indicates otherwise, have the meanings provided for by the UCC.  The words “herein,” “hereof” and “hereunder” or other words of similar import refer to this Agreement as a whole, including the exhibits and schedules thereto, as the same may from time to time be amended, modified or supplemented, and not to any particular section, subsection or clause contained in this Agreement.

 

For purposes of this Agreement and the other Loan Documents, the following additional rules of construction shall apply, unless specifically indicated to the contrary:  (a) wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and the plural; (b) the term “or” is not exclusive; (c) the term “including” (or any form thereof) shall not be limiting or exclusive; (d) all references to statutes and related regulations shall include any amendments of same and any successor statutes and regulations; and (e) all references to any instruments or agreements, including references to any of the Loan Documents, shall include any and all modifications or amendments thereto and any and all extensions or renewals thereof.

 

5

 

PNC EQUIPMENT FINANCE, LLC

 

COLLATERAL SCHEDULE NO. 177362000

 

THIS COLLATERAL SCHEDULE NO. 177362000 is executed pursuant to and made a part of that certain Loan and Security Agreement dated as of September 20, 2013 (the “Agreement”), between PNC Equipment Finance, LLC, as Lender, and STELLARIS LLC and Q3 CONTRACTING, INC. (hereinafter individually and collectively, as Borrower, and describes collateral in which Borrower has granted Lender a security interest in connection with the Obligations (as defined in the Agreement) including without limitation that certain Promissory Note No. 177362000 dated September 20, 2013 in the original principal amount of $15,573,402.04.

 

	
DESCRIPTION
    	
 
    	
LOCATION
    
	
F350 4x2 Reg Cab Fitting
    	
 
    	
$
    	
45,349.14
    	
 
    	
1FDRF3G68DEA20261
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines,
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 Reg Cab Fitting
    	
 
    	
$
    	
42,063.11
    	
 
    	
1FDRF3G61DEA20263
    	
 
    	
1613 Read Street
    	
 
    	
Omaha
    	
 
    	
NE
    	
 
    	
68112
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GYXDEA81117
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GY1DEA81118
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GY3DEA81119
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GYXDEA81120
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GY1DEA81121
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
$
    	
48,382.75
    	
 
    	
1FDUF5GY3DEA81122
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
$
    	
48,382.75
    	
 
    	
1FDUF5GY5DEA81123
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GY9DEA87121
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GY0DEA87122
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GY2DEA87123
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
$
    	
44,671.15
    	
 
    	
1FDUF5GY4DEA87124
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Ext Cab Service Body
    	
 
    	
$
    	
31,538.71
    	
 
    	
1FD8X3E60DEA87139
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F550 4x2 Reg Cab 11’ F/B
    	
 
    	
$
    	
44,608.45
    	
 
    	
1FDUF5GY6DEA87125
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 Reg Cab 11’ F/B
    	
 
    	
$
    	
44,608.45
    	
 
    	
1FDUF5GY8DEA87126
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 Reg Cab 11’ F/B
    	
 
    	
$
    	
44,683.45
    	
 
    	
1FDUF5GYXDEA87127
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 Reg Cab 11’ F/B
    	
 
    	
$
    	
44,608.45
    	
 
    	
1FDUF5GY1DEA87128
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 Reg Cab 11’ F/B
    	
 
    	
$
    	
44,608.45
    	
 
    	
1FDUF5GY3DEA87129
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 Reg Cab 11’ F/B
    	
 
    	
$
    	
44,608.45
    	
 
    	
1FDUF5GY7DEA99784
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
$
    	
42,421.82
    	
 
    	
1FT7X3A67DEA54662
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
$
    	
41,965.04
    	
 
    	
1FT8X3A68CED16451
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
$
    	
42,448.11
    	
 
    	
1FT8X3A63CEC23644
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
$
    	
41,992.33
    	
 
    	
1FT8X3A65CEC64955
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
$
    	
41,422.36
    	
 
    	
1FT8X3A66CEC85152
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
$
    	
41,710.58
    	
 
    	
1FT8X3A6XCEA90915
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
43,826.00
    	
 
    	
1FDRF3G63DEA18398
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 S.Cab W/Open Body-60”
    	
 
    	
$
    	
42,553.77
    	
 
    	
1FD7X3E63CED13135
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G67DEB10159
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G63DEB10160
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G65DEB10161
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G67DEB10162
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce
    	
 
    	
CO
    	
 
    	
80022
    

 

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
City
    	
 
    	
 
    	
 
    	
 
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G69DEB10163
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G60DEB10164
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G62DEB10165
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G64DEB10166
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G66DEB10167
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G68DEB10168
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G6XDEB10169
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G66DEB10170
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G68DEB10171
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
42,788.61
    	
 
    	
1FDRF3G6XDEB10172
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G65DEB20401
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,538.61
    	
 
    	
1FDRF3G63DEB20395
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,538.61
    	
 
    	
1FDRF3G65DEB20396
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
$
    	
42,992.32
    	
 
    	
1FT8X3A62DEB23536
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
$
    	
43,142.32
    	
 
    	
1FT8X3A64DEB23537
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
$
    	
42,554.75
    	
 
    	
1FT8X3A6XDEB34266
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,538.61
    	
 
    	
1FDRF3G61DEB20394
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G63DEB20400
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G69DEB20403
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
$
    	
41,538.61
    	
 
    	
1FDRF3G60DEB20404
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
L8501 S/A F/B Drill Trk-450011
    	
 
    	
$
    	
28,601.27
    	
 
    	
2FZAAVDC67AZ14175
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 S/A Contractor Dump
    	
 
    	
$
    	
98,824.40
    	
 
    	
2NKHHM6X8EM385842
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 S/A Contractor Dump
    	
 
    	
$
    	
98,824.40
    	
 
    	
2NKHHM6XXEM385843
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
$
    	
102,166.75
    	
 
    	
2NKHHM6X1EM392728
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
$
    	
102,166.75
    	
 
    	
2NKHHM6X3EM392729
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
$
    	
102,166.75
    	
 
    	
2NKHHM6XXEM392730
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
$
    	
102,166.75
    	
 
    	
2NKHHM6X1EM392731
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
$
    	
94,905.35
    	
 
    	
2NKHHM6X3EM392732
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
$
    	
91,680.80
    	
 
    	
2NKHHM6X2EM392733
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
$
    	
95,009.00
    	
 
    	
2NKHHM6X7EM392734
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
$
    	
95,009.00
    	
 
    	
2NKHHM6X9EM392735
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
T270 S/A Contractor Dump
    	
 
    	
$
    	
94,082.57
    	
 
    	
