Document:

Exhibit 10.2

 

SECURITY AND PLEDGE AGREEMENT

 

This SECURITY AND PLEDGE AGREEMENT
(this “Agreement”), is made as of August 16, 2018, by and among Super Crypto Mining, Inc., a Delaware corporation
(the “Company” or the “Debtor”), DPW Holdings, Inc., a Delaware corporation (“DPW”),
and each purchaser identified on the signature pages to that certain Securities Purchase Agreement by and among such purchasers
and DPW, dated as of August 16, 2018 (the “Purchase Agreement”) (each, including its successors and assigns,
a “Secured Party” and collectively, the “Secured Parties”). Capitalized terms not otherwise
defined herein shall have the meanings set forth in the Purchase Agreement and that certain Secured Promissory Note due February
15, 2019 (collectively, the “Note”) issued by DPW to each Secured Party as the payee of the Note.

 

W I T N E S E T H:

 

WHEREAS, pursuant to the Purchase
Agreement, the Secured Parties and the Holders (as defined in the Note), have extended the loans to DPW evidenced by the Note;
and

  

WHEREAS, as an inducement to the
Secured Parties who have extended their respective loans evidenced by the Note, DPW and the Debtor have agreed to execute and deliver
to the Agent, as defined on Schedule A, as the agent of the Secured Parties under this Agreement and to grant the Secured
Parties a security interest in certain property of DPW and the Debtor to secure the prompt payment, performance and discharge in
full of all of the DPW’s obligations under the Note due to the Secured Parties, and under the Purchase Agreement.

 

NOW, THEREFORE, in consideration
of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

 

1.     Certain
Definitions. As used in this Agreement, the following terms shall have the meanings set forth in this Section 1.  Terms
used but not otherwise defined in this Agreement that are defined in Article 9 of the UCC shall have the respective meanings given
such terms in Article 9 of the UCC.

 

(a)       “Collateral”
means the collateral in which the Secured Parties are granted a security interest by this Agreement and which shall comprise the
following personal property of the Debtor, whether presently owned or existing or hereafter acquired or coming into existence,
wherever situated, and all additions and accessions thereto and all substitutions and replacements thereof, and all proceeds thereof,
including, without limitation, all proceeds from the sale or transfer of the Collateral, and all dividends, interest, cash, notes,
securities, equity interest or other property at any time and from time to time acquired, receivable or otherwise distributed in
respect of, or in exchange for, any or all of the Pledged Securities (as defined below):

 

		(i)	the Pledged Securities;

 

(ii)     All
investment property, contract rights and other general intangibles relating to all partnership interests, membership interests,
stock or other securities, rights under any of the Organizational Documents and agreements related to the Pledged Securities;

 

(iii)    All
files and records related to the Pledged Securities; and

 

(iv)    the
proceeds of all of the foregoing Collateral set forth in clauses (i)-(ii) above.

 

The foregoing, the “Collateral”
shall include all investment property and any other shares of capital stock and/or other equity interests of the Debtor obtained
in the future including by way of stock dividend or stock split, and, in each case, all certificates representing such shares and/or
equity interests and, in each case, all rights, options, warrants, stock, other securities and/or equity interests that may hereafter
be received, receivable or distributed in respect of, or exchanged for, any of the foregoing and all rights arising under or in
connection with the Pledged Securities, including, but not limited to, all dividends, interest and cash.

 

    	 	 	 

    	 

    

 

Notwithstanding the foregoing, nothing
herein shall be deemed to constitute an assignment of any asset which, in the event of an assignment, becomes void by operation
of applicable law or contract or the assignment of which is otherwise prohibited by applicable law or contract; provided, however,
that, to the extent permitted by applicable law or contract, this Agreement shall create a valid security interest in such asset
and, to the extent permitted by applicable law or contract, this Agreement shall create a valid security interest in the proceeds
of such asset.

 

(b)      “Majority-in-Interest”
means, at any time of determination, the majority-in-interest (based on then-outstanding principal amounts of Note at the time
of such determination) of the Secured Parties.

 

(c)       “Necessary
Endorsement” means undated stock powers endorsed in blank or other proper instruments of assignment duly executed and
such other instruments or documents as the Agent (as that term is defined below) may reasonably request.

 

(d)       “Obligations”
means all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or to become
due, or that are now or may be hereafter contracted or acquired, or owing to, of the Debtor to the Secured Parties comprising all
obligations under this Agreement and the Note, in each case, whether now or hereafter existing, voluntary or involuntary, direct
or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from
time to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations or
liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from any
of the Secured Parties as a preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented, extended
or modified from time to time.  Without limiting the generality of the foregoing, the term “Obligations”
shall include, without limitation: (i) principal of, and interest on the Note and the loans extended pursuant thereto; (ii)
any and all other fees, indemnities, costs, obligations and liabilities of the Debtor from time to time under or in connection
with this Agreement and the Note; and (iii) all amounts (including but not limited to post-petition interest) in respect of the
foregoing that would be payable but for the fact that the obligations to pay such amounts are unenforceable or not allowable due
to the existence of a bankruptcy, reorganization or similar proceeding involving the Debtor.

