Document:

Exhibit 10.7

 

 

Request for Policy Beneficiary (Multiple Beneficiaries)

 

The undersigned requests the issuance of an endorsement to be made part of Policy No. 5100677 and 8800677 issued by Euler Hermes North America Insurance Company to:

 

	
NEXTGROUP HOLDINGS, INC.

	
of

	
MI AMI. FLORIDA.

	 	 	 
	
Insured

	 	
City,State

	 	 	 
	
AEC Yield Capital, LLC

	
of

	
Brooklyn, NY

	 	 	 
	
Factor

	 	
City,State

	 	 	 
	
VoIP Capital International

	
of

	
Ebene, Mauritius

	 	 	 
	
Factor

	 	
City,State

 

In accordance with your request, the Policy Beneficiaries (Beneficiaries) will have the following rights under this Policy, subject to the terms and conditions in this Endorsement.

	
1.

	
The Beneficiaries may file a Claim and Collection form per the terms and conditions of this Policy. You and/or the Beneficiaries will give us, at our request, any additional supporting documents or information regarding the claim.

  

	
2.

	
If a Claim Payment is due under this Policy, we shall make the Claim Payment to the Beneficiaries unless the Beneficiaries provide us with a written release of their right to receive the Claim Payment.

 

	
3.

	
If any Claim Payment is due under this Policy, the amount so due shall be paid by us to the Beneficiaries provided that:

 

	 	
a.

	
Within 10 days of our request for written instructions, we receive a single written instruction signed by all Beneficiaries; and

 

	 	
b.

	
That written instruction states the agreed upon respective interest of each Beneficiary.

 

If within 30 days of our request no such written instruction has been received by us, the Claim Payment will be made to AEC Yield Capital, LLC.

 

	
4.

	
In order for us to make a Claim Payment to the Beneficiaries, both you and the Beneficiaries must assign to us, or cause to be assigned to us, any and all rights you or the Beneficiaries may have as to the Buyer.

 

	
5.

	
Any Claim Payment made to the Beneficiaries shall release and relieve us from any liability to you for the insured receivables that are the subject of the Claim Payment.

 

	
6.

	
Both you and the Beneficiaries warrant that this Endorsement, by which you instruct us to make all Claim Payments to the Beneficiaries, is in accordance with your respective financial and commercial interests and does not conflict with any applicable laws or regulations. In respect of this Endorsement, the contractual relationship existing between you and the Beneficiaries is the following: invoice financing.

 

	
7.

	
The relationship created by this Endorsement is that  the Beneficiaries become intended third-party beneficiaries under the Policy entitled to the same rights, but none other, that you would have under the Policy , subject to the same terms, conditions, and obligations applicable to you. The rights of the Beneficiaries are derivative of your rights, and no independent rights are intended to be created or granted. No additional risks are intended to be covered that involve the Beneficiaries.

 

Page 1 of 3

 

EULER HERMES NORTH AMERICA INSURANCE

 

COMPANY

EULER HERMES

Ow knowledge serving your SIJ('Ce s

	
8.

	
This Endorsement shall not affect any of  your or our rights or obligations under the Policy other than your right to receive a Claim Payment. Your obligations under the Policy shall continue notwithstanding the appointment of the Beneficiaries. All rights and remedies  that  we have against you shall apply to the Beneficiaries. You confirm that you have provided the Beneficiaries with a copy of the Policy and this Endorsement, which cannot be modified except as provided for per the terms and conditions of the  Policy. All notices in connection with the Policy will be addressed to you alone.

 

	
9.

	
This Endorsement shall be effective as of October 17th 2018 and all Claim Payments made after this date shall be paid to the Beneficiaries, notwithstanding the dates of the receivables that are the subject of the Claim Payment. This Endorsement  remains in effect  for any subsequent  Policy Periods until the Beneficiaries provides us a written release of their interests, signed by their  authorized signatories.

 

	
10.

	
For the purposes of this Endorsement only, references to Claim Payments are also construed to include your share of any Recoveries collected by us or the Collection Services Provider.

	
11.

	
This endorsement cannot be amended or cancelled without the agreement of the Beneficiaries.

 

	
/s/ Richard Rudy - Manager

	 	
/s/ Larry Raff - Director

	
Factor 1 signature

	 	
Factor 2 signature

	 	 	 
	
AEC Yield Capital, LLC

	 	
VoiP Capital International

	 	 	 
	
Address

	 	
Address

	
One MetroTech Center- North

	 	
2nd Floor Ebene House

	
3rd Floor

	 	
33 Cyber City

	
Brooklyn, NY 11201

	 	
Ebene Mauritius

	 	 	 
	
Phone#

	 	
Phone#

	
347.799.1685 X 205

	 	
(+230) 465 1184

	 	 	 
	
Fax#

	 	
Fax#

	
347.799.1686

	 	
(+230) 465 1184

	 	 	 
	
Email

	 	
Email

	
rrudy@advancedenergycap.com

	 	
info@voipcapital.com

	 	 	 
	
Date

	 	
Date

	
10/16/18

	 	
10/17/2018

	 	 	 
	
Bank 2 Signature

	 	
Bank 3 Signature

	 	 	 
	
Print Name

	 	
Print Name

	 	 	 
	
Address

	 	
Address

	 	 	 
	
Phone#

	 	
Phone#

	 	 	 
	
Fax#

	 	
Fax#

 

Page 2 of 3

 

EULER HERMES NORTH AMERICA INSURANCE

 

COMPANY

	 	 	 
	
Email

	 	
Email

	 	 	 
	
Date

	 	
Date

 

This request is not binding upon Euler Hermes ACI. The rights of the Bank and the Policyholder with respect to the endorsement requested herein will be limited to the provisions of an endorsement to the above referenced policy actually issued by Euler Hermes ACI, which endorsement, if issued, may not necessarily contain provisions identical to those requested above.

 

Page 3 of 3

 

EULER HERMES NORTH AMERICA INSURANCE

 

COMPANYExhibit 10.8

 

	Euler Hermes North America

        (A Stock Company Established in 1893)

        800 Red Brook Blvd

        Owings Mills, MD 211171008

        8778833224
	 

 

	Special
    Terms
	 	 
	 	Anything marked with
    an (*) can vary by country as set forth in the attached Country Schedule
	 	 
	Policy Type	Corporate Advantage
	 	 
	Policy#	5110250
	 	 
	Insured	LIMECOM INC
	 	 
	 	19 WEST FLAGLER ST STE
    507
	Insured Address	Miami Florida 33126
	 	UNITED STATES
	 	 
	Insured Contact	Daniel Contreras
	 	 
	Insured telephone	(305) 537-4740
	 	 
	Insured Fax	(410) 902-8472
	 	 
	Insured E-mail	dcontreras@thelimecom.com
	 	 
	Policy Start Date	October 31, 2018
	 	Beginning 12:01 am standard
    time at the address of the insured as stated herein
	 	 
	Policy Period	October 31, 2018 - October
    31, 2019
	 	 
	Insurance Contract Period	October 31, 2018 - October
    30, 2019
	 	 
	 	Insolvency
	Risks Covered	Protracted default
	 	Political risk
	 	 
	Description of Trade	telecom
	 	telecom
	 	 
	Annual Insurable Sales
    (estimated)	50,000,000 USD
	 	 
	Premium Rate*	See attached Country
    schedule*
	 	0.1640% Domestic Rate
	 	 
	Expected Premium	82,000 USD
	 	 
	Minimum Premium	82,000 USD
	 	 
	Maximum Liability	2,500,000 USD
	 	 
	Non Qualifying Loss
    Amount	2,500 USD assessed at
    claim filing
	 	 
	Aggregate First Loss
    Deductible	0 USD
	 	 
	Insured Percentage*	90%*
	 	 
	Maximum Terms of Payment*	30 days*
	 	 
	Maximum Extension Period
    (MEP)*	60 days*
	 	 
	State of Default Reporting
    Threshold	10,000 USD

 

    	 	Page 1/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

     

    

 

	Euler Hermes North America

        (A Stock Company Established in 1893)

        800 Red Brook Blvd

        Owings Mills, MD 211171008

        8778833224
	 

 

	Delaved Effect of Withdrawal or Reduction
    of Cover	30 days
	 	 
	Permitted Limit Fees:	 
	 	 
	Buyers. located in the United States of America 

    (including Puerto Rico) and Canada	55 USD Per Buyer Request
	 	 
	Buyers. located in all other countries	140 USD Per Buyer Request

 

	Poli Administration
	 	 
	Declaration Period	Annually Report is due within 15 days from the end of each
    Declaration     Period
	 	 
	Premium Payment Method	Check, debit, wire, or E-Bill
	 	 
	Premium Terms of Payment	15 days from the date of invoice

 

    	 	Page 2/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

     

    

 

	Euler Hermes North America

        (A Stock Company Established in 1893)

        800 Red Brook Blvd

        Owings Mills, MD 211171008

        8778833224
	

 

Country Schedule

 

	Country	 	Annual
 Insurable
 Sales
	 	Premium
 Rate
	 	 	Maximum
 Terms of
 Payment
	 	Maximum
 Extension
 Period
	 	Insured
 %
	 	 	Country
 Waiting
 Period
	 	Political
 Risk

	UNITED STATES	 	50,000,000 USD	 	 	0.1640	%	 	Up to 30 days	 	Up to 60 days	 	 	90	%	 	0 Days	 	N

 

 

 

 

 

 

 

 

 

    	 	Page 3/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

     

    

 

Endorsements

 

**Endorsement numbers that end in O are imbedded in your
General Terms and Conditions.

 

**Endorsement numbers that end in E will attach after your General
Terms and Conditions.

 

