Document:

EX-10.18

 Exhibit 10.18 

DIRECTOR SECURITIES PURCHASE AGREEMENT 

THIS DIRECTOR SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made as of February 6, 2015 by and between Fogo de
Chão, Inc., a Delaware corporation (the “Company”), and the individual listed on the signature page attached hereto under the heading “Purchaser” (“Purchaser”). 

WHEREAS, on the terms and subject to the conditions set forth herein, Purchaser desires to subscribe for and purchase, and the Company desires
to sell to Purchaser, that number of shares of common stock, par value $0.01 per share, of the Company (the “Shares”) set forth on Purchaser’s signature page attached hereto below the name of Purchaser for the purchase price
set forth on Purchaser’s signature page attached hereto below the name of Purchaser (the purchase price to be paid by Purchaser herein referred to as the “Purchase Price”). 

NOW, THEREFORE, in order to implement the foregoing and in consideration of the mutual representations, warranties, covenants and agreements
contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

SECTION 1. Issuance of Shares. 

(a) At the Closing, Purchaser agrees to purchase, and the Company agrees to issue, the Shares in the amount listed on Purchaser’s
signature page attached hereto at the Purchase Price. “Closing” means February 9, 2015. 
 (b) At the Closing,
Purchaser shall deliver the Purchase Price to the Company (or as directed by the Company) in immediately available funds by wire transfer to an account designated by the Company. 

SECTION 2. Representations and Warranties of the Purchasers. As a material inducement to the Company to enter into this
Agreement, Purchaser represents and warrants to the Company as of the date hereof and as of the date of the Closing, that: 
 (a) Purchaser
has full right, capacity and power to execute and deliver this Agreement and all other agreements and instruments contemplated hereby to which Purchaser is a party, and to perform his or her obligations hereunder and thereunder. This Agreement and
all other agreements and instruments contemplated hereby to which Purchaser is or will become a party have been (or, when executed, will be) duly executed and delivered by or on behalf of Purchaser and, assuming due execution by other parties,
constitute legal, valid and binding agreements, enforceable against Purchaser in accordance with their terms. Purchaser (i) is not a resident of a state that grants a spouse community property rights, (ii) does not have a spouse to whom
community property rights would be available or (iii) has a spouse who has executed a consent in the form attached as Exhibit A hereto. 

 (b) The execution, delivery and performance of this Agreement and all other agreements and
instruments contemplated hereby to which Purchaser is a party and the fulfillment of and compliance with the respective terms hereof and thereof by Purchaser, do not and will not (i) violate any requirements of any material obligation of
Purchaser, or (ii) result in or constitute (with or without the giving of notice, lapse of time or both) any default or event of default under any such material obligation of Purchaser, or give rise to a right of termination of, or accelerate
the performance required by, any terms of any such material obligation or (iii) violate any statute, law ordinance, rule, regulation or order of any court or governmental authority or any judgment, order or decree (U.S. federal, state or local
or foreign) applicable to Purchaser. 
 (c) The Shares to be received by him or her will be acquired by him or her for investment only for
his or her own account, not as a nominee or agent, and not with a view to the sale or distribution of any part thereof in violation of applicable U.S. federal or state or foreign securities laws. Purchaser has no current intention of selling,
granting participation in or otherwise distributing the Shares in violation of applicable U.S. federal or state or foreign securities laws. Purchaser does not have any contract, undertaking, agreement or arrangement with any person or entity to
sell, transfer or grant participation to such person or entity, or to any third person or entity, with respect to any of the Shares, in each case, in violation of applicable U.S. federal or state or foreign securities laws. 

(d) Purchaser understands that the offer and sale of the Shares have not been registered under the Securities Act of 1933 as amended (the
“Securities Act”) or any applicable U.S. state or foreign securities laws, and that the Shares are being issued in reliance on an exemption from registration, which exemption depends upon, among other things, the bona fide nature of
the investment intent and the accuracy of Purchaser’s representations as expressed herein. 
 (e) Purchaser has such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of his or her investment. Purchaser is a sophisticated investor, has relied upon independent investigations made by Purchaser and, to the extent
believed by Purchaser to be appropriate, Purchaser’s representatives, including Purchaser’s own professional, tax and other advisors, and is making an independent decision to invest in the Shares. Purchaser has been furnished with such
documents, materials and information that Purchaser deems necessary or appropriate for evaluating an investment in the Company, and Purchaser has read carefully such documents, materials and information and understands and has evaluated the types of
risks involved with a purchase of the Shares. Purchaser has not relied upon any representations or other information (whether oral or written) from the Company or its respective stockholders, directors, officers or affiliates, or from any other
person or entity, in connection with his or her investment in the Shares. Purchaser acknowledges that the Company has not given any assurances with respect to the tax consequences of the acquisition, ownership and disposition of the Shares. 

(f) Purchaser has had, prior to his or her purchase of the Shares, the opportunity to ask questions of, and receive answers from, the Company
concerning the terms and conditions of the transactions contemplated by this Agreement and Purchaser’s investment in the Shares and to obtain additional information necessary to verify the accuracy of any information furnished to him or her or
to which he or she had access. Purchaser confirms that he or she has satisfied himself or herself with respect to any of the foregoing matters. 

  
 2 

 (g) Purchaser acknowledges that he or she has had the opportunity to seek legal advice from, and
has received legal advice from, legal counsel on this Agreement, the transactions contemplated hereby and all documents, materials and information that he or she has requested or read relating to an investment in the Shares and confirms that he or
she has satisfied himself or herself with respect to any of the foregoing matters. 
 (h) Purchaser understands that no U.S. federal or
state or foreign agency has passed upon this investment or upon the Company, or upon the accuracy, validity or completeness of any documentation provided to Purchaser in connection with the transactions contemplated by this Agreement, nor has any
such agency made any finding or determination as to this investment. 
 (i) Purchaser understands that there are substantial restrictions on
the transferability of the Shares and that on the date of the Closing and for an indefinite period thereafter there will be no public market for the Shares and, accordingly, it may not be possible for Purchaser to liquidate his or her investment in
case of emergency, if at all. In addition, Purchaser understands that the Stockholders Agreement (as defined below) contains substantial restrictions on the transferability of the Shares and provides that, in the event that the conditions relating
to the transfer of any Shares in such document have not been satisfied, the holder shall not transfer any such Shares and, unless otherwise specified, the Company will not recognize the transfer of any such Shares on its books and records or issue
any share certificates representing any such Shares. Any purported transfer not in accordance with the terms of the Stockholders Agreement shall be void. As such, Purchaser understands that: to the extent the Shares are certificated, a restrictive
legend or legends in a form to be set forth in the Stockholders Agreement will be placed on the certificates representing such Shares; a notation will be made in the appropriate records of the Company indicating that each of the Shares is subject to
restrictions on transfer and, if the Company should at some time in the future engage the services of a securities transfer agent, appropriate stop-transfer instructions will be issued to such transfer agent with respect to the Shares; and Purchaser
will sell, transfer or otherwise dispose of the Shares only in a manner consistent with its representations set forth herein and then only in accordance with the Stockholders Agreement. 

(j) Purchaser understands that (i) the Shares may not be sold, transferred or otherwise disposed of without registration under the
Securities Act or an exemption therefrom, (ii) the Shares have not been registered under the Securities Act; (iii) the Shares must be held indefinitely and he or she must continue to bear the economic risk of the investment in the Shares
unless such Share is subsequently registered under the Securities Act or an exemption from such registration is available; (iv) Purchaser is prepared to bear the economic risk of this investment for an indefinite period of time; (v) it is
not anticipated that there will be any public market for the Shares; and (vi) the Shares are characterized as “restricted securities” under the U.S. federal securities laws. 

(k) Purchaser understands that this investment is not recommended for investors who have any need for a current return on this investment or
who cannot bear the risk of 

  
 3 

 
losing their entire investment. In that regard, Purchaser understands that his or her investment in the Shares involves a high degree of risk of loss of Purchaser’s investment therein, and
that Purchaser may lose the entire amount of his or her investment. Purchaser acknowledges that: (i) he or she has adequate means of providing for his or her current needs and possible personal contingencies and has no need for liquidity in
this investment; (ii) his or her commitment to investments which are not readily marketable is not disproportionate to his or her net worth; and (iii) his or her investment in the Shares will not cause his or her overall financial
commitments to become excessive. 
 (l) At Purchaser’s election, Purchaser has completed the documentation attached as Exhibit B
hereto, and has taken or will timely take all action described therein in order to make an election under Section 83(b) of the Code with respect to the receipt of the Shares. 

SECTION 3. Representations and Warranties of the Company. The Company represents and warrants to Purchaser as of the date
hereof and as of the date of the Closing, that, upon issuance of the Shares by the Company at the Closing and payment in full by Purchaser as provided above, the Shares will be duly authorized and validly issued and will be fully paid and
non-assessable. 
 SECTION 4. Stockholders Agreement. As a condition to the issuance of the Shares by the Company
pursuant to this Agreement, Purchaser agrees to become party to and execute, at the Closing, the Stockholders Agreement of the Brasa (Parent) Inc., dated as of July 20, 2012, as may be amended from time to time (the “Stockholders
Agreement”), by executing the signature page attached as Exhibit C hereto, and the Shares will be subject to the terms of the Stockholders Agreement. For purposes of the Stockholders Agreement, Purchaser shall be deemed an Other
Stockholder (as defined in Section 1.2 of the Stockholders Agreement). 
 SECTION 5. Miscellaneous. 

