Document:

Vertex Energy 8-K

Exhibit 10.3

 

SUBSCRIPTION AGREEMENT

FOR SERIES C CONVERTIBLE PREFERRED STOCK
OF

VERTEX ENERGY, INC.

 

A.    Subscription. This Agreement
is entered into as of January 29, 2016 by and between Fox Encore 05 LLC, a Washington limited liability company (the “Subscriber”),
and Vertex Energy, Inc., a Nevada corporation (the “Company”), in
connection with the Subscriber’s subscription to purchase (a) 44,000 shares of the Series C Convertible Preferred Stock,
$0.001 par value per share (the “Shares”) of the Company, at an aggregate purchase price of $4,000,000
(the “Purchase Price”). This Subscription Agreement is referred to herein as the “Agreement”
or the “Subscription”. The offering of the Securities shall be defined herein as the “Offering”.
The Offering is made in reliance upon an exemption from registration under the federal securities laws provided by Section 4(a)(2)
of, and Rule 506(b) of Regulation D under, the Securities Act of 1933, as amended (the “Securities Act”).

 

When the context in which words are used in
this Agreement indicates that such is the intent, singular words shall include the plural, and vice versa, and masculine words
shall include the feminine and neuter genders, and vice versa. Any reference to a person shall include an individual, trust, estate,
or any incorporated or unincorporated organization, including general or limited partnerships, limited liability companies, corporations,
joint ventures and cooperatives, and all heirs, executors, administrators, legal representatives, successors and assigns of such
person where permitted or required by the context. Captions are inserted for convenience only, are not a part of this Agreement,
and shall not be used in the interpretation of this Agreement.

 

This Agreement shall be binding on the Subscriber
and the Company, subject to the terms hereof, upon execution by the Subscriber and the Company.

 

B.    Representations and Warranties
of Subscriber. Subscriber hereby represents and warrants to the Company as follows:

 

(i)      Subscriber is an “accredited investor,” as such term is defined in Rule 501(a)
under the Securities Act, and will acquire the Shares and the shares of the common stock of the Company issuable upon conversion
thereof (collectively, the “Vertex Securities”) for its own account and not with a view to a sale or
distribution thereof as that term is used in Section 2(a)(11) of the Securities Act, in a manner which would require registration
under the Securities Act or any state securities laws. Subscriber has no present intention of selling, granting any participation
in, or otherwise distributing the Vertex Securities in violation of the Securities Act. Subscriber has such knowledge and experience
in financial and business matters that such Subscriber is capable of evaluating the merits and risks of the Vertex Securities.
Subscriber can bear the economic risk of the Vertex Securities, has knowledge and experience in financial business matters and
is capable of bearing and managing the risk of investment in the Vertex Securities. Subscriber recognizes that the Vertex Securities
have not been registered under the Securities Act, nor under the securities laws of any state and, therefore, cannot be resold
unless the resale of the Vertex Securities is registered under the Securities Act or unless an exemption from registration is available.
Subscriber has carefully considered and has, to the extent Subscriber believes such discussion necessary, discussed with its professional,
legal, tax and financial advisors, the suitability of an investment in the Vertex Securities for its particular tax and financial
situation and its advisers, if such advisers were deemed necessary, and has determined that its investment in the Vertex Securities
is a suitable investment for it. Subscriber has not been offered the Vertex Securities by any form of general solicitation or advertising,
including, but not limited to,

 

 

    	

    	 

    

 

advertisements, articles, notices or other communications published in any newspaper, magazine,
or other similar media or television or radio broadcast or any seminar or meeting where, to Subscriber’s knowledge, those
individuals that have attended have been invited by any such or similar means of general solicitation or advertising. Subscriber
has had an opportunity to ask questions of and receive satisfactory answers from the Company, or any person or persons acting on
behalf of the Company, concerning the terms and conditions of the Vertex Securities and the Company, and all such questions have
been answered to the full satisfaction of Subscriber. The Company has not supplied Subscriber with any information regarding the
Vertex Securities or an investment in the Vertex Securities other than as contained in this Agreement, and Subscriber is relying
on its own investigation and evaluation of the Company and the Vertex Securities and not on any other information. 

 

(ii)   Subscriber understands and acknowledges that each certificate or instrument representing Vertex
Securities will be endorsed with the following legend (or a substantially similar legend), unless or until registered under the
Securities Act: 

 

The securities represented
by this certificate have not been registered under the Securities Act of 1933 or any state securities act. The securities have
been acquired for investment and may not be sold, transferred, pledged or hypothecated unless (i) they shall have been registered
under the Securities Act of 1933 and any applicable state securities act, or (ii) the corporation shall have been furnished with
an opinion of counsel, satisfactory to counsel for the corporation, that registration is not required under any such acts.

 

C.Representations
and Warranties of the Company. The Company hereby represents and warrants to Subscriber as follows:

 

 

	(i)	 	All corporate action required to be taken by the Company in order to authorize the Company
to issue (i) the Shares and (ii) the shares of the common stock of the Company issuable upon conversion thereof, has been taken.

	 	 	 
	(ii)	 	The Shares, when issued and delivered in accordance with the terms set forth in this Agreement,
will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer set
forth under the Certificate of Designation of Vertex Energy Establishing the Designation, Preferences, Limitations and Relative
Rights of its Series C Convertible Preferred Stock and applicable state and federal securities laws. Assuming the accuracy of the
representations of Subscriber in paragraph B of this Agreement and subject to applicable state and federal securities laws filings,
the Shares will be issued in compliance with all applicable federal and state securities laws and will not require registration
under the Securities Act. The common stock of the Company issuable upon conversion of the Shares has been duly reserved for issuance,
and upon issuance, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions
on transfer under applicable federal and state securities laws. The common stock of the Company issuable upon conversion of the
Shares will be issued in compliance with all applicable federal and state securities laws and will not require registration under
the Securities Act.

                              

 

    	

    	 

    

  

                         
(iii)           
The Company has made commercially reasonable efforts to obtain the approval of The Nasdaq
Stock Market for the issuance of the Shares.

