Document:

EX-4.1

 Exhibit 4.1 

CHASE ISSUANCE TRUST 
 as
Issuing Entity 
 CLASS A(2016-4) TERMS DOCUMENT 

dated as of July 27, 2016 

to 
 SECOND AMENDED AND
RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 

dated as of January 20, 2016 

to 
 FOURTH AMENDED AND
RESTATED 
 INDENTURE 

dated as of January 20, 2016 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Indenture Trustee and Collateral Agent 

 TABLE OF CONTENTS 
  

 

							
	 	 	 	  	PAGE	 
	ARTICLE I	  
	
	Definitions and Other Provisions of General Application	  
			
	Section 1.01	 	Definitions	  	 	1	  
	Section 1.02	 	Governing Law	  	 	3	  
	Section 1.03	 	Counterparts	  	 	3	  
	Section 1.04	 	Ratification of Indenture and Indenture Supplement	  	 	4	  
	
	ARTICLE II	  
	
	The Class A(2016-4) Notes	  
			
	Section 2.01	 	Creation and Designation	  	 	5	  
	Section 2.02	 	Specification of Required Subordinated Amount and Other Terms	  	 	5	  
	Section 2.03	 	Interest Payment	  	 	5	  
	Section 2.04	 	Payments of Interest and Principal	  	 	6	  
	Section 2.05	 	Form of Delivery of Class A(2016-4) Notes; Depository; Denominations	  	 	6	  
	Section 2.06	 	Delivery and Payment for the Class A(2016-4) Notes	  	 	6	  
	Section 2.07	 	Supplemental Indenture	  	 	7	  
	Section 2.08	 	No Ratings Confirmation Required for Class A(2016-4) Notes	  	 	7	  

 THIS CLASS A(2016-4) TERMS DOCUMENT (this “Terms Document”), among the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and as collateral agent (the “Collateral Agent”), is made and entered into as of July 27, 2016. 

Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries 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 Indenture Supplement, the Indenture or the Asset Pool
Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) as used in this Terms Document and in
any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any
such certificate or other document to the extent not defined, shall have the respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are
inconsistent with the meanings of such terms under GAAP, the definitions contained in this Terms Document or in any such certificate or other document shall control; 

(4) the words “hereof,” “herein,” “hereunder” and words of similar import when used in this Terms Document shall
refer to this Terms Document as a whole and not to any particular provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to subsections, Sections, clauses, Schedules and Exhibits in or to
this Terms Document unless otherwise specified; the term “including” means “including without limitation”; references to any law or regulation refer to that law or regulation as amended from time to time and include any successor
law or regulation; references to any Person include that Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or otherwise modified from time to time; 

(5) 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, the Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 

 (6) each capitalized term defined herein shall relate only to the Class A(2016-4) Notes and no
other Tranche of CHASEseries Notes issued by the Issuing Entity. 
 “Asset Pool Supplement” means the Third Amended and
Restated Asset Pool One Supplement to the Indenture, dated as of January 20, 2016, as amended, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 

“Beneficiary” means Chase Card Funding LLC, in its capacity as beneficial owner of the Issuing Entity. 

“Class A(2016-4) Adverse Event” means the occurrence of any of the following: (a) an Early Amortization Event with
respect to the Class A(2016-4) Notes, (b) an Event of Default and acceleration of the Class A(2016-4) Notes, (c) the Class A Usage of the Class B Required Subordinated Amount for the Class A(2016-4) Notes becomes greater than zero or
(d) the Class A Usage of the Class C Required Subordinated Amount for the Class A(2016-4) Notes becomes greater than zero. 

“Class A(2016-4) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement,
designated therein as a Class A(2016-4) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class
A(2016-4) Noteholder” means a Person in whose name a Class A(2016-4) Note is registered in the Note Register. 
 “Class
A(2016-4) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2016-4) 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 V 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 $70,833,333.34 provided, however, if the
Accumulation Period Length is determined to be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class A(2016-4) Notes will be
the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 

“Indenture” means the Fourth Amended and Restated Indenture, dated as of January 20, 2016, as amended, between the
Issuing Entity and the Indenture Trustee. 

  
 2 

 “Indenture Supplement” means the Second Amended and Restated CHASEseries
Indenture Supplement, dated as of January 20, 2016, among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 

“Initial Dollar Principal Amount” means $850,000,000. 

“Interest Payment Date” means August 15, 2016 and the 15th day of each month thereafter, or if such 15th day is not a
Business Day, the next succeeding Business Day. 
 “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) to but excluding such Interest Payment Date. 

“Issuance Date” means July 27, 2016. 

“Legal Maturity Date” means July 15, 2022. 

“Note Interest Rate” means a rate per annum equal to 1.49%. 

“Paying Agent” means Wells Fargo Bank, National Association. 

“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 3.06 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. 
 “Record Date” means, for any Note Transfer Date, the
last Business Day of the preceding Monthly Period. 
 “Scheduled Principal Payment Date” means July 15, 2020. 

“Stated Principal Amount” means $850,000,000. 

Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

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. 

  
 3 

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

  
 4 

 ARTICLE II 

The Class A(2016-4) Notes 

Section 2.01 Creation and Designation. There is hereby created a Tranche of CHASEseries Class A Notes to be issued pursuant
to the Indenture and the Indenture Supplement to be known as the “CHASEseries Class A(2016-4) Notes.” 
 Section 2.02
Specification of Required Subordinated Amount and Other Terms. 
 (a) For the Class A(2016-4) Notes for any date of determination,
the Class A Required Subordinated Amount of Class B Notes will be an amount equal to 8.13953% of (i) prior to the occurrence of a Class A(2016-4) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-4) Notes
on such date of determination or (ii) on and after the date on which a Class A(2016-4) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-4) Notes on such date of
determination and (2) the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-4) Notes as of the close of business on the day immediately preceding the date on which such Class A(2016-4) Adverse Event shall have occurred. 