	End
    # 19357	Definition
    of Waiting Period Endorsement
	 	 
	End # FL-001-E	Florida Endorsement
	 	 
	End # C8-100-0	Claim Fling
    Period Endorsement
	 	 
	End # A2-001-E	Political Risk
    Endorsement
	 	 
	End #
    A4-005-0	Coverage for
    Public Buyer Endorsement
	 	 
	End #
    B7-020-E	CAP & CAP+Endorsement
	 	 
	End #
    B6-100-0	Insured Sales
    to Covered Buyers Endorsement
	 	 
	End #
    DCA-001-E	Debt Collection
    Services Endorsement
	 	 
	End #
    RISA-001-E	Risk Information
    Services Endorsement
	 	 
	End #
    A3-007-E	Preferential
    Payment Endorsement
	 	 
	End # E-001-0	Definition
    of Non-Qualifying Loss Endorsement
	 	 
	End # C7-100-0	Permitted Limit
    Effective Date Endorsement

 

AUTHENTICATION:

 

	 	 	 
	James Daly	 	Karl Coutet
	President &
    CEO	 	Senior Vice
    President & Secretary

 

    	 	Page 4/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

     

    

 

	

Effective
date:10/31/2018 12:01 AM
	 

 

Definition of Waiting Period Endorsement

 

It is mutually agreed that this Endorsement is made part of Policy
No 5110250 issued by Euler Hermes North America Insurance Company to:

 

LIMECOM INC

MIAMI, FLORIDA

 

It is hereby agreed that Section E of the General Terms and Conditions
of the Policy, Definitions under your Policy, is amended to include the following definition:

 

“Waiting Period” means the relevant period specified
in the Special Terms which starts from the original or extended due date.

 

This Endorsement does not vary, alter, waive, or extend any of
the terms and conditions of this Policy except as expressly stated in this Endorsement.

 

	/s/ James
    Daly	 	/s/ Karl Coutet
	James Daly	 	Karl Coutet
	President & CEO	 	Senior Vice President & Secretary

 

    	 	Page 5/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

     

    

 

	

Effective
date:10/31/2018 12:01 AM
	 

 

Florida Endorsement

 

It is mutually agreed that this Endorsement attaches to and forms
part of Policy No. 5110250 issued by Euler Hermes North America Insurance Company to:

 

LIMECOM INC

MIAMI, FLORIDA

 

The numbering of this Endorsement corresponds to the numbering
of the Terms and Conditions of your Policy.

 

This Endorsement is issued in compliance
with the insurance laws of the State of Florida.

 

Terms appearing in bold print have a special meaning and are defined
in Section E of this Policy.

 

It is agreed that Section 21.b. of the Policy is hereby
deleted in its entirety and replaced with the following:

 

		22.1	Start, continuation and termination of cover

 

		b.	Unless we provide earlier written Notice of termination
in line with the terms of the Policy, cover continues under the Policy from its start date for goods or services Supplied during:

 

		i.	The initial Insurance Contract Period, and

 

		ii.	Subsequent Insurance Contract Periods unless you or we
give 45 days’ written Notice of termination, including the reason therefore, to take effect at the end of the relevant Insurance
Contract Period.

 

It is agreed that Section 22.2 of the Policy is hereby deleted
in its entirety and replaced with the following:

 

		22.2	Specific events of termination

 

		a.	Upon written Notice, we may terminate your Policy with
at least 45 days prior notice except as follows:

 

In the event we cancel or terminate this Policy for nonpayment
of premium, we shall give you written Notice, including the reason therefore, at least 10 days prior to the cancellation or termination.

 

If we cancel or terminate this Policy within
the first 90 days of cover for reasons other than nonpayment of premium, we shall give you written Notice, including the reason
therefore, at least 20 days prior to the effective date of the cancellation or termination.

 

After this Policy has been in effect for more
than 90 days, we may not cancel or terminate it except for one or more of the following reasons: your material misstatement; failure
to comply with established underwriting requirements established within 90 days of the effectuation of coverage; a substantial
change in the risk covered by the Policy; or when cancellation is for all insureds under such policies for a given class of insureds.

 

This Endorsement does not vary, alter, waive, or extend any of
the terms and conditions of this Policy except as expressly stated in this Endorsement.

 

	/s/ James
    Daly	 	/s/ Karl Coutet
	James Daly	 	Karl Coutet
	President & CEO	 	Senior Vice President & Secretary

 

    	 	Page 6/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

     

    

 

	

Effective
date:10/31/2018 12:01 AM
	 

 

Political Risk Endorsement

 

It is mutually agreed that this Endorsement is made part of Policy
No. 5110250 issued by Euler Hermes North America Insurance Company to:

 

LIMECOM INC

MIAMI, FLORIDA

 

		1.	It is agreed to extend cover under the Policy to include
cover for the losses you suffer from the occurrence of a Political Risk event.

 

		2.	For the purpose of this Endorsement:

 

“Political Risk” means the non-payment
of all or part of an insured receivable by a Buyer due to the occurrence of one of the following events in a country for which
a Waiting Period is specified in the Special Terms: If there is no Waiting Period or the Waiting Period is “none,”
there shall be no Political Risk cover for Buyers located in that country.

 

		a.	Inconvertibility and Transfer Risk:

 

A law or a measure having the force of law,
which prevents your Buyer in its country from legally converting local currency into the required currency for payment and/or
from effecting transfer of payment to you. An event of loss will be deemed to occur if:

 

		i.	The Buyer has made a local currency deposit for your account
in a bank or other government authorised depository prior to the expiry of the Maximum Extension Period; and

 

		ii.	The application for transfer of these funds to you has
been refused.

 

		b.	Government intervention:

 

		i.	An intervention is made by the government of your Buyer’s
country which legally prevents your Buyer from fulfilling its payment obligations.

 

		ii.	An act of confiscation, expropriation, nationalisation, seizure, requisition, or willful
                                                                                                    destruction                                                                                                     of the goods
                                                                                                    Supplied is made by the government of your Buyer’s country.

 

		iii.	The cancellation of export or import licenses immediately
prior to date of Supply, provided this has not occurred as a result of the action or inaction of either party to the transaction.

 

		iv.	The imposition of restrictions on the export or import
of goods or services which were not subject to such restrictions immediately prior to date of Supply, provided this has not occurred
as a result of the action or in action of either party to the transaction.

 

		v.	The enactment and enforcement of any law, order, decree, regulation, or embargo having the
                                                                             force of law which prevents the export or import of goods or services, provided this has not occurred as a result of
                                                                             the action or inaction of either party to the transaction.

 

		c.	War f Civil Violence:

 

An event of war, civil war,
rebellion, revolution, insurrection, or other civil disturbance occurs in your Buyer’s country after the date the goods
are Supplied which directly prevents either:

 

		i.	The goods being delivered; or

 

		ii.	Your Buyer from fulfilling its payment obligations.

 

The definition of “State of
Default” subsection e is extended to include you becoming aware of a Political Risk occurring in your
Buyer’s country.

 

    	 	Page 7/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

     

    

 

	

Effective
date:10/31/2018 12:01 AM
	 

 

		3.	Section 2. of the General Terms and Conditions of the Policy
is amended to include the following:

 

		c.	Political Risk has occurred (the date of loss will be the
expiration of the relevant Waiting Period).

 

		4.	In addition to section 4 of the General Terms and Conditions of the Policy, a receivable
                                                                                               resulting from goods or services Supplied is not insured under this Endorsement if it arises from or relates to currency
                                                                                               devaluations including but not limited to any shortfall between the Insured Debt and the value of any local currency deposit
                                                                                               required under Political Risk.

 

		5.	Notwithstanding section 4.1.c. of the General Terms and
Conditions of the Policy, an unconfirmed irrevocable documentary letter of credit is insured under the terms and conditions of
this Endorsement.

 

		6.	Unless otherwise endorsed to the Policy, a receivable resulting
from goods or services Supplied is not insured if non-payment of the receivable results directly or indirectly from any event
arising in a country to which the goods or services are Supplied is not your Buyer’s country.

 

		7.	For Political Risk cover, the Claim Filing Period expires
30 days after the occurrence of the Political Risk event.

 

		8.	For Political Risk cover, any Claim Payment will be made
within 60 days from expiration of the Waiting Period and our receipt of any additional documents or information we may request.

 

This Endorsement does not vary, alter, waive, or extend any of
the terms and conditions of this Policy except as expressly stated in this Endorsement.

 

	/s/ James Daly	 	/s/ Karl Coutet
	James Daly	 	Karl Coutet
	President & CEO	 	Senior Vice President & Secretary

 

    	 	Page 8/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

     

    

 

	

Effective
date:10/31/2018 12:01 AM
	 

 

CAP & CAP+ Endorsement

 

It is mutually agreed that this Endorsement is
made part of Policy No 5110250 issued by Euler Hermes North America Insurance Company to:

 

LIMECOM INC

MIAMI, FLORIDA

 

		1.	A
                                         CAP Limit is a Permitted Limit issued to you for a Buyer on which you have an existing
                                         Permitted Limit, excluding cover qualified per the Discretionary Limit Endorsement or
                                         EZ Cover Endorsement, and temporary Permitted Limits.

 

		2.	A
                                         CAP+ Limit is a Permitted limit issued to you for a Buyer on which your request for a
                                         Permitted Limit has been denied.

 

		3.	CAP
                                         Limits and CAP+ Limits are Pennitted limits issued to you using the following CAP Reference
                                         Number: 8810250.

 

		4.	CAP
                                         Limits

 

		a.	You
                                         may apply for a CAP Limit on any Buyer on which you have an existing Permitted Limit,
                                         excluding cover qualified per the Discretionary Limit Endorsement or EZ Cover Endorsement
                                         and temporary Permitted Limits.

 

		b.	A
                                         CAP Limit shall not exceed the amount of your existing Permitted Limit on that Buyer
                                         or $3,000,000 USD, whichever is less.