 

(e)       “Organizational
Documents” means, with respect to the Debtor, the documents by which the Debtor was organized (such as articles of incorporation,
certificate of incorporation, certificate of limited partnership or articles of organization, and including, without limitation,
any certificates of designation for preferred stock or other forms of preferred equity) and which relate to the internal governance
of the Debtor (such as bylaws, a partnership agreement or an operating, limited liability or members agreement, or a shareholders
agreement).

 

(f)       “Permitted
Liens” means the following:

 

(i)       Liens
imposed by law for taxes that are not yet due or are being contested in good faith, which in each case, have been appropriately
reserved for;

 

(ii)     Carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in
the ordinary course of business and securing obligations that are not overdue by more than thirty (30) days or are being contested
in good faith;

 

(iii)    Pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations;

 

(iv)    Deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and
other obligations of a like nature, in each case in the ordinary course of business;

 

(v)     Liens
under this Agreement;

 

(vi)    Rights and claims under any applicable
law; and

 

(vii)   Any
other liens in favor of the Secured Parties.

 

    	 	2	 

    	 

    

 

(g)       “Pledged
Interests” shall have the meaning ascribed to such term in Section 4(j).

 

(h)       “Pledged
Securities” shall have the meaning ascribed to such term in Section 4(i).

 

(i)        “Required
Holders” has the meaning contained in Section 5(c).

 

(j)        “UCC”
means the Uniform Commercial Code of the State of New York and any other applicable law of any state or states that has jurisdiction
with respect to all, or any portion of, the Collateral or this Agreement, from time to time.  

 

2.     Grant
of Security Interest in Collateral. As an inducement for the Secured Parties to have extended their respective loans as evidenced
by the Note and to secure the complete and timely payment, performance and discharge in full, as the case may be, of all of the
Obligations, the Debtor, subject to the limitations set forth in the Disclosure Schedules, hereby pledges, grants, and hypothecates
to the Secured Parties effective as of the Effective Date (herein defined), a perfected, first priority security interest in and
to, a lien upon and a right of set-off against all of their respective right, title and interest of whatsoever kind and nature
in and to, the Collateral (a “Security Interest” and, collectively, the “Security Interests”).
The “Effective Date” shall mean the date and time on which DPW has satisfied or otherwise defeased any of and
all of the existing obligations due: (i) October 16, 2018 in the initial amount of $1,722,222.22 and evidenced by that certain
Secured Convertible Promissory Note with an issue date of April 16, 2018, (ii) November 18, 2018, in the initial amount of $6,000,000
and evidenced by that certain Senior Secured Convertible Promissory Note with an issue date of May 15, 2018, and (iii) January
1, 2019, in the initial amount of $1,000,000 and evidenced by that certain Senior Secured Convertible Promissory Note with an issue
date of July 2, 2018.

 

3.     Delivery
of Certain Collateral.  Commencing on the earlier of January 1, 2019, and the applicable Effective Date, DPW shall,
to the extent feasible and permissible, use its commercially reasonable efforts to deliver or cause to be delivered to the Agent
on behalf of the Secured Parties any and all certificates and other instruments representing or evidencing the Pledged Securities,
together with all Necessary Endorsements. In the event that the Debtor acquires additional securities after the date hereof, DPW
shall, to the extent feasible and permissible, use its commercially reasonable efforts to deliver or cause to be delivered to the
Agent on behalf of the Secured Parties any and all such certificates and other instruments representing or evidencing the additional
Pledged Securities, together with all Necessary Endorsements by the later of: (a) the Effective Date; and (b) the fifth (5th)
day after any such security was acquired by the Debtor. Prior to the Effective Date, the Debtor will make available to the
Secured Parties, a true and correct copy of each Organizational Document governing any of the Pledged Securities.

 

4.     Representations,
Warranties, Covenants and Agreements of the Debtor. Except as set forth under the corresponding Section of the disclosure
schedules to be delivered to the Secured Parties prior to the Effective Date (the “Disclosure Schedules”), which
Disclosure Schedules shall be deemed a part hereof, the Debtor represents and warrants to, and covenants and agrees with, the Secured
Parties as follows:

 

(a)       The
Debtor has the requisite corporate power and authority to enter into this Agreement and otherwise to carry out its obligations
hereunder. The execution, delivery and performance by the Debtor of this Agreement and the filings contemplated therein have been
duly authorized by all necessary action on the part of the Debtor and no further action is required by the Debtor.  This
Agreement has been duly executed by the Debtor.  This Agreement constitutes the legal, valid and binding obligation of
the Debtor, enforceable against the Debtor in accordance with its terms except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization and similar laws of general application relating to or affecting the rights and remedies
of creditors and by general principles of equity.