(b) For the Class A(2016-4) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an
amount equal to 8.13953% of (i) prior to the occurrence of a Class A(2016-4) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-4) Notes on such date or (ii) on and after the date on which a Class A(2016-4)
Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-4) Notes on such date of determination and (2) Adjusted Outstanding Dollar Principal Amount of the Class A(2016-4)
Notes as of the close of business on the day immediately preceding the date on which such Class A(2016-4) Adverse Event shall have occurred. 

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

Section 2.03 Interest Payment. 

(a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2016-4) 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(2016-4) Notes determined as of the close of business on the Interest Payment Date preceding the related Note
Transfer Date for the Class A(2016-4) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2016-4) Notes shall be $633,250. Interest on the Class A(2016-4) Notes will be
calculated on the basis of a 360-day year consisting of twelve 30-day months. 

  
 5 

 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Note Transfer Date with
respect to the Class A(2016-4) Notes, the Indenture Trustee shall deposit into the Class A(2016-4) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class A(2016-4) Notes. 

Section 2.04 Payments of Interest and Principal. 

(a) Any installment of interest or principal payable on any Class A(2016-4) Note which is punctually paid or duly provided for by the Issuing
Entity 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(2016-4) 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. 

(b) The right of the Class A(2016-4) Noteholders to receive payments from the Issuing Entity will terminate on the first Business Day
following the Class A(2016-4) Termination Date. 
 Section 2.05 Form of Delivery of Class A(2016-4) Notes; Depository;
Denominations. 
 (a) The Class A(2016-4) Notes shall be delivered in the form of a global Registered Note as provided in Sections 2.02
and 3.01(i) of the Indenture, respectively. 
 (b) The Depository for the Class A(2016-4) Notes shall be The Depository Trust Company, and
the Class A(2016-4) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2016-4) Notes
will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of $100,000. 
 Section 2.06 Delivery
and Payment for the Class A(2016-4) Notes. 
 The Issuing Entity shall execute and deliver the Class A(2016-4) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2016-4) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 

  
 6 

 Section 2.07 Supplemental Indenture. 

The Issuing Entity may enter into a supplemental indenture with respect to the Class A(2016-4) Notes as provided in Section 9.01 of the
Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit enhancement for the Class A(2016-4) Notes shall, in addition to the requirements set forth in Section 9.01 of the
Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such change in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the
CHASEseries. 
 Section 2.08 No Ratings Confirmation Required for Class A(2016-4) Notes. 

Notwithstanding Section 3.10(a)(iv) of the Indenture, the Issuing Entity will not be required to obtain written confirmation from each
Note Rating Agency that an issuance of a new Tranche of Notes will not have a Ratings Effect on the Class A(2016-4) Notes. 
 [END OF ARTICLE
II] 

  
 7 

 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. 
  

			
	CHASE ISSUANCE TRUST
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
		
	By:	 	  

		 	Name:
		 	Title:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Indenture Trustee and Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:

 Chase Issuance Trust 

CHASEseries Class A(2016-4) Terms DocumentExhibit 10.1

 

EXECUTION VERSION

 

BUSINESS LOAN AGREEMENT

 

	Borrowers:

         

         

         

         

         

         
	FIRSTFORM,
        INC.

        4320
        Winfield Road, Suite 200

        Warrenville,
        IL 60555

         

        SPORTS
        FIELD HOLDINGS, INC.

        4320
        Winfield Road, Suite 200

        Warrenville,
        IL 60555
	 	Lender:

         
	GENLINK
        CAPITAL, LLC

        1205
        N. Ankeny Blvd., Suite 209

        Ankeny,
        IA 50023

  

 

 

THIS
BUSINESS LOAN AGREEMENT dated July 14, 2016, is made and executed between FIRSTFORM, INC., a Florida corporation, and SPORTS FIELD
HOLDINGS, INC., a Nevada corporation (collectively, the “Borrowers”), and GENLINK CAPITAL, LLC, a Delaware
limited liability company (the “Lender”) on the following terms and conditions.

 

Borrowers
have applied to Lender for a commercial loan or loans or other financial accommodations (the “Loan”). Borrowers
understand and agree that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrowers’ representations,
warranties, and agreements as set forth in this Agreement; (B) the granting, renewing or extending of any Loan by Lender at all
times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans shall be and remain subject to the
terms and conditions of this Agreement.

 

TERM.
This Agreement shall be effective as of the date of this Agreement, and shall continue in full force and effect until such
time as all of Borrower’s Loans in favor of Lender have been paid in full, including principal, interests, costs, expenses,
attorneys’ fees, and other fees and charges or until such time as the parties may agree in writing to terminate this Agreement.

 

LOAN.
Subject to the terms and conditions of this Agreement, Lender shall make available to Borrowers a revolving line of credit loan
in a principal amount not to exceed One Million Dollars ($1,000,000.00) (the “Revolving Line of Credit Loan”)
which may be advanced from time to time in accordance with the terms set forth in this Agreement and the Note. Borrower, at its
option, may (a) request Advances under the Revolving Line of Credit Loan up to $1,000,000.00, (b) except as otherwise provided
for in the Note, prepay at any time and without penalty all or any portion of the outstanding balance under the Revolving Line
of Credit Loan, and (c) until the maturity date of the Note, borrow additional amounts or reborrow any amount prepaid. 

 

The
Revolving Line of Credit Loan shall be paid in accordance with the terms of the Note. Without limitation, interest on the unpaid
principal balance of the Revolving Line of Credit Loan shall be paid monthly in arrears. The entire unpaid principal and interest
balance of the Revolving Line of Credit Loan is due and payable in full on the due date set forth in the Note.

 

CONDITIONS
PRECEDENT TO EACH ADVANCE. Lender’s obligation to make the initial Advance and each subsequent Advance under this Agreement
shall be subject to the fulfillment to Lender’s satisfaction of all of the conditions set forth in this Agreement and the
Related Documents.

