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ex10_24.htm

Exhibit 10.24

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

TVT CAPITAL LLC  PAYMENT RIGHTS PURCHASE AND SALE AGREEMENT Ph. (516) 707-9131  This Payment Rights Purchase and Sale Agreement ("Agreement") dated May 30, 2014, is made by and between FB Funding LLC ("Buyer"), and the business identified below ("Seller"). SELLER'S INFORMATION Legal Business Name: Speedemissions Inc. DBA Name: Speedemissions  Type of Business Entity (circle one): Sole Prop.   General Partnership   Corporation   LLC   Other (specify):  Business Address:* 1015 Tyrone Road Suite 220 City: Tyrone State: GA Zip: 30290  Telephone #: 770-306-7667 Fax #: 770-306-7804 Federal Tax ID #: 33-0961488  E-mail Address: dd©speedemissions.com Website Address: www.speedemissions.com *Provide any additional addresses, telephone ;lumbers and fax numbers for Seller on an attached sheet.  OFFER TO SELL AND PURCHASE PAYMENT RIGHTS  Seller offers to sell to Buyer the specified amount set forth below ("Specified Amount") of Seller's right, title and interest in Seller's right to receive payments from Seller's customers or other third-parties in the form of cash, check, credit card, electronic fund transfer or other forms of payment which arise from sales of goods or services by Seller in the ordinary course of Seller's business ("Future Payment Rights").  Future Payment Rights are accounts receivable, a specified amount of which Seller sells and Buyer purchases pursuant to this Agreement. Seller understands that this offer to sell is binding upon Seller and that Buyer may accept or reject the offer. After accepting the offer by signing this Agreement, Buyer will pay the Seller by initiating an ACH credit in the amount of the purchase price below ("Purchase Price") to the bank account identified by Seller on the accompanying Agreement for Direct Deposits (ACH Credits) and Direct Collections (ACH Debits) or a substitute bank account specified by Seller and approved by Buyer ("Account").  Seller will deposit or cause to be deposited any and all funds arising from Future Payment Rights into the Account not more than one day after Seller or any agent of Seller receives such funds.  Seller authorizes Buyer to collect the Specified Amount of Future Payment Rights purchased by Buyer pursuant to this Agreement by initiating ACH debits to the Account in amounts not to exceed the amount of the daily collection set forth below ("Daily Collection").  Seller authorizes Buyer to initiate an ACH debit to the Account on the initial collection date set forth below ("Initial Collection Date") and an ACH debit to the Account each Monday through Friday (excluding Federal Reserve holidays) ("Business Day") after the Initial Collection Date until Buyer (i) collects the entire Specified Amount of Future Payment Rights or (ii) initiates the maximum number of ACH debits set forth below ("Maximum Number of ACH Debits"), whichever occurs first.   Seller understands that Seller is responsible for ensuring that funds arising from Future Payment Rights remain in the Account each day until Buyer debits the amount that this Agreement authorizes Buyer to debit from the Account for that day. Buyer's failure to collect the entire Specified Amount of Future Payment Rights by initiating ACH debits within the time-frame provided for in this Agreement does not constitute Seller's breach of this Agreement to the extent that Seller otherwise complies with this Agreement.  See the accompanying Agreement for Direct Deposits  (ACH Credits) and Direct Collections (ACH Debits), attached hereto and incorporated herein, for additional terms and conditions governing the ACH credits and debits.  Specified Amount of Future Payment Rights: Purchase Price: Daily Collection: Initial Collection Date: Maximum Number of ACH Debits:  $ 112,425.00 $ 75,000.00 $ 1,099.00 6/2/2014 102   SELLER CERTIFICATION AND SIGNATURES  By signing below or authorizing the person signing below to sign on Seller's behalf, Seller agrees to be obligated upon acceptance of this Agreement by Buyer to all terms of this Agreement, including the Waiver of Jury Trial and Arbitration provision and other Additional Terms set forth on the pages that follow. Seller also certifies that Seller has full power and authority to enter into and perform the obligations under this Agreement. Each individual signing on behalf of Seller certifies that such signer is authorized to execute this Agreement on behalf of Seller. The undersigned represents and warrants that the information true, accurate and complete in all respects and warrants that the information provided herein and buyer in connection with this transaction is true, accurate and complete in a respects.  SELLER Print By: Name: Richard Parlontierl Signature: Name: Signature: BUYER'S SIGNATURE This Agreement has been received and accepted by Buyer in Florida after being signed by Seller  BUYER Print By: Name: Signature:  Page 1 of 7   Revised 1/2/14 Initial Here   48141.5 791-101  ADDITIONAL TERMS OF THIS AGREEMENT   Capitalized terms used but not defined in these Additional Terms of this Agreement have the meanings assigned to such terms above.   I — REPRESENTATIONS AND WARRANTIES   Seller represents and warrants the following as of the date hereof and, except as expressly provided herein, during the entire term of this Agreement:  Section  1.1. Intention to Generate Future Revenues and Payment Rights.   Seller is currently solvent and is not contemplating any insolvency or bankruptcy proceeding and no eviction or foreclosure is pending or threatened against Seller. Buyer and Seller acknowledge that Seller going bankrupt or out of business, in and of itself, does not constitute a breach of this Agreement. If Seller's business slows down and Seller's Future Payment Rights decrease or if Seller closes its business and Seller has not violated any provisions of this Agreement, there is no breach of this Agreement.  Buyer is purchasing a Specified Amount of Future Payment Rights and Buyer assumes the risk that Seller's business may fail or be adversely affected by conditions outside the control of Seller provided Seller has not breached any provision of this Agreement.  Section 1.2.  Reliance on Information.  All information provided by or on behalf of Seller to Buyer in connection with the execution of or pursuant to this Agreement is true, accurate and complete in all respects and any of Seller's financial statements and other financial documents provided by Seller are true and complete and accurately reflect Seller's financial condition and results of operations.  Seller acknowledges that all information provided by or on behalf of Seller has been relied upon by Buyer in connection with the decision to purchase the Specified Amount of Future Payment Rights provided in this Agreement.  Section 1.3. Unencumbered Future Payment Rights.  Seller has good, complete and marketable title to the Future Payment Rights, free and clear of any and all liabilities, liens, claims, charges, restrictions, conditions, options, rights, mortgages, security interests, equities, pledges and encumbrances of any kind or nature whatsoever or any other rights or interests that may be inconsistent with the transactions contemplated with, or adverse to the interests of, Buyer.  Section 1.4,  Compliance.  Seller is in compliance with any and all applicable federal, state and local laws and regulations, including, but not limited to any rules and regulations of card associations and payment networks to the extent applicable, including the NACHA Operating Rules.  Seller possesses all permits, licenses, approvals, consents, registrations and other authorizations necessary to own, operate and lease its properties and to conduct the business in which it is presently engaged.  Section 1.5.  Authorization.  Seller and the person(s) signing this Agreement on behalf of Seller have full power and 'authority to enter into and perform the obligations under this Agreement and any processing agreement, all of which have been duly authorized by all necessary and proper actions.  Section 1.6.  Name of Business.  Seller does not conduct Seller's business under any name or at any place(s) other than as set forth on page one of this Agreement and any attached sheet.  Section 1.7.  Business Purpose.  Seller is a valid business in good standing under the laws of each jurisdiction in which it is organized or operates. Seller is entering into this Agreement solely for business purposes and not as a consumer for personal, family or household purposes. Seller's accounts described in this Agreement (including the Account) were established for business purposes and not primarily for personal, family or household purposes.  Section 1.8.  Default Under Other Contracts.  Seller's execution of and/or performance under this Agreement will not cause or create an event of default by Seller under any contract with another person or entity.   II — COVENANTS   Section 2.1.  Single Account. Seller agrees to not take any action to cause funds arising from Seller's Future Payment Rights to be settled or delivered to any account other than the Account.  Section 2.2. Conduct and Sale of Business. Seller agrees to not (i) materially change the nature and manner of the business Seller conducts from the type of business originally disclosed to Buyer in connection with this Agreement and (ii) sell Seller's business (whether by an issuance, sale or transfer of ownership interests in Seller that results in a change in ownership or voting control of Seller, or by a sale or transfer of substantially all of the assets of Seller) without the express prior written consent of Buyer and the assumption of all of Seller's obligations under this Agreement pursuant to documentation reasonably satisfactory to Buyer.   Section 2.3. Change Name of Business or Location. Seller agrees not to change its legal name, entity type, state of formation or place(s) of business unless Seller provides Buyer with at least thirty (30) days' prior written notice thereof and any documents, agreements and information requested by Buyer with respect thereto and Buyer provides prior written approval of such change.   Section 2.4. Insurance and Taxes. Seller agrees to maintain insurance in such amounts and against such risks as are necessary to protect its   Page 2 of 7    Revised 1/2/14 Initial Here    48141.5 791-101   business and consistent with past practice and must show proof of such insurance upon the request of Buyer. Seller agrees to pay all necessary taxes associated with its business, including any employment and sales and use taxes, and any rents that Seller owes to any landlord.   Section 2.5.  Required Notifications.  Seller agrees to give Buyer written notice within 24 hours of any filing in which Seller is named as a debtor under Title 11 of the United States Code. Seller agrees to give Buyer seven days' written notice prior to the closing or any sale of all or substantially all of Seller's assets or stock.  Section 2.6 Estoppel Certificate. Seller will at any time, and from time to time, upon at least one (1) day's prior notice from Buyer to Seller, execute, acknowledge and deliver to Buyer and/or to any other person, person firm or corporation specified by Buyer, a statement certifying that this Agreement is unmodified and in full force and effect (or, if there have been modifications, that the same is in full force and effect as modified and stating the modifications) and stating the dates which the Specified Amount of Future Payment Rights or any portion thereof has been collected by Buyer.   III — SALE OF SPECIFIED AMOUNT OF FUTURE PAYMENT RIGHTS WITHOUT RECOURSE  Section 3.1.  Sale of Specified Amount of Future Payment Rights.   Seller and Buyer agree that the Purchase Price paid by Buyer in exchange for the Specified Amount of Future Payment Rights is a purchase of Future Payment Rights and is not intended to be, nor may it be construed as, a loan or financial accommodation front Buyer to Seller. By such purchase and sale, Seller transfers to Buyer full and complete ownership of the Specified Amount of Future Payment Rights and Seller retains no legal or equitable interest therein. Seller sells the Specified Amount of Future Payment Rights to Buyer and the Purchase Price paid by Buyer therefor is good and valuable consideration for such sale. Future Payment Rights are accounts receivable purchased by Buyer and thus the risk of converting the Future Payment Rights into cash rests with the Buyer.  Section 3.2. No Recourse. Seller and Buyer agree that if Seller does not generate Future Payment Rights and Seller does not otherwise violate the terms of this Agreement, Buyer has no recourse against Seller.   IV — PROCESSING CREDIT CARD PAYMENTS   Section 4.1. Processing Agreement. Seller may use a third-party processor approved by Buyer ("Processor") to process payments initiated by Seller's customers with credit cards, debit cards, charge cards, bank cards and other payment cards ("Cards") or electronic checks pursuant to a processing agreement between Seller and Processor that is approved by Buyer ("Processing Agreement").  