 

(b)       The
Debtor has no place of business or offices where its books of account and records are kept (other than temporarily at the offices
of its attorneys or accountants) or places where Collateral is stored or located, except as set forth on Schedule A attached
hereto.  

 

    	 	3	 

    	 

    

 

(c)       Except
for Permitted Liens and as set forth on Schedule B attached hereto, the Debtor is the sole owner of the Collateral,
free and clear of any liens, security interests, encumbrances, rights or claims (other than rights and claims under any Organizational
Document or applicable law), and, subject to the foregoing, are fully authorized to grant the Security Interests.  Except
as set forth on Schedule C attached hereto, there is not on file in any governmental or regulatory authority,
agency or recording office an effective financing statement, security agreement, license or transfer or any notice of any of the
foregoing (other than those that will be filed in favor of the Secured Parties pursuant to this Agreement) covering or affecting
any of the Collateral.  Except as set forth on Schedule C attached hereto and except pursuant to
this Agreement, as long as this Agreement shall be in effect, the Debtor shall not execute and shall not knowingly permit to be
on file in any such office or agency any other financing statement or other document or instrument (except to the extent filed
or recorded in favor of the Secured Parties pursuant to the terms of this Agreement).

 

(d)       No
written claim has been received that any Collateral or the Debtor’s use of any Collateral violates the rights of any third
party. There has been no adverse decision to the Debtor’s claim of ownership rights in or exclusive rights to use the Collateral
in any jurisdiction or to the Debtor’s right to keep and maintain such Collateral in full force and effect, and there is
no proceeding involving said rights pending or, to the knowledge of the Debtor, threatened before any court, judicial body, administrative
or regulatory agency, arbitrator or other governmental authority.

 

(e)       The
Debtor shall at all times maintain its books of account and records relating to the Collateral at its principal place of business
and its Collateral at the locations set forth on Schedule A attached hereto and may not relocate such books
of account and records or tangible Collateral unless it delivers to the Secured Parties at least thirty (30) days prior to such
relocation (i) written notice of such relocation and the new location thereof (which must be within the United States) and (ii)
evidence that appropriate financing statements under the UCC and other necessary documents have been filed and recorded and other
steps have been taken to perfect the Security Interests to create in favor of the Secured Parties a valid, perfected and continuing
perfected first priority lien in the Collateral.

 

(f)        This
Agreement, as of the Effective Date, shall, subject to the terms hereof, create in favor of the Secured Parties a valid first priority
security interest in the Collateral, subject only to Permitted Liens, securing the payment and performance of the Obligations.  Upon
making the filings described in the immediately following paragraph, all security interests created hereunder in any Collateral
which may be perfected by filing Uniform Commercial Code financing statements shall have been duly perfected.  Except
for (i) the filing of the Uniform Commercial Code financing statements referred to in the immediately following paragraph
and (ii) the delivery of the certificates and other instruments provided in Section 3, no action is necessary to create,
perfect or protect the security interests created hereunder.  Without limiting the generality of the foregoing, except
for the foregoing, no consent of any third parties and no authorization, approval or other action by, and no notice to or filing
with, any governmental authority or regulatory body is required for (x) the execution, delivery and performance of this Agreement,
(y) the creation or perfection of the Security Interests created hereunder in the Collateral or (z) the enforcement of
the rights of the Agent (as defined below) and the Secured Parties hereunder.

 

(g)       The
Debtor, at any time on or after the Effective Date after the initial filing(s) contemplated and authorized hereunder, hereby authorizes
the Secured Parties with the consent of the Required Holders to file one or more financing statements under the UCC, with respect
to the Security Interests, with the proper filing and recording agencies in any jurisdiction deemed proper by it.

 

(h)       The
execution, delivery and performance of this Agreement by the Debtor does not (i) violate any of the provisions of any Organizational
Documents of the Debtor or any judgment, decree, order or award of any court, governmental body or arbitrator or any applicable
law, rule or regulation applicable to the Debtor or (ii) conflict with, or constitute a default (or an event that with notice or
lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing the Debtor’s
debt or otherwise) or other understanding to which the Debtor is a party or by which any property or asset of the Debtor is bound
or affected. If any, all required consents (including, without limitation, from stockholders or creditors of the Debtor) necessary
for the Debtor to enter into and perform its obligations hereunder have been obtained.

 

(i)        The
capital stock and other equity interests listed on Schedule D hereto (the “Pledged Securities”)
except as otherwise noted on Schedule D, represent all capital stock and other equity interests owned, directly or indirectly,
by the Company.  All of the Pledged Securities are validly issued, fully paid and nonassessable, and the Company is the
legal and beneficial owner of the Pledged Securities, free and clear of any lien, security interest or other encumbrance except
for the security interests created by this Agreement and other Permitted Liens.