 

Loan
Documents. Borrowers shall provide and execute the following documents for the Loan: (1) this Agreement; (2) the Note; (3)
the Security Agreement granting to Lender security interests in the Collateral; (4) financing statements and all other documents
perfecting Lender’s Security Interests; (5) an opinion letter from Borrowers’ counsel acceptable to Lender and its
counsel with respect to the organization of Borrowers and their capability to enter into this transaction, the enforceability
of the loan documents described in (1) - (4) above, the collateralization, and such other matters as shall be required by Lender
or its counsel; (6) evidence of insurance as required below; and (7) together with all such Related Documents as Lender may require
for the Loan; all in a form and substance satisfactory to Lender and Lender's counsel.

 

First
Lien. Lender shall have received evidence satisfactory to it that it will receive a first priority lien on all Collateral
pledged by Borrowers.

 

Authorization.
Borrowers shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly authorizing
the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrowers shall have provided such
other resolutions, authorizations, documents and instruments as Lender or its counsel, may require.

 

Payment
of Fees and Expenses. Borrowers shall have paid to Lender all fees, charges, and other expenses which are then due and payable
as specified in this Agreement or any Related Document. Without limiting the generality of the forgoing, Borrowers shall have
(1) paid to Lender a commitment fee in the amount of Thirty Thousand Dollars ($30,000.00) and (2) a non-refundable administrative
fee of Five Thousand Dollars ($5,000.00), and (3) reimbursed Lender for all fees and expenses incurred by it in connection with
the Loan, in excess of the Five Thousand Dollars ($5,000.00) administrative fee for (i) attorney’s fees and expenses incurred
by Lender in the negotiation and preparation of this Agreement and the Related Documents, (ii) any appraisal or inspection fees,
and (iii) filing fees incurred by Lender as evidenced by invoices and other records reflecting Lender’s payments of such
amounts.

 

 

 

 

BUSINESS
LOAN AGREEMENT

    	Page 1 of 11	 	 

     

    

 

EXECUTION VERSION

 

Representations
and Warranties. The representations and warranties set forth in this Agreement, in the Related Documents, and in any document
or certificate delivered to Lender under this Agreement are true and correct.

 

No
Event of Default. There shall not exist at the time of any Advance a condition which would constitute an Event of Default
under this Agreement or under any Related Document.

 

REQUEST
TIME FOR EACH ADVANCE. Each request for an Advance shall be made at least two calendar weeks prior to the date Borrowers desire
to have the Advance disbursed. Any request for an Advance more often than every 15th calendar day will result in a
transaction fee of $100.00 that will be added to the Advance. 

 

REPRESENTATIONS
AND WARRANTIES. Borrowers, as applicable to each, represent and warrant to Lender, as of the date of this Agreement, as of
the date of each disbursement of Loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all
times any Indebtedness exists:

 

Organization.
Each Borrower is a corporation which is and at all times shall be, duly organized, validly existing, and in good standing under
and by virtue of the laws of the State of its incorporation. Each Borrower is duly authorized to transact business in all other
states in which each Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals for
each state in which each Borrower is doing business. Specifically, each Borrower is, and at all times shall be, duly qualified
as a foreign corporation in all states in which failure to so qualify would have a material adverse effect on its business or
financial condition. Each Borrower has the full power and authority to own its properties and to transact the business in which
it is presently engaged or presently proposes to engage. Borrowers maintain their principal offices at 4320 Winfield Road, Suite
200, Warrenville, IL 60555. Unless each Borrower has designated otherwise in writing, the principal office is the office at which
each Borrower keeps it books and records including its records concerning the Collateral. Each Borrower will notify Lender prior
to any change in the location of each Borrower’s principal office address, any change in the Borrowers’ States of
incorporation, or any change in each Borrower’s name. Borrowers shall do all things necessary to preserve and to keep in
full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes,
orders and decrees of any governmental or quasi-governmental authority or court applicable to Borrowers and Borrowers’ business
activities.

 

Assumed
Business Names. Borrowers have filed or recorded all documents or filings required by law relating to all assumed business
names used by it. The following is a complete list of all assumed business names under which Borrowers do business: None.

 

Authorization.
Borrowers’ execution, delivery and performance of this Agreement and all the Related Documents have been duly authorized
by all necessary action by Borrowers and do not conflict with, result in a violation of, or constitute a default under (1) any
provision of Borrowers’ articles of incorporation or bylaws, or any agreement or other instrument binding upon Borrowers
or (2) any law, governmental regulation, court decree, or order applicable to Borrowers or to Borrowers’ properties.

 

Financial
Information. Each of Borrowers’ financial statements supplied to Lender truly and completely disclosed Borrowers’
respective financial condition in all material respects as of the date of the statement, and there has been no material adverse
change in Borrowers’ respective financial condition subsequent to the date of the most recent financial statements supplied
to Lender. Borrowers have no material contingent obligations except as disclosed in such financial statements. For purposes of
this “Financial Information” section only the term “material” shall mean a difference of more than $10,000/

 

Legal
Effect. This Agreement constitutes, and any instrument or agreement Borrowers, or any of them, are required to give under
this Agreement when delivered will constitute legal, valid, and binding obligations of Borrowers enforceable against them, as
applicable, in accordance with their respective terms.

 

Properties.
Except as contemplated by this Agreement or as previously disclosed in Borrowers’ respective financial statements or
in writing to Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrowers
own and have good title to all of their respective properties free and clear of all Security Interests, and have not executed
any security documents or financing statements relating to such properties. All of Borrowers’ respective properties are
titled in their legal name, and they have not, respectively, used or filed a financing statement under any other name for at least
the last five (5) years.