Seller understands and agrees that this Agreement and the Processing Agreement irrevocably authorize Processor upon Seller's breach to pay the funds arising from any purchases made by Seller's customers with Cards or electronic checks of the type settled, directly or indirectly by Processor that are due to Buyer pursuant to this Agreement to Buyer. These authorizations and instructions may be revoked only with the prior written consent of Buyer. Seller agrees that Processor may rely upon the instructions of Buyer, without any independent verification, in making the payments described above.  Seller waives any claim for damages it may have against Processor in connection with actions taken based on instructions from Buyer, unless such damages were due to such Processor's failure to follow Buyer's instructions.  Seller acknowledges and agrees that (i) Processor will be acting on behalf of Buyer upon Seller's breach when delivering amounts due Buyer pursuant to this Agreement, (ii) Processor may or may not be affiliates of Buyer, (iii) Buyer does not have any power or authority to control Processor's actions with respect to the processing of Card or electronic check transactions or remittance of funds to Buyer and (iv) Buyer is not responsible for and is not liable for, and Seller agrees to hold Buyer harmless for, the actions of Processor.  Section 4.2.  Instructions to Processor.  Upon Seller's breach, Seller hereby irrevocably instructs Processor to hold the funds due Buyer pursuant to this Agreement and to remit such funds directly to Buyer pursuant to Buyer's instructions.  Seller acknowledges and agrees that Processor may provide Buyer with Seller's Card and electronic check transaction history.  Seller hereby (i) authorizes Buyer to contact any past, present or future processor of Seller, its predecessors or affiliates, to obtain any information that Buyer deems necessary or appropriate regarding any of their transactions with such processors, and (ii) authorizes and directs such processors to provide Buyer with all such information in compliance with this Section 4.2. Such information may include information to verify the amount of Card and electronic check receivables previously processed on behalf of Seller, its predecessors or affiliates, and any amounts that may have been paid to, offset, held or reserved by, such processors. Without limiting the generality of the foregoing, Seller authorizes Buyer to contact any past, present or future processor of Seller, its predecessors or affiliates, to confirm that Seller is exclusively using the Processor approved by Buyer in accordance with this Agreement.  Section 4.3. Indemnification.  Seller indemnifies and holds Processor and its respective officers, directors, affiliates, employees, agents and representatives harmless from and against all losses, damages, claims, liabilities and expenses (including reasonable attorneys' fees) suffered or incurred by Processor resulting from actions taken by Processor in reliance upon information or instructions provided to Processor by Buyer.  Section 4.4. Modifications to Processing Agreement and Discouraging Use of Cards or Electronic Checks.  Seller will comply with the Processing Agreement and will not modify the Processing Agreement in any manner that could have an adverse effect upon Buyer's interests, without Buyer's prior written consent. Seller may not take any action to discourage the use of Cards or electronic checks and may not permit any event to occur that could have adverse effect on the use, acceptance or authorization of Cards or electronic checks for the purchase of Seller's services and products.   Page 3 of 7 Revised 1/2/14 Initial Here   48141.5 791-101   Section  4.5. Reliance on Terms.  The provisions of this Agreement are agreed to for the benefit of Seller, Buyer and Processor and, notwithstanding the fact that Processor is not a party to this Agreement, Processor may rely upon the terms of this Agreement and raise them as defenses in any action.   V — SECURITY AGREEMENT; FINANCING STATEMENTS   To secure performance of all obligations of Seller to Buyer under this Agreement, Seller grants to Buyer a continuing priority security interest, subject only to the security interest of Processor, if any, in the following property of Seller wherever found and whether now owned or hereafter acquired by Seller (collectively, the "Collateral"): (I) the Specified Amount of Future Payment Rights purchased by Buyer pursuant to this Agreement; (ii) all personal property of Seller that relates to (i) above, such as accounts, chattel paper, documents, equipment, general intangibles, instruments, inventory (as those terms are defined in Article 9 of the Uniform Commercial Code ("UCC") in effect from time to time), trademarks, trade names, service marks, logos and other sources of business identifiers, and all registrations, recordings and applications with the U.S. Patent and Trademark Office ("USPTO") and all renewals, reissues and extensions thereof (collectively "IP"), together with any written agreement granting any right to use any IP; and (iii) all {a) accessions, attachments, accessories, parts, supplies and replacements for the items described in (1) and (ii) above, (b) all products, proceeds and collections thereof and (c) all records and data relating thereto as those terms are defined in the UCC.  Seller understands and agrees that Buyer may file one or more (i) UCC-I financing statements at any time to perfect Buyer's interests under the UCC created by this Agreement, including Buyer's purchase and ownership of the Specified Amount of Future Payment Rights and the interests described above in this Section V, and (ii) assignments with USPTO to perfect the security interest in IP described above.  The UCC-1 financing statements {or portions thereof) evidencing the sale of the Specified Amount of Future Payment Rights may state that such sale is intended to be a sale and not an assignment for security. Such financing statements also may state that Seller is prohibited from transferring Future Payment Rights to any person or entity other than Buyer, or granting any security interest in its accounts receivable to any person or entity other than Buyer until Buyer has received the Specified Amount of Future Payment Rights and any other amounts Buyer is entitled to receive hereunder.  Seller authorizes Buyer to file such financing statements and any continuation statements or amendments thereto, and ratifies the filing of any financing statement filed by or on behalf of Buyer prior to, on or after the effective date of this Agreement.  Seller agrees that it will, from time to time, promptly execute and deliver all instruments and documents (including any account control agreements), and take all further action, that may be necessary or appropriate, or that Buyer may request, to perfect against Seller and all third parties the sale of the Specified Amount of Future Payment Rights hereunder or to enable Buyer to exercise and enforce its rights and remedies hereunder.   VI — MISCELLANEOUS   Section 6.1.  Modifications; Amendments; Construction.  No modification, amendment or waiver of any provision of this Agreement is effective unless the same is in writing and signed by the parties affected.  The headings of the sections and subsections herein are inserted for convenience only and under no circumstances may they affect in any way the meaning or interpretation of this Agreement.   Section 6.2. Notices. All notices, requests, demands and other communications hereunder must be in writing and must be delivered by mail, overnight delivery or hand delivery to the respective parties.  Section 6.3. Waiver; Remedies. No failure on the part of Buyer to exercise, and no delay in exercising, any right under this Agreement will operate as a waiver thereof. The remedies provided hereunder are cumulative and not exclusive of any remedies provided by law or equity. In no event will Buyer be liable for any claims asserted by Seller under any legal theory for lost profits, lost revenues, lost business opportunities, exemplary, punitive, special, incidental, indirect or consequential damages, each of which is waived by Seller. In the event of Seller's breach of this Agreement, Seller agrees that Buyer shall be entitled to, but not limited to, damages equal to the amount by which the cash attributable to the Specified Amount of Future Payment Rights and any other amounts Buyer is entitled to receive hereunder exceeds the amount of cash received by Buyer pursuant to this Agreement.  Section 6.4. Binding Effect and Assignment. This Agreement is binding upon and inures to the benefit of Seller, Buyer and their respective successors and assigns except that Seller does not have the right to assign its or delegate any of their rights or obligations hereunder or any interest herein without the prior written consent of Buyer, which consent may be withheld in Buyer's sole discretion. Buyer reserves the right to assign or delegate this Agreement or any of its rights or obligations hereunder with or without prior notice to Seller and no consent or approval by Seller is required in connection with any such assignment.  Without limiting the generality of the foregoing, Buyer may grant a security interest in any and all of Buyer's rights and interests pursuant to this Agreement, including Buyer's rights and interests in and to the Specified Amount of Future Payment Rights purchased by Buyer, to any secured party from whom Buyer may now or hereafter obtain financing, and such secured party will be entitled to enforce Buyer's rights and interest under this Agreement, subject to and in accordance with the terms thereof. Such secured party will have no liability for any of Buyer's obligations under this Agreement.  Section 6.5.  Governing Law.  This Agreement and all issues concerning the validity of the Agreement are governed by and enforced in accordance with the laws of the State of Florida without regard to principles of conflicts of laws that would require the application of any other law.  Section  6.6.  Credit Bureau Reports.  Seller authorizes Buyer to obtain business and personal credit bureau reports in Seller's name, respectively, at any time and from time to time for purposes of deciding whether to purchase the Specified Amount of Future Payment Rights or for any update or renewal of this Agreement or other lawful purpose. Upon Seller's request, Buyer will advise Seller if Buyer obtained a credit report and Buyer will give Seller the credit bureau's name and address.  Seller authorizes Buyer to disclose information concerning   Page 4 of 7    Revised 1/2/14 Initial Here,    48141.5 791-101  Seller's credit standing (including credit bureau reports that Buyer obtains) and business conduct only to Buyer's agents, affiliates, subsidiaries, and credit reporting bureaus.  Seller waives to the maximum extent permitted by law any claim for damages against Buyer or any of its affiliates relating to any (i) investigation undertaken by or on behalf of Buyer as permitted by this Agreement or (ii) disclosure of information as permitted by this Agreement.   Section 6.7, Business and Account Records. Seller shall provide Buyer with all of the information on the Account, including, but not limited to, the Account name, routing number, account number, bank name and address and Account usernames, passwords and other log-in information ("Account Information") and authorizes Seller to use any Account Information to verify Seller's deposits into and withdrawals from the Account. Within two business days of any request by Buyer, Seller must provide, or cause Processor, the applicable bank(s) or other third parties to provide, Buyer with records and other information regarding Seller's sales, including Card sales, the Account and any other deposit accounts of Seiler.  Seller hereby authorizes and directs the applicable bank(s), Processor and other third parties to provide Buyer with all such information upon request of Buyer.  Seller must notify Buyer in writing of any change to any Account Information and provide Buyer with updated Account Information within 24 hours of the change.  Section 6.8.  Power of Attorney. In addition to any other remedies available for violation of this Agreement, in the event that Seller changes or permits the change of the Processor accepted by Buyer or the Account or utilizes the services of an additional processor or deposits funds arising from Future Payment Rights in a different account, Buyer has the right, without waiving any of its rights or remedies and without notice to Seller, to notify the new or additional processor or bank of the sale of the Specified Amount of Future Payment Rights hereunder and to direct such new or additional processor or bank upon Buyer's notice of Seller's breach to make payment to Buyer of all or any portion of the amounts received or held by such processor for or on behalf of Seller that Buyer is entitled to receive hereunder or to freeze Seller's bank account.  