Document:

Exhibit
10.4

 

 

MASTER LOAN AND SECURITY AGREEMENT

 

This
Master Loan and Security Agreement (this “Agreement”) dated as of August 31,
2009 is made by and between FIFTH THIRD BANK, an Ohio banking corporation, for
itself and as agent for any affiliate of Fifth Third Bancorp (together with its
successors and assigns, the “Lender”), and STELLARIS LLC, a limited liability
company organized under the laws of the State of Nevada and having a principal
place of business at 26000 Commercentre Drive, Lake Forest, CA 92630 (“Borrower”).

 

RECITALS

 

WHEREAS,
Lender has determined that it may make one or more loans, advances or other
extensions of credit (each an “Advance” and collectively, the “Loan”), in its
sole and absolute discretion, to Borrower;

 

WHEREAS,
Lender and Borrower desire to set forth the general requirements and conditions
for the approval of credit to Borrower applicable to the Loan; and

 

WHEREAS,
for each additional extension of credit, Lender may impose additional
requirements as it deems necessary for the approval of the credit, terms, the
documentation of the associated Advance, and the perfection of Lender’s
security interests;

 

NOW,
THEREFORE, the parties agree that it is appropriate to enter into this Master
Loan and Security Agreement in order to set forth general terms and conditions
that shall be applicable to each Advance and the Loan and to establish the
framework for the making of future Advances and the documentation thereof.

 

1.             General
Terms Applicable to Loans, Advances and Credit Commitments.

 

(a)           Each Advance individually, and the Loan
generally, shall be subject to the terms and conditions of this Agreement and
any additional terms or conditions which Lender may specify to Borrower in the
case of any particular Advance to Borrower.

 

(b)           As of the date of this Agreement, Lender has
NOT extended to Borrower any credit commitment (“Commitment”) or made any
representation or warranty to Borrower that a Commitment will be extended to
Borrower.  Any Commitment, if made at
all, shall be made in writing by Lender in either a separate commitment letter,
in the written documentation relating to a particular Advance or evidenced by
the promissory note relating to such Advance. 
The drafting of documents relating to a requested Advanced, preliminary
proposals made to Borrower, or Lender’s furnishing of drafts of documents to
Borrower, however, shall not signify or be interpreted as the making of a
Commitment.  No credit Commitment may be
extended without the completion of Lender’s internal credit approval processes
and any such Commitment at the time of an Advance shall only be made upon and
evidenced by the completion and execution of written documentation satisfactory
to Lender in all respects and in its sole discretion.

 

(c)           Advances (if any) shall be made on or before
any applicable Commitment termination or expiration date specified by Lender
with regard to such Advances or the Loans generally.

 

(d)           Borrower shall give Lender notice (which shall
be irrevocable) not later than 10:00 am (Eastern time) on the third Business
Day prior to the requested day for the making of any Advance, which notice
shall include the contemporaneous delivery to Lender of the documents described
herein.  Each such notice shall specify (a) the
requested date for the making of such Advance which shall be a Business Day and
(b) the amount of such Advance.  As
used herein, the term “Business Day” means any day other than Saturday or
Sunday or other days on which banks are authorized or required to close in
Cincinnati, Ohio.

 

 

2.             Principal
and Interest.

 

(a)           The obligation to repay any Loan hereunder
shall be evidenced by one or more promissory notes payable by Borrower to the
order of Lender (as each such promissory note may be amended, amended and
restated, supplemented or modified from time to time, a “Note”).  Each Note shall bear interest, be payable and
mature as set forth in the Note.  Upon
the occurrence and during the continuance of an Event of Default (as
hereinafter defined), or if the Note is accelerated in accordance with the
terms of this Loan Agreement, the outstanding principal and all accrued
interest, as well as any other charges due Lender hereunder, shall bear
interest from the date on which such amount shall have first become due and
payable to Lender to the date on which such amount shall be paid to Lender
(whether before or after judgment), at a default rate, to be determined by
Lender in its sole discretion from time to time, equal to up to six percentage
points (6.0%) in excess of the otherwise applicable rate of interest, not to
exceed the maximum rate permitted by applicable law (the “Default Rate”).

 

(b)           Time is of the essence with respect to the
payment and performance of the Obligations (as defined below) to be paid or
otherwise performed under this Agreement, the Note and all of the other Loan
Documents (as defined below).

 

(c)           Once repaid no Advance may be reborrowed
hereunder.

 

(d)           If Borrower fails to pay any amount due
hereunder, after the expiration of any applicable grace period, Borrower shall
pay to Lender a late payment fee equal to five percent (5%) of the amount
unpaid.  Such fee shall be payable on
demand and shall constitute part of the Obligations.

 

(e)           All amounts due hereunder and under the Note
will be due on the dates or at the times specified hereunder or under the Note
regardless of whether Borrower has received any notice that such amounts are
due.

 

(f)            Principal and interest payments, and any other
amounts due hereunder, shall be made to Lender at the address specified herein
or such other address as Lender may designate from time to time, in writing.

 

3.             Security.

 

(a)           As security for the payment as and when due of
the indebtedness of Borrower to Lender under this Agreement, any Note and any
other documents relating thereto (and any renewals, extensions and
modifications thereof) and under any other agreement or instrument (as the same
may be renewed, extended or modified and hereinafter collectively referred to
as the “Loan Documents”), both now in existence and hereafter created relating
to Borrower’s acquisition of the equipment described on Schedule A hereto (as
supplemented from time to time) or on any similar schedule attached to a Note
(collectively, the “Equipment” and, individually, an “Item of Equipment”),
together with any other obligation of Borrower to Lender or its affiliates, and
the performance as and when due of all obligations of Borrower under the Loan
Documents and any Rate Management Agreement (as the same may be renewed,
extended or modified; and hereinafter collectively referred to as the “Obligations”),
Borrower hereby grants to Lender a first priority security interest in all of
Borrower’s right, title and interest in the following (whether now existing or
hereafter created and whether now owned or hereafter acquired): (i) the
Equipment (including, without limitation, all inventory, equipment, fixtures or
other property comprising the same), and general intangibles relating thereto, (ii) additions,
attachments, accessories and accessions thereto whether or not furnished by the
supplier of such Equipment, (iii) any and all Rate Management Obligations,
(iv) all subleases (including the right to receive any payment thereunder
and the right to 

 

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make any election or
determination or give any consent or waiver thereunder), chattel paper,
accounts, security deposits and bills of sale relating thereto, (v) any
and all substitutions, replacements or exchanges for any such Equipment or
other collateral, (vi) any and all products and proceeds of any collateral
hereunder (including all insurance and requisition proceeds and all other
payments of any kind with respect to the Equipment and other collateral in and
against which a security interest is granted hereunder) and (vii) any
other property or assets in which Borrower may have in the past or shall have
in the future granted a security interest to secure any other obligation of
Borrower to Lender or any of its affiliates (collectively, the “Collateral”).