 

 

 

 

BUSINESS
LOAN AGREEMENT

    	Page 2 of 11	 	 

     

    

 

EXECUTION VERSION

 

Hazardous
Substances. Except as disclosed to and acknowledged by Lender in writing, Borrowers represent and warrant that: (1) During
the period of their respective ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment,
disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Collateral. (2)
Borrowers have no knowledge of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws,
(b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on,
under, about or from the Collateral by any prior owners or occupants of the Collateral, or (c) any actual or threatened litigation
or claims of any kind by any person relating to such matters. (3) Neither Borrowers, nor any tenant, contractor, agent or other
authorized user of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance
on, under, about or from the Collateral; and any such activity shall be conducted in compliance with all applicable federal, state,
and local laws, regulations and ordinances, including without limitation all Environmental Laws. Borrowers authorize Lender and
its agents to enter upon the Collateral to make such inspections and tests, at Borrowers’ expense, as Lender may deem appropriate
to determine compliance of the Collateral with this section of the Agreement. Any inspections or tests made by Lender shall be
at Borrowers’ expense and for Lender's purposes only and shall not be construed to create any responsibility or liability
on the part of Lender to Borrowers, or to any other person. The representations and warranties contained herein are based on Borrowers’
due diligence in investigating the Collateral for Hazardous Substances. Borrowers hereby (1) release and waive any future claims
against Lender for indemnity or contribution in the event Borrowers become liable for cleanup or other costs under any such laws;
and (2) agree to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses
which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Agreement or as a consequence
of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the
Collateral. The provisions of this section of the Agreement, including the obligation to indemnify, shall survive the payment
of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall not be affected by Lender's acquisition
of any interest in the Collateral, whether by foreclosure or otherwise.

 

Litigation
and Claims. No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes)
against Borrowers, or any of them, is pending or threatened in writing, and no other event has occurred which may materially adversely
affect Borrowers’ respective financial condition or properties, other than litigation, claims, or other events, if any,
that have been disclosed to and acknowledged by Lender in writing.

 

Taxes.
To the best of Borrowers’ knowledge, all of Borrowers’ respective tax returns and reports that are or were required
to be filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently
being or to be contested by Borrowers in good faith in the ordinary course of business and for which adequate reserves have been
provided.

 

Lien
Priority. Unless otherwise previously disclosed to Lender in writing, Borrowers have not entered into or granted any Security
Agreement, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly
securing repayment of the Loan and Note, that would be prior or that may be superior to Lender’s Security Interests and
rights in and to such Collateral.

 

Binding
Effect. This Agreement, the Note, any Security Agreement, and all Related Documents are binding upon the signors thereof,
as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective
terms.

 

AFFIRMATIVE
COVENANTS. Borrowers covenant and agree with Lender that, so long as this Agreement remains in effect, Borrowers will:

 

Notices
of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in their respective financial
condition, and (2) all existing and all threatened in writing litigation, claims, investigations, administrative proceedings or
similar actions affecting Borrowers which could materially affect the financial condition of any of Borrowers.

 

Financial
Records. Maintain their respective books and records in accordance with GAAP, applied on a consistent basis, and permit Lender
to examine and audit their books and records at all reasonable times.

 

Financial
Statements.  Furnish Lender (a) within One Hundred Fifty (150) days after Borrowers’ fiscal year end, with a
copy of the financial statements (including a balance sheet, income statement and statement of cash flows) of Borrowers’
for the preceding fiscal year, prepared by an independent certified public accountant acceptable to Lender, (b) within Forty-five
(45) days after each month end, with (i) a copy of Borrowers’ internally prepared financial statements for the preceding
month, including, a balance sheet, income statement, statement of cash flows, (ii) an aging analysis of all of Borrowers’
accounts receivable, accounts payable, retainers aging and (iii) a Job Progress Report as of the end of the preceding month, all
in form and detail satisfactory to Lender, (c) within Forty-five (45) days of filing, but in no event later than October 31 of
each year, with a copy of the Borrowers’ income tax returns as filed with the Internal Revenue Service, and (d) with such
financial statements and other related information (including, without limitation, cash flow projections) at such frequencies
and in such detail as Lender may reasonably request.

 

All
financial reports required to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent
basis, and certified as being true and correct.

  

 

 

 

BUSINESS
LOAN AGREEMENT

    	Page 3 of 11	 	 

     

    

 

EXECUTION VERSION

 

Additional
Information. Furnish such additional information and statements, as Lender may request from time to time.

 

Insurance.
Maintain fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect
to their respective properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender.
Borrowers, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form
satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least thirty (30)
days prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor
of Lender will not be impaired in any way by any act, omission or default of Borrowers or any other person. In connection with
all policies covering assets in which Lender holds or is offered a Security Interest for the Loan, Borrowers will provide Lender
with such lender’s loss payable or other endorsements as Lender may require.

 

Insurance
Reports. Furnish to Lender, upon request of Lender, reports on each existing insurance policy showing such information as
Lender may reasonably request, including without limitation the following: (1) the name of the insurer; (2) the risks insured;
(3) the amount of the policy; (4) the properties insured; (5) the then current property values on the basis of which insurance
has been obtained, and the manner of determining those values; and (6) the expiration date of the policy. In addition, upon the
request of Lender (however not more often than annually), Borrowers will have an independent appraiser satisfactory to Lender
determine, as applicable, the actual cash value or replacement cost of any Collateral. The cost of such appraisal shall be paid
by Borrowers.

 

Other
Agreements. Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrowers,
or any of them, and any other party and notify Lender immediately in writing of any default in connection with any other such
agreements.

 

Loan
Proceeds. Use all Loan proceeds solely for Borrower’s working capital, unless specifically consented to the contrary
by Lender in writing. Without limiting the generality of the preceding sentence, Loan proceeds will not be used as distributions
to or withdrawals by any officer, director, or shareholder of Borrowers or any other person or entity.