Seller hereby grants to Buyer an irrevocable power of attorney, which power of attorney is coupled with an interest, and hereby appoints Buyer and its designees as Seller's attorney-in-fact, to take any and all actions necessary or appropriate to direct such new or additional processor or bank to make payment to Buyer or freeze Seller's bank account as contemplated by this Section 6.8.   Section 6.9.  Communicating with Seller; Consent to Contact by Electronic and Other Means.  Buyer may contact Seller for any lawful reason, including for the collection of amounts owed to Buyer and for the offering of products or services from time to time. No such contact will be deemed unsolicited.  To the greatest extent not prohibited by applicable law, Buyer may (i) contact Seller at any address (including e-mail) or telephone number (including wireless cellular telephone or ported landline telephone number) that Seller may provide to Buyer from time to time; (ii) use any means of communication, including, but not limited to, postal mail, electronic mail, telephone or other technology, to reach Seller; (iii) use automatic dialing and announcing devices which may play recorded messages; and (iv) send text messages to Seller's telephone. Seller may contact Buyer at any time to ask that Buyer not contact Seller using any one or more methods or technologies.   Section 6.10. Monitoring and Recording. Buyer may monitor and/or record telephone calls, including collection calls, between Seller and Buyer's employees or agents.   Seller acknowledges that Buyer may do so and agrees in advance to any such monitoring or recording of telephone calls.   Section 6.11. 'Confidentiality.  Seller understands and agrees that the terms and conditions of this Agreement and any other Buyer documentation (collectively, "Confidential  Information")  are proprietary and confidential  information of Buyer.   Accordingly,  unless disclosure is required by applicable law or court order, Seller may not disclose Confidential Information to any person other than an attorney, accountant, financial advisor or employee of Seller who needs to know such information for the purpose of advising Seller ("Advisor"), provided such Advisor uses such information solely for the purpose of advising Seller and first agrees in writing to be bound by the terms of this Section  6,11.   Section 6.12. Publicity. Seller authorizes Buyer to use its, his or her name in a listing of clients and in advertising and marketing materials.   Section 6.13. Inspection of Collateral and Place of Business. Buyer or its designated representatives and agents shall have the right, during Seller's normal business hours and at any other reasonable times and without notice to Seller, to examine the Collateral where located and the interior and exterior of any of Seller's places of business.  Any such examination of any of Seller's places of business may include, among other things, whether Seller (i) has a place of business that is separate from any persona] residence, (ii) is open for business, (iii) has sufficient inventory to conduct its business and (iv) has one or more point-of-sale terminals to process Card transactions. When performing an examination, Buyer or its designated representatives and agents may photograph the interior and exterior of any of Seller's places of business, including any signage and point-of-sale terminals, and may photograph any employees or agents.  Section 6.14.  Attorneys' Fees and Collection Costs., Upon Seller's breach of this Agreement, Seller agrees to pay Buyer's court costs, collection costs and reasonable attorneys' fees to the extent not prohibited by applicable law.   Section 6.15. Waiver of Jury Trail and Arbitration.  1.  For purposes of this Waiver of Jury Trial and Arbitration Provision (hereinafter the "Arbitration Provision"), the words "dispute" and "disputes" are given the broadest possible meaning and include, without limitation (i) all claims, disputes, or controversies arising from or relating directly or indirectly to the validity and scope of this Arbitration Provision and any claim or attempt to set aside this Arbitration Provision; (ii) all federal or state law claims, disputes or controversies, arising from or relating directly or indirectly to this Agreement (including the Arbitration Provision), the information Seller gave Buyer before entering into this Agreement, and/or any past and/or future claims or disputes between Seller and Buyer; (iii) all counterclaims, cross-claims and third party claims; (iv) all common law claims, based upon contract, tort, fraud, or other intentional torts; (v) all claims based upon a violation of any state or federal constitution, statute or   Page 5 of 7  Revised 1/2/14 Initial Here  48141.5 791-101   regulation;  (vi) all claims asserted by Buyer against Seller, including claims for money damages to collect any sum Buyer claims Seller owes Buyer; (vii) all claims asserted by Seller against Buyer, including claims for money damages and/or equitable or injunctive relief; (viii) all claims asserted on Seller's behalf by another person; and/or (ix) all claims asserted by Seller as a private attorney general, as a representative and member of a class of persons, or in any other representative capacity, against Buyer and/or related third parties (hereinafter referred to as "Representative Claims").  2. Seller acknowledges and agrees that by entering into this Arbitration Provision:  (a) SELLER IS GIVING UP THE RIGHT TO HAVE A TRIAL BY JURY TO RESOLVE ANY DISPUTE ALLEGED AGAINST BUYER; (b) SELLER IS GIVING UP THE RIGHT TO HAVE A COURT, OTHER THAN A SMALL CLAIMS TRIBUNAL, RESOLVE ANY DISPUTE ALLEGED AGAINST BUYER; and (c)  SELLER IS GIVING UP THE RIGHT TO SERVE AS A REPRESENTATIVE, AS A PRIVATE ATTORNEY GENERAL,  OR IN ANY OTHER REPRESENTATIVE CAPACITY, OR TO PARTICIPATE AS A MEMBER OF A CLASS OF CLAIMANTS,  IN  ANY  LAWSUIT  FILED  AGAINST  BUYER.   ANY  DISPUTE  OF  SELLER  MAY  NOT  BE CONSOLIDATED WITH THE DISPUTE OF ANY OTHER PERSON(S) FOR ANY PURPOSE(S).  3. Except as provided in Paragraph 6 below, all disputes including any Representative Claims against Buyer shall be resolved by binding arbitration only on an individual basis. THEREFORE, THE ARBITRATOR SHALL NOT CONDUCT CLASS ARBITRATION; THAT IS, THE ARBITRATOR SHALL NOT ALLOW SELLER TO SERVE AS A REPRESENTATIVE, AS A PRIVATE ATTORNEY GENERAL, OR IN ANY OTHER REPRESENTATIVE CAPACITY FOR OTHERS IN THE ARBITRATION.  Notwithstanding any other provision herein to the contrary, the validity, effect, and enforceability of this waiver of class action lawsuit and class-wide arbitration may be determined solely by a court of competent jurisdiction and not by the arbitrator.  If the arbitrator fails or refuses to abide by the class-wide arbitration waiver, and the court refuses to enforce the class-wide arbitration waiver, the parties agree that the dispute will proceed in court under applicable court rules and procedures, following all appeals, if any, of the court's decision.  4. Any party to a dispute, including related third parties, may send the other party written notice by certified mail return receipt requested of  the intent to arbitrate and setting forth the subject of the dispute along with the relief requested, even if a lawsuit has been filed. If Seller sends  Buyer such a notice, it must be sent to Buyer at the same address as listed below in Paragraph 9 of this Arbitration Provision.  Regardless of  who demands arbitration, Seller has the right to select any of the following arbitration organizations to administer the arbitration: the American  Arbitration  Association (1-800-778-7879)   http://www.adr.org  or  Judicial   Arbitration   and   Mediation   Services (1-800-352-5267)  http://wwwjamsadr.corn.  However, the parties may agree to select a local arbitrator who is an attorney, retired judge, or arbitrator registered  and in good standing with an arbitration association and arbitrate pursuant to such arbitrator's rules. The party receiving notice of arbitration will respond in writing by certified mail return receipt requested within twenty (20) days.  If Seller demands arbitration, Seller must inform Buyer in a demand of the arbitration organization Seller has selected whether Seller desires to select a local arbitrator. If related third parties or Buyer demand arbitration, Seller must notify Buyer within twenty (20) days in writing by certified mail return receipt requested of the decision to select an arbitration organization or the desire to select a local arbitrator. If Seller fails to notify Buyer, then Buyer has the right to select an arbitration organization. The parties to such dispute will be governed by the rules and procedures of such arbitration organization applicable to commercial disputes, to the extent those rules and procedures do not contradict the express terms of this Agreement or the Arbitration Provision, including the limitations on the arbitrator herein. Seller may obtain a copy of the rules and procedures by contacting the arbitration organizations listed above.  5. Regardless of who demands arbitration, Seller may request Buyer to advance the Seller's portion of the arbitration expenses, including the filing, administrative, hearing and arbitrator's fees ("Arbitration Fees") necessary for the Seller to initiate a claim for relief. Seller will then be responsible for any fees in excess of the amount stated in the preceding sentence. Throughout the arbitration, each party will bear the party's own attorneys' fees and expenses, such as witness and expert witness fees, unless the arbitrator awards those fees to a particular party.  The arbitrator is not permitted to assess attorney's fees or expert witness fees unless the applicable substantive law permits such an award.  The arbitrator may assess other fees associated with the arbitration as provided by the arbitration company's rules, except those fees set forth above that will be paid by Buyer.  The arbitrator must apply applicable substantive law consistent with the Federal Arbitration Act ("FAA"), and applicable statutes of limitation, and must honor claims of privilege recognized at law.  The arbitration hearing will be conducted in Miami Dade County Florida or in such other place as ordered by the arbitrator. The arbitrator may decide, with or without a hearing, any motion that is substantially similar to a motion to dismiss for failure to state a claim or a motion for summary judgment.  In conducting the arbitration proceeding, the arbitrator may not apply any federal or state rules of civil procedure or evidence.  If the arbitrator renders a decision or an award in Seller's favor resolving the dispute, then such party will not be responsible for reimbursing Buyer for the party's portion of the Arbitration Fees, and Buyer will reimburse the other party for reasonable Arbitration Fees that the party has previously paid. If the arbitrator does not render a decision or an award in Seller's favor resolving the dispute, then the arbitrator must require Seller to reimburse Buyer for the Arbitration Fees Buyer has advanced, not to exceed the amount which would have been assessed as court costs if the dispute had been resolved by a state court with jurisdiction, less any Arbitration Fees Seller has previously paid. At the timely request of any party, the arbitrator must provide a written explanation for the award. The arbitrator's award may be filed with any court having jurisdiction.  6. All parties, including related third parties, retain the right to seek adjudication in a small claims tribunal for disputes within the scope of such tribunal's jurisdiction. Any dispute, which cannot be adjudicated within the jurisdiction of a small claims tribunal, must be resolved by binding arbitration. Any appeal of a judgment from a small claims tribunal must be resolved by binding arbitration.  7. This Arbitration Provision is made pursuant to a transaction involving interstate commerce, and is governed by the FAA.  8. This Arbitration Provision survives any termination, amendment, expiration or performance of any transaction between Seller and Buyer and continues in full force and effect unless Seller and Buyer otherwise agree in writing. If any of this Arbitration Provision is held invalid, the remainder remains in effect, unless the provision precluding the arbitrator from conducting a class or consolidated arbitration as set forth in paragraph 3 above is deemed invalid or unenforceable, in which case this entire Arbitration Provision is deemed void and the parties must proceed in court.  Page 6 of 7   Revised 1/2/14 Initial Here   48141.5 791-101  9. OPT-OUT PROCESS. Seller may choose to opt out of and not be subject to this Arbitration Provision but only by following the process set forth below. If Seller does not wish to be subject to this Arbitration Provision, then Seller must notify Buyer in writing within ten (10) calendar days of the date Seller signs this Agreement.  Seller's written notice must include the person's name, address, the date the person signed this Agreement, and a statement that the person wishes to opt out of this Arbitration Provision.  The notice to opt out will only apply to this particular Agreement with Buyer and not to subsequent or previous agreements.  Section 6.16. Severability. In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein will not in any way be affected or impaired thereby.  