2NKHHM6X0EM392736
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
T270 S/A Reg Cab 18’ Saw Truck
    	
 
    	
$
    	
95,113.85
    	
 
    	
2NKHHM6X4EM392738
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 S/A W/Serv Body-Concrete
    	
 
    	
$
    	
110,655.75
    	
 
    	
2NKHHM6X6EM392739
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
T270 S/A W/Serv Body-Concrete
    	
 
    	
$
    	
110,530.75
    	
 
    	
2NKHHM6X2EM392740
    	
 
    	
1613 Read Street
    	
 
    	
Omaha
    	
 
    	
NE
    	
 
    	
68112
    
	
T270 S/A W/Serv Body-Concrete
    	
 
    	
$
    	
110,030.75
    	
 
    	
2NKHHM6X4EM392741
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A W/Serv Body-Concrete
    	
 
    	
$
    	
110,655.75
    	
 
    	
2NKHHM6X6EM392742
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
$
    	
99,316.67
    	
 
    	
2NKHHM6XXEM392744
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
$
    	
99,316.67
    	
 
    	
2NKHHM6X1EM392745
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
$
    	
99,316.67
    	
 
    	
2NKHHM6X3EM392746
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
$
    	
99,337.25
    	
 
    	
2NKHHM6X5EM392747
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
$
    	
99,337.25
    	
 
    	
2NKHHM6X7EM392748
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
$
    	
99,316.67
    	
 
    	
2NKHHM6X9EM392749
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
$
    	
99,337.25
    	
 
    	
2NKHHM6X5EM392750
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
$
    	
99,337.25
    	
 
    	
2NKHHM6X9EM394288
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
$
    	
102,166.75
    	
 
    	
2NKHHM6X3EM394285
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
$
    	
102,166.75
    	
 
    	
2NKHHM6X5EM394286
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
99,728.20
    	
 
    	
2NKHHN7X0DM340249
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
110,224.22
    	
 
    	
2NKHHN7X1DM340213
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce
    	
 
    	
CO
    	
 
    	
80022
    

 

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
City
    	
 
    	
 
    	
 
    	
 
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
108,342.64
    	
 
    	
2NKHHN7X9DM341237
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
108,342.64
    	
 
    	
2NKHHN7X0DM341238
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
103,805.05
    	
 
    	
2NKHHM7XXDM352614
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
107,282.68
    	
 
    	
2NKHHN7X4DM352629
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
99,864.58
    	
 
    	
2NKHHM7X6DM365506
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
98,951.60
    	
 
    	
2NKHHM7X0EM392783
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7X2EM392784
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7X4EM392785
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
93,855.72
    	
 
    	
2NKHHM7X6EM392786
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
94,230.72
    	
 
    	
2NKHHM7X8EM392787
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7XXEM392788
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7X1EM392789
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
95,325.38
    	
 
    	
2NKHHM7X8EM392790
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
93,855.72
    	
 
    	
2NKHHM7XXEM392791
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
94,480.72
    	
 
    	
2NKHHM7X1EM392792
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7X3EM392793
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7X5EM392794
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7X7EM392795
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
94,700.38
    	
 
    	
2NKHHM7X9EM392796
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A F/B Drill Trk-450
    	
 
    	
$
    	
103,191.23
    	
 
    	
2NKHHN7X9DM339990
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A F/B Drill Trk-450
    	
 
    	
$
    	
103,191.23
    	
 
    	
2NKHHN7X0DM339991
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A F/B Drill Trk-450047
    	
 
    	
$
    	
97,370.15
    	
 
    	
2NKHHN7X2DM339992
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A F/B Drill Trk-450048
    	
 
    	
$
    	
103,191.23
    	
 
    	
2NKHHN7X4DM339993
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A F/B Drill Trk-450049
    	
 
    	
$
    	
102,206.53
    	
 
    	
2NKHHN7X6DM339994
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A F/B Drill Trk-450050
    	
 
    	
$
    	
102,206.53
    	
 
    	
2NKHHN7X8DM339995
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Acterra S/A Contractor Dump
    	
 
    	
$
    	
77,104.55
    	
 
    	
2FZACGBS98AZ86294
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines,
    	
 
    	
IA
    	
 
    	
50320
    
	
Acterra S/A Contractor Dump
    	
 
    	
$
    	
77,104.55
    	
 
    	
2FZACGBS08AZ86295
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
Acterra S/A Contractor Dump
    	
 
    	
$
    	
77,104.55
    	
 
    	
2FZACGBS48AZ86297
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
99,715.75
    	
 
    	
2NKHHM7X8EM394281
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
99,715.75
    	
 
    	
2NKHHM7XXEM394282
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
99,715.75
    	
 
    	
2NKHHM7X1EM394283
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
$
    	
99,715.75
    	
 
    	
2NKHHM7X3EM394284
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Peterbilt 357 T/A DUMP
    	
 
    	
$
    	
28,581.93
    	
 
    	
1NPALU9X97N678383
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
$
    	
185,093.24
    	
 
    	
1NKDXPEX1EJ394068
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEX3EJ394069
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEXXEJ394070
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
$
    	
185,230.17
    	
 
    	
1NKDXPEX1EJ394071
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEX3EJ394072
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEX5EJ394073
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
$
    	
193,616.21
    	
 
    	
1NKDXPEX7EJ394074
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
$
    	
193,620.71
    	
 
    	
1NKDXPEX9EJ394075
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
$
    	
185,092.55
    	
 
    	
1NKDXPEX0EJ394076
    	
 
    	
4445 Stickney Avenue
    	
 
    	
Toledo
    	
 
    	
OH
    	
 
    	
43612
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEX2EJ394077
    	
 
    	
1613 Read Street
    	
 
    	
Omaha
    	
 
    	
NE
    	
 
    	
68112
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEX4EJ394078
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEX6EJ394079
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
AT9500 T/A F/B DRILL TRUCK
    	
 
    	
$
    	
80,999.06
    	
 
    	
2FWJA3CV26AV32759
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
AT9500 T/A F/B DRILL TRUCK
    	
 
    	
$
    	
83,721.86
    	
 
    	
2FWJA3CV17AY22055
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    

 

 

	
AT9500 T/A F/B DRILL TRUCK
    	
 
    	
$
    	
80,999.06
    	
 
    	
2FWJA3CV37AY19299
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
AT9500 T/A F/B DRILL TRUCK
    	
 
    	
$
    	
80,999.06
    	
 
    	
2FWJA3CV37AY22056
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
AT9500 T/A F/B DRILL TRUCK
    	
 
    	