 

 

D.    Indemnification.
Each of Subscriber and the Company acknowledges that it understands the meaning and legal consequences of its representations and
warranties made, respectively, in paragraphs B and C hereof, and each of Subscriber and the Company (in such capacity, an “Indemnifying
Party”) hereby agrees to indemnify and hold harmless other party seeking indemnification and its affiliates, partners,
officers, directors, agents, attorneys, and employees (collectively, the “Indemnified Parties”) from and against
any and all loss, damage or liability due to or arising out of a breach of any such representations or warranties and the breach
of any representations and warranties whatsoever made herein. Notwithstanding the foregoing, however, no representation, warranty,
acknowledgment or agreement made herein by an Indemnifying Party shall in any manner be deemed to constitute a waiver of any rights
granted to such Indemnifying Party under federal or state securities laws. The representations and warranties set forth herein
shall survive the date upon which the Subscriber becomes a shareholder of the Company. No representation, warranty or covenant
in this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements
contained therein, in the light of the circumstances under which they were or are to be made, not misleading.

  

E.    Closing.
The sale of the Shares (the “Closing”) will take place concurrently with the closing of the transactions
contemplated by that certain Membership Interest Purchase Agreement by and between Vertex Refining NV, LLC, an indirect wholly-owned
subsidiary of the Company, and the Subscriber, dated January 29, 2016 (as amended, modified and supplemented to date, the “Purchase
Agreement”). Subscriber acknowledges and agrees that this subscription is irrevocable and binding on the part of
the Subscriber.

 

F.    Legal Opinion. At the Closing,
the Company will deliver to Subscriber the executed legal opinion letter of The Loev Law Firm, PC, dated as of the date of the
Closing, which opinion letter shall be in such form as shall be reasonably satisfactory to Subscriber and will include, without
limitation, an opinion that the issuance by the Company of the Shares will not require registration under the Securities Act.

 

G.    Entire Agreement. This
Subscription is the entire and fully integrated agreement of the parties regarding the subject matter hereof, and there are no
oral representations, warranties, agreements, or promises pertaining to this Subscription, or the Shares.

 

H.    Purchase Payment. The purchase
price for the Shares shall be paid to the Company in cash, check or via wire transfer simultaneously with the Subscriber’s
entry into this Agreement.

 

I.    Construction of Terms.
As used in this Agreement, the terms “herein,” “herewith,” “hereof”
and “hereunder” are references to this Agreement, taken as a whole; the term “includes”
or “including” shall mean “including, without limitation;” the word “or”
is not exclusive; and references to a “Section,” “subsection,” “clause,”
“Exhibit,” “Appendix,” “Schedule,” “Annex”
or “Attachment” shall mean a Section, subsection, clause, Exhibit, Appendix, Schedule, Annex or Attachment
of this Agreement, as the case may be, unless in any such case the context requires otherwise. Exhibits, Appendices, Schedules,
Annexes or Attachments to any document shall be deemed incorporated by reference in such document. All references to or definitions
of any agreement, instrument or other document (a) shall include all documents, instruments or agreements issued or executed in
replacement thereof, and (b) except as otherwise expressly provided, shall mean such agreement, instrument or document, or replacement
or predecessor thereto, as modified, amended, supplemented and restated through the date as of which such reference is made.

 

 

    	

    	 

    

 

J.    Effect of Facsimile and Photocopied
Signatures. This Agreement may be executed in several counterparts, each of which is an original. It shall not be necessary
in making proof of this Agreement or any counterpart hereof to produce or account for any of the other counterparts. A copy of
this Agreement signed by one party and (a) faxed to another party or (b) scanned and emailed to another party, shall be deemed
to have been executed and delivered by the signing party as though an original. A photocopy or PDF of this Agreement shall be effective
as an original for all purposes.

 

K.    Severability. The holding
of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction shall not affect any other
provision of this Agreement, which shall remain in full force and effect.

 

L.    Further Assurances.
The parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further
action as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 

M.    Governing Law. This Agreement
shall be interpreted in accordance with the laws of the State of Texas. In the event of a dispute concerning this Agreement, the
parties agree that venue lies in a court of competent jurisdiction in any Texas court.

 

N.    Review of Document; Arm’s
Length Transaction. Each party herein expressly represents and warrants to all other parties hereto that (a) before executing
this Subscription, said party has fully informed itself of the terms, contents, conditions and effects of this Subscription; (b)
said party has relied solely and completely upon its own judgment in executing this Subscription; (c) said party has had the opportunity
to seek and has obtained the advice of its own legal, tax and business advisors before executing this Subscription; (d) said party
has acted voluntarily and of its own free will in executing this Subscription; and (e) this Subscription is the result of arm’s
length negotiations conducted by and among the parties and their respective counsel.

 

 

O.    Purchase Price.
The Subscriber shall pay the Purchase Price to the Company at Closing.

 

    	 

    	 

    

 

SUBSCRIBER: FOX ENCORE 05 LLC,

a Washington limited liability company

 

 

	By:	ACF Property Management, Inc.,
	 	a California corporation
	 	Its:     Managing Member
	 	 
	 	 
	 	By:	/s/ Alan C. Fox
	 	   	Alan C. Fox
	 	Its:	 President
	 	 
	 	 

  

“COMPANY”

 

Vertex
Energy, Inc.

 

/s/ Chris Carlson

Chris Carlson

Chief Financial Officer

Date:
1/28/16Vertex Energy 8-K

Exhibit 10.4

 

PROMISSORY
NOTE

  

	$5,150,000	January 29, 2016

 

FOR
VALUE RECEIVED, VERTEX REFINING OH, LLC, an Ohio limited liability company (“Borrower”), promises
to pay to the order of FOX ENCORE 05 LLC, a Washington limited liability company (“Lender”),
in lawful money of the United States of America in immediately available funds at its offices located at c/o ACF Property Management,
Inc., Attn: Alan C. Fox, 12411 Ventura Blvd., Studio City, CA 91604, or at such other location as Lender may designate from time
to time, the principal sum of:

 

FIVE
MILLION ONE HUNDRED FIFTY THOUSAND AND 00/100 DOLLARS

 

(such
amount, the “Principal Amount”) together with interest accruing on the outstanding principal balance from the
date hereof, all as provided below in this Promissory Note (this “Note”).

