Document:

Exhibit
10.11

PROMISSORY
NOTE

 

	 	Omaha, Nebraska
	$2,000,000.00	October 18, 2011

 

For
Value Received, Western Capital Resources, Inc.,  a Minnesota
corporation (the “Company”), promises to pay to the order of River City Equity, Inc., a Nebraska
corporation (“Holder”), pursuant to the terms herein, in lawful money of the United States of America, the principal
sum of Two Million and 00/100 Dollars ($2,000,000.00), together with interest in arrears on the unpaid principal balance remaining
unpaid from time to time (computed on the basis of actual days elapsed in a 365-day year) at a rate equal to Twelve
Percent (12%) per annum, in the manner provided below, as evidenced by this Promissory Note (the “Note”).
This Note may be secured by the assets of the Company as provided in that certain Security Agreement of even date herewith.

 

1.PAYMENTS.

 

1.1Principal
and Interest. Interest shall accrue on a monthly basis on the principal amount of the Note outstanding from time to time until
the Maturity Date. Each interest payment for a calendar month shall be due on the 15th day of the next following calendar month.
The principal amount of this Note shall be due and payable, together with any accrued and unpaid interest hereunder, on the earlier
of (i) September 30, 2013 (the “Maturity Date”), or (ii) the date the amounts owing under this Note shall become
due and payable, following an Event of Default, pursuant to Section 2.1 below. Any payments received shall be applied first to
any other charges due under this Note, second to the payment of accrued interest, and third to the payment of the unpaid principal
balance due under this Note.

 

1.2Manner of
Payment. All payments of principal and interest on this Note shall be made by electronic ACH payment at such place (or to such
account) in the United States of America as Holder shall designate to the Company in writing. If any payment of principal or interest
on this Note is due on a day which is not a Business Day, such payment shall be due on the next succeeding Business Day, and such
extension of time shall not be taken into account in calculating the amount of interest payable under this Note. “Business
Day” means any day other than a Saturday, Sunday or legal holiday in the State of Nebraska.

 

1.3Prepayment.
At any time after the date hereof, the Company may, at any time and from time to time, prepay all or any portion of the outstanding
principal balance due under this Note, provided that each such prepayment is accompanied by the accrued interest on the amount
of principal prepaid calculated to the date of such prepayment, as well as a prepayment premium equal to (i) 2% of the principal
amount of the Note outstanding at the time of such prepayment (on or prior to September 30, 2012) or (ii) 1% of the principal amount
of the Note outstanding at the time of such prepayment (after September 30, 2012 and on or prior to September 30, 2013). The Company
shall provide Holder with not less than 15 days written notice prior to such prepayment.

 

    	 

    	 	

    

 

2.DEFAULT.

 

2.1Events of
Default. The failure of the Company to pay, when due, any amounts owed hereunder shall, after the lapse of a five-day cure
period following written notice to the Company, constitute an event of default hereunder (“Event of Default”).

 

2.2Remedies.
Upon the occurrence of an Event of Default hereunder (unless such Event of Default has been cured or waived by Holder), Holder
may, at its option, (i) by written notice to the Company, declare the entire unpaid principal balance of this Note, together with
all accrued interest thereon, immediately due and payable regardless of any prior forbearance, (ii) exercise all rights under the
Security Agreement, and/or (iii) exercise any and all rights and remedies available to it under applicable law, including, without
limitation, the right to collect from the Company all sums due under this Note. The Company shall pay all reasonable costs and
expenses incurred by or on behalf of Holder in connection with Holder’s exercise of any or all of its rights and remedies
under this Note, including, without limitation, reasonable attorneys’ fees.

 

3.MISCELLANEOUS.

 

3.1Waiver.
The rights and remedies of Holder under this Note shall be cumulative and not alternative. No waiver by Holder of any right or
remedy under this Note shall be effective unless in writing signed by Holder. Neither the failure nor any delay in exercising any
right, power or privilege under this Note will operate as a waiver of such right, power or privilege and no single or partial exercise
of any such right, power or privilege by Holder will preclude any other or further exercise of such right, power or privilege or
the exercise of any other right, power or privilege. To the maximum extent permitted by applicable law, (a) no claim or right of
Holder arising out of this Note can be discharged by Holder, in whole or in part by a waiver or renunciation of the claim or right
unless in a writing, signed by Holder; (b) no waiver that may be given by Holder will be applicable except in the specific instance
for which it is given; and (c) no notice to or demand on the Company will be deemed to be a waiver of any obligation of the Company
or of the right of Holder to take further action without notice or demand as provided in this Note. The Company hereby waives presentment,
demand, protest and notice of dishonor and protest.