 

		c.	Notwithstanding
                                         the above, there will be no cover under this Endorsement where cover would have been
                                         excluded by the terms and conditions of the Policy, including but not limited to when,
                                         at the time you request a CAP Limit, the Buyer is in a State of Default.

 

		d.	Unless
                                         stated otherwise in our CAP Permitted Limit End or segment, a CAP Limit takes effect
                                         from the first day of the month in which it is issued, but in no event shall it be effective
                                         prior to the start date of the Policy.

 

		e.	You
                                         may apply for a decrease or a cancellation of a CAP Limit, which shall take effect on
                                         the date of the CAP Permitted Limit Endorsement reducing or cancelling the CAP Limit.
                                         Said reduction or cancellation shall not affect any other existing Permitted Limit on
                                         that Buyer.

 

		f.	We
                                         may at any time withdraw, reduce or modify a CAP Limit by issuing a CAP Permitted Limit
                                         Endorsement, which shall take effect on the date of that Endorsement withdrawing, reducing
                                         or modifying the CAP Limit. Said withdrawal, reduction or modification shall not affect
                                         the existing Permitted Limit on that Buyer.

 

		g.	If
                                         the existing Permitted Limit on that Buyer is reduced, either by you or by us, the CAP
                                         Limit on that Buyer will be automatically reduced so that it does not exceed the existing
                                         Permitted Limit.

 

		h.	If
                                         the existing Permitted Limit is cancelled or withdrawn the CAP limit on that Buyer will
                                         be automatically cancelled effective the same date.

 

		i.	Unless
                                         specified otherwise in the CAP Permitted Limit Endorsement, the terms and conditions
                                         of the delayed period set forth in section 7.3.b of the General Terms and Conditions
                                         of the Policy or of any Binding Contracts Endorsement shall also apply to CAP Limits.

 

		j.	You
                                         must report the State of Default of any CAP Buyer in accordance with section 5.2 of the
                                         General Terms and Conditions of the Policy.

 

		k.	A
                                         CAP fee in the amount of $25 is payable in respect of each CAP Limit when first issued.

 

    	 	Page 9/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

     

    

 

	

Effective
date:10/31/2018 12:01 AM
	 

 

		5.	Premium for CAP
                                         Limits

 

		a.	Premium
                                         for a CAP Limit shall be 1/12 of two per cent (2%) of the highest CAP Limit issued per
                                         Buyer, per month, to be paid on a monthly basis.

 

		b.	You
                                         shall be responsible for a minimum premium of 3 months based on the highest value of
                                         any CAP Limit in effect during the initial 3 month period in the event you decrease or
                                         cancel a CAP Limit during this initial period.

 

		c.	If
                                         we withdraw a CAP Limit during this initial period, you shall only be responsible for
                                         Premium for the month(s) during which the CAP Limit was in effect.

 

		d.	After
                                         this initial period, Premium will be due in full for any calendar month for which there
                                         was any CAP Limit in effect at any time during said calendar month, including any coverage
                                         under the Policy delayed effect provision or any Binding Contracts Endorsement.

 

		6.	CAP+
                                         limits

 

		a.	You
                                         may apply for a CAP+ Limit for any Buyer on which your request for a Permitted Limit
                                         has been denied.

 

		b.	A
                                         CAP+ limit shall not exceed $75,000 USD.

 

		c.	Notwithstanding
                                         the above, there will be no cover under this Endorsement where cover would have been
                                         excluded by the terms and conditions of the Policy, including but not limited to when,
                                         at the time you request a CAP limit, the Buyer is in a State of Default.

 

		d.	Unless
                                         stated otherwise in our CAP+ Permitted Limit Endorsement, a CAP Limit takes effect on
                                         the date on which the CAP+ Permitted Limit Endorsement is issued.

 

		e.	You
                                         may apply for a decrease or a cancellation of a CAP+ Limit, which shall take effect on
                                         the date of the CAP+ Permitted Limit Endorsement reducing or cancelling the CAP+ limit.

 

		f.	We
                                         may at any time withdraw, reduce or modify a CAP+ limit by issuing a CAP+ Permitted Limit
                                         Endorsement, which shall take effect on the date of that Endorsement withdrawing, reducing
                                         or modifying the CAP+ Limit.

 

		g.	The
                                         delayed period set forth in section 7. 3. b of the General Terms and Conditions of the
                                         Policy or of any Binding Contracts Endorsement do not apply to CAP+ Limits.

 

		h.	You
                                         must report the State of Default of any CAP+ Buyer in accordance with section 5.2 of
                                         the General Terms and Conditions of the Policy.

 

		i.	A
                                         CAP+ fee in the amount of $25 is payable in respect of each CAP+ Limit when first issued.

 

		7.	Premium
                                         for CAP+ limits

 

		a.	Premium
                                         for a CAP Limit shall be 1/12 of six per cent (6%) of the highest CAP+ Limit issued per
                                         Buyer, per month, to be paid on a monthly basis.

 

		b.	You
                                         shall be responsible for a minimum premium of 3 months based on the highest value of
                                         any CAP+ Limit in effect during the initial 3 month period in the event you decrease
                                         or cancel a CAP+ Limit during this initial period.

 

		c.	If
                                         we withdraw a CAP+ limit during this initial period, you shall only be responsible for
                                         Premium for the month(s) during which the CAP+ Limit was in effect.

 

		d.	After
                                         this initial period, Premium will be due in full for any calendar month for which there
                                         was any CAP+ Limit in effect at any time during said calendar month.

 

    	 	Page 10/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

     

    

  

	

Effective
date:10/31/2018 12:01 AM
	 

 

		e.	Notwithstanding
                                         section 6.1 of the General Terms and Conditions of the Policy, you do not need to include
                                         the invoice value of goods or services Supplied and covered by CAP+ Limits as part of
                                         your sales volume declared to us.

 

This
Endorsement does not vary, alter, waive, or extend any of the terms and conditions of this Policy except as expressly stated in
this Endorsement.

 

	/s/
    James Daly	 	/s/
    Karl Coutet
	James
    Daly	 	Karl
    Coutet
	President
    & CEO	 	Senior
    Vice President & Secretary

 

    	 	Page 11/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

     

    

 

	

Effective
date:10/31/2018 12:01 AM
	 

 

Debt
Collection Services Endorsement

 

It
is mutually agreed that this Endorsement is made part of Policy No. 5110250 issued by Euler Hermes North America Insurance Company
to:

 

LIMECOM
INC MIAMI, FLORIDA

 

A
- Scope of this Endorsement

 

We
agree to provide you with the services described in this Endorsement (“the Collections Services”) in exchange for
the payment of all fees and costs due to us as set forth in this Endorsement.

 

The
Collection Services are provided in conjunction with the Policy.

 

This
Endorsement does not vary, alter, waive or extend any of the terms and conditions of the Policy except as expressly stated in
this Endorsement.

 

		1.	Debts
                                         in the scope of this Endorsement

 

		a.	Your
                                         debts may only be included in the scope of this Endorsement if they relate to legal entities
                                         whether or not they were actually covered by the Policy at the time of non-payment.

 

		b.	We
                                         are not able to provide Collection Services if there are fewer than 6 months remaining
                                         in the limitation period to start legal proceedings when the debts are placed with us
                                         for collection.

 

		c.	We
                                         will not carry out any activity relating to your civil or criminal liability, customs
                                         obligations, export licenses or tax matters.

 

		2.	Collection
                                         Services

 

		2.1	Collection
                                         Authorization

 

		a.	We
                                         will determine and use the most appropriate methods of providing the Collection Services,
                                         including using our Euler Hermes Group affiliates or other third parties.

 

		b.	By
                                         filing a Claim and Collection form, you authorize us, a Euler Hermes Group affiliate,
                                         or other third party appointed
                                         by us, to collect the debts and to enforce all rights relating to them on your behalf
                                         (“the Collection Authorization”) including but not limited to:

		i.	Conduct
                                         all negotiations with the Buyer;

		ii.	Agree
                                         to any settlement with the Buyer for the Recovery of the debts;

		iii	Attempt
                                         to recover from the Buyer any collection costs incurred;

		iv.	Endorse,
                                         accept, and deposit in a dedicated account, payments from Buyers or third parties made
                                         in settlement of the debts; and

		v.	Deduct
                                         any Collection Fees or Collection Costs from amounts collected on your behalf.

 

		c.	We
                                         may instruct a Euler Hermes Group Affiliate or third party:

		i.	To
                                         pursue on your or our behalf any collection or legal action;

		ii.	To
                                         distribute to us any Recoveries; and

		iii	To
                                         forward to us any relevant document.

 

		d.	When
                                         required by law, the Collection Authorization must be signed by a duly authorized person
                                         and you will renew it if requested by us, our Euler Hermes Group affiliates, or other
                                         third party. We will not be responsible for any litigation regarding the validity of
                                         the Collection Authorization.

 

		e.	We
                                         may cancel the Collection Authorization in writing, if you do not:

		i.	Provide
                                         us within 30 days all information and documents that we may request to enable collection
                                         of the unpaid debts;

		ii.	Take
                                         all steps we may request to enable collection of the unpaid debts (including starting
                                         and pursuing legal proceedings);or

		iii.	Pay
                                         our Collection Fees or reimburse our Collection Costs when they become due.

 

		f.	We
                                         may also cancel the Collection Authorization in writing if the collection action has
                                         proven or is likely to prove ineffective, including but not limited to instances where
                                         the Buyer cannot be located, is clearly unable to pay, or if the Collection Fees or Collection
                                         Costs would be disproportionate with the amount of potential Recoveries.

 

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		2.2	Recoveries

 

You
will repay us within 30 days of our written request, any Recovery collected by us and forwarded to you if it is later disputed,
dishonored or rejected, including but not limited to any fraud or error. We shall deduct any Collection Fees, Collection Costs,
Recovery payments, or other amounts due to us or any other Euler Hermes Group affiliate or third party from any Recovery or other
amount due to you under this Endorsement.