(a) Binding Effect; Assignability; Benefit. This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective heirs, successors, legal representatives and permitted assigns. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any party hereto without the consent
of the other party. Nothing in this Agreement is intended to confer on any person other than the parties hereto, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities
under or by reason of this Agreement. 
 (b) Notices. Any notice or other communication provided for herein or given hereunder to a
party hereto must be in writing, and shall be deemed to have been given (i) when personally delivered or delivered by e-mail with confirmation of delivery, (ii) one (1) business day after deposit with Federal Express or similar
overnight courier service, or (iii) three (3) business days after being mailed by first class mail, return receipt requested. A notice shall be addressed, as follows: 

if to the Company, to: 
 14881
Quorum Drive 
 Suite 750 

Dallas, TX 75254 
 Attention:
General Counsel 

  
 4 

 if to any Purchaser, to the address set forth on such Purchaser’s signature page hereto.

 or to such other address or e-mail address as such party may hereafter specify for the purpose by notice to the other parties hereto. 

All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on
a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed received on the next succeeding business day in the place of receipt. 

(c) Waiver; Amendment; Termination. No provision of this Agreement may be waived except by an instrument in writing executed by the
party against whom the waiver is to be effective. No provision of this Agreement may be amended or otherwise modified except by an instrument in writing executed by the parties hereto. 

(d) Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without
giving effect to the conflict or choice of law provisions thereof that would give rise to the application of the domestic substantive law of any other jurisdiction. 

(e) Jurisdiction. In addition, each of the parties hereto (i) consents to submit itself to the personal jurisdiction of the
federal and state courts located in Wilmington, Delaware in the event any dispute arises out of this Agreement or any of the transactions contemplated by this Agreement; (ii) agrees that he, she or it will not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from such court; (iii) agrees that he, she or it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than
the federal or state courts located in Wilmington, Delaware; and (iv) to the fullest extent permitted by law, consents to service being made through the notice procedures set forth in Section 5(b). Each of the parties hereto hereby agrees
that, to the fullest extent permitted by law, service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 5(b) shall be effective service of process for any suit or proceeding in
connection with this Agreement or the transactions contemplated hereby. Each of the parties hereto waives any right to a trial by jury in any such suit or proceeding. 

(f) No Guarantee of Benefit or Gain. Purchaser acknowledges that the Company does not guarantee any benefit or a gain to Purchaser in
connection with the Shares. Purchaser acknowledges that Purchaser is duly aware of the risks involved in investing in securities of the Company. 

(g) No Right to Continued Employment or Service. Purchaser acknowledges that the opportunity to purchase the Shares and this Agreement
shall impose no obligation on the Company or any Subsidiary to continue the employment or service of Purchaser and shall not lessen or affect the right that the Company or any Subsidiary may have to terminate the employment or service of such
Purchaser. 

  
 5 

 (h) No Right to Future Benefits. Purchaser acknowledges that the opportunity to purchase
the Shares and this Agreement do not constitute an acquired right. The Company, in its sole discretion, maintains the right to make, or not to make, additional Shares available for purchase. 

(i) Not Compensation. Purchaser acknowledges that the opportunity to purchase the Shares shall not be included in or deemed to be a
part of any (i) compensation, (ii) definition of pensionable or other earnings (however defined) for the purpose of calculating any benefits payable to or on behalf of Purchaser under any pension, retirement, termination or dismissal
indemnity, severance benefit, retirement indemnity or other benefit arrangement of the Company or any Subsidiary or (iii) calculation of pay for any purpose. 

(j) Data Privacy. Purchaser hereby explicitly consents to the collection, processing, transmission and storage, in any form
whatsoever, of any data of a professional or personal nature described in this Agreement by and among, as applicable, the Company or any Subsidiary that is deemed necessary, in the discretion of the Company or any Subsidiary. The Company may share
such information with any third party in any country, including any registrar, administrative agent, broker or any other person assisting the Company with the implementation, administration and management of the Shares. Purchaser thus authorizes the
Company and any Subsidiary and any possible recipients described herein to receive, possess, use, retain and transfer the data in electronic or other form, for the sole purpose described herein. 

(k) Counterparts; Effectiveness. This Agreement may be executed in one or more counterparts, each of which when executed shall be
deemed to be an original but all of which taken together shall constitute one and the same agreement. Any facsimile or electronic copies hereof or signature hereon shall, for all purposes, be deemed originals. This Agreement shall become effective
when each party hereto shall have received counterparts hereof signed by the other party hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall
have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). 
 (l)
Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way impaired thereby. 

[signature pages follow] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. 
  

							
			Company
			
					FOGO DE CHÃO, INC.
				
					By:		 /s/ Lawrence J. Johnson

					Name:		Lawrence J. Johnson
					Title:		Chief Executive Officer

 Purchaser 

 

	
	 /s/ Douglas R. Pendergast

	Name: Douglas R. Pendergast
	
	No. of Shares: 365
	Purchase Price: 100,207.10

  

			
	Address:		XXXXXXXXXXXXXXXX
			XXXXXXXXXXXXXXXX
		
	E-mail Address:		XXXXXXXXXXXXXXXX
		
	Phone Number:		XXXXXXXXXXXXXXXX

 Exhibit A to 

Director Securities Purchase Agreement 

Form of Spousal Consent 

CONSENT OF SPOUSE 
 The
undersigned spouse of Douglas R. Pendergast, the Purchaser party to the attached Director Securities Purchase Agreement (the “Agreement”) has read and understands the terms of the Agreement and the Stockholders Agreement (as
defined in the Agreement and attached to the Agreement as Exhibit C thereto) and has had an opportunity to discuss such agreements with individuals of his or her choice. The undersigned understands that even if the securities referred to in
the Agreement are considered to be a part of the “marital property” belonging to him or her and his or her spouse, the Agreement and the Stockholders Agreement restrict the transfer or distribution of those securities and provide certain
rights to Fogo de Chão, Inc. (formerly known as Brasa (Parent) Inc.) and certain other Persons in respect of such securities. The undersigned agrees to these restrictions and waives any rights (other than to the economic value of such
securities after their disposition or repurchase) he or she might otherwise have in those shares as specifically identifiable property. 
  

	
	
	  

	(Signature)
	
	 Jennifer M. Pendergast

	(Print Name)

 Date: February 9, 2015 

 Exhibit B to 

Director Securities Purchase Agreement 

Form of Section 83(b) Election Materials 

Form of Section 83(b) Election Instructions 

Fogo de Chão, Inc., formerly known as Brasa (Parent) Inc. 

To make an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”) in connection with
your receipt, for tax purposes, of Shares of Fogo de Chão, Inc., formerly known as Brasa (Parent) Inc. (the “Company”), you should complete and sign three copies of the enclosed Section 83(b) Election form and mail as
indicated no later than [30 days] after the Closing. 
  

	1.	You should mail one copy of the Section 83(b) Election to the Internal Revenue Service (see attached chart for appropriate Internal Revenue Service Center), by certified mail (return receipt requested), using the
attached letter to the Internal Revenue Service, which you must date and sign (also fill in your social security number). 

  

	2.	You should deliver one copy of the Section 83(b) Election to the Company, using the attached letter, which you must date and sign. 

 

	3.	You should retain one copy of the Section 83(b) Election and file it with your 2015 federal income tax return. 

 IRS Service Centers For 83(b) Election 

Questions: 1-800-829-1040 
  

			
	 If you live in:
	    	 Appropriate Service Center Mailing Address

	Florida, Louisiana, Mississippi, Texas	    	Department of the Treasury Internal Revenue Service Austin, TX 73301-0002
		
	Alaska, Arizona, California, Colorado, Hawaii, Idaho, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming	    	Department of the Treasury Internal Revenue Service Fresno, CA 93888-0002
		
	Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Montana, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Wisconsin	    	Department of the Treasury Internal Revenue Service Fresno, CA 93888-0002
		
	Alabama, Georgia, Kentucky, New Jersey, North Carolina, South Carolina, Tennessee, Virginia	    	Department of the Treasury Internal Revenue Service Kansas City, MO 64999-0002
		
	Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, Missouri, New Hampshire, New York, Pennsylvania, Rhode Island, Vermont, West Virginia	    	Department of the Treasury Internal Revenue Service Kansas City, MO 64999-0002
		
	A foreign country, U.S. possession or territory, or use an APO or FPO address, or are a dual-status alien	    	Department of the Treasury Internal Revenue Service Austin, TX 73301-0215

 Election to Include Shares in Gross Income 

Pursuant to Section 83(b) of the Internal Revenue Code 

The undersigned purchased shares of common stock, par value $0.01 per share (the “Shares”), of Fogo de Chão, Inc.,
formerly known as Brasa (Parent) Inc. (the “Company”), on February 9, 2015. 
 The undersigned desires to make a
protective election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended (“Code §83(b)”). 