 

Taxes,
Charges and Liens. Pay and discharge when due all of their indebtedness and obligations, including without limitation all
assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrowers or their respective
properties, income or profits, prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might
become a lien or charge upon any of Borrowers’ respective properties, income or profits. Provided, however, Borrowers will
not be required to pay and discharge any such assessment, tax, charge, levy, lien or claim so long as (1) the legality of the
same shall be contested in good faith by appropriate proceedings, and (2) Borrowers shall have established on their books adequate
reserves with respect to such contested assessment, tax, charge, levy, lien or claim in accordance with GAAP.

 

Performance.
Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related
Documents, and in all other instruments and agreements between Borrowers and Lender. Borrowers shall notify Lender immediately
in writing of any default in connection with any agreement.

 

Operations.
Maintain executive and management personnel with substantially the same qualifications and experience as the present executive
and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business
affairs in a reasonable and prudent manner.

  

Compliance
with Governmental Requirements. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental
authorities applicable to the conduct of their respective properties, businesses and operations, and to the use or occupancy of
the Collateral, including without limitation, the Americans With Disabilities Act, the Employee Retirement Income Security Act
of 1974, as amended (ERISA) and all occupational safety laws. Borrowers may contest in good faith any such law, ordinance, or
regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrowers have notified Lender
may require Borrowers to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender’s
interest.

 

Borrowers
shall meet their minimum funding requirements under ERISA with respect to any employee benefit plan or other class of benefit
plan, which the Pension Benefit Guaranty Corporation established under ERISA has elected to insure, in either case, whether now
in existence or hereafter instituted by Borrowers.

 

 

 

 

BUSINESS
LOAN AGREEMENT

    	Page 4 of 11	 	 

     

    

 

EXECUTION VERSION

 

Notices
of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in their respective financial
conditions, and (2) all existing and all written threats of litigation, as well as all claims, investigations, administrative
proceedings or similar actions affecting them which could materially affect their respective financial conditions.

 

Inspection.
Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrowers’
other properties and to examine or audit Borrowers’ books, accounts, and records and to make copies and memoranda of Borrowers’
books, accounts and records. If Borrowers now or at any time hereafter maintain any records (including without limitation computer
generated records and computer software programs for the generation of such records) in the possession of a third party, Borrowers,
upon request of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide
Lender with copies of any records it may request, all at Borrowers’ expense.

 

Compliance
Certificates. Unless waived in writing by Lender, provide Lender at least annually, with a certificate executed by Borrowers’
chief financial officer, or other officer or person acceptable to Lender, certifying that the representations and warranties set
forth in this Agreement are true and correct as of the date of the certificate and further certifying that, as of the date of
the certificate, no Event of Default exists under this Agreement.

 

Environmental
Compliance and Reports. Borrowers shall comply in all respects with any and all Environmental Laws; not cause or permit to
exist, as a result of an intentional or unintentional action or omission on Borrowers’ part or on the part of any third
party, on property owned and/or occupied by Borrowers, any environmental activity where damage may result to the environment,
unless such environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate
federal, state or local governmental authorities; shall furnish to Lender promptly and in any event within thirty (30) days after
receipt thereof a copy of any reports of inspection or examination, notice, summons, lien, citation, directive, letter or other
communication from any governmental agency or instrumentality concerning any intentional or unintentional action or omission on
Borrowers’ part in connection any environmental activity whether or not there is damage to the environment and/or other
natural resources.

 

Additional
Assurances. Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments,
financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence
and secure the Loan and to perfect all Security Interests.

 

LENDER’S
EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender’s interest in the Collateral
or if Borrowers fail to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrowers
failure to discharge or pay when due any amounts Borrowers are required to discharge or pay under this Agreement or any Related
Documents, Lender on Borrowers’ behalf may (but shall not be obligated to) take any action that Lender deems appropriate,
including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any
time period or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such
expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the
date incurred or paid by Lender to the date of repayment by Borrowers. All such expenses will become a part of the Indebtedness
and, at Lender’s option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among
and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2)
the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity.

 

NEGATIVE
COVENANTS. Borrowers covenant and agree with Lender that while this Agreement is in effect, Borrowers shall not, without the
prior written consent of Lender:

 

Indebtedness
and Liens. (1) Except for trade debt incurred in the normal course of business and Indebtedness to Lender contemplated by
this Agreement create, incur or assume indebtedness for borrowed money, including capital leases, (2) sell, transfer, mortgage,
assign, pledge, lease, grant a Security Interest in, or encumber any of Borrower’s assets (except as allowed as Permitted
Liens), or (3) sell with recourse any of Borrower’s accounts, except to Lender.

 

Continuity
of Operation. (1) Engage in any business activities substantially different than those in which Borrowers are presently engaged,
(2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer
or sell Collateral out of the ordinary course of business, (3) change present executive personnel, or (4) pay any dividends on
Borrowers’ stock (other than dividends payable in its stock).

 

Loans,
Acquisitions and Guaranties. (1) Loan, invest in or advance money or assets, (2) purchase, create or acquire any interest
in any other enterprise or entity, or (3) incur any obligation as surety or guarantor other than in the ordinary course of business.

 

Agreements.
Enter into any agreement containing any provisions which would be violated or breached by the performance of Borrower’s
obligations under this Agreement or in connection herewith.

 

 

 

 

BUSINESS
LOAN AGREEMENT

    	Page 5 of 11	 	 

     

    

 

EXECUTION VERSION

 

CESSATION
OF ADVANCES. If Lender has made any commitment to make any Loan to Borrowers, whether under this Agreement or under any other
agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (1) Any of the Borrowers are
in default under the terms of this Agreement or any of the Related Documents or any other agreement that any of Borrowers has
with Lender; (2) Any of the Borrowers dissolves or terminates its business, becomes insolvent, files a petition in bankruptcy
or similar proceedings, or is adjudged a bankrupt; (3) there occurs a material adverse change in any of Borrowers’ financial
conditions, or in the value of any Collateral securing any Loan; or (4) Lender in good faith deems itself insecure, even though
no Event of Default shall have occurred.

