Document:

EXHIBIT 10.1

 

 

BILL OF SALE

THIS BILL OF SALE (this "Bill of Sale") is made and entered into as of May 11, 2016 by and among Signalshare Infrastructure, Inc., a Nevada corporation (the "Debtor"), Single Digits, Inc., a New Hampshire corporation (the "Buyer"), and Cenfin, LLC, a Delaware limited liability company and senior secured party to the Debtor pursuant to Article 9 of the Uniform Commercial Code (the "Lender", and together with the Debtor and the Buyer, the "Parties").

RECITALS

A.     On March 24, 2015, the Debtor and the Lender entered into that certain Amended and Restated Revolving Credit and Security Agreement (as further amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"), under which, among other things, the Lender was granted a first priority continuing security interest in all assets of the Debtor (the "Collateral"). Without limiting the generality of the foregoing, the Collateral includes all accounts receivable, as well as the tangible items of personal property (by location) and service contracts listed on the attached Exhibit A but not including cash and cash equivalents of Debtor (whether held by Lender or otherwise) as of the Closing.

B.     On March 24, 2015, the Lender perfected its security interest in the Collateral by filing a UCC-1 financing statement with the Nevada Secretary of State, bearing filing number 2015007569-4. There is no intercreditor or other agreement among the Lender and the Other Secured Parties (as defined below) which establishes a priority of the security interests of any of the Other Secured Parties in the Collateral over the security interests of Lender.

C.     On February 10, 2016, the Lender sent a Notice of Default, Acceleration and Demand for Payment (the "Notice of Default") to the Debtor, due to the Debtor's defaults under the terms of the Credit Agreement. The Lender reserved all of its rights and remedies, including those pursuant to the Uniform Commercial Code as adopted by the State of New York (the "UCC").

D.     On April 18, 2016, the Lender delivered by overnight mail a Notice of Public Sale of Collateral (the "Notice of Sale") to the Debtor and the other parties listed in the Notice of Sale in accordance with Section 9-611 of the UCC. By the Notice of Sale, the Lender informed the Debtor and the other parties listed in the Notice of Sale that the Lender would conduct a foreclosure sale for the Collateral pursuant to Article 9 of the UCC (the "Foreclosure Sale"). The Notice of Sale was also published in The Wall Street Journal on April 25, 2016, and in the New York Times on April 27, 2016.

E.     On May 3, 2016, the Lender conducted the Foreclosure Sale. Present at the Foreclosure Sale were the Lender and the Buyer, and a representative of the Debtor participated telephonically. In advance of the Foreclosure Sale, the Buyer submitted to the Lender an initial deposit of $50,000 by wire transfer (the "Initial Deposit Amount"), pursuant to the terms of the Notice of Sale.

F.     At the Foreclosure Sale, the Buyer submitted, and the Lender accepted, a winning bid (the "Winning Bid") in the form of $700,000 (the "Cash Consideration") plus Debtor's cash as of the Closing for all the Collateral (the "Purchased Assets"), except for those certain assets and/or contracts listed on Exhibit B attached hereto (the "Excluded Assets").

G.     Lender has control agreements in place with Wells Fargo Bank respecting certain of Debtor's currently active deposit and other bank accounts (the "Controlled Accounts") and Wells Fargo is following their process in sweeping all funds deposited into the Controlled Accounts into an account controlled by Lender (the "Lender's Account"). All funds in the Lender's Account as of the Closing are excluded from the Purchased Assets. Any funds received in Lender's Account from the Controlled Accounts after the Closing that were not in the Debtor's accounts as of the Closing are part of the Purchased Assets (the "Future Received Cash").

H.     All of the statements contained in these Recitals are an integral part of this Bill of Sale and are being relied upon by Buyer in purchasing the Collateral pursuant to this Bill of Sale.

 

 

 

 

 

 

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AGREEMENT

NOW THEREFORE, in consideration of the foregoing, and other good and valuable consideration as described herein, the Parties hereby agree as follows:

1.     Purchase and Sale of Assets. The Debtor, in consideration of Buyer's Winning Bid, hereby sells, transfers, assigns, conveys, grants and delivers to Buyer all right, title and interest in and to the Collateral, except for the Excluded Assets, free and clear of all liens, claims or encumbrances, including without limitation, pursuant to Section 9-611 of the UCC, the perfected security interests of Lender and other lenders identified in the UCC Search prepared by CT Lien Solutions as of March 31, 2016 attached hereto as Exhibit C (the "Other Secured Parties"), effective as of immediately prior to the opening of business on the date hereof (the "Effective Time", and references herein to "as of the Closing" shall mean as of the Effective Time). At the Effective Time, the Buyer shall pay to the Lender the Cash Consideration minus (a) the Initial Deposit Amount and minus (b) $207,106.72 (such amount representing 75% of the deposits received by the Debtor prior to the closing of the Foreclosure Sale for future installations for which work has not been substantially completed ("Future Installations"), (a list of such deposits is set forth on Exhibit D attached hereto)) and plus (c) the dollar amount of equipment that has been paid for, for use in Future Installations, which as of Closing is estimated to be $0 (the "Estimated Equipment Spend"), in cash or in immediately available funds by wire transfer to such account as the Lender shall designate. Furthermore, Debtor and Lender shall execute and deliver to Buyer such additional instruments and documents, and take such actions, as reasonably requested by Buyer to consummate the conveyance of the Collateral to Buyer, including without limitation the transfer of cash and cash equivalents included in the Collateral to Buyer's account(s). Debtor has provided Buyer with information indicating that the amount of accounts receivable included in the Collateral is approximately $440,000 as of May 9, 2016.

2.     Post-Closing True-Ups. On the date that is seven (7) days after the date hereof, Buyer shall provide to Lender a reasonably detailed accounting of any cash or cash equivalents

received by Buyer from Debtor that was in Debtor accounts as of the Effective Time (the "Buyer Received Cash") and Buyer shall pay, in immediately available funds to an account specified by Lender, to Lender the amount of any such Buyer Received Cash. On the date that is 30 days after the date hereof Buyer shall: (a) provide to Lender a reasonably detailed accounting of the actual dollar amount of equipment that was paid for at Closing for use in Future Installations (the "Actual Equipment Spend") and (b) pay to Lender, in immediately available funds to an account specified by Lender, the amount by which the Actual Equipment Spend exceeds the Estimated EquipmentSpend, if any. If the Estimated Equipment Spend exceeds the Actual Equipment Spend, Lender shall pay to Buyer, in immediately available funds to an account specified by Buyer, the amount of such excess, unless Lender has a good faith dispute as to such amount, in which case the parties shall mutually resolve such dispute within 30 days.

3.     Assigned Contracts. Notwithstanding the inclusion of certain contracts and agreements entered into by the Debtor with third parties in the Collateral, Buyer reserves the right to select which agreements and contracts it elects to accept as assignee and assume the associated obligations and liabilities. Buyer shall promptly notify Debtor as to which agreements and contracts it has elected to assume. Lender is not a party to this Section 3.

4.     No Representations or Warranties. This sale is WITHOUT RECOURSE AND WITHOUT WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, and on an "AS IS" and "WHERE IS" basis.

5.     Controlled Accounts. Lender covenants to Buyer that it shall not take action to terminate the sweep arrangement respecting the Controlled Accounts as described in the Recitals for a period of ninety (90) days following the closing of the Foreclosure Sale. Lender also agrees to promptly forward to Buyer any Future Received Cash. Furthermore, Debtor covenants to Buyer and Lender that it will deposit into the Controlled Accounts any and all funds received on or after the date hereof in respect of or related to the business, assets and operations being transferred to Buyer hereunder.

3.     Assigned Contracts. Notwithstanding the inclusion of certain contracts and agreements entered into by the Debtor with third parties in the Collateral, Buyer reserves the right to select which agreements and contracts it elects to accept as assignee and assume the associated obligations and liabilities. Buyer shall promptly notify Debtor as to which agreements and contracts it has elected to assume. Lender is not a party to this Section 3.

4.     No Representations or Warranties. This sale is WITHOUT RECOURSE AND WITHOUT WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, and on an "AS IS" and "WHERE IS" basis.

5.     Controlled Accounts. Lender covenants to Buyer that it shall not take action to terminate the sweep arrangement respecting the Controlled Accounts as described in the Recitals for a period of ninety (90) days following the closing of the Foreclosure Sale. Lender also agrees to promptly forward to Buyer any Future Received Cash. Furthermore, Debtor covenants to Buyer and Lender that it will deposit into the Controlled Accounts any and all funds received on or after the date hereof in respect of or related to the business, assets and operations being transferred to Buyer hereunder.

 

 

 

 

 

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6.     No Assumption of Obligations or other Liabilities. In no event shall Buyer be deemed to have assumed, and does not hereby assume, any obligations or liabilities of Debtor, except for contractual obligations of Debtor expressly assumed by Buyer as provided in Section 3 above.