 

1. Interest
Payments. The Principal Amount outstanding under this Note will bear interest at a rate per annum which is at all times
equal to 10.00%. Borrower shall pay interest on the unpaid Principal Amount in arrears
from the date hereof until paid, commencing February 29, 2016, and continuing on the last day of each succeeding month thereafter
and on the Maturity Date (as hereinafter defined), or such earlier date in the event of a prepayment of the remaining balance
of the Principal Amount or in the event that the Principal Amount is accelerated due to an Event of Default (as hereinafter defined).
Interest hereunder will be calculated based on the actual number of days that principal is outstanding over a year of 365 days.
Notwithstanding any provision to the contrary in this Note, in no event shall the interest rate charged on the Principal Amount
exceed the maximum rate of interest permitted under applicable state and/or federal usury law. Any payment of interest that would
be deemed unlawful under applicable law for any reason shall be deemed received on account of, and will automatically be applied
to reduce, the principal sum outstanding and any other sums (other than interest) due and payable to Lender under this Note, and
the provisions hereof shall be deemed amended to provide for the highest rate of interest permitted under applicable law.

 

2. Maturity
Date. The entire outstanding Principal Amount, together with all accrued and unpaid interest and any other charges, advances
and fees, if any, outstanding hereunder shall be due and payable in full to Lender on the earlier of (a) July 31, 2016 (as may
be extended by Borrower in accordance with the terms and conditions of Section 3 of this Note, the “Maturity Date”),
which Borrower acknowledges and agrees is a “balloon payment,” or (b) upon acceleration of this Note during the existence
of an Event of Default.

 

3. Extension
Option. Provided that no Event of Default is then existing hereunder or under any other Loan Document (as hereinafter
defined), and subject to compliance with the requirements described in this Section 3, Borrower shall have up to three (3) extension
options (each, an “Extension Option”) pursuant to which Borrower may notify Lender that it is electing to extend
the Maturity Date for six (6) months each. The first extension will extend the Maturity Date of the Note until January 31, 2017,
the second extension will extend the Maturity Date of the Note until July 31, 2017, and the third extension will extend the Maturity
Date of the Note until January 29, 2018. Under no circumstances shall any extension of the Maturity Date of this Note extend beyond
January 29, 2018. To exercise each respective Extension Option, Borrower must in each instance comply with the following requirements:

 

    	 		 

    	 

    

 

(a) A
written notice of Borrower’s intent to exercise an Extension Option (each an “Extension Notice”) must
be received by Lender not less than thirty (30) days prior to the then-applicable Maturity Date;

 

(b) Concurrently
with delivery to Lender of the Extension Notice, Borrower shall pay Lender an extension fee equal to 3% of the then outstanding
Principal Amount, which shall be fully earned by Lender and shall not be applied toward the outstanding Indebtedness and shall
be in addition to all Loan payments provided herein; provided, however, that if Borrower elects to exercise the Extension Option
to extend the Maturity Date to January 31, 2017, there shall be no fee for such extension, but such extension shall instead serve
to terminate the Early Prepayment Bonus (defined below); and

 

(c) No
Event of Default shall exist as of the time of Borrower’s delivery of the Extension Notice to Lender, or on the date of
such extension.

 

Upon
satisfaction of the requirements set forth above, the then-applicable Maturity Date shall automatically be extended for a period
of six (6) months to the applicable Maturity Date in accordance with this Section. In such event, Borrower shall continue
to make payments hereunder in accordance with the provisions of Sections 1 and 2 of this Note.

 

3. Other
Provisions Relating to Principal and Interest Payments. If any payment
under this Note shall become due on a Saturday, Sunday or public holiday under the laws of the State of Ohio, such payment shall
be made on the next succeeding Business Day, and such extension of time shall be included in computing interest in connection
with such payment. Payments received will be applied to charges, fees and expenses (including attorneys’ fees), accrued
interest and principal in any order Lender may choose, in its sole discretion.

 

4. Late
Payments; Default Rate. If Borrower fails to make any payment of principal, interest or other amount coming due pursuant
to the provisions of this Note, Borrower also shall pay to Lender a late charge equal to five percent (5%) of the amount of such
payment (the “Late Charge”). Upon maturity, whether by acceleration, demand or otherwise, and at Lender’s
option following written notice to Borrower during the continuance of an Event of Default, amounts outstanding under this Note
shall bear interest at a rate per annum (based on the actual number of days that principal is outstanding over a year of 365 days)
which shall be five percentage points (5%) in excess of the interest rate in effect from time to time under this Note but not
more than the maximum rate allowed by law (the “Default Rate”). The Default Rate shall continue to apply whether
or not judgment shall be entered on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for
the purpose of defraying Lender’s expenses incident to the handling of delinquent payments, but are in addition to, and
not in lieu of, Lender’s exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable
law, and any fees and expenses of any agents or attorneys which Lender may employ. In addition, the Default Rate reflects the
increased credit risk to Lender of carrying a loan that is in default. Borrower agrees that the Late Charge and Default Rate are
reasonable forecasts of just compensation for anticipated and actual harm incurred by Lender, and that the actual harm incurred
by Lender cannot be estimated with certainty and without difficulty.

 

    	 	-2- 	 

    	 

    

 

5. Prepayment.
The indebtedness evidenced by this Note may be prepaid in whole or in part at any time without penalty. In the event that
the indebtedness evidenced by this Note is prepaid in whole on or before July 31, 2016, the Principal Amount shall automatically
be decreased by the sum of One Hundred and Fifty Thousand Dollars (the “Early Prepayment Bonus”), such that
the Principal Amount shall be deemed to be Five Million Dollars if the indebtedness evidenced by this Note is prepaid in whole
on or before July 31, 2016.

 

6. Security.
This Note is given in consideration of the loan from Lender to Borrower in the Principal Amount and is secured by the Mortgage,
which shall be a first lien on the Property. Borrower hereby agrees to perform and comply with each of the terms, covenants and
provisions contained in this Note and in all other Loan Documents, all such terms, covenants and provisions being hereby made
a part of this Note to the same extent and with the same force and effect as if fully set forth in this Note. 

