Document:

Exhibit 10.1

 

CREDIT AGREEMENT

 

THIS CREDIT AGREEMENT
(this “Agreement”) is executed as of June 22, 2017 (the “Effective Date”), by and between
FIFTH THIRD BANK, an Ohio banking corporation (“Lender”), and JETPAY PAYMENT SERVICES, FL, LLC,
a Delaware limited liability company (“Borrower”).

 

RECITALS: 

 

A.          WHEREAS,
Borrower has applied to Lender for a draw/term loan facility to finance software integration costs related specifically to a contract
with the State of Illinois, and Lender is willing to make such loan upon the terms and conditions hereinafter set forth.

 

B.           NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.           Definitions
and Interpretation.

 

1.1           Exhibits
Incorporated. All exhibits to this Agreement, as now existing and as the same may from time to time be modified, are fully
incorporated herein by this reference.

 

1.2           Defined
Terms. All capitalized terms used in this Agreement and not otherwise defined in this Agreement shall have the following meanings:

 

“Affiliate”
means, with respect to any Person, (a) any other Person which directly or indirectly through one or more intermediaries Controls,
or is Controlled by, or is under common Control with, (i) such Person or (ii) any general partner or managing member
of such Person; (b) any other Person 50% or more of the equity interest of which is held beneficially or of record by (i) such
Person or (ii) any general partner or managing member of such Person, and (c) any general partner, limited partner or
member of (i) such Person or (ii) any general partner or managing member of such Person.

 

“Applicable Laws”
means all statutes, laws, ordinances, regulations, orders, writs, judgments, injunctions, decrees or awards of the United States
or any state, county, municipality or other Governmental Agency applicable to Borrower and/or the Property.

 

“Business Day”
means (i) with respect to all notices and determinations in connection with the LIBOR Rate, any day (other than a Saturday or Sunday)
on which commercial banks are open in London, England, New York, New York, and Cincinnati, Ohio for dealings in deposits in the
London Interbank Market; and (ii) in all other cases, any day on which commercial banks in Cincinnati, Ohio are required by law
to be open for business; provided that, notwithstanding anything to the contrary in this definition of “Business Day”,
at any time during which a Rate Management Agreement with Lender is then in effect with respect to all or a portion of the Note,
then the definitions of “Business Day” and “Banking Day”, as applicable, pursuant to such Rate Management
Agreement shall govern with respect to all applicable notices and determinations in connection with such portion of the Note subject
to such Rate Management Agreement.

 

     

     

    

 

“Capitalized
Lease Obligations” means, for any period, the aggregate of all expenditures (including that portion of Capitalized Lease
Obligations attributable to that period) made in respect of the purchase, construction or rehabilitation or fixed or capital assets,
determined in accordance with GAAP.

 

“Closing”
means execution and delivery of the Loan Documents.

 

“Closing Date”
means the date upon which the Closing occurs.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Collateral”
shall have the meaning set forth in the Security Agreement.

 

“Collective Debt”
means, for any Person, without duplication: (a) all indebtedness of such Person for borrowed money, for amounts drawn under a letter
of credit, or for the deferred purchase price of property or services for which such Person or its assets is liable, other than
accounts payable arising in the ordinary course of business, (b) all unfunded amounts under a credit agreement, loan agreement,
letter of credit, or other credit facility for which such Person would be liable, if such amounts were advanced under such agreement
or credit facility or if such letter of credit was issued, (c) all amounts required by such Person as a guaranteed payment to partners
or a preferred or special dividend, including any mandatory redemption of shares or interests, (d) all indebtedness guaranteed
by such Person, directly or indirectly, (e) all obligations under Capitalized Lease Obligations for which such Person is liable,
and (f) except as otherwise conditioned herein, all obligations of such Person under interest rate swaps, caps, floors, collars
and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise, as obligor, guarantor
or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss.

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

 

“Control”
and any derivative of such term, including “Controlling” and “Controlled”, means, when used
with respect to any Person, (i) the direct or indirect beneficial ownership of fifty percent (50%) or more of the outstanding voting
securities or voting equity of such Person or (ii) the power to direct or cause the direction of the management and policies of
such Person whether by contract or otherwise.

 

“Default”
means the occurrence of any event, circumstance or condition which constitutes a breach of or a default under this Agreement or
any other Loan Document and which, after the giving of any required notice and/or the passage of any applicable cure period, would
constitute an Event of Default under this Agreement or any other Loan Document.

 

“Default Rate”
means a per annum interest rate that is equal to the rate of interest per annum applicable under the Note plus three percent (3%).

 

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“Draw/Term Loan”
means that certain term loan granted by Lender to Borrower in the maximum principal amount of the Draw/Term Loan Amount.

 

“Draw/Term Loan
Amount” means an amount not to exceed $1,600,000.00.

 

“Draw/Term Note”
means that certain Promissory Note dated as of even date herewith made by Borrower to the order of Lender in the stated principal
amount of the Draw/Term Loan Amount.

 

“EBITDA”
means, on a consolidated basis, the amount of Borrower’s earnings before interest, taxes, depreciation, amortization, and
noncash expenses for the measurement period.

 

“Environmental
Laws” means all local, state, federal, and foreign laws, programs, permits, guidance, orders, and consent decrees, now
or later in effect and relating to health, safety, or environmental matters or pollution and the protection of the environment
or the release of any materials into the environment, including the Comprehensive Environmental Response Compensation and Liability
Act.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated
thereunder.

 

“Event of Default”
means any event so designated in Section 8.1, or any other section or provision, of this Agreement.

 

“Excluded Swap
Obligation(s)” means, with respect to any guarantor of a Swap Obligation, including the grant of a security interest
to secure the guaranty of such Swap Obligation, any Swap Obligation if, and to the extent that, such Swap Obligation is or becomes
illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application
or official interpretation of any thereof) by virtue of such guarantor’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guaranty or
grant of such security interest becomes effective with respect to such Swap Obligation.  If a Swap Obligation arises under
a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is
attributable to swaps for which such Swap Obligation or security interest is or becomes illegal.

 

“Fiscal Year”
means Borrower’s fiscal year, ending on December 31st of each calendar year.

 

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“Fixed
Charge Coverage Ratio” means the ratio of: (a) Borrower’s EBITDA plus rent and operating lease payments,
less distributions, dividends, increases in loans to Guarantor and capital expenditures (other than capital expenditures: (w) incurred
with respect to the Magic Platform, (x) financed with equity contributions funded to Borrower by Guarantor, (y) financed with proceeds
of the purchase money indebtedness or capital leases to the extent permitted under the Loan Documents, or (z) incurred with respect
to the Illinois Contract) and other extraordinary items during the applicable test period, divided by (b) the consolidated sum
of (i) Borrower’s interest expense, plus (ii) all scheduled principal payments (but excluding principal that is payable upon
the Maturity Date) with respect to indebtedness paid or due and payable by the Constituent Entities during the applicable period
plus rent and operating lease expenses incurred in the same such period. For purposes of the definition of Fixed Charge Coverage
Ratio, (i) the term “Magic Platform” shall mean capital expenditures of up to Two Hundred Fifty Thousand and No/100
Dollars ($250,000.00) incurred by Borrower for the creation or implementation of its ‘Magic’ software and operating
platform during the period of June 1, 2016 to December 31, 2016 and (ii) the term “Illinois Contract” shall mean capital
expenditures of up to One Million and No/100 Dollars ($1,000,000.00) incurred by Borrower for the purpose of securing equipment
or funding software integration required under a contract with the State of Illinois during the period of January 1, 2017 to December
31, 2017.

 

“Funded Indebtedness
to EBITDA” means the ratio of: (a) indebtedness (excluding Subordinated Indebtedness) (i) in respect of money borrowed,
or (ii) evidenced by a note, debenture or other like written obligation to pay money, or (iii) in respect of rent or hire of property
under leases or lease arrangements which under GAAP are required to be capitalized, or (iv) in respect of obligations under conditional
sales or other title retention agreements to, (b) EBITDA for the measurement period.

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

 

“Guarantor”
means JetPay Corporation, a Delaware corporation.

 

“Guaranty Agreement”
means that certain Guaranty Agreement dated on or about the date hereof by the Guarantor for the benefit of Lender guaranteeing
the obligations of Borrower under the Loan and the Loan Documents.

 

“Governmental
Agency” means any governmental or quasi-governmental agency, board, bureau, commission, department, court, administrative
tribunal or other instrumentality or authority, and any public utility.

 

“Hazardous
Materials” means urea, asbestos, radon gas, pesticides, hydrocarbons, petroleum substances, flammable explosives, paint
containing lead, natural or synthetic gas, solid, liquid, or gaseous wastes, polychlorinated biphenyls (PCBs), formaldehyde foam
insulation, discharges of sewage or effluent, any material containing hydrated silicate (including amosite, actinolite, tremolite,
chrysolite, crocidolite, and anthophylite, whether friable or non-friable), and all toxic, hazardous, and radioactive wastes, chemicals,
materials, pollutants, substances, and contaminants that are regulated or controlled by any Environmental Law, whether or not defined,
classified, or identified as hazardous under those laws.

 

“Intercreditor
Agreement” means that certain Intercreditor Agreement by and between Lender and Junior Creditor dated October 18, 2016.

 

    	 	4	 

     

    

 

“Junior Creditor”
means LHLJ, Inc., a Delaware corporation.

 

“Junior Debt”
has the meaning ascribed to such term in the Intercreditor Agreement.

 

“Lender”
means Fifth Third Bank, an Ohio banking corporation.

 

“Loan”
means the Draw/Term Loan made hereunder.

 

“Loan Commitment
Fee” means, with respect to the Draw/Term Loan, the sum of Eight Thousand and 00/100 Dollars ($8,000.00),

 

“Loan Documents”
means, collectively, this Agreement, the Security Agreement, the Guaranty Agreement, any Subordination Agreements, and any other
agreement, document or instrument evidencing and/or securing the obligations of Borrower to Lender that Lender requires in connection
with the execution of this Agreement or from time to time to effectuate the purposes of this Agreement, including, without limitation,
any Rate Management Agreement, together with all amendments, restatements, supplements and modifications thereof.

 

“Loan Expenses”
means all interest, charges, costs and reasonable, documented, out-of-pocket expenses incurred by Lender in connection with the
Loan, including, but not limited to: (a) any points, loan fees, service charges, commitment fees or other fees due to Lender in
connection with the Loan; (b) all amounts due under any Rate Management Agreement; (c) all title examination, survey, escrow, filing,
search, recording and registration fees and charges; (d) all fees and disbursements of architects, engineers and consultants engaged
by Borrower and Lender; (e) all documentary stamp and other taxes and charges imposed by law on the issuance or recording of any
of the Loan Documents; (f) all Collateral appraisal fees; (g) all title, casualty, liability, payment, performance or other insurance
or bond premiums; (h) all fees and disbursements of legal counsel engaged by Lender in connection with the Loan, including, without
limitation, counsel engaged in connection with the enforcement, negotiation, preparation or administration of this Agreement or
any of the Loan Documents; (i) all fees associated with field examination of Collateral and (i) any amounts required to be paid
by Borrower under this Agreement, the Security Agreement or any Loan Document after the occurrence of an Event of Default.

 

“Loan Proceeds”
means all amounts advanced as part of the Loan, whether advanced directly to Borrower or otherwise.

 

“Material Adverse
Change” means any development, event, condition, obligation, liability or circumstance or set of events, conditions,
obligations, liabilities or circumstances or any change(s) which, as determined by Lender in good faith:

 

(a)          has
prevented, impeded or limited the enforceability or validity of any Loan Document, the perfection or priority of any lien created
under any Loan Document or the remedies of Lender under any Loan Document;

 

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(b)          has
been, or reasonably could be expected to be, material and adverse to the ownership, use enjoyment or value of any of the Collateral
or to the business, operations, prospects, properties, assets, liabilities or condition (financial or otherwise) of Borrower;

 

(c)          has
materially impaired the ability of Borrower to perform any of the Obligations, or to consummate the transactions, under the Loan
Documents.

 

“Note”
means the Draw/Term Note.

 

“Obligations”
means (i) the payment when and as due and payable of the principal of and interest on the Loan or so much thereof as may be advanced
from time to time, and any and all late charges, Additional Costs (as defined in the Note), and all other indebtedness, loans,
advances, and each and every obligation and liability evidenced by, owing, arising under or in connection with the Loan, the Security
Agreement, the Note, and/or any of the other Loan Documents, together with any extensions, modifications, renewals or refinancings
of any of the foregoing; (ii) the payment of all other expenses, costs, advances and indebtedness which the Security Agreement
by its terms secures; (iii) the performance and observance of the covenants and agreements contained in the Security Agreement,
the Note and each of the other Loan Documents; (iv) the Rate Management Obligations, except for Rate Management Obligations that
constitute Excluded Swap Obligations; (v) all obligations to perform or forbear from performing acts, and agreements, Agreements
and documents evidencing, guarantying, securing or otherwise executed in connection with any of the foregoing, together with any
amendments, modifications and restatements thereof, and all expenses and attorneys’ fees incurred by Lender hereunder or
any other document, Agreement or agreement related to any of the foregoing to the extent required to be paid or reimbursed by Borrower
thereunder; and (vi) all other loans, advances, indebtedness and each and every other obligation or liability of Borrower owed
to each of Lender and/or any affiliate of Fifth Third Bancorp or its successors, however created, of every kind and description
whether now existing or hereafter arising and whether direct or indirect, primary or as guarantor or surety, absolute or contingent,
liquidated or unliquidated, matured or unmatured, participated in whole or in part, created by trust agreement, lease overdraft,
agreement or otherwise, whether or not secured by additional collateral, whether originated with Lender or owed to others and acquired
by Lender by purchase, assignment or otherwise, and all obligations to perform or forbear from performing acts, and agreements,
Agreements and documents evidencing, guarantying, securing or otherwise executed in connection with any of the foregoing, together
with any amendments, modifications and restatements thereof, and all expenses and attorneys’ fees incurred by Lender hereunder
or any other document, instrument or agreement related hereto or to any of the foregoing, to the extent required to be paid or
reimbursed by Borrower thereunder.

 

“OFAC”
means the U.S. Department of Treasury’s Office of Foreign Asset Control.

 

“Party”
means any Person (other than Lender) who is a party or signatory to any Loan Document.

 

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“Permitted Indebtedness”
means (a) the Obligations; (b) indebtedness under Hedging Agreements entered into for the sole purpose of hedging in the normal
course of business and not for speculative purposes; (c) purchase money indebtedness (including Capitalized Lease Obligations)
hereafter incurred by Borrower to finance the purchase of fixed assets, provided that such indebtedness incurred shall not exceed
in the aggregate One Million and No/100 Dollars ($1,000,000.00) so long as the Loan Documents remain in effect, other than as set
forth on Schedule 1.2; (d) indebtedness existing on the Effective Date that is identified and described on Schedule 1.2
attached hereto and made a part hereof, including refinancing, replacement and renewals of such indebtedness, provided that any
refinancing shall not exceed the amount then outstanding; (e) indebtedness incurred in the ordinary course of business for surety
bonds and performance bonds obtained in connection with workers’ compensation, unemployment insurance and other social security
legislation; (f) indebtedness representing deferred compensation or reimbursable expenses owed to officers, directors, employees
or agents of Borrower in the ordinary course of business; and (g) the Junior Debt in accordance with the Intercreditor Agreement.