 

B
- Obligations under this Endorsement

 

		3.	Our
                                         obligations

 

		a.	We
                                         will perform the Collection Services in line with all applicable laws and industry standards,
                                         and will treat all confidential information you have provided incomplete confidence.

 

		b.	We
                                         shall only provide information and documentation relating to the Collection Services
                                         to our Euler Hermes Group affiliates or any third parties appointed and for instructed
                                         by us to provide the Collection Services.

 

		c.	We
                                         will forward to you your share of any Recoveries within 30 days of receiving them.

 

		d.	Amounts
                                         collected after we make a Claim payment will be remitted to you as set forth above, net
                                         of applicable Collection Fees and Collection Costs, and shall be shared on a pro-rata
                                         basis as set forth elsewhere in the Policy.

 

		e.	After
                                         you have been indemnified under your Policy, we will continue to provide Collection Services
                                         to you for the applicable Collection Authorization.

 

		4.	Your
                                         obligations

 

		a.	You
                                         will provide us with all documents and information necessary to perform the Collection
                                         Services within 30 days of our request, including but not limited to:
	 	 	 

		i.	Correspondence
                                         relating to the debts;

		ii.	Relevant
                                         facts or information arising after submission of the Claim and Collection form;

		iii.	Information
                                         regarding any return of goods Supplied;

		iv.	Any
                                         payments received after submission of the Claim and Collection form; or v.Any payment
                                         or settlement offer from the Buyer.

 

		b.	After
                                         you give us the Collection Authorization you will not carry out any independent negotiations
                                         with the Buyer or any other collection activities without prior written agreement from
                                         us or any Euler Hermes Group affiliate, or third party.

 

		5.	Fees
                                         and costs

 

You
must pay us all Collection Fees and Collection Costs within 15 days from the date of our invoice.

 

		5.1	Collection
                                         fees

 

		a.	The
                                         collection fees will be charged to you as detailed in section D below.

 

		b.	We
                                         will attempt to recover the Collection Fees payable by you from the Buyer where permitted
                                         by the applicable law or pursuant to your agreement with your Buyer. Your obligation
                                         to pay these fees (or a proportion of them) will be waived upon payment of these fees
                                         by your Buyer.

 

		c.	If
                                         a debt is settled directly with you by your Buyer or any third party, you will immediately
                                         inform us and pay all Collection Fees and Collection Costs due to us.

 

		5.2	Collection
                                         costs

 

You
will pay us your portion of any legal and other third party costs, disbursements and expenses (including any attorneys’
fees) incurred in performing the Collection Services whether or not collection attempts have been successful.

 

C
- Endorsement duration

 

		6.	Endorsement
                                         duration and cancellation

 

		a.	The
                                         start date of this Endorsement is the start date of the Policy.

 

		b.	This
                                         Endorsement will be automatically cancelled on termination of your Policy.

 

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		c.	Following
                                         cancellation of this Endorsement, we will continue providing the Collection Services
                                         for Collection Authorizations relating to debts which may qualify for Claim Payments
                                         under the Policy. No other debts will be subject to this Endorsement and you will need
                                         to enter into a separate agreementwith us for debt collection and recovery services
                                         for uninsured debts.

 

		d.	You
                                         are responsible for paying all Collection Fees and Costs incurred, including where the
                                         Collection Services were provided after the cancellation of this Endorsement.

 

D
- Collection Fees and Collection Costs

 

		a.	Collection
                                         Fees

 

You
are responsible for the following Collection Fees on Recoveries:

 

		i.	Collection
                                         Fees are payable on all Recoveries, received whether the receivables are insured or not,
                                         and whether they are received by us, a Euler Hermes Group affiliate, or by you. The Collection
                                         Fees will be assessed and charged to you as detailed below.

		ii.	Collection
                                         Fees are payable:

 

For
Buyers not subject to Insolvency, and for Buyers subject to Insolvency as defined in part b of the Insolvency definition, Collection
Fees are payable on any Recoveries received before we make a Claim Payment,

 

For
Buyers subject to Insolvency as defined in parts a or b of the Insolvency definition, Collection Fees are payable on any Recoveries
received on the uncovered portion of a loss before we make a Claim Payment,

 

For
any Recoveries received after we make a Claim Payment, Collection Fees are payable on the uncovered portion of a loss.

 

		iii.	For
                                         all amounts collected without attorney involvement, the Collection Fee is 15% of the
                                         amount collected. For collected amounts of $100 or less, the Collection Fee is 50%of
                                         the amount collected.

		iv.	For
                                         all amounts collected by an attorney without filing suit, the fees are set by the attorney
                                         engaged, and the minimum Collection Fee is 15%of the amount collected. In addition to
                                         this fee, we charge a 5% Collection Fee on collected amounts, subject to a minimum charge
                                         of $25.

		v.	For
                                         all amounts collected by an attorney with filing suit, the fees are set by the attorney
                                         engaged, and the minimum Collection Fee is 15% of the amount collected. In addition to
                                         this fee, we charge a 5% Collection Fee on collected amounts, subject to a minimum charge
                                         of $25. In addition, there is an upfront non-contingent attorney retainer fee equal to
                                         10% of the amount of the suit being filed.

 

		b.	Collection
                                         Costs

 

You
are responsible for the following Collection Costs incurred before a Claim Payment is made:

 

i.
Insolvency services, including the filing of a proof of claim for you;and

 

ii.
All court costs and suit fees

 

This
Endorsement does not vary, alter, waive, or extend any of the terms and conditions of this Policy except as expressly stated in
this Endorsement.

 

	/s/
    James Daly	 	/s/
    Karl Coutet
	James
    Daly	 	Karl
    Coutet
	President
    & CEO	 	Senior
    Vice President & Secretary

 

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Risk
Information Services Endorsement

 

It
is mutually agreed that this Endorsement is made part of Policy No. 5110250 issued by Euler Hermes North America

Insurance
Company to:

 

LIMECOM
INC MIAMI, FLORIDA

 

		1.	This
                                         Endorsement sets out how we or EULER HERMES NORTH AMERICA INSURANCE COMPANY, the Risk
                                         Service Provider, agree to provide you with the Risk Information Services described below
                                         in exchange for the payment of all fees due to us or the Risk Service Provider, per the
                                         terms set forth below.

 

		2.	You
                                         may apply, using our online information system or in writing, for the following Risk
                                         Information Services: the issuance of Permitted Limit Endorsements, including the investigation
                                         and monitoring of the credit risk of your Buyers for the management of your Policy.

 

		3.	We
                                         will perform the Risk Information Services in line with all applicable laws and industry
                                         standards; will treat all confidential information you have provided in complete confidence;
                                         and will not share it with any third parties except for Euler Hermes affiliates.

 

		4.	All
                                         information provided by us to you as part of the Risk Information Services may only be
                                         disclosed on a confidential basis to your intermediary, legal, or financial advisers.
                                         You may not transfer such information (whether in its original form or aggregated, restated,
                                         or transformed) to any other third party.

 

		5.	You
                                         must pay us in full all Permitted Limit fees due from you under this Endorsement 15 days
                                         from the date of our invoice. If you do not do so, we may suspend your access to our
                                         online information system.

 

		6.	Permitted
                                         Limit fees are due for:

 

		a.	Each
                                         request for coverage on a Buyer for which you do not currently have a Permitted Limit;
                                         and

 

		b.	Each
                                         request for an increase in coverage on a Buyer, whether or not that increase is approved.

 

		7.	For
                                         each subsequent Policy Period, Permitted Limit fees are due for each Permitted Limit
                                         in effect on the start date of that Policy Period. However, fees shall not be charged
                                         for Permitted Limits issued within 60 days prior to the expiration date of the previous
                                         Policy Period.

 

		8.	Permitted
                                         Limit fees will be as follows:

 

	 	a.	 	/Buyers located in
    the United States of America (including Puerto Rico) and Canada	 	$	55
                                         USD	 
	 	 	 	 	 	 	 	 
	 	b.	 	/Buyers located inall
    other countries	 	$	140
                                       USD	

  

This
Endorsement does not vary, alter, waive, or extend any of the terms and conditions of this Policy except as expressly stated in
this Endorsement.

 

	/s/
    James Daly	 	/s/
    Karl Coutet
	James
    Daly 

    President & CEO	 	Karl
    Coutet

    Senior Vice President & Secretary

 

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Preferential Payment
Endorsement

 

It is mutually agreed that this
Endorsement is made part of Policy No. 5110250 issued by Euler Hermes North America Insurance Company to:

 

LIMECOM INC MIAMI, FLORIDA

 

		1.	It
                                         is agreed that cover is extended to include the losses you sustain due to the return
                                         of any part of a Preferential Payment which
                                         you are legally obliged to pay.

 

		2.	For
                                         the purpose of this Endorsement“Preferential Payment” means
                                         any payment received by you in respect of an insured receivable resulting from goods
                                         or services Supplied to a Buyer
                                         prior to its Insolvency which
                                         is reclaimed by the insolvency practitioner or other similar official appointed over
                                         the Buyer under the Preferential Payment
                                         provisions specified by the law applicable in the
                                         Buyer’s country.

 

		3.	For
                                         the purpose of this Endorsement the event of loss under the Policy will
                                         be when the Buyer has become Insolvent.
                                         The date of loss will be the date you return any part
                                         of a Preferential Payment which you are legally
                                         obilged to pay.

 

		4.	With
                                         respect to this Endorsement, a receivable relating to the Preferential Payment
                                         is insured if:

 

		a.	That
                                         receivable was insured under the Policy;

 

		b.	The
                                         Policy and the Preferential Payment
                                         Endorsement have been maintained continuously from
                                         the date the goods or services have been Supplied through
                                         to the date the request to return the Preferential Payment is
                                         made;

 

		c.	The
                                         request to return the Preferential Payment has
                                         been made within 36 months from the date of the
                                         Buyer’s Insolvency,  unless otherwise
                                         endorsed to the Policy;  and

 

		d.	The
                                         Buyer is located in the following countries:
                                         United States, Canada.