 

7. Representations
and Warranties. Borrower represents and
warrants that the statements set forth in this Section are true, correct and complete:

 

(a) Borrower
(i) is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Ohio, (ii)
has all requisite power and authority to conduct its business and to own and operate the Property, and (iii) is duly qualified
to do business in every jurisdiction in which the nature of business conducted by it makes such qualification necessary or where
failure to so qualify would have a Material Adverse Effect (as hereinafter defined) on its business or financial condition or
its performance of Borrower’s obligations under this Note or any other Loan Document (as hereinafter defined) or Related
Writing (as hereinafter defined);

 

(b) Borrower
has all requisite power and authority to execute and deliver and to perform all of its obligations under this Note or any other
Loan Document or Related Writing;

 

(c) The
officers, managers or other persons executing this Note and any other Loan Document or Related Writing on behalf of Borrower are
fully authorized to execute this Note and such other Loan Documents and Related Writings on behalf of Borrower;

 

(d) The
execution and delivery of this Note and any other Loan Document or Related Writing by Borrower and the performance and observance
by Borrower of the provisions of such documents do not (i) violate or conflict with the Articles of Organization or limited liability
company agreement (or equivalent governance document) of Borrower or any law, regulation, ruling, order, injunction, decree, condition
or other requirement applicable to or imposed upon Borrower by any law or by any governmental authority, court or agency, or (ii)
result in a breach of any provision of or constitute a default under any other material agreement, instrument or document binding
upon or enforceable against Borrower;

 

    	 	-3- 	 

    	 

    

 

(e) Borrower
has received consideration which is the reasonable equivalent of the obligations and liabilities that Borrower has incurred to
Lender. Borrower is not insolvent, as defined in any applicable state or federal statute, nor will Borrower be rendered insolvent
by the execution and delivery of this Note or any other Loan Document or Related Writing. Borrower has not engaged, nor is Borrower
about to engage, in any business or transaction for which the assets retained by Borrower are or will be an unreasonably small
amount of capital, taking into consideration the obligations to Lender incurred under this Note. Borrower does not intend to,
nor does Borrower believe that Borrower will, incur debts beyond Borrower’s ability to pay them as they mature;

 

(f) This
Note constitutes a valid and binding obligation of Borrower in every respect, enforceable in accordance with its terms, subject
to limitations imposed by bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors generally
or the application of general equitable principles;

 

(g) Borrower’s
latest financial statements provided to Lender are true, complete and accurate in all material respects and fairly present the
financial condition, assets and liabilities, whether accrued, absolute, contingent or otherwise, and the results of Borrower’s
operations for the period specified therein. Borrower’s financial statements have been prepared in accordance with generally
accepted accounting principles consistently applied from period to period subject, in the case of interim statements, to normal
year-end adjustments. Since the date of the latest financial statements provided to Lender, Borrower has not suffered any damage,
destruction or loss which would be likely to have a Material Adverse Effect.

 

(h) There
are no actions, suits, proceedings or governmental investigations pending or, to the knowledge of Borrower, threatened against
Borrower which could result in a Material Adverse Effect, and there is no basis known to Borrower or its officers, directors,
managers, or equity holders for any such action, suit, proceedings or investigation.

 

(i) Borrower
has obtained, in Borrower’s name, all permits currently necessary or required to operate the facility located on the Property.

 

8. Covenants. Borrower
agrees that until all of the Debt (as hereinafter defined) shall have been paid in full, Borrower shall perform and observe each
of the following provisions:

 

(a) Notice
of Certain Matters. Borrower shall give notice to Lender, within fifteen (15) days after Borrower obtains actual knowledge
thereof, of each of the following:

 

(i) any
litigation or claim affecting or relating to the Property and which would be likely to cause a Material Adverse Effect;

 

(ii) any
dispute between Borrower and any Governmental Agency relating to the Property, the adverse determination of which could reasonably
cause a Material Adverse Effect on the Property; 

 

(iii) any
Event of Default;

 

(iv) the
creation or imposition of any mechanics’ lien or other lien against the Property; 

 

(v) any
investigation, enforcement, clean up, removal or other action or requirement of any Governmental Agency relating to any Hazardous
Materials located on, or released or generating upon or from, the Property, or the presence of any Hazardous Materials in a manner
not in compliance with applicable law; and/or

 

(vi) any
material adverse change in the financial condition of Borrower.

 

    	 	-4- 	 

    	 

    

 

(b) Intentionally
Deleted.

 

(c) Further
Assurances. Borrower shall execute and acknowledge (or cause to be executed and acknowledged) and deliver to Lender all documents,
and take all actions, reasonably required by Lender from time to time to confirm the rights created or now or hereafter intended
to be created under the Loan Documents, to protect and further the validity, priority and enforceability of the Loan Documents,
to subject to the Loan Documents any property intended by the terms of any Loan Document to be covered by the Loan Documents,
or otherwise to carry out the purposes of the Loan Documents and the transactions contemplated thereunder.

 

(d) Financial
Reporting. Borrower shall furnish to Lender:

 

(i) Annual
Financial Statements. Borrower shall deliver to Lender, within ninety (90) days after the end of each fiscal year a balance
sheet for Borrower as of the end of such fiscal year and a statement of profit and loss for Borrower and for Borrower’s
operations in connection with the Property for such fiscal year, together with all supporting schedules, internally prepared by
Borrower and certified by Borrower in writing as (i) being prepared in accordance with GAAP, (ii) fairly presenting Borrower’s
financial condition, (iii) showing all material liabilities, direct and contingent, (iv) fairly presenting the results of Borrower’s
operations, and (v) disclosing the existence of any hedge and/or off-balance sheet transactions.

 

(ii) Quarterly
Financial Statements. Borrower shall deliver to Lender, within forty-five (45) days after the end of each fiscal quarter,
an unaudited balance sheet for Borrower as of the end of such fiscal quarter and a statement of profit and loss for Borrower and
for Borrower’s operations in connection with the Property for such fiscal quarter, together with all supporting schedules
and certified by the Borrower in writing as (i) being prepared in accordance with GAAP, (ii) fairly presenting Borrower’s
financial condition, (iii) showing all material liabilities, direct and contingent, (iv) fairly presenting the results of Borrower’s
operations, and (v) disclosing the existence of any hedge and/or off-balance sheet transactions.