Therefore, pursuant to Code §83(b) and Treasury Regulation §1.83-2 promulgated thereunder, the undersigned hereby makes an election,
with respect to the Shares (described more fully in Paragraph 2 below). 
 The following information is supplied in accordance with Treasury
Regulation §1.83-2(e): 
  

	 	1.	The name, address and social security number of the undersigned: 

  

			
	Name:	  	Douglas R. Pendergast
		
	Address:	  	
		
	SSN:	  	

  

	 	2.	A description of the property with respect to which the election is being made: 

  

					
	 Company
	  	Number of Shares	 
	 Fogo de Chão, Inc., formerly known as Brasa (Parent) Inc.
	  	 	365 Shares	  

  

	 	3.	The property was transferred on February     , 2015 (the “Transfer Date”). The taxable year for which such election is made: calendar year 2015. 

 

	 	4.	The restrictions to which the property is subject: The Shares are subject to the terms set forth in the Stockholders Agreement of the Brasa (Parent) Inc., dated as of July 20, 2012, as may be amended from
time to time. 

  

	 	5.	The aggregate fair market value on the Transfer Date of the property with respect to which the election is being made, determined without regard to any lapse restrictions: $100,207.10 

	 	6.	The aggregate amount paid for such property: $100,207.10 

  

	 	7.	A copy of this election has been furnished to the Company pursuant to Treasury Regulations §1.83-2(e)(7). 

Dated: February     , 2015 
  

			
	 /s/ Douglas R. Pendergast
		
	Print Name: Douglas R. Pendergast		

					
			February     , 2015
		
			Internal Revenue Service Center
		
			[Insert Address]
			
			Re:		Section 83(b) Election
			
			SSN:		  

 Dear Sir or Madam: 

Pursuant to Treasury Regulations Section 1.83-2(c) promulgated under Section 83 of the Internal Revenue Code of 1986, as amended
(the “Code”), enclosed please find an election under Section 83(b) of the Code. 
  

	
	Sincerely,
	
	  

	Print Name:  Douglas R. Pendergast

 Enclosure 

 February     , 2015 

14881 Quorum Drive 
 Suite 750

 Dallas, TX 75254 
 Attention:
General Counsel 
 Re: Section 83(b) Election 

Dear Sir: 
 Pursuant to Treasury
Regulations Section 1.83-2(d) promulgated under Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), enclosed please find a copy of an election under Section 83(b) of the Code. 

 

	
	Sincerely,
	
	 /s/ Douglas R. Pendergast

	Print Name: Douglas R. Pendergast

 Enclosure 

 Exhibit C to 

Director Securities Purchase Agreement 

SIGNATURE PAGE 
 TO 

STOCKHOLDERS AGREEMENT 
 By
execution of this signature page, the undersigned hereby agrees to become a Party to, and to be bound by the obligations of, and receive the benefits of, that certain Stockholders Agreement, dated as of July 20, 2012, by and among Brasa
(Parent) Inc. (the “Company”), the THL Stockholders (as defined therein), the Co-Investor Stockholders (as defined therein), the Management Stockholders (as defined therein) and the Other Stockholders (as defined therein), as
amended from time to time thereafter, as an Other Stockholder under such agreement. 
  

			
	 /s/ Douglas R. Pendergast

	Name:		Douglas R. Pendergast
	
	Notice Address:
	
	XXXXXXXXXXXXXXXXXXXX
	
	XXXXXXXXXXXXXXXXXXXX

  

			
	Accepted:
	
	 Fogo de Chão, Inc.,
 formerly
known as Brasa (Parent) Inc.

		
	By:		  

	Name:		Lawrence J. Johnson
	Title:		Chief Executive OfficerConverted by EDGARwiz

OnDeck>

Business Loan and Security Agreement

This Business Loan and Security Agreement Supplement is part of (and incorporated by reference into) the Business Loan and Security Agreement. Borrower should keep this important legal document for Borrower's records.

		
	Borrower:

	VAPOR HUB INTERNATIONAL INC

	Lender:

	Bofl Federal Bank

	Disbursement Amount: Amount of ban less Origination Fee

Note that the Disbursement Amount will be net of (a) any principal amount owed to Lender from an existing loan or (b) any amount used to pay off an existing obligation owed to a third party lender.

	$173,125.00

	Amount of Loan:

	$175,000.00

	Total Repayment Amount:

Sum of Amount of Loan and Interest Charge when all payments are made on time

	$215,249.58

	Payment Schedule:

	126 payments of $1,708.33 due each Business day beginning on the first business day after the Disbursement Amount is disbursed. (collectively, the 'Daily Repayment Amount')

“Business day” means any Monday through Friday, except for Federal Reserve holidays.

	Interest Charge:

Dollar amount of interest that the Loan will cost (does not include any Fees)

	$40,249.58

	Interest Rate:

(Interest rate paid on Amount of Loan if all payments made as scheduled. This Interest Rate is not an annualized interest rate)

	23%

	Payment Multiplier:

(The per dollar cost of the loan)

	$1.230

	Fees:

	Origination Fee: $1,875.00 Returned Payment Fee: $25.00

Late Fee: (maximum $50 within any 20 day period) $10.00

	Prepayment Discount Percentage:

	A "Prepayment Discount Percentage" of 25% will apply with respect to this Loan to the extent that the Borrower prepays this Loan in whole in accordance with, and subject to, Section 10 of the Business Loan and Security Agreement.

	Renewals:

	Remaining unpaid interest on this Loan will be eligible to be forgiven by Lender if, Borrower is current on its scheduled payments with respect to this Loan and, while this Loan is outstanding, Borrower enters into a business loan and security agreement for a new qualifying term loan with Lender, a portion of the proceeds of which is used to repay this Loan in whole.

Please initial this document here ________________.

Interest Rate

The interest rate disclosed on this Business Loan and Security Agreement Supplement (the "Interest Rate”) is the rate of interest calculated by dividing the Amount of Loan by the Interest Charge. This calculation assumes that all payments are made as scheduled. THIS INTEREST RATE DOES NOT INCLUDE ANY FEES AND IS NOT ANNUALIZED AND, THEREFORE, IS NOT AN ANNUAL PERCENTAGE RATE ("APR").

The APR equals a single percentage number that represents the actual yearly cost of funds over the term of a loan and includes any fees or additional costs associated with the loan, The APR on this loan can be compared to the APR of other loan programs to give you a consistent means of comparing rates and programs to the extent programs have different ban terms and fee structures.

Payment Multiplier 

The Payment Multiplier is the Total Repayment Amount divided by the Amount of Loan.

Disbursement Amount 

The Disbursement Amount is the Amount of Loan minus the Origination Fee and the payoffs of prior loans/lines to the extent applicable.

Fees

The Origination Fee is deducted at the time of disbursement.

Total Repayment Amount

The Total Repayment Amount includes the Amount of Loan plus the Interest Charged. 

Loan Pricing Disclosure

Lender uses a system of risk-based pricing to determine interest charges and fees. Risk-based pricing is a system that evaluates the risk factors of your application and adjusts the interest rate and discount points up or down based on this risk evaluation.

Although Lender believes that its loan process provides expedited turnaround time and its underwriting process provides greater likelihood of approval of your loan, this loan may be a higher cost loan than loans that may be available through other lenders. You should fully consider all costs and fees associated with this loan and compare your available alternatives to this loan. You are encouraged to engage appropriate advisors to the extent you believe necessary to evaluate the terms of this loan.

LOAN FOR SPECIFIC PURPOSES ONLY

The proceeds of the requested Loan may solely be used for the specific purposes as set forth in the Use of Proceeds Certification of the Business Loan and Security Agreement. IN ADDITION, THE LOAN WILL NOT BE USED FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES. Borrower understands that Borrower's agreement not to use the Loan proceeds for personal, family or household purposes means that certain important duties imposed upon entities making loans for consumer/personal purposes, and certain important rights conferred upon consumers, pursuant to federal or state law will not apply to this transaction.

Please initial this document here ________________.

1.

INTRODUCTION. This Business Loan and Security Agreement (together with the accompanying Business Loan and Security Agreement Supplement and the accompanying Authorization Agreement for Direct Deposit (ACH Credit) and Direct Payments (ACH Debits), this ”Agreement") governs your business loan (“Loan") made by Bofl Federal Bank and serviced by On Deck Capital, Inc. ("Service). Please read it and keep it for your reference. En this Agreement, the words ”you," “your” and 'Borrower' means the Borrower identified on the signature page of this Business Loan and Security Agreement. Each Guarantor identified on the signature page of this Business Loan and Security Agreement shall be referred to individually as “Guarantor” and collectively as ”Guarantors" in this Agreement The words ”Lender, ”we”, ”us”, and 'our mean Boil Federal Bank or its successor(s) and assign(s).

2.

EFFECTIVE DATE. This Agreement begins on the date we accept this Agreement in California. Borrower understands and agrees that Lender may postpone, without penalty, the disbursement of amounts to Borrower until all required security interests have been perfected and Lender has received all required personal guarantees or other documentation.

3.

AUTHORIZATION. Borrower agrees that the Loan made by Lender to Borrower shall be conclusively deemed to have been authorized by Borrower and to have been made pursuant to a duly authorized request on its behalf.