$
    	
80,999.06
    	
 
    	
2FWJA3CV57AY24925
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
AT9500 T/A F/B DRILL TRUCK
    	
 
    	
$
    	
64,688.14
    	
 
    	
2FWJA3CG87AY40621
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
22,488.98
    	
 
    	
4KNFT2220DL161262
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
22,488.98
    	
 
    	
4KNFT2222DL161263
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
22,488.98
    	
 
    	
4KNFT2224DL161264
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
22,488.98
    	
 
    	
4KNFT2226DL161265
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
22,488.98
    	
 
    	
4KNFT2228DL161266
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
20,894.42
    	
 
    	
4KNFT2229DL161275
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
20,894.42
    	
 
    	
4KNFT2220DL161276
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
20,894.42
    	
 
    	
4KNFT2222DL161277
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
20,894.42
    	
 
    	
4KNFT2224DL161278
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
20,894.42
    	
 
    	
4KNFT2226DL161279
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
21,352.42
    	
 
    	
4KNFT2222DL161280
    	
 
    	
1613 Read Street
    	
 
    	
Omaha
    	
 
    	
NE
    	
 
    	
68112
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
21,199.42
    	
 
    	
4KNFT2224DL161281
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
21,352.42
    	
 
    	
4KNFT2226DL161282
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
21,352.42
    	
 
    	
4KNFT2228DL161283
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
21,484.42
    	
 
    	
4KNFT222XDL161284
    	
 
    	
4445 Stickney Avenue
    	
 
    	
Toledo
    	
 
    	
OH
    	
 
    	
43612
    
	
T-40 T/A Equipment Trailer
    	
 
    	
$
    	
22,794.75
    	
 
    	
4KNFT2325DL161272
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
T-40 T/A Equipment Trailer
    	
 
    	
$
    	
22,794.75
    	
 
    	
4KNFT2327DL161273
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
T-40 T/A Equipment Trailer
    	
 
    	
$
    	
22,794.75
    	
 
    	
4KNFT2329DL161274
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
T-40 T/A Equipment Trailer
    	
 
    	
$
    	
22,794.75
    	
 
    	
4KNFT2323DL161271
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
Lane LCV 0406 Line Tam
    	
 
    	
$
    	
35,744.57
    	
 
    	
1L9LC3023DG321027
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
22,428.98
    	
 
    	
4KNFT2222DL161389
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
$
    	
22,428.98
    	
 
    	
4KNFT2222DL161390
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-40 T/A Equipment Trailer
    	
 
    	
$
    	
21,871.77
    	
 
    	
4KNFT2324DL161151
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXJDE243725
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXVDE243727
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXLDE243746
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXCDE243752
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXCDE243886
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXVDE243890
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXEDE243894
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXCDE243900
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXJDE243904
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXADE243907
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXHDE243909
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXLDE243911
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,548.14
    	
 
    	
1T0310KXCDE243914
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXKDE243917
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,548.14
    	
 
    	
1T0310KXLDE243892
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXCDE244268
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXADE244278
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXLDE244282
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 259B3 Multi-Terrain Loader
    	
 
    	
$
    	
48,584.69
    	
 
    	
YYZ04366
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
CAT 259B3 Multi-Terrain Loader
    	
 
    	
$
    	
48,584.69
    	
 
    	
YYZ04367
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
CAT 259B3 Multi-Terrain Loader
    	
 
    	
$
    	
49,100.33
    	
 
    	
YYZ04371
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 279C Multi-Terrain Loader
    	
 
    	
$
    	
65,010.64
    	
 
    	
KWB00771
    	
 
    	
2067 County Road 61
    	
 
    	
Carlton
    	
 
    	
MN
    	
 
    	
55718
    
	
CAT 279C Multi-Terrain Loader
    	
 
    	
$
    	
65,010.64
    	
 
    	
KWB00772
    	
 
    	
2067 County Road 61
    	
 
    	
Carlton
    	
 
    	
MN
    	
 
    	
55718
    
	
CAT 279C2HF Multi-Terrain Loader
    	
 
    	
$
    	
65,010.64
    	
 
    	
KWB00637
    	
 
    	
2067 County Road 61
    	
 
    	
Carlton
    	
 
    	
MN
    	
 
    	
55718
    

 

 

	
CAT 236B3
    	
 
    	
$
    	
35,966.08
    	
 
    	
A9H03550
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 236B3
    	
 
    	
$
    	
35,966.08
    	
 
    	
A9H03551
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 236B3
    	
 
    	
$
    	
35,592.79
    	
 
    	
0A9H03568
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 236B3
    	
 
    	
$
    	
35,592.79
    	
 
    	
0A9H03569
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 236B3
    	
 
    	
$
    	
35,592.79
    	
 
    	
0A9H03570
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 236B3
    	
 
    	
$
    	
35,592.79
    	
 
    	
0A9H03571
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 236B3
    	
 
    	
$
    	
35,592.79
    	
 
    	
0A9H03572
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
0RKY01491
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
0RKY01494
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
0RKY01501
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
0RKY01502
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EPRKY01479
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EPRKY01482
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EARKY01490
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EJRKY01498
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EVRKY01567
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035ECRKY01633
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EVRKY01634
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035ECRKY01650
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EVRKY01651
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Vermeer RTX1250 Trench
    	
 
    	
$
    	
116,628.21
    	
 
    	
1V2R6110R2D1001405
    	
 
    	
110 Turner Parkway
    	
 
    	
Camdenton
    	
 
    	
MO
    	
 
    	
65020
    
	
Vermeer D24x40II Series
    	
 
    	
$
    	
233,943.56
    	
 
    	
1VRZ1903XD1002244
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
Vermeer 36x50 Series 2
    	
 
    	
$
    	
357,947.83
    	
 
    	
1VR4230D6D1002108
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines, IA
    	
 
    	
IA
    	
 
    	
50320
    
	
Vermeer D24x40II Series 2
    	
 
    	
$
    	
218,739.61
    	
 
    	
1VRZ19031D1002293
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Vermeer D24x40II Series 2
    	
 
    	
$
    	
259,521.92
    	
 
    	
1VRZ19032D1002335
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Pacific Tek PV800DHO
    	
 
    	
$
    	
49,688.75
    	
 
    	
3140201/4S9BU1427DL228215
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Pacific Tek PV800DHO
    	
 
    	
$
    	
49,688.75
    	
 
    	
3140202/4S9BU1425DL228214
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Pacific Tek PV500DHO (110416)
    	
 
    	
$
    	
39,725.00
    	
 
    	
3152201
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
Pacific Tek PV500DHO(110417)
    	
 
    	