 

“Permitted Liens”
means (a) liens securing taxes, assessments or governmental charges or levies for amounts that are not yet due and payable; (b)
liens of suppliers, carriers, materialmen, warehousemen, workmen or mechanics and other similar liens, in each case imposed by
law or arising in the ordinary course of business and for amounts that are not yet due and payable; (c) liens incurred or deposits
made in the ordinary course of business in connection with workers’ compensation, unemployment insurance, social security
and other like laws (excluding liens arising under ERISA); (d) pledges or cash deposits made in the ordinary course of business
(i) to secure the performance of bids, tenders, leases, sales or other trade contracts (other than for the repayment of borrowed
money or the payment of a deferred purchase price for property or services) or (ii) made in lieu of, or to secure the performance
of, surety, customs, reclamation or performance bonds (in each case not related to judgments or litigation); (e) liens of landlords
and mortgagees of landlords (i) with respect to any landlord, solely arising by statute or, with respect to any mortgagee arising
by statute or under any contractual obligations entered into in the ordinary course of business, (ii) on fixtures and movable tangible
property located on the real property leased or subleased from such landlord, (iii) for amounts not yet due or that are being contested
in good faith by appropriate proceedings diligently conducted and (iv) for which adequate reserves or other appropriate provisions
are maintained on the books of such Person in accordance with GAAP; (f) non-exclusive intellectual property licenses granted in
the ordinary course of business; (g) liens in favor of collecting banks arising under Section 4-210 of the Uniform Commercial Code
and other banker’s liens arising by operation of law; (h) liens on fixed assets securing purchase money indebtedness, provided
that, (i) such lien attached to such assets concurrently, or within twenty (20) days of the acquisition thereof, and only to the
assets so acquired, and (ii) a description of the asset is furnished to Lender; (i) liens existing on the Effective Date and shown
on Schedule 1.2 attached hereto and made a part hereof; (j) other liens in favor of Lender under the Loan Documents or in
connection with other financing made available to Borrower from Lender; (k) liens securing appeal bonds and judgments with respect
to judgments that do not otherwise result in or cause an Event of Default; and (l) liens securing the Junior Debt in accordance
with the Intercreditor Agreement.

 

“Person”
means any entity, whether an individual, trustee, corporation, partnership, limited liability company, trust, unincorporated organization,
Governmental Agency or otherwise.

 

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“Personal Property”
means all of Borrower’s right, title and interest, whether now existing or hereafter acquired, in and to all furniture, furnishings,
fixtures, machinery, equipment, inventory and other personal property of every kind, tangible and intangible as described in the
Security Agreement.

 

“Premises”
means the property located at 316 Baylen Street, Suite 590, Pensacola, Florida 32502.

 

“Property”
means any interest in any kind of asset or property, whether real, personal, or mixed, tangible or intangible, or choate or inchoate.

 

“Rate Management
Agreement” means any agreement, device or arrangement providing for payments which are related to fluctuations of interest
rates, exchange rates, forward rates, or equity prices, including, but not limited to, dollar-denominated or cross-currency interest
rate exchange agreements, forward currency exchange agreements, interest rate cap or collar protection agreements, forward rate
currency or interest rate options, puts and warrants, and any agreement pertaining to equity derivative transactions (e.g., equity
or equity index swaps, options, caps, floors, collars and forwards), including without limitation any ISDA Master Agreement between
Borrower and Lender or any affiliate of Fifth Third Bancorp, and any schedules, confirmations and documents and other confirming
evidence between the parties confirming transactions thereunder, all whether now existing or hereafter arising, and in each case
as amended, modified or supplemented from time to time.

 

“Rate Management
Obligations” means any and all obligations of Borrower to Lender or any affiliate of Fifth Third Bancorp, whether absolute,
contingent or otherwise and howsoever and whensoever (whether now or hereafter) created, arising, evidenced or acquired (including
all renewals, extensions and modifications thereof and substitutions therefore), under or in connection with (i) any and all Rate
Management Agreements, and (ii) any and all cancellations, buy-backs, reversals, terminations or assignments of any Rate Management
Agreement.

 

“Security Agreement”
means that certain Security Agreement of even date herewith from Borrower, as debtor, to and for the benefit of Lender, as secured
party, given in connection with the Loan, encumbering the Collateral described therein.

 

“Subordinated
Indebtedness” means (x) the Junior Debt, and (y) any other Collective Debt that is subordinated to the Obligations owed
to Lender, in a manner satisfactory to Lender in form and substance, including but not limited to such subordinated debt as of
the Effective Date as more particularly described on Schedule 1.2, attached hereto.

 

“Subordination Agreement”
means, (x) with respect to the Junior Debt, the Intercreditor Agreement, and (y) with respect to Subordinated Indebtedness other
than the Junior Debt, any subordination agreement entered into by Borrower and Lender with any junior creditor made in connection
with the Loan.

 

“Swap Obligation”
means any Rate Management Obligation that constitutes a “swap” within the meaning of section 1a(47) of the Commodity
Exchange Act, as amended from time to time.

 

    	 	8	 

     

    

 

“Taxes”
means all taxes, assessments, levies and charges imposed by any public or quasi-public authority having jurisdiction over the Property
which are or may affect, or become a lien upon, the Property, or interest therein, or imposed by any Governmental Authority upon
Borrower or Lender by reason of their respective interests in the Property or by reason of any payment, or portion thereof, made
to Lender hereunder or pursuant to any Obligation or any of the other Loan Documents, other than taxes which are measured by and
imposed upon Lender’s general net income.

 

1.3         Singular
and Plural Terms. Any defined term used in the plural in any Loan Document shall refer to all members of the relevant class
and any defined term used in the singular shall refer to any number of the members of the relevant class.

 

1.4         Accounting
Principles. Any accounting term used and not specifically defined in any Loan Document shall be construed in conformity with,
and all financial data required to be submitted under any Loan Document shall be prepared in conformity with, GAAP applied on a
consistent basis or in accordance with such other principles or methods as are reasonably acceptable to Lender.

 

1.5         References
and Other Terms. Any reference to any Loan Document or other document shall include such document both as originally executed
and as it may from time to time be amended, restated, modified or supplemented and in effect from time to time. References herein
to Articles, Sections and Exhibits shall be construed as references to this Agreement unless a different document is named. References
to subparagraphs shall be construed as references to the same Section in which the reference appears. The term “document”
is used in its broadest sense and encompasses agreements, certificates, opinions, consents, instruments and other written material
of every kind. The terms “including” and “include” mean “including (include) without limitation.”

 

2.           The
LoanS.

 

2.1         Agreement
to Borrow and Lend. Borrower agrees to borrow from Lender, and Lender agrees to lend to Borrower, amounts not to exceed the
Draw/Term Loan Amount on the terms of and subject to the conditions of this Agreement.

 

2.2         Interest.
Interest on funds advanced hereunder shall be due and payable by Borrower to Lender in the manner set forth in the Draw/Term Note.

 

2.3         Principal
Payments; Maturity Date. The principal of the Loan shall be paid in the manner set forth in the Draw/Term Note. The Maturity
Date of the Draw/Term Note is June 22, 2021.

 

2.4         Prepayment.
The Loan shall be prepayable only in accordance with the terms and conditions of the Note.

 

2.5         Draw/Term
Loan. The Draw/Term Loan is a limited draw facility to be converted into a term loan as further described in the Draw/Term
Note, and Borrower shall have the right to request advances of any portion of the principal balance of the Draw/Term Loan during
the Draw Period (as defined in the Draw/Term Note) subject to the conditions of this Agreement and the Draw/Term Note.

 

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3.           Conditions
to Closing.

 

3.1         Conditions
to Closing. As a condition precedent to the Closing, Borrower shall furnish to Lender the following, all of which must be strictly
satisfactory to Lender and Lender’s counsel in form, content and execution:

 

(a)          Loan
Documents.  Fully executed original copies of each of the Loan Documents.

 

(b)          Subordination
Agreements. Subordination Agreements with respect to the Subordinated Indebtedness shown on Schedule 1.2, if any, containing
terms and conditions, including but not limited to, full standstill rights, blockage rights, and inability to block Lender from
exercising any and all rights pursuant to the Loan Documents. All other conditions will be satisfactory in all respects to Lender.

 

(c)          Loan
Expenses. All Loan Expenses due and owing hereunder and the Loan Commitment Fee.

 

(d)          Searches.
A report from a national search company acceptable to Lender indicating that, other than Permitted Liens, no material judgments,
tax or other liens, security interests, leases of personalty, financing statements or other encumbrances (other than liens and
security interests in favor of Lender or otherwise approved by Lender in writing) are of record or on file encumbering any portion
of the Property, and that there are no material judgments, tax liens, pending litigation or bankruptcy actions outstanding with
respect to Borrower or Guarantor (or explanations satisfactory to Lender of any judgments or pending litigation in existence).

 

(e)          Intentionally
Omitted.

 

(f)           Attorney’s
Opinion. An opinion of one or more counsel for Borrower and Guarantor addressing such issues as Lender may reasonably request,
including the following propositions and questions of law (in each case, subject to customary qualifications and exceptions):

 

(i)          that
each of Borrower and Guarantor is duly organized, validly existing and in good standing to do business in the state of its organization
and in the State of Florida;

 

(ii)         that
each of Borrower and Guarantor has all necessary legal right, power and authority to conduct its business, to own and operate the
Property and to enter into and perform its obligations under this Agreement and the Loan Documents;

 

(iii)        that
all necessary corporate, shareholder, membership, partnership approvals, resolutions and directions have been obtained for the
execution of this Agreement and the Loan Documents;

 

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(iv)        that
the execution and delivery of this Agreement and the Loan Documents, and the performance thereunder by Borrower and Guarantor will
comply with all Applicable Laws and will not violate or conflict with the instruments under which Borrower and Guarantor are organized;
and

 

(v)         that
the Loan Documents and this Agreement have been duly and validly executed and delivered, are enforceable in accordance with their
respective terms (subject to customary qualifications and exceptions).

 

(g)          Organizational
Documents. A certified copy (certified, where applicable, by the state office in which such documents were filed, and in all
other cases by an appropriate representative of the entity) of:

 

(i)          The
organizational documents (for corporations, articles of incorporation and bylaws; for general partnerships, partnership agreement;
for limited partnerships, partnership agreement and certificate of limited partnership; for limited liability companies, articles
of organization and operating agreement) of Borrower and Guarantor and each entity whose authorization is necessary to authorize
the execution, delivery and performance of the Loan Documents, or whose authorization is necessary to authorize any other entity
whose authorization is necessary in respect thereto, certified by the appropriate officer of representative. For purposes hereof,
Borrower, Guarantor and all such other entities are referred to herein below as the “Constituent Entities”;

 

(ii)         Resolutions
by the applicable Constituent Entities authorizing the execution and delivery of the documents evidencing and securing the Loan,
certified by an appropriate representative of the Constituent Entities;

 

(iii)        An
incumbency certificate, including specimen signatures for all individuals executing any of the Loan Documents, for each Constituent
Entity executing any of the Loan Documents, certified by the secretary or other appropriate representative of such entity;

 

(iv)        Certificates
of existence for all limited partnerships and certificates of good standing for all corporations or limited liability companies
that are Constituent Entities from their state of formation, and, if Borrower was not formed in the State of Florida, a certificate
of good standing or existence, as applicable, from the State of Florida; and

 

(v)         All
other instruments and documents concerning the formation and existence of the Constituent Entities, and the execution and delivery
of the Loan Documents by the Constituent Entities, required by Lender.

 

(h)          Financial
Statements. All financial information requested by Lender with respect to Borrower and Guarantor.

 

(i)           Consent
of Junior Creditor.  Junior Creditor’s consent to the transactions
contemplated by this Agreement to the extent required by the Intercreditor Agreement.

 

    	 	11	 

     

    

 

(j)           Additional
Documents. Such other papers and documents regarding Borrower, Guarantor or the Collateral as Lender may require.

 

(k)          A
compliance certificate in the form attached hereto as Exhibit A.

 

3.2         Termination
of Agreement. Borrower agrees that all conditions precedent to the Closing will be complied with on or prior to the Closing
Date. If all of the conditions precedent to the Closing hereunder shall not have been performed on or before the Closing Date,
Lender, at its option at any time prior to the Closing, may terminate this Agreement and all of its obligations hereunder by giving
a written notice of termination to Borrower. In the event of such termination, Borrower shall pay all Loan Expenses which have
accrued or been charged prior to such date.

 

4.           Representations
and Warranties. As a material inducement to Lender’s entry into this Agreement, Borrower represents and warrants
to Lender that:

 

4.1         Good
Standing. Borrower is a limited liability company, duly organized, validly existing and in good standing under the laws of
the State of Delaware. Guarantor is a corporation duly formed, validly existing and in good standing under the laws of the State
of Delaware.

 

4.2         Execution
and Performance of Loan Documents.

 

(a)          Each
of Borrower and Guarantor has full power and authority to conduct its business as presently conducted, to enter into this Agreement
and the other Loan Documents (as applicable) and to perform all of its duties and obligations under this Agreement and the Loan
Documents to which they are a party. Such execution and performance have been duly authorized by all necessary action pursuant
to such entity’s organizational documents.

 

(b)          The
execution and delivery by Borrower and Guarantor of, and the performance by Borrower and Guarantor of each such entity’s
respective obligations under, each Loan Document do not and will not:

 

(i)          require
any consent or approval not heretofore obtained of any Person having any interest in Borrower or Guarantor;

 

(ii)         violate
any provision of, or require any consent or approval not heretofore obtained under, any partnership agreement, articles of incorporation,
bylaws, operating agreement or other governing document applicable to Borrower or Guarantor;

 

(iii)        result
in or require the creation of any lien, claim, charge or other right of others of any kind (other than under or as provided for
in the Loan Documents) on or with respect to any property now or hereafter owned or leased by Borrower or Guarantor;

 

(iv)        violate
any provision of any Applicable Law presently in effect; or

 

    	 	12	 

     

    

 

(v)         constitute
a breach or default under, or permit the acceleration of obligations owed under, any contract, credit agreement, loan agreement,
lease or other agreement or document to which Borrower or Guarantor is a party or by which Borrower, Guarantor or any of such entity’s
property is bound.

 

(c)          Neither
Borrower nor Guarantor is in default, in any respect that is adverse to Lender’s interests in or under the Loan Documents
or that would result in a Material Adverse Change, under any Applicable Law, contract, lease or other agreement or document described
in subparagraph (ii) or (v) of the previous subsection.

 

4.3         Financial
and Other Information. All financial information furnished to Lender with respect to Borrower and Guarantor in connection with
the Loan (a) accurately presents the financial condition of Borrower and Guarantor as of the date or dates indicated (or if
no date or dates are indicated, then as of the date of delivery); and (b) has been prepared in accordance with GAAP subject
to, in the case of unaudited financial statements, customary year-end adjustments and the absence of footnotes or in accordance
with such other principles or methods as are reasonably acceptable to Lender. All other documents and information furnished to
Lender with respect to Borrower and Guarantor in connection with the Loan are correct in all material respects as of the date or
dates indicated (or if no date or dates are indicated, then as of the date of delivery) and do not contain any material misstatement
of fact or omits to state any material fact necessary to make the statements therein, taken as a whole, in light of the circumstances
under which they were made, not misleading. Neither Borrower nor Guarantor has any material liability or contingent liability not
disclosed to Lender in writing and there is no material lien, claim, charge or other right of others of any kind (including liens
or retained security titles of conditional vendors) on any property of any such Person not disclosed in such financial statements
or otherwise disclosed to Lender in writing.