 

(b)           To further secure the payment and performance
of all of the Obligations, the Collateral shall also include, and Borrower
hereby grants to Lender a continuing security interest in and assigns to Lender
all assets and property of Borrower, including, but not limited to, all of
Borrower’s right, title and interest in and to all accounts, accounts
receivable, chattel paper, commercial tort claims, contract rights, deposit
accounts, documents, instruments, investment property, equipment, fixtures,
general intangibles, goods, inventory, letter of credit rights, and all other
personal and real property, whether now owned or hereafter acquired, and all
products and proceeds thereof.

 

(c)           Borrower agrees that, with respect to the
Collateral, Lender shall have all of the rights and remedies of a secured party
under the Uniform Commercial Code as in effect in the applicable jurisdiction
from time to time.  To the extent that
any proceeds of the Loan are used to acquire equipment, which is not described
on Schedule A hereto or to a Note, the Lender is authorized to supplement
Schedule A with a description of such equipment.  Upon the acquisition of any such equipment,
without further action by Lender or Borrower (i) the equipment described
on such supplement to Schedule A shall constitute part of the Equipment and (ii) Schedule
A shall be deemed to have been amended to include such supplement.

 

4.             Conditions
Precedent.

 

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

 

(i) a
certificate of a member, managing member or other responsible officer of
Borrower date hereof (or in any case prior to the first Advance, if after the
date of this Agreement) certifying (A) the incumbency of each of the
members, managing members or other officers executing the applicable Loan
Documents and, if such member or managing member is a corporation or other
entity, the incumbency of the individual officer executing such documents on
behalf of the member or managing member, (B) a copy of the articles of
organization, operating agreement, and other applicable organizational
documents of Borrower and (C) copies of any other documents evidencing the
authorization of the members, managing members or other responsible officers on
behalf of the Borrower to execute, deliver and perform this Agreement, any
Notes and each other Loan Document; if requested by Lender, an opinion of
counsel for Borrower in form and substance satisfactory to Lender as to the
matters set forth in Section 12 and as to such other matters as Lender may
reasonably request.

 

(b)           The obligation of Lender to make any Advance
hereunder is subject to the satisfaction (or waiver by Lender) of each of the
following conditions prior to the date specified for such Advance: (i) Lender
shall have received each of the following documents in form and substance
satisfactory to Lender:  (A) a
certificate executed by a member, managing member or other chief financial
officer of Borrower certifying that the representations and warranties of
Borrower contained herein and in each of the Loan Documents remain true and
correct as of such date, and no Default or Event of Default (as defined in Section 13)
has occurred both with and without giving effect to the transactions
contemplated hereby; (B) copies of the invoice(s) or other evidence
satisfactory to Lender, related to the acquisition cost of the Equipment to
which such Advance relates; (C) a schedule describing the Equipment, in a
form approved by Lender and to be attached as Schedule A, a supplement to
Schedule A and/or as a schedule to the Note; (D) upon delivery of such
Equipment, copies of the bills of sale evidencing chain of title from the
manufacturer or supplier to the Borrower with respect to such Equipment; and (E) any
and all Rate Management Agreements; (ii) Lender shall have received,
evidence 

 

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satisfactory to Lender of
the filing of Uniform Commercial Code financing statements or other records
relating to the Equipment in form and substance satisfactory to Lender in the
jurisdiction in which Borrower is a registered organization and such other
jurisdictions as Lender may reasonably request by the date of the Advance; (iii) Lender
shall have received evidence of insurance policies covering the Equipment which
comply with the requirements of Section 7 hereof; (iv) the
representations and warranties of Borrower contained herein and in each of the
other Loan Documents shall be true and correct on and as of the date specified
for such Advance both with and without giving effect to the making of such
Advance; (v) no Default or Event of Default shall have occurred and be
continuing or result from the transactions contemplated by the making of such
Advance; (vi) Borrower shall have paid the fees and reasonable
out-of-pocket expenses of Lender (including the fees and expenses of counsel to
the Lender and any filing or recordation fees) incurred in connection with the
negotiation, execution and delivery of the Loan Documents relating thereto
shall have been paid; (vii) no material adverse change, in the sole
judgment of Lender, in the existing or prospective financial condition or
results of operations of Borrower or any guarantor of Borrower’s obligations
hereunder (a “Guarantor”) which may affect the ability of Borrower to perform
its obligations under the Loan Documents, or the ability of any Guarantor to
perform its obligations under any Guaranty, shall have occurred since the date
of the most recent unaudited financial statements of Borrower delivered to
Lender; (viii) Borrower shall have furnished proof of payment for the
Equipment prior to the date of each applicable Advance and, to the extent that
Borrower has not paid for any Item of Equipment, Lender may remit proceeds of
the Advance directly to the vendor of the Equipment in payment thereof; and (ix) Borrower
shall have executed and delivered to Lender a Payment Proceeds letter
authorizing Lender to remit funds to the appropriate parties.

 

5.             Acceptance
of Equipment.  The
execution of each Note relating to any Equipment shall constitute Borrower’s
representation and warranty to Lender that such Equipment (a) was received
by Borrower, (b) is satisfactory to Borrower in all respects, (c) is
suitable for Borrower’s purposes, (d) is in good order, repair and
condition, (e) has been installed and operates properly, and (f) is
subject to all of the terms and conditions of the Loan Documents.  Borrower’s execution and delivery of each
such Note shall be conclusive evidence as between Lender and Borrower that the
Items of Equipment described therein are in all of the foregoing respects
satisfactory to Borrower, and Borrower shall not assert any claim of any nature
whatsoever against Lender based on any of the foregoing matters; provided, however, that nothing contained herein shall in
any way bar, reduce or defeat any claim that Borrower may have against any
manufacturer or supplier of such Equipment or any other person (other than Lender).  Borrower’s execution of each Note shall be
deemed an affirmation and ratification of the terms and conditions herein.