7.     Governing Law. This Bill of Sale shall be governed by and construed in accordance with the internal laws (as opposed to the conflicts of law provisions) of the state of Delaware. All actions arising out of or relating to this Agreement shall be heard and determined exclusively in any Illinois state or federal court located in the city of Chicago, in the state of Illinois, the parties hereto hereby submitting to such exclusive jurisdiction.

8.     Assignment. This Bill of Sale (and the rights and obligations of any party hereunder) shall not be assignable by any party hereto without the prior written consent of Lender and Buyer. This Bill of Sale shall be binding upon and inure solely to the benefit of the parties hereto and their successors and permitted assigns. Nothing in this Bill of Sale, expressed or implied, is intended or shall be construed to confer upon any person or entity other than the parties any right, remedy or claim.

9.     Execution in Counterparts. This Bill of Sale may be executed in one or more counterparts, each of which shall be considered an original instrument, but all of which shall be considered one and the same agreement, and shall become binding when one or more counterparts have been signed by each of the parties hereto and delivered to Lender and Buyer.

 

10.   Entire Agreement; Amendments. This Bill of Sale and the documents delivered pursuant hereto contain the entire understanding of Buyer and Lender with regard to the subject matter contained herein or therein, and supersede all other prior representations, warranties, agreements, understandings or letters of intent between or among any of the parties hereto. This Bill of Sale shall not be amended, modified or supplemented except by a written instrument signed by an authorized representative of Buyer and Lender.

 

 

 

 

 

 

[Remainder of page intentionally left blank; signature page follows.]

 

 

 

 

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IN WITNESS WHEREOF, the parties have caused this Bill of Sale to be duly executed and delivered as of May 11, 2016.

DEBTOR:

 

SIGNALSHARE INFRASTRUCTURE, INC.,

A Nevada corporation

 

 

By:  CENFIN, LLC, a Delaware limited liability

        company,  as attorney in fact

 

 

 

By: /s/   Matt Hulsizer                                                                                           

Name:    Matt Hulsizer

Title:      Manager

 

 

LENDER:

CENFIN LLC,

a Delaware limited liability company

 

By: /s/   Matt Hulsizer                                                                                            

Title:      Manager

 

 

BUYER:

 

SINGLE DIGITS, INC.,

a New Hampshire corporation

 

By: /s/   Robert Goldstein                                                                                       

Name:    Robert Goldstein

Title:      CEO

 

 

  

Page 4 of 4Exhibit 10.1

EXECUTION COPY

 

FIRST AMENDMENT TO

AMENDED AND RESTATED TRUST AGREEMENT

 

This FIRST AMENDMENT
TO AMENDED AND RESTATED TRUST AGREEMENT (this “Amendment”) is entered into as of May 13, 2016, between CDF FUNDING,
INC. (“CDF Funding”) and BNY MELLON TRUST OF DELAWARE, acting
solely in it capacity as trustee (the “Trustee”).

 

BACKGROUND

 

WHEREAS, CDF Funding
and the Trustee entered into that certain Amended and Restated Trust Agreement, dated as of August 12, 2004 (as amended, supplemented
or otherwise modified prior to the date hereof, the “Trust Agreement”), with respect to a Delaware statutory
trust known as GE Dealer Floorplan Master Note Trust (the “Trust”).

 

WHEREAS, the parties
hereto desire to amend the Trust Agreement as set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual agreements, provisions and covenants contained in this Amendment and in the Trust Agreement, the parties,
intending to be legally bound, agree that the Trust Agreement is hereby amended as follows:

 

SECTION 1.  Definitions.
Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in (or by reference
in) the Trust Agreement.

 

SECTION 2.
 Amendments to Trust Agreement.

 

(a)Section
1.1 of the Trust Agreement is hereby amended by deleting the definition of “Trust” in its entirety as it appears
therein and replacing it with the following:

 

     “Trust”
means Wells Fargo Dealer Floorplan Master Note Trust.

 

(b)Section
2.1 of the Trust Agreement is hereby amended by deleting such section in its entirety as it appears therein and replacing it
with the following:

 

SECTION 2.1. Name. The Trust
created hereby shall be known as “Wells Fargo Dealer Floorplan Master Note Trust”, in which name the Trustee may conduct
the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 

 

		 	
        First Amendment to

        Amended and Restated

        Trust Agreement

    	 	 	 

     

    

SECTION 3.
 Amendment to Certificate of Trust. Promptly after the execution of this Amendment, the Trustee shall cause the filing of
a certificate of amendment to the Certificate of Trust of GE Dealer Floorplan Master Note Trust, substantially in the form attached
hereto as Exhibit A.