 

4.4         No
Material Adverse Change. There has been no material adverse change in the condition, financial or otherwise, or the properties
or businesses of Borrower or Guarantor since the date of the latest financial statements furnished to Lender. Since those dates,
neither Borrower nor Guarantor has entered into any material transaction whether or not disclosed in such financial statements
or otherwise disclosed to Lender in writing. Further, there are no existing Defaults under any of the Loan Documents, nor do there
exist any circumstances or conditions that with the passage of time or giving of notice or both would result in an Event of Default
under any of the Loan Documents.

 

    	 	13	 

     

    

 

4.5         Enforceability.
The Loan Documents, and any other documents and instruments required to be executed and delivered in connection with the Loan to
which Borrower and/or Guarantor is a party have been duly authorized, executed and delivered by or on behalf of Borrower and Guarantor
(as applicable) as a party thereto, and when executed and delivered, will constitute the duly authorized, valid and legally binding
obligations of the party required to execute the same and may be enforced strictly in accordance with their respective terms (except
to the extent that enforceability may be affected or limited by applicable bankruptcy, insolvency and other similar debtor relief
laws affecting the enforcement of creditors’ rights generally or general principles of equity). No basis presently exists
for any claim against Lender under this Agreement, under the Loan Documents or with respect to the Loan, and the Loan Documents
and enforcement thereof are not subject to, and neither Borrower nor Guarantor has asserted any right of rescission, set-off, counterclaim
or defense, including the defense of usury. The Security Agreement, together with any UCC Financing Statements required to be filed
in connection therewith, will create a valid, perfected first priority lien on Borrower’s interest in the Collateral, subject
to Permitted Liens. All mortgage, recording, stamp, intangible or other similar taxes required to be paid by any Person under Applicable
Laws in connection with the execution, delivery, recordation, filing, registration, perfection and/or enforcement of any of the
Loan Documents have been paid, or have been paid by Borrower to an escrow agent authorized to make such payment upon recordation.

 

4.6         Consents.
No approval of, or consent from, any Governmental Authority or any other Person not holding a direct or indirect ownership interest
in Borrower or Guarantor is required in connection with the execution and delivery by Borrower or Guarantor of this Agreement or
any of the other Loan Documents to which each is a party, or compliance by Borrower or Guarantor with the Loan Documents to which
each is a party, or the consummation of the transactions contemplated hereby and thereby, other than those which have been obtained
by Borrower and Guarantor and are in full force and effect.

 

4.7         Environmental
Matters. To the knowledge of Borrower, no claim or proceeding under any Environmental Law has been instituted or threatened
raising any such claim against Borrower or any portion of the Property now or formerly owned, leased, or operated by it or other
assets, alleging any damage to the environment or violation of any Environmental Laws. To the knowledge of Borrower, there are
no facts that would give rise to any such claim, public or private, of a violation of any Environmental Law or damage to the environment
emanating from, occurring on, or in any way related to real properties now or formerly owned, leased, or operated by Borrower or
to other assets or their use. Borrower has not stored any Hazardous Materials on any real Property now or formerly owned, leased,
or operated by any of them and has not disposed of any Hazardous Materials in a manner contrary to any Environmental Law except
as would not reasonably be expected to result in a Material Adverse Change. To the knowledge of Borrower, all buildings on all
real properties owned, leased, or operated by Borrower are in compliance with applicable Environmental Laws. There are no Liens,
nor has Borrower received notice of any potential liens, arising under any Environmental Law against any of the real properties
owned, leased, or operated by it.

 

4.8         Tax
Liability. Each of Borrower and Guarantor have filed all required material federal, state and local tax returns and has paid,
prior to delinquency, all material taxes payable by it (including interest and penalties, but subject to lawful extensions disclosed
to Lender in writing) other than taxes being contested in good faith and by appropriate proceedings. Borrower agrees to maintain
adequate reserves for tax liabilities (including contested liabilities) in accordance with generally accepted accounting principles
or in accordance with such other principles or methods as are reasonably acceptable to Lender.

 

4.9         Collective
Debt. Other than Permitted Indebtedness, Borrower has no Collective Debt (whether secured or unsecured).

 

    	 	14	 

     

    

 

4.10        Collateral.
Borrower has title to the Collateral and the Collateral is adequately described in the Security Agreement and is subject to the
respective liens of the Security Agreement and the other Loan Documents. The Security Agreement will, upon execution and delivery
thereof, be effective to create a valid and enforceable lien on and security interest in the Collateral, subject only to Permitted
Liens. All necessary documents and instruments have been (or on the Effective Date will be) recorded, filed for record, or delivered
in a manner and in places required to establish those liens and to perfect and preserve perfected liens intended to be created
by those documents with the priority intended by those documents and no further action (other than the filing of continuation statements
as required by law) is (or will on the Effective Date be) required to maintain and preserve, or effectively to put third parties
on notice of, those liens. All Taxes and filing fees that are required to be paid or are payable in connection with the execution,
delivery, or recordation of those liens have (or on or before the Effective Date will have) been paid, (other than such Collateral
in which a security interest cannot be perfected under the Uniform Commercial Code as in effect at the relevant time in the relevant
jurisdiction by such filings).

 

4.11        Usury.
The Loan, including interest rate, fees and charges as contemplated hereby, is a business loan. The Loan is an exempted transaction
under the Truth In Lending Act, 12 U.S.C. §1601 et seq.; and the Loan does not, and when disbursed will not, violate the provisions
of the usury laws of the State of Florida or the State of New York, or any consumer credit laws or usury laws of any state which
may have jurisdiction over this transaction, Borrower or the Property. The Loan is not a consumer loan.

 

4.12        No
Bankruptcy Filing. Neither Borrower nor Guarantor is contemplating either the filing of a petition by it under any state or
federal bankruptcy or insolvency law or the liquidation of all or a major portion of its property, and Borrower has no knowledge
of any Person contemplating the filing of any such petition against it or against Guarantor. In addition, neither Borrower nor
Guarantor has been a party to, or the subject of, any a Bankruptcy Proceeding, and neither Borrower nor Guarantor has ever made
an assignment for the benefit of creditors or taken advantage of any state or federal bankruptcy or insolvency law for the benefit
of debtors.

 

4.13        Fraudulent
Transfer; Solvency. Borrower has not entered into the Loan or any Loan Document with the actual intent to hinder, delay, or
defraud any creditor, and Borrower has received reasonably equivalent value in exchange for its obligations under the Loan Documents.
Giving effect to the Loan and the transactions contemplated by the Loan Documents, the fair saleable value of Borrower’s
assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total probable liabilities, including
subordinated, unliquidated, disputed and/or contingent liabilities, including the maximum amount of its contingent liabilities
or its debts as such debts become absolute and matured. Borrower’s assets do not and, immediately following the making of
the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted.
Borrower does not intend to, and does not believe that it will, incur debt and liabilities (including contingent liabilities and
other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts
of cash to be received by Borrower and the amounts to be payable on or in respect of obligations of Borrower).

 

    	 	15	 

     

    

 

4.14        Compliance
with Laws. Borrower has duly complied with, and its Property, business operations, and leaseholds, if any, are in compliance
in all respects with, the provisions of all Applicable Laws (except to the extent that any noncompliance with applicable law would
not reasonably be expected to have a Material Adverse Change), and there have been no orders, notices, or citations of noncompliance
issued to Borrower under any Applicable Law other than those that would not reasonably be expected to result in a Material Adverse
Change.

 

4.15        Litigation.
Except as set forth in Schedule 4.15, there are no actions, investigations or proceedings pending or overtly threatened
against or affecting the Property, Borrower, Guarantor or any property of any of them before any Governmental Agency.,
except (a) which individually or in the aggregate could not be expected to result in a Material Adverse Change or (b) as disclosed
in Guarantor’s filings with the U.S. Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934,
as amended.

 

4.16        Name
and Principal Place of Business. Borrower presently uses no trade name other than its actual name. Borrower’s principal
place of business is as set forth in the UCC-1 Financing Statement to be filed with the Delaware Secretary of State.

 

4.17        ERISA.
Borrower is not and will not be an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to
Title I of ERISA. The assets of Borrower do not and will not constitute “plan assets” of one or more such plans within
the meaning of 29 C.F.R. Sec. 2510.3-101. Borrower is not and will not be a “governmental plan” within the meaning
of Section 3(32) of ERISA. Transactions by or with Borrower are not and will not be subject to any state or other statute, regulation
or other restriction regulating investments of, or fiduciary obligations with respect to, governmental plans within the meaning
of Section 3(32) of ERISA which is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code and which prohibit
or otherwise restrict the transactions contemplated by this Agreement, including but not limited to the exercise by Lender of any
of its rights under the Loan Documents. Neither Borrower, nor any member of a “controlled group of corporations” (within
the meaning of Section 414 of the Code) maintains, sponsors or contributes to a “defined benefit plan” (within the
meaning of Section 3(35) of ERISA) or a “multiemployer pension plan” (within the meaning of Section 3(37)(A) of ERISA).

 

4.18        Investment
Company Act. Borrower is not (a) an “investment company” or a company “controlled” by an “investment
company,” within the meaning of the Investment Company Act of 1940, as amended; or (b) subject to any other federal or state
law or regulation which purports to restrict or regulate its ability to borrow money.

 

4.19        Foreign
Person. Borrower is not a “foreign person” within the meaning of Section 1445(f)(3) of the Code.

 

4.20        No
Prohibited Persons.

 

(a)          Neither
Borrower nor any Person Controlling or Controlled by Borrower, nor any Person having a direct or indirect beneficial interest in
Borrower, nor any Person for whom Borrower is acting as agent or nominee in connection with this transaction (“Transaction
Persons”) (i) is a Person whose property or interest in property is blocked or subject to blocking pursuant to any Anti-Terrorism
Law, (ii) engages in any dealings or transactions prohibited by any applicable anti-terrorism law (“Anti-Terrorism Law”),
or is otherwise associated with any such Person in any manner violative of any Anti-Terrorism Law, or (iii) is a Person on the
list of Specially Designated Nationals and Blocked Persons or is in violation of the limitations or prohibitions under any Anti-Terrorism
Law.

 

    	 	16	 

     

    

 

(b)          No
part of the proceeds of the Loan will be used, directly or indirectly, for any payments to any governmental official or employee,
political party, official of a political party, candidate for political office, or anyone else acting in an official capacity,
in order to obtain, retain or direct business or obtain any improper advantage, in violation of any Anti-Terrorism Law and/or the
United States Foreign Corrupt Practices Act of 1977, as amended.

 

(c)          Borrower
acknowledges by executing this Agreement that Lender has notified Borrower that, pursuant to the requirements of the Patriot Act,
Lender is required to obtain, verify and record such information as may be necessary to identify Borrower and all Borrower Affiliates
(including the name and address of Borrower and all Borrower Affiliates) in accordance with the Patriot Act.

 

(d)          Borrower
has not been convicted of a felony and there are no proceedings or investigations being conducted involving criminal activities
of Borrower.

 

4.21        Leases.
Borrower is in full compliance with all of the terms of each of its respective capitalized and operating leases except to the extent
noncompliance would not reasonably be expected to result in a Material Adverse Change.

 

4.22        Business
Locations. Borrower’s chief executive office and other places of business as of the Effective Date are listed on Schedule
4.22.

 

4.23        Continuing
Nature of Representations and Warranties. Borrower acknowledges, understands, and agrees that the representations and warranties
set forth in this Section 4 as of the Effective Date or other specified date shall be deemed to be continuing in the form
and as of the date made during all times when any or all of the Obligations remains outstanding and such representations and warranties
shall be restated and made effective as of each date a disbursement is requested and made in accordance herewith.

 

5.           Maintenance,
Operation, Preservation and Repair of COLLATERAL. Borrower shall maintain the Collateral in good condition and repair,
shall operate the Collateral in a businesslike manner, shall prudently preserve and protect both its own and Lender’s interests
in connection with the Collateral, shall not commit or permit any waste or deterioration of the Collateral, shall not abandon any
portion of the Collateral, and shall not otherwise act, or fail to act, in such a way as to unreasonably increase the risk of any
damage to the Collateral or of any other impairment of Lender’s interests under the Loan Documents, except with respect to
any of the foregoing, in the ordinary course of its business. Without limiting the generality of the foregoing, and except as otherwise
agreed by Lender in writing from time to time, Borrower shall promptly and faithfully perform and observe each of the following
provisions:

 

    	 	17	 

     

    

 

5.1         Alterations
and Repair. Borrower shall not remove, demolish or materially alter any Collateral, except to make non-structural repairs which
preserve or increase the Collateral’s value, and shall promptly restore, in a good and workmanlike manner, any Collateral
(or other aspect or portion of the Collateral) that is damaged or destroyed from any cause.

 

5.2         Compliance.
Borrower shall comply in all material respects with all laws and requirements of Governmental Agencies (including, without limitation,
all requirements relating to the obtaining of business or operating licenses and permits), and all rights of third parties, relating
to Borrower.

 

5.3         Books
and Records. Borrower shall maintain complete books of account and other records reflecting the use of the Collateral in accordance
with GAAP or in accordance with such other principles or methods as are reasonably acceptable to Lender.

 

5.4         Right
of Inspection; Due Diligence. Lender, its agents, representatives, consultants and employees, may conduct periodic due diligence
to assess the condition of the Collateral and Borrower.

 

6.           Other
Affirmative Covenants. While any obligation of Borrower under the Loan Documents remains outstanding, the following
provisions shall apply, except to the extent that Lender otherwise consents in writing:

 

6.1         Existence.
Borrower shall maintain its existence as a limited liability company in good standing under the Applicable Laws of the State
of Delaware and authorized to do business in the State of Florida.

 

6.2         Protection
of Liens. Borrower shall maintain the lien of the Security Agreement as a valid first priority lien on the Collateral, subject
only to the Permitted Liens, and take all actions, and execute and deliver to Lender all documents, reasonably required by Lender
from time to time in connection therewith; and maintain the lien of the Loan Documents on the Collateral and take all actions,
and execute and deliver to Lender all documents reasonably required by Lender from time to time in connection therewith, including
supplemental security agreements, financing statements and other documents extending or perfecting Lender’s security interests
in such collateral as they exist from time to time.

 

6.3         Notice
of Certain Matters. Borrower shall give notice to Lender, within fifteen (15) days after Borrower obtains actual knowledge
thereof, of each of the following:

 

(a)          any
litigation or claim affecting or relating to the Collateral and involving an amount in excess of $100,000.00; and any litigation
or claim that might subject Borrower to liability in excess of $250,000.00, whether covered by insurance or not;

 

(b)          any
dispute between Borrower and any Governmental Agency relating to the Collateral, the adverse determination of which might materially
affect the Collateral;

 

    	 	18	 

     

    

 

(c)          any
trade name hereafter used by Borrower and any change m Borrower’s principal place of business;

 

(d)          any
Default or Event of Default;

 

(e)          the
creation or imposition of any lien against the Collateral, other than a Permitted Lien;

 

(f)           any
default under any Loan Document; and/or

 

(g)          any
Material Adverse Change in the condition of Borrower.

 

6.4         Additional
Reports and Information. Borrower also shall deliver to Lender, in form and substance reasonably satisfactory to Lender and
within fifteen (15) days of Lender’s written request therefore, all other information relating to Borrower, any guarantor
from time to time obligated to Lender with respect to the Loan, the Property or the Loan (or the Collateral and security therefor)
reasonably required by Lender from time to time, including but not limited to, company prepared agings of accounts.