$
    	
42,590.00
    	
 
    	
3152202
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
McLaughlin V500LEHD (110418)
    	
 
    	
$
    	
43,029.38
    	
 
    	
S5H032013551
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
McLaughlin V500LEHD (110419)
    	
 
    	
$
    	
43,029.38
    	
 
    	
S5H032013552
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Pacific Tek PV800DHO
    	
 
    	
$
    	
49,688.75
    	
 
    	
3140203/4S9BU1429DL228216
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Pacific Tek PV800DHO
    	
 
    	
$
    	
49,688.75
    	
 
    	
3140204/4S9BU1429DL228217
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
McLaughlin V800LEHD
    	
 
    	
$
    	
54,077.63
    	
 
    	
V8H072712979
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
McLaughlin V800LEHD
    	
 
    	
$
    	
56,072.00
    	
 
    	
V8H040513580
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
McLaughlin V800LEHD
    	
 
    	
$
    	
56,008.50
    	
 
    	
V8H040813585
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
McLaughlin V800LEHD
    	
 
    	
$
    	
56,008.50
    	
 
    	
V8H040813586
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Baker Frac Tank w/Wacker
    	
 
    	
$
    	
24,483.35
    	
 
    	
F277 / 20137613
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    

 

 

	
Date:   September 20, 2013
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
PNC   EQUIPMENT FINANCE, LLC
    	
 
    	
STELLARIS   LLC
    
	
Lender
    	
 
    	
Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:   
    	
/s/Cheree   F. Kurela
    	
 
    	
By:   
    	
/s/Alfons   Theeuwes
    
	
Name:   
    	
Cheree   F. Kurela
    	
 
    	
Name:   
    	
Alfons   Theeuwes
    
	
Title:   
    	
Vice   President
    	
 
    	
Title:   
    	
CFO
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Q3   CONTRACTING, INC.
    
	
 
    	
 
    	
Borrower
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/Tom   Henkels
    
	
 
    	
 
    	
Name:   
    	
Tom   Henkels
    
	
 
    	
 
    	
Title:   
    	
CFO
    

 

 

PNC EQUIPMENT FINANCE, LLC

 

PROMISSORY NOTE NO. 177362000

 

	
$15,573,402.04
    	
September 20,   2013
    

 

For value received, the receipt and sufficiency of which are hereby acknowledged, STELLARIS LLC and Q3 CONTRACTING, INC. (together with its successors and assigns, hereinafter individually and collectively, “Borrower”), hereby promises to pay to the order of PNC EQUIPMENT FINANCE, LLC (together with its successors and assigns, “Lender”), FIFTEEN MILLION FIVE HUNDRED SEVENTY THREE THOUSAND FOUR HUNDRED TWO AND 4/100 DOLLARS ($15,573,402.04), or, if less, the aggregate unpaid principal amount of the advances then having been made under the Agreement (as hereinafter defined), together with interest on the unpaid balance of such amount from the date of this Promissory Note at the Loan Rate or, under the circumstances contemplated by the Agreement, at the Default Rate.  Interest shall be computed on the basis of a 30 day month/360 day year.

 

This Promissory Note is one of the Promissory Notes issued under the Loan and Security Agreement dated as of September 20, 2013, between Borrower and Lender (said agreement, as the same shall be amended, restated or supplemented from time to time, being herein called the “Agreement”), to which reference is made for a statement of all of the terms and conditions of the Loan evidenced hereby.  Capitalized terms not defined in this Promissory Note shall have the respective meanings assigned to them in the Agreement.  This Promissory Note is secured by the Agreement, the other Loan Documents and the Collateral, and is entitled to the benefit of the rights and security provided thereby.

 

Principal and interest due hereunder shall be payable as follows:

 

(a)  Sixty (60) consecutive monthly installments of principal and interest, each in the amount of $274,878.71; payable, in arrears on the 20th day of each calendar month during the term hereof, commencing October 20, 2013 (each a “Payment Date”).

 

(b)  If any payment due hereunder is not received within ten (10) days of its due date, Borrower shall pay a late charge equal to five (5%) percent of the amount in arrears.

 

“Loan Rate” shall mean two point twenty eight (2.28%) percent per annum.

 

All payments shall be made to such account or address as Lender shall specify from time to time in writing. Unless payable earlier as provided in the Agreement, the outstanding principal and interest under this Promissory Note shall be immediately due and payable on September 20, 2018 (the “Stated Maturity Date”).  This Promissory Note may not be prepaid except as and to the extent provided in the Agreement.

 

To the fullest extent permitted by Applicable Law, Borrower waives:  (a) presentment, demand and protest, and notice of presentment, dishonor, intent to accelerate, acceleration, protest, default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all of the Obligations, this Promissory Note or the other Loan Documents; (b) all rights to notice and a hearing prior to Lender’s taking possession or control of, or to Lender’s replevy, attachment or levy upon, the Collateral or any bond or security that might be required by any court prior to allowing Lender to exercise any of its remedies; and (c) the benefit of all valuation, appraisal and exemption laws.

 

Borrower acknowledges that this Promissory Note is executed as part of a commercial transaction and that the proceeds of this Promissory Note will not be used for any personal or consumer purpose.

 

In the event of the declaration by Lender of a Default under the Agreement, then this Promissory Note shall be in default and the balance of the principal sum then due hereunder, together with all accrued interest thereon, immediately shall become due and payable without further notice, such further notice being expressly waived, and Borrower shall be liable to the holder hereof for reasonable attorneys’ fees and costs of suit.

 

 

The remedies of Lender as provided herein and in the Agreement shall be cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of Lender, and may be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof.

 

It is the intention of the parties hereto to comply with the applicable usury laws.  Accordingly, it is agreed that, notwithstanding any provisions to the contrary in this Promissory Note or the Agreement, in no event shall this Promissory Note or the Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by Applicable Law.  If any such excess interest is contracted for, charged or received under this Promissory Note or the Agreement, or in the event that all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Promissory Note or the Agreement on the principal balance shall exceed the maximum amount of interest permitted by Applicable Law, then in such event:  (a) the provisions of this paragraph shall govern and control, (b) neither Borrower nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by Applicable Law, (c) any such excess which may have been collected shall either be applied as a credit against the then unpaid principal balance or refunded to Borrower, at the option of Lender, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under Applicable Law as now or hereafter construed by the courts having jurisdiction thereof.  It is further agreed that, without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Promissory Note or the Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful contract rate, shall be made, to the extent permitted by Applicable Law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the Indebtedness evidenced hereby, all interest at any time contracted for, charged or received from Borrower or otherwise by Lender in connection with such Obligations; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it becomes lawful for Lender to receive a greater interest per annum rate than is presently allowed by law, Borrower agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to the maximum interest rate per annum allowed by the amended state law or the law of the United States of America (but not in excess of the Loan Rate (or, if applicable, the Default Rate) [or the Adjusted Rate] provided for herein).