 

SECTION 4. Consent
and Waiver. CDF Funding, as Holder of the Transferor Certificate, hereby:

 

(a) consents to the execution and entering into of this Amendment; and

 

(b) waives the requirement to provide at least thirty (30) days’ prior written notice of written notice of the election
by the Trust to file an amendment to the Certificate of Trust pursuant to Section 4.1(b) of the Trust Agreement.

 

SECTION 5. Binding
Effect; Ratification.

 

(a) This Amendment is dated as of the date first set forth above and shall become effective when counterparts hereof shall have
been executed and delivered by the parties hereto, and thereafter this Amendment shall be binding on the parties hereto and their
respective successors and assigns.

 

(b) The Trust Agreement, as amended hereby, remains in full force and effect. On and after the date hereof, each reference in
the Trust Agreement to “this Agreement”, “hereof”, “hereunder” or words of like import, and
each reference in any other Related Document to the Trust Agreement, shall mean and be a reference to such Trust Agreement, as
amended hereby.

 

(c) Except as expressly amended hereby, the Trust Agreement shall remain in full force and effect and is hereby ratified and
confirmed by the parties hereto.

 

SECTION 6.  Miscellaneous.

 

(a) THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

(b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED
IN DELAWARE SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AMENDMENT OR TO
ANY MATTERS ARISING OUT OF OR RELATING TO THIS AMENDMENT, PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE
COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF DELAWARE. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION
IN ANY ACTION OR SUIT COMMENCED IN ANY

 

		2	
        First Amendment to

        Amended and Restated

        Trust Agreement

    	 	 	 

     

    

SUCH
COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER
VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY
SUCH COURT.

 

(c) BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST
QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO
APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.
THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT
OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION
WITH THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(d) Headings used herein are for convenience of reference only and shall not affect the meaning of this Amendment or any provision
hereof.

 

(e) This Amendment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of
which when executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the
same agreement.

 

(f) Executed counterparts of this Amendment may be delivered electronically.

 

[SIGNATURES
FOLLOW]

 

 

		3	
        First Amendment to

        Amended and Restated

        Trust Agreement

    	 	 	 

     

    

IN WITNESS WHEREOF,
the parties have caused this First Amendment to Trust Agreement to be executed by their respective duly authorized officers as
of the date first written above.

 

CDF FUNDING, INC.

 

 

By:   /s/ John E. Peak                                                 

Name:  John E. Peak

Title:    Senior Officer in charge of Securitization

 

 

		S-1	
        First Amendment to

        Amended and Restated

        Trust Agreement

    	 	 	 

     

    

BNY MELLON
TRUST OF DELAWARE,

as Trustee

 

 

By:  /s/ Kristine K. Gullo                                          

Name:  Kristine K. Gullo

Title:    Vice President

 

 

		S-2	
        First Amendment to

        Amended and Restated

        Trust Agreement

    	 	 	 

     

    

EXHIBIT A

FORM OF CERTIFICATE OF AMENDMENT TO

CERTIFICATE OF TRUST

OF

GE DEALER FLOORPLAN MASTER NOTE TRUST

 

 

This Certificate of
Amendment to the Certificate of Trust of GE Dealer Floorplan Master Note Trust (the “Trust”) is being duly executed
and filed by the undersigned trustee to amend the certificate of trust of a statutory trust formed under the Delaware Statutory
Trust Act (12 Del. C. §3801 et seq.) (the “Act”). The original Certificate of Trust of the Trust was
filed with the Secretary of State of the State of Delaware (the “Secretary of State”) on April 20, 2004. The
Certificate of Trust of the Trust is hereby amended as follows:

 

1.The
Certificate of Trust of the Trust is hereby amended by changing the name of the Trust to “Wells Fargo Dealer Floorplan Master
Note Trust”.

 

2.This Certificate of Amendment
shall be effective upon filing.

 

IN WITNESS WHEREOF,
the undersigned trustee of the Trust has executed this Certificate of Amendment in accordance with Section 3811(a)(2) of the Act.

 

 

BNY
MELLON TRUST OF DELAWARE,

as Trustee

 

 

By: _________________________________

Name:

Title:

 

 

		A-1	
        First Amendment to

        Amended and Restated

        Trust Agreement

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