 

6.5         Further
Assurances. Borrower shall execute and acknowledge (or cause to be executed and acknowledged) and deliver to Lender all documents,
and take all actions, reasonably required by Lender from time to time to confirm the rights created or now or hereafter intended
to be created under the Loan Documents, to protect and further the validity, priority and enforceability of the Loan Documents,
to subject to the Loan Documents any property intended by the terms of any Loan Document to be covered by the Loan Documents, or
otherwise to carry out the purposes of the Loan Documents and the transactions contemplated thereunder.

 

6.6         Financial
Reporting Requirements. During the term of the Loan, Borrower shall:

 

(a)          Commencing
as of December 31, 2017, and continuing annually thereafter within one hundred and twenty (120) days after the end of each
Fiscal Year, deliver annual CPA audited year-end Financial Statements on a consolidated basis with Guarantor (to include, without
limitation, a consolidated balance sheet and a profit and loss statement) as of the end of and for such year of Borrower (and its
subsidiaries, if any) acceptable to Lender in reasonable detail, setting forth in comparative form the corresponding figures for
the corresponding date and period in the preceding Fiscal Year.

 

(b)          Commencing
as of June 30, 2017 and continuing quarterly thereafter, within forty-five (45) days
after the end of each of Borrower’s fiscal quarters, provide to Lender, company-prepared consolidated and consolidating Financial
Statements as of the end of and for such period in reasonable detail to include, without limitation, an operating statement, balance
sheet, profit and loss statement, and statement of cash flows certified to Lender by an Officer of Borrower and acceptable to Lender
in its sole but reasonable discretion.

 

    	 	19	 

     

    

 

(c)          Commencing
as of June 30, 2017 and continuing quarterly thereafter, within forty-five (45) days
after the end of each of Guarantor’s fiscal quarters, provide to Lender, company-prepared consolidated and consolidating
Financial Statements as of the end of and for such period in reasonable detail to include, without limitation, an operating statement,
balance sheet, profit and loss statement, and statement of cash flows and statements necessary to verify Guarantor’s Liquidity
(as defined in the Guaranty) certified to Lender by an Officer of Borrower and acceptable to Lender in its sole but reasonable
discretion.

 

(d)          Commencing
as of December 31, 2017 and continuing annually thereafter, within one hundred twenty
(120) days after the end of each Fiscal Year, provide to Lender on a consolidated basis, an internally prepared profit and loss
projection statement (including projected balance sheets and cash flow statements) for the ensuing fiscal year, signed by an Officer
of Borrower.

 

(e)          Within
forty-five (45) days after the end of each fiscal quarter, commencing with Borrower’s fiscal quarter ending June
30, 2017, provide to Lender a covenant compliance certificate signed by a duly authorized
officer of Borrower in a form approved by Lender.

 

(f)           Intentionally
Omitted.

 

(g)          Promptly
upon receipt thereof, copies of all other material detailed reports (if any) submitted to Borrower by independent certified public
accountants in connection with each annual or interim review of the books of Borrower by such accountants.

 

(h)          Promptly
upon Borrower obtaining knowledge of the occurrence of any default hereunder, a notice thereof, specifying the nature thereof;
and promptly upon the occurrence of any event or the discovery of any fact which would reasonably be expected to result in a Material
Adverse Change, notice thereof specifying the nature thereof.

 

(i)           Reserved.

 

(j)           Borrower
shall maintain proper books of accounts and records and enter therein complete and accurate entries and records of all of its transactions
in accordance with generally accepted accounting principles and give representatives of Lender access thereto during normal business
hours and upon reasonable prior notice, including permission to: (i) examine, copy and make abstracts from any books and records
and such other information which might be helpful to Lender in evaluation the status of the Obligations as it may reasonably request
from time to time, and (ii) communicate directly with any of Borrower’s officers, employers, agents, accountants or other
financial advisors with respect to the business, financial conditions and other affairs of Borrower.

 

    	 	20	 

     

    

 

6.7         Fixed
Charge Coverage Ratio. Borrower shall maintain a minimum Fixed Charge Coverage Ratio of 1.20 to 1.00, to be measured
quarterly and tested at each quarter end, commencing June 30, 2017 and continuing each quarter thereafter for the remaining term
of the Loan. This covenant shall be tested on a trailing 4-quarter basis.

 

6.8         Funded
Indebtedness to EBITDA Ratio. At each quarter end, commencing June 30, 2017, and at the end of each quarter thereafter during
the term of the Loan, Borrower shall be obligated to maintain a Funded Indebtedness to EBITDA Ratio of not greater than 2.00 to
1.00. This covenant shall be tested on a trailing 4-quarter basis.

 

6.9         Intentionally
Omitted.  

 

6.10        Single
Purpose Entity. Borrower covenants and agrees that it has not and shall not:

 

(a)          merge
into or consolidate with any person or entity or dissolve, terminate or liquidate in whole or in part, transfer or otherwise dispose
of all or substantially all of its assets or change its legal structure;

 

(b)          (i)
fail to preserve its existence as an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its formation, (ii) dissolve or otherwise terminate, or fail to comply with the provisions of Borrower’s organizational
documents, or (iii) amend or modify Borrower’s Certificate of Formation or Operating Agreement in a manner adverse to Lender;

 

(c)          fail
to hold its assets in its own name, or commingle its assets with the assets of any of its partners, affiliates, or of any other
person or entity or transfer any assets to any such person or entity other than distributions on account of equity interests in
Borrower, to the extent, if any, permitted hereunder, and properly account for, and any other payments expressly permitted hereunder;

 

(d)          other
than Permitted Indebtedness, incur any Collective Debt, secured or unsecured, direct or contingent (including guaranteeing any
obligation), other than the Loan;

 

(e)          fail
to maintain its records, books of account and bank accounts separate and apart from those of the shareholders and any Affiliates
of Borrower or its shareholders, or fail to prepare and maintain its own financial statements in accordance with GAAP and susceptible
to audit;

 

(f)           seek
dissolution or winding up, in whole or in part;

 

(g)          guaranty
or become obligated for the Collective Debts of any other entity or person, or hold itself out to be responsible or pledge its
assets or credit worthiness for the Collective Debts of another person or entity, or allow any person or entity to hold itself
out to be responsible or pledge its assets or credit worthiness for the Collective Debts of Borrower (except for Guarantor, and
except with respect to the Junior Debt in accordance with the Intercreditor Agreement);

 

    	 	21	 

     

    

 

(h)          fail
to use separate contracts, purchase orders, stationery, invoices and checks;

 

(i)           fail
to allocate fairly and reasonably among Borrower and any third party (excluding Guarantor) any overhead for common employees, shared
office space or other overhead and administrative expenses;

 

(j)           allow
any person or entity (other than Guarantor) to pay the salaries of Borrower’s employees or fail to maintain a sufficient
number of employees for Borrower’s contemplated business operations;

 

(k)          fail
to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light
of its contemplated business operations; or

 

(l)           conceal
assets from any creditor, or enter into any transaction with the intent to hinder, delay or defraud creditors of Borrower or the
creditors of any other Person.

 

6.11        Additional
Banking Laws. Borrower shall (a) ensure, and cause each Affiliate to ensure, that no Person who owns a controlling interest
in or otherwise controls Borrower or any Affiliate is or shall be listed on the “Specially Designated Nationals and Blocked
Person List” or other similar lists maintained by the Office of Foreign Assets Control (“OFAC”), the
Department of the Treasury, or included in any Executive Orders, (b) not use or permit the use of the proceeds of the Loan to violate
any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto, and (c) comply,
and cause each Affiliate to comply, with all applicable bank secrecy act laws and regulations, as amended.

 

6.12        Tax
Shelter Disclosure. Neither Borrower nor any Affiliate or subsidiary of any of the foregoing intends to treat the Loan or the
transactions contemplated by this Agreement and the other Loan Documents as being a “reportable transaction” (within
the meaning of Regulation Section 1.6011-4). If Borrower, or any other party determines to take any action inconsistent with such
intention, Borrower shall promptly notify Lender thereof in writing. If Borrower so notifies Lender, Borrower acknowledges that
Lender may treat the Loan as part of a transaction that is subject to Regulation Section 301.6112-1, and Lender will maintain the
lists and other records, including the identity of the applicable party to the Loan as required by such Regulation.

 

6.13        Taxes.

 

(a)          Borrower’s
Obligation for Payment of Taxes. Borrower shall pay or cause to be paid all Taxes when due and payable, except where contested
in good faith and by appropriate proceedings. Borrower’s obligations under this Section 6.13 shall not be affected
by any damage to, defects in or destruction of the Collateral or any other event, including obsolescence of all or any part of
the Collateral.

 

    	 	22	 

     

    

 

(b)          Contest
of Taxes. Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good
faith and with due diligence, the amount or validity or application in whole or in part of any Taxes, provided that (i) such proceeding
shall suspend the collection of the applicable Taxes from Borrower and from the Collateral or Borrower shall have paid all of the
applicable Taxes under protest, (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions
of any other instrument to which Borrower is subject and shall not constitute a default thereunder, and (iii) neither the Collateral
nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost so long as the
contest is being pursued.

 

(c)          Effect
of Change in Law. If at any time any law is enacted which deducts from the value of real property, for taxation purposes, any
lien thereon, or changes in any way the laws now in force for the taxation of Collective Debts secured thereby, or the manner of
collection of any such taxes so as to affect any interest of Lender hereunder then Borrower shall pay such tax if it may lawfully
do so. If Borrower is not permitted by Applicable Law to pay such tax, or if Borrower is not permitted by Applicable Law to immediately
reimburse Lender for any such payment, then the Obligations, at the option of Lender, upon not less than the lesser of (i) ninety
(90) days written notice, or (ii) such shorter period as may be required to ensure compliance by Lender with Applicable Law, shall
become due and payable.

 

6.14        Insurance
Coverage. For so long as the Security Agreement is in effect, Borrower shall continuously maintain insurance in accordance
with the following provisions:

 

(a)          At
its own cost, Borrower shall obtain and maintain at all times during the term of the Loan hazard (property) insurance on the Collateral
(each a “Policy” or “Policies”) and Lender shall be identified in each Policy as a “Lender Loss Payable”
or “Loss Payee” specifically described as follows: “Fifth Third Bank, its successors and/or assigns as their
respective interests may appear”. Borrower shall provide Lender with evidence of all such insurance required hereunder.

 

(b)          The
Policies to be obtained and maintained by Borrower under the provisions of this Agreement shall be issued by responsible insurance
carriers with a Best’s rating of no less than A/VII, licensed to do business in the State of Florida, who are acceptable
to Lender and shall be in such form and with such endorsements, waivers and deductibles as Lender shall designate or approve. Without
limitation on the foregoing:

 

(i)          All
Policies shall name Borrower as the insured, and shall name Lender as a loss payee, in form reasonably satisfactory to Lender,
attached to such Policy or Policies whenever applicable, and providing, among other matters, that all Insurance Proceeds (as hereinafter
defined) shall be paid to Lender).

 

    	 	23	 

     

    

 

(ii)         All
Policies shall contain: (1) the agreement of the insurer to give Lender at least thirty (30) days’ written notice prior
to cancellation or expiration of or change in such Policies, or any of them; (2) a waiver of subrogation rights against Lender
and, if available Borrower; (3) an agreement that such Policies are primary and non-contributing with any insurance that may
be carried by Lender; (4) a statement that the insurance shall not be invalidated should any insured waive in writing prior
to a loss any or all right of recovery against any party for loss accruing to the property described in the Policy; and (5) if
obtainable, a provision that no act or omission of Borrower shall affect or limit the obligation of the insurance carrier to pay
the amount of any loss sustained. As of the date hereof, and subject to any changes in such requirements which Lender may, in its
discretion, make from time to time pursuant to its rights under this Section 6.14, each Policy of property insurance hereunder
shall contain a lender’s loss payable endorsement, lender clause, or other non-contributory clause of similar form and substance
acceptable to Lender in favor of Lender.

 

(c)          Concurrently
herewith, Borrower shall deliver to Lender original Policies or certificates evidencing the insurance required hereunder. Borrower
shall procure and pay for renewals of such insurance (or shall cause the procurement and payment) from time to time before the
expiration thereof, and Borrower shall deliver to Lender such original renewal Policies or certificates at least thirty (30) days
before the expiration of any existing Policy.

 

(d)          Borrower,
for itself, and on behalf of its insurers, hereby releases and waives any right to recover against Lender on any liability for:
damages for injury to or death of persons; any loss or damage to property; any other direct or indirect loss or damage caused by
fire or other risks, which loss or damage is or would be covered by the insurance required to be carried hereunder by Borrower,
or is otherwise insured; or claims arising by reason of any of the foregoing, except to the extent caused solely by the gross negligence
or willful misconduct of Lender.

 

(e)          Lender
shall not, by reason of accepting, rejecting, obtaining or failing to obtain insurance, incur any liability for (i) the existence,
non-existence, form, amount or legal sufficiency thereof, (ii) the solvency or insolvency of any insurer, or (iii) the
payment of losses. All insurance required hereunder or carried by Borrower shall be procured at Borrower’s sole cost and
expense. Borrower shall deliver to Lender receipts satisfactory to Lender evidencing full prepayment of the Premiums therefor.
In the event of foreclosure on, or other transfer of title in lieu of foreclosure of, the Collateral, all of Borrower’s interest
in and to any and all Policies in force shall pass to Lender, or the transferee or purchaser as the case may be, and Lender is
hereby irrevocably authorized to assign in Borrower’s name to such purchaser or transferee all such Policies, which may be
amended or rewritten to show the interest of such purchaser or transferee.

 

(f)           Approval
by the Lender of any Policies shall not be deemed a representation by the Lender as to the adequacy of coverage of such Policies
or the solvency of the insurer.

 

6.15        Casualty
Loss; Proceeds of Insurance.

 

(a)          Borrower
will give Lender prompt written notice of any material loss or damage to the Collateral, or any part thereof, by fire or other
casualty.

 

    	 	24	 

     

    

 

(b)          In
case of loss or damage covered by any one of the Policies in excess of $500,000.00 (the “Insurance Threshold”),
Lender is hereby authorized to settle and adjust any claim under such Policies (and after the entry of a decree of foreclosure,
or a sale or transfer pursuant thereto or in lieu thereof, the decree creditor or such purchaser or transferee, as the case may
be, are hereby authorized to settle and adjust any claim under such Policies) upon consultation with, but without requiring the
consent of, Borrower; and Lender shall, and is hereby authorized to, collect and receipt for any and all proceeds payable under
such Policies in connection with any such loss (collectively, the “Insurance Proceeds”). Borrower hereby irrevocably
appoints Lender as its attorney-in-fact for the purposes set forth in the preceding sentence effective if an Event of Default has
occurred and is continuing. Each insurance company is hereby authorized and directed to make payment (i) of 100% of all such losses
(if such loss exceeds the Insurance Threshold) directly to Lender alone, and (ii) of 100% of all such losses (if such loss is less
than or equal to the Insurance Threshold) directly to Borrower alone, and in no case to Borrower and Lender jointly. All reasonable
costs and expenses incurred by Lender in the adjustment and collection of any such Insurance Proceeds (including without limitation
reasonable attorneys’ fees and expenses) shall be so much additional indebtedness hereunder, and shall be reimbursed to Lender
upon demand or may be paid and deducted by Lender from such Insurance Proceeds prior to any other application thereof. Lender shall
not be responsible for any failure to collect any Insurance Proceeds due under the terms of any policy regardless of the cause
of such failure, other than the gross negligence or willful misconduct of Lender.