 

DEFAULT.
Each of the following shall constitute an Event of Default under this Agreement.

 

Payment
Default. Borrowers fail to make any payment when due under the Loan. Borrowers shall have the right to cure such default within
three (3) days after receiving written notice from Lender demanding cure of such default. If Borrowers cure such default within
the specified cure period, Borrowers shall be entitled to continue with the Loan as if no default has occurred. If Borrowers fail
to cure such default within the specified cure period, Lender may proceed with its rights and remedies under the Loan as set forth
in this Agreement.

 

Other
Defaults. Borrowers fail to comply with or to perform any other term, obligation, covenant or condition contained in this
Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained
in any other agreement between Lender and Borrower. Borrowers shall have the right to cure such default within seven (7) days
after receiving written notice from Lender demanding cure of such default. If Borrowers cure such default within the specified
cure period, Borrowers shall be entitled to continue with the Loan as if no default has occurred. If Borrowers fail to cure such
default within the specified cure period, Lender may proceed with its rights and remedies under the Loan as set forth in this
Agreement.

 

Default
in Favor of Third Parties. Borrowers or any Grantor defaults under any loan, extension of credit, security agreement, purchase
or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s
or any Grantor’s property or Borrower’s or any Grantor’s ability to repay the Loan or perform their respective
obligations under this Agreement or any of the Related Documents. Borrowers shall have the right to cure such default within fourteen
(14) days after receiving written notice from Lender demanding cure of such default. If Borrowers cure such default within the
specified cure period, Borrowers shall be entitled to continue with the Loan as if no default has occurred. If Borrowers fail
to cure such default within the specified cure period, Lender may proceed with its rights and remedies under the Loan as set forth
in this Agreement.

 

False
Statements. Any warranty, representation or statement made or furnished to Lender by Borrowers or on Borrowers’ behalf
under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or
furnished or becomes materially false or misleading at any time thereafter. Borrowers shall have the right to cure such default
within fourteen (14) days after receiving written notice from Lender demanding cure of such default. If Borrowers cure such default
within the specified cure period, Borrowers shall be entitled to continue with the Loan as if no default has occurred. If Borrowers
fail to cure such default within the specified cure period, Lender may proceed with its rights and remedies under the Loan as
set forth in this Agreement.

 

Dissolution
or Insolvency. The dissolution or termination of Borrower’s existence as a going business, the insolvency of Borrower,
the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type
of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower. With
respect to any involuntary bankruptcy action against the Borrowers, the Borrowers shall have a period of sixty (60) days to cure
or effect the rescinding of the involuntary bankruptcy petition.

 

Defective
Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure
of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. Borrowers
shall have the right to cure such default within fourteen (14) days after receiving written notice from Lender demanding cure
of such default. If Borrowers cure such default within the specified cure period, Borrowers shall be entitled to continue with
the Loan as if no default has occurred. If Borrowers fail to cure such default within the specified cure period, Lender may proceed
with its rights and remedies under the Loan as set forth in this Agreement.

 

Creditor
or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Borrowers or by any governmental agency against any Collateral securing the
Loan. This includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this
Event of Default shall not apply if there is a good faith dispute by Borrowers as to the validity or reasonableness of the claim
which is the basis of the creditor or forfeiture proceeding and if Borrowers give Lender written notice of the creditor or forfeiture
proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined
by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

 

Change
in Ownership/Management; Disposal of Assets. Borrowers suffer or permit majority control of Borrowers to be sold, assigned
or otherwise transferred, or if Borrowers make or permit a change in its present senior level management, or if Borrowers merge
or consolidate with any company or enterprise, or otherwise disposes of a substantial portion (as determined by Lender) of its
assets or properties.

 

 

 

 

BUSINESS
LOAN AGREEMENT 

    	Page 6 of 11	 	 

     

    

 

EXECUTION VERSION

 

Adverse
Change. A material adverse change occurs in Borrower’s financial condition, or Lender reasonably believes In good faith
that the prospect of payment or performance of the Note is impaired. Borrowers shall have the right to cure such default within
fourteen (14) days after receiving written notice from Lender demanding cure of such default. If Borrowers cure such default within
the specified cure period, Borrowers shall be entitled to continue with the Loan as if no default has occurred. If Borrowers fail
to cure such default within the specified cure period, Lender may proceed with its rights and remedies under the Loan as set forth
in this Agreement.

 

Insecurity.
Lender reasonably and in good faith believes itself insecure. Borrowers shall have the right to cure such default within fourteen
(14) days after receiving written notice from Lender demanding cure of such default. If Borrowers cure such default within the
specified cure period, Borrowers shall be entitled to continue with the Loan as if no default has occurred. If Borrowers fail
to cure such default within the specified cure period, Lender may proceed with its rights and remedies under the Loan as set forth
in this Agreement.

 

EFFECT
OF AN EVENT OF DEFAULT. If any Event of Default shall have occurred, except where otherwise provided in this Agreement or
the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement
immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s option,
all Indebtedness immediately will become due and payable, all without notice of any kind to Borrowers other than as provided for
in this Agreement, except that in the case of an Event of Default of the type described in the “Insolvency” subsection
above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided
in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s
rights and remedies shall be cumulative and may be exercised singularity or concurrently. Election by Lender to pursue any remedy
shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation
of any of Borrowers or of any Grantor shall not affect Lender’s right to declare an Event of Default and to exercise its
rights and remedies.

 

PREPAYMENT
PENALTY. Except as otherwise provided for in the Note, Borrowers may prepay all or any portion of the outstanding principal
balance of the Note without penalty.

 

MISCELLANEOUS
PROVISIONS. The following miscellaneous provisions are a part of this Agreement:

 

Amendments.
This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as
to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in
writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.