4.

LOAN FOR SPECIFIC PURPOSES ONLY. The proceeds of the requested Loan may solely be used for the specific purposes as set forth in the Use of Proceeds Certification contained in Section 50 below, and not for any other purposes. In addition, the Loan will not be used for personal, family or household purposes. Borrower understands that Borrower's agreement not to use the Loan proceeds for personal, family or household purposes means that certain important duties imposed upon entities making loans for consumer/personal purposes, and certain important rights conferred upon consumers, pursuant to federal or state law will not apply to the Loan or the Agreement. Borrower also understands that Lender will be unable to confirm whether the use of the Loan conforms to this section. Borrower agrees that a breach by Borrower of the provisions of this section will not affect Lender's right to (i) enforce Borrower's promise to pay for all amounts owed under this Agreement, regardless of the purpose for which the Loan is in fact obtained or (ii) use any remedy legally available to Lender, even if that remedy would not have been available had the Loan been made for consumer purposes.

5.

DISBURSEMENT OF LOAN PROCEEDS AND MAINTENANCE OF BORROWER'S BANK ACCOUNT. If Borrower applied and was approved for a Loan, Borrowers Loan will be disbursed upon approval as provided in the accompanying Authorization Agreement for Direct Deposit (ACH Credit) and Direct Payments (ACH Debits). Borrower agrees to maintain Direct Payments (ACH Debits) in its operating account which is the account that was reviewed in conjunction with underwriting and approval of this Loan (including keeping such account open until the Total Repayment Amount had been completely repaid).

6.

PROMISE TO PAY. Borrower agrees to pay Lender the Total Repayment Amount shown in the accompanying Business Loan and Security Agreement Supplement in accordance with the Payment Schedule shown in the accompanying Business Loan and Security Agreement Supplement, Borrower agrees to enroll in Lender's Automatic Payment Plan and authorizes Lender to collect required payments as provided in the accompanying Authorization Agreement for Direct Deposit (ACH Credit) and Direct Payments (ACH Debits). If required by Lender, Borrower further agrees and authorizes Lender or its Servicer to collect required payments from a transfer account established pursuant to certain Transfer Account Loan Documentation that will be provided by Lender in connection with this Business Loan and Security Agreement if applicable.

7.

ALTERNATIVE PAYMENT METHODS. If Borrower knows that for any reason Lender will be unable to process a payment under Lenders Automatic Payment Plan, then Borrower must either restore sufficient funds such that the missed payment can be collected as provided in the accompanying Authorization Agreement for Direct Deposit (ACH Credit) and Direct Payments (ACH Debits), or promptly mail or deliver a check to Lender in the amount of the missed payment or, if offered, make the missed payment by any pay-by-phone or on-line service that Lender may make available from time to time. If Borrower elects to send payments on Borrower's Account by postal mail, then Borrower agrees to send such payments to our Servicer, On Deck Capital, 901 N Stuart Street, Suite 700. Arlington, VA 22203, Attn: Director of Operations. Ali alternative payments must be made in good funds by check, money order, wire transfer, automatic transfer from an account at an institution offering such service, or other instrument in U.S. Dollars. Borrower understands and agrees that payments made at any other address than as specified by Lender may result in a delay in processing and/or crediting. If Borrower makes an alternative payment on Borrower's Loan by mail or by any pay-by-phone or on-line service that Lender makes available while Borrower is enrolled in the Automatic Payment Plan, Lender may treat such payment as an additional payment and continue to process Borrowers scheduled Automatic Payment Plan payments or may reduce any scheduled Automatic Payment Plan payment by the amount of any such additional payment received.

8.

APPLICATION OF PAYMENTS. Subject to applicable law, Lender reserves the right to allocate and apply payments received on Borrower's Loan between principal, interest and fees in any manner Lender chooses in Lenders sole discretion it being understood and agreed that any fees and interest will generally be paid during the earlier portion of the term.

9.

POSTDATED CHECKS, RESTRICTED ENDORSEMENT CHECKS AND OTHER DISPUTED OR QUALIFIED PAYMENTS. Lender can accept late, postdated or partial payments without losing any of Lender's rights under this Agreement (a postdated check is a check dated later than the day it was actually presented for payment). Lender is under no obligation to hold a postdated check and Lender reserves the right to process every item presented as if dated the same date received by Lender or Lenders check processor unless Borrower gives Lender adequate notice and a reasonable opportunity to act on it Except where such notice and opportunity is given, Borrower may not hold Lender liable for depositing any postdated check. Borrower agrees not to send Lender partial payments marked "paid in full," "without recourse," or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender's rights under this Agreement. All notices and written communications concerning postdated checks, restricted endorsement checks (including any check or other payment instrument that indicates that the payment constitutes "payment in full" of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount) or any other disputed, nonconforming or qualified payments, must be mailed or delivered to our Servicer, On Deck Capital, Customer Service, 901 N Stuart Street, Suite 700, Arlington, VA 22203, Attn: Director of Operations.

10. PREPAYMENT. Borrower may prepay Borrowers Loan in whole on any Business day by paying Lender the sum total of the Total Repayment Amount, any Returned Payment Fees, and any Late Fees, in each case as described in the accompanying Business Loan and Security Agreement Supplement less (i) the amount of any Loan payments made prior to such prepayment and (ii) the product of (x) the percentage identified as the applicable Prepayment Discount 

Percentage in the accompanying Business Loan and Security Agreement Supplement; and (y) the aggregate amount of unpaid interest remaining on the Borrower's Loan as of such date as determined by Lenders records in accordance with Section 8. Borrower may prepay Borrowers Loan in part on any Business day and such payment shall be applied against the Total Repayment Amount, any Returned Payment Fees, and any Late Fees, in each case as described in the accompanying Borrower's Business Loan and Security Agreement Supplement.

11. SECURITY INTEREST. Borrower hereby grants to Lender, the secured party hereunder, a continuing security interest in and to any and all "Collateral' as described below to secure payment and performance of all debts, liabilities and obligations of Borrower to Lender hereunder and also any and all other debts, liabilities and obligations of Borrower to Lender of every kind and - description, direct or indirect, absolute or contingent, primary or secondary, due or to become due, now existing or hereafter arising, related to the Loan described in this Agreement, whether or not contemplated by the parties at the time of the granting of this security interest, regardless of how they arise or by what agreement or instrument they may be evidenced or whether evidenced by any agreement or instrument, and includes obligations to perform acts and refrain from taking action as well as obligations to pay money including, without limitation, all interest, other fees and expenses (all hereinafter called 'Obligations"). The Collateral includes the following property that Borrower (or Guarantor, if applicable, pursuant to Section 12) now owns or shall acquire or create immediately upon the acquisition or creation thereof; (i) any and all amounts owing to Borrower now or in the future from any merchant processor(s) processing charges made by customers of Borrower via credit card or debit card transactions; and (ii) all other tangible and intangible personal property, including, but not limited to (a) cash and cash equivalents, (b) inventory, (c) equipment, (d) investment property, including certificated and uncertfficated securities, securities accounts, security entitlements, commodity contracts and commodity accounts, (e) instruments, including promissory notes

(f)

chattel paper, including tangible chattel paper and electronic chattel paper,

(g)

documents, (h) letter of credit rights, (i) accounts, including health-care insurance receivables, (I) deposit accounts, (k) commercial tort claims,

(I) general intangibles, including payment intangibles and software and

(m) as-extracted collateral as such terms may from time to time be defined in the Uniform Commercial Code. The security interest Borrower (or Guarantor, if applicable, pursuant to Section 12) grants includes all accessions, attachments, accessories, parts, supplies and replacements for the Collateral, all products, proceeds and collections thereof and all records and data relating thereto. Lender disclaims any security interest in household goods in which Lender is forbidden by law from taking a security interest.

12. PROTECTING THE SECURITY INTEREST. Borrower agrees that Lender and/or Lenders Representative may file any financing statement, lien entry form or other document Lender and/or Lender's Representative requires in order to perfect, amend or continue Lenders security interest in the Collateral and Borrower agrees to cooperate with Lender and Lenders Representative as may be necessary to accomplish said filing and to do whatever Lender or Lender's Representative deems necessary to protect Lender's security interest in the Collateral. Borrower and Guarantor each agree that, if any Guarantor is a corporate entity, then Lender or Lender's Representative may file any financing statement, lien entry form or other document against such Guarantor or its property that Lender and/or Lender's Representative requires in order to perfect, amend or continue Lenders security interest in the Collateral. Any such Guarantor agrees to cooperate with Lender and Lender's Representative as may be necessary to accomplish said filing and to do whatever Lender and Lenders Representative deems necessary to protect Lender's security interest in the Collateral. In this Agreement, 'Lender's Representative" means any entity or individual that is designated by Lender to serve in such capacity.

13.