Section 6.17. Entire Agreement. This Agreement and any addendum to the Agreement signed by the party to be charged contains the entire agreement and understanding among Seller and Buyer and supersedes all prior agreements and understandings, whether oral or in writing, relating to the subject matter hereof unless otherwise specifically reaffirmed or restated herein.  Seiler acknowledges and agrees that Seller is not relying on any representation not specifically embodied in the Agreement or any such addendum.   Section 6.18 Facsimile Acceptance. Facsimile signatures shall be deemed acceptable for all purposes of this Agreement.   Section 6.19.  Survival.  All representations, warranties and covenants herein shall survive the election and delivery of this Agreement and shall continue in full force until all obligations under this Agreement shall have been satisfied in full and this Agreement shall have terminated.'    ACKNOWLEDGEMENT OF PROHIBITION AGAINST  SELLING OR ENCUMBERING FUTURE PAYMENT RIGHTS  By signing below or authorizing the person signing below to sign on Seller's behalf, Seller acknowledges and agrees that Seller may not sell or otherwise transfer or grant any security interest in any of Seller's Future Payment Rights to any person or entity other than Buyer until Buyer has received the Specified Amount of Future Payment Rights.    SELLER By: Print  Name: Richard Parlontierl Signature: /s/ Richard Parlontierl  Name: Signature: Date:  Page 7 of 7 Revised 112/14 Initial. Here  48141.5 791-101  AGREEMENT FOR DIRECT DEPOSITS (ACH CREDITS)  AND DIRECT COLLECTIONS (ACH DEBITS)   This Agreement for Direct Deposits (ACH Credits) and Direct Collections (ACH Debits) is part of (and incorporated by  reference into) the Payment Rights Purchase and Sale Agreement (the "Agreement"). Seller should keep this important legal document for Seller's records.  DISBURSMENT OF PURCHASE PRICE. By signing below, Seller authorizes Buyer after electing to purchase the Specified  Amount of Future Payment Rights to disburse the Purchase Price set forth in the Agreement by initiating an ACH credit to the bank account described below (or a substitute bank account Seller later identifies and is acceptable to Buyer) (the "Account").  COLLECTION OF FUNDS ARISING FROM SPECIFIED AMOUNT OF FUTURE PAYMENT RIGHTS. By signing below, Seller authorizes Buyer to collect the funds arising from the Specified Amount of Future Payment Rights Buyer is entitled to receive under the Agreement by initiating ACH debits to the Account in amounts not to exceed the amount of the Daily Collection set forth in the Agreement. Seller authorizes Buyer to initiate an ACH debit to the Account on the Initial Collection Date set forth in the  Agreement and an ACH debit to the Account each Business Day after the Initial Collection Date until Buyer (i) collects the entire  Specified Amount of Future Payment Rights or (ii) initiates the Maximum Number of ACH Debits set forth in the Agreement,  whichever occurs first.   BUSINESS PURPOSE ACCOUNT. By signing below, Seller attests that any account into which Seller deposits funds arising from Future Payment Rights, including, but not limited to, the Account, was established for business purposes and not primarily for  personal, family or household purposes.  MISCELLANEOUS. Seller understands that Seller is responsible for ensuring that funds arising from Future Payment Rights remain in the Account each day until Buyer debits the amount that the Agreement authorizes Buyer to debit from the Account for that day. Buyer is not responsible for any overdrafts or rejected transactions that may result from Buyer debiting any of Buyer's accounts. The ACH authorizations provided for in this agreement will remain in effect until Buyer has received written notification from Seller of its termination in such time and in such manner as to afford Buyer and Seller's depository bank a reasonable opportunity to act on it.  Buyer is not responsible for any fees charged by Seller's bank as the result of credits or debits initiated under this Agreement. The origination of ACH transactions to Seller's accounts, including, but not limited to, the Account, must comply with the provisions of U.S. law.  ACCOUNT INFORMATION   Bank Name: Chase Bank Branch Address: 3475 Piedmont Rd, 19th Floor City: Atlanta State: GA  Zip: 30305 Bank Telephone Number: (404)926-2632 Routing Number:   Account Number:     SELLER SIGNATURE Print Seller's Name. Richard Parlontierl Federal Tax ID #: 33-0961488 Signature: /s/ Richard Parlontierl Title: Pres/CEO Date:5/30/2014  Revised 7/17/13  Initial Here   48141.5 791-101  Dear Merchant,  Thank you for accepting this offer from TVT Capital LLC. We look forward to being your funding partner for as long as you need.   Daily ACH Program:  TVT Capital LLC will require viewing access to your bank account, each business day, in order to verify the amount of your daily payment. Please be assured that we carefully safeguard your confidential information, and only essential personnel will have access to it. TVT Capital LLC will also require viewing access to your bank account, prior to funding, as part of our underwriting process.   Please fill out the form below with the information necessary to access your account.   * Be sure to indicate capital or lower case letters.   Name of Bank: Chase Bank Bank portal website:www.chase.com Username:  Password:  Security Question / Answer 1:  Security Question / Answer 2:  Security Question / Answer 3:  Any other information necessary to access your account:  Security code:   Initial Here  APPENDIX A: THE FEE STRUCTURE:   a. Origination Fee - $295.00 Covers everything and related expenses.   b. ACH Program Fee - $395.00 ACH Debits are labor intensive and are not an automated process requiring us to charge this fee to cover costs.   c. NSF Fee (Standard) - $35.00 each Up to FOUR TIMES ONLY before a default fee is declared.   d. Rejected ACH - $100.00 When the Merchant directs the bank or rejects our ACH.   e. Bank Change Fee - $50.00 When the merchant requires a change of account to be debited, requiring Fast Business Funding to reconfigure the ACH collections.   f. Blocked Account - $2,500.00 When the merchant BLOCKS account from our ACH debit which places them in default (per contract).   g. Default Fee - $2,500.00 When the merchant changes bank accounts cutting us off from collections.   h. Wire Fee - $35.00 Money received the same day.   i. ACH Fee - $15.00 Money received the next day.   Merchant Initialsex10_25.htm

Exhibit 10.25

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

  

  

  

 

 

TVT CAPITAL LLC FAX- 516-472-0278 516-707-9131 www.tvt-capital.com PAYMENT RIGHTS PURCHASE AND SALE AGREEMENT  This Payment Rights Purchase and Sale Agreement ("Agreement") dated Sept 11, business identified below ("Seller") SELLER'S INFORMATION LEGAL BUSINESS NAME Speedemissions Inc. D/B/A Speedemissions Inc. Corp. I X I Limited Liability Company TYPE OF BUSINESS ENTITY Limited Liability Partnership PHYSICAL ADDRESS 1015 Tyrone Road, Suite 220 City [Tyrone MAILING ADDRESS City 2014 , is made by and between FB Funding, LLC ("FBF"), and the Partnership Limited Partnership Sole Proprietorship Other: State GA Zip 30290 State Zip  Contact Name Richard Parlontieri Position CEO Business Phone 770-306-7667 Cell Phone Email dd@speedemissions.com Website www.speedemissions.com Date Business Started 01/2001 Federal Tax ID 33-0961488 Monthly Average Sales $ Annual Sales $ OFFER TO SELL AND PURCHASE PAYMENT RIGHTS  Seller hereby sells, assigns and transfers to FBF, without recourse (except upon an Event of Default defined in Section 3 of the SELLER AGREEMENT TERMS AND CONDITIONS), upon payment of the Purchase Price, the Specified Percentage of the proceeds of each future sale by Seller (collectively "Future Receipts") until the Purchased Amount has been delivered to FBF by or on behalf of Seller.  "Future Receipts" includes all payments made by cash, check, ACH or other electronic transfer, credit card, debit card, bank card, charge card (each such card shall be referred to herein as a "Credit Card") or other form of monetary payment in the ordinary course of Seller's business. BASED UPON SELLER'S CALCULATIONS AND EXPERIENCE IN OPERATING ITS BUSINESS, SELLER IS CONFIDENT THAT THE PURCHASE PRICE PAID BY FBF IN EXCHANGE FOR THE PURCHASED AMOUNT OF FUTURE RECEIPTS WILL BE USED IN _A MANNER THAT WILL BENEFIT SELLER'S CURRENT AND FUTURE BUSINESS OPERATIONS. Purchase Price $ 100,000.00 I Purchased Amount $ 149,000.00 124.27 Days Daily Payment $ 1199.00 Specified Percentage 15 Daily Payment = (Monthly Average Sales X Specified Percentage) / Average Business Days in a Calendar Month  Seller shall  (1) deposit all Future Receipts into only one bank account, which must be acceptable to and pre-approved by FBF (the "Account") and (2) instruct Seller's credit card processor, which processor must be acceptable to and pre-approved by FBF (the "Processor") who shall serve as Seller's sole credit card processor, to deposit all Credit Card receipts of Seller into the Account. FBF will debit the Daily Payment from the Account each business day. Seller authorizes FBF to initiate electronic checks or ACH debits from the Account equal to the Daily Payment each business day and will provide FBF with all required access codes. Seller understands that it is responsible for ensuring that the Daily Payment is available in the Account and will be responsible for any fees incurred by FBF resulting from a rejected electronic check or ACH debit attempt. FBF is not responsible for any overdrafts or rejected transactions that may result from FBF's debiting any amount authorized under the terms of this Agreement.  The Daily Payment amount is intended to represent the Specified Percentage of Seller's Future Receipts. Seller may request that FBF reconcile Seller's actual receipts by either crediting or debiting the difference back to or from the Account so that the amount FBF debited in the most recent calendar month equaled the Specified Percentage of Future Receipts that Seller collected in that calendar month. Any reconciliation request must be: (1) in writing; (2) include a copy of Seller's bank statement for the calendar month at issue; and (3) be sent to FBF at 2001 NW 107th Ave. — Floor. Miami FL 33176 within 30 days after the last day of the calendar month at issue. It is solely the Seller's responsibility to send a complete bank statement. Failure to send a written reconciliation request within 30 days after the last day of the calendar month at issue forfeits that month's reconciliation. Notwithstanding anything to the contrary in this Agreement or any other agreement between FBF and Seller, upon the occurrence of an Event of Default, the Specified Percentage shall equal 100%. A list of all fees applicable under this Agreement is contained in Appendix A.  THE "PAYMENT RIGHTS PURCHASE AND SALE AGREEMENT TERMS AND CONDITIONS" AND THE "SECURITY AGREEMENT AND GUARANTY" ARE ALL HEREBY INCORPORATED IN AND MADE A PART OF THIS PAYMENT RIGHTS PURCHASE AND SALE AGREEMENT.  FOR THE SELLER #1 (PRINT NAME & TITLE BELOW) SIGNATURE (SIGN BELOW) UST SIGN AS SELLER Richard Parlontieri FOR THE SELLER #2 (PRINT NAME & TITLE BELOW) SIGNATURE (SIGN BELOW) FOR THE OWNER / GUARANTOR #1 (PRINT NAME & TITLE BELOW) SIGNATURE (SIGN BELOW) MUST SIGN AS OWNER ALSO Richard Parlontieri FOR THE OWNER / GUARANTOR #2 (PRINT NAME & TITLE BELOW) SIGNATURE (SIGN BELOW) FBF's payment of the Purchase Price shall be deemed F8F's acceptance and performance of this Agreement, notwithstanding FBF not executing this agreement. 1 HC# 4851-0728-1179 Each of above-signed Seller(s) and Owner(s) represent that he or she is authorized to sign this Agreement and that the information provided herein and in all documents, forms and recorded interviews provided to or with FBF is true, accurate and complete in all respects. An investigative or consumer report may be made in connection with this Agreement. Seller and each of the above-signed Owners authorizes FBF its agents and representatives and any credit reporting agency engaged by FBF, to (i) investigate any references given or any other statements or data obtained from or about Seller or any of its Owners for the purpose of this Agreement, and (ii) pull credit reports at any time now or for so long as Seller and/or Owners(s) continue to have any obligation owed to FBF as a consequence of this Agreement or for FBF's ability to determine Seller's eligibility to enter into any future agreement with FBF.  ANY MISREPRESENTATION MADE BY SELLER OR OWNER IN CONNECTION WITH THIS AGREEMENT MAY CONSTITUTE A SEPARATE CAUSE OF ACTION FOR FRAUD, INTENTIONAL MISREPRESENTATION AND/OR UNJUST ENRICHMENT IN WHICH EVENT FBF WILL BE ENTITLED TO THE RECOVERY OF NOT ONLY ITS LOSSES BUT ALSO ALL OF ITS COSTS AND EXPENSES AND ITS REASONABLE LEGAL FEES.  