 

Attorneys’
Fees; Expenses. Borrowers agree to pay upon demand all of Lender’s costs and expenses, including Lender’s reasonable
attorneys’ fees and Lender’s legal expenses, incurred in connection with the enforcement of this Agreement. Lender
may hire or pay someone else to help enforce this Agreement, and Borrowers shall pay the costs and expenses of such enforcement.
Costs and expenses include Lender’s attorneys’ fees and legal expenses whether or not there is a lawsuit, including
attorneys’ fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay
or injunction), appeals, and any anticipated post-judgment collection services. Borrowers also shall pay all court costs and such
additional fees as may be directed by the court.

 

Caption
Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define
the provisions of this Agreement.

 

Consent
to Loan Participation. Borrowers agree and consent to Lender’s sale or transfer, whether now or later, of one ore more
participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender, Lender may provide, without
any limitation whatsoever, to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have
about Borrowers or about any other matter relating to the Loan, and Borrowers hereby waive any rights to privacy Borrowers may
have with respect to such matters. Borrowers additionally waive any and all notices of sale of participation interests, as well
as all notices of any repurchase of such participation interests. Borrowers also agree that the purchasers of any such participation
interests will be considered as the absolute owners of such interests in the Loan and will have all the rights granted under the
participation agreement or agreements governing the sale of such participation interests. Borrowers further waive all rights of
offset or counterclaim that it may have now or later against Lender or against any purchaser of such a participation interest
and unconditionally agrees that either Lender or such purchaser may enforce Borrower’s obligation under the Loan irrespective
of the failure or insolvency of any holder of any interest in the Loan. Borrowers further agree that the purchaser of any such
participation interests may enforce its interests irrespective of any personal claims or defenses that Borrowers may have against
Lender.

 

 

 

 

BUSINESS
LOAN AGREEMENT

    	Page 7 of 11	 	 

     

    

 

EXECUTION VERSION

 

Governing
Law. This Agreement will be governed by, construed and enforced in accordance with federal law and the laws of the State of Iowa.
This Agreement has been accepted by Lender in the State of Iowa.

  

Choice
of Venue. If there is a lawsuit, Borrowers agree upon Lender’s request to submit to the jurisdiction of the courts of
POLK County, State of Iowa.

 

Joint
and Several Liability. All obligations of Borrowers under this Agreement shall be joint and several, and all references to
Borrowers shall mean each and every Borrower. This means that each Borrower signing below is responsible for all obligations in
this Agreement. Where any one or more of the parties is a corporation, partnership, limited liability company or similar entity,
it is not necessary for Lender to inquire into the powers of any of the officers, directors, partners, members, or other agents
acting or purporting to act on the entity’s behalf, and any obligations made or created in reliance upon the professed exercise
of such powers shall be guaranteed under this Agreement.

 

WAIVER
OF TRIAL BY JURY. IN THE EVENT ANY ACTION IS BROUGHT IN ANY FORUM BETWEEN BORROWERS, OR ANY OF THEM, AND LENDER AS A RESULT
OF THIS AGREEMENT, THE LOAN, THE NOTE, OR ANY RELATED DOCUMENT, BORROWERS AND LENDER HEREBY AGREE NOT TO ELECT A TRIAL BY JURY
OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW
OR HEREAFTER EXIST WITH REGARD TO THIS AGREEMENT, THE LOAN, THE NOTE, OR ANY RELATED DOCUMENT. THIS WAIVER OF RIGHT TO TRIAL BY
JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWERS AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH
ISSUE AS TO WHICH THE RIGHT TO TRIAL BY JURY WOULD OTHERWISE ACCRUE OR ARISE. EACH PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF
THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTY.

 

LIMITATION
OF LENDER'S LIABILITY. Notwithstanding anything contained herein to the contrary, BORROWERS agree that none of Lender or ITS
agents or employees shall be liable to BORROWERS for any monetary damages (including any special, consequential or punitive damages
whatsoever), whether in contract, tort (including negligence and strict liability) or any other legal or equitable principle and
BORROWERS’ sole remedies shall be limited to commencing an ARBITRATION OR action for specific performance.

 

No
Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in
writing and signed by Lender. No delay or omission on the part of Lender in exercising any rights shall operate as a waiver of
such right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver
of Lender’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No
prior waiver by Lender, nor any course of dealing between Lender and Borrowers, or between Lender and any Grantor, shall constitute
a waiver of any of Lender’s rights or of any of Borrowers’ or any Grantor’s obligations as to any future transactions.
Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender in any instance shall
not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be
granted or withheld in the sole discretion of Lender.

 

Notices.
Any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight
courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid,
directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this
Agreement by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party’s
address.

 

Severability.
If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to
any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance.
If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending
provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality,
invalidity, or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of
any other provision of this Agreement.

 

Subsidiaries
and Affiliates. To the extent the context of any provisions of this Agreement makes it appropriate, including without limitation
any representation, warranty or covenant, the word “Borrower” as used in this Agreement shall include all of Borrowers’
subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances shall this Agreement be construed to
require Lender to make any Loan or other financial accommodation to any of Borrowers’ subsidiaries or affiliates.

 

 

 

 

BUSINESS
LOAN AGREEMENT

    	Page 8 of 11	 	 

     

    

 

EXECUTION VERSION

 

Successors
and Assigns. All covenants and agreements contained by or on behalf of Borrowers shall bind their respective successors and
assigns and shall inure to the benefit of Lender and its successors and assigns. Borrowers shall not, however, have the right
to assign Borrowers’ rights under this Agreement or any interest therein, without the prior written consent of Lender.

 

Survival
of Representations and Warranties. Borrowers understand and agree that in making the Loan, Lender is relying on all representations,
warranties, and covenants made by Borrowers in this Agreement or in any certificate or other instrument delivered by Borrowers
to Lender under this Agreement or the Related Documents. Borrowers further agree that regardless of any investigation made by
Lender, all such representations, warranties and covenants will survive the making of the Loan and delivery to Lender of the Related
Documents, shall be continuing in nature, and shall remain in full force and effect until such time as Borrower’s Indebtedness
shall be paid in full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur.