 

5.  To remain covered
under this Endorsement, you must:

 

		a.	Report
                                         to us in writing within 15 days of receiving the request to return a Preferential
                                         Payment;

 

		b.	Immediately
                                         initiate and pursue any reasonable legal remedy and/or defence against the Preferential
                                         Payment which we require, and get agreement from us
                                         regularly on the actions taken; and

 

		c.	Get
                                         our written agreement before you return the Preferential Payment.

 

		6.	To
                                         make a claim under this Endorsement, you need to file a Claim and Collection
                                         form or provide the relevant supporting documents in
                                         the event you have already made a claim in respect of this Buyer,  within
                                         15 days from the date of loss.

 

		7.	We will assess any claim related
                                         to this Endorsement in line with section 11 of the General Terms and Conditions.
                                         Claim Payments are allocated to the Policy
                                         Period on the basis of the date the goods or services
                                         were Supplied.

 

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		8.	We
                                         will make your Claim Payment with respect
                                         to the Preferential Payment within 60 days
                                         from the day we receive your completed Claim and Collection form and
                                         any additional documents or information we may reasonably request.

 

This
Endorsement does not vary, alter, waive, or extend any of the terms. and conditions of this Policy except
as expressly stated in this Endorsement.

 

	/s/ James Daly	 	/s/ Karl Coutet
	James Daly

    President & CEO	 	Karl Coutet

    SeniorVice President & Secretary

 

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Euler Hermes North America Insurance
Company

800 Red Brook Blvd

Owings Mills, MD 211171008

A Stock Company

 

Policy Contents

 

A. Scope of your Policy

1. Insuring agreement

2. Event and date
of loss

3. Insured receivable

4. Uninsured receivable

 

B. Managing your Policy

5.
Your credit management and reporting obligations

6. Your Insured Sales,
calculation and payment of premium

7. Your Permitted
limits

 

C. Claims and Debt Collection

8. Making a claim
under your Policy by filing a Claim and Collection form

9. Collection Authorization

10.
Recoveries

11. Claim Payment

12. Maximum liability

13. Subrogation

14. Shared risk

15. Assignment of
your Policy or of your Claim Payment

 

D. General conditions

16. Your Application

17. Inspection of
documents

18. Notices, amendments
and waiver

19. Policy currency

20. Set off

21. Applicable taxes,
duties and other charges

22. Policy duration

23. Language, applicable
law and jurisdiction

24. Policy Authentication

 

E. Definitions under your Policy

 

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A. Scope of your Policy

 

		1	Insuring agreement

 

We, Euler Hermes North America
Insurance Company, have issued the Policy to you, the Insured named in the Special Terms, to cover you for credit losses you sustain
from unpaid insured receivables. This is in exchange for payment in full of all premiums due, and is subject to all the terms
and conditions of the Policy.

 

The words and phrases in bold
italics are defined in section E and have the same meaning wherever used in the Policy.

 

		2.	Event and
                                         date of loss

 

The event of loss under the Policy
will be when a Buyer fails to pay you an insured receivable for goods or services Supplied because of one of the following, whichever
occurs first

		a.	The Buyer
                                         has become Insolvent (the date of loss will be the date of Insolvency); or

		b.	A Protracted Default has occurred (the
                                         date of loss will be the expiration of the relevant Waiting Period).

 

3. Insured receivable

 

A receivable resulting from goods
or services Supplied, including taxes (except VAT or similar sales taxes) and related transport, packing and insurance costs,
is insured if:

		a.	You had
                                         a valid Permitted Limit on the Buyer for the Supply;

		b.	The receivable relates to goods or services
                                         Supplied by you or on your behalf during a Policy Period; 

		c.	On the date of Supply the Buyer did not
                                         meet the criteria defined in a, c, d, ore of the State of Default definition;

		d.	The Supply does not violate any applicable
                                         law or regulations (including any economic or trade sanction law or regulations of any
                                         international organization recognized under international law) and all necessary licenses,
                                         approvals, or authorizations have been obtained;

		e.	You have
                                         not acquired the receivable from a third party; 

		f.	You have issued the relevant invoices
                                         within 30 days of the date of Supply; 

		g.	The Suppwas made on credit terms no longer
                                         than the Maximum Terms of Payment; 

		h.	You own the receivable and have not irrevocably
                                         transferred it to anyone else;

		i.	The goods or services Supplied comply
                                         with the description of trade specified in the Special Terms; or

		j.	The Buyer is domiciled in a country listed
                                         in the Special Terms.

 

4. Uninsured receivable

 

4.1 Unless otherwise endorsed
to the Policy, a receivable resulting from goods or services Supplied is not insured in the following circumstances:

 

a. If
it arises from or relates to:

		i.	Contractualor legal damages or penalties;

		ii.	Exchange rate fluctuations, currency
                                         devaluations, interest on late payment, or banking or financial charges; or

		iii	A leasing, rental, license or royalty
                                         agreement.

 

		b.	If the goods or services to which the
                                         receivable relates were Supplied:

		i.	Under a consigrnment stock agreement;

		ii.	To an Affiliated Buyer, 

		iii	To a private individual acting in
                                         their personal capacity; or

		iv.	After you become Insolvent, go into
                                         liquidation or are dissolved, or consolidate, merge with another company, or sell all
                                         or substantially all of your assets in one or more transactions. If any of these events
                                         occur you must immediately notify us in writing.

 

c. If the obligation to pay the
receivable:

		i.	Has been Disputed by the Buyer;

		ii.	Has been transferred from your Buyer
                                         to a third party;

 

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		iii.	Has
                                         been fulfilled on or before the date of Supply
                                         by payment in cleared funds, including but not limited
                                         to cash, credit card or similar payment methods; or

		iv.	Is
                                         to be fulfilled by a confirmed or unconfirmed irrevocable documentary letter of credit.

 

4.2
Unless otherwise endorsed to the Policy, a receivable resulting from goods or services Supplied is not insured if non-payment
of the receivable results directly or indirectly from:

 

		a.	Any
                                         acts, errors, omissions, or failure by you or anyone acting on your behalf to fulfill
                                         any of the material terms and conditions of Supply;

 

		b.	The
                                         Buyer’s failure to accept your Supply
                                         of goods or services whether Disputed or
                                         not;

 

		c.	The
                                         termination of a distribution, franchise or similar agreement by you or a company in
                                         your group;

 

		d.	Any
                                         event arising out of nuclear reaction, nuclear radiation or radioactive contamination;

 

		e.	Any
                                         armed conflict, war, terrorism, riot, civil disorder or any other form of violent disturbance;

 

		f.	Any
                                         legislation, order, decree or regulation issued by any government or any international
                                         organization recognized under international law (including if you are prevented from
                                         Supplying goods or services); or

 

		g.	Currency
                                         shortages, or difficulties or disruption in transferring currency.

 

B.
Managing your Policy

 

		5.	Your
                                         credit management and reporting obligations

 

		5.1	Exercising
                                         care and preserving rights

 

For
your insured receivables to be covered under your Policy:

 

		a.	You
                                         must exercise reasonable care and prudence as if you were not insured, and

 

		b.	You
                                         must take all practicable measures (including those reasonably requested by us) to prevent
                                         or reduce any loss and to maximize Recoveries, including
                                         but not limited to:

 

		i.	Protecting
                                         and not waiving any rights against your Buyers and any third parties including enforcing
                                         any guarantee or security and filing your receivable against the Insolvent Buyer within
                                         the legal time frame;

		ii.	Making
                                         all reasonable efforts to enforce any rights under a provision, when incorporated in
                                         your sales contract with your Buyer, under which
                                         you retain title to the goods Supplied; and

		iii.	Taking
                                         all appropriate collection action, and instructing the Collection Service Provider to
                                         start the collection process by filing a Claim and Collection
                                         form at any time before the end of the relevant Claim
                                         Filing Period after which any action by you must be taken in line with our instructions.

 

		5.2	Reporting
                                         a State of Default

 

Each
month you need to report to us on our online information system or in writing any Buyer in
a State of Default. The State of Default report is due
no later than 15 days after the end of the calendar month in which the State of Default occurs.
Failure to provide us with a complete and accurate State of Default report within
the timeframe required will result in coverage being automatically terminated on all goods and services Supplied
to the Buyer after the due date of the first State of
Default report to have included the Buyer.

 

		a.	You
                                         will not need to report this if:

		i.	The
                                         receivables causing the State
                                         of Default are paid within the above period; or

		ii.	You
                                         have already filed a Claim
                                         and Collection form.

 

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		b.	Where
                                         the State of Default is due to a receivable remaining
                                         overdue beyond the Maximum Extension Period and
                                         the total amount overdue beyond the Maximum Extension Period
                                         is within the applicable reporting threshold specified in the Special
                                         Terms you do not need to report it. If your Buyer
                                         then subsequently becomes Insolvent you will
                                         need to report it.

 

		5.3	Postponing
                                         the Due Date

 

You
may postpone the Due Date of your insured receivable without our prior written agreement
unless:

 

		a.	The
                                         period by which the Due Date is to be postponed
                                         exceeds the Maximum Extension Period; or

 

		b.	Your
                                         Buyer is in a State
                                         of Default.

 

		6.	Your
                                         Insured Sales, calculation and payment of premium

 

		6.1	Your
                                         Insured Sales

 

Your
sales volume is the amount used to calculate the premium. It is the total invoice value of all goods and services Supplied by
you to covered Buyers during the Policy Period.