 

BORROWER HEREBY WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH BORROWER AND LENDER MAY BE PARTIES ARISING OUT OF OR IN ANY WAY PERTAINING TO THIS PROMISSORY NOTE.  BORROWER AUTHORIZES LENDER TO FILE THIS PROVISION WITH THE CLERK OR JUDGE OF ANY COURT HEARING SUCH CLAIM.  THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY BORROWER AND BORROWER HEREBY ACKNOWLEDGES THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT.  BORROWER FURTHER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS PROMISSORY NOTE AND IN THE MAKING OF THIS WAIVER BY LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

 

BORROWER AGREES THAT THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH STATE (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW)), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.  Venue for any action hereunder or related hereto shall be in any state or Federal court of competent jurisdiction in the State of New York, and Borrower submits to the jurisdiction of such courts.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

2

 

IN WITNESS WHEREOF, this Promissory Note has been duly executed as of the date first written above.

 

 

	
 
    	
STELLARIS   LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/Alfons   Theeuwes
    
	
 
    	
Name:   
    	
Alfons   Theeuwes
    
	
 
    	
Title:   
    	
CFO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Q3   CONTRACTING, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/Tom   Henkels
    
	
 
    	
Name:   
    	
Tom   Henkels
    
	
 
    	
Title:   
    	
CFO
    

 

3

 

PNC EQUIPMENT FINANCE, LLC

COLLATERAL SCHEDULE NO. 177362000

 

THIS COLLATERAL SCHEDULE NO. 177362000 is executed pursuant to and made a part of that certain Loan and Security Agreement dated as of September 20, 2013 (the “Agreement”), between PNC Equipment Finance, LLC, as Lender, and STELLARIS LLC and Q3 CONTRACTING, INC. (hereinafter individually and collectively, as Borrower), and describes collateral in which Borrower has granted Lender a security interest in connection with the Obligations (as defined in the Agreement) including without limitation that certain Promissory Note No. 177362000 dated September 20, 2013 in the original principal amount of $15,573,402.04

 

	
DESCRIPTION
    	
 
    	
LOCATION
    
	
 
    	
 
    	
 
    	
COST
    	
 
    	
SERIAL #
    	
 
    	
STREET ADDRESS
    	
 
    	
CITY
    	
 
    	
STATE
    	
 
    	
ZIP CODE
    
	
F350 4x2 Reg Cab Fitting
    	
 
    	
 
    	
$
    	
45,349.14
    	
 
    	
1FDRF3G68DEA20261
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines,
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 Reg Cab Fitting
    	
 
    	
 
    	
$
    	
42,063.11
    	
 
    	
1FDRF3G61DEA20263
    	
 
    	
1613 Read Street
    	
 
    	
Omaha
    	
 
    	
NE
    	
 
    	
68112
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GYXDEA81117
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GY1DEA81118
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GY3DEA81119
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GYXDEA81120
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GY1DEA81121
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
 
    	
$
    	
48,382.75
    	
 
    	
1FDUF5GY3DEA81122
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
 
    	
$
    	
48,382.75
    	
 
    	
1FDUF5GY5DEA81123
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GY9DEA87121
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GY0DEA87122
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
 
    	
$
    	
47,092.75
    	
 
    	
1FDUF5GY2DEA87123
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 RegCb Contractor Dump
    	
 
    	
 
    	
$
    	
44,671.15
    	
 
    	
1FDUF5GY4DEA87124
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Ext Cab Service Body
    	
 
    	
 
    	
$
    	
31,538.71
    	
 
    	
1FD8X3E60DEA87139
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F550 4x2 Reg Cab 11’ F/B
    	
 
    	
 
    	
$
    	
44,608.45
    	
 
    	
1FDUF5GY6DEA87125
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 Reg Cab 11’ F/B
    	
 
    	
 
    	
$
    	
44,608.45
    	
 
    	
1FDUF5GY8DEA87126
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 Reg Cab 11’ F/B
    	
 
    	
 
    	
$
    	
44,683.45
    	
 
    	
1FDUF5GYXDEA87127
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 Reg Cab 11’ F/B
    	
 
    	
 
    	
$
    	
44,608.45
    	
 
    	
1FDUF5GY1DEA87128
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 Reg Cab 11’ F/B
    	
 
    	
 
    	
$
    	
44,608.45
    	
 
    	
1FDUF5GY3DEA87129
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F550 4x2 Reg Cab 11’ F/B
    	
 
    	
 
    	
$
    	
44,608.45
    	
 
    	
1FDUF5GY7DEA99784
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
 
    	
$
    	
42,421.82
    	
 
    	
1FT7X3A67DEA54662
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
 
    	
$
    	
41,965.04
    	
 
    	
1FT8X3A68CED16451
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
 
    	
$
    	
42,448.11
    	
 
    	
1FT8X3A63CEC23644
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
 
    	
$
    	
41,992.33
    	
 
    	
1FT8X3A65CEC64955
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
 
    	
$
    	
41,422.36
    	
 
    	
1FT8X3A66CEC85152
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
 
    	
$
    	
41,710.58
    	
 
    	
1FT8X3A6XCEA90915
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
43,826.00
    	
 
    	
1FDRF3G63DEA18398
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 S.Cab W/Open Body-60”
    	
 
    	
 
    	
$
    	
42,553.77
    	
 
    	
1FD7X3E63CED13135
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G67DEB10159
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    

 

 

	
 
    	
 
    	
 
    	
COST
    	
 
    	
SERIAL #
    	
 
    	
STREET ADDRESS
    	
 
    	
CITY
    	
 
    	
STATE
    	
 
    	
ZIP CODE
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G63DEB10160
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G65DEB10161
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G67DEB10162
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G69DEB10163
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G60DEB10164
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G62DEB10165
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G64DEB10166
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G66DEB10167
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G68DEB10168
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G6XDEB10169
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G66DEB10170
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G68DEB10171
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
42,788.61
    	
 
    	
1FDRF3G6XDEB10172
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G65DEB20401
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,538.61
    	
 
    	
1FDRF3G63DEB20395
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,538.61
    	
 
    	
1FDRF3G65DEB20396
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
 
    	
$
    	
42,992.32
    	
 
    	
1FT8X3A62DEB23536
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
 
    	
$
    	
43,142.32
    	
 
    	