 

3.2Notices.
Any notice required or permitted to be given hereunder shall be given by the Company to Holder or Holder to the Company in writing
and shall be (a) personally delivered, (b) sent by overnight courier of national reputation, or (c) transmitted
by facsimile or electronic mailing, in each case, to the applicable party as follows:

 

	If to the Holder:	River City Equity, Inc.
	 	10631 Ridgemont Circle
	 	Omaha NE 68136  
	 	Facsimile: ______________
	 	 
	With a copy to:	______________
	 	______________
	 	______________
	 	 

 

    	2

    	 

    

 

	 	 
	If to the Company:	Western Capital Resources, Inc.
	 	11550 “I” Street, Suite 150
	 	Omaha, NE  68137
	 	Attention: John Quandahl
	 	Facsimile: (402) 555-8888
	 	 
	With a copy to:	Maslon Edelman Borman & Brand, LLP
	 	90 South Seventh Street
	 	3300 Wells Fargo Center
	 	Minneapolis, MN  55402
	 	Attention: Paul Chestovich
	 	Facsimile: (612) 642-8305
	 	 

 

3.3Severability.
If any provision in this Note is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of
this Note will remain in full force and effect. Any provision of this Note held invalid or unenforceable only in part or degree
will remain in full force and effect to the extent not held invalid or unenforceable.

 

3.4Governing
Law. This Note will be governed by the laws of the State of Nebraska without regard to conflicts-of-law principles.

 

3.5Parties in
Interest. This Note shall bind the Company and its successors and assigns. This Note shall not be assigned by Holder without
the express prior written consent the Company, which consent may be granted or withheld in the Company’s reasonable discretion.

 

3.6Construction.
The headings of Sections in this Note are provided for convenience only and will not affect its construction or interpretation.
All references to “section” or “Sections” refer to the corresponding Section or Sections of this Note unless
otherwise specified. All words used in this Note will be construed to be of such gender or number as the circumstances require.
Unless otherwise expressly provided, the words “hereof” and “hereunder” and similar references refer to
this Note in its entirety and not to any specific section or subsection hereof.

 

In
Witness Whereof, the Company has executed and delivered this Note as of the date first stated above.

 

	 	WESTERN CAPITAL RESOURCES, INC.
	 	 
	 	 
	 	/s/ John Quandahl
	 	John Quandahl
	 	Chief Executive Officer

 

    	3Exhibit 10.12

SECURITY AGREEMENT 

 

THIS SECURITY
AGREEMENT (“Security Agreement”) dated effective October 18, 2011, is made and given by Western Capital Resources,
Inc., a Minnesota corporation (the “Debtor”), to River City Equity, Inc., a Nebraska corporation (the “Secured
Party”).

 

RECITALS:

 

A. The Debtor has executed
and delivered to the Secured Party a Promissory Note of the same date herewith in the original principal amount of $2,000,000.00
(the “Note”).

 

B. As a condition to
and in consideration of the advance by the Secured Party of funds pursuant to the Note, the Secured Party has required that the
Debtor agree to grant to the Secured Party a security interest in certain of the Debtor’s property, as further described
below.

 

NOW, THEREFORE, in consideration of the
terms and conditions contained herein and

in order to induce the Secured Party to advance funds pursuant
to the Note, the Debtor hereby agrees with the Secured Party as follows:

 

1. Grant of Security
Interest. As security for the payment and performance of the Note and this Security Agreement, the Debtor hereby agrees
to grant to the Secured Party a security interest (the “Security Interest”) in all of the Debtor’s property described
in Exhibit A attached hereto (the “Collateral”) upon the occurrence of any of the following events (i)
the consent of WERCS (as defined in Section 5 below), (ii) the satisfaction of all secured obligations owing to WERCS, or (iii)
the written request of the Secured Party (subject, however, to the consent of WERCS). Upon the earliest of the foregoing events,
the Debtor will take such steps as are necessary to memorialize the Security Interest granted pursuant to this Section 1, and the
remainder of this Security Agreement shall thereupon become effective.