 

(c)          Net
Insurance Proceeds received by Lender under the provisions of this Agreement or any instrument supplemental hereto or thereto shall
be applied by Lender at its option as and for a prepayment on each Note, without a prepayment fee (whether or not the same is then
due or otherwise adequately secured), or shall be disbursed for repair or replacement of such Collateral (“Restoration”),
in which event Lender shall not be obligated to supervise Restoration work nor shall the amount so released or used be deemed a
payment of the indebtedness evidenced by both Notes. If Lender elects to permit the use of Insurance Proceeds to restore such Collateral
it may do all necessary acts to accomplish that purpose, including advancing additional funds and all such additional funds shall
constitute part of the Obligations. If Lender elects to make the Insurance Proceeds available to Borrower for the purpose of effecting
the Restoration, or, following an Event of Default, elects to restore such Collateral, any excess of Insurance Proceeds above the
amount necessary to complete the Restoration shall be applied as and for a prepayment on the Loan, without a prepayment fee or
premium. No interest shall be payable to Borrower upon Insurance Proceeds held by Lender.

 

(d)          So
long as any Obligations shall be outstanding and unpaid, and whether or not Insurance Proceeds are available or sufficient therefor,
Borrower shall promptly commence and complete, or cause to be commenced and completed, with all reasonable diligence, the Restoration
of the Collateral as nearly as possible to the same value, condition and character which existed immediately prior to such loss
or damage in accordance with the Restoration plans and in compliance with all legal requirements. Any Restoration shall be effected
in accordance with procedures to be first submitted to and approved by Lender in accordance with Section 6.17 hereof. Borrower
shall pay all costs of such Restoration to the extent Insurance Proceeds are not made available or are insufficient.

 

    	 	25	 

     

    

 

6.16        Primary
Banking Relationship. Borrower shall establish and maintain its primary operating and depository accounts with Lender.

 

6.17        Disbursement
of Insurance Proceeds and Awards.

 

(a)          All
Insurance Proceeds and/or Awards received by Lender as provided in Section 6 hereof shall, after payment or reimbursement
therefrom of all reasonable costs and expenses (including without limitation reasonable attorneys’ fees and expenses) incurred
by Lender in the adjustment and collection thereof (collectively, the “Net Proceeds”), be deposited with Lender,
or such other depositary as may be designated by Lender, and applied as provided in this Section 6.

 

(b)          Subject
to Section 6.17(c) herein below, Lender may elect to apply the Net Proceeds to prepayment of the Obligations, whether then
due or not. If the Obligations are not prepaid in full, then the Net Proceeds shall be applied to the installments of principal
and interest in the inverse order of maturity.

 

(c)          All
Net Proceeds which are not applied to the payment of the Obligations shall be applied to fund the payment of the costs, fees and
expenses incurred for the Restoration of the Collateral as required in this Agreement.

 

(d)          Any
surplus which may remain out of such Net Proceeds after payment of all costs, fees and expenses of such Restoration shall be applied
to prepayment of the Obligations, without the payment of a prepayment fee or prepayment premium.

 

7.           Other
Negative Covenants. While any obligation of Borrower under the Loan Documents remains outstanding, the following
provisions shall apply, except to the extent that Lender otherwise consents in writing:

 

7.1         Liens
on Property. Except as otherwise provided in this Agreement, Borrower shall not cause or suffer to become effective any lien,
restriction or other title limitation affecting any part of the Collateral other than Permitted Liens.

 

7.2         Installation
of Collateral. Borrower shall not install in, or use in connection with, the Collateral, any personal property which any Person
other than Lender has the right to remove or repossess under any circumstances, or on which any Person other than Lender has a
lien, except, in each case, terminals installed with Borrower’s clients in the ordinary course of Borrower’s business.

 

7.3         Removal
of Collateral. Borrower shall not cause or permit the removal from the Premises any items of Collateral, other than sales or
installations of terminals with Borrower’s clients in the ordinary course of Borrower’s business, unless: (a) no Event
of Default has occurred, and (b) Borrower promptly substitutes other items of equal or greater value, all of which items shall
be free of liens (other than liens in favor of Lender or such other Person as Lender shall permit in writing) and shall be subject
to the lien of the Security Agreement, and executes and delivers to Lender all documents required by Lender in connection with
the attachment of such liens to such items. Borrower shall keep records of each such removal and shall make such records available
to Lender upon written request from time to time.

 

    	 	26	 

     

    

 

7.4         Limitations
on Additional Indebtedness; Other Prohibited Transactions.

 

(a)          Except
as expressly permitted herein, Borrower shall not, without the prior written consent of Lender granted in its sole discretion,
incur any indebtedness of any kind other than (i) indebtedness to Guarantor; and (ii) Permitted Indebtedness.

 

(b)          Borrower
shall not, without the prior written consent of Lender, engage directly or indirectly in any off balance sheet, hedge or derivative
transactions, including without limitation, interest rate swaps and interest rate caps except with Lender and its affiliates and
subsidiaries.

 

7.5         Change
in Control. No change in Control of Borrower shall occur.

 

7.6         Cash
Distributions. Except as permitted under Section 7.7, Borrower shall not pay distributions or dividends to shareholders or
otherwise disburse cash to shareholders or investors during the term of the Loan without Lender’s prior written consent.

 

7.7         Management
Fees.         Borrower shall not pay any management fees to Guarantor without
Lender’s prior written consent unless (i) Borrower is in compliance with all terms, covenants and conditions of this Agreement
and the other Loan Documents and (ii) the payment of such management fees will not result in an Event of Default.

 

8.           Defaults
and Remedies.

 

8.1         Events
of Default. The occurrence of any one or more of the following shall constitute an “Event of Default” as
said term is used herein, and any Event of Default which may occur hereunder shall constitute an Event of Default under each of
the other Loan Documents:

 

(a)          Borrower
fails to pay (i) any installment of principal or interest payable pursuant to the terms of the Note when due, or (ii) any other
amount payable to Lender under the Note, this Agreement, the Security Agreement or any of the other Loan Documents within ten (10)
days after the date when any such payment is due in accordance with the terms hereof or thereof; or

 

(b)          Borrower
fails to perform or cause to be performed any other obligation or observe any other condition, covenant, term, agreement or provision
required to be performed or observed by Borrower under the Note, this Agreement, the Security Agreement or any of the other Loan
Documents and not specifically described in this Section 8.1 or in the default section of any other Loan Document; provided,
however, that if such failure by its nature can be cured, then so long as the continued operation, safety and value of the Collateral,
and the priority, validity and enforceability of the liens created by the Security Agreement or any of the other Loan Documents,
are not impaired, threatened or jeopardized, then Borrower shall have a period (the “Cure Period”) of thirty
(30) days after Borrower obtains actual knowledge of such failure or receives written notice of such failure to cure the same and
an Event of Default shall not be deemed to exist during the Cure Period; provided further that if such failure by its nature can
be cured but cannot be cured by the payment of money and Borrower commences to cure such failure during the Cure Period and is
diligently and in good faith attempting to effect such cure, the Cure Period shall be extended for thirty (30) additional days,
but in no event shall the Cure Period be longer than sixty (60) days in the aggregate; or

 

    	 	27	 

     

    

 

(c)          The
existence of any inaccuracy or untruth in any material respect in any certification, representation or warranty contained in this
Agreement or any of the other Loan Documents or of any statement or certification as to facts delivered to Lender by Borrower or
Guarantor when made; provided, however, that in the case of an inaccuracy or untruth with respect to facts relating to Guarantor
and not Borrower, no Event of Default shall be deemed to have occurred unless such facts are reasonably likely to result in a Material
Adverse Change on Borrower; or

 

(d)          Borrower
or Guarantor is dissolved, liquidated or terminated, or all or substantially all of the assets of Borrower are sold or otherwise
transferred without Lender’s prior written consent; or

 

(e)          Borrower
is the subject of an order for relief by a bankruptcy court, or is unable or admits its inability (whether through repudiation
or otherwise) to pay its debts as they mature, or makes an assignment for the benefit of creditors; or Borrower applies for or
consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for
it or any part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer
is appointed without the application or consent of Borrower, and the appointment continues undischarged or unstayed for sixty (60)
days; or Borrower institutes or consents to any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution,
custodianship, conservatorship, liquidation or similar proceeding relating to it or any part of its property; or any similar proceeding
is instituted without the consent of Borrower, and continues undismissed or unstayed for sixty (60) days; or any judgment, writ,
warrant of attachment or execution, or similar process is issued or levied against any property of Borrower and is not released,
vacated or fully bonded within thirty (30) days after its issue or levy; or

 

(f)           Any
Guaranty is repudiated, revoked or terminated in whole or in part without Lender’s prior written consent; or Guarantor claims
that his, her or its Guaranty is ineffective or unenforceable, in whole or in part and for any reason, with respect to amounts
then outstanding or amounts that might in the future be outstanding; or

 

(g)          any
material provision of this Agreement or the Loan Documents shall at any time for any reason cease to be valid and binding on Borrower,
or shall be declared to be null and void, or the validity or enforceability thereof shall be successfully contested by any Governmental
Agency, or Borrower shall deny that it has any or further liability or obligation under this Agreement or the Loan Documents; or

 

    	 	28	 

     

    

 

(h)          any
default by Borrower in any payment of principal or interest due and owing upon any other material obligations of Borrower for borrowed
money beyond any period of grace provided with respect thereto or in the performance of any other agreement, term or condition
contained in any agreement under which such obligation is created, if the effect of such default is to accelerate the maturity
of such indebtedness or to permit the holder thereof to cause such indebtedness to become due prior to its stated maturity; or

 

(i)           Guarantor
fails to perform any obligation (following any applicable notice and cure period) under the Guaranty; provided, however, that no
Event of Default shall be deemed to have occurred unless such failure to perform is reasonably likely to result in a Material Adverse
Change on Borrower; or

 

(j)           All
or any material portion of the Collateral is condemned, seized or appropriated by a Governmental Agency; or

 

(k)          The
Collateral is materially damaged or destroyed by fire or other casualty unless Borrower establishes within sixty (60) days after
such casualty its qualification under the Security Agreement to use any available insurance proceeds to restore the Collateral
and thereafter diligently restores the Collateral in accordance with this Agreement and the Security Agreement; or

 

(l)           The
existence of any fraud, dishonesty or bad faith by or with the acquiescence of Borrower or Guarantor which in any way relates to
or affects the Loan or the Collateral; or

 

(m)         The
occurrence of any event specifically identified as an Event of Default in any other Loan Document; or

 

(n)          The
occurrence of a Material Adverse Change in the financial condition of Borrower; or

 

(o)          Either
Borrower or Guarantor shall have a judgment entered against it in excess of $250,000.00 in any civil, administrative or other proceeding,
which judgment is not fully covered by insurance, and such judgment remains unpaid, unvacated, unbonded or unstayed by appeal or
otherwise for a period of thirty (30) days from the date of its entry; or

 

(p)          The
occurrence of a default under any Rate Management Agreement; or

 

(q)          Borrower
defaults in any loan obligation to Lender other than in connection with the Loan, subject to any applicable cure period(s); or

 

    	 	29	 

     

    

 

(r)           The
failure to deliver any of the financial statements or compliance certificates pursuant to Section 6.6 of this Agreement
and such default continues unremedied for ten (10) Business Days; or

 

(s)          Borrower
fails to comply with the financial covenants contained in Section 6.7 or Section 6.8
of this Agreement; provided, however, if and only if Borrower’s failure to comply with
the financial covenant contained in Section 6.8 of this Agreement is caused solely by the balance of that certain
$1,000,000.00 overdraft Amended and Restated Revolving Promissory Note made by Borrower in favor of Lender dated of even date herewith,
such failure shall not be an Event of Default unless it continues unremedied for a period of ten (10)
days after Borrower obtains actual knowledge of such failure.

 

8.2         Remedies
Upon Default. Upon the occurrence of any Event of Default, Lender shall take such action or actions as Lender may direct, at
Lender’s option and in its absolute discretion, including, but not limited to, any or all of the following actions:

 

(a)          Terminate
any obligation or responsibility on the part of Lender to make further advances of Loan Proceeds or of any other amounts held by
Lender and constituting security for the Obligations pursuant to this Agreement or any other Loan Document;

 

(b)          Declare
the outstanding principal balance of the Loan, together with all accrued interest thereon and other amounts owing in connection
therewith, to be immediately due and payable in full, regardless of any other specified due date, and in the event of the occurrence
of an Event of Default under Section 8.1(e) such principal and interest shall become immediately due automatically;

 

(c)          In
its own right or by a court-appointed receiver, take possession of the Property, enter into contracts for and otherwise pay the
costs thereof out of the proceeds of the Loan; and in the event that such costs exceed the total of such funds, Lender shall have
the right but not the obligation to pay such excess costs by expenditure of their own respective funds; and/or

 

(d)          Exercise
any of its rights under the Loan Documents and any rights provided by Applicable Law, including the right to foreclose on any security
and exercise any other rights with respect to any security, all in such order and manner as Lender elects in its absolute discretion.

 

    	 	30	 

     

    

 

8.3         Cumulative
Remedies, No Waiver. Lender’s rights and remedies under the Loan Documents are cumulative and in addition to all rights
and remedies provided by Applicable Law from time to time. The exercise or direction to exercise by Lender of any right or remedy
shall not constitute a cure or waiver of any default, nor invalidate any notice of default or any act done pursuant to any such
notice, nor prejudice Lender in the exercise of any other right or remedy. No waiver of any default shall be implied from any omission
by Lender to take action on account of such default if such default persists or is repeated. No waiver of any default shall affect
any default other than the default expressly waived, and any such waiver shall be operative only for the time and to the extent
stated. No waiver of any provision of any Loan Document shall be construed as a waiver of any subsequent breach of the same provision.
The consent by Lender to any act by Borrower requiring further consent or approval shall not be deemed to waive or render unnecessary
Lender’s consent to or approval of any subsequent act. Lender’s acceptance of the late performance of any obligation
shall not constitute a waiver by Lender of the right to require prompt performance of all further obligations; Lender’s acceptance
of any performance following the sending or filing of any notice of default shall not constitute a waiver of Lender’s right
to proceed with the exercise of remedies for any unfulfilled obligations; and Lender’s acceptance of any partial performance
shall not constitute a waiver by Lender of any rights relating to the unfulfilled portion of the applicable obligation.

 

9.           Miscellaneous.

 

9.1         Nonliability.
Borrower acknowledges and agrees that:

 

(a)          notwithstanding
any other provision of any Loan Document: (i)  Lender is not and shall be deemed a partner, joint venturer, alter-ego, manager,
controlling person or other business associate or participant of any kind of Borrower and Lender does not intend to ever assume
any such status; (ii)  Lender does not intend to ever assume any responsibility to any Person for the quality or safety of
the Property, and (iii)  Lender shall not be deemed responsible for or a participant in any acts, omissions or decisions of
Borrower;

 

(b)          Lender
shall not be directly or indirectly liable or responsible in any way for any loss, cost, damage, penalty, expense, liabilities
or injury of any kind to any Person or property resulting from any development, occupancy, ownership, management, operation, possession,
condition or use of, the Collateral (except to the extent proximately caused by Lender’s proven gross negligence or willful
misconduct), including without limitation those resulting or arising directly or indirectly from: (i) any defect in any building
or other onsite or offsite improvement; (ii) any act or omission of Borrower or any of Borrower’s agents, employees,
independent contractors, licensees or invitees; or (iii) any accident on the Collateral or any fire or other casualty or hazard;
and

 

(c)          By
accepting or approving anything required to be performed or given to Lender under the Loan Documents, including any certificate,
financial statement, appraisal or insurance policy, Lender shall not be deemed to have warranted or represented the sufficiency
or legal effect of the same, and no such acceptance or approval shall constitute a warranty or representation by Lender to anyone.