1FT8X3A64DEB23537
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 S.Cab W/Open Body-56”
    	
 
    	
 
    	
$
    	
42,554.75
    	
 
    	
1FT8X3A6XDEB34266
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,538.61
    	
 
    	
1FDRF3G61DEB20394
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G63DEB20400
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,188.61
    	
 
    	
1FDRF3G69DEB20403
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
F350 4x2 Reg Cab Fitting Body
    	
 
    	
 
    	
$
    	
41,538.61
    	
 
    	
1FDRF3G60DEB20404
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
L8501 S/A F/B Drill Trk-450011
    	
 
    	
 
    	
$
    	
28,601.27
    	
 
    	
2FZAAVDC67AZ14175
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
98,824.40
    	
 
    	
2NKHHM6X8EM385842
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
98,824.40
    	
 
    	
2NKHHM6XXEM385843
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
 
    	
$
    	
102,166.75
    	
 
    	
2NKHHM6X1EM392728
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
 
    	
$
    	
102,166.75
    	
 
    	
2NKHHM6X3EM392729
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
 
    	
$
    	
102,166.75
    	
 
    	
2NKHHM6XXEM392730
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
 
    	
$
    	
102,166.75
    	
 
    	
2NKHHM6X1EM392731
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    

 

 

	
 
    	
 
    	
 
    	
COST
    	
 
    	
SERIAL #
    	
 
    	
STREET ADDRESS
    	
 
    	
CITY
    	
 
    	
STATE
    	
 
    	
ZIP CODE
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
 
    	
$
    	
94,905.35
    	
 
    	
2NKHHM6X3EM392732
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
 
    	
$
    	
91,680.80
    	
 
    	
2NKHHM6X2EM392733
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
 
    	
$
    	
95,009.00
    	
 
    	
2NKHHM6X7EM392734
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
 
    	
$
    	
95,009.00
    	
 
    	
2NKHHM6X9EM392735
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
T270 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
94,082.57
    	
 
    	
2NKHHM6X0EM392736
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
T270 S/A Reg Cab 18’ Saw Truck
    	
 
    	
 
    	
$
    	
95,113.85
    	
 
    	
2NKHHM6X4EM392738
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 S/A W/Serv Body-Concrete
    	
 
    	
 
    	
$
    	
110,655.75
    	
 
    	
2NKHHM6X6EM392739
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
T270 S/A W/Serv Body-Concrete
    	
 
    	
 
    	
$
    	
110,530.75
    	
 
    	
2NKHHM6X2EM392740
    	
 
    	
1613 Read Street
    	
 
    	
Omaha
    	
 
    	
NE
    	
 
    	
68112
    
	
T270 S/A W/Serv Body-Concrete
    	
 
    	
 
    	
$
    	
110,030.75
    	
 
    	
2NKHHM6X4EM392741
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A W/Serv Body-Concrete
    	
 
    	
 
    	
$
    	
110,655.75
    	
 
    	
2NKHHM6X6EM392742
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
 
    	
$
    	
99,316.67
    	
 
    	
2NKHHM6XXEM392744
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
 
    	
$
    	
99,316.67
    	
 
    	
2NKHHM6X1EM392745
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
 
    	
$
    	
99,316.67
    	
 
    	
2NKHHM6X3EM392746
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
 
    	
$
    	
99,337.25
    	
 
    	
2NKHHM6X5EM392747
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
 
    	
$
    	
99,337.25
    	
 
    	
2NKHHM6X7EM392748
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
 
    	
$
    	
99,316.67
    	
 
    	
2NKHHM6X9EM392749
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
 
    	
$
    	
99,337.25
    	
 
    	
2NKHHM6X5EM392750
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 S/A Reg Cab W/Service Bdy
    	
 
    	
 
    	
$
    	
99,337.25
    	
 
    	
2NKHHM6X9EM394288
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
 
    	
$
    	
102,166.75
    	
 
    	
2NKHHM6X3EM394285
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T270 Reg Cab 16’ F/B Barricade
    	
 
    	
 
    	
$
    	
102,166.75
    	
 
    	
2NKHHM6X5EM394286
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
99,728.20
    	
 
    	
2NKHHN7X0DM340249
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
110,224.22
    	
 
    	
2NKHHN7X1DM340213
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
108,342.64
    	
 
    	
2NKHHN7X9DM341237
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
108,342.64
    	
 
    	
2NKHHN7X0DM341238
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
103,805.05
    	
 
    	
2NKHHM7XXDM352614
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
107,282.68
    	
 
    	
2NKHHN7X4DM352629
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
99,864.58
    	
 
    	
2NKHHM7X6DM365506
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
98,951.60
    	
 
    	
2NKHHM7X0EM392783
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    

 

 

	
 
    	
 
    	
 
    	
COST
    	
 
    	
SERIAL #
    	
 
    	
STREET ADDRESS
    	
 
    	
CITY
    	
 
    	
STATE
    	
 
    	
ZIP CODE
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7X2EM392784
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7X4EM392785
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
93,855.72
    	
 
    	
2NKHHM7X6EM392786
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
94,230.72
    	
 
    	
2NKHHM7X8EM392787
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7XXEM392788
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7X1EM392789
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
95,325.38
    	
 
    	
2NKHHM7X8EM392790
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
93,855.72
    	
 
    	
2NKHHM7XXEM392791
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
94,480.72
    	
 
    	
2NKHHM7X1EM392792
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7X3EM392793
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7X5EM392794
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
100,401.60
    	
 
    	
2NKHHM7X7EM392795
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
94,700.38
    	
 
    	
2NKHHM7X9EM392796
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A F/B Drill Trk-450
    	
 
    	
 
    	
$
    	
103,191.23
    	
 
    	
2NKHHN7X9DM339990
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A F/B Drill Trk-450
    	
 
    	
 
    	
$
    	
103,191.23
    	
 
    	
2NKHHN7X0DM339991
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A F/B Drill Trk-450047
    	
 
    	
 
    	
$
    	
97,370.15
    	
 
    	
2NKHHN7X2DM339992
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A F/B Drill Trk-450048
    	
 
    	
 
    	
$
    	
103,191.23
    	
 
    	
2NKHHN7X4DM339993
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A F/B Drill Trk-450049
    	
 
    	
 
    	
$
    	
102,206.53
    	
 
    	
2NKHHN7X6DM339994
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A F/B Drill Trk-450050
    	
 
    	
 
    	
$
    	
102,206.53
    	
 
    	
2NKHHN7X8DM339995
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Acterra S/A Contractor Dump
    	
 
    	
 
    	