 

6.             Use
and Maintenance; Alterations.

 

(a)           Borrower covenants and agrees that: (i) Borrower
shall use the Equipment solely in the conduct of its business, for the purpose,
and in the manner, for which the Equipment was designed, (and shall not
permanently discontinue use of the Equipment); (ii) Borrower shall
operate, maintain, service and repair the Equipment, and maintain all records
and other materials relating thereto, (A) in accordance and consistent
with (1) the supplier’s or manufacturer’s recommendations all maintenance
and operating manuals or service agreements, whenever furnished or entered
into, including any subsequent amendments or replacements thereof, issued by
the supplier or manufacturer thereof or other service provider (including
requiring all components, fuels and fluids installed in or used on the
Equipment to meet the standards specified by such service provider from time to
time), (2) the requirements of all applicable insurance policies, (3) the
supply contract or purchase order, so as to preserve all of Borrower’s and
Lender’s rights thereunder, including all rights to any warranties, indemnities
or other rights or remedies, (4) all applicable laws, and (5) the
prudent practice of other similar companies in the same business as Borrower,
but in any event, to no lesser standard than that employed by Borrower for
comparable equipment owned or leased by it; and (B) without limiting the
foregoing, so as to cause the Equipment to be in good repair and operating
condition and in at least the same condition as when delivered to Borrower
hereunder, except for ordinary wear and tear resulting despite Borrower’s full
compliance with the terms hereof; (iii) shall not discriminate against the
Equipment with respect to scheduling of maintenance, parts or service; (iv) shall
not change the location of any Equipment from that specified on Schedule A (or
otherwise as Borrower informed Lender at the time the Loan was made) 

 

4

 

without the prior written
consent of Lender and (v) to the extent requested by Lender, shall cause
each item of Equipment to be continually marked, in a plain and distinct
manner, with the following: “Subject to a Security Interest in favor of “FIFTH
THIRD BANK” or such other words designated by Lender on labels furnished by
Lender.  If the location for any
Equipment comprising collateral for the Loan is a facility leased by Borrower
or owned by Borrower subject to one or more mortgage liens, upon the request of
Lender, Borrower will obtain a real property waiver or waivers in form and
substance satisfactory to Lender from the lenders or mortgagees of such facility.

 

(b)           Borrower, at its own cost and expense, will
promptly replace all parts, appliances, systems, components, instruments and
other equipment incorporated in, or installed on, the Equipment which may from
time to time become worn out, lost, stolen, destroyed, seized, confiscated,
damaged beyond repair or permanently rendered unfit for use for any reason
whatsoever.  In addition, in the ordinary
course of maintenance, service repair, overhaul or testing, Borrower may remove
any parts, whether or not worn out, lost, stolen, destroyed, seized,
confiscated, damaged beyond repair or permanently rendered unfit for use, provided that Borrower shall replace such
parts as promptly as practicable.  All
replacement parts shall be free and clear of all Liens (as defined in Section 6(c))
and shall be in as good an operating condition as, and shall have a value and
utility at least equal to, the parts replaced, assuming such replaced parts
were in the condition and repair required to be maintained by the terms hereof.  Any replacement part installed, or
incorporated on, the Equipment shall be considered an accession to such
Equipment.

 

(c)           Borrower will keep the Equipment and its
interest therein free and clear of all liens, claims, mortgages, charges and
encumbrances of any type regardless of how arising (“Liens”) other than the
Lien of the Lender hereunder.  If any
Lien shall attach to any Equipment, Borrower will provide written notification
to Lender within five (5) days after Borrower receives notice of any such
attachment stating the full particulars thereof and the location of such
Equipment on the date of such notification.

 

(d)           At its sole option, Borrower may make any
alteration, modification or attachment to the Equipment deemed appropriate by
Borrower, provided that such
alteration, modification, attachment is of a type which is readily removable
without damage to the Equipment, does not decrease the value, condition,
utility or useful life of the Equipment or cause such Equipment to become a
fixture (as defined in the Uniform Commercial Code as in effect in any
applicable jurisdiction), or real property or affect the insurability or impair
any manufacturer’s warranty with respect to the Equipment.  All alterations, modifications and
attachments of whatsoever kind or nature made to any Equipment that cannot be
removed without damaging or reducing the functional capability, economic value
or insurability of the Equipment or impairing any manufacturer’s warranty shall
only be made with the prior written consent of the Lender and shall be deemed
to be part of the Equipment and subject to the Lien of this Agreement.  Under no circumstance shall any alteration,
modification or attachment be subjected by Borrower to any encumbrance other
than the Lien of the Lender hereunder.

 

7.             Insurance.

 

(a)           Borrower shall provide, maintain and pay for
insurance coverage with respect to the Equipment, insuring against, among other
things, the loss, theft, damage, or destruction of the Equipment, in amounts
acceptable to Lender; and public liability and property damage with respect to
the use or operation of the Equipment in amounts acceptable to Lender.  All insurance against loss shall name Lender
as the sole loss payee and all liability insurance shall name Lender and its
successors and assignees and their subsidiaries and affiliated companies, and
their successors and assigns as additional insureds.  All of such insurance shall be in form
(including all endorsements required by Lender), and with companies, reasonably
satisfactory to Lender.

 

(b)           All policies of insurance required hereunder
shall (i) provide that any cancellation, expiration, lapse, or material
modification shall not be effective as to the Lender for a period of thirty
(30) days after receipt by Lender of written notice thereof; (ii) provide
that premiums may be paid by the Lender, but without liability on the part of
the Lender for such premiums; (iii) be primary without any right of
set-off or right of contribution from any other insurance carried by the
Lender; (iv) contain breach of warranty provisions providing that, in
respect of the interests of the Lender, the insurance shall not be invalidated
by any action, inaction or breach of warranty, declaration, or condition by
Borrower or any other person or by any fact or information known to Lender; and
(v) waive any right of subrogation against Lender.

 

5

 

(c)           If Borrower does not obtain, maintain or
furnish to Lender acceptable proof of the insurance coverage required by this
Agreement, Lender shall be entitled to procure such insurance, as Lender shall
deem appropriate in its discretion, at Borrower’s sole cost and expense.

 

8.             Risk
of Loss; Damage to Equipment.

 

(a)           Borrower shall bear the entire risk of loss
and damage to any and all Items of Equipment from any cause whatsoever, whether
or not insured against.  No loss or
damage shall relieve Borrower of the obligation to pay any amounts due under
the Note or of any other Obligations.  An
“Event of Loss” shall be deemed to have occurred with respect to any Item of
Equipment if such Item of Equipment or any material part thereof has been lost,
stolen, requisitioned or condemned by any governmental authority, damaged
beyond repair or damaged in such a manner that results in an insurance
settlement on the basis of an actual or arranged total loss.