 

    	 	4	 

    	 

    

 

(j)        The
ownership and other equity interests in partnerships and limited liability companies (if any) included in the Collateral (the “Pledged
Interests”) by their express terms provide that they are securities governed by Article 8 of the UCC.

 

(k)       Except
for Permitted Liens, the Debtor shall at all times on and after the Effective Date maintain the liens and Security Interests provided
for hereunder as valid and perfected, first priority liens and security interests in the Collateral in favor of the Secured Parties
until this Agreement and the Security Interest hereunder shall be terminated pursuant to Section 14 hereof.  The
Debtor hereby agrees to defend the same against the claims of any and all persons and entities. The Debtor shall safeguard and
protect all Collateral for the account of the Secured Parties.  The Debtor, on or about the Effective Date will sign
and file on behalf of the Secured Parties one or more initial financing statements pursuant to the UCC in form reasonably satisfactory
to the Majority-in-Interest and will pay the cost of filing the same in all public offices wherever filing is, or is deemed by
the Majority-in- Interest to be, necessary or desirable to effect the rights and obligations provided for herein. Without limiting
the generality of the foregoing, the Debtor shall pay all fees necessary to maintain the Collateral and the Security Interests
hereunder. 

  

(l)        From
and after the Effective Date, the Debtor will not transfer, pledge, hypothecate, encumber, sell or otherwise dispose of any of
the Collateral without the prior written consent of a Majority-in-Interest.

 

(m)      The
Debtor shall promptly notify the Secured Parties in sufficient detail upon becoming aware of any attachment, garnishment, execution
or other legal process levied against any Collateral and of any other information received by the Debtor that may materially affect
the value of the Collateral, the Security Interest or the rights and remedies of the Secured Parties hereunder.

 

(n)       The
Debtor was organized and remains organized solely under the laws of the State of Delaware.

 

(o)       The
actual name of the Debtor is the name set forth in the preamble hereof.

 

(p)       At
any time and from time to time from and after the Effective Date, that any Collateral consists of instruments, certificated securities
or other items that require or permit possession by the Secured Party to perfect the security interest created hereby, the Debtor,
to the extent feasible and permissible, will use its commercially reasonable efforts to deliver or cause to be delivered such Collateral
to the Agent in accordance with Section 3 (as defined below).

 

(q)       The
Debtor shall cause any subsidiary of the Debtor that holds any Pledged Securities to immediately become a party hereto (an “Additional
Debtor”), by executing and delivering an Additional Debtor Joinder in substantially the form of Annex A attached
hereto and comply with the provisions hereof applicable to the Debtor.  Upon delivery of the foregoing to the Agent (as
defined below), the Additional Debtor shall be and become a party to this Agreement with the same rights and obligations as the
Debtor, for all purposes hereof as fully and to the same extent as if it were an original signatory hereto and shall be deemed
to have made the representations, warranties and covenants set forth herein as of the date of execution and delivery of such Additional
Debtor Joinder, and all references herein to the “Debtor” shall be deemed to include each Additional Debtor.

  

(r)        The
Debtor shall vote the Pledged Securities to comply with the covenants and agreements set forth herein.

 

(s)       The
Debtor hereby confirms and reaffirms each of its representations and warranties contained in the Purchase Agreement as of the date
hereof and hereby agrees that such representations and warranties shall be incorporated herein by this reference as if fully set
forth at length in this Agreement.

 

(t)        The
Debtor hereby makes the additional representations and warranties set forth in the accompanying representation letter entered into
by the Company for the benefit of each Secured Party.

 

    	 	5	 

    	 

    

 

5.     Defaults.
The following events shall be “Events of Default”:

 

(a)       The
occurrence of an Event of Default (as defined in the Note) under the Note and/or the Purchase Agreement;

  

(b)       Any
representation or warranty of the Debtor in this Agreement or hereby incorporated by this reference to the Purchase Agreement shall
prove to have been incorrect in any material respect when made and such breach has caused a substantial diminution in the value
of the Collateral or otherwise has a materially adverse effect on the rights or remedies of the Secured Parties hereunder; or

 

(c)       The
failure by the Debtor to observe or perform any of its material obligations hereunder and such failure continues for fifteen (15)
business days after delivery to the Debtor of notice of such failure by the Required Holders (herein defined) unless such default
is capable of cure but cannot be cured within such time frame and the Debtor is using commercially reasonable efforts to cure same
in a timely fashion. For the purposes of this section, the phrase “Required Holders” means two or more holders
that own at least $500,000 of outstanding Notes at the time of such determination. To this end, the Debtor covenants to provide
to the Required Holders under this Section 5(c) with the contact information of all the Holders (the “Holder List”)
upon written request and upon the showing that the Debtor has failed to cure one or more events of default hereunder during the
applicable cure period. Delivery of the Holder List is subject to the Required Holders signing an NDA in the form required by the
Debtor.