 

9.2         Indemnification
of Lender.

 

(a)          To
the fullest extent permitted by law, Borrower agrees to indemnify, hold harmless and defend Lender, and each of its officers, members,
directors, officials, employees, attorneys and agents (collectively, the “Indemnified Parties”), against any
and all losses, damages, claims, actions, liabilities, costs and expenses of any conceivable nature, kind or character (including,
without limitation, reasonable attorneys’ fees, litigation and court costs, amounts paid in settlement and amounts paid to
discharge judgments) to which the Indemnified Parties, or any of them, may become subject under or any statutory law (including
federal or state securities laws) or at common law or otherwise, arising out of or based upon or in any way relating to:

 

    	 	31	 

     

    

 

(i)          (A)
the making of the Loan; (B) a claim, demand or cause of action that any Person has or asserts against Borrower; (C) the payment
of any commission, charge or brokerage fee incurred in connection with the Loan; (D) any act or omission of Borrower, any of its
agents, employees, licensees with respect to the Loan or the Collateral; (E) the development,
ownership, occupancy, management, operation, possessing condition or use of the Collateral; (F) the Loan Documents or the execution
or amendment thereof, or in connection with any of the transactions contemplated thereby, including without limitation, the making
of the Loan; and (G) any lien or charge upon payments by Borrower to Lender hereunder, or any taxes (including, without limitation,
ad valorem taxes and sales taxes), assessments, impositions and other charges imposed in respect of all or any portion of the Collateral;
and

 

(ii)         any
act or omission of Borrower or any of its agents, contractors, servants, employees or licensees, the operation of the Collateral,
or the condition, use, possession, conduct or management of work done in or about, or from the planning, design, acquisition or
any part thereof; and

 

(iii)        any
lien or charge upon payments by Borrower to Lender hereunder, or any taxes (including, without limitation, all ad valorem taxes
and sales taxes), assessments, impositions and other charges imposed on Lender in respect of any portion of the Collateral; and

 

(iv)        any
claim or action raised by, filed or brought by or in the name of any Governmental Agency with respect to non-payment of State of
Florida documentary stamp taxes and/or non-recurring intangible taxes against Lender, its directors, officers, agents or employees
in connection with the Loan; and except (A) in the case of the foregoing indemnification of Lender or any its officers, members,
directors, officials, employees, attorneys and agents, to the extent such damages are caused by the gross negligence or willful
misconduct of such Indemnified Party, or (B) in the case of the foregoing indemnification of the Lender or any of its officers,
members, directors, officials, employees, attorneys and agents, to the extent such damages are caused by the willful misconduct
of such Indemnified Party; and provided that this Section is not intended to give rise to a right of Lender to claim payment of
the principal and accrued interest with respect to the Loan as a result of an Indemnified Party claim. In the event that any action
or proceeding is brought against any Indemnified Party with respect to which indemnity may be sought hereunder, Borrower, upon
written notice from the Indemnified Party, shall assume the investigation and defense thereof, including the employment of counsel
selected by the Indemnified Party, and shall assume the payment of all expenses related thereto, with full power to litigate, compromise
or settle the same in its sole discretion; provided that the Indemnified Party shall have the right to review and approve or disapprove
any such compromise or settlement which consent shall not be unreasonably conditioned, withheld or delayed. Each Indemnified Party
shall have the right to employ separate counsel in any such action or proceeding and participate in the investigation and defense
thereof, and Borrower shall pay the reasonable fees and expenses of such separate counsel; provided, however, that such Indemnified
Party may only employ separate counsel at the expense of Borrower if in the reasonable judgment of such Indemnified Party a conflict
of interest exists by reason of common representation or if all parties commonly represented do not reasonably agree as to the
action (or inaction) of counsel.

 

    	 	32	 

     

    

 

(b)          The
rights of any persons to indemnity hereunder and rights to payment of fees and reimbursement of expenses pursuant to this Agreement
shall survive the final repayment of the Loan. The provisions of this Section shall survive the termination of this Agreement.

 

9.3         Reimbursement
of Lender. Borrower shall reimburse Lender for all Loan Expenses immediately upon written demand. Such reimbursement obligations
shall bear interest following written demand at the Default Rate, and shall be secured by the Loan Documents. Such reimbursement
obligations shall survive the cancellation of the Note and the release and reconveyance of the Loan Documents.

 

9.4         Obligations
Unconditional and Independent. Notwithstanding the existence at any time of any obligation or liability of Lender to Borrower,
or any other claim by Borrower against Lender in connection with the Loan or otherwise, Borrower hereby waives any right it might
otherwise have (a) to offset any such obligation, liability or claim against Borrower’s obligations under the Loan Documents
or (b) to claim that the existence of any such outstanding obligation, liability or claim excuses the nonperformance by Borrower
of any of its obligations under the Loan Documents.

 

9.5         Notices.
Any notices, communications and waivers under this Agreement shall be in writing and shall be (a) delivered in person, (b) mailed,
postage prepaid, either by registered or certified mail, return receipt requested, or (c) sent by overnight express carrier,
addressed in each case as follows:

 

	To Lender:	 	
        Fifth Third Bank

        201 E. Kennedy Blvd.,
        Suite 1800

        Tampa, FL 33602

        Attn: Brian Holliday,
        Vice President

	 	 	 
	With a copy to:	 	
        Bradley Arant Boult
        Cummings LLP

        100 N. Tampa Street,
        Suite 2200

        Tampa, FL 33602

        Attn: Stephanie Kane, Esq.

	 	 	 
	To Borrower:	 	
        JetPay Payment Services, FL, LLC

        316 South Baylen St., Suite 590

        Pensacola, FL 32502

        Attn: Chris Battel or Rick Carroll

         

        and

        3939 West Drive

        Center Valley, PA 18037

        Attn: Gregory M. Krzemien

 

    	 	33	 

     

    

 

	With a copy to:	 	
        Dechert LLP

        Cira Centre

        2929 Arch Street

        Philadelphia, Pennsylvania 19104-2808

        Attn: Gary L. Green, Esq.

 

or to any other
address as to any of the parties hereto, as such party shall designate in a written notice to the other party hereto. All notices
sent pursuant to the terms of this Section shall be deemed received (i) if personally delivered, then on the date of delivery,
(ii) if sent by overnight, express carrier, then on the next Business Day immediately following the day sent, or (iii) if
sent by registered or certified mail, then on the earlier of the third Business Day following
the day sent or when actually received. 

 

9.6         Survival
of Representations and Warranties. All representations and warranties of Borrower in the Loan Documents shall survive the making
of the Loan and have been or will be relied on by Lender and Lender notwithstanding any investigation made by Lender or Lender,
as the case may be.

 

9.7         No
Third Parties Benefited. This Agreement is made for the purpose of setting forth rights and obligations of Borrower and Lender,
and no other Person shall have any rights hereunder or by reason hereof.

 

9.8         Binding
Effect, Assignment of Obligations. This Agreement shall bind, and shall inure to the benefit of, Borrower and Lender and their
respective successors and assigns. Borrower shall not assign any of its rights or obligations under any Loan Document without the
prior written consent of Lender, which consent may be withheld in Lender’s absolute discretion. Any such assignment without
such consent shall be void.

 

9.9         Counterparts.
Any Loan Document may be executed in counterparts, all of which, taken together, shall be deemed to be one and the same document.

 

9.10        Prior
Agreements; Amendments; Consents. This Agreement (together with the other Loan Documents) contains the entire agreement among
Lender and Borrower with respect to the Loan, and all prior negotiations, understandings and agreements are superseded by this
Agreement and such Loan Documents. No modification of any Loan Document (including waivers of rights and conditions) shall be effective
unless in writing and signed by the party against whom enforcement of such modification is sought, and then only in the specific
instance and for the specific purpose given. Notwithstanding the foregoing, Lender shall have the right to waive or modify, conditionally
or unconditionally, the conditions to its approvals and consents hereunder, without the consent of any party. Consents and approvals
to be obtained from Lender shall be in writing.

 

    	 	34	 

     

    

 

9.11        Governing
Law. All of the Loan Documents shall be governed by, and construed and enforced in accordance with, the laws of the State of
New York without regard to the conflicts of laws principles thereof; provided that if Lender has greater rights or remedies under
federal law, then such right and/or remedies under federal law shall also be available to Lender.

 

9.12        Severability
of Provisions. No provision of any Loan Document that is held to be unenforceable or invalid shall affect the remaining provisions,
and to this end all provisions of the Loan Documents are hereby declared to be severable.

 

9.13        Headings.
Article and section headings are included in the Loan Documents for convenience of reference only and shall not be used in construing
the Loan Documents.

 

9.14        Conflicts.
In the event of any conflict between the provisions of this Agreement and those of any other Loan Document, this Agreement shall
prevail; provided however that, with respect to any matter addressed in both such documents, the fact that one document provides
for greater, lesser or different rights or obligations than the other shall not be deemed a conflict unless the applicable provisions
are inconsistent and could not be simultaneously enforced or performed.

 

9.15        Time
of the Essence. Time is of the essence of all of the Loan Documents.

 

9.16        Rights
to Share Information. Lender shall have the right to discuss the affairs of Borrower with any officer thereof, and to discuss
the financial condition of Borrower and the Property, and to disclose any non-confidential information received by Lender regarding
Borrower, the Property or any officer of Borrower with any other officer of Borrower, singularly or together, as Lender may choose
in its sole and absolute discretion.

 

9.17        Pledge
to Federal Reserve. Anything in this Agreement to the contrary notwithstanding, without notice to or consent of any party or
the need to comply with any of the formal or procedural requirements of this Agreement, Lender
and/or any transferee, assignee, purchaser or participant may (to the fullest extent permitted under Applicable Law) at any time
and from time to time pledge and assign any or all of its right, title and interest in, to and under all or any of the Loan
or the Loan Documents to a Federal Reserve Bank.

 

9.18        Waiver
of Right to Trial by Jury. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY
WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY
CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT,
OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR
TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED
BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION
WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

    	 	35	 

     

    

 

9.19        Consent
to Jurisdiction. TO INDUCE LENDER TO ENTER INTO THIS AGREEMENT, BORROWER IRREVOCABLY AGREES THAT, SUBJECT TO LENDER’S
SOLE AND ABSOLUTE ELECTION, ALL ACTIONS OR PROCEEDINGS IN ANY WAY ARISING OUT OF OR RELATED TO THE LOAN DOCUMENTS MAY BE LITIGATED
IN COURTS HAVING SITUS IN HILLSBOROUGH COUNTY, FLORIDA OR HAMILTON COUNTY, OHIO. BORROWER HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION
OF ANY COURT LOCATED WITHIN HILLSBOROUGH COUNTY, FLORIDA AND HAMILTON COUNTY, OHIO AND WAIVES PERSONAL SERVICE OF PROCESS UPON
BORROWER.

 

9.20        Patriot
Act. Lender (for itself and not on behalf of any other party) hereby notifies Borrower that, pursuant to the requirements of
the USA PATRIOT Act, Title III of Pub. L. 107-56, signed into law October 26, 2001 (“Act”), it is required
to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower
and other information that will allow Lender to identify Borrower in accordance with the Act.

 

9.21        Right
of Setoff. Borrower grants to Lender a contractual security interest in, and hereby assigns, conveys, delivers, pledges, and
transfers to Lender all Borrower’s right, title and interest in and to, Borrower’s accounts with Lender (whether checking,
savings, or some other account), including without limitation all accounts held jointly with someone else and all accounts Borrower
may open in the future, excluding however all IRA and Keogh accounts, and all trust accounts for which the grant of a security
interest would be prohibited by law. Borrower authorizes Lender, to the extent permitted by Applicable Law, to charge or setoff
all Obligations against any and all such accounts if an Event of Default has occurred and is continuing.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	 	36	 

     

    

 

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

 

	 	BORROWER:
	 	 
	 	JETPAY PAYMENT SERVICES, FL, LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	By:	JetPay Corporation, its sole member
	 	 	 	 
	 	 	By:	/s/ Gregory M. Krzemien
	 	 	Name:	Gregory M. Krzemien
	 	 	Its:	Chief Financial Officer

 

STATE OF Pennsylvania

COUNTY OF Lehigh

 

The foregoing document
was acknowledged before me this 22nd day of June, 2017, by Gregory M. Krzemien
as Chief Financial Officer of JETPAY CORPORATION, the sole member of JETPAY
PAYMENT SERVICES, FL, LLC, a Delaware limited liability company. He/she is personally known to me or has produced ____Known___________________________
as identification.

 

	 	/s/ Lisa J. Sell
	 	NOTARY PUBLIC
	 	 	 
	 	Name: 	Lisa J. Sell
	 	Serial No. 	1236202

	 	My Commission Expires:	8-26-2019

 

[SIGNATURE OF LENDER APPEARS
ON FOLLOWING PAGE]

 

Signature Page to Credit Agreement

 

     

     

    

 

	 	LENDER:
	 	 	 
	 	FIFTH THIRD BANK,
	 	an Ohio banking corporation
	 	 	 
	 	By: 	/s/ Brian Holliday
	 	 	Brian Holliday, Vice President

 

STATE OF FLORIDA

COUNTY OF Hillsborough

 

The foregoing
instrument was acknowledged before me this _22nd___ day of June, 2017, by
Brian Holliday, as Vice President of FIFTH THIRD BANK, an Ohio banking corporation,
on behalf of the bank. He is personally known to me or has produced known__________________ as identification.

 

	 	/s/ Nicole Sterni
	 	NOTARY PUBLIC
	 	 	 
	 	Name: 	Nicole Sterni
	 	Serial No.  	FF 109345

	 	My Commission Expires: 	April 2, 2018

 

Signature Page to Credit Agreement

 

     

     

    

 

EXHIBIT “A”

 

Compliance
Certificate

 

 

 

     

     

    

 

 

 

     

     

    

 

SCHEDULE
1.2

 

Subordinated
Debt as of Effective Date

 

None.

 

     

     

    

 

SCHEDULE 4.15

 

Litigation

 

None.

 

     

     

    

 

SCHEDULE 4.22

 

Business Locations

 

Chief Executive Office:

 

JetPay Corporation

3939 West Drive

Center Valley, PA 18069

ATTN: Gregory Krzemien

 

Places
of Business:

 

316 South Baylen Street, Suite 590

Pensacola, Florida 32502Exhibit 10.2

 

$1,600,000.00

 

promissory
NOTE

 

THIS PROMISSORY NOTE
(this “Note”) is made as of June 22, 2017 (the “Effective Date”) in the principal amount
of ONE MILLION SIX HUNDRED THOUSAND and NO/100 Dollars ($1,600,000.00).

 

Recitals

 

A.           This
Note is made by JETPAY PAYMENT SERVICES, FL, LLC, a Delaware limited liability company (“Borrower”),
and is payable to the order of FIFTH THIRD BANK, an Ohio banking corporation, its successors and assigns (“Lender”)
pursuant to the terms and conditions set forth in that certain Credit Agreement dated of even date herewith by and between Borrower
and Lender (the “Credit Agreement”). The amount disbursed by Lender to Borrower, repayment of which is evidenced
by this Note, is referred to as the “Loan”.

 

B.           This
Note is secured by, among other items, (i) that certain Security Agreement dated of even date herewith by and between Borrower
and Lender (the “Security Agreement”) encumbering the Collateral (as defined therein); and (ii) certain other
documents securing repayment of this Note, including, without limitation, the Credit Agreement (this Note, the Credit Agreement,
the Security Agreement and all other documents evidencing or securing the Loan are hereinafter collectively referred to herein
as the “Loan Documents”). All of the agreements, conditions, covenants, provisions and stipulations contained
in the Security Agreement and other Loan Documents are hereby made a part of this Note to the same extent and with the same force
and effect as if they were fully set forth herein and Borrower covenants and agrees to keep and perform them, or cause them to
be kept and performed, strictly in accordance with their terms.