$
    	
77,104.55
    	
 
    	
2FZACGBS98AZ86294
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines,
    	
 
    	
IA
    	
 
    	
50320
    
	
Acterra S/A Contractor Dump
    	
 
    	
 
    	
$
    	
77,104.55
    	
 
    	
2FZACGBS08AZ86295
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
Acterra S/A Contractor Dump
    	
 
    	
 
    	
$
    	
77,104.55
    	
 
    	
2FZACGBS48AZ86297
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
99,715.75
    	
 
    	
2NKHHM7X8EM394281
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
99,715.75
    	
 
    	
2NKHHM7XXEM394282
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
99,715.75
    	
 
    	
2NKHHM7X1EM394283
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T370 S/A Contractor Dump
    	
 
    	
 
    	
$
    	
99,715.75
    	
 
    	
2NKHHM7X3EM394284
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Peterbilt 357 T/A DUMP
    	
 
    	
 
    	
$
    	
28,581.93
    	
 
    	
1NPALU9X97N678383
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
 
    	
$
    	
185,093.24
    	
 
    	
1NKDXPEX1EJ394068
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEX3EJ394069
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    

 

 

	
 
    	
 
    	
 
    	
COST
    	
 
    	
SERIAL #
    	
 
    	
STREET ADDRESS
    	
 
    	
CITY
    	
 
    	
STATE
    	
 
    	
ZIP CODE
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEXXEJ394070
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
 
    	
$
    	
185,230.17
    	
 
    	
1NKDXPEX1EJ394071
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEX3EJ394072
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEX5EJ394073
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
 
    	
$
    	
193,616.21
    	
 
    	
1NKDXPEX7EJ394074
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
 
    	
$
    	
193,620.71
    	
 
    	
1NKDXPEX9EJ394075
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
 
    	
$
    	
185,092.55
    	
 
    	
1NKDXPEX0EJ394076
    	
 
    	
4445 Stickney Avenue
    	
 
    	
Toledo
    	
 
    	
OH
    	
 
    	
43612
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEX2EJ394077
    	
 
    	
1613 Read Street
    	
 
    	
Omaha
    	
 
    	
NE
    	
 
    	
68112
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEX4EJ394078
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Kenworth T800 Tri/A Dump
    	
 
    	
 
    	
$
    	
184,730.17
    	
 
    	
1NKDXPEX6EJ394079
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
AT9500 T/A F/B DRILL TRUCK
    	
 
    	
 
    	
$
    	
80,999.06
    	
 
    	
2FWJA3CV26AV32759
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
AT9500 T/A F/B DRILL TRUCK
    	
 
    	
 
    	
$
    	
83,721.86
    	
 
    	
2FWJA3CV17AY22055
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
AT9500 T/A F/B DRILL TRUCK
    	
 
    	
 
    	
$
    	
80,999.06
    	
 
    	
2FWJA3CV37AY19299
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
AT9500 T/A F/B DRILL TRUCK
    	
 
    	
 
    	
$
    	
80,999.06
    	
 
    	
2FWJA3CV37AY22056
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
AT9500 T/A F/B DRILL TRUCK
    	
 
    	
 
    	
$
    	
80,999.06
    	
 
    	
2FWJA3CV57AY24925
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
AT9500 T/A F/B DRILL TRUCK
    	
 
    	
 
    	
$
    	
64,688.14
    	
 
    	
2FWJA3CG87AY40621
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
22,488.98
    	
 
    	
4KNFT2220DL161262
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
22,488.98
    	
 
    	
4KNFT2222DL161263
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
22,488.98
    	
 
    	
4KNFT2224DL161264
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
22,488.98
    	
 
    	
4KNFT2226DL161265
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
22,488.98
    	
 
    	
4KNFT2228DL161266
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
20,894.42
    	
 
    	
4KNFT2229DL161275
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
20,894.42
    	
 
    	
4KNFT2220DL161276
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
20,894.42
    	
 
    	
4KNFT2222DL161277
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
20,894.42
    	
 
    	
4KNFT2224DL161278
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
20,894.42
    	
 
    	
4KNFT2226DL161279
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
21,352.42
    	
 
    	
4KNFT2222DL161280
    	
 
    	
1613 Read Street
    	
 
    	
Omaha
    	
 
    	
NE
    	
 
    	
68112
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
21,199.42
    	
 
    	
4KNFT2224DL161281
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
21,352.42
    	
 
    	
4KNFT2226DL161282
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    

 

 

	
 
    	
 
    	
 
    	
COST
    	
 
    	
SERIAL #
    	
 
    	
STREET ADDRESS
    	
 
    	
CITY
    	
 
    	
STATE
    	
 
    	
ZIP CODE
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
21,352.42
    	
 
    	
4KNFT2228DL161283
    	
 
    	
633 Cecelia Drive
    	
 
    	
Pewaukee
    	
 
    	
WI
    	
 
    	
53072
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
21,484.42
    	
 
    	
4KNFT222XDL161284
    	
 
    	
4445 Stickney Avenue
    	
 
    	
Toledo
    	
 
    	
OH
    	
 
    	
43612
    
	
T-40 T/A Equipment Trailer
    	
 
    	
 
    	
$
    	
22,794.75
    	
 
    	
4KNFT2325DL161272
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
T-40 T/A Equipment Trailer
    	
 
    	
 
    	
$
    	
22,794.75
    	
 
    	
4KNFT2327DL161273
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
T-40 T/A Equipment Trailer
    	
 
    	
 
    	
$
    	
22,794.75
    	
 
    	
4KNFT2329DL161274
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
T-40 T/A Equipment Trailer
    	
 
    	
 
    	
$
    	
22,794.75
    	
 
    	
4KNFT2323DL161271
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
Lane LCV 0406 Line Tam
    	
 
    	
 
    	
$
    	
35,744.57
    	
 
    	
1L9LC3023DG321027
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
22,428.98
    	
 
    	
4KNFT2222DL161389
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-20DD T/A Equipment Trlr-AR
    	
 
    	
 
    	
$
    	
22,428.98
    	
 
    	
4KNFT2222DL161390
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
T-40 T/A Equipment Trailer
    	
 
    	
 
    	
$
    	
21,871.77
    	
 
    	
4KNFT2324DL161151
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXJDE243725
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXVDE243727
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXLDE243746
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXCDE243752
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXCDE243886
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXVDE243890
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXEDE243894
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXCDE243900
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXJDE243904
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXADE243907
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXHDE243909
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXLDE243911
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,548.14
    	
 
    	
1T0310KXCDE243914
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXKDE243917
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,548.14
    	
 
    	