 

6.     Rights
and Remedies upon Default.

 

(a)       Upon
the occurrence of any Event of Default and at any time thereafter, the Secured Parties, acting by Majority-in-Interest or through
the Agent, shall have the right to exercise all of the remedies conferred hereunder and under the Note and the Secured Parties
shall have all the rights and remedies of a secured party under the UCC.  

 

(b)       The
Secured Parties shall comply with any applicable law and the provisions of any Organizational Documents in connection with a disposition
of Collateral and such compliance will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral.  

 

7.     Applications
of Proceeds. The proceeds of any such sale or other disposition of the Collateral hereunder shall be applied first, to the
reasonable expenses of disposing of the Collateral, and then to satisfaction of the Obligations pro rata among the Secured Parties
(based on then-outstanding principal amounts of Note at the time of any such determination), and to the payment of any other amounts
required by applicable law, after which the Secured Parties shall pay to the Debtor any surplus proceeds. If, upon the sale or
other disposition of the Collateral, the proceeds thereof are insufficient to pay all amounts to which the Secured Parties are
legally entitled, the Debtor will be liable for the deficiency.

 

8.     Costs
and Expenses. The Debtor agrees to pay all reasonable out-of-pocket fees, costs and expenses incurred in connection with any
filing required hereunder.

  

9.     Term
of Agreement. This Agreement and the Security Interests shall terminate on the date on which all payments under the Securities
and the Transaction Documents (as defined in the Purchase Agreement) have been indefeasibly paid in full and all other Obligations
have been paid or discharged; provided, however, that all indemnities of the Debtors contained in this Agreement shall survive
and remain operative and in full force and effect regardless of the termination of this Agreement.

 

10.   Notices. All notices,
requests, demands and other communications hereunder shall be subject to the notice provision of the Purchase Agreement.

 

11.   Appointment
of Agent.  The Secured Parties hereby appoint Cavalry Fund, I LP to act as their agent (“Agent”)
for purposes of holding and releasing the Collateral. The Agent shall have the rights, responsibilities, and immunities set forth
in a separate escrow agreement.

 

    	 	6	 

    	 

    

 

12.   Miscellaneous.

 

(a)       No
course of dealing between the Debtor and the Secured Parties, nor any failure to exercise, nor any delay in exercising, on the
part of the Secured Parties, any right, power or privilege hereunder or under the Note shall operate as a waiver thereof; nor shall
any single or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further exercise
thereof or the exercise of any other right, power or privilege.

 

(b)       All
of the rights and remedies of the Secured Parties with respect to the Collateral, whether established hereby or by the Note or
by any other agreements, instruments or documents or by law shall be cumulative and may be exercised singly or concurrently.

 

(c)       This
Agreement, together with the exhibits and schedules hereto, contains the entire understanding of the parties with respect to the
subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which
the parties acknowledge have been merged into this Agreement and the exhibits and schedules hereto. No provision of this Agreement
may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Debtor
and the Secured Parties holding two-thirds (2/3rds) or more of the principal amount of Notes then outstanding, or, in
the case of a waiver, by the party against whom enforcement of any such waived provision is sought.

  

(d)       If
any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(e)       No
waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

(f)        This
Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.  The
Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Secured
Party (other than by merger).  Any Secured Party may assign any or all of its rights under this Agreement to any Person
(as defined in the Purchase Agreement) to whom such Secured Party assigns or transfers any Obligations, provided such transferee
agrees in writing to be bound, with respect to the transferred Obligations, by the provisions of this Agreement that apply to the
“Secured Parties.”

 

(g)       Except
to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, all questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the
internal laws of the State of New York, without regard to the principles of conflicts of law thereof.  Except to the
extent mandatorily governed by the jurisdiction or situs where the Collateral is located, each of the Debtor Secured Parties agrees
that all proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement
and the Notes (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners,
members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York, Borough
of Manhattan.  Except to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located,
each of the Debtor and the Secured Parties hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such proceeding is improper.  
Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury
in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The parties hereto
acknowledge that this Agreement has been negotiated, executed, and delivered in the State of New York and is to be wholly performed
within New York, and each party’s actions in connection with the negotiation, execution, and delivery of this Agreement constitutes
transacting business in New York.

 

    	 	7	 

    	 

    

 

(h)       This
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and,
all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile
transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature
is executed) the same with the same force and effect as if such facsimile signature were the original thereof.

 

 

[SIGNATURE PAGE OF THE DEBTOR AND DPW FOLLOWS]

 

    	 	8	 

    	 

    

 

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

 

 

	 	DEBTOR:	 
	 	 	 	 
	 	SUPER CRYPTO MINING, INC.	 
	 	 	 	 