 

(e) Payment
of Taxes and Other Charges. Borrower shall pay and discharge when due all taxes, assessments, charges, levies and other
liabilities imposed upon Borrower or the Property, except those which currently are being contested in good faith by appropriate
proceedings and for which Borrower shall have set aside adequate reserves or made other adequate provision with respect thereto
acceptable to Lender in its sole discretion.

 

    	 	-5- 	 

    	 

    

 

(f) Maintenance
of Existence, Operation and Assets. Borrower shall do all things necessary to (i) maintain, renew and keep in full force and
effect its organizational existence and all rights, permits, licenses and franchises necessary to enable Borrower to continue
its business at the Property as currently conducted; (ii) continue in operation in substantially the same manner as at present;
(iii) keep the Property in good operating condition and repair; and (iv) make all necessary and proper repairs, renewals, replacements,
additions and improvements to the Property.

 

(g) Compliance
with Laws. Borrower shall comply in all material respects with all laws applicable to Borrower, the Property, and the operation
of the Property.

 

(h) Compliance
with Permits. Borrower shall comply with all permits, licenses and governmental approvals (“Permits”),
including all permits issued by the applicable Governmental Agency to authorize the operation of the Property, and Borrower shall
maintain all Permits in full force and pay all fees therefor;

 

(i) Merger
or Transfer of Assets. Borrower shall not liquidate or dissolve, or merge or consolidate with or into any person, firm, corporation
or other entity, or sell, lease, transfer or otherwise dispose of the Property or all or any substantial part of Borrower’s
property, assets, operations or business, whether now owned or hereafter acquired.

 

(j) Change
in Business. Borrower shall not make or permit any change in Borrower’s form of organization.

 

(k) Financial
Records. Borrower shall at all times maintain true and complete records and books of account, including, without limiting
the generality of the foregoing, appropriate reserves for possible losses and liabilities, all in accordance with GAAP, and at
all reasonable times permit Lender to examine Borrower’s books and records and to make excerpts therefrom and transcripts
thereof.

 

9. Intentionally
Deleted. 

 

10. Events
of Default. The occurrence of any of the following events will be deemed to be an “Event of
Default” under this Note: (i) the nonpayment of any principal, interest or other indebtedness under this Note when
due and such failure to pay continues uncured for 10 days; (ii) the failure of Borrower to observe or perform any covenant or
other agreement, under or contained in any Loan Document and such failure continues uncured for a period of 30 days after
written notice from Lender; (iii) the filing by or against Borrower of any proceeding in bankruptcy, receivership,
insolvency, reorganization, liquidation, conservatorship or similar proceeding (and, in the case of any such proceeding
instituted against Borrower, such proceeding is not dismissed or stayed within forty-five (45) days of the commencement
thereof; (iv) any assignment by Borrower for the benefit of creditors, or any levy, garnishment, attachment or similar
proceeding is instituted against any property of Borrower; (v) the commencement of any foreclosure or forfeiture proceeding,
execution or attachment against the Property; (vi) the entry of a final judgment against Borrower and the failure of Borrower
to discharge the judgment within thirty (30) days of the entry thereof;  (vii) any representation or warranty made by Borrower to Lender in any Loan Document or any other documents now or in the future
evidencing or securing the obligations of Borrower to Lender, is false, erroneous or misleading in any material respect; (viii)
Borrower’s failure to timely deliver any of the Post-Closing Deliveries (defined below); or (viii) if the Property is abandoned
or there is otherwise an abandonment of all or substantially all of the operations thereon.

 

    	 	-6- 	 

    	 

    

  

11. Remedies.
Upon the occurrence of an Event of Default: (a) Lender shall be under no further obligation to make advances hereunder; (b) if
an Event of Default specified in clause (iii) or (iv) above shall occur, the outstanding principal balance and accrued interest
hereunder together with any additional amounts payable hereunder shall be immediately due and payable without demand or notice
of any kind; (c) if any other Event of Default shall occur, the outstanding principal balance and accrued interest hereunder
together with any additional amounts payable hereunder, at Lender’s option and without demand or notice of any kind, may
be accelerated and become immediately due and payable; (d) at Lender’s option upon written notice to Borrower, this
Note will bear interest at the Default Rate from the date of the occurrence of the Event of Default; and (e) Lender may exercise
from time to time any of the rights and remedies available under the Loan Documents or under applicable law.

 

12. Post-Closing
Deliveries. Within one hundred and twenty (120) days of the date of this Note, Borrower shall furnish to Lender the following,
all of which shall be reasonably satisfactory to Lender in form and substance (collectively, the “Post-Closing Deliveries”):

 

(a) A
current “Phase I” environmental report addressed to Lender (or accompanied by a reliance letter addressed to Lender)
and prepared by an Ohio licensed environmental engineering firm acceptable to Lender, which report must indicate to Lender’s
satisfaction that the Property is free from hazardous substance contamination, and such other evidence of compliance of the Property
with applicable federal, state, and local environmental laws, regulations, and requirements as Lender may require;

 

(b) Evidence
satisfactory to Lender that the Property complies with all applicable zoning and other land use laws; and

 

(c) A
permit compliance report certified to Lender and prepared by a licensed environmental engineering firm acceptable to Lender, which
report must indicate to Lender’s satisfaction that the Property is in compliance with all Permits and that Borrower holds
all permits, approvals, or licenses required to be held by Borrower with respect to Borrower’s operations on the Property.

 

Borrower’s
failure to deliver the Post-Closing Deliveries by no later than the one hundred and twentieth (120th) day after the date of this
Note shall constitute an immediate Event of Default. Within thirty (30) days of Lender’s receipt of a Post-Closing Delivery,
Lender shall provide Borrower with a notice that such Post-Closing Delivery is either: (i) satisfactory to Lender or (ii) unsatisfactory
to Lender, in which case Lender shall provide to Borrower a reasonably detailed explanation regarding the defects in such Post-Closing
Delivery, and at which point Borrower shall exercise all commercially reasonable diligence to effectuate a cure of such defect
at the earliest practicable time, but in no event later than one year from the receipt of such notice.