 

2. Continuing
Debtor Responsibility. Notwithstanding anything herein to the contrary, (a) the exercise by the Secured Party of any of
its rights hereunder shall not release the Debtor from any of its duties or obligations under the terms of items included in the
Collateral; and (b) the Secured Party shall have no obligation or liability as to the Collateral by reason of this Security Agreement
nor shall the Secured Party be obligated to take any action to collect or enforce any claim for payment assigned hereunder.

 

3. Title
to Collateral. The Debtor has and will maintain, so long as the Security Interest remains outstanding, title to each item
of the Collateral, free and clear of all liens or other security interests, except as described in Section 5 below. The Debtor
will defend the Collateral against all claims or demands of any persons contesting the Secured Party’s lien. As of the date
of execution of this Security Agreement, the Debtor represents that there are no financing statements or other similar documents
covering all or any part of the Collateral on file in any recording office, except such as may have been filed in connection with
the Senior Indebtedness (as defined in Section 5).

    	 

    	 

    

 

4. Disposition
of Collateral. The Debtor will not sell, lease, or otherwise dispose of, or discount or factor, with or without recourse,
any Collateral, except sales or licenses of inventory and disposition of worn-out or obsolete property in the ordinary course of
business.

 

5. Subordination.
Notwithstanding anything to the contrary stated herein, the Security Interest shall be subordinated to any security interests
granted to secure that certain indebtedness (the “Senior Indebtedness”) of Wyoming Financial Lenders, Inc. (a wholly
owned subsidiary of the Debtor) in favor of WERCS (“WERCS”), including any amendments or supplements to, or replacements
or extensions of, the Senior Indebtedness and its governing documents. The Secured Party hereby agrees, at its expense, to execute
such additional agreements and other instruments evidencing the subordination of such security interests as may be reasonably required
from time to time by WERCS.

 

6. Business
Location. The Debtor’s place of business is accurately reflected opposite Debtor’s signature. The Debtor does
business solely under its own name. The Debtor will from time to time, at the request of the Secured Party, provide the Secured
Party with current lists as to the locations of the Collateral and will not permit any Collateral, or any records pertaining to
the Collateral, to be located in any state or area in which a financing statement covering such Collateral would be required to
be, but has not in fact been, filed in order to perfect the Security Interest.

 

7. Authority.
There is vested in the Debtor full power and authority to execute this Security Agreement and, upon satisfaction of the terms
and conditions of Section 1, to subject the Collateral to the Security Interest.

 

9. Further
Assurances. The Debtor will, at any time after satisfaction of the terms and conditions of Section 1, execute such financing
statements or other instruments and perform such acts as the Secured Party may reasonably request in writing to establish and maintain
an attached and perfected Security Interest in the Collateral. The Debtor hereby authorizes the Secured Party, at any time after
satisfaction of the terms and conditions of Section 1, to file one or more financing statements or continuation statements in respect
of the Collateral and the Debtor shall promptly execute such documents as are required by the Secured Party for that purposes.
The Debtor further agrees that it will take all further action that may be necessary or that the Secured Party may reasonably request
in writing, in order to perfect and protect the Security Interest or to enable the Secured. Party to exercise and enforce its rights
and remedies hereunder with respect to any Collateral.

 

10.
Action by the Secured Party. If the Debtor at any time fails to perform or observe any of the foregoing agreements,
upon ten (10) days prior written notice to the Debtor, the Secured Party shall have the right, power, and authority (but not the
duty) to perform or observe such agreement on behalf of and in the name of the Debtor and to take any and all other actions which
the Secured Party may reasonably deem necessary to cure and correct such failure (including, without limitation, the satisfaction
of liens, the execution of security agreements, and the endorsement of instruments); and the Debtor shall thereupon pay to the
Secured Party on demand the amount expended by the Secured Party in connection therewith (including reasonable attorneys’
fees and costs).

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11. Notice
of Loss. The Debtor will promptly notify the Secured Party of any material loss of or material damage to any item of Collateral
or of any material adverse change, known to the Debtor, in any material item of the Collateral or the prospect of payment or performance
thereof.

 

12. Lawful
Use. The Debtor will use and keep the Collateral, and will require that others use and keep the Collateral, only for lawful
purposes without material violation of any federal, state, or local law, statute, or ordinance.