LOCATION OF COLLATERAL; TRANSACTIONS INVOLVING COLLATERAL. Unless Lender has agreed otherwise in writing, Borrower agrees and warrants that (i) all Collateral (or records of the Collateral in the case of accounts, chattel paper and general intangibles) shall be located at Borrower's address as shown in the application, (ii) except for inventory sold or accounts collected in the ordinary course of Borrower's business, Borrower shall not sell, offer to sell, or otherwise transfer or dispose of the Collateral, (iii) no one else has any interest in or claim against the Collateral that Borrower has not already told Lender about, (iv) Borrower shall not pledge, mortgage, encumber or otherwise permit the Collateral to be subject to any lien, security interest, encumbrance or charge, other than the security interest provided for in this Agreement and (v) Borrower shall not sell, offer to sell, or otherwise transfer or dispose of the Collateral for less than the fair market value thereof. Borrower shall defend Lenders rights in the Collateral against the claims and demands of all other persons. All proceeds from any unauthorized disposition of the Collateral shall be held in trust for Lender, shall not be co-mingled with any other funds and shall immediately be delivered to Lender. This requirement however, does not constitute consent by Lender to any such disposition. 

14.

TAXES, ASSESSMENTS AND LIENS. Borrower will complete and file all necessary federal, state and local tax returns and will pay when due all taxes, assessments, levies and liens upon the Collateral and provide evidence of such payments to Lender upon request.

15.

INSURANCE. Borrower shall procure and maintain such insurance as Lender may require with respect to the Collateral, in form, amounts and coverage reasonably acceptable to Lender and issued by a company reasonably acceptable to Lender naming Lender as loss payee. If Borrower at any time fails to obtain or maintain any insurance as required under this Agreement, Lender may obtain such insurance as Lender deems appropriate at Borrower's sole cost and expense. Borrower shall promptly notify Lender of any loss of or damage to the Collateral,

16.

REPAIRS AND MAINTENANCE. Borrower agrees to keep and maintain, and to cause others to keep and maintain, the Collateral in good order, repair and condition at all times while this Agreement remains in effect. Borrower further agrees to pay when due all claims for work done on, or services rendered or material furnished in connection with the Collateral so that no lien or encumbrance may ever attach to or be filed against the Collateral.

17.

INSPECTION OF COLLATERAL AND PLACE OF BUSINESS; USE OF PHOTOGRAPHS AND TESTIMONIALS. Lender and Lender's designated representatives and agents shall have the right during Borrowers normal business hours and at any other reasonable time to examine the Collateral wherever located and the interior and exterior of any Borrower place of business. During an examination of any Borrower place of business, Lender may examine, among other things, whether Borrower (i) has a place of business that is separate from any personal residence, (ii) is open for business, (iii) has sufficient inventory to conduct Borrowers business and (iv) has one or more credit card terminals if Borrower processes credit card transactions. When performing an examination, Lender may photograph the interior and exterior of any Borrower place of business, including any signage, and may photograph any individual who has signed the Agreement ("Signatory") unless the Signatory previously has notified Lender that he or she does not authorize Lender to photograph the Signatory. Lender may obtain testimonials from any Signatory, including testimonials on why Borrower needed the Loan and how the Loan has helped Borrower. Any photograph and testimonial will become and remain the sole property of Lender. Borrower and each Signatory grant Lender the irrevocable and permanent right to display and share any photograph and testimonial in all forms and media, including composite and modified representations, for all purposes, including but not limited to any 

trade or commercial purpose, with any Lender employees and agents and with the general public. Lender may, but is not required to, use the name of any Borrower and Signatory as a credit in connection with any photograph and testimonial. Borrower and each Signatory waive the right to inspect or approve versions of any photograph or testimonial or the written copy or other media that may be used in connection with same. Borrower and each Signatory release Lender from any claims that may arise regarding the use of any photograph or testimonial, including any claims of defamation, invasion of privacy or infringement of moral rights, rights of publicity or copyright.

18.

LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lenders interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any related documents, including but not limited to Borrowers failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any related documents, Lender on Borrowers behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the Collateral and paying all costs for insuring, maintaining and preserving the Collateral. To the extent permitted by applicable law, all such expenses will become a part of the Obligations and, at Lenders option, will: (i) be payable on demand; (ii) be added to the balance of the Loan and be apportioned among and be payable with any installment payments to become due during the remaining term of the Loan; or (iii) be treated as a balloon payment that will be due and payable at the Loan's maturity. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon an Event of Default.

19.

BORROWERS REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants that (i) Borrower will comply with all laws, statutes, regulations and ordinances pertaining to the conduct of Borrower's business and promises to hold Lender harmless from any damages, liabilities, costs, expenses (including attorneys' fees) or other harm arising out of any violation thereof; (ii) Borrowers principal executive office and the office where Borrower keeps its records concerning its accounts, contract rights and other property, is that shown in the application; (iii) Borrower is duly organized, licensed, validly existing and in good standing under the laws of its state of formation and shall hereafter remain in good standing in that state, and is duly qualified, licensed and in good standing in every other state in which it is doing business, and shall hereafter remain duly qualified, licensed and in good standing in every other state in which it is doing business, and shall hereafter remain duly qualified, licensed and in good standing in every other state in which the failure to qualify or become licensed could have a material adverse effect on the financial condition, business or operations of Borrower; (iv) the true and correct legal name of the Borrower is set forth in the application; (v) the aggregate ownership percentage of the Signatories is greater than or equal to fifty percent (50%) of the Borrowers business; (vi) the execution, delivery and performance of this Agreement, and any other document executed in connection herewith, are within Borrowers powers, have been duly authorized, are not in contravention of law or the terms of Borrowers charter, by-laws or other constaling documents, or of any indenture, agreement or undertaking to which Borrower is a party; (vii) organization papers and al] amendments thereto of Borrower have been duly flied and are in proper order and any capital stock issued by Borrower and outstanding was and is properly issued and all books and records of Borrower are accurate and up to date and will be so maintained; (viii) Borrower (a) is subject to no charter, corporate or other legal restriction, or any judgment, award, decree, order, governmental rule or regulation or contractual restriction that could have a material adverse effect on its financial condition, business or prospects, and (b) is in compliance with its charter, by-laws and other constating documents, all contractual requirements by which it may be bound and all applicable laws, rules and regulations other than laws, rules or regulations the validity or applicability of which it is contesting in good faith or provisions of any of the foregoing the failure to comply with which cannot reasonably be expected to materially adversely affect its financial condition, business or prospects or The value of the Collateral; and (ix) there is no action, suit, proceeding or investigation pending or, to Borrowers knowledge, threatened against or affecting it or any of its assets before or by any court or other governmental authority which, if determined adversely to it, would have a material adverse effect on its financial condition, business or prospects or the value of the Collateral.

20. INTEREST AND FEES. Borrower agrees to pay in full the interest as set forth in the accompanying Business Loan and Security Agreement Supplement. In addition to any other fees described in the Agreement, Borrower agrees to pay the following fees:

A.

Origination Fee: A one-time Origination Fee in the amount set forth in the accompanying Business Loan and Security Agreement Supplement Borrower agrees that this fee will be immediately deducted from the proceeds of Borrowers Loan.

B.

Returned Payment Fee: A Returned Payment Fee in the amount set forth in the accompanying Business Loan and Security Agreement Supplement if any electronic payment processed on Borrowers Loan is returned unpaid or dishonored for any reason.

C.

Late Fee: A Late Fee in the amount set forth in the accompanying Business. Loan and Security Agreement Supplement if a scheduled payment is not received by Lender as provided in the payment schedule set forth in the accompanying Business Loan and Security Agreement Supplement.

Payments made by Borrower hereunder will be applied and allocated between Loan principal, interest and fees in the manner set forth in Section 8.

21. INTEREST AND FEES EXCEEDING PERMITTED LIMIT. If the Loan is subject to a law that sets maximum charges, and that law is finally interpreted so that the interest or other fees collected or to be collected in connection with this Agreement exceed the permitted limits, then (i) any such charge will be reduced by the amount necessary to reduce the charge to the permitted limit and (ii) if required by applicable law, any sums already collected from Borrower that exceed the permitted limits will be refunded or credited to Borrower.

22. ONLINE CUSTOMER PORTAL. When Borrower signs in with Borrowers valid username and password at loans.ondeck.com, Borrower can obtain information about the Borrowers Loan, such as the outstanding balance, daily transactions and fees. No additional paper statement will be mailed to Borrower. Borrower agrees not to share Borrowers username and password to loans.ondeck.com with any third party.

23. FINANCIAL INFORMATION AND REEVALUATION OF CREDIT. Borrower and each guarantor (if any) authorize Lender to obtain business and personal credit bureau reports in Borrower's and any guarantors name, respectively, at any time and from time to time for purposes of deciding whether to approve the requested Loan or for any update, renewal, extension of credit or other lawful purpose. Upon Borrower's or any guarantor's request, Lender will advise Borrower or guarantor if Lender obtained a credit report and Lender will give Borrower or guarantor the credit bureau's name and address. Borrower and each guarantor (if any) agree to submit current financial information, a new credit application, or both, in Borrower's name and in the name of each guarantor, respectively, at any time promptly upon Lender's request. Borrower authorizes Lender to act as Borrower's agent for purposes of accessing and retrieving transaction history information regarding Borrower from Borrower's designated merchant processor(s). Lender may report Lender's credit experiences with Borrower and any guarantor of Borrower's Loan to third parties as permitted by law. Borrower also agrees that Lender may release information to comply with governmental reporting or legal process that Lender believes may be required, whether or not such is in fact required, or when necessary or helpful in completing a transaction, or when investigating a loss or potential loss. Borrower is hereby notified that a negative credit report reflecting on Borrower's credit record may be submitted to a credit reporting agency if Borrower fails to fulfill the terms of their respective credit obligations hereunder. 