 

(b)           Upon any loss or damage to any Item of
Equipment not constituting an Event of Loss, Borrower will promptly notify
Lender of such loss or damage, and in any event within thirty (30) days of such
loss or damage (or such longer period as Lender shall determine in its sole
discretion), place such Item of Equipment in good condition and repair as
required by the terms of this Agreement. 
If an Event of Loss to any Item of Equipment has occurred, Borrower
shall immediately notify Lender of same, and at the option of Lender, Borrower
shall: (i) not more than thirty (30) days following such Event of Loss (or
such longer period as Lender shall determine in its sole discretion) replace
such Item of Equipment with replacement equipment (acceptable to Lender) in as
good condition and repair, and with the same value remaining useful economic
life and utility, as such replaced Item of Equipment immediately preceding the
Event of Loss (assuming that such replaced Item of Equipment was in the
condition required by this Agreement), which replacement equipment shall
immediately, and without further act, be deemed to constitute Equipment and be
fully subject to this Agreement as if it originally constituted part of the
Equipment hereunder and shall be free and clear of all Liens; or (ii) prepay
on the next succeeding Payment Date (as defined in each Note relating to the
Equipment) (the “Prepayment Date”), together with all other amounts due and payable
on such Prepayment Date, an amount equal to the Ratable Portion (as defined
below) of each installment of principal and interest payable under such Note on
each Payment Date after the Prepayment Date, in each case, discounted from the
Payment Date on which such payment would have been due to the Prepayment Date
at a rate per annum equal to the 30 day LIBOR rate as of the date of the Note
to be prepaid or the Prepayment Date, whichever is lower.  As used herein, “Ratable Portion” means a
fraction the numerator of which is the original amount advanced to Borrower in
respect of the purchase of such Item of Equipment and the denominator of which
is the original principal amount of such Note. 
Upon Lender’s receipt of the payment required under clause (ii) above,
Lender shall release its security interest in the Item of Equipment to which
such payment relates.

 

9.             Application
of Proceeds. 
Notwithstanding anything herein to the contrary, all funds received at
any time by Lender, whether as a result of any loss of the Equipment, as a
result of the exercise of any remedy or otherwise shall be applied as follows: (i) if
the Loan has not been accelerated pursuant to Section 13, in the following
manner: first, to the payment of all fees, charges and other sums (with
exception of principal and interest) due and payable hereunder and under each
Note, second, to the payment of all interest (including default
interest) then due and payable on the outstanding principal of the Loan, third,
to the payment of all principal then due and payable on the Loan, fourth,
to the payment of the remaining principal on the Loan in inverse order of
maturity, and fifth, to Borrower or such other person as may have an
interest in such proceeds, as their interests may appear, and (ii) if the
Loan has been accelerated pursuant to Section 13, or if a Default or an
Event of Default hereunder shall have occurred, in the following manner: first,
to the payment or reimbursement of Lender for all costs, expenses and losses
incurred or sustained by Lender in or incidental to the collection of the
Obligations, or the exercise, protection or enforcement of all or any of the
rights and remedies of Lender under the Loan Documents, and second, to
the payment of all of the Obligations in the manner and order as provided in
clause (i) above.  If the Loan is
comprised of more than one Note, Lender shall be entitled to apply proceeds to
one or more of the Notes in such order and manner as the Lender may, in its
discretion, deem appropriate.

 

6

 

10.           Financial, Other Information and Notices.

 

(a)           Borrower shall maintain a standard and modern
system for accounting and shall furnish to Lender:

 

(i)            Within forty-five (45) days
after the end of each quarter, a copy of Primoris Services Corporation’s
financial statements for that quarter and for the year to date compiled by a
firm of independent certified public accountants acceptable to Lender, (which
acceptance shall not be unreasonably withheld) and certified as complete and
correct, subject to changes resulting from year-end adjustments, by a member,
managing member or other chief financial officer of Primoris Services
Corporation.

 

(ii)           Within one hundred twenty
(120) days after the end of each fiscal year, a copy of Borrower’s internally
prepared consolidated financial statements for the year in a form reasonably
acceptable to Lender, prepared and certified as complete and correct by a
member, managing member or other chief financial officer of Borrower.

 

(iii)          Within one hundred twenty
(120) days after the end of each fiscal year, a copy of Primoris Services
Corporation’s consolidated year end financial statements audited by a firm of
independent certified public accountants acceptable to Lender (which acceptance
shall not be unreasonably withheld) and accompanied by an audit opinion of such
accountants without qualification.

 

All
such financial statements shall be prepared in accordance with generally
accepted accounting principles, consistently applied.  So long as Primoris Services Corporation is a
reporting company under the Securities Exchange Act of 1934 and is timely
filing the reports required thereunder to the Securities Exchange Commission,
Primoris Services Corporation will have no obligation to furnish its financial
statements as provided above.

 

(b)           Borrower shall provide prompt written notice
to Lender (i) of any Event of Default, (ii) of any loss or damage to
any Item of Equipment or any Event of Loss with respect to any Item of
Equipment, and (iii) any existing or threatened investigation, claim or
action by any governmental authority which could adversely affect the Equipment
or this Lease.

 

(c)           Borrower shall furnish such other information
as Lender may reasonably request from time to time relating to the Equipment,
this Loan or the operation or condition of Borrower including, without
limitation, such additional financial statements of the Borrower for such
periods as Lender may request.

 

11.           Inspections.  Lender may from time to time during Borrower’s
normal business hours, inspect the Equipment and Borrower’s records with
respect thereto.  Borrower shall
cooperate with Lender in scheduling such inspection and in making the Equipment
available for inspection by Lender or its designee at a single location as
reasonably specified by Borrower. 
Borrower will, upon reasonable request, provide a report on the
condition of the Equipment, a record of its maintenance and repair, a summary
of all items suffering any loss or damage, a certificate of no Event of Default,
or such other information or evidence of compliance with Borrower’s obligations
under this Agreement as Lender may reasonably request.