 

13. Default.
The Debtor shall be deemed in default under this Security Agreement upon the happening of any of the following events (each event,
a “Default,” and collectively, “Defaults”):

 

(a)The
declaration of a default by the Secured Party of indebtedness owing pursuant to the Note; or

 

(b)The
sale or transfer by the Debtor, or any successor to the Debtor, of all or substantially all of the assets used by the Debtor in
its business operations (including a transfer of such assets to a corporate or other successor to such operations, absent the Secured
Party's consent); any dissolution of, or merger or consolidation involving, the Debtor or any corporate successor to the Debtor.

 

In the event
of a Default, the Secured Party shall have the right, at its option and without demand or notice, to exercise all of the rights
and remedies of a secured party under the Uniform Commercial Code or any other applicable law. The Debtor agrees in the event of
any Default to pay all costs and expenses of the Secured Party, including reasonable attorneys’ fees, in the collection of
the Note or the enforcement of any of the Secured Party’s rights, including the reasonable costs of sale of the Collateral.
If any notice of sale, disposition or other intended action by the Secured Party is required by law to be given to the Debtor,
such notice shall be deemed reasonably and properly given if mailed to the Debtor at the address specified below, or at such other
address of the Debtor as may be shown on the Security Party’s records, at least ten (10) days before such sale, disposition
or other intended action. Waiver of any default hereunder by the Secured Party shall not be a waiver of any other default or of
the same default on a later occasion. No delay or failure by the Secured Party to exercise any right or remedy shall be a waiver
of such right or remedy or shall preclude the exercise of any other right or remedy at any other time.

 

14. Rights
and Remedies on Default. Upon acceleration of the obligation for repayment of the indebtedness represented by the Note
or any other Default, the Debtor hereby appoints the Secured Party, or the Secured Party’s designee, as attorney-in-fact
for the Debtor with power to endorse checks or other forms of payment or security, to receive and open mail addressed to the Debtor,
to advise the post office to change the address for delivery of the Debtor’s mail to an address designated by the Secured
Party, to correspond with account debtors and direct them to remit payment directly to the Secured Party and otherwise to correspond
with third persons with respect to the Collateral, and otherwise to do all things necessary to carry out this Security Agreement
and to enable the Secured Party to realize on its security interest in the Collateral from and after acceleration of the obligation
for repayment of the indebtedness represented by the Note. The Secured Party will not be liable for any acts or commission or omission
nor for any error in judgment or mistake of fact or law with respect to its exercise of its rights under the foregoing appointment
as attorney-in-fact. The Secured Party’s power as attorney-in-fact, being coupled with an interest, is irrevocable so long
as any obligation of the Debtor to the Secured Party remains unpaid.

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In the event
of a Default which is not timely cured, upon request by the Secured Party, the Debtor shall make available all of its books and
records with respect to the Collateral or any part thereof, including but not limited to names and addresses of account debtors
or other parties to any contract or course of dealing which does or may constitute Collateral, and shall further make available
for review the Debtor’s other books and records with respect to the Collateral. The Secured Party shall be under no obligation
whatsoever to proceed first against certain of the Collateral before proceeding against any other of the Collateral or proceeding
against the Debtor.

 

15. Costs
and Expenses. The Debtor shall not be obligated to pay or reimburse the Secured Party in connection with this Security
Agreement or the Note, except that the Debtor will pay or reimburse the Secured Party on demand for all out-of-pocket expenses
reasonably incurred by the Secured Party in connection with (i) review of this Security Agreement, the Note and related loan documentation,
in an amount not to exceed $5,000, (ii) organizational expenses, in an amount not to exceed $1,000, and (iii) the foreclosure,
or enforcement of the Security Interest and the enforcement of this Security Agreement, including the reasonable costs of sale
of the Collateral, and all such costs and expenses shall be part of the obligations secured by the Security Interest.

 

16. Indemnity.
The Debtor shall indemnify, defend, and hold the Secured Party harmless from and against any and all claims, losses, and liabilities
growing out of or resulting from this Security Agreement and the Security Interest created hereby or the Secured Party’s
actions pursuant hereto, except claims, losses, or liabilities resulting from the Secured Party’s gross negligence or willful
misconduct. Any liability of the Debtor to indemnify and hold the Secured Party harmless pursuant to the preceding sentence shall
be part of the obligations secured by the Security Interest. All obligations of the Debtor under this Section 16 shall survive
any termination of this Security Agreement.