24.

ATTORNEYS' FEES AND COLLECTION COSTS. To the extent not prohibited by applicable law, Borrower shall pay to Lender on demand any and all expenses, including, but not limited to, collection costs, all attorneys' fees and expenses, and all other expenses of like or unlike nature which may be 

expended by Lender to obtain or enforce payment of Obligations either as against Borrower or any guarantor or surety of Borrower or in the prosecution or defense of any action or concerning any matter arising out of or connected with the subject matter of this Agreement, the Obligations or the Collateral or any of Lender's rights or interests therein or thereto, including, without limiting the generality of the foregoing, any counsel fees or expenses incurred in any bankruptcy or insolvency proceedings and all costs and expenses (including search fees) incurred or paid by Lender in connection with the administration, supervision, protection or realization on any security held by Lender for the debt secured hereby, whether such security was granted by Borrower or by any other person primarily or secondarily liable (with or without recourse) with respect to such debt, and all costs and expenses incurred by Lender in connection with the defense, settlement or satisfaction of any action, claim or demand asserted against Lender in connection therewith, which amounts shall be considered advances to protect Lender's security, and shall be secured hereby. To the extent permitted by applicable law, all such expenses will become a part of the Obligations and, at Lenders option, will: (i) be payable on demand; (ii) be added to the balance of the Loan and be apportioned among and be payable with any installment payments to become due during the remaining term of the Loan; or (iii) be treated as a balloon payment that will be due and payable at the Loan's maturity. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon an Event of Default.

25.

BORROWER'S REPORTS. Promptly upon Lender's written request, Borrower and each guarantor agrees to provide Lender with such information about the financial condition and operations of Borrower or any guarantor, as Lender may, from time to time, reasonably request Borrower also agrees promptly upon becoming aware of any Event of Default, or the occurrence or existence of an event which, with the passage of time or the giving of notice or both, would constitute an Event of Default hereunder, to promptly provide notice thereof to Lender in writing.

26.

TELEPHONE COMMUNICATIONS. Borrower hereby expressly consents to receiving calls and messages, including auto-dialed and pre-recorded message calls and SMS messages (including text messages) from Lender, its affiliates, marketing partners, agents and others calling at Lender's request or on its behalf, at any telephone numbers that Borrower has provided or may provide in the future or otherwise in Lender's possession (including any cellular or mobile telephone numbers).

27.

INDEMNIFICATION. Except for Lender's gross negligence or willful misconduct, Borrower will indemnify and save Lender harmless from all losses, costs, damages, liabilities or expenses (including, without limitation, court costs and reasonable attorneys' fees) that Lender may sustain or incur by reason of defending or protecting Lender's security interest or the priority thereof or enforcing the Obligations, or in the prosecution or defense of any action or proceeding concerning any matter arising out of or in connection with this Agreement and/or any other documents now or hereafter executed in connection with this Agreement and/or the Obligations and/or the Collateral. This indemnity shall survive the repayment of the Obligations and the termination of this Agreement.

28.

MERGERS, CONSOLIDATIONS OR SALES. Borrower represents and agrees that Borrower will not (I) merge or consolidate with or into any other business entity or (ii) enter into any joint venture or partnership with any person, firm or corporation.

29.

CHANGE IN LEGAL STATUS. Without Lender's consent, Borrower represents and agrees that Borrower will not (i) change its name, its place of business or, if more than one, chief executive office, its mailing address, or organizational identification number if it has one, or (ii) change its type of organization, jurisdiction of organization or other legal structure. If Borrower does not have an organizational identification number and later obtains one, Borrower shall promptly notify Lender of such taxpayer identification number.

30.

DEFAULT. The occurrence of any one or more of the following events (herein, ”Events of Default") shall constitute, without notice or demand, a default under this Agreement and all other agreements between Lender and Borrower and instruments and papers given Lender by Borrower, whether such agreements, instruments, or papers now exist or hereafter arise: (I) Lender is unable to collect any Automatic Payment Plan payment on two consecutive dates due and/or, Borrower fats to pay any Obligations on two consecutive dates due; (ii) Borrower fails to comply with, promptly, punctually and faithfully perform or observe any term, condition or promise within this Agreement; (it) the determination by Lender that any representation or warranty heretofore, now or hereafter made by Borrower to Lender, in any documents, instrument, agreement, or paper was not true or accurate when given; (iv) the occurrence of any event such that any indebtedness of Borrower from any lender other than Lender could be accelerated, notwithstanding that such acceleration has not taken place; (v) the occurrence of any event that would cause a lien creditor, as that term is defined in Section 9-102 of the Uniform Commercial Code, (other than Lender) to take priority over the Loan made by Lender; (vi) a filing against or relating to Borrower (unless consented to in writing by Lender) of (a) a federal tax lien in favor of the United States of America or any political subdivision of the United States of America, or (b) a state tax lien in favor of any state of the United States of America or any political subdivision of any such state; (vii) the occurrence of any event of default under any other agreement between Lender and Borrower or instrument or paper given Lender by Borrower, whether such agreement, instrument, or paper now exists or hereafter arises (notwithstanding that Lender may not have exercised its rights upon default under any such other agreement, instrument or paper); (viii) any act by, against, or relating to Borrower, or its property or assets, which act constitutes the application for, consent to, or sufferance of the appointment of a receiver, trustee or other person, pursuant to court action or otherwise, over all, or any part of Borrower's property; (ix) the granting of any trust mortgage or execution of an assignment for the benefit of the creditors of Borrower, or the occurrence of any other voluntary or involuntary liquidation or extension of debt agreement for Borrower; (x) the failure by Borrower to generally pay the debts of Borrower as they mature; (xi) adjudication of bankruptcy or insolvency relative to Borrower; (xii) the entry of an order for relief or similar order with respect to Borrower in any proceeding pursuant to Tile 11 of the United States Code entitled ”Bankruptcy” (the “Bankruptcy Code”) or any other federal bankruptcy law: (xiii) the filing of any complaint, application or petition by or against Borrower initiating any matter in which Borrower is or may be granted any relief from the debts of Borrower pursuant to the Bankruptcy Code or any other insolvency statute or procedure; (xiv) the calling or sufferance of a meeting of creditors of Borrower, (xv) the meeting by Borrower with a formal or informal creditor's committee; (xvi) the offering by or entering into by. Borrower of any composition, extension or any other arrangement seeking relief or extension for the debts of Borrower, or the initiation of any other judicial or non judicial proceeding or agreement by, against or including Borrower that seeks or intends to accomplish a reorganization or arrangement with creditors; (xvii) the entry of any judgment against Borrower, which judgment is not satisfied or appealed from (with execution or similar process stayed) within 15 days of its entry the occurrence of any event or circumstance with respect to Borrower such that Lender shall believe in good faith that the prospect of payment of all or any part of the Obligations or the performance by Borrower under this Agreement or any other agreement between Lender and Borrower is impaired or there shall occur any material adverse change in the business or financial condition of Borrower (such event specifically includes, but is not limited to, taking additional financing from a credit card advance, cash advance company or an additional working capital loan without the prior written consent of Lender); (xix) the entry of any court order that enjoins, restrains or in any way prevents Borrower from conducting all or any part of its business affairs in the ordinary course of business; ()o() the occurrence of any uninsured loss, theft, damage or destruction to any material asset(s) of Borrower; NO any act by or against, or relating to Borrower or its assets pursuant to which any creditor of Borrower seeks to reclaim or repossess or reclaims or repossesses all or a portion of Borrowers assets; (W) the termination of existence, dissolution or liquidation of Borrower or the ceasing to carry on actively any substantial part of Borrower's current business; (xxiii) this Agreement shall, at any time after its execution and delivery and for any reason, cease to be in full force and effect or shall be declared null and void, or the validity or enforceability hereof shall be contested by Borrower or any guarantor of Borrower denies it has any further liability or obligation hereunder; (xxiv) any guarantor or person signing a support agreement in favor of Lender shall repudiate, purport to revoke or fail to perform his or her obligations under his guaranty or support agreement in favor of Lender or any corporate guarantor shall cease to exist; (xxv) any material change occurs in Borrower’s ownership or organizational structure (acknowledging that any change in ownership will be deemed material when ownership is closely held); (xxvi) if Borrower is a sole proprietorship, the owner dies; if Borrower is a trust, a tutor dies; if Borrower is a partnership, any general or managing partner dies; if Borrower is a corporation, any principal officer or 10% or greater shareholder dies; if Borrower is a 

limited liability company, any managing member dies; if Borrower is any other form of business entity, any person(s) directly or indirectly controlling 10% or more of the ownership interests of such entity dies.

31. RIGHTS AND REMEDIES UPON DEFAULT. Subject to applicable law, if an Event of Default occurs under this Agreement, at any time thereafter, Lender may exercise any one or more of the following rights and remedies:

A.