1T0310KXLDE243892
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXCDE244268
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXADE244278
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
John Deere 310K 2WD ROPS
    	
 
    	
 
    	
$
    	
65,319.47
    	
 
    	
1T0310KXLDE244282
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 259B3 Multi-Terrain Loader
    	
 
    	
 
    	
$
    	
48,584.69
    	
 
    	
YYZ04366
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    

 

 

	
 
    	
 
    	
 
    	
COST
    	
 
    	
SERIAL #
    	
 
    	
STREET ADDRESS
    	
 
    	
CITY
    	
 
    	
STATE
    	
 
    	
ZIP CODE
    
	
CAT 259B3 Multi-Terrain Loader
    	
 
    	
 
    	
$
    	
48,584.69
    	
 
    	
YYZ04367
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines
    	
 
    	
IA
    	
 
    	
50320
    
	
CAT 259B3 Multi-Terrain Loader
    	
 
    	
 
    	
$
    	
49,100.33
    	
 
    	
YYZ04371
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 279C Multi-Terrain Loader
    	
 
    	
 
    	
$
    	
65,010.64
    	
 
    	
KWB00771
    	
 
    	
2067 County Road 61
    	
 
    	
Carlton
    	
 
    	
MN
    	
 
    	
55718
    
	
CAT 279C Multi-Terrain Loader
    	
 
    	
 
    	
$
    	
65,010.64
    	
 
    	
KWB00772
    	
 
    	
2067 County Road 61
    	
 
    	
Carlton
    	
 
    	
MN
    	
 
    	
55718
    
	
CAT 279C2HF Multi-Terrain Loader
    	
 
    	
 
    	
$
    	
65,010.64
    	
 
    	
KWB00637
    	
 
    	
2067 County Road 61
    	
 
    	
Carlton
    	
 
    	
MN
    	
 
    	
55718
    
	
CAT 236B3
    	
 
    	
 
    	
$
    	
35,966.08
    	
 
    	
A9H03550
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 236B3
    	
 
    	
 
    	
$
    	
35,966.08
    	
 
    	
A9H03551
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 236B3
    	
 
    	
 
    	
$
    	
35,592.79
    	
 
    	
0A9H03568
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 236B3
    	
 
    	
 
    	
$
    	
35,592.79
    	
 
    	
0A9H03569
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 236B3
    	
 
    	
 
    	
$
    	
35,592.79
    	
 
    	
0A9H03570
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 236B3
    	
 
    	
 
    	
$
    	
35,592.79
    	
 
    	
0A9H03571
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 236B3
    	
 
    	
 
    	
$
    	
35,592.79
    	
 
    	
0A9H03572
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
0RKY01491
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
0RKY01494
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
0RKY01501
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
0RKY01502
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EPRKY01479
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EPRKY01482
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EARKY01490
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EJRKY01498
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EVRKY01567
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035ECRKY01633
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EVRKY01634
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035ECRKY01650
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
CAT 303.5E CR Mini-X
    	
 
    	
 
    	
$
    	
40,204.05
    	
 
    	
CAT3035EVRKY01651
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Vermeer RTX1250 Trench
    	
 
    	
 
    	
$
    	
116,628.21
    	
 
    	
1V2R6110R2D1001405
    	
 
    	
110 Turner Parkway
    	
 
    	
Camdenton
    	
 
    	
MO
    	
 
    	
65020
    
	
Vermeer D24x40II Series
    	
 
    	
 
    	
$
    	
233,943.56
    	
 
    	
1VRZ1903XD1002244
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
Vermeer 36x50 Series 2
    	
 
    	
 
    	
$
    	
357,947.83
    	
 
    	
1VR4230D6D1002108
    	
 
    	
2351 East County Line
    	
 
    	
Des Moines, IA
    	
 
    	
IA
    	
 
    	
50320
    
	
Vermeer D24x40II Series 2
    	
 
    	
 
    	
$
    	
218,739.61
    	
 
    	
1VRZ19031D1002293
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
Vermeer D24x40II Series 2
    	
 
    	
 
    	
$
    	
259,521.92
    	
 
    	
1VRZ19032D1002335
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    

 

 

	
 
    	
 
    	
 
    	
COST
    	
 
    	
SERIAL #
    	
 
    	
STREET ADDRESS
    	
 
    	
CITY
    	
 
    	
STATE
    	
 
    	
ZIP CODE
    
	
Pacific Tek PV800DHO
    	
 
    	
 
    	
$
    	
49,688.75
    	
 
    	
3140201/4S9BU1427DL228215
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Pacific Tek PV800DHO
    	
 
    	
 
    	
$
    	
49,688.75
    	
 
    	
3140202/4S9BU1425DL228214
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Pacific Tek PV500DHO (110416)
    	
 
    	
 
    	
$
    	
39,725.00
    	
 
    	
3152201
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada,
    	
 
    	
MN
    	
 
    	
55117
    
	
Pacific Tek PV500DHO(110417)
    	
 
    	
 
    	
$
    	
42,590.00
    	
 
    	
3152202
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
McLaughlin V500LEHD (110418)
    	
 
    	
 
    	
$
    	
43,029.38
    	
 
    	
S5H032013551
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
McLaughlin V500LEHD (110419)
    	
 
    	
 
    	
$
    	
43,029.38
    	
 
    	
S5H032013552
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Pacific Tek PV800DHO
    	
 
    	
 
    	
$
    	
49,688.75
    	
 
    	
3140203/4S9BU1429DL228216
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Pacific Tek PV800DHO
    	
 
    	
 
    	
$
    	
49,688.75
    	
 
    	
3140204/4S9BU1429DL228217
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
McLaughlin V800LEHD
    	
 
    	
 
    	
$
    	
54,077.63
    	
 
    	
V8H072712979
    	
 
    	
3066 Spruce Street
    	
 
    	
Little Canada
    	
 
    	
MN
    	
 
    	
55117
    
	
McLaughlin V800LEHD
    	
 
    	
 
    	
$
    	
56,072.00
    	
 
    	
V8H040513580
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
McLaughlin V800LEHD
    	
 
    	
 
    	
$
    	
56,008.50
    	
 
    	
V8H040813585
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
McLaughlin V800LEHD
    	
 
    	
 
    	
$
    	
56,008.50
    	
 
    	
V8H040813586
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022
    
	
Baker Frac Tank w/Wacker
    	
 
    	
 
    	
$
    	
24,483.35
    	
 
    	
F277 / 20137613
    	
 
    	
5300 Colorado Blvd
    	
 
    	
Commerce City
    	
 
    	
CO
    	
 
    	
80022

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]