 

    	 	-7- 	 

    	 

    

 

13. Purchase
Option.

 

 13.1 Notice
of Exercise. Upon the occurrence of an Event of Default (such occurrence, the “Trigger Event”), Goldman
Sachs Bank USA (the “Administrative Agent”) or any of the lenders party to the Amended and Restated Credit
and Guaranty Agreement dated as of the date hereof, acting as a single group (the “Purchasing Term Loan Creditors”),
shall have the option, within twenty (20) days after the Lender delivers notice of such Trigger Event to the Administrative Agent
(the “Purchase Notice”) to purchase the Note from the Lender. The Lender shall provide the Administrative Agent
with notice of any Trigger Event promptly after becoming aware thereof. The Purchase Notice shall be irrevocable. In the event
that the Purchase Notice is not provided within such twenty (20) day period, the rights of the Purchasing Term Loan Creditors
shall automatically expire and be of no further force or effect.

 

13.2 Purchase
and Sale. On the date specified by the relevant Purchasing Term Loan Creditors in the Purchase Notice (which date shall not
be less than ten (10) Business Days from the receipt by the Lender of the Purchase Notice and shall not be more than twenty (20)
Business Days from the receipt by the Lender of the Purchase Notice), the Lender shall sell to the Purchasing Term Loan Creditors,
and the Purchasing Term Loan Creditors shall purchase from the Lender, the Note; provided that, the Lender shall retain all rights
to be indemnified or held harmless by the Borrower in accordance with the terms of the Loan Documents but shall not retain any
rights to the security therefor. For the purposes of this Section 13.2, the term Lender shall mean the Person that constitutes
the Lender immediately prior to the consummation of the purchase of the Loan and shall not refer to the Purchasing Term Loan Creditors.

 

13.3 Payment
of Purchase Price. Upon the date of such purchase and sale, the Purchasing Term Loan Creditors shall (a) pay to the Lender
as the purchase price therefor the full amount of the Note then outstanding and unpaid (including principal, interest, fees and
expenses, including reasonable attorneys’ fees and legal expenses), (b) furnish cash collateral to the Lender in a manner
and in such amounts as the Lender determines is reasonably necessary to secure the Lender in connection with any indemnification
obligations which may become payable under the Loan Documents (other than indemnification obligations that are unasserted contingent
obligations), (c) agree to reimburse the Lender for any loss, cost, damage or expense (including reasonable attorneys’ fees
and legal expenses) in connection with any commissions, fees, costs or expenses related to any checks or other payments provisionally
credited to the Note, and/or as to which the Lender has not yet received final payment, (d) agree to reimburse the Lender in respect
of indemnification obligations of the Borrower under the Loan Documents as to matters or circumstances known to the Lender at
the time of the purchase and sale which would reasonably be expected to result in any loss, cost, damage or expense (including
reasonable attorneys’ fees and legal expenses) to the Lender, and (e) agree to indemnify and hold harmless the Lender from
and against any loss, liability, claim, damage or expense (including reasonable fees and expenses of legal counsel) arising out
of any claim asserted by a third party in respect of the Note as a direct result of any acts by any term loan secured party occurring
after the date of such purchase. Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to
such bank account as the Lender may designate in writing for such purpose.

 

    	 	-8- 	 

    	 

    

 

13.4 Limitation
on Representations and Warranties. Such purchase shall be expressly made without representation or warranty of any kind by
the Lender and without recourse of any kind, except that the Lender shall represent and warrant: (a) the amount of the Note being
purchased from it, (b) that, if true, Lender owns the Note free and clear of any Liens or encumbrances and (c) that Lender has
the right to assign the Note and the assignment is duly authorized.

 

13.5. Limitation
on Exercise of Remedies. After the occurrence of a Trigger Event until either (i) the expiration of the 20-day period in Section
13.1 without delivery of a Purchase Notice or (ii), if a Purchase Notice is delivered within such period, the later of (a) the
expiration of the applicable period for consummation of the purchase of the Note contemplated by such Purchase Notice (as such
period may be mutually extended, in their respective sole and absolute discretion, by the Lender and Purchasing Term Loan Creditors)
and (b) the purchase of the Note contemplated by such Purchase Notice, the Lender shall not take any material enforcement action
without the consent of the Purchasing Term Loan Creditors, which consent may not be unreasonably withheld or delayed (it being
understood that from and after the purchase of the Note contemplated by this Section 13, Purchasing Term Loan Creditors in their
capacities as Lender shall not be bound by this Section 13.5).

 

14. Indemnification.
Borrower agrees to defend, indemnify and hold harmless Lender (and its affiliates, officers, directors, attorneys, agents
and employees) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses (including reasonable attorneys’ fees), or disbursements of any kind or nature whatsoever that may be imposed
on, incurred by or asserted against Lender in connection with any investigative, administrative or judicial proceeding (whether
or not Lender shall be designated a party thereto) or any other claim by any Person relating to or arising out of the Loan Documents
or any actual or proposed use of proceeds of the advances under this Note or any of the Debt; provided that Lender shall not have
the right to be indemnified hereunder for its own gross negligence or willful misconduct as determined by a court of competent
jurisdiction. All obligations provided for in this Section shall survive any termination of this Note.

 

15. Notices.
All notices, demands, requests, consents or other communications required or permitted hereunder will be in writing and will
be deemed to have been duly given when delivered in person or three (3) Business Days after being sent by registered or certified
mail, return receipt requested, postage prepaid or when dispatched by electronic facsimile transfer (if confirmed in writing by
mail simultaneously dispatched) or one (1) Business Day after having been dispatched by a nationally recognized overnight courier
service, to the appropriate party at the address specified for such party on Exhibit A to this Note or such other address
as shall be provided by such party from time to time in compliance with this Section.

 

    	 	-9- 	 

    	 

    

 

16. Waiver;
Cumulative Remedies; Modifications. No delay or omission on Lender’s part to exercise any right or power arising
hereunder will impair any such right or power or be considered a waiver of any such right or power, nor will Lender’s action
or inaction impair any such right or power. Lender’s rights and remedies hereunder are cumulative and not exclusive of any
other rights or remedies which Lender may have under other agreements, at law or in equity. No modification, amendment or waiver
of, or consent to any departure by Borrower from, any provision of this Note will be effective unless made in a writing signed
by Lender, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.