PAYMENT RIGHTS PURCHASE AND SALE AGREEMENT TERMS AND CONDITIONS I. TERMS OF ENROLLMENT IN PROGRAM 1.1 ACH Debit Authorization. Seller shall execute an agreement (the "ACH Authorization") acceptable to FBF to authorize the use of the Automated Clearinghouse System (ACH) to retrieve the Daily Payment from the Account. Seller shall provide FBF and/or its authorized agent(s) with all of the information, authorizations and passwords necessary for verifying Seller's receivables, receipts, deposits and withdrawals into and from the Account. Seller hereby authorizes FBF and/or its agent(s) to deduct from the Account the Purchased Amount and any other amounts owed by Seller to FBF as specified herein and to pay such amounts to FBF. These authorizations apply not only to the approved Account but also to any subsequent or alternate account used by the Seller for these deposits, whether pre-approved by FBF or not. This additional authorization is not a waiver of FBF's right to declare Seller in default if Seller uses an account that FBF did not first pre-approve in writing. This authorization shall be irrevocable without the prior written consent of FBF.  1.2 Financial Condition. Seller and Guarantor(s) authorize FBF and its agents to investigate their financial responsibility and history, and will provide to FBF any authorizations, bank or financial statements, tax returns, etc., as FBF deems necessary in its sole discretion prior to or at any time after execution of this Agreement. A photocopy of this authorization will be deemed acceptable as an authorization for release of financial and credit information. FBF is authorized to update such information and financial and credit profiles from time to time as it deems appropriate.  1.3 Transactional History. Seller authorizes all of its banks and brokers and Credit Card processors to provide FBF with Seller's banking, brokerage and/or processing history to determine qualification or continuation in this program.  1.4 Indemnification. Seller and Guarantor(s) jointly and severally indemnify and hold harmless Processor, its officers, directors and shareholders against all losses, damages, claims, liabilities and expenses (including reasonable attorney's fees) incurred by Processor resulting from (a) claims asserted by FBF for monies owed to FBF from Seller and (b) actions taken by Processor in reliance upon any fraudulent, misleading or deceptive information or instructions provided by FBF.  1.5 No Liability. In no event will FBF be liable for any claims asserted by Seller or Guarantor(s) under any legal theory for lost profits, lost revenues, lost business opportunities, exemplary, punitive, special, incidental, indirect or consequential damages, each of which is waived by both Seller and Guarantor(s). In the event these claims are nonetheless raised, Seller and Guarantor(s) will be jointly liable for all of FBF's legal fees and expenses resulting therefrom. Seller and each Owner and each Guarantor hereby and each waives to the maximum extent permitted by law any claim for damages against FBF or any of its affiliates relating to any  (i)investigation undertaken by or on behalf of FBF as permitted by this Agreement or (ii) disclosure of information as permitted by this Agreement.  1.6 Reliance on Terms. Sections 1.1, 1.3,1.4, 1.5, 1.6 and 1.8 of this Agreement are agreed to for the benefit of Seller, FBF and Processor, and notwithstanding the fact that Processor is not a party of this Agreement, Processor may rely upon their terms and raise them as a defense in any action. 1.7 Accounting Records, and Place of Business. FBF or its designated representatives and agents shall have the right during Seller's normal business hours and at any other reasonable time to examine the interior and exterior of any of Seller's places of business. FBF may examine, among other things, whether Seller (a) has a place of business that is separate from any personal residence, (b) is open for business, and (c) has sufficient inventory to conduct Seller's business. When performing an examination, FBF may photograph the interior and exterior of any of Seller's places of business, including any signage, and may photograph any Owner. FBF or any of its agents shall have the right to inspect, audit, check, and make extracts from any copies of the books, records, journals, orders, receipts, correspondence that relate to Seller's accounts or other transactions between the parties thereto and the general financial condition of Seller and FBF may remove any of such records temporarily for the purpose of having copies made thereof. FBF shall have the right to hire a Certified Public Accountant, licensed in the state where the business is located to perform analysis of the accounting records for the purpose of determining if the Specified Percentage of receipts has been made available for remittance to FBF. Seller hereby agrees to fully cooperate with such analysis upon the request of FBF.  1.8 Power of Attorney. Seller irrevocably appoints FBF as its agent and attorney-in-fact with full authority to take any action or execute any instrument or document to settle all obligations due to Seller from any bank or Processor, or in the case of an occurrence of an Event of Default under Section 3 hereof, to FBF under this Agreement, including without limitation (i) to obtain and adjust insurance; (ii) to collect monies due or to become due under or in respect of any of the Collateral; (iii) to receive, endorse and collect any checks, notes, drafts, instruments, documents or chattel paper in connection with clause (i) or clause (ii) above; (iv) to sign Seller's name on any invoice, bill of lading, or assignment directing customers or account debtors to make payment directly to FBF; (v) to file any claims or take any action or institute any proceeding that FBF may deem necessary for the collection of any of the unpaid Purchased Amount from the Collateral, or otherwise to enforce its rights with respect to payment of the Purchased Amount. In connection therewith, all costs, expenses and fees, including legal fees, shall be payable by and from Seller and FBF is authorized to use Seller's funds to pay for same; and (vi) FBF shall have the right, without waiving any of its rights and remedies and without notice to Seller or any Owner/Guarantor, to notify any credit card processor of the sale of future payment rights and re-direct the remittance of daily settlements to an account of FBF's choosing in order to settle all obligations due to FBF under this Agreement.  1.9 Confidentiality. Seller understands and agrees that the terms and conditions of the products and services offered by FBF, including this Agreement and any other FBF documentations (collectively, "Confidential Information") are proprietary and confidential information of FBF. Accordingly unless disclosure is required by law or court order, Seller shall not disclose Confidential Information of FBF to any person other than an attorney, accountant, financial advisor or employee of Seller who needs to know such information for the purpose of advising Seller ("Advisor"), provided such Advisor uses Confidential Information solely for the purpose of advising 2 HC# 4851-0728-1179 Seller and first agrees in writing to be bound by the terms of this section. A breach hereof entitles FBF to not only damages and legal fees but also to both a temporary restraining order and a preliminary injunction without bond or security.  1.10 Publicity. Seller and each of Seller's Owners and all Guarantors hereby authorize FBF to use its, his or her name in listings of clients and in advertising and marketing materials.  1.11 D/B/As. Seller hereby acknowledges and agrees that FBF may be using "doing business as" or "d/b/a" names in connection with various matters relating to the transaction between FBF and Seller, including the filing of UCC-1 financing statements and other notices or filings.  1.12 Application of Payments. Subject to applicable law, FBF reserves the right to apply payments in any manner FBF chooses in FBF's sole discretion.  II. SELLER'S REPRESENTATIONS, WARRANTIES AND COVENANTS  Seller represents warrants and covenants that, as of this date and until FBF has received the Purchased Amount in full:  2.1 Good Faith, Best Efforts and Due Diligence. Seller will conduct its business in good faith and will use its best efforts to maintain and grow its business, to ensure that FBF obtains the Purchased Amount. Furthermore, Seller agrees, warrants and represents hereby that Seller will constantly perform all appropriate Due Diligence and credit checks of all of the customers' finances, cash flow, solvency, good faith, payment histories and business reputations (the "Due Diligence Requirements") as may be commercially reasonable to ensure any and all products and/or services provided, sold or delivered by Seller to said customers will be paid for by customers in full and on time, and will not result in the creation of an unpaid account.  This is not a guaranty of payment by Seller's customers, but is an obligation of commercially reasonable Due Diligence investigation and credit check of customers before extending credit to them and continuing no less frequently than monthly so long as sums are still due.  2.2 Sale of Payment Rights: Seller represents and warrants that it is selling the Purchased Amount of Future Receipts to FBF in Seller's normal course of business and the Purchase Price paid by FBF is good and valuable consideration for the sale. Seller is selling a portion of a future revenue stream to FBF at a discount, not borrowing money from FBF. There is no interest rate or payment schedule and no time period during which the Purchased Amount must be collected by FBF. If Future Receipts are remitted more slowly than FBF may have anticipated or projected because Seller's business has slowed down, or if the full Purchased Amount is never remitted because Seller's business went bankrupt or otherwise ceased operations in the ordinary course of business, and Seller has not breached this Agreement, Seller would not owe anything to FBF and would not be in breach of or default under this Agreement. FBF is buying the Purchased Amount of Future Receipts knowing the risks that Seller's business may slow down or fail, and FBF assumes these risks based on Seller's representations, warranties and covenants in this Agreement, which are designed to give FBF a reasonable and fair opportunity to receive the benefit of its bargain. By this Agreement, Seller transfers to FBF full and complete ownership of the Purchased Amount of Future Receipts and Seller retains no legal or equitable interest therein.  2.3 Financial Condition and Financial Information. Seller's and Guarantors' bank and financial statements, copies of which have been furnished to FBF, and future statements that will be furnished hereafter at the request of FBF, fairly represent the financial condition of Seller and Guarantor(s) at such dates, and since those dates there has been no material adverse changes, financial or otherwise, in the condition, operation or ownership of Seller. Seller and Guarantor(s) have a continuing, affirmative obligation to advise FBF of any material adverse change in their financial condition, operation or ownership. FBF may request statements at any time during the performance of this Agreement and the Seller and Guarantor(s) shall provide them to FBF within 5 business days. Seller's or Guarantors' failure to do so is a material breach of this Agreement.  2.4 Governmental Approvals. Seller is in compliance and shall comply with all laws and has valid permits, authorizations and licenses to own, operate and lease its properties and to conduct the business in which it is presently engaged and/or will engage in hereafter.  2.5 Authorization. Seller and the person(s) signing this Agreement on behalf of Seller, have full power and authority to incur and perform the obligations under this Agreement, all of which have been duly authorized.  2.6 Insurance. Seller will maintain business-interruption insurance naming FBF as loss payee and additional insured in amounts and against risks as are satisfactory to FBF and shall provide FBF proof of such insurance upon request.  2.7 Processor and Bank Account. Seller will not change its Credit Card processor, add terminals, change its financial institution or bank account(s) or take any similar action that could have an adverse effect upon Seller's obligations under this Agreement, without FBF's prior written consent. Any such changes shall be a material breach of this Agreement.  2.8 Change of Name or Location or Sale of Business. Seller will not conduct Seller's businesses under any name other than as disclosed to Processor and FBF, nor will Seller change any of its places of business without prior written consent by FBF. Seller will not sell, dispose, transfer or otherwise convey its business or assets without (i) the express prior written consent of FBF, and (ii) the written agreement of any purchaser or transferee assuming all of Seller's obligations under this Agreement pursuant to documentation satisfactory to FBF.  2.9 Daily Batch Out. Seller will batch out receipts with Processor on a daily basis.  