 

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12.           Borrower’s Representations and Warranties.  Borrower represents and warrants as of the
date of execution and delivery of this Agreement and as of the date of each
Advance as follows:  (a) Borrower is
a limited liability company organized under the laws of the State of Nevada,
having a principal place of business at 26000 Commercentre Drive, Lake Forest,
California, 92630, duly organized, validly existing under the laws of the
jurisdiction of its organization with full power to enter into and to pay and
perform its obligations under this Agreement and the other Loan Documents, and
is duly qualified or licensed in all other jurisdictions where its failure to
so qualify would adversely affect the conduct of its business or its ability to
perform any of its obligations under or the enforceability of this Agreement; (b) this
Agreement and all other Loan Documents have been duly authorized, executed and
delivered by Borrower, are valid, legal and binding obligations of Borrower,
are enforceable against Borrower in accordance with their terms and do not and
will not contravene any provisions of or constitute a default under Borrower’s
organization documents, any agreement to which it is a party or by which it or
any of its property is bound, or any applicable law, regulation or order of any
governmental authority; (c) the proceeds of each Advance will be used
exclusively to finance the acquisition of the Equipment; (d) Borrower is
(or upon the acquisition thereof will be) the sole owner of, and has good and
marketable title to, and all necessary rights in, and power to transfer
pursuant to the terms hereof, all of the Equipment, free and clear of all liens
and encumbrances (excepting only the Lien of the Lender), and upon the filing
with the Secretary of State of Nevada of a Uniform Commercial Code financing
statement naming Lender, as secured party, Borrower, as debtor, and the
Equipment as the collateral, Lender shall have a valid, perfected, first
priority security interest in the Equipment; (e) no approval of, or filing
with, any governmental authority or other person is required in connection with
Borrower’s entering into, or the payment or performance of its obligations
under, this Agreement and the other Loan Documents; (f) there are no suits
or proceedings pending or, to the knowledge of Borrower, threatened, before any
court or governmental agency against or affecting Borrower which, if decided
adversely to Borrower, would adversely affect the conduct of its business or
its ability to perform any of its obligations under or the enforceability of
this Agreement and the other Loan Documents; (g) the financial statements
of Borrower which have been delivered or made publicly available to Lender have
been prepared in accordance with generally accepted accounting principals
consistently applied, and fairly present Borrower’s financial condition and the
results of its operations as of the date of and for the period covered by such
statements (subject to customary year-end adjustments), and since the date of
such statements there has been no adverse change in such financial condition or
operations; (h) Borrower’s full and correct legal name is set forth on the
signature page hereof and Borrower will not change its legal name or the
location of its jurisdiction of organization without giving to Lender at least
thirty (30) days prior written notice thereof; (i) the Equipment will
always be used for business or commercial, and not personal purposes; (j) Borrower
is not in default under any obligation for borrowed money, for the deferred
purchase price of property or any lease agreement which, either individually or
in the aggregate, would have an adverse effect on the condition of its business
or its ability to perform any of its obligations under or the enforceability of
this Agreement; (k) under the laws of the jurisdiction(s) in which
the Equipment is to be located, the Equipment consists solely of personal
property and not fixtures; and (l) Borrower is, and will remain, in full
compliance with all laws and regulations applicable to it including without
limitation, (i) ensuring that no person who owns a controlling interest in
or otherwise controls Borrower is or shall be (A) listed on the Specially
Designated National and Blocked Person List maintained by the Office of Foreign
Assets Control (“OFAC”), Department of the Treasury and/or any other similar
lists maintained by OFAC pursuant to any authorizing statute, executive order
or regulations or (C) a person designated under Section 1(b), (c) or
(d) of Executive Order No. 13224 (September 23, 2001), any
related enabling legislation or any other similar executive order and (ii) compliance
with all applicable Bank Secrecy Act (“BSA”) laws, regulations and government
guidance on BSA compliance and on the prevention and detection of money
laundering violations.

 

Borrower’s
representations and warranties shall survive termination or expiration of this
Agreement.

 

13.           Events of Default and Remedies.

 

(a)           Each of the following events constitutes an “Event
of Default” hereunder and any event that, with the passage of time or the
giving of notice, or both, would constitute an Event of Default shall
constitute a “Default” hereunder: (i) Borrower fails to pay any amount of
principal and interest when 

 

8

 

due under any Note and
such failure continues for a period of ten (10) days; (ii) any
representation or warranty made by Borrower in this Agreement, any Note or in
any other Loan Document shall at any time prove to have been incorrect in any
material respect as and when made; (iii) Borrower (A) fails to obtain
and maintain the insurance coverage required herein; or (B) fails to
observe or perform any other covenant, condition or agreement under this
Agreement, any Note or any other Loan Document and, in the case of clause (B),
such failure continues unremedied for a period of fifteen (15) days; (iv) Borrower
or any Guarantor which is not an individual shall have consolidated with or
merged with or into another entity, or conveyed, sold or otherwise transferred
all or substantially all of its assets or shall have failed to maintain its
corporate existence; (v) Borrower or any Guarantor that is an individual
dies or becomes permanently and totally disabled; (vi) Borrower or any
Guarantor (A) ceases doing business as a going concern; (B) makes an
assignment for the benefit of creditors or admits in writing its inability to
pay its debts as they mature or generally fails to pay its debts as they become
due; (C) initiates any voluntary bankruptcy, reorganization, insolvency or
similar proceeding; (D) fails to obtain the discharge of any bankruptcy,
reorganization, insolvency or similar proceeding initiated against it by others
within sixty (60) days of the date such proceedings were initiated; (E) requests
or consents to the appointment of a trustee, custodian or receiver or other
officer with similar powers for itself or a substantial part of its property;
or (F) a trustee, custodian or receiver or other officer with similar
powers is appointed for itself or for a substantial part of its property; (vii) a
default shall have occurred and be continuing under any contract, agreement or
document between Borrower or any Guarantor and Lender or any affiliate of
Lender; (viii) nonpayment by Borrower of any Rate Management Obligation
when due or the breach by Borrower of any term, provision, or condition
contained in any Rate Management Agreement; (ix) a default shall have
occurred and be continuing under any contract, agreement or document between
Borrower and any of its other creditors, (x) if Borrower’s obligations are
guaranteed by any other party, an “Event of Default” (under and as defined in
the Guaranty executed by such Guarantor) shall occur; (xi) Lender shall
have determined, in its sole discretion, that a material adverse change in
Borrower’s existing or prospective financial condition, management or results
of operations since the date hereof which may affect the ability of Borrower to
perform its obligations under the Loan Documents has occurred; or (xii) the
owners of the capital stock or other units of ownership on the date of this
Agreement entitled to vote for the election of the board of directors of
Borrower or other similar governing body cease to own or do not have the
unencumbered right to vote in the aggregate at least ninety percent (90%) of
such capital stock or other ownership interest of Borrower.