	 	By: 	 	 
	 	 	Name: Darren Magot	 
	 	 	Title: Chief Executive Officer	 

 

	 	DPW:	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	DPW HOLDINGS, INC.
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	Name: Milton C. Ault III	 
	 	 	 	Title: Chief Executive Officer	 

 

 

 

[SIGNATURE PAGE OF SECURED PARTIES FOLLOWS]

 

    	 	9	 

    	 

    

 

[SIGNATURE PAGE OF SECURED PARTIES TO

SECURITY AND PLEDGE AGREEMENT]

 

 

Name of Investing Entity:

 

Signature of Authorized Signatory of Investing entity:
_________________________

 

Name of Authorized Signatory: _________________________

 

Title of Authorized Signatory: __________________________

 

    	 	10	 

    	 

    

 

 

Schedule A

 

 

 

Cavalry Fund I, LP

 

61 Kinderkamack Rd

 

Woodcliff Lake, NJ 07677

 

 

11Exhibit 4.1

 

EXECUTION VERSION

 

BA CREDIT CARD TRUST

 

as Issuer

 

CLASS A(2018‐3) TERMS DOCUMENT

 

dated as of August 16, 2018

 

to

 

THIRD AMENDED AND RESTATED BASERIES INDENTURE SUPPLEMENT

 

dated as of December 17, 2015

 

to

 

FOURTH AMENDED AND RESTATED INDENTURE

 

dated as of December 17, 2015

 

THE BANK OF NEW YORK MELLON

 

as Indenture Trustee

 

TABLE OF CONTENTS

 

	 	 	 	
Page

	 	 	 	 
	
ARTICLE I

	
Definitions And Other Provisions Of General Application

	
1

	 	
Section 1.01.

	
Definitions

	
1

	 	
Section 1.02.

	
Governing Law; Submission to Jurisdiction; Agent for Service of Process

	
5

	 	
Section 1.03.

	
Counterparts

	
6

	 	
Section 1.04.

	
Ratification of Indenture and Indenture Supplement

	
6

	 	 	 
	
ARTICLE II

	
The Class A(2018‐3) Notes

	
7

	 	
Section 2.01.

	
Creation and Designation

	
7

	 	
Section 2.02.

	
Specification of Required Subordinated Amount and other Terms

	
7

	 	
Section 2.03.

	
Interest Payment

	
7

	 	
Section 2.04.

	
Payments of Interest and Principal

	
8

	 	
Section 2.05.

	
Form of Delivery of Class A(2018‐3) Notes; Depository; Denominations

	
8

	 	
Section 2.06.

	
Delivery and Payment for the Class A(2018‐3) Notes

	
8

	 	
Section 2.07.

	
Targeted Deposits to the Accumulation Reserve Account

	
8

	 	 	 
	
ARTICLE III

	
Representations and Warranties

	
9

	 	
Section 3.01.

	
Issuer’s Representations and Warranties

	
9

 

- i -

THIS CLASS A(2018‐3) TERMS DOCUMENT (this “Terms Document”), by and between BA CREDIT CARD TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of August 16, 2018.

 

Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new tranche of Class A Notes and shall specify the principal terms thereof.

 

ARTICLE I

 

Definitions and Other Provisions of General Application

 

          Section 1.01.               Definitions.  For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires:

 

	 	
(1)

	
the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

 

		
(2)

	
all other terms used herein which are defined in the Third Amended and Restated BAseries Indenture Supplement, dated as of December 17, 2015 (as modified, amended or supplemented from time to time, the “Indenture Supplement”), between the Issuer and the Indenture Trustee, or the Fourth Amended and Restated Indenture, dated as of December 17, 2015 (as modified, amended or supplemented from time to time, the “Indenture”), between the Issuer and the Indenture Trustee, as acknowledged and accepted by BANA, as Servicer, either directly or by reference therein, have the meanings assigned to them therein;

 

		
(3)

	
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation;

 

		
(4)

	
all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document as originally executed;

 

		
(5)

	
the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular Article, Section or other subdivision;

 

		
(6)

	
in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling;

 

		
(7)

	
each capitalized term defined herein shall relate only to the Class A(2018‐3) Notes and no other tranche of Notes issued by the Issuer; and

 

		
(8)

	
“including” and words of similar import will be deemed to be followed by “without limitation.”

 

“Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2018‐3) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date following and including the June 2019 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 24 months prior to the Expected Principal Payment Date, (iii) the Monthly Period following the first Transfer Date following and including the December 2019 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the February 2020 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment Date and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2018‐3) Notes and (ii) the date on which the Class A(2018‐3) Notes are paid in full.

 

“Base Rate” means, with respect to any Monthly Period, the sum of (i) the Weighted Average Interest Rates for the Outstanding BAseries Notes and the Class D Certificate (as such term is defined in the Series 2001‐D Supplement), (ii) the Net Servicing Fee Rate (as such term is defined in the Series 2001‐D Supplement) and (iii) so long as BANA or The Bank of New York Mellon is the Servicer, the Servicer Interchange Rate, in each case, for such Monthly Period.