2.10 Estoppel Certificate. Seller will at all times, and from time to time, upon at least 1 day's prior notice from FBF to Seller, execute, acknowledge and deliver to FBF and/or to any other person, firm or corporation specified by FBF, a statement certifying that this Agreement is unmodified and in full force and effect (or, if there have been modifications, that the same is in full force and effect as modified and stating the modifications) and stating the dates which the Purchased Amount or any portion thereof has been delivered to FBF.  2.11 No Bankruptcy. As of the date of this Agreement, Seller is not insolvent and does not contemplate and has not filed any petition for bankruptcy protection under Title 11 of the United States Code and there has been no involuntary petition brought or pending against Seller. Seller represents that it has not consulted with a bankruptcy attorney within 6 months prior to the date of this Agreement, and that it has no present intention of closing its business or ceasing to operate its business, either permanently or temporarily, during the 6 month period after the date of this Agreement. Seller further warrants that it does not anticipate filing any such bankruptcy petition and it does not anticipate that an involuntary petition will be filed against it. 3 HC# 4851-0728-1179 2.12 Stacking Prohibited. Seller shall not enter into any merchant cash advance or other factoring transaction or into any loan that relates to or involves its Future Receipts, with any party other than FBF for the duration of this Agreement. FBF may share information regarding this Agreement with any third party in order to determine whether Seller is in compliance with this provision.  2.13 Unencumbered Receipts. Seller has good, complete, unencumbered and marketable title to all Future Receipts, free and clear of any and all liabilities, liens, claims, changes, restrictions, conditions, options, rights, mortgages, security interests, equities, pledges and encumbrances of any kind or nature whatsoever or any other rights or interests that may be inconsistent with the transactions contemplated with, or adverse to the interests of FBF.  2.14 Business Purpose. Seller is a valid business in good standing under the laws of the jurisdictions in which it is organized and/or operates, and Seller is entering into this Agreement for business purposes and not as a consumer for personal, family or household purposes. Seller agrees to use the proceeds of the Purchase Price solely for business purposes, and not for personal, family or household purposes. Seller understands that Seller's agreement not to use the Purchase Price proceeds for personal, family or household purposes means certain important rights conferred upon consumers pursuant to federal or state law will not apply to this Agreement. Seller agrees that a breach by Seller of the provisions of this section will not affect FBF's right to (i) enforce Seller's promise to pay for all amounts owed under this Agreement, regardless of the purpose for which the Purchase Price is in fact obtained or (ii) use any remedy legally available to FBF, even if that remedy would not have been available had the payment of the Purchase Price been made for consumer purposes.  2.15 Defaults under Other Contracts. Seller's execution of, and/or performance under this Agreement, will not cause or create an event of default by Seller under any contract with another person or entity.  III. EVENTS OF DEFAULT AND REMEDIES  3.1 Events of Default. The occurrence of any of the following events shall constitute an "Event of Default": (a) Seller interferes with FBF's right to collect the Daily Payment (and payment for arrears, if any) in violation of this Agreement; (b) Seller violates any term or covenant in this Agreement; (c) Any representation or warranty by Seller in this Agreement proves to have been incorrect, false or misleading in any material respect when made; (d) Seller admits in writing its inability to pay its debts, or makes a general assignment for the benefit of creditors; or any proceeding is instituted by or against Seller seeking to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, or composition of it or its debts; (e) the sending of notice of termination by Seller; (f) Seller transports, moves, interrupts, suspends, dissolves or terminates its business; (g) Seller transfers or sells all or substantially all of its assets; (g ) Seller makes or sends notice of any intended bulk sale or transfer by Seller; (h) Seller uses multiple depository accounts without the prior written consent of FBF (i) Seller changes its depositing account or Credit Card processor without the prior written consent of FBF; (j) Seller performs any act that reduces the value of any Col lateral granted under this Agreement; or (j) Seller defaults under any of the terms, covenants and conditions of any other agreement with FBF.  3.2 Remedies. If any Event of Default occurs, FBF may proceed to protect and enforce its rights including, but not limited to, the following:  A. The Specified Percentage shall equal 100%. The full uncollected Purchased Amount plus all fees (including legal fees) due under this Agreement and the attached Security Agreement will become due and payable in full immediately.  B. FBF may enforce the provisions of the Personal Guaranty of Performance against the Guarantor(s).  C. If permitted under the laws of the state in which the Seller resides; Seller hereby authorizes FBF to execute in the name of the Seller a Confession of Judgment in favor of FBF in the full uncollected Purchased Amount and enter that Confession of Judgment as a Judgment with the Clerk of any Court and execute thereon.  D. FBF may enforce its security interest in the Collateral identified in the Security Agreement and Guaranty.  FBF may proceed to protect and enforce its rights and remedies by lawsuit In any such lawsuit, under which FBF shall recover Judgment against Seller, Seller shall be liable for all of FBF's costs of the lawsuit, including but not limited to all reasonable attorneys' fees and court costs.  F. This Agreement shall be deemed Seller's Assignment of Seller's Lease of Seller's business premises to FBF. Upon an Event of Default, FBF may exercise its rights under this Assignment of Lease without prior notice to Seller.  G. FBF may debit Seller's depository accounts wherever situated by means of ACH debit or facsimile signature on a computer-generated check drawn on Seller's bank account or otherwise for all sums due to FBF.  H. Seller shall pay to FBF all reasonable costs associated with the Event of Default and the enforcement of FBF's remedies set forth above, including but not limited to court costs and attorneys' fees.  All rights, powers and remedies of FBF in connection with this Agreement may be exercised at any time by FBF after the occurrence of an Event of Default, are cumulative and not exclusive, and shall be in addition to any other rights, powers or remedies provided by law or equity.  3.3 Required Notifications. Seller is required to give FBF written notice within 24 hours of any filing under Title 11 of the United States Code. Seller is required to give FBF 7 days' written notice prior to the closing of any sale of all or substantially all of the Seller's assets or stock.  IV. MISCELLANEOUS  4.1 Modifications; Agreements. No modification, amendment, waiver or consent of any provision of this Agreement shall be effective unless the same shall be in writing and signed by FBF.  4.2 Assignment. FBF may assign, transfer or sell its rights to receive the Purchased Amount or delegate its duties hereunder, either in whole or in part, with or without prior written notice to Seller. 4 HC# 4851-0728-1179 4.3 Notices. All notices, requests, consents, demands and other communications hereunder shall be delivered by certified mail, return receipt requested, to the respective parties to this Agreement at the addresses set forth in this Agreement. Notices to FBF shall become effective only upon receipt by FBF. Notices to Seller shall become effective three days after mailing.  4.4 Waiver of Remedies. No failure on the part of FBF to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right under this Agreement preclude any other or further exercise thereof or the exercise of any other right. The remedies provided hereunder are cumulative and not exclusive of any remedies provided by law or equity.  4.5 Binding Effect: Governing Law, Venue and Jurisdiction. This Agreement shall be binding upon and inure to the benefit of Seller, FBF and their respective successors and assigns, except that Seller shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of FBF which consent may be withheld in FBF's sole discretion. This Agreement shall be governed by and construed in accordance with the laws of the state of Florida, without regards to any applicable principals of conflicts of law. Any suit, action or proceeding arising hereunder, or the interpretation, performance or breach of this Agreement, shall, if FBF so elects, be instituted in any court sitting in Florida, (the "Acceptable Forums"). Seller agrees that the Acceptable Forums are convenient to it, and submits to the jurisdiction of the Acceptable Forums and waives any and all objections to jurisdiction or venue. Should such proceeding be initiated in any other forum, Seller waives any right to oppose any motion or application made by FBF to transfer such proceeding to an Acceptable Forum.  4.6 Survival of Representation. etc. All representations, warranties and covenants herein shall survive the execution and delivery of this Agreement and shall continue in full force until all obligations under this Agreement shall have been satisfied in full and this Agreement shall have terminated.  4.7 Interpretation. All Parties hereto have reviewed this Agreement with an attorney of their own choosing and have relied only on their own attorney's guidance and advice. No construction determinations shall be made against either Party hereto as drafter.  4.8 Severability. In case any of the provisions in this Agreement is found to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of any other provision contained herein shall not in any way be affected or impaired.  4.9 Entire Agreement. Any provision hereof prohibited by law shall be ineffective only to the extent of such prohibition without invalidating the remaining provisions hereof. This Agreement and the Security Agreement and Guaranty embody the entire agreement between Seller and FBF and supersede all prior agreements and understandings relating to the subject matter hereof.  4.10 Facsimile Acceptance. Facsimile signatures hereon shall be deemed acceptable for all purposes.  4.11 Monitoring. Recording, and Solicitations.  A. AUTHORIZATION TO CONTACT SELLER BY PHONE. Seller and each Owner authorize FBF, ifs affiliates, agents and independent contractors to contact Seller and each Owner at any telephone number Seller or any Owner provides to FBF or from which Seller or any Owner places a call to FBF, or any telephone number where FBF believes it may reach Seller or any Owner, using any means of communication, including but not limited to calls or text messages to mobile, cellular, wireless or similar devices or calls or text messages using an automated telephone dialing system and/or artificial voices or prerecorded messages, even if Seller or and Owner incurs charges for receiving such communications.  B. AUTHORIZATION TO CONTACT SELLER BY OTHER MEANS. Seller and each Owner also agree that FBF, ifs affiliates, agents and independent contractors, may use any other medium not prohibited by law including, but not limited to, mail, e-mail and facsimile, to contact Seller and each Owner. Seller and each Owner expressly consent to conduct business by electronic means.  C. RIGHTS TO OPT-OUT OR MAKE CHANGES. Seller and each Owner are not required to agree to Sections 4.11(A) or 4.11(B) in order to enter into this Agreement. If Seller or any Owner wishes to opt out of Section 4.11(A) and/or 4.11(B), or if Seller or any Owner wants to change how FBF contacts them, including with respect to any telephone number that FBF might use, please call FBF at [Phone Number] (and select Customer Service from the menu prompts).  V. JURY TRIAL WAIVER.  THE PARTIES HERETO WAIVE TRIAL BY JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN CONNECTION WITH OR IN ANY WAY RELATED TO THE TRANSACTIONS OR THE ENFORCEMENT HEREOF. THE PARTIES HERETO ACKNOWLEDGE THAT EACH MAKES THIS WAIVER KNOWINGLY, WILLINGLY AND VOLUNTARILY AND WITHOUT DURESS, AND ONLY AFTER EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER WITH THEIR ATTORNEYS.  VI. ARBITRATION.  