 

		a.	To
                                         calculate your Insured Sales, you may deduct from your total sales volume the value of:

		i.	Receivables
                                         which are entirely excluded from cover by section 4.1 of your Policy;

		ii.	Supplies
                                         to a Buyer which are not insured because we have issued a nil Permitted Limit or Supplies
                                         made after we have withdrawn a Permitted Limit; and

		iii.	VAT
                                         (or similar sales taxes).

   

		b.	You
                                         may not deduct the value of:

 

		i.	Credit
                                         notes you have issued, or rebates you have granted (including retrospective volume rebates,
                                         loyalty rebates and early settlement rebates), or

		ii.	Receivables
                                         where you are not entitled to a Claim Payment because of your failure to comply with
                                         the terms and conditions of your Policy.

 

		6.2	Declaration
                                         and calculation of premium

 

For
your insured receivables to remain covered under your Policy, you need to declare your total sales volume on our online information
system or in writing within the timeframe specified in the Special Terms. For each Declaration Period, your sales should be broken
down between Insured Sales and uninsured sales and your Insured Sales should be broken down Annually between Domestic and Export
sales, where applicable.

 

By
multiplying your Insured Sales by the applicable Premium Rate(s) specified in the Special Terms, we will calculate and invoice
the premium you will need to pay us (and insurance taxes as required by applicable legislation) in line with the terms of payment
specified in the Special Terms.

 

		6.3	Minimum
                                         premium

 

A
minimum premium as specified in the Special Terms is due for each Policy Period. Insurance taxes on minimum premium will be calculated
using the average tax rate on the premium invoiced for the relevant Policy Period.

 

If
we terminate your Policy, the minimum premium for the Policy Period then in force will become immediately due, calculated pro
rata to the time that the Policy was on risk If you terminate the Policy, no pro rata will apply.

 

		6.4	Failure
                                         to declare your sales or to pay premium

 

		a.	In
                                         the event that:

 

		i.	You
                                         do not pay your premium or minimum premium in full when due;

		ii.	You
                                         do not send us your sales declaration on time and in line with section 6.2; or

		iii.	You
                                         do not send us within 30 days of us asking you to do so any document or information we
                                         may reasonably request to assess your sales declaration:

 

			we
                                         will send you a Notice asking you to remedy all applicable failures.

 

		b.	If
                                         you do not remedy such failures, we may send you a Notice terminating the Policy. We
                                         will then have no liability for insured receivables relating to goods or services Supplied
                                         after the date that we send this termination Notice. You will remain liable to pay us
                                         the minimum premium due under the Policy as if it had not been terminated.

 

7.
Your Permitted limits

 

		7.1	Setting
                                         your Permitted Limits

 

		a.	For
                                         the Policy to cover your insured receivables due from a Buyer, you need to request and
                                         obtain from us or the Risk Service Provider a Permitted Limit on that Buyer using our
                                         online information system or in writing.

 

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		b.	We
                                         may issue a temporary Permitted Limit. The valid Permitted Limit for the period of time
                                         specified in our temporary Permitted Limit will be the sum of the temporary Permitted
                                         Limit and any pre-existnig Permitted Limit for that Buyer.

 

		c.	If
                                         we have issued a Permitted Limit containing specific conditions, to be entitled to any
                                         Claim Payment for the Buyer concerned you must have met all those conditions in full.

 

		d.	If
                                         you grant credit on payment terms more favorable to your Buyer than the Maximum Terms
                                         of Payment specified in the Special Terms, for your receivables to be covered under the
                                         Policy, this needs be agreed by us on our Permitted Limit.

 

		e.	You
                                         are responsible for ensuring that the Buyer named in our Permitted Limit is the same
                                         legal entity to which you invoice the goods or services Supplied.

 

		7.2	Start
                                         and continuation of Permitted Limits

 

		a.	Unless
                                         stated otherwise in our Endorsement, Permitted Limits and Permitted Limit increases take
                                         effect on the first day of the month of the date of the request but in no event shall
                                         they be effective prior to the start date of the Policy.

 

		b.	Regardless
                                         of the Policy Period, and unless we have issued a temporary Permitted Limit, no more
                                         than one Permitted Limit may be in effect for a Buyer at any time and successive Permitted
                                         Limits on a Buyer are not cumulative.

 

		7.3	Amendments
                                         to your Permitted Limits and country cover

 

		a.	You
                                         may apply for an increase, a decrease or a cancellation of a Permitted Limit. Any cancellation
                                         or decrease will take effect for goods or services Supplied on and after the date of
                                         your request.

 

		b.	We
                                         may at any time withdraw, reduce or modify a Permitted Limit by issuing a Permitted Limit
                                         Endorsement. Any such withdrawal, reduction or modification will take effect for goods
                                         or services Supplied on and after the date of our Endorsement.

 

This
effective date will be delayed by 30 days provided that:

 

		i.	Your
                                         Buyer is not in a State of Default;

		ii.	The
                                         Policy has not terminated; and

		iii	This
                                         period does not exceed the expiration date where it is a temporary Permitted Limit, in
                                         which case the expiration date will prevail.

 

If
the Buyer enters into a State of Default or the Policy is terminated after the date we issue our Permitted Limit, the withdrawal,
reduction or modification will become immediately effective.

 

		c.	Your
                                         cover for goods or services Supplied after the effective date of the reduction will be
                                         the amount of the reduced Permitted Limit less any amounts outstanding from the Buyer.

 

		d.	Your
                                         cover for goods or services Supplied after the expiration of a temporary Permitted Limit
                                         will be the amount of the pre-existing Permitted Limit issued by us less any amounts
                                         outstanding from the Buyer.

 

		e.	We
                                         may at any time in writing modify your cover on a specific country for all Buyers domiciled
                                         in that country. Such modification will take effect 5 days after the date of the Endorsement.

 

		f.	If
                                         we withdraw a Permitted Limit or if we believe there is some other reason, we may require
                                         you to immediately file a Claim and Collection form. In the event we exercise this right
                                         under the Policy, you will not be responsible for any collection fees on amounts collected.
                                         Failure to comply with our request will result in no Claim Payment being due to you for
                                         said Buyer.

 

		7.4	Amendment
of cover when your Buyer enters and exits a State of Default

 

		a.	Cover
                                         is automatically withdrawn for receivables relating to goods or services Supplied at
                                         any time after the date on which a Buyer meets the criteria defined in a, c, d, or e
                                         of the State of Default definition.

 

		b.	Where
                                         we have not cancelled, withdrawn, reduced, or modified the Permitted Limit for the Buyer
                                         and no event of loss has occurred, cover on that Buyer will be reinstated retroactively
                                         when the State of Default has been resolved.

 

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		C.	Claims
                                         and Debt Collection

 

		8.	Making
                                         a claim under your Policy
                                         by filing a Claim and Collection form

 

		8.1	To
                                         make a claim for unpaid insured receivables, you need to file a Claim and Collection
                                         form including all receivables owed to you by the relevant Buyer, whether insured or
                                         not or Disputed. You will give us, at our request, additional supporting
                                         documents when necessary to evidence your claim against your Buyer.

 

		8.2	You
                                         must file your Claim and Collection form before the expiration of the earliest applicable
                                         Claim Filing Period:

 

		a.	Where
                                         your Buyer is Insolvent, whether or not your invoices are overdue, the Claim Filing Period
                                         expires 10 days after you learn of the Insolvency, or 90 days after the date of Insolvency,
                                         whichever is earlier.

 

		b.	For
                                         Protracted Default, the Claim Filing Period expires 90 days after the end of the Maximum
                                         Extension Period, or 180 days after the date of Supply, whichever is later.

 

		c.	If
                                         your Buyer becomes Insolvent during the Claim Filing Period for Protracted Default, you
                                         need to file your Claim and Collection form within the Claim Filing Period for Protracted
                                         Default or Insolvency, whichever is earlier.

 

		9.	Collection
                                         Authorization

 

When
you file a Claim and Collection form with us against a Buyer, you authorize us, a Euler Hermes Group affiliate, or other third
party appointed by us, to collect the receivables and to exercise all rights relating to the receivables, whether they are partly
or fully insured, in line with the Debt Collection Services Endorsement. You must comply with the terms and conditions of the
Debt Collection Services Endorsement and follow any instructions we may give you regarding collection action.

 

		10.	Recoveries

 

All
Recoveries received from your Buyer or any third party will be shared between you and us as specified in this section and we will
apply this allocation even if your Buyer or any third party suggests the Recoveries should be allocated differently. Any part
of a Recovery which relates to VAT (or similar sales taxes) will be allocated to the VAT
(or similar sales taxes) element of the outstanding receivables.

 

		10.1	Recoveries
                                         before settlement of your Claim Payment

 

		a.	You
                                         need to inform us as soon as possible of any Recovery received by you or on your behalf
                                         by any third party.

 

		b.	Before
                                         the date we receive your Claim and Collection form, we will allocate all sums recovered
                                         to invoices owed by the Buyer in chronological order until all covered invoices have
                                         been paid in full.

 

		c.	After
                                         the date we receive your Claim and Collection form but before settlement of your Claim
                                         Payment we will share all sums we or you collect between you and us pro rata based on
                                         the ratio between the Insured Debt and the total indebtedness of the Buyer at the date
                                         we receive your Claim and Collection form. Your share of Recoveries will be allocated
                                         to the total outstanding receivables due from the Buyer which exceeds the Insured Debt,
                                         until this amount has been recovered in full. Our share will be used to reduce the Insured
                                         Debt.

 

		10.2	Recoveries
                                         after settlement of your Claim Payment

 

		a.	In
                                         order for you to remain entitled to the Claim Payment received, you must inform us immediately
                                         of any Recovery received by you or any third party on your behalf and remit to us our
                                         share within 30 days of receipt of our payment request.