 

17. Costs
and Expenses. Borrower agrees to pay on demand, to the extent permitted by law, all costs, liabilities, and expenses (including,
without limitation, losses, damages, penalties, claims, actions, reasonable attorneys’ fees, legal expenses, judgments,
suits, and disbursements) (i) incurred by, imposed upon, or asserted against, Lender in any attempt by Lender to (A) obtain
payment, performance, and observance of this Note or any other Loan Document or Related Writing, or (B) in connection with the
restructuring or enforcement of this Note or any other Loan Document or Related Writing; or (ii) incidental or related to
(A) above, including, without limitation, interest thereupon from the date incurred, imposed, or asserted until paid at the Default
Rate.

 

18. Severability
of Provisions; Waiver of Presentment; Binding Effect. If any provision of this Note is found to be invalid, illegal or
unenforceable in any respect by a court, all the other provisions of this Note will remain in full force and effect. Borrower
and all other makers and indorsers of this Note hereby forever waive presentment, protest, notice of dishonor and notice of non-payment.
Borrower also waives all defenses based on suretyship or impairment of collateral. This Note shall bind Borrower and its heirs,
executors, administrators, successors and assigns, and the benefits hereof shall inure to the benefit of Lender and its successors
and assigns; provided, however, that Borrower may not assign this Note in whole or in part without Lender’s
written consent and Lender at any time may assign this Note in whole or in part.

 

19. Governing
Law; Jurisdiction. This Note shall be governed by and construed in accordance with the laws of the State of Ohio without
regard to principles of conflict of laws. Any dispute arising under or in connection with this Note or the transactions contemplated
hereby will be tried and delegated exclusively in the state or federal courts located in Franklin County, Ohio. The aforementioned
choice of venue is intended by the parties to be mandatory and not permissive in nature, thereby precluding the possibility of
litigation among the parties with respect to, or arising out of, this Note in any jurisdiction other than as specified in this
Section. Each party hereby waives any right it may have to assert the doctrine of forum non-conveniens or similar doctrine or
to object to venue with respect to any proceeding brought in accordance with this Section, and each party further stipulates that
the state and federal courts located in Franklin County, Ohio will have in personam jurisdiction and venue over it for the purpose
of litigating any dispute, controversy or proceeding arising out of or related to this Note.

 

20. Jury
Trial Waiver. BORROWER AND LENDER WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING
IN CONTRACT, TORT OR OTHERWISE, BETWEEN BORROWER AND LENDER ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE
RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED
IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. THIS WAIVER SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY
LENDER’S ABILITY TO PURSUE REMEDIES PURSUANT TO ANY PROVISION CONTAINED IN ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT
BETWEEN BORROWER AND LENDER.

 

    	 	-10- 	 

    	 

    

 

21. Principal
Payments Subject to MIPA. Borrower and Lender acknowledge
that Borrower’s payment of the Principal Amount under this Note shall be subject to the terms and conditions of Section
6.2 of that certain Membership Interest Purchase Agreement of even date herewith by and between Lender and Borrower’s affliate,
Vertex Refining NV, LLC.

 

22. No
Third-Party Beneficiaries. Except with respect to Administraive Agent’s rights pursuant to Section 13 of this Note,
this Note has no third-party beneficiaries, express or implied.

 

23. Definitions.
As used in this Note, the following terms shall have the following meanings:

 

“Assignment
of Contracts and Permits” shall mean that certain Assignment of Contracts and Permits, of even date herewith, executed
and delivered by Borrower to Lender relating to the Property, as the same may from time to time be amended, restated or otherwise
modified.

 

“Borrower”
shall have the meaning given to such term in the opening paragraph of this Note.

 

“Business
Day” shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized
or required by law to be closed for business in Cleveland, Ohio.

 

“Consolidated”
shall mean the resultant consolidation of the financial statements of the Companies and their subsidiaries in accordance with
GAAP.

 

“Debt”
shall mean, collectively, (a) all Indebtedness incurred by Borrower to Lender pursuant to this Note and includes the principal
of and interest on the Note; (b) each extension, renewal or refinancing thereof in whole or in part; (c) the extension fees and
any other fees payable hereunder; (d) every other liability, now or hereafter owing to Lender or any affiliate of Lender by Borrower,
and includes, without limitation, every liability, whether owing by only Borrower or by Borrower with one or more others in a
several, joint or joint and several capacity, whether owing absolutely or contingently, whether created by note, overdraft, guaranty
of payment or other contract or by quasi-contract, tort, statute or other operation of law, whether incurred directly to Lender
(or any affiliate thereof) or acquired by Lender (or any affiliate thereof) by purchase, pledge or otherwise and whether participated
to or from Lender (or any affiliate thereof) in whole or in part; and (e) all Related Expenses.

 

“Default”
shall mean an event or condition that constitutes, or with the lapse of any applicable grace period or the giving of notice or
both would constitute, an Event of Default, and that has not been waived by Lender in writing.

 

    	 	-11- 	 

    	 

    

 

“Default
Rate” shall have the meaning given to such term is Section 4 of this Note.

 

“Environmental
Indemnity Agreement” shall mean that certain Environmental Indemnity Agreement, of even date herewith, executed and
delivered by Borrower to Lender relating to the Property, as the same may from time to time be amended, restated or otherwise
modified.

 

“Event
of Default” shall have the meaning given to such term in Section 10 of this Note.

 

“Extension
Option” shall have the meaning given to such term in Section 3 of this Note.

 

“Financial
Officer” shall mean any of the following officers: chief executive officer, president, chief financial officer, treasurer
or controller.

 

“GAAP”
shall mean generally accepted accounting principles as then in effect, which shall include the official interpretations thereof
by the Financial Accounting Standards Board, applied on a basis consistent with the past accounting practices and procedures of
Borrower.

 

“Governmental
Agency” means any governmental or quasi-governmental agency, board, bureau, commission, department, court, administrative
tribunal or other instrumentality or authority, and any public utility.

 

“Historical
Financial Statements” means the most recent balance sheet, income statement and statement of cash flows delivered to
Lender prior to the date of this Note.