IF FBF, Seller or a Guarantor requests, the other party and the Guarantor(s) agree to arbitrate all disputes and claims arising out of or relating to this Agreement. If a party or a Guarantor seeks to have a dispute settled by arbitration, that party or Guarantor must first send to the other party, by certified mail, a written Notice of Intent to Arbitrate. If the parties or the Guarantor(s) do not reach an agreement to resolve the claim within 30 days after the Notice is received, either party or the Guarantor(s) may commence an arbitration proceeding with the American Arbitration Association ("AAA"). FBF will promptly reimburse Seller or the Guarantor any arbitration filing fee, however, in the event that both the Seller and the Guarantor must pay filing fees, FBF will only reimburse the Seller's arbitration filing fee. Except as provided in the next sentence, FBF will pay all administration and arbitrator fees. If the arbitrator finds that either the substance of the claim raised by Seller or the Guarantor(s) or the relief sought by Seller or the Guarantor(s) is improper or not warranted, as measured by the standards set forth in Federal Rule of Procedure 11(b), then FBF will pay these fees only if required by the AAA Rules. If the arbitrator grants relief to the Seller or the Guarantor(s) that is equal to or greater than the value of what the Seller or the Guarantor(s) requested in the arbitration, FBF shall reimburse Seller or the Guarantor(s) for that person's reasonable attorneys' fees and expenses incurred for the arbitration. Seller and the Guarantor(s) agree that, by entering into this Agreement, they are waiving the right to trial by jury. EACH PARTY AND THE GUARANTOR (S) MAY BRING CLAIMS AGAINST ANY OTHER PARTY ONLY IN THEIR INDIVIDUAL CAPACITY, and not as a plaintiff or class member in any purported class or representative proceeding. Further, the parties and the Guarantor(s) agree that the arbitrator may not consolidate proceedings for more than one person's claims, and may not otherwise preside over any form of a representative or class proceeding, and that if this specific provision is found unenforceable, then the entirety of this arbitration clause shall be null and void. 5 HC# 4851-0728-1179 FB FUNDING, LLC SECURITY AGREEMENT AND GUARANTY Seller's Legal Business Name Speedemissions Inc. Seller's D/B/A City: State: Speedemissions Inc. Zip: Physical Address 1015 Tyrone Road, Suite 220 Federal Tax ID 33-0961488 Tyrone GA 30290  Security Interest - This Security Agreement and Guaranty will constitute a security agreement under the Uniform Commercial Code (the "UCC"). Seller grants to FBF a security interest in and lien upon: (a) all accounts, chattel paper, cash, deposit accounts, documents, equipment, general intangibles, instruments, and inventory, or investment property, as those terms are defined in Article 9 of the UCC, now or hereafter owned or acquired by Seller, excluding any of Seller's assets that are obligations owed by consumers to Seller; (b) all proceeds, as that term is defined in Article 9 of the UCC; (c) all funds at any time in the Seller's accounts, regardless of the source of such funds; (d) present and future Electronic Check Transactions; and (e) any amount which may be due to FBF under this Agreement and the Payment Rights Purchase and Sale Agreement (together the "Agreements"), including but not limited to all rights to receive any payments or credits (collectively, the "Secured Assets"). Seller agrees to provide other security to FBF upon request to secure Seller's obligations under the Agreements. These security interests and liens will secure all of FBF's entitlements under the Agreements and any other agreements now existing or later entered into between Seller, FBF or an affiliate of FBF. FBF is authorized to file any and all notices or filings it deems necessary or appropriate to enforce its entitlements hereunder.  This security interest may be exercised by FBF without notice or demand of any kind including by making an immediate withdrawal or freezing the Secured Assets. Pursuant to Article 9 of the UCC, as amended from time to time, FBF has control over and may direct the disposition of the Secured Assets, without further consent of Seller. Seller hereby represents and warrants that no other person or entity has a security interest in the Secured Assets. With respect to such security interests and liens, FBF will have all rights afforded under the UCC, any other applicable law and in equity. Seller will obtain from FBF written consent prior to granting a security interest of any kind in the Secured Assets to a third party. Seller agrees that this is a contract of recoupment and FBF is not required to file a motion for relief from a bankruptcy action automatic stay to realize on any of the Secured Assets. Nevertheless, Seller agrees not to contest or object to any motion for relief from the automatic stay filed by FBF. Seller agrees to execute and deliver to FBF such instruments and documents FBF may reasonably request to perfect and confirm the lien, security interest and right of setoff set forth in the Agreements. FBF is authorized to execute all such instruments and documents in Seller's name.  Additional-Collateral. To secure Guarantor's payment and performance obligations to FBF under the Guaranty, the Guarantor hereby grants FBF a security interest in (the "Additional Collateral"). Guarantor understands that FBF will have a security interest in the aforesaid Additional Collateral upon execution of the Guaranty.  DESCRIPTION OF ADDITIONAL COLLATERAL:  Seller and each Guarantor acknowledge and agree that any security interest granted to FBF under any other agreement between Seller or Guarantor and FBF (the "Cross-Collateral") will secure the obligations hereunder and under the Payment Rights Purchase and Sale Agreement and the Guaranty.  Seller and each Guarantor agree to execute any documents or take any action in connection with this Agreement as FBF deems necessary to perfect or maintain FBF's first priority security interest in the Collateral and the Additional Collateral, including the execution of any account control agreements. Seller and each Guarantor hereby authorize FBF to file any financing statements deemed necessary by FBF to perfect or maintain FBF's security interest, which financing statement may contain notification that Seller and/or Guarantor have granted a negative pledge to FBF with respect to the Collateral, and the Additional Collateral, and that any subsequent lienor may be tortuously interfering with FBF's rights. Seller and Guarantor shall be liable for, and FBF may charge and collect, all costs and expenses, including but not limited to attorney's fees, which may be incurred by FBF in protecting, preserving and enforcing FBF's security interest and rights.  Negative Pledge. Seller and each Guarantor agree not to create, incur, assume, or permit to exist, directly or indirectly, any lien on or with respect to any of the Collateral or the Additional Collateral, as applicable.  Consent to Enter Premises and Assign Lease. FBF shall have the right to cure Seller's default in the payment of rent on the following terms. In the event Seller is served with papers in an action against Seller for nonpayment of rent or for summary eviction, FBF may execute its rights and remedies under the Assignment of Lease. Seller also agrees that FBF may enter into an agreement with Seller's landlord giving FBF the right: (a) to enter Seller's premises and to take possession of the fixtures and equipment therein for the purpose of protecting and preserving same; and/or (b) to assign Seller's lease to another qualified business capable of operating a business comparable to Seller's at such premises.  Remedies. Upon any Event of Default, FBF may pursue any remedy available at law (including those available under the provisions of the UCC), or in equity to collect, enforce, or satisfy any obligations then owing to FBF, whether by acceleration or otherwise.  Without limiting anything contained in the Agreements, including the immediately preceding sentence, or available to FBF by law, upon the occurrence of an Event of Default, FBF may do the following, which Seller authorizes, and which may be exercised in FBF's sole and absolute discretion and with or without legal process or further notice or demand to FBF. (i) enforce payment and prosecute any action or proceeding with respect to any and all of the Collateral: and (ii) foreclose the liens and security interests created under the Agreement and sell the Collateral by any available procedure, with or without judicial process.  If an Event of Default occurs under the Agreements, at any time thereafter, FBF may exercise any one or more of the following rights and remedies:  A. Assemble Collateral: FBF may require Seller to deliver to FBF all or any portion of the Collateral and any and all certificates of title and other documents relating to the Collateral. FBF may require Seller to assemble the Collateral and make it available to FBF at a place to be designated by FBF. FBF also shall have full power to enter, provided FBF does so without a breach of the peace or a trespass, upon the property of Seller to take possession of and remove 6 HC# 4851-0728-1179 the Collateral. If the Collateral contains other goods not covered by this Agreement at the time of repossession, Seller agrees FBF may take such other goods, provided that FBF makes reasonable efforts to return them to Seller after repossession. B. Sell the Collateral: FBF shall have full power to sell, lease, transfer, or otherwise deal with the Collateral or proceeds thereof in FBF's own name or that of Seller. FBF may sell the Collateral at public auction or private sale. Unless the Collateral threatens to decline speedily in value or is of a type customarily sold on a recognized market, FBF will give Seller, and other persons as required by law, reasonable notice of the time and place of any public sale, or the time after which any private sale or any other disposition of the Collateral is to be made. However, no notice need be provided to any person who, after an Event of Default occurs, enters into and authenticates an agreement waiving that person's right to notification of sale. The requirements of reasonable notice shall be met if such notice is given at least 10 days before the time of the sale or disposition. All expenses relating to the disposition of the Collateral, including without limitation the expenses of retaking, holding, insuring, preparing for sale and selling the Collateral, shall become a part of the Obligations secured by this Agreement. To the extent permitted by applicable law, all such expenses will become a part of the Obligations and, at FBF's option, will: (i) be payable on demand; or (ii) be added to the balance of the amount due to FBF under the Payment Rights Purchase and Sale Agreement.  D. Appoint Receiver: FBF shall have the right to have a receiver appointed to take possession of all or any part of the Collateral, with the power to protect and preserve the Collateral, to operate the Collateral preceding foreclosure or sale, and to collect the rents from the Collateral and apply the proceeds, over and above the cost of the receivership, against the Obligations. The receiver may serve without bond if permitted by law. FBF's right to the appointment of a receiver shall exist whether or not the apparent value of the Collateral exceeds the Obligations by a substantial amount. Employment by FBF shall not disqualify a person from serving as a receiver.  E. Collect Revenues. Apply Accounts: FBF, either itself or through a receiver, may collect the payments, rents, income, and revenues from the Collateral. FBF may at any time in FBF's discretion transfer any Collateral into FBF's own name or that of FBF's nominee and receive the payments, rents, income and revenues therefrom and hold the same as security for the Obligations or apply it to payment of the Obligations in such order of preference as FBF may determine. Insofar as the Collateral consists of accounts, general intangibles, insurance policies, instruments, chattel paper, chooses in action, or similar property, FBF may demand, collect, receipt for, settle, compromise, adjust, sue for, foreclose or realize on the Collateral as FBF may determine, whether or not any amount included within the Obligations is then due. For these purposes, FBF may, on behalf of and in the name of Seller, receive, open and dispose of mail addressed to Seller; change any address to which mail and payments are to be sent; and endorse notes, checks, drafts, money orders, documents of title, instruments and items pertaining to payment, shipment or storage of any Collateral. To facilitate collections, FBF may notify account debtors and obligors on any Collateral to make payments directly to FBF.  F. Obtain Deficiency: If FBF chooses to sell any or all of the Collateral, FBF may obtain a judgment against Seller for any deficiency remaining on the Obligations due to FBF after application of all amounts received from the exercise of the rights provided in this Agreement. Seller shall be liable for a deficiency even if the transaction described in this subsection is a sale of accounts or chattel paper.  Ownership of Collateral. Seller represents and warrants that Seller is, and will until full satisfaction of all obligations to FBF be, the owner of all Collateral whenever acquired, free and clear of all liens, charges and encumbrances except those disclosed to and approved in writing by FBF. Seller will appear in, contest and defend against any action or proceeding purporting to affect title to, or any other interest in, any portion of the Collateral, or the rights or powers of FBF, its successors or assigns, or the right or interest of FBF, legal or beneficial, in any portion of the Collateral. Seller waives any right it may have to require FBF to pursue any third party for obligations in respect of the Collateral.  