 

“BAseries Servicer Interchange” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicer Interchange (as such term is defined in the Series 2001‐D Supplement) with respect to such Monthly Period and (b) a fraction the numerator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period and the denominator of which is the Weighted Average Available Funds Allocation Amount for all series of Notes for such Monthly Period.

 

- 2 -

“Class A(2018‐3) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class A(2018‐3) Note and duly executed and authenticated in accordance with the Indenture.

 

“Class A(2018‐3) Noteholder” means a Person in whose name a Class A(2018‐3) Note is registered in the Note Register.

 

“Class A(2018‐3) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2018‐3) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof.

 

“Class A Required Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 

 

“Class A Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b).

 

“Controlled Accumulation Amount” means $104,166,667; provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement.

 

“Excess Available Funds Percentage” means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period.

 

“Expected Principal Payment Date” means July 15, 2021.

 

“Initial Dollar Principal Amount” means $1,250,000,000.

 

“Interest Payment Date” means the fifteenth day of each month, or if such fifteenth day is not a Business Day, the next succeeding Business Day, commencing October 15, 2018.

 

“Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date.

 

“Issuance Date” means August 16, 2018.

 

“Legal Maturity Date” means December 15, 2023.

 

“Note Interest Rate” means a per annum rate equal to 3.10%.

 

- 3 -

“Paying Agent” means The Bank of New York Mellon.

 

“Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is (a) the amount of Available Funds allocated to the BAseries pursuant to Section 501 of the Indenture, plus (b) the amount of Available Funds distributed pursuant to Sections 4.06(a)(ii) and (iii) of the Series 2001‐D Supplement, plus (c) any Interest Funding sub‐Account Earnings on the related Transfer Date, plus (d) any amounts to be treated as BAseries Available Funds pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement, plus (e) the BAseries Servicer Interchange for such Monthly Period, minus (f) the excess, if any, of the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate amount to be treated as BAseries Available Funds for such Monthly Period pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub‐Account for any tranche of BAseries Notes for such Monthly Period, minus (g) the BAseries Investor Default Amount for such Monthly Period, minus (h) the Aggregate Class D Investor Default Amount (as such term is defined in the Series 2001‐D Supplement) for such Monthly Period, and the denominator of which is the Weighted Average Floating Allocation Investor Interest (as such term is defined in the Series 2001‐D Supplement) for such Monthly Period.

 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 306 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

 

“Quarterly Excess Available Funds Percentage” means, with respect to the June 2019 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

 

“Record Date” means, for any Transfer Date, the last day of the preceding Monthly Period.

 

“Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2018‐3) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

 

“Servicer Interchange Rate” means, for any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the BAseries Servicer Interchange for such Monthly Period, and the denominator of which is the Weighted Average Floating Allocation Investor Interest (as such term is defined in the Series 2001‐D Supplement) for such Monthly Period.

 

- 4 -

“Stated Principal Amount” means $1,250,000,000.

 

“Weighted Average Interest Rates” means, with respect to any Outstanding Notes of a class or tranche of the BAseries or the Class D Certificate (as such term is defined in the Series 2001‐D Supplement), or of all of the Outstanding Notes of the BAseries and the Class D Certificate, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date or, in the case of the Class D Certificate, based on the Class D Investor Interest (as such term is defined in the Series 2001‐D Supplement) on such date) of the following rates of interest:

 

(a)           in the case of the Class D Certificate or a tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to that tranche or the Class D Certificate on that date;

 

(b)           in the case of a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that tranche on that date;

 

(c)           in the case of a tranche of Notes with a payment due under a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue on that date (prior to the netting of such payments, if applicable); and 

 

(d)           in the case of a tranche of Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related terms document.

 

          Section 1.02.               Governing Law; Submission to Jurisdiction; Agent for Service of Process.  This Terms Document shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws.  The parties hereto declare that it is their intention that this Terms Document shall be regarded as made under the laws of the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required.  Each of the parties hereto agrees (a) that this Terms Document involves at least $100,000.00, and (b) that this Terms Document has been entered into by the parties hereto in express reliance upon 6 DEL. C. § 2708.  Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b)(1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to (b)(1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware.

 

- 5 -

          Section 1.03.                Counterparts.  This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument.

 

          Section 1.04.               Ratification of Indenture and Indenture Supplement.  As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument.

 

[END OF ARTICLE I]

 

- 6 -

ARTICLE II

 

The Class A(2018‐3) Notes

 

          Section 2.01.               Creation and Designation.  There is hereby created a tranche of BAseries Class A Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “BAseries Class A(2018‐3) Notes.”

 

          Section 2.02.                Specification of Required Subordinated Amount and other Terms.