 

17. Waivers.
This Security Agreement may be waived, modified, amended, terminated, or discharged, and the Security Interest may be released,
only explicitly in a writing signed by the Secured Party. A waiver so signed shall be effective only in the specific instance and
only for the specific purpose given. Delay or failure to act shall not preclude the exercise or enforcement of any rights and remedies
available to the Secured Party. All rights and remedies of the Secured Party shall be cumulative and may be exercised singly or
in any order or sequence, or concurrently, at the Secured Party’s option, and the exercise or enforcement of any such right
or remedy shall neither be a condition to nor bar the exercise or enforcement of any other. The Debtor hereby waives all requirements
of law, if any, relating to the marshaling of assets which would be applicable in connection with the enforcement by the Secured
Party of its remedies hereunder, absent this waiver.

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18. Secured
Party’s Address. The Secured Party’s address for notices is 10631 Ridgemont Circle, Omaha NE 68136, or such
other address as the Secured Party may from time to time specify.

 

19. Governing
Law. THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS SECURITY AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE
OF NEBRASKA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF, EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION
OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE MANDATORILY GOVERNED BY
THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEBRASKA. THIS SECURITY AGREEMENT MAY BE ENFORCED IN ANY FEDERAL COURT OR STATE
COURT SITTING IN OMAHA, NEBRASKA AND THE DEBTOR CONSENTS TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY ARGUMENT
THAT VENUE IN SUCH FORUMS IS NOT CONVENIENT.

 

20. Waiver
of Notice and Hearing. TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEBTOR HEREBY WAIVES ALL RIGHTS TO A JUDICIAL
HEARING OF ANY KIND PRIOR TO THE EXERCISE BY THE SECURED PARTY OF: (I) ITS RIGHTS TO POSSESSION OF THE COLLATERAL WITHOUT JUDICIAL
PROCESS OR (II) ITS RIGHTS TO REPLEVY, ATTACH, OR LEVY UPON THE COLLATERAL WITHOUT PRIOR NOTICE OR HEARING. THE DEBTOR ACKNOWLEDGES
THAT IT HAS BEEN ADVISED BY COUNSEL OF ITS CHOICE WITH RESPECT TO THIS PROVISION AND THIS SECURITY AGREEMENT.

 

21. Waiver
of Jury Trial. THE DEBTOR AND THE SECURED PARTY, BY THEIR EXECUTION OF THIS SECURITY AGREEMENT, IRREVOCABLY WAIVE ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT FOR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

22. Amendment
or Modification. This Security Agreement may not be modified or amended except by a written instrument duly executed by
each of the parties hereto.

 

23. Continuing
Security Interests. This Security Agreement shall (a) upon satisfaction of the terms and conditions of Section 1, create
a continuing security interest in the Collateral and shall remain in full force and effect until payment in full of the Note and
any other amounts payable by the Debtor to the Secured Party hereunder and the performance by the Debtor of all of its obligations
thereunder; (b) be binding upon the Debtor, its successors, and assigns; and (c) inure to the benefit of and be enforceable by
the Secured Party and its successors, transferees, and assigns.

 

24. Termination
of Security Interest. Upon payment in full of the Note and satisfaction of the other obligations of the Debtor to the Secured
Party, the Security Interest, if granted pursuant to Section 1, shall terminate. Upon any such termination, the Secured Party will
return to the Debtor such of the Collateral then in the possession of the Secured Party that shall not have been sold or otherwise
applied pursuant to the terms hereof and execute and deliver to the Debtor such documents as the Debtor shall reasonably request
to evidence such termination. Any reversion or return of Collateral upon termination of this Security Agreement and any instruments
of transfer or termination shall be at the expense of the Debtor and shall be without warranty by, or recourse on, the Secured
Party.

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25. Entire
Agreement. This Security Agreement and the Note set forth the entire agreement and understanding of the parties hereto
in respect of the Loan and supersede all prior agreements, arrangements and understandings relating to the subject matter hereof.