 

		b.	We
                                         will allocate all sums recovered between you and us pro-rata based on our respective
                                         interests in the total undisputed amount filed with us until we are fully reimbursed
                                         for the total Claim Payment and all related costs incurred by us. We will also share
                                         in all related costs as determined by us associated with the collection of the debt on
                                         a pro-rata basis. In determining our respective pro-rata interests, amounts retained
                                         by you through any each and every first loss amount and/or unirnsured percentage shall
                                         be included in the calculation, but amounts retained by you through the aggregate first
                                         loss shall be excluded from the calculation.

 

		11.	Claim
                                         Payment

 

We
will calculate your Claim Payment in accordance with the steps set out below.

 

		11.1	Calculation
                                         of your Insured debt

 

		a.	We
                                         will take the total amount of the receivables filed in the Claim and Collection form,
                                         from which we will deduct where applicable any Recoveries received before the date on
                                         which we received your Claim and Collection Form, in line with section 10.1.

 

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		b.	We
                                         will then deduct from the above calculation:

 

		i.	Receivables
                                         not covered under your Policy, 

		ii.	Disputed
                                         receivables,

		iii.	The
                                         value of any enforceable guarantees or other security which you have not enforced, and

		iv.	The
                                         value of any rights of retention of title, when incorporated in your sales contract with
                                         your Buyer, which you have not made all reasonable efforts to enforce.

 

		c.	We
                                         will then deduct the value of any applicable VAT (or similar sales taxes) from the amount
                                         calculated above.

 

		d.	The
                                         resulting amount will be your Insured Debt unless it exceeds the applicable Permitted
                                         Limit, in which case, your Insured Debt will be the amount of the Permitted Limit.

 

11.2
Calculation of your Insured Loss

 

We
will deduct from your Insured Debt the amount of our share of any Recoveries which are allocated to your Insured Debt in line
with section 10.1. The resulting amount will be your Insured Loss.

 

11.3
Calculation of your Claim Payment

 

		a.	We
                                         will then calculate your Claim Payment by multiplying your Insured Loss by the insured
                                         percentage specified in the Special Terms, or any lower insured percentage specified
                                         in the applicable Permitted Limit Endorsement.

 

		b.	Such
                                         Claim Payment will be subject to the applicable Maximum Liability set out in section
                                         12.

 

11.4
Making your Claim Payment

 

		a.	We
                                         will make your Claim Payment

		i.	If
                                         your Buyer is Insolvent, within 30 days from the date we receive your completed Claim
                                         and Collection form and any additional documents or information we may request. Information
                                         required by us to make a Claim Payment will include confirmation that the debt has been
                                         scheduled or allowed pursuant to a court order in an Insolvency, bankruptcy, or relief
                                         of debt proceedings, or

		ii.	If
                                         a Protracted Default has occurred, within 60 days from the expiration of the relevant
                                         Waiting Period and our receipt of any additional documents or information we may request.

 

		b.	If
                                         any part of your receivable was Disputed, we will recalculate your Claim Payment in line
                                         with section 11 when it is no longer Disputed. This will happen upon our receipt of evidence
                                         that the Buyer’s liability has been established by agreement in writing or by
                                         a final binding court judgment or arbitration award. We will make any additional Claim
                                         Payment due to you within 30 days from the date you provide us with such evidence. Final
                                         binding court judgment must be obtained in a jurisdiction in which the Buyer has a majority
                                         of its assets.

		c.	If
                                         you receive a Claim Payment from us to which you are not entitled under the Policy, you
                                         will repay it to us within 30 days of our written Notice or of you becoming aware that
                                         you are not entitled to it.

 

12.
Maximum Liability

 

		12.1	We
                                         will have no further liability to you for a Policy Period when the total amount of Claim
                                         Payments made for receivables relating to goods or services Supplied during that Policy
                                         Period first reaches the Maximum Liability specified in the Special Terms, even if the
                                         total value of your Permitted Limits exceeds the Maximum Liability. If our liability
                                         ceases because of the Maximum Liability being reached your obligations under the Policy
                                         are not affected.

 

If
we terminate the Policy early in line with its terms, we will recalculate the Maximum Liability pro rata for the period when the
Policy was on risk.

 

		12.2	If
                                         the Maximum Liability is specified in the Special Terms as a multiplier, we will calculate
                                         the amount applicable for a Policy Period by applying at any time the multiplier specified
                                         in the Special Terms to the greater of your premium paid or the minimum premium, excluding
                                         insurance taxes.

 

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If
we terminate the Policy early in line with its terms, we will recalculate the Maximum Liability
based on the premium paid or the minimum premium pro-rated to the time the Policy was on
risk, which ever is greater.

 

13.
Subrogation

 

		13.1	As
                                         soon as we make a Claim Payment, we become entitled to enforce all of your rights, claims,
                                         guarantees, security, collateral, causes of action and defenses against a Buyer (or other
                                         third parties) relating to all receivables included in the applicable Claim and Collection
                                         form (our Subrogation Rights). For each Claim Payment made, our Subrogation Rights will
                                         end once the Claim Payment amount has been fully repaid to us.

 

		13.2	In
                                         order to receive a Claim Payment, you must assign to us all of your rights, claims, guarantees,
                                         security, collateral, causes of action and defenses against a Buyer or other third parties
                                         relating to all receivables filed in the Claim and Collection Form.

 

14.
Shared risk

 

		14.1	Unless
                                         otherwise endorsed to the Policy, you will remain solely responsible for any part of
                                         the insured receivables owed to you by a Buyer which does not qualify for a Claim Payment.
                                         You must not assign it wholly or in part to any third party (including but not limited
                                         to any financial institution), or insure it with any other insurer. If you fail to comply
                                         with the above, we will not be liable for any Claim Payment relating to these insured
                                         receivables even if you have not made a claim or received a claim payment under that
                                         policy or facility.

 

		14.2	In
                                         addition, we will not be liable for your Claim Payment if the applicable insured receivables
                                         are insured or covered under any other insurance policy or facility even if you have
                                         not made a claim under that policy or facility.

 

15.
Assignment of your Policy or of your Claim Payment

 

You
may not assign the Policy to any third party. However, when endorsed to the Policy, you may assign to a third party the right
to receive any Claim Payment.

 

		D.	General
                                         conditions

 

16.
Your Application

 

		16.1	You
                                         and we agree that your Application and any related supporting information provided by
                                         you or on your behalf form the basis of and are part of the Policy.

 

		16.2	For
                                         your insured receivables to be and remain covered under the Policy, you warrant that
                                         the information in the above documents was complete, true and accurate when we issued
                                         the Policy and that you will immediately notify us of any material change to the information
                                         supplied or any other material facts that may affect the risks insured under the Policy.
                                         This does not limit your legal obligation to act with utmost good faith at all times.

 

17.
Inspection of documents

 

		17.1	At
                                         our request you will allow us or any of our representatives to inspect and take copies
                                         of any information, documents or records in your possession relating to your insured
                                         receivables and the Policy. You will take all necessary steps to obtain and produce the
                                         information, documents or records in the possession of third parties.

 

		17.2	Our
                                         right of inspection continues after termination of your Policy for all obligations arising
                                         under the Policy while it was in force.

 

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		18.	Notices,
                                                                                                                                                                                       amendments and waiver

 

		18.1	If
required by law or regulation, we may amend the Policy terms and conditions by sending you advance Notice. These amendments will
automatically take effect when you receive our notice.

 

		18.2	We
do not waive any material breach by you of any term or condition of the Policy unless we have specifically agreed to do so in
writing.

 

		19.	Policy
currency

 

		19.1	We
                                                                                                                                                                                                          will cover receivables invoiced in any currency. However Permitted Limits, declared sales, premium, Recoveries, Insured
                                                                                                                                                                                                          Debt, Insured Loss, and Claim Payments will be in$USD.

 

		19.2	When
making your sales declaration,you must convert each invoice to the Policy currency using the exchange rate published in The Wall
Street Journal for the last working day of the month in which the invoice was raised.

 

		19.3	We
will use the same exchange rate when calculating the amount of your Insured Debt and any related Claim Payment. The value of any
Recoveries will be converted into the Policy currency using the exchange rate published in The Wall Street Journal for the date
the Recoveries arise or are received.

 

		20.	Setoff

 

		20.1	We
alone may use any premium or other amounts you owe us or any Euler Hermes affiliate to set off any amounts that are due to you
under the Policy, regardless of the Insurance Contract Period.

 

		20.2	You
may not use any Claim Payment due to you as a reason to refuse or defer payment of premium or other amounts you owe us.

 

		21.	Applicable
taxes, duties and other charges

 

		21.1	You
alone will be responsible for paying all current and future taxes,duties and bank receipt and transfer charges arising under or
in connection with the Policy.

 

		21.2	We
will determine your liability to pay taxes and duties on the basis of the information you give us.

 

		22.	Policy
duration

 

		22.1	Start,
                                                                                                                                                                                                          continuation and termination of cover

 

		a.	Cover
                                         under your Policy begins for insured receivables relating to goods or services Supplied
                                         and invoiced on and after the Policy start date specified in the Special Terms,when you
                                         have paid your first premium installment when due.

 

b.
Unless the Policy is terminated earlier in line with its terms,cover continues under the Policy from its start date for goods
or services Supplied during:

 

		i.	The
                                         initial Insurance Contract Period,and

 

		ii.	Subsequent
                                         Insurance Contract Periods unless you or we give 60 days’ written Notice of termination
                                         to take effect at the end of the relevant Insurance Contract Period.

 

		c.	If
                                         the Policy continues for a further Insurance Contract Period,we will provide you with
                                         written confirmation of its terms (a renewal Policy).

 

		22.2	Specific
events of termination

 

Upon
Notice, we may terminate your Policy with immediate effect in line with the law applicable to your Policy.

 

		23.	Language,
applicable law and jurisdiction

 

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                                                                    and Conditions
	 

 

		23.1	language

 

If
the Policy has been provided to you in different languages, the binding version will be English.