Refrain from Disbursing Loan Proceeds: Lender may refrain from disbursing Borrowers Loan proceeds to Borrowers Designated Checking Account.

B.

Debit Amounts Due From Borrowers Accounts: Lender may debit from Borrowers Designated Checking Account all Automatic Payment Plan payments that Lender was unable to collect and/or the amount of any other Obligations that Borrower failed to pay.

C.

Accelerate Indebtedness: Lender may declare the entire Obligations immediately due and payable, without notice of any kind to Borrower.

D.

Assemble Collateral: Lender may require Borrower and/or Guarantor to deliver; to Lender all or any portion of the Collateral and any and all certificates of title and other documents relating to the Collateral. Lender may require Borrower and/or Guarantor to assemble the Collateral and make it available to Lender at a place to be designated by Lender. Lender also shall have full power to enter, provided Lender does so without a breach of the peace or a trespass, upon the property of Borrower and/or Guarantor to take possession of and remove the Collateral. If the Collateral contains other goods not covered by this Agreement at the time of repossession, Borrower and Guarantor agree that Lender may take such other goods, provided that Lender makes reasonable efforts to return them to Borrower and Guarantor after repossession.

E.

Sell the Collateral: Lender shall have full power to sell, lease, transfer, or otherwise deal with the Collateral or proceeds thereof in Lenders own name or that of Borrower and/or Guarantor. Lender may sell the Collateral at public auction or private sale. Unless the Collateral threatens to decline speedily in value or is of a type customarily sold on a recognized market, Lender will give Borrower, Guarantor and other persons as required by law, reasonable notice of the time and place of any public sale, or the time after which any private sale or any other disposition of the Collateral is to be made. However, no notice need be provided to any person who, after an Event of Default occurs, enters into and authenticates an agreement waiving that person's right to notification of sale. The requirements of reasonable notice shall be met if such notice is given at least 10 days before the time of the sale or disposition. All expenses relating to the disposition of the Collateral, including without limitation the expenses of retaking, holding, insuring, preparing for sale and selling the Collateral, shall become a part of the Obligations secured by this Agreement. To the extent permitted by applicable law, all such expenses will become a part of the Obligations and, at Lenders option, will: (i) be payable on demand; (ii) be added to the balance of the Loan and be apportioned among and be payable with any installment payments to become due during either (a) the term of any applicable insurance policy or (b) the remaining term of the Loan; or (iii) be treated as a balloon payment that will be due and payable at the Loan's maturity.

F.

Appoint Receiver: Lender shall have the right to have a receiver appointed to take possession of all or any part of the Collateral, with the power to protect and preserve the Collateral, to operate the Collateral preceding foreclosure or sale, and to collect the rents from the Collateral and apply the proceeds, over and above the cost of the receivership, against the Obligations. The receiver may serve without bond if permitted by law. Lenders right to the appointment of a receiver shall exist whether or not the apparent value of the Collateral exceeds the Obligations by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver.

G.

Collect Revenues, Apply Accounts: Lender, either itself or through a receiver, may collect the payments, rents, income, and revenues from the Collateral. Lender may at any time in Lenders discretion transfer any Collateral into Lenders own name or that of Lenders nominee and receive the payments, rents, income and revenues therefrom and hold the same as security for the Obligations or apply it to payment of the Obligations in such order of preference as Lender may determine. Insofar as the Collateral consists of accounts, general intangibles, insurance policies, instruments, chattel paper, chases in action, or similar property, Lender may demand, collect, receipt for, settle, compromise, adjust, sue for, foreclose or realize on the Collateral as Lender may determine, whether or not any amount included within the Obligations is then due. For these purposes, Lender may, on behalf of and in the name of Borrower and/or Guarantor, receive, open and dispose of mail addressed to Borrower; change any address to which mail and payments are to be sent; and endorse notes, checks, drafts, money orders, documents of title, instruments and items pertaining to payment, shipment or storage of any Collateral. To facilitate collections, Lender may notify account debtors and obligors on any Collateral to make payments directly to Lender.

H.

Obtain Deficiency: If Lender chooses to sell any or all of the Collateral, Lender may obtain a judgment against Borrower and/or Guarantor for any deficiency remaining on the Obligations due to Lender after application of all amounts received from the exercise of the rights provided in this Agreement. Borrower and/or Guarantor shall be liable for a deficiency even if the transaction described in this subsection is a sale of accounts or chattel paper.

I.

Other Rights and Remedies: Lender shall have all the rights and remedies of a secured creditor under the provisions of the Uniform Commercial Code, as may be amended from time to time. In addition, Lender shall have and may exercise any or all other rights and remedies it may have available at law, in equity or otherwise.

J.

Election of Remedies: Except as may be prohibited by applicable law, all of Lender's rights and remedies, whether evidenced by this Agreement, any related documents, or by any other writing, shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower under the Agreement, after Borrowers failure to perform, shall not affect Lenders right to declare a default and exercise its remedies.

32.

GOVERNING LAW; CONSENT TO JURISDICTION AND VENUE. Borrower and Lender agree that this Agreement and Borrowers Loan will be governed by federal law, and, to the extent state law applies, the substantive law of California. These laws will apply no matter where Borrower lives or obtained this Loan. Subject to Section 32 below, Borrower and Lender agree that any action or proceeding to 

enforce or arising out of this Agreement shall be brought in any court of the State of California or in the United States District Court for the Southern District of California, and Borrower waives personal service of process. Borrower and Lender agree that venue is proper in such courts.

33.

ARBITRATION. To the extent that a claim or dispute arises out of, or in relation to this Agreement, including without [imitation, the terms, construction, interpretation, performance, termination, breach, or enforceability of this Agreement, the parties hereby agree that the claim or dispute shall be, at the election of either party, resolved by mandatory binding arbitration in Virginia within a reasonable time period not to exceed ninety (90) days. The parties (including, without limitation, the Guarantors) agree that the arbitration shall be administered by JAMS and the arbitration shall be conducted in accordance with the Expedited Procedures of the JAMS Comprehensive Arbitration Rules and Procedures except as otherwise agreed in this Agreement. The arbitrator shall be chosen in accordance with the procedures of JAMS, and shall base the award on applicable Virginia law. The parties agree that the arbitration shall be conducted by a single arbitrator. Judgment on the award may be entered in any court having jurisdiction, subject to Section 32 above. The parties further agree that the costs of the arbitration shall be divided equally between them, except that Lender will consider in good faith a request by Borrower to pay the costs of arbitration. Each party may pursue arbitration solely in an individual capacity, and not as a representative or class member in any purported class or representative proceeding. The arbitrator may not consolidate more than one person's or entity's claims, and may not otherwise preside over any form of a representative or class proceeding. This arbitration section is governed by the Federal Arbitration Act. 9 U.S.C. §§ 1-16.

34.

NO WAIVER BY LENDER. No delay or omission on the part of Lender in exercising any rights under this Agreement, any related guaranty or applicable law shall operate as a waiver of such right or any other right. Waiver on any one occasion shall not be construed as a bar to or waiver of any right or remedy on any future occasion. All Lenders rights and remedies, whether evidenced hereby or by any other agreement, instrument or paper, shall be cumulative and may be exercised singularly or concurrently.

35.

ASSIGNMENT. This Agreement shall bind and inure to the benefit of the respective successors and assigns of each of the parties hereto; provided, however, that Borrower may not assign this Agreement or any rights or duties hereunder without Lenders prior written consent and any prohibited assignment shall be absolutely null and void. No consent to an assignment by Lender shall release Borrower from its Obligations. Lender may assign this Agreement and its rights and duties hereunder and no consent or approval by Borrower is required in connection with any such assignment Lender reserves the right to sell, assign, transfer, negotiate or grant participations in all or any part of, or any interest in Lenders rights and benefits hereunder. In connection with any assignment or participation, Lender may disclose ail documents and information that Lender now or hereafter may have relating to Borrower or Borrowers business. To the extent that Lender assigns its rights and obligations hereunder to another party, Lender thereafter shall be released from such assigned obligations to Borrower and such assignment shall affect a novation between Borrower and such other party.

36.

INTERPRETATION. Paragraph and section headings used in this Agreement are for convenience only, and shall not affect the construction of this Agreement. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against Lender or Borrower, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of all parties hereto.

37.

SEVERABILITY. If one or more provisions of this Agreement (or the application thereof) is determined invalid, illegal or unenforceable in any respect in any jurisdiction, the same shall not invalidate or render illegal or unenforceable such provision (or its application) in any other jurisdiction or any other provision of this Agreement (or its application).

38.

NOTICES. Except as otherwise provided in this Agreement, notice under this Agreement must be in writing. Notices will be deemed given when deposited in the U.S. mail, postage prepaid, first class mail; when delivered in person; or when sent by registered mail; by certified mail: by nationally recognized overnight courier; or when sent by electronic mail. Notice to Borrower will be sent to Borrower's last known address or electronic mail address in Lender's records for this Loan. Notice to Lender may be sent to our Servicer: On Deck Capital, 901 N Stuart Street, Suite 700, Arlington, VA 22203, Attn: Director of Operations.