 

1.           Agreement
to Pay. Borrower hereby promises to pay to the order of Lender the principal sum of ONE MILLION SIX HUNDRED THOUSAND and
NO/100 Dollars ($1,600,000.00), or so much thereof as may be outstanding hereunder, in lawful money of the United States of America
on or before the earlier of June 22, 2021 (the “Maturity Date”) or upon acceleration of the Note, together with
interest thereon at the rate or rates herein below set forth.

 

2.           Defined
Terms. In addition to the terms defined elsewhere in this Note, the following terms shall have the following meanings when
used in this Note. All capitalized terms used in this Note and not otherwise defined shall have the meanings ascribed thereto in
the Credit Agreement.

 

A.           “Conversion
Date” shall mean June 22, 2018.

 

 

NOTE TO TAX EXAMINER: THIS NOTE HAS BEEN
MADE, EXECUTED AND DELIVERED OUTSIDE THE STATE OF FLORIDA AND IS NOT SECURED BY A MORTGAGE ON FLORIDA REAL PROPERTY. NO DOCUMENTARY
STAMP TAXES ARE DUE ON THIS NOTE.

 

     

     

    

 

B.           “Default”
shall mean when used in reference to this Note or any other document, or in reference to any provision or obligation under this
Note or any other document, the occurrence of an event or the existence of a condition which, with the passage of time or the giving
of notice, or both, would constitute an Event of Default under this Note or such other document, as the case may be.

 

C.           “Default
Rate” shall be as defined in Section 6 hereof.

 

D.           “Draw
Period” shall mean the twelve (12) month period commencing on the Effective Date through the day prior to the Conversion
Date.

 

E.           “Event
of Default” shall mean (i) when used in reference to this Note, one or more of the events or occurrences referred to
in Section 10.A. of this Note; and (ii) when used in reference to any other document, a default or event of default under such
document that has continued after the giving of any applicable notice and the expiration of any applicable grace or cure periods.

 

3.           Computation
of Interest. Moneys deposited by Lender in an escrow shall be deemed to have been disbursed as of, and shall bear interest
from, the date of deposit in escrow. Interest on amounts disbursed under this Note shall accrue commencing on the day on which
the disbursement of proceeds of the Loan or applicable portion thereof is made. Payments of interest that are periodically required
pursuant to the terms of this Note shall include interest accrued to but not including the day on which the payment is made. Payments
of principal on this Note shall include interest on the amount paid to but not including the date of payment if payment is received
prior to 2:00 P.M. Eastern Time, and if payment is received after such time, payment of principal on this Note shall include interest
to and including the day of payment.

 

4.           Interest
Rate Terms. 

 

A.           Additional
Defined Terms. In addition to the terms defined elsewhere in this Note, the following terms shall have the following meanings
when used in this Note:

 

“Adjusted
LIBOR Rate” shall mean a floating rate equal to (i) the then applicable LIBOR Rate plus (ii) the LIBOR Rate Margin
per annum.

 

“Adjusted
Prime Rate” shall mean, for any day, the rate equal to (i) the floating rate of interest established from time to time
by Fifth Third Bank at its principal office as its “Prime Rate”, whether or not Fifth Third Bank shall at times lend
to borrowers at lower rates of interest or, if there is no such Prime Rate, then such other rate as may be substituted by Fifth
Third Bank for such Prime Rate plus (ii) 100 basis points.

 

    	 	2	 

     

    

 

“Business
Day” shall mean any day other than a Saturday, Sunday, federal holiday or other day on which the New York Stock Exchange
is regularly closed. (i) with respect to all notices and determinations in connection with the LIBOR Rate, any day (other than
a Saturday or Sunday) on which commercial banks are open in London, England, New York, New York, and Cincinnati, Ohio for dealings
in deposits in the London Interbank Market; and (ii) in all other cases, any day on which commercial banks in Cincinnati, Ohio
are required by law to be open for business; provided that, notwithstanding anything to the contrary in this definition of “Business
Day”, at any time during which a Rate Management Agreement (as defined in the Credit Agreement) with Lender is then in effect
with respect to all or a portion of this Note, then the definitions of “Business Day” and “Banking Day”,
as applicable, pursuant to such Rate Management Agreement shall govern with respect to all applicable notices and determinations
in connection with such portion of this Note subject to such Rate Management Agreement.

 

“Interest
Rate” shall mean the Adjusted LIBOR Rate; provided that, the reference to “Adjusted LIBOR Rate” shall
be deemed to be a reference to “Adjusted Prime Rate” at all times during which the LIBOR Rate is unavailable pursuant
to, and in accordance with, Section 4(F).

 

“LIBOR
Rate” shall mean, as of any date of determination in accordance with this Note, the rate of interest rounded upwards,
if necessary, to the next 1/8th of one percent (1%) and adjusted for reserves if Lender is required to maintain reserves with respect
to relevant advances fixed by ICE Benchmark Administration Limited (or any successor thereto, or replacement thereof, approved
by Lender, each an “Alternate LIBOR Source”) at approximately 11:00 a.m., London, England time (or the relevant
time established by ICE Benchmark Administration Limited, an Alternate LIBOR Source, or Lender, as applicable), two Business Days
prior to such date of determination, relating to quotations for the one month London InterBank Offered Rates on U.S. Dollar deposits,
displayed by Bloomberg LP (or any successor thereto, or replacement thereof, as approved by Lender, each an “Approved
Bloomberg Successor”), or if no longer displayed by Bloomberg LP (or any Approved Bloomberg Successor), such rate as
shall be determined in good faith by Lender from such sources as it shall determine to be comparable to Bloomberg LP (or any Approved
Bloomberg Successor), all as determined by Lender in accordance with this Note and Lender’s loan systems and procedures periodically
in effect. Notwithstanding anything to the contrary contained herein, in no event shall the LIBOR Rate be less than 0% as of any
date (the “LIBOR Rate Minimum”); provided that, at any time during which a Rate Management Agreement with Lender
is then in effect with respect to all or a portion of the Obligations, the LIBOR Rate Minimum shall be disregarded and no longer
of any force and effect with respect to such portion of the Obligations subject to such Rate Management Agreement. Each determination
by Lender of the LIBOR Rate shall be binding and conclusive in the absence of manifest error.

 

Notwithstanding anything herein contained
to the contrary, if Lender, by written or telephonic notice, notifies Borrower that:

 

    	 	3	 

     

    

 

(a)          any
change in any law, regulation or official directive, or in the interpretation thereof, by any governmental body charged with the
administration thereof, has made it unlawful for Lender to fund or maintain its funding in Eurodollars of any portion of any advance
subject to the LIBOR Rate or otherwise give effect to Lender’s obligations as contemplated hereby; or

 

(b)          (i)
LIBOR deposits for periods of one month are not readily available in the London Offered Rate Market, (ii) by reason of circumstances
affecting such market or other economic conditions, adequate and reasonable methods do not exist for ascertaining the rate of interest
applicable to such deposits, or (iii) the LIBOR Rate as determined by Lender will not adequately and fairly reflect the cost to
Lender of making or maintaining advances under this Note bearing interest with reference to the LIBOR Rate (including inaccurate
or inadequate reflection of actual costs resulting from the calculation of rates by reporting sources)

 

then, in any of such events: (A) Lender’s
obligations in respect of the LIBOR Rate shall terminate forthwith, (B) the LIBOR Rate with respect to Lender shall forthwith cease
to be in effect, (C) Borrower’s right to utilize LIBOR Rate index pricing as set forth in this Note shall be terminated forthwith,
and (D) amounts outstanding hereunder shall, on and after such date, bear interest at a rate per annum equal to the Adjusted Prime
Rate. Each determination by Lender of the Prime Rate shall be binding and conclusive in the absence of manifest error. In the event
of a change in the Prime Rate, the interest rate accruing hereunder based upon the Prime Rate shall be changed immediately with
such change to be based upon such new Prime Rate.

 

“LIBOR
Rate Loan” shall mean each portion of the outstanding principal balance of the Loan that is bearing interest at the Adjusted
LIBOR Rate.

 

“LIBOR
Rate Margin” shall mean three percent (3.00%) per annum.

 

“Prime
Rate” shall mean, for any day, the floating rate of interest established from time to time by Lender at its principal
office as its “Prime Rate”, whether or not Lender shall at times lend to borrowers at lower rates of interest or, if
there is no such prime rate, then such other rate as may be substituted by Lender for the prime rate. Each determination by Lender
of the Prime Rate shall be binding and conclusive in the absence of manifest error.

 

“Prime
Rate Loan” shall mean any portion of the outstanding principal amount of the Loan that is bearing interest at the Adjusted
Prime Rate.

 

B.           Interest
Accrual.

 

(i)          Interest
on the Loan shall accrue on the outstanding principal balance of this Note commencing on the date of the initial disbursement of
the Loan until the Loan has been fully paid and satisfied in cash.

 

(ii)         Interest
on any LIBOR Rate Loan or Prime Rate Loan shall be calculated based on a 360-day year and charged for the actual number of days
elapsed.

 

    	 	4	 

     

    

 

C.           Interest
Rate Determinations.

 

(i)          Subject
to the terms hereof, the outstanding principal balance of this Note shall bear interest at the Adjusted LIBOR Rate during the Draw
Period.

 

(ii)         Borrower
shall have the right on any Business Day to request Lender to provide a good faith estimate of the then current LIBOR Rate quotation
and Lender shall promptly provide such estimate.

 

(iii)        The
Adjusted LIBOR Rate: (a) shall initially be determined as of the date of this Note and (b) shall adjust automatically on the first
calendar day of each calendar month thereafter (each of the foregoing being a “LIBOR Adjustment Date”).
Any change in the Adjusted LIBOR Rate resulting from a change in the LIBOR Rate shall become effective as of each such LIBOR Adjustment
Date in accordance with this Note and Lender’s loan systems and procedures periodically in effect. Lender shall not be required
to notify Borrower of any adjustment in the LIBOR Rate; however, Borrower may request a quote of the prevailing LIBOR Rate
on any Business Day.

 

(iv)        The
Adjusted Prime Rate: (a) shall initially be determined as of the date of this Note and (b) shall adjust automatically with each
change in the Prime Rate occurring thereafter. Any change in the Adjusted Prime Rate resulting from a change in the Prime Rate
shall become effective as of the date of each change in the Prime Rate in accordance with Lender’s loan systems and procedures
periodically in effect. Lender shall not be required to notify Borrower of any adjustment in the Prime Rate; however, Borrower
may request a quote of the prevailing Prime Rate on any Business Day.

 

D.           Prepayments.
The outstanding principal balance of this Note may be prepaid, either in whole or in part, without penalty or premium, at any time
and from time to time upon two (2) Business Days prior written notice to Lender.

 

E.           Additional
Costs. Borrower hereby irrevocably agrees to reimburse and indemnify Lender from all increased costs and fees incurred by Lender
in connection with this Note subsequent to the date of the initial advance of funds to Borrower under this Note and relating to
or arising from (x) the offering of rates of interest based upon the LIBOR Rate or (y) a change in government regulation.
Without limiting the generality of the foregoing, if (any of the following being a “Change”): (i) any law, rule,
regulation, guideline, or directive (in each case whether or not having the force of law) is passed, enacted, promulgated, ordered,
issued or adopted after the date of the initial advance of funds to Borrower under this Note, (ii) there is any change after the
date of the initial advance of funds to Borrower under this Note in any law, rule, regulation, guideline, or directive (in each
case whether or not having the force of law and including, without limitation, any request, rule, guideline or directive (A) in
connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act (as amended, the “Dodd-Frank Act”)
or (B) enacted, promulgated, adopted, issued or implemented by the Bank of International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority), or the United States or foreign financial regulatory authorities), or in the
interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation,
application or administration of any of the foregoing, or (iii) Lender complies with any request or directive made after the date
of the initial advance of funds to Borrower under this Note regarding capital adequacy (whether or not having the force of law)
from any such authority, central bank or comparable agency, and such Change shall:

 

    	 	5	 

     

    

 

(x)          increase
the cost to Lender, by an amount which Lender deems to be material, of making, converting into, continuing or maintaining any portion
of any advance subject to the LIBOR Rate, or reduce any amount receivable hereunder in respect thereof, or

 

(y)          have
the effect of reducing the rate of return on Lender’s capital as a consequence of its obligations hereunder, with respect
to any LIBOR Rate Loan or Prime Rate Loan, to a level below that which Lender could have achieved but for such Change by an amount
deemed by Lender to be material,

 

then, in any and each such case, after
submission by Lender to Borrower of a written request therefor, Borrower shall pay Lender any additional amounts necessary to compensate
Lender for such increased cost or reduction. Lender’s reasonable determination of the amount of such reimbursement shall
be conclusive in the absence of manifest error. Notwithstanding anything to the contrary contained herein, for all purposes of
this Note, all requests, rules, guidelines and directives (I) in connection with the Dodd-Frank Act or (II) enacted, promulgated,
adopted, issued or implemented by the Bank of International Settlements, the Basel Committee on Banking Supervision (or any successor
or similar authority), or the United States or foreign financial regulatory authorities shall, in each case, be deemed to constitute
a Change whether or not such request, rule, guideline or directive has the force of law and regardless of the date on which such
request, rule, guideline or directive was enacted, promulgated, adopted, issued or implemented. Notwithstanding the foregoing,
Borrower shall not be required to compensate Lender pursuant to this Section for any increased costs incurred more than 180 days
prior to the date that Lender notifies Borrower, in writing, of the increased costs and of Lender’s intention to claim compensation
thereof; provided, further, that if the circumstance giving rise to such increased costs is retroactive, then the
180-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

F.           Unavailability
of LIBOR. Notwithstanding anything herein contained to the contrary, if Lender, by written or telephonic notice, notifies Borrower
that:

 

(i)          any
change in any law, regulation or official directive, or in the interpretation thereof, by any governmental body charged with the
administration thereof, has made it unlawful for Lender to fund or maintain its funding in Eurodollars of any portion of any advance
subject to the LIBOR Rate or otherwise give effect to Lender’s obligations as contemplated hereby, or

 

    	 	6	 

     

    

 

(ii)         (a)
LIBOR deposits for periods of one month are not readily available in the London Interbank Offered Rate Market, (b) by reason of
circumstances affecting such market or other economic conditions, adequate and reasonable methods do not exist for ascertaining
the rate of interest applicable to such deposits, or (c) the LIBOR Rate as determined by Lender will not adequately and fairly
reflect the cost to Lender of making or maintaining advances under this Note bearing interest with reference to the LIBOR Rate
(including inaccurate or inadequate reflection of actual costs resulting from the calculation of rates by reporting sources),

 

then, in any of such events: (I) Lender’s
obligations in respect of the LIBOR Rate shall terminate forthwith, (II) the LIBOR Rate with respect to Lender shall forthwith
cease to be in effect, (III) Borrower’s right to utilize LIBOR Rate index pricing as set forth in this Note shall be terminated
forthwith, and (IV) amounts outstanding hereunder shall, on and after such date, bear interest at the Adjusted Prime Rate in accordance
with the terms and provisions of this Note.