 

(b)           Upon the occurrence of an Event of Default,
Lender may, (i) at its option, declare all of the Obligations, including
the entire unpaid principal of all Notes, all of the unpaid interest accrued
therein, and all of the other sums (if any) payable by Borrower under this
Agreement, any Notes, or any of the other Loan Documents, to be immediately due
and payable, plus three percent (3%) of the unpaid principal of all Notes
declared due by Lender (as compensation for reinvestment costs and not as a
penalty), and (ii) proceed to exercise any one or more of the following
remedies and any additional rights and remedies permitted by law (none of which
shall be exclusive), all of which are hereby authorized by Borrower:

 

(i)            Borrower shall upon demand
assemble or cause to be assembled any or all of the Equipment at a location
designated by Lender; and/or to return promptly, at Borrower’s expense, any or
all of the Equipment to Lender at such location;

 

(ii)           Lender may itself or by its
agents enter upon the premises of Borrower or any other location where the
Equipment is located and take possession of and render unusable by Borrower any
or all of the Equipment, wherever it may be located, without any court order or
other process of law and without liability for any damages occasioned by such
taking of possession;

 

(iii)          Sell, lease or otherwise
dispose of any or all of the Equipment, whether or not in Lender’s possession,
at public or private sale with or without notice to Borrower, with the right of
Lender to purchase and apply the net proceeds of such disposition, after
deducting all costs of such disposition (including but not limited to costs of
transportation, possession, storage, refurbishing, advertising and brokers’
fees), to the obligations of Borrower under the Notes and the other Loan
Documents, with Borrower remaining liable for any deficiency, or retain any and
all of the Equipment;

 

9

 

(iv)          Proceed by appropriate court
action, either at law or in equity (including an action for specific
performance), to enforce performance by Borrower or to recover damages
associated with such Event of Default; or exercise any other right or remedy
available to Lender at law or in equity; and

 

(v)           By offset, recoupment or
other manner of application, apply any security deposit, monies held in deposit
or other sums then held by Lender or any affiliate of Lender, and with respect
to which Borrower has an interest, against any obligations of Borrower arising
under this Agreement, any Notes or any other Loan Document, whether or not
Borrower has pledged, assigned or granted a security interest to Lender in any or
all such sums as collateral for said obligations.

 

(c)           Borrower shall indemnify, defend and hold
Lender harmless for any loss, personal injury (including death), or damage to
property, suffered by Lender, its employees or any of its agents in connection
with its entry onto the premises of Borrower or any third party hereunder.  Each of the rights and remedies of Lender
hereunder and under the other Loan Documents is in addition to all of its other
rights and remedies hereunder, under the other Loan Documents and under
applicable law and nothing in this Agreement or any other Loan Document shall
be construed as limiting any such right or remedy.  Lender’s failure to exercise or delay in
exercising any right, power or remedy available to Lender shall not constitute
a waiver or otherwise affect or impair its rights to the future exercise of any
such right, power or remedy.  Waiver by
Lender of any Event of Default shall not be a waiver by Lender of any other or
subsequent Events of Default.

 

(d)           Borrower shall notify Lender in writing of the
occurrence of an Event of Default pursuant to this Agreement promptly after
such Event of Default has occurred, and in any event within ten (10) days
thereafter.

 

14.           General Indemnification.  Borrower shall pay, and
shall indemnify and hold Lender, its directors, officers, agents, employees,
successors and assigns (each an “Indemnitee”) harmless on an after-tax basis
from and against, any and all liabilities, causes of action, claims, suits,
penalties, damages, losses, costs or expenses (including attorneys’ fees),
obligations, liabilities, demands and judgments, and Liens, of any nature
whatsoever (collectively, a “Liability”) arising out of or in any way related
to: (a) the Loan Documents, (b) the manufacture, purchase, ownership,
title, selection, acceptance, rejection, possession, lease, sublease,
operation, use, maintenance, documenting, inspection, control, loss, damage,
destruction, removal, storage, surrender, sale, use, condition, delivery,
nondelivery, return or other disposition of or any other matter relating to any
Item of Equipment or any part or portion thereof (including, in each case and
without limitation, latent or other defects, whether or not discoverable, any
claim for patent, trademark or copyright infringement) and any and all
Liabilities in any way relating to or arising out of injury to persons,
properties or the environment or any and all Liabilities based on strict
liability in tort, negligence, breach of warranties or violations of any
regulatory law or requirement, (c) a failure to comply fully with
applicable law and (d) Borrower’s failure to perform any covenant, or
Borrower’s breach of any representation or warranty, hereunder; provided, that the foregoing indemnity shall not extend to
the Liabilities to the extent resulting solely from the gross negligence or
willful misconduct of an Indemnitee.

 

15.           No Reduction.  All payments due to the Lender under the Loan
Documents, and all other terms, conditions, covenants and agreements to be
observed and performed by Borrower thereunder, shall be made, observed or
performed by Borrower without any reduction or deduction whatsoever, including
any reduction or deduction for any set-off, recoupment, counterclaim (whether
in tort, contract or otherwise) or for any tax, levy or impost.

 

16.           Power of Attorney and Filing Authority.  Borrower hereby authorizes Lender to file
financing statements, either before or after an Advance and, if applicable,
amendments and continuation 

 

10

 

statements,
and execute in the name of Borrower any other documents, including applications
for or transfers of title, that Lender may reasonably deem necessary to perfect
and maintain Lender’s interest in the Equipment, to exercise its rights and
remedies hereunder and to fully consummate all transactions contemplated under
this Agreement.  Borrower hereby
irrevocably makes, constitutes and appoints, with an interest, Lender as true
and lawful attorney with power to sign the name of Borrower on any such
documents.  Borrower agrees promptly to
execute and deliver to Lender such further documents or other assurances, and
to take such further action, as Lender may from time to time reasonably
request.  Lender shall have the right to
receive, endorse, assign and/or deliver in the name of Borrower any and all
checks, drafts and other instruments for the payment of money relating to the
Collateral, and Borrower hereby waives notice of presentment, protest and
non-payment of any instrument so endorsed. 
All acts of said attorney or designee are hereby ratified and approved,
and said attorney or designee shall not be liable for any acts of omission or
commission nor for any error of judgment or mistake of fact or of law, unless
done with gross (not mere) negligence or willful misconduct; this power being
coupled with an interest is irrevocable while any of the Obligations remain
unpaid.