 

		23.2	Applicable
law and jurisdiction

 

The
Policy will be interpreted and governed in all respects by the laws and statutes of the state or Canadian province or territory
named on the Special Terms as your address. Any provision of this Policy which is in conflict with these laws or statutes is amended
in the minimum amount required to conform to the requirements of these laws or statutes.

 

		24.	Policy
Authentication

 

These
General Terms and Conditions, your Application, any Endorsements, and the Special Terms issued to you shall comprise the
Policy of insurance issued to you and these integrate the entire understanding of the parties as to the subject matter. This
Policy shall be considered to have been issued and accepted upon mutually agreed terms and conditions once you pay the
initial premium and no coverage shall be in effect prior to such payment. The Policy shall be binding on us only if this
Policy form and Endorsements bear the signatures of the President and Secretary of the company. No sales agent, broker
or other person is authorized to change or waive any of the provisions of the Policy nor is any notice to any sales agent
or broker deemed notice to the company. Any change to the Policy or waiver of any provision must be in writing bearing
the signatures of the President and Secretary to be effective. Further, you may not rely on any representations or promises
that are not expressly contained in the Policy in accepting the Policy.

 

For
your insured receivables to be and remain covered under the Policy, you represent and warrant that all information that
you provide to us is true, accurate and complete, whether in the Application, in any claim or in support of any claim
or otherwise, and that you will immediately notify us of any material change to information provided or any other material
facts that may affect the risks. insured under the Policy. This does not limit your obligation to act with utmost good faith
at: all times.

 

If
there are any material misrepresentations or omissions in any statements or information provided by you or on your behalf to
us, whether in the Application, any claim or in any materials in support of these, we may rescind the Policy from inception
upon 15 days written notice and you will forfeit any premium paid, to the full extent permitted by law.

 

E.
Definitions under your Policy

 

“Affiliated
Buyer” means a Buyer:

 

		a.	Over
                                         which you or any company in your group has direct or indirect control through participation
                                         in its management, administration or capital, or

 

		b.	Which
                                         has similar control over you or a company in your group, or

 

		c.	Is
                                         part of the same group as you.

 

“Buyer’
means a legal entity, and its branch offices, trade styles or divisions, to which you have Supplied the goods or services
and which is responsible for the payment of the related invoice and which is domiciled in any of the countries specified in
the Special Terms.

 

“Claim
and Collection form” means our form, completed using our online information system or in writing, by which you notify a
claim to us and authorize us, a Euler Hermes Group affiliate, or other third party appointed by us to collect the debt.
The Claim and Collection form specifies the supporting documents which you need to provide to us on filing.

 

“Claim
filing Period” means the period during which you must submit a Claim and Collection form in line with section
8.

 

“Claim
Payment” means an amount payable to you under the Policy to compensate you for the credit losses you have sustained from
unpaid insured receivables.

 

“Declaration
Period’’ means the period specified in the Special Terms for which your sales need to be declared to calculate your
premium.

 

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“Dispute”/“Disputed”
means any unresolved disagreement between you and a Buyer that results in the Buyer refusing to pay you all or part of any
receivables. In addition, a receivable that is subject to the assertion of an offset or counterclaim is also a Disputed
Invoice. A Dispute ends when the Buyer’s liability is established by agreement in writing or by a final binding court
judgment or arbitration award. Final binding court judgment must be obtained in a jurisdiction in which the Buyer has a
majority of its assets.

 

“Due
Date” means the original date when a Buyer must pay a receivable under the terms
of your invoice.

 

“lnsolvency”/“lnsolvent”
as used in this Policy for a Buyer or an Insured (an entity), occurs on the earliest date for any one of the following
events:

 

		a.	For
                                         entities located in the United States or Canada:

		i.	A
                                         voluntary or involuntary petition for relief under Title 11 (including Chapters 7, 11, and
                                         13) of the United States

		ii.	A
                                         receiver is appointed for all or part of the property of an entity;

		iii.	An
                                         entity, or a third party on behalf of an entity, makes a general offer of compromise,
                                         in writing, to all of its creditors for less than its indebtedness

		iv.	Possession
                                         is taken of an entity’s assets under an Assignment or Deed of Trust executed by
                                         the entity for the benefit of its creditors;

		v.	A
                                         creditors’ committee is formed for the sole purpose of liquidation;

		vi.	Possession
                                         is taken of an entity’s business assets under a chattel mortgage;

		vii.	An
                                                                                                                                                                                                                                                                                                                                                                                         entity’s                                          assets are sold under a writ of execution or attachment, or a writ
                                                                                                                                                                                                                                                                                                                                                                                         of
                                                                                                                                                                                                                                                                                                                                                                                         execution is returned                                          unsatisfied;

		viii.	An
                                         entity files an Assignment and/or makes a Proposal to creditors, under the Canadian Bankruptcy
                                         and Insolvency Act;

		ix.	A
                                         voluntary or involuntary petition for relief under the Companies Creditors Arrangement
                                         Act in Canada is filed by or against an entity;

		x.	A
                                         Receiving Order is made against an entity under the Canadian Bankruptcy and Insolvency
                                         Act; or

		xi.	An
                                         entity’s assets are sold under the Canadian Bank Act;or a judgment ordering liquidation, or
                                         repossession of an entity’s assets due to a trust deed, commercial pledge, or moveable
                                         hypothecate under the laws of each province or territory in Canada.

 

		b.	For
                                         entities located in countries other than the United States or Canada, Insolvency I
                                         Insolvent occurs on the date the entity is declared bankrupt, or its liquidation
                                         has been ordered by a judiciary court, or the entity becomes the subject of a final judicial
                                         ruling declaring the entity Insolvent/bankrupt under any laws relating to bankruptcy
                                         or relief of debt in its country.

 

“Insurance
Contract Period” means the initial duration of the Policy and any subsequent periods of a duration specified in the
Special Terms for which the Policy continues as set out in section 22.1.b. An Insurance Contract Period may comprise one or
several Policy Periods.

 

“Insured
Sales” means the value of goods or services Supplied by you and insured under the Policy calculated in line with section
6.1.

 

“Maximum
Extension Period” means the maximum period specified in the Special Terms by which you can extend the Due Date and work
with your Buyer to collect payment of an insured receivable. The Maximum Extension Period starts on the day after the
Due Date.

 

“Maximum
Terms of Payment’’ means the maximum period specified in the Special Terms for the Buyer to pay a
receivable.

 

“Non-Qualifying
Loss Amount” means the minimum amount, if stated on the Special Tenns, below which losses do not qualify for indemnification
and are to be retained by you for your own account.

 

“Notice”
means the following agreed methods of communication:

 

Telephone, facsimile, or e-mail.

 

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“Permmed
Limit’’ means the maximum amount of credit and the specific conditions for which a Buyer is covered either as
specified in the Permitted Limit Endorsement issued by us (or the Risk Service Provider named in the Risk Information
Services Endorsement) or qualified per the Discretionary Limit Endorsement, if added to the Policy. The Permitted Limit may
also be referred to as an Approved Limit in our communications with you.

 

“Policy”
means this Credit Insurance agreement including these General Terms and Conditions, your Application, the Special Terms, and
any Endorsements issued under or in connection with the Policy, including our Permitted Limit Endorsements.

 

“Policy
Period’’ means any period specified in the Special Tenns included in an Insurance Contract Period.

 

“Protracted
Default’’ means the non-payment at the end of the Waiting Period of all or part of an insured receivable by a
Buyer that is not Insolvent.

 

“Recovery’’/
“Recoveries’’means any:

 

		a.	Money
                                         received from the Buyer, or any third party on behalf of the Buyer, including dividends
                                         received out of the Buyer’s Insolvent estate;

 

		b.	Indemnities,
                                                                                                                                                                                                                                                                                                                                                                                  guarantees                                          or other security obtained and realized;

 

		c.	Goods
                                         recovered and sold;

 

		d.	Counter
                                         claims or set-off applied or available;and/or

 

		e.	Other
                                         advantages or rights of actions available against the Buyer or any thrid party.

 

“Special
Terms” means the part of the Policy named the Special Terms.

 

“State
of Default’’ means the situation of a Buyer immediately after:

 

a.
The Buyer has become Insolvent,

 

		b.	A
                                         receivable due to you is outstanding beyond the expiration of the Maximum Extension Period
                                         (excluding Disputed receivables) or the postponed Due Date agreed by us, whichever is
                                         later;

 

		c.	The
                                         Buyer’s payment order or request has been rejected by its bank;

 

		d.	You
                                         commence legal proceedings against the Buyer; or

 

		e.	You
                                         become aware of any event or information that indicates that your receivable may not
                                         or will not be paid by your Buyer.

 

“Supply”/“Supplied’’ means (and a“Supply” will be interpreted accordingly):

 

		a.	The
                                         goods have been passed to the first independent carrier for transport to the place where
                                         the Buyer is obliged to accept them;

 

		b.	If
                                         there is no independent carrier, the, goods have been deposited into the possession of
                                         the Buyer or a third party agent who agrees to hold the goods to the order of the Buyer;
                                         or

 

		c.	The
                                         services have been completed as contracted.

 

“Waiting
Period” means the relevant period specified in the Special Terms which starts on the date on which you file a completed
Claim and Collection form.

 

    	 	Page 29/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

     

    

 

	EH Corporate Advantage Policy

                                                                    General Terms
                                                                    and Conditions
	 

 

IN
WITNESS WHEREOF, Euler Hermes North America Insurance Company has caused this Policy to be signed by the signature or
facsimile signature of its authorized Officers at Owings Mills, Maryland.

 

AUTHENTICATED:

  

	/s/
    James Daly	 	/s/
    Karl Coutet
	James
    Daly	 	Karl
    Coutet
	President
    & CEO	 	Senior
    Vice President & Secretary

 

    	 	Page 30/30	EULER HERMES NORTH AMERICA INSURANCE COMPANY

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