 

Time
is of the Essence. This is of the essence in the performance of this Agreement.

 

DEFINITIONS.
The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically
stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words
and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.
Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial
Code. Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to them in accordance
with generally accepted accounting principles as in effect on the date of this Agreement:

 

Advance.
The word “Advance” means a disbursement of Loan funds made, or to be made, to the Borrowers or on the Borrowers’
behalf on a line of credit or multiple advance basis under the terms and conditions of this Agreement.

 

Agreement.
The word “Agreement” means this Business Loan Agreement, as this Business Loan Agreement may be amended or modified
from time to time, together with all exhibits and schedules attached to the Business Loan Agreement from time to time.

 

Borrowers.
The word “Borrowers” means FIRSTFORM, INC., a Florida corporation, and SPORTS FIELD HOLDINGS, INC., a Nevada corporation,
and all other persons and entities signing the Note in whatever capacity.

 

Collateral.
The word “Collateral” means all property and assets granted as collateral security for a Loan, whether real or
personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form
of a security interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, chattel mortgage, collateral chattel
mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention
contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created
by law, contract, or otherwise.

 

Environmental
Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances
relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980,as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments
and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C.
Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state
or federal laws, rules, or regulations adopted pursuant thereto.

 

Event
of Default. The words “Event of Default” mean any the events of default set forth in this Agreement in the default
section of this Agreement.

 

GAAP.
 The word “GAAP” means generally accepted accounting principles.

 

Grantor.
The word “Grantor” means each and all of the persons or entities granting a Security Interest in any Collateral
for the Loan, including without limitation all Borrowers granting such a Security Interest.

 

Hazardous
Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment with
improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous
Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances,
materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes,
without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.

 

 

 

 

BUSINESS
LOAN AGREEMENT 

    	Page 9 of 11	 	 

     

    

 

EXECUTION VERSION

 

Indebtedness.
The word “Indebtedness” means the indebtedness evidenced by the Note or Related Documents, including all principal
and interest together with all other indebtedness and costs and expenses for which Borrowers are responsible under this Agreement
or under any of the Related Documents.

 

Lender.
The word “Lender” means GENLINK CAPITAL, LLC, its successors and assigns.

 

Loan.
The word “Loan” means any and all loans and financial accommodations from Lender to Borrowers whether now or hereafter
existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described
on any exhibit or schedule attached to this Agreement from time to time, including, without limitation, the Revolving Line of
Credit Loan.

 

Note.
The word “Note” means the Promissory Note executed by Borrowers in the principal amount of $1,000,000.00 on the
date of this Agreement, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and
substitutions for the note or credit agreement.

 

Permitted
Liens. The words “Permitted Liens” mean (1) liens and security interests securing Indebtedness owed by Borrowers
to Lender; (2) liens for taxes, assessments, or similar charges either not yet due or being contested in good faith; (3) liens
of materialmen, mechanic’s, warehousemen, or carriers, or other like liens arising in the ordinary course of business and
securing obligations which are not yet delinquent; (4) purchase money liens or purchase money Security Interests upon or in any
property acquired or held by Borrowers in the ordinary course of business to secure indebtedness outstanding on the date of this
Agreement or permitted to be incurred under the paragraph of this Agreement titled “Indebtedness and Liens”; (5) liens
and Security Interests which, as of the date of this Agreement, have been disclosed to and approved by Lender in writing; and
(6) those liens and Security Interests which in the aggregate constitute an immaterial and insignificant monetary amount with
respect to the net value of Borrowers’ respective assets.

 

Related
Documents. The words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, assignment of leases and rents, collateral
mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with
the Loan, including without limitation the Security Agreement.

 

Security
Agreement. The words “Security Agreement” mean and include without limitation any agreements, promises, covenants,
arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing,
or creating a Security Interest.

 

Security
Interest. The words “Security Interest” mean, without limitation, any and all types of collateral security, present
and future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, chattel
mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien
or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever
whether created by law, contract, or otherwise.

 

BORROWERS
ACKNOWLEDGE HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWERS AGREE TO ITS TERMS.

 

BORROWERS
ACKNOWLEDGE RECEIPT OF A COMPLETED COPY OF THIS BUSINESS LOAN AGREEMENT AND ALL OTHER DOCUMENTS RELATING TO THIS DEBT.

 

IMPORTANT:
READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE.
NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS
AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT.

 

By
signing below, the parties hereto acknowledge that it concurrently received of a copy of the documents and each document referenced
herein.

 

 

 

 

BUSINESS
LOAN AGREEMENT

    	Page 10 of 11	 	 

     

    

 

EXECUTION VERSION

 

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

 

BORROWERS:

 

	FIRSTFORM,
INC. 	 	SPORTS
FIELD HOLDINGS, INC. 
	 	 	 
	By	/s/
    Jeromy Olson	 	By	/s/
        Jeromy Olson

        

	 	Jeromy
    Olson, its CEO	 	 	Jeromy
    Olson, its CEO

  

STATE
OF _________________)

                                                      )
ss

COUNTY
OF _______________ )

 

This
record was acknowledged before me on the _______ day of July, 2016 by Jeromy Olson as CEO of FirstForm, Inc., a Florida corporation.

 

	 	 
	 	Notary
    Public in and for said State

 

STATE
OF _________________ )

                                                       )
ss

COUNTY
OF _______________)

 

This
record was acknowledged before me on the _______ day of July, 2016 by Jeromy Olson as CEO of Sports Field Holdings, Inc., a Nevada
corporation.

 

	 	 
	 	Notary
    Public in and for said State

  

LENDER:

 

GENLINK
CAPITAL, LLC

 

	By	/s/
    Jeremy Rasmussen	 
	 	Jeremy
    Rasmussen, Director	 

  

 

 

 

BUSINESS
LOAN AGREEMENT

 

Page
11 of 11

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