 

(a)           For the Class A(2018‐3) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal to 14.28571% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2018‐3) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2018‐3) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2018‐3) Notes shall have occurred or if the Class A Usage of the Class B Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2018‐3) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class B Required Subordinated Amount exceeded zero.

 

(b)           For the Class A(2018‐3) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 12.69841% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2018‐3) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2018‐3) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2018‐3) Notes shall have occurred or if the Class A Usage of the Class C Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2018‐3) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class C Required Subordinated Amount exceeded zero.

 

(c)           The Issuer may change the percentages set forth in clause (a) or (b) above without the consent of any Noteholder so long as the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the BAseries that the change in either of such percentages will not result in a Ratings Effect with respect to any Outstanding Notes of the BAseries and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 

 

          Section 2.03.                Interest Payment.

 

(a)           For each Interest Payment Date (other than the first Interest Payment Date), the amount of interest due with respect to the Class A(2018‐3) Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate times (ii) the Outstanding Dollar Principal Amount of the Class A(2018‐3) Notes determined as of the Record Date preceding the related Transfer Date; provided, however, that for the first Interest Payment Date the amount of interest due is $6,350,694.44.  Interest on the Class A(2018‐3) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

- 7 -

(b)           Pursuant to Section 3.03 of the Indenture Supplement, on each Transfer Date, the Indenture Trustee shall deposit into the Class A(2018‐3) Interest Funding sub-Account the portion of BAseries Available Funds allocable to the Class A(2018‐3) Notes. 

 

          Section 2.04.               Payments of Interest and Principal.  Any installment of interest or principal, if any, payable on any Class A(2018‐3) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2018‐3) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee.

 

The right of the Class A(2018‐3) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class A(2018‐3) Termination Date.

 

          Section 2.05.                Form of Delivery of Class A(2018‐3) Notes; Depository; Denominations.

 

(a)           The Class A(2018‐3) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the Indenture, respectively.

 

(b)           The Depository for the Class A(2018‐3) Notes shall be The Depository Trust Company, and the Class A(2018‐3) Notes shall initially be registered in the name of Cede & Co., its nominee.

 

(c)           The Class A(2018‐3) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that amount.

 

          Section 2.06.               Delivery and Payment for the Class A(2018‐3) Notes.  The Issuer shall execute and deliver the Class A(2018‐3) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2018‐3) Notes when authenticated, each in accordance with Section 303 of the Indenture.

 

          Section 2.07.               Targeted Deposits to the Accumulation Reserve Account.  The deposit targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount.

 

[END OF ARTICLE II]

 

- 8 -

ARTICLE III

 

Representations and Warranties

 

          Section 3.01.               Issuer’s Representations and Warranties.  The Issuer makes the following representations and warranties as to the Collateral Certificate on which the Indenture Trustee is deemed to have relied in acquiring the Collateral Certificate.  Such representations and warranties speak as of the execution and delivery of this Terms Document, but shall survive until the termination of this Terms Document.  Such representations and warranties shall not be waived by any of the parties to this Terms Document unless the Issuer has obtained written confirmation from each Note Rating Agency that there will be no Ratings Effect with respect to such waiver.

 

(a)           The Indenture creates a valid and continuing security interest (as defined in the Delaware UCC) in the Collateral Certificate in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer.

 

(b)           The Collateral Certificate constitutes either an “account,” a “general intangible,” an “instrument,” or a “certificated security,” each within the meaning of the Delaware UCC.

 

(c)           At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture, the Issuer owned and had good and marketable title to the Collateral Certificate free and clear of any lien, claim or encumbrance of any Person.

 

(d)           The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral Certificate granted to the Indenture Trustee pursuant to the Indenture.

 

(e)           Other than the security interest granted to the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Collateral Certificate.  The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Collateral Certificate other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or any financing statement that has been terminated.  The Issuer is not aware of any judgment or tax lien filings against the Issuer.

 

(f)           All original executed copies of the Collateral Certificate have been delivered to the Indenture Trustee.

 

(g)          At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture, the Collateral Certificate had no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

 

[END OF ARTICLE III]

 

- 9 -

IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the day and year first above written.

 

	 	
BA CREDIT CARD TRUST,

	 	
by BA CREDIT CARD FUNDING, LLC,

	 	
as Beneficiary and not in its individual capacity

	 	 	 
	 	
By:

	
/s/ Keith W. Landis

	 	 	
Name:  Keith W. Landis

	 	 	
Title:    CEO & President

 

[Signature Page to the Class A(2018‐3) Terms Document]

 

	 	
THE BANK OF NEW YORK MELLON, as 

Indenture Trustee

	 	
and not in its individual capacity

	 	 	 
	 	
By:

	
/s/ Leslie Morales

	 	 	
Name: Leslie Morales

	 	 	
Title:   Vice President

[Signature Page to the Class A(2018‐3) Terms Document]

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