Filing of Financial Statements. Seller authorizes FBF, at Seller's expense, to file and refile such financing statements, amendments, continuation statements, and other documents describing the Collateral in such offices as may be necessary or required in order to perfect or preserve FBF's security interest in the Collateral and hereby authorizes FBF to file financing statements and amendments thereto relative to all or any part of the Collateral where necessary or required to perfect or to continue the security interest granted herein without the signature of Seller where permitted by law, and Seller agrees to do such further acts and things and to execute and deliver to FBF any of the foregoing and such additional conveyances, assignments, agreements and instruments as FBF may reasonably require to carry into effect the purposes of this Agreement.  Records of Collateral; Inspection. Seller will at all times keep accurate records with respect to the Collateral which are as complete and comprehensive as those customarily maintained by others engaged in businesses of the type in which Seller engages, and agrees that FBF or its representatives will have the right, at any time during normal working hours or any other reasonable time and from time to time, to call at its place or places of business or where the Collateral or any part thereof may be held or located or Seller's records pertaining to the Collateral may be kept and to inspect the Collateral and/or to examine or cause to be examined such records and to make abstracts therefrom or copies thereof. In addition, upon FBF's request, if FBF deems it necessary to perfect or preserve FBF's security interest in the Collateral, and at the cost and expense of Seller, Seller will mark or stamp on, or otherwise affix to, each item of Collateral and each of their individual ledger sheets, cards and other records pertaining thereto, a legend or plaque in form and content reasonably satisfactory to FBF indicating that such Collateral is subject to a security interest in favor of FBF. Within 5 business days after FBF's request, Seller shall deliver to FBF schedules of accounts and general intangibles.  Lawful Purpose; Negotiable Document of Title. Seller agrees: (i) not to use the Collateral for any unlawful purpose nor to use it in any way that would void any insurance required to be carried in connection herewith; and (ii) if any Collateral becomes the subject of any negotiable document of title, including any warehouse receipt or bill of lading, to deliver such document to FBF.  Restrictions. Seller represents, warrants and covenants with FBF that Seller will not, without FBF's prior written consent: (i) grant a security interest in or permit a lien, claim or encumbrance upon any of the Collateral to any person, association, firm, corporation, entity or governmental agency or instrumentality, (collectively, "Person"); (ii) permit any levy, attachment or restraint to he made affecting any of Seller's assets; (iii) permit any judicial officer, receiver or assignee to be appointed or to take possession of any or all of Seller's assets; (iv) change its name, business structure, corporate identity or structure, add any new fictitious names, liquidate, merge or consolidate with or into any other business organization; (v) move or relocate any Collateral; (vi) acquire any other business organization; (vii) enter into any transaction not in the usual course of Seller's business; (viii) incur any debts outside the ordinary course of Seller's business except renewals or extensions of existing debts and interest thereon; (ix) make loans, advances or extensions of credit to any Person; or (x) guarantee or otherwise, directly or indirectly, in any way be or become responsible for obligations of any other Person, whether by agreement to purchase the indebtedness of any other Person, agreement for the furnishing of funds to any other Person through the furnishing of goods, supplies or services, by way of stock purchase, capital contribution, advance or loan, for the purpose of paying or discharging (or causing the payment of discharge of) the indebtedness of any other Person, or otherwise, except for the endorsement of negotiable instruments by the Seller in the ordinary course of business for deposit or collection. 7 HC# 4851-0728-1179 GUARANTY  Personal Guaranty of Performance. FBF is buying the Purchased Amount of Future Receipts knowing the risks that Seller's business may slow down or fail, and FBF assumes these risks based on Seller's representations, warranties and covenants in the Payment Rights Purchase and Sale Agreement (the "Agreement"), which are designed to give FBF a reasonable and fair opportunity to receive the benefit of its bargain. The undersigned Guarantor(s) hereby unconditionally guarantees to FBF, Seller's good faith, truthfulness and performance of all of the representations, warranties, covenants made by Seller in the Agreement as each may be renewed, amended, extended or otherwise modified (the "Guaranteed Obligations"). Guarantor's obligations are due at the time of any Event of Default under the Agreement.  Guarantor Waivers. In the Event of Default, FBF may seek recovery from Guarantor for all of FBF's losses and damages by enforcement of FBF's rights under this Guaranty without first seeking to obtain payment from Seller, any other guarantor, or any Collateral or Additional Collateral FBF may hold pursuant to the Agreement, the Security Agreement or any other guaranty.  FBF does not have to notify Guarantor of any of the following events and Guarantor will not be released from its obligations under the Agreement and this Guaranty if it is not notified of: (i) Seller's failure to pay timely any amount owed under the Agreement; (ii) any adverse change in Seller's financial condition or business; (iii) any sale or other disposition of any collateral securing the Guaranteed Obligations or any other guaranty of the Guaranteed Obligations; (iv) FBF's acceptance of the Agreement; and (v) any renewal, extension or other modification of the Agreement or Seller's other obligations to FBF. In addition, FBF may take any of the following actions without releasing Guarantor from any of its obligations under the Agreement and this Guaranty: (i) renew, extend or otherwise modify the Agreement or Seller's other obligations to FBF; (ii) release Seller from its obligations to FBF; (iii) sell, release, impair, waive or otherwise fail to realize upon any collateral securing the Guaranteed Obligations or any other guaranty of the Guaranteed Obligations; and (iv) foreclose on any collateral securing the Guaranteed Obligations or any other guaranty of the Guaranteed Obligations in a manner that impairs or precludes the right of Guarantor to obtain reimbursement for payment under the Agreement or this Guaranty. Until the Purchased Amount and Seller's other obligations to FBF under the Agreement are paid in full, Guarantor shall not seek reimbursement from Seller or any other guarantor for any amounts paid by it under the Agreement or this Guaranty. Guarantor permanently waives and shall not seek to exercise any of the following rights that it may have against Seller, any other guarantor, or any collateral provided by Seller or any other guarantor, for any amounts paid by it, or acts performed by it, under the Agreement or this Guaranty: (i) subrogation; (ii) reimbursement; (iii) performance; (iv) indemnification; or (v) contribution. In the event that FBF must return any amount paid by Seller or any other guarantor of the Guaranteed Obligations because that person has become subject to a proceeding under the United States Bankruptcy Code or any similar law, Guarantor's obligations under the Agreement and this Guaranty shall include that amount.  Guarantor Acknowledgement. Guarantor acknowledges that: (i) He / She understands the seriousness of the provisions of the Agreement, including the Jury Trial Waiver and Arbitration sections, the Security Agreement, and this Guaranty; (ii) He / She has had a full opportunity to consult with counsel of his/her choice; and (iii) He / She has consulted with counsel of its choice or has decided not to avail himself/herself of that opportunity.  Joint and Several Liability. The obligations hereunder of the persons or entities constituting Guarantor under the Agreement and this Guaranty are joint and several.  THE TERMS, DEFINITIONS, CONDITIONS AND INFORMATION SET FORTH IN THE PAYMENT RIGHTS PURCHASE AND SALE AGREEMENT, INCLUDING THE PAYMENT RIGHTS PURCHASE AND SALE AGREEMENT TERMS AND CONDITIONS, ARE HEREBY INCORPORATED IN AND MADE A PART OF THIS SECURITY AGREEMENT AND GUARANTY. CAPITALIZED TERMS NOT DEFINED IN THIS SECURITY AGREEMENT AND GUARANTY, SHALL HAVE THE MEANING SET FORTH IN THE PAYMENT RIGHTS PURCHASE AND SALE AGREEMENT, INCLUDING THE PAYMENT RIGHTS PURCHASE AND SALE AGREEMENT TERMS AND CONDITIONS FOR THE SELLER #1 (PRINT NAME & TITLE BELOW) SIGNATURE Richard Parlontieri FOR THE SELLER #2 (PRINT NAME & TITLE BELOW) SIGNATURE FOR THE OWNER / GUARANTOR #1 (PRINT NAME & TITLE BELOW) SIGNATURE Richard Parlontieri FOR THE OWNER /GUARANTOR #2 (PRINT NAME & TITLE BELOW) SIGNATURE (SIGN BELOW) MUST SIGN AS SELLER (SIGN BELOW) MUST SIGN AS OWNER ALSO (SIGN BELOW) HC# 4851-0728-1179 8 AGREEMENT FOR DIRECT DEPOSITS (ACH CREDITS) AND DIRECT COLLECTIONS (ACH DEBITS)  This Agreement for Direct Deposits (ACH Credits) and Direct Collections (ACH Debits) is part of (and incorporated by reference into) the Payment Rights Purchase and Sale Agreement (the "Agreement"). Seller should keep this important legal document for Seller's records.  DISBURSMENT OF PURCHASE PRICE. By signing below, Seller authorizes Buyer after electing to purchase the Specified Amount of Future Payment Rights to disburse the Purchase Price set forth in the Agreement by initiating an ACH credit to the bank account described below (or a substitute bank account Seller later identifies and is acceptable to Buyer) (the "Account").  COLLECTION OF FUNDS ARISING FROM SPECIFIED AMOUNT OF FUTURE PAYMENT RIGHTS. By signing below, Seller authorizes Buyer to collect the funds arising from the Specified Amount of Future Payment Rights Buyer is entitled to receive under the Agreement by initiating ACH debits to the Account in amounts not to exceed the amount of the Daily Collection set forth in the Agreement. Seller authorizes Buyer to initiate an ACH debit to the Account on the Initial Collection Date set forth in the  Agreement and an ACH debit to the Account each Business Day after the Initial Collection Date until Buyer (i) collects the entire Specified Amount of Future Payment Rights or (ii) initiates the Maximum Number of ACH Debits set forth in the Agreement, whichever occurs first.  BUSINESS PURPOSE ACCOUNT. By signing below, Seller attests that any account into which Seller deposits funds arising from Future Payment Rights, including, but not limited to, the Account, was established for business purposes and not primarily for personal, family or household purposes.  MISCELLANEOUS. Seller understands that Seller is responsible for ensuring that funds arising from Future Payment Rights remain in the Account each day until Buyer debits the amount that the Agreement authorizes Buyer to debit from the Account for that day. Buyer is not responsible for any overdrafts or rejected transactions that may result from Buyer debiting any of Buyer's accounts. The ACH authorizations provided for in this agreement will remain in effect until Buyer has received written notification from Seller of its termination in such time and in such manner as to afford Buyer and Seller's depository bank a reasonable opportunity to act on it.  Buyer is not responsible for any fees charged by Seller's bank as the result of credits or debits initiated under this Agreement. The origination of ACH transactions to Seller's accounts, including, but not limited to, the Account, must comply with the provisions of U.S. law.  ACCOUNT INFORMATION  Bank Name: Bank Telephone Number: Branch Address: City: State: Zip: Routing Number; Account Number: SELLER SIGNATURE Print Seller's Name: Richard Parlontieri Federal Tax ID #: 33-0961488 Signature: Title: Date:  47437.5 Revised 7/17/13 791-101 APPENDIX A: THE FEE STRUCTURE:  a. Origination Fee -$295.00 Covers everything and related expenses.  b. ACH Program Fee -$395.00 ACH Debits are labor intensive and are not an automated process requiring us to charge this fee to cover costs.  c. NSF Fee (Standard) -$35.00 each Up to FOUR TIMES ONLY before a default fee is declared.  d. Rejected ACH -$100.00 When the Merchant directs the bank or rejects our ACH.  e. Bank Change Fee -$50.00 When the merchant requires a change of account to be debited, requiring Fast Business Funding to reconfigure the ACH collections.  f. Blocked Account -$2,500.00 When the merchant BLOCKS account from our ACH debit which places them in default (per contract).  g. Default Fee -$2,500.00 When the merchant changes bank accounts cutting us off from collections.  h. Wire Fee -$35.00 Money received the same day.  i. ACH Fee -$15.00 Money received the next day.  Merchant Initials

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