 

17.           Successors and Assigns.  This Agreement shall inure
to the benefit of Lender, its successors and assigns.  Borrower shall not sublease or otherwise
relinquish possession of any Equipment, or assign, transfer or encumber its
rights, interest or obligation hereunder. 
Lender reserves the right to sell, assign, transfer, negotiate or grant
any interest in all or any part of, or any interest in, Lender’s rights and
obligations in, under and to this Agreement, any Note, any one or more of the
Loan Documents, in the Equipment and/or the Obligations, at any time and from
time to time.  Borrower will fully
cooperate with Lender in connection with any such conveyance and will execute
and deliver such consents and acceptances to any such conveyance, amendments to
this Agreement in order to effect any such conveyance (including, without
limitation, the appointment of Lender as agent for itself and all assignees)
and new or replacement promissory notes for any Note (in an aggregate principal
amount not to exceed the Lender’s Commitment) in conjunction with any such
conveyance.

 

18.           Miscellaneous.

 

(a)           Borrower shall pay all costs and expenses of
Lender, including, without limitation, reasonable attorneys’ and other
professional fees, incurred by Lender in the preparation, negotiation,
execution and enforcement of the Loan Documents, perfection of security
interests, payment of any obligations of Borrower required to be performed
under this Agreement (including without limitation, taxes and assessments with
respect to any Collateral), enforcement of any terms, conditions or provisions
hereof and protection of Lender’s rights hereunder.  If Borrower fails to reimburse Lender for any
such costs and expenses within thirty (30) days of invoice, interest shall
accrue at the Default Rate on the unpaid balance thereof.

 

(b)           This Agreement shall be governed by and
construed in accordance with the laws of the State of Ohio.  Any judicial proceeding arising out of or
relating to this Agreement may be brought in any court of competent
jurisdiction in Hamilton County, Ohio and each of the parties hereto (i) accepts
the nonexclusive jurisdiction of such courts and any related appellate court
and agrees to be bound by any judgment rendered by any such court in connection
with any such proceeding and (ii) waives any objection it may now or
hereafter have as to the venue of any such proceeding brought in such court or
that such court is an inconvenient forum. 
BORROWER AND LENDER HEREBY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY
LAWSUIT OR PROCEEDING ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT
OR ANY OF THE OTHER LOAN DOCUMENTS.

 

(c)           All notices delivered hereunder shall be in
writing (including facsimile) and shall be delivered to the following
addresses:

 

11

 

	
   

  	
  if
  to Borrower :

  
	
   

  	
   

  
	
   

  	
  Stellaris
  LLC

  
	
   

  	
  26000
  Commercentre Drive

  
	
   

  	
  Lake
  Forest, CA 92630

  
	
   

  	
  Attn:
  Alfons Theeuwes

  
	
   

  	
  Facsimile:
  (949)
          -        

  
	
   

  	
   

  
	
   

  	
  If
  to Lender:

  
	
   

  	
   

  
	
   

  	
  Fifth
  Third Commercial Leasing Co.

  
	
   

  	
  Mail
  Drop 10904A

  
	
   

  	
  38
  Fountain Square Plaza

  
	
   

  	
  Cincinnati,
  Ohio 45263

  
	
   

  	
  Telephone:
  (800) 998-3444

  
	
   

  	
  Facsimile:
  (513) 534-6706

  

 

(d)           Borrower acknowledges and agrees that time is
of the essence with respect to its performance under the Loan Documents.  Any failure of Lender to require strict
performance by Borrower or any waiver by Lender of any provision herein shall
not be construed as a consent or waiver of any provision of this Agreement.
This Agreement shall be binding upon, and inure to the benefit of, the parties
hereto, their permitted successors and assigns.

 

(e)           This Agreement, together with all other Loan
Documents, constitutes the entire understanding or agreement between Lender and
Borrower with respect to the Loan, and supercedes all prior agreements,
representations and understandings relating to the subject matter hereof.

 

(f)            Neither this Agreement nor any other Loan
Document may be amended except by a written instrument signed by Lender and
Borrower.

 

(g)           This Agreement may be executed in any number
of counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

 

(h)           Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability shall not invalidate or render unenforceable such provision in
any other jurisdiction.  Captions are
intended for convenience or reference only, and shall not be construed to
define, limit or describe the scope or intent of any provisions hereof.

 

19.           Definitions.

 

“Rate
Management Agreement” means any agreement, device or arrangement providing
for payments which are related to fluctuations of interest rates, exchange
rates, forward rates, or equity prices, including, but not limited to,
dollar-denominated or cross-currency interest rate exchange agreements, forward
currency exchange agreements, interest rate cap or collar protection
agreements, forward rate currency or interest rate options, puts and warrants,
and any agreement pertaining to equity derivative transactions (e.g., equity or
equity index swaps, options, caps, floors, collars and forwards), including
without limitation any ISDA Master Agreement between Borrower and Lender or any
affiliate of Fifth Third Bancorp, and any schedules, confirmations and
documents and other confirming evidence between the parties confirming
transactions thereunder, all whether now existing or hereafter arising, and in
each case as amended, modified or supplemented from time to time.

 

“Rate
Management Obligations” means any and all obligations of Borrower to Lender
or any affiliate of Fifth Third Bancorp, whether absolute, contingent or
otherwise and howsoever and whensoever (whether now or hereafter) created,
arising, evidenced or acquired (including all renewals, 

 

12

 

extensions
and modifications thereof and substitutions therefore), under or in connection
with (i) any and all Rate Management Agreements, and (ii) any and all
cancellations, buy-backs, reversals, terminations or assignments of any Rate
Management Agreement.

 

“Modified
Following Business Day Convention” means the first following day that is a
Business Day unless that day falls in the next calendar month, in which case
that date will be the first preceding day that is a Business Day.

 

{Remainder of page intentionally left blank. Signature page follows.}

 

13

 

IN
WITNESS WHEREOF, Lender and Borrower have executed this Agreement as of the day
and year first above written.