 

“Indebtedness”
shall mean, for Obligor (excluding in all cases trade payables payable in the ordinary course of business by such Obligor), (a)
all obligations to repay borrowed money, direct or indirect, incurred, assumed, or guaranteed, (b) all obligations for the deferred
purchase price of capital assets, (c) all obligations under conditional sales or other title retention agreements, (d) all obligations
(contingent or otherwise) under any letter of credit, banker’s acceptance, currency swap agreement or rate management agreement,
(e) all obligations under synthetic leases, (f) all capital lease obligations, (g) all obligations of such Obligor with respect
to asset securitization financing programs to the extent that there is recourse against such Obligor or such Obligor is liable
(contingent or otherwise) under any such program, (h) all obligations to advance funds to, or to purchase assets, property or
services from, any other Person in order to maintain the financial condition of such Person, and (i) any other transaction (including
forward sale or purchase agreements) having the commercial effect of a borrowing of money entered into by such Obligor to finance
its operations or capital requirements.

 

“Late
Charge” shall have the meaning given to such term in Section 4 of this Note.

 

“Lender”
shall have the meaning given to such term in the opening paragraph of this Note.

 

    	 	-12- 	 

    	 

    

 

“Loan
Documents” shall mean this Note, the Mortgage, the Environmental Indemnity Agreement, and the Assignment of Contracts
and Permits, any subordination agreements, and any other documents relating to any of the foregoing, as any of the foregoing may
from time to time be amended, restated or otherwise modified or replaced.

 

“Loan
Policy” shall have the meaning given to such term in Section 9 of this Note.

 

“Material
Adverse Effect” shall mean any change resulting in a material adverse effect on (a) the business, operations,
property, condition (financial or otherwise) or prospects of Borrower, (b) the business, operations, property, condition (financial
or otherwise) or prospects of Vertex and its Subsidiaries taken as a whole, (c) the validity or enforceability of this Note or
any of the other Loan Documents or the rights and remedies of Lender hereunder or thereunder, or (d) the ability of Borrower to
perform its obligations under the Loan Documents.

 

“Maturity
Date” shall have the meaning given to such term in Section 2 of this Note.

 

“Mortgage”
shall mean that certain Open-End Mortgage, Security Agreement, Fixture Filing and Assignment
of Leases and Rents from Borrower to Lender dated of even date herewith, executed and delivered by Borrower, as the same
may from time to time be amended, restated or otherwise modified.

 

“Note”
shall have the meaning given to such term in the opening paragraph of this Note.

 

“Permits”
shall have the meaning given to such term in Section 8 of this Note.

 

“Post-Closing
Deliveries” shall have the meaning given to such term in Section 12 of this Note

 

“Property”
shall mean that certain real and personal property described in the Mortgage and located in
Franklin County, Ohio, together with all improvements, structures and buildings thereon and all appurtenances, easements,
privileges, hereditaments and other rights relating or appertaining thereto. 

 

“Person”
shall mean any individual, sole proprietorship, partnership, joint venture, unincorporated organization, corporation, limited
liability company, institution, trust, estate, government or other agency or political subdivision thereof or any other entity.

 

“Principal
Amount” shall have the meaning given to such term in the opening paragraph of this Note.

 

“Related
Expenses” shall mean any and all costs, liabilities, and expenses (including, without limitation, losses, damages, penalties,
claims, actions, reasonable attorneys’ fees, legal expenses, judgments, suits, and disbursements) (a) incurred by, imposed
upon, or asserted against, Lender in any attempt by Lender to (i) obtain, preserve, or enforce any security interest evidenced
by this Note or any Related Writing; (ii) obtain payment, performance, and observance of any and all of the Debt; or (iii) maintain,
insure, preserve, repossess, and dispose of any of the collateral securing the Debt or any thereof; or (b) incidental or related
to (a) above, including, without limitation, interest thereupon from the date incurred, imposed, or asserted until paid at the
Default Rate.

 

    	 	-13- 	 

    	 

    

 

“Related
Writing” shall mean each Loan Document and any other assignment, mortgage, security agreement, guaranty agreement, pledge
agreement, subordination agreement, financial statement, audit report or other writing furnished by any Borrower or any Obligor,
or any of their respective officers, to Lender pursuant to or otherwise in connection with this Note.

 

“Title
Company” shall have the meaning given to such term in Section 9 of this Note.

 

“Vertex”
shall mean Vertex Energy, Inc., a Nevada corporation.

 

Borrower
acknowledges that it has read and understood all the provisions of this Note, including the waiver of jury trial, and has been
advised by counsel as necessary or appropriate.

 

WITNESS
the due execution hereof as a document under seal, as of the date first written above, with the intent to be legally bound
hereby.

 

	 	VERTEX REFINING OH, LLC,

    an Ohio lmited liability company

 

	 	By:
        	/s/ Chris Carlson
	 	Print
        Name:	Chris Carlson
	 	Title:
        	Chief Financial Officer

   

	STATE OF TEXAS	 )	 	 
	 	 )	SS:	 
	COUNTY OF HARRIS 	 )	 	 

 

Before
me, a Notary Public in and for said County and State, personally appeared the above-named VERTEX REFINING OH, LLC, an Ohio
limited liability company, by Chris Carlson, its CFO, who acknowledged that he/she
did sign the foregoing instrument on behalf of said limited liability company and that the same is his/her free act and deed as
such CFO and the free act and deed of said limited liability company.

 

IN
WITNESS WHEREOF, I have hereunto set my hand and official seal at Houston, Texas,  this 28th day of January 2016.

 

	 	/s/ Lauri Jann Leger
	 	Notary
Public

	 	My
commission expires:	10/22/2019

 

[Signature
page – $5,000,000 Promissory Note – Fox Encore 05 LLC/Vertex Refining OH, LLC]

 

 

    	 	-14- 	 

    	 

    

 

Exhibit A

 

Notice
Address

 

If to Borrower:

 

Vertex Refining OH, LLC

c/o Ben Cowart

1331 Gemini Suite 250

Houston, TX 77058

 

with copy to:

 

Timothy P. Reardon

Reinhart Boerner Van Deuren s.c.

1000 North Water Street, Suite 1700

Milwaukee, WI 53202

  

If to Lender:

 

Fox Encore 05 LLC

c/o ACF Property Management, Inc. 

12411 Ventura Blvd.

Studio City, CA 91604 

Attn: Alan C. Fox

 

with copy to:

 

Bryce C. Alstead 

Holland & Hart LLP

9555 Hillwood Drive, 2nd Floor 

Las Vegas, NV 89134

-15-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]