39.

RECORDKEEPING AND AUDIT REQUIREMENTS. Lender shall have no obligation to maintain any electronic records or any documents, schedules, invoices or any other paper delivered to Lender by Borrower in connection with this Agreement or any other agreement other than as required by law. Borrower will at all times keep accurate and complete records of Borrowers accounts and Collateral. At Lenders request, Borrower shall deliver to Lender:

(i)

schedules of accounts and general intangibles; and (ii) such other information regarding the Collateral as Lender shall request. Lender, or any of its agents, shall have the right to call any telephone numbers that Borrower has provided or may provide in the future or otherwise in the Lenders possession (including any cellular or mobile telephone numbers) at intervals to be determined by Lender, and without hindrance or delay, to inspect, audit, check, and make extracts from any copies of the books, records, journals, orders, receipts, correspondence that relate to Borrowers accounts and Collateral or other transactions between the parties thereto and the general financial condition of Borrower and Lender may remove any of such records temporarily for the purpose of having copies made thereof. If Borrower was referred to Lender for this Loan by a third party (the 'Referring Pen, then Borrower consents to Lender sharing certain reasonable information about Borrower with the Referring Party for purposes of the Referring Party verifying and/or auditing loans made through such Referring Party's referrals.

40. GOVERNING LAW. Subject to Section 33 above, our relationship including this Agreement and any claim, dispute or controversy (whether in contract, tort, or otherwise) at any time arising from or relating to this Agreement is governed by, and this Agreement will be construed in accordance with, 

applicable federal law and (to the extent not preempted by federal law) California law without regard to internal principles of conflict of laws. The legality, enforceability and interpretation of this Agreement and the amounts contracted for, charged and reserved under this Agreement will be governed by such laws. Borrower understands and agrees that (i) Lender is located in California, (ii) Lender makes all credit decisions from Lender's office in California, (iii) the Loan is made in California (that is, no binding contract will be formed until Lender receives and accepts Borrowers signed Agreement in California) and (iv) Borrowers payments are not accepted until received by Lender in California.

41.

WAIVER OF NOTICES AND OTHER TERMS. Except for any notices provided for in this Agreement, Borrower and any person who has obligations pursuant to this Agreement (e.g., a guarantor), to the extent not prohibited by applicable law hereby, waives demand, notice of nonpayment, notice of intention to accelerate, notice of acceleration, presentment, protest, notice of dishonor and notice of protest. To the extent permitted by applicable law, Borrower and any person who has obligations pursuant to this Agreement also agrees: Lender is not required to file suit, show diligence in collection against Borrower or any person who has obligations pursuant to this Agreement, or proceed against any Collateral; Lender may, but will not be obligated to, substitute, exchange or release any Collateral; Lender may release any Collateral, or fail to realize upon or perfect Lenders security interest in any Collateral; Lender may, but will not be obligated to, sue one or more persons without joining or suing others; and Lender may modify, renew, or extend this Agreement (repeatedly and for any length of time) without notice to or approval by any person who has obligations pursuant to this Agreement (other than the party with whom the modification, renewal or extension is made).

42.

MONITORING, RECORDING AND ELECTRONIC COMMUNICATIONS. In order to ensure a high quality of service for Lenders customers, Lender may monitor and/or record telephone calls between Borrower and Lender's employees or agents. Borrower acknowledges that Lender may do so and agrees in advance to any such monitoring or recording of telephone calls. Borrower also agrees that Lender may communicate with Borrower electronically by e-mail.

43.

JURY TRIAL WAIVER. To the extent not prohibited by applicable law, Borrower and Lender waive their right to a trial by jury of any claim or cause of action based upon, arising out of or related to the Agreement and all other documentation evidencing the Obligations, in any legal action or proceeding. Subject to Section 33 above, any such claim or cause of action shall be tried by court sitting without a jury.

44.

CONFIDENTIALITY. Borrower shall not make, publish or otherwise disseminate in any manner a copy of this Agreement or any public statement or description of the terms of this Agreement, except to its employees advisors and similar persons who have a legitimate need to know its contents.

45.

ENTIRE AGREEMENT. Any application Borrower signed or otherwise submitted in connection with the Loan, the accompanying Business Loan and Security Agreement Supplement and the Authorization Agreement for Direct Deposit (ACH Credit) and Direct Payments (ACH Debits) and any other documents required by Lender now or in the future in connection with this Agreement and Borrower's Loan are hereby incorporated into and made a part of this Agreement This Agreement is the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior written or verbal communications or instruments relating thereto.

46.

COUNTERPARTS; ELECTRONIC SIGNATURES. This Agreement may be executed in one or more counterparts, each of which counterparts shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. For purposes of the execution of this Agreement, signatures delivered by electronic or fax submission shall be treated in all respects as original signatures.

47.

CUSTOMER SERVICE CONTACT INFORMATION. If you have questions or comments about your Loan, you may contact our Servicer, on Deck Capital, Inc. by (i) e-mail at support@ondeck.corn, (ii) telephone at (888) 2694246 or (iii) mail at 901 N Stuart Street, Suite 700, Arlington, VA 22203, Attn: Director of Operations.

48.

GRANT OF LICENSE TO USE THE ON DECK PLATFORM. Subject to Borrowers compliance with this Agreement and the Terms of Use for the On Deck Platform, Servicer grants Borrower a nonexclusive, revocable, non­transferable, non-sublicenseable, limited right and royalty free license to use the On Deck Platform, effective solely during the term of the Loan and so long as an Event of Default has not occurred. The license granted to Borrower is personal, and no rights hereunder may be transferred by Borrower without the express written approval of Servicer. Servicer may terminate the license granted hereunder without notice at any time after an Event of Default has occurred.

49. PERSONAL GUARANTY. Each Guarantor, jointly and severally (if more than one), absolutely and unconditionally guarantee the prompt payment to Lender, including its successors and assignees, of any and all Obligations incurred by the Borrower pursuant to the Agreement (this “Personal Guaranty"). Each Guarantor further agrees to repay the Obligations on demand, without requiring Lender first to enforce payment against Borrower. This is a guarantee of payment and not of collection. This is an absolute, unconditional, primary, and continuing obligation and will remain in full force and effect until the first to occur of the following: (a) all of the Obligations have been indefeasibly paid in full, and Lender has terminated this Personal Guaranty, or (b) 30 days after the date on which written notice of revocation is actually received and accepted by Lender. No revocation will affect: (i) the then existing liabilities of the revoking Guarantor under this Personal Guaranty; (ii) Obligations created, contracted, assumed, acquired or incurred prior to the effective date of such revocation; (iii) Obligations created, contracted, assumed, acquired or incurred after the effective date of such revocation pursuant to any agreement entered into or commitment obtained prior to the effective date of such revocation; or (iv) any Obligations then or thereafter arising under the agreements or instruments then in effect and then evidencing the Obligations. Each Guarantor represents and warrants that it is a legal resident of the United States of America. Each Guarantor waives all notices to which the Guarantor might otherwise be entitled by law, and also waives all defenses, legal or equitable, otherwise available to  the Guarantor. This Personal Guaranty shall be construed in accordance with the laws of the State of California, and small inure to the benefit of Lender, its successors and assigns. To the extent not prohibited by applicable law, each of the undersigned Guarantors waives its right to a trial by jury of any claim or cause of action based upon, arising out of or related to this guaranty, the Agreement and all other documentation evidencing the Obligations, in any legal action or proceeding. Subject to Section 33 above, any such claim or cause of action shall be tried by court sitting without a jury.

[Signature Page Follows]

Guarantor #1:

Borrower #1:

(Signature)

(Signature)

LORI WINTHER

LORI WINTHER

Date:

Title:

Date:

Guarantor #2:

Borrower #2:

(Signature)

(Signature)

KYLE WINTHER

KYLE WINTHER

Date:

Title:

Date:

Guarantor #3:

Borrower #3:

(Signature)

(Signature)

GARY PERLINGOS

GARY PERLINGOS

Date:

Title:

Date:

Note: Both sections 49 (Personal Guaranty) and 50 (Certification and Signatures) must be signed and dated before a loan can be funded.

50. CERTIFICATION AND SIGNATURES. By signing below or authorizing the person signing below to sign on its behalf, Borrower certifies that Borrower has received a copy of this Agreement and that Borrower has read, understood and agreed to be bound by its terms. Each person signing below certifies that each person is signing on behalf of the Borrower and/or in the capacity indicated below the signers name and that such signer is authorized to execute this Agreement on behalf of or the in stated relation to Borrower.

Use of Proceeds Certification 

As referred to in Section 4, by signing below, the Borrower certifies, acknowledges and understands that the proceeds from the requested Loan will be used solely for purchasing or acquiring specific products or services, for the following purposes only:

- working capital

- insurance (but not self insurance programs)

- services or equipment

- merchandise, inventory or specified goods

- improvements / construction of facilities (but not purchase of real estate)

- loans to finance specified sales transactions

- public works projects or educational services (e.g., training)

For Lenders Use Only: This Agreement has been received and accepted by Lender in Virginia after being signed by Borrower and any Guarantor(s).

By:

(Signature)

(Print Name)

Position: 

Date:

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