 

	
  LENDER:

  	
   

  	
  BORROWER:

  
	
   

  	
   

  	
   

  
	
  FIFTH
  THIRD BANK

  	
   

  	
  STELLARIS
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Gerald Whitfield

  	
   

  	
  By:

  	
  /s/ Alfons Theeuwes

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Gerald
  Whitfield

  	
   

  	
  Name:

  	
  Alfons Theeuwes

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Vice
  President

  	
   

  	
  Title:

  	
  Chief Financial Officer

  

 

14Exhibit 10.5

 

AMENDMENT
NO. 001

TO

MASTER
LOAN AND SECURITY AGREEMENT

 

This
Amendment No. 001 dated June 16, 2010 amends that certain Master Loan
and Security Agreement (the “Agreement”) dated as of August 31, 2009 by
and between FIFTH THIRD BANK, an Ohio
corporation, having an office at 38 Fountain Square Plaza, Cincinnati, Ohio
45263 (the “Lender”), and STELLARIS LLC,
a limited liability company organized under the laws of the State of Nevada and
having a principal place of business at 26000 Commercentre Drive, Lake Forest,
California 92630, and JAMES CONSTRUCTION GROUP,
L.L.C., a limited liability company organized under the laws of the
State of Florida and having a principal place of business at 11000 Industriplex
Blvd., Suite 150, Baton Rouge, Louisiana (collectively, “Borrowers” and
each individually a “Borrower”).  Unless
otherwise specified herein, all capitalized terms shall have the meanings
ascribed to them in the Agreement.

 

In
consideration of the sum of Ten Dollars ($10.00) in hand paid, and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Lender and each of the undersigned hereby agree that from and
after the date hereof, the Master Loan and Security  Agreement and each Schedule thereto will be
amended as follows:

 

1.                                       Paragraph 1 is
hereby deleted in its entirety and the following is hereby inserted in lieu
thereof:    “This Master Loan and
Security Agreement (this “Agreement”) dated as of August 31, 2009 is made
by and between FIFTH THIRD BANK, an Ohio corporation, having an office at 38
Fountain Square Plaza, Cincinnati, Ohio 45263 (“Lender”), and STELLARIS LLC, a limited liability company organized under
the laws of the State of Nevada and having a principal place of business at
26000 Commercentre Drive, Lake Forest, California 92630, and JAMES CONSTRUCTION GROUP, L.L.C., a limited liability
company organized under the laws of the State of Florida and having a principal
place of business at 11000 Industriplex Blvd., Suite 150, Baton Rouge, Louisiana and each of the undersigned (individually and
collectively, the “Borrower”).  Each individual Equipment Schedule shall
identify the Borrower(s) for that Equipment Schedule.  Each Equipment Schedule, together with this
Master Agreement, shall constitute a separate and enforceable Agreement against
the Borrower(s) who executed such Agreement.  Borrower shall be jointly and severally
liable to Lender for each and every obligation under this Master Agreement with
respect to each Equipment Schedule executed by such Borrower.

 

2.                                       Section 12(a) is
hereby deleted in its entirety and the following is hereby inserted in lieu
thereof:  “Borrower is a company  duly organized, validly existing and in
good standing under the laws of the state of
its organization specified below the signature of Borrower with full
power to enter into and to pay and perform its obligations under the Equipment
Schedule and this Agreement as incorporated therein by reference, and is duly
qualified or licensed in all other jurisdictions where its failure to so
qualify would adversely affect the conduct of its business or its ability to
perform any of its obligations under or the enforceability of this Agreement.”

 

3.                                       Section 20
is hereby inserted with the following:

 

20.                           Borrower Aspects.   Each Borrower shall be individually and
severally liable to Lender for each and every representation, warranty, and
covenant of said Borrower made in or pursuant to this Agreement.

 

1

 

A  Borrower’s obligations under this Agreement
shall not be affected by any action or inaction by Lender, by any lack of prior
enforcement or retention of any rights against any Borrower, by any illegality,
unenforceability, or invalidity of any Borrower’s obligations, or by any
circumstance or condition, including, without limitation, (i) any
termination, amendment, or modification of, or supplement to this Agreement or
any action by any Borrower with respect to the Equipment; (ii) any failure
or delay to conform or comply with any term of this Agreement; (iii) any
waiver, consent, extension, indulgence, compromise, settlement, release, or
other action or inaction under or in respect of this Agreement, or any exercise
or non-exercise of any right, remedy, power, or privilege under or in respect
of this Agreement; (iv) any voluntary or involuntary bankruptcy,
insolvency, or similar proceeding with respect to any Borrower; (v) any
limitation on the liability or obligations of Lender or any Borrower or any
discharge, termination, cancellation, frustration, invalidity or
unenforceability of this Agreement; (vi) any defect in title to or
condition of the Equipment; (vii) any merger or consolidation of any
Borrower into or with any other corporation; and (viii) any other
condition or circumstance which might otherwise constitute a legal or equitable
discharge, release, defense, or limitation arising out of any laws of the
United States of America or any state thereof. 
Each Borrower agrees that Lender shall not be required to file suit or
proceed to obtain or assert a claim against any other Borrower or its assets,
either before or as a condition to enforcing such first Borrower’s liability
under this Agreement.

 

EXCEPT
AS MODIFIED HEREBY, ALL OF THE TERMS, COVENANTS AND CONDITIONS OF THE MASTER
AGREEMENT SHALL REMAIN IN FULL FORCE AND EFFECT AND ARE IN ALL RESPECTS HEREBY
RATIFIED AND AFFIRMED.  This Amendment
is not binding or effective with respect to the Master Agreement until executed
on behalf of Lender and Borrower by authorized representatives of Lender and
Borrower, respectively.

 

Remainder of page intentionally
left blank.  Signature page follows.

 

2

 

IN
WITNESS WHEREOF, Lender and Borrower have executed this Amendment to the Master
Loan and Security Agreement as of the day and year first above written, and by
such execution hereby ratify and affirm all terms and conditions set forth in
the Master Agreement.

 

	
   

  	
  LENDER:

  
	
   

  	
  FIFTH
  THIRD BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Gerald Whitfield

  
	
   

  	
  Name:

  	
  Gerald
  Whitfield

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BORROWER:

  
	
   

  	
  STELLARIS
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Alfons Theeuwes

  
	
   

  	
  Name:

  	
  Alfons
  Theeuwes

  
	
   

  	
  Title:

  	
  CFO

  
	
   

  	
  State
  of Incorporation: NEVADA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BORROWER:

  
	
   

  	
  JAMES
  CONSTRUCTION GROUP, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Peter J. Moerbeek

  
	
   

  	
  Name:

  	
  Peter
  J. Moerbeek

  
	
   

  	
  Title:

  	
  Member

  
	
   

  	
   

  
	
   

  	
  State
  of Incorporation: FLORIDA

  

 

3

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