 

26. Construction.
Whenever possible, each provision of this Security Agreement shall be interpreted so that it is valid under applicable law. If
any provision of this Security Agreement is to any extent deemed invalid under applicable law in any jurisdiction, this Security
Agreement shall remain binding upon the parties and the particular provision shall still be effective to the extent it remains
valid and the entire Security Agreement shall also continue to be valid in other jurisdictions.

 

27.
Counterparts. This Security Agreement may be executed in any number of counterparts, each of which shall constitute
an original and all of which shall constitute one agreement.

 

28. General.
All representations and warranties contained in this Security Agreement and in any other agreement between the Debtor and the Secured
Party concerning the Note and the other obligations related thereto, shall survive the execution, delivery, and performance of
this Security Agreement and the creation and payment of the obligations of the Debtor to the Secured Party. The Debtor waives notice
of the acceptance of this Security Agreement by the Secured Party.

 

 

 

 

*****

 

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IN WITNESS
WHEREOF, the Debtor has caused this Security Agreement to be duly executed and delivered by a duly authorized officer
as of the date first above written.

 

	 	 	 	DEBTOR:
	 	 	 	 	 
	 	 	 	WESTERN CAPITAL RESOURCES, INC.,
	 	 	 	a Minnesota corporation
	 	 	 	 	 
	 	 	 	 	 
	Address:	 	By: 	/s/ John Quandahl
	 	 	 	 	Its: President and CEO
	11550 “I” Street, Suite 150	 	 	 
	Omaha, NE  68137	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	SECURED PARTY:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	RIVER CITY EQUITY, Inc,	 	 	 
	a Nebraska corporation	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: 	       /s/ Mark Houlton	 	 	 
	 	Its: President	 	 	 

 

 

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EXHIBIT A 

 

Collateral 

 

 

The word “Collateral”
as used in this Security Agreement means the following described property, whether now owned or hereafter acquired, whether now
existing or hereafter arising, and wherever located, in which Debtor is giving to the Secured Party a security interest for the
payment of principal and interest on the Note and performance of all other obligations under the Note and this Security Agreement:

 

All property, assets, rights and
interest in property of the Debtor, of any kind or description, tangible or intangible, whether now owned or existing or hereafter
acquired or arising and wheresoever located including, but not being limited to, the following: All deposit accounts, accounts
and accounts receivable of the Debtor, whether now in existence or hereafter coming into existence; all letter of credit rights;
all chattel paper (whether tangible or electronic), contract rights, instruments (including promissory notes), documents, general
intangibles (including, without limitation, payment intangibles, trademarks, service marks, trade names, patents, copyrights and
licenses), inventory (including raw materials inventory, finished goods inventory, parts, supplies) and goods in process of the
Debtor, whether now in existence or owned or hereafter coming into existence or acquired, wherever located, and all returned goods,
and repossessions and replacements thereof; all vehicles, furniture, machinery and equipment now owned and hereafter acquired by
the Debtor (including all embedded software); all investment property; all supporting obligations, software and commercial tort
claims; all accessions, additions, replacements, and substitutions relating to any of the foregoing; all records of any kind relating
to any of the foregoing; all proceeds relating to any of the foregoing (including insurance, general intangibles and accounts proceeds);
all insurance policies insuring the foregoing property or any part thereof including unearned premiums and all refunds.

 

In addition, the word “Collateral”
also includes all the following, whether now owned or hereafter acquired, whether now existing or hereafter arising, and wherever
located:

 

(A) all accessions, attachments,
accessories, replacements of and additions to any of the collateral described herein, whether added now or later;

 

(B) all products and produce
of any of the property described in this Exhibit A;

 

(C) all accounts, general intangibles,
instruments, rents, monies, payments, and all other rights, arising out of a sale, lease, consignment or other disposition of any
of the property described in this Exhibit A;

 

(D) all proceeds (including
insurance proceeds) from the sale, destruction, loss, or other disposition of any of the property described in this Exhibit
A, and sums due from a third party who has damaged or destroyed the collateral or from that party’s insurer, whether
due to judgment, settlement or other process; and

 

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(E) all records and data relating
to any of the property described in this Exhibit A, whether in the form of a writing, photograph, microfilm, microfiche,
or electronic media, together with all of the Debtor’s right, title, and interest in and to all computer software required
to utilize, create, maintain, and process any such records or data on electronic media.

 

    	9

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