 

G.           Rounding
and Rate Management Agreement. At any time during which a Rate Management Agreement is then in effect with respect to this
Note, the provisions contained in this Note which round up the LIBOR Rate to the nearest 1/8th shall be disregarded and no longer
of any force and effect, notwithstanding anything to the contrary contained in this Note.

 

5.           Payment
Terms.

 

A.           Commencing
on the first (1st) day of August, 2017 and on the first (1st) day of each successive month thereafter (subject
to earlier prepayment as provided in Section 10 hereof or as otherwise provided herein or in any other Loan Document),
until the Loan has been fully paid and satisfied in cash, Borrower shall make payments to Lender of interest on the outstanding
principal balance of the indebtedness evidenced by this Note.

 

B.           Commencing
on the Conversion Date and continuing on the same day of each succeeding calendar month through and including the Maturity Date,
fixed principal payments plus all accrued interest along with any other sums due thereon shall be due and payable in monthly installments
in an amount necessary to fully amortize the total amount outstanding under this Note based upon a three (3) year amortization,
as calculated by Lender in its reasonable discretion.

 

C.           The Loan shall be due and payable, and Borrower hereby promises to pay the outstanding principal amount of the Loan to Lender,
together with all accrued interest thereon then remaining unpaid and all other unpaid amounts, charges, fees and expenses outstanding
under this Note or under any of the other Loan Documents, on the Maturity Date, subject to earlier prepayment as provided in Section
10 hereof or as otherwise provided herein or in any other Loan Document.

 

    	 	7	 

     

    

 

6.           Late
Payments; Default Rate; Fees. If any payment is not paid when due (whether by acceleration or otherwise) or within ten
(10) days thereafter due under this Note or any of the other Loan Documents, Borrower agrees to pay to Lender a late payment fee
of five percent (5%) of the payment amount, with a minimum fee of $20.00. After an Event of Default, Borrower agrees to
pay to Lender a fixed charge of $25.00, or Borrower agrees that Lender may, without notice, increase the Interest Rate by three
percentage points (3%) (the “Default Rate”), whichever is greater. Lender may impose a non-sufficient funds
fee for any check that is presented for payment that is returned for any reason. In addition, Lender may charge loan documentation
fees as may be reasonably determined by the Lender.

 

7.           Maximum
Interest Rate. Notwithstanding any provisions of this Note or any instrument securing payment of the indebtedness evidenced
by this Note to the contrary, it is the intent of Borrower and Lender that Lender shall never be entitled to receive, collect or
apply, as interest on principal of the indebtedness, any amount in excess of the maximum rate of interest permitted to be charged
by applicable law; and if under any circumstance whatsoever, fulfillment of any provision of this Note, at the time performance
of such provision shall be due, shall involve transcending the limit of validity prescribed by applicable law, then, ipso facto,
the obligation to be fulfilled shall be reduced to the limit of such validity; and in the event Lender ever receives, collects
or applies as interest any such excess, such amount which would be excess interest shall be deemed a permitted partial prepayment
of principal without penalty or premium and treated hereunder as such; and if the principal of the indebtedness evidenced hereby
is paid in full, any remaining excess funds shall forthwith be paid to Borrower. In determining whether or not interest of any
kind payable hereunder exceeds the highest lawful rate, Borrower and Lender shall, to the maximum extent permitted under applicable
law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, and (b) amortize, prorate,
allocate and spread such payment so that the interest on account of such indebtedness does not exceed the maximum amount permitted
by applicable law; provided that if the amount of interest received for the actual period of existence thereof exceeds the maximum
lawful rate, Lender shall refund to Borrower the amount of such excess. Lender shall not be subject to any penalties provided by
any laws for contracting for, charging or receiving interest in excess of the maximum lawful rate.

 

8.           Non-Revolving
Loan; Advances. No amount repaid or prepaid on this Note may be borrowed again. Notwithstanding the foregoing, during the
Draw Period only, Lender agrees to make direct advances of the proceeds of this Note (each, an “Advance”) to
Borrower for the sole purpose of financing the software integration costs related specifically to a contract with the State of
Illinois, subject to the terms and conditions of this Note and the other Loan Documents, at such times as Borrower may from time
to time request and in such amounts as Borrower may from time to time request. This Note evidences a non-revolving line of credit
during the Draw Period and a term loan commencing on the Conversion Date until the Maturity Date and evidences the aggregate unpaid
principal amount of all Advances made or to be made by Lender to Borrower under this Note. Notwithstanding anything herein to the
contrary, in no event shall (a) the outstanding principal balance of this Note at any time exceed $1,600,000.00, or (b) the aggregate
amount of all Advances made from time to time hereunder exceed $1,600,000.00.

 

    	 	8	 

     

    

 

9.           Advance
Requirements. During the Draw Period, the proceeds of this Note shall be made in the form of direct Advances. The proceeds
of each Advance shall be made available at the office of Lender by credit to the account of Borrower or by other means requested
by Borrower and reasonably acceptable to Lender. Each Advance shall be made available to Borrower subject to satisfaction of the
following requirements:

 

A.          Borrower
shall send a written draw request (the “Draw Request”) to Lender (i) stating the amount of the Advance to be
disbursed, which amount shall not exceed one hundred percent (100%) of the software integration costs to be paid, (ii) certifying
that no Default or Event of Default exists under the Loan Documents as of the date of the Draw Request and that the amount of the
Advance does not exceed one hundred percent (100%) of the software integration costs to be paid, and (iii) certifying that no Default
or Event of Default will result from Lender’s funding of the Draw Request; and

 

B.           No
Default or Event of Default under this Note or any of the other Loan Documents exists.

 

10.         Default
and Remedies.

 

A.          An
“Event of Default” shall occur under this Note upon the occurrence of (a) the failure of Borrower to make
any principal or interest payment owing hereunder on the date which is ten (10) days after the date when due, (b) the failure
by Borrower to pay any other amount payable to Lender under this Note within ten (10) days after the date when any such payment
is due in accordance with the terms hereof, (c) a breach by Borrower of any of the covenants, agreements, representations,
warranties or other provisions hereof, which is not cured within the grace or cure period, if any, applicable thereto, or (d) 
the occurrence of any Event of Default under any of the other Loan Documents. An Event of Default under this Note shall also be
deemed an Event of Default under the other Loan Documents.

 

B.           If
an Event of Default has occurred and is continuing, Lender shall have the option, without demand or notice, other than specified
herein or in the other Loan Documents, to declare the unpaid principal of this Note, together with all accrued interest, prepayment
premium, if any, and other sums secured by the Security Agreement, or other Loan Documents, at once due and payable to the extent
permitted by law, to foreclose the Security Agreement and the other liens or security interests securing the payment of this Note,
and to exercise any and all other rights and remedies available at law or in equity under the Security Agreement or the other Loan
Documents.

 

C.           The
remedies of Lender, as provided herein or in the Security Agreement or any of the other Loan Documents shall be cumulative and
concurrent, and may be pursued singularly, successively or together, at the sole discretion of Lender, and may be exercised as
often as occasion therefor shall arise. No act of omission or commission of Lender, including specifically any failure to exercise
any right, remedy or recourse, shall be deemed to be a waiver or release of the same, such waiver or release to be effected only
through a written document executed by Lender and then only to the extent specifically recited therein. A waiver or release with
reference to any one event shall not be construed as continuing, as a bar to, or as a waiver or release of, any subsequent right,
remedy or recourse as to a subsequent event.

 

    	 	9	 

     

    

 

11.         Costs
and Attorneys’ Fees. If any Event of Default under this Note shall occur, or if Lender incurs any expenses or costs
in connection with the protection or realization of any collateral, whether or not suit is filed thereon or on any instrument granting
a security interest in said collateral, Borrower promises to pay all costs of collection of every kind, including but not limited
to all appraisal costs, reasonable attorneys’ fees, court costs, and expenses of every kind, incurred by Lender in connection
with such collection or the protection or enforcement of any or all of the security for this Note, whether or not any lawsuit is
filed with respect thereto.

 

12.         Waiver.
Borrower, and each guarantor and endorser hereon waives grace, notice, notice of intent to accelerate, notice of default, protest,
demand, presentment for payment and diligence in the collection of this Note, and in the filing of suit hereon, and agrees that
his or its liability and the liability of his or its heirs, beneficiaries, successors and assigns for the payment hereof shall
not be affected or impaired by any release or change in the security or by any increase, modification, renewal or extension of
the indebtedness or its mode and time of payment. It is specifically agreed by the undersigned that the Lender shall have the right
at all times to decline to make any such release or change in any security given to secure the payment hereof and to decline to
make any such increase, modification, renewal or extension of the indebtedness or its mode and time of payment.

 

13.         Notices.
All notices or other communications required or permitted hereunder shall be delivered in the manner set forth in the Credit Agreement.

 

14.         Application
of Payments. All payments on account of the indebtedness evidencing the Note shall first be applied to late charges and
costs and fees incurred by Lender in enforcing its rights hereunder or under the Security Agreement and the other Loan Documents,
second to accrued interest on the unpaid principal balance, and third to reduce unpaid principal in inverse chronological order
of maturity. All payments shall be applied in the manner set forth in this Section 14.

 

15.         BillPayer
Service; Late Payments; Fees. Any payments and other amounts owing under this Note shall be initiated by Lender in accordance
with the terms of this Note from Borrower’s account through Auto BillPayer (or Lender’s then current automated billing
paying service) (“BillPayer Service”). Borrower hereby authorizes Lender
to initiate such payments from Borrower’s primary depository account with Lender. Borrower acknowledges and agrees
that use of the BillPayer Service shall be governed by the then current standard terms and conditions thereof, and Borrower hereby
acknowledges receipt of such Terms and Conditions as in effect on the date hereof. Borrower further acknowledges and agrees to
maintain payments hereunder through the BillPayer Service throughout the term of this Note (to the extent Lender and its affiliates
continue to provide such service). If the BillPayer Service is cancelled at any time, Borrower may be required to pay Lender the
then current amount of the difference between Lender’s customary Note processing fee and the discounted Note processing fee
received by Borrower in consideration of its use of the BillPayer Service.

 

    	 	10	 

     

    

 

16.         Miscellaneous.

 

A.          The
headings of the paragraphs of this Note are inserted for convenience only and shall not be deemed to constitute a part hereof.

 

B.           All
payments under this Note shall be payable in lawful money of the United States which shall be legal tender for public and private
debts at the time of payment; provided that a check will be deemed sufficient payment so long as it clears when presented for payment.
Each payment of principal or interest under this Note shall be paid not later than 2:00 P.M. Eastern Time on the date due therefor
and funds received after that hour shall be deemed to have been received by Lender on the following Business Day. If any payment
of principal, interest or any other amount due under this Note shall become due on a day which is not a Business Day, the due date
for such payment shall be automatically extended to the next succeeding Business Day, and, in the case of a principal payment,
such extension of time shall be included in computing interest on such principal. If an Event of Default has occurred and remains
uncured, Lender is hereby authorized to charge any account of Borrower maintained with Lender for each payment of principal, interest
and other amounts due under this Note, when each such payment becomes due. All amounts payable under this Note and the other Loan
Documents shall be paid by Borrower without offset or other reduction.

 

C.           The
obligations and liabilities under this Note of Borrower shall be binding upon and enforceable against Borrower and its heirs, legatees,
legal representatives, successors and assigns. This Note shall inure to the benefit of and may be enforced by Lender, its successors
and assigns.

 

D.           If
any provision of this Note or any payments pursuant to the terms hereof shall be invalid or unenforceable to any extent, the remainder
of this Note and any other payments hereunder shall not be affected thereby and shall be enforceable to the greatest extent permitted
by law.

 

E.           If
this Note is executed by more than one party, the obligations and liabilities of each Borrower under this Note shall be joint and
several and shall be binding upon and enforceable against each Borrower and their respective successors and assigns.

 

F.           Lender
may at any time assign its rights in this Note and the Loan Documents, or any part thereof and transfer its rights in any or all
of the collateral, and Lender thereafter shall be relieved from all liability with respect to such collateral. In addition, the
Lender may at any time sell one or more participations in the Note. Borrower may not assign its interest in this Note, or any other
agreement with Lender or any portion thereof, either voluntarily or by operation of law, without the prior written consent of Lender.

 

G.           Time
is of the essence of this Note and of each and every provision hereof.

 

    	 	11	 

     

    

 

H.           This
Note, together with the other Loan Documents, sets forth all of the covenants, promises, agreements, conditions and understandings
of the parties relating to the subject matter of this Note, and there are no covenants, promises, agreements, conditions or understandings,
either oral or written between them relating to the subject matter of this Note or other than as are set forth herein and in the
other Loan Documents. This Note and the other Loan Documents supersede all prior written and oral commitments and agreements relating
to the Loan. Borrower acknowledges that it is executing this Note without relying on any statements, representations or warranties,
either oral or written, that are not expressly set forth herein or in the other Loan Documents.

 

I.            This
Note and each provision hereof may be modified, amended, changed, altered, waived, terminated or discharged only by a written instrument
signed by the party sought to be bound by such modification, amendment, change, alteration, waiver, termination or discharge.

 

J.            Each
party to this Note and the legal counsel to each party have participated in the drafting of this Note, and accordingly the general
rule of construction to the effect that any ambiguities in a contract are to be resolved against the party drafting the contract
shall not be employed in the construction and interpretation of this Note.

 

K.          Borrower
certifies that the proceeds of this Loan are to be used for business purposes.

 

L.           Borrower
does hereby irrevocably confirm, ratify and approve all Advances by Lender and does hereby indemnify Lender against all reasonable
losses and expenses (including court costs, reasonable attorneys' and paralegals' fees) in connection with all such Advances, and
shall hold Lender harmless with respect thereto, in each case subject to the limitations set forth in Section 9.2 of the Credit
Agreement.

 

17.         Choice
of Laws. This Note shall be governed by and construed in accordance with the laws of the State of New York.

 

18.         JURY
WAIVER. BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE
ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG
BORROWER AND LENDER ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE, ANY OTHER LOAN DOCUMENT, OR ANY RELATIONSHIP BETWEEN BORROWER
AND LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT TO LENDER TO PROVIDE THE LOAN DESCRIBED HEREIN AND IN THE OTHER LOAN DOCUMENTS.

 

    	 	12	 

     

    

 

19.         JURISDICTION
AND VENUE. BORROWER HEREBY AGREES THAT ALL ACTIONS OR PROCEEDINGS INITIATED BY BORROWER AND ARISING DIRECTLY OR INDIRECTLY
OUT OF THIS NOTE MAY BE LITIGATED IN COURTS HAVING SITUS IN HILLSBOROUGH COUNTY, FLORIDA, HAMILTON COUNTY, OHIO, OR THE UNITED
STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF FLORIDA OR, IF LENDER INITIATES SUCH ACTION, ANY COURT IN WHICH LENDER SHALL INITIATE
SUCH ACTION AND WHICH HAS JURISDICTION. BORROWER HEREBY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION
OR PROCEEDING COMMENCED BY LENDER IN ANY OF SUCH COURTS, AND HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER
PROCESS OR PAPERS ISSUED THEREIN, AND AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT OR OTHER PROCESS OR PAPERS MAY BE MADE
BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO BORROWER AT THE ADDRESS TO WHICH NOTICES ARE TO BE SENT PURSUANT TO THE SECURITY INSTRUMENT.
BORROWER WAIVES ANY CLAIM THAT HILLSBOROUGH COUNTY, FLORIDA, HAMILTON COUNTY, OHIO OR THE MIDDLE DISTRICT OF FLORIDA IS AN INCONVENIENT
FORUM OR AN IMPROPER FORUM BASED ON LACK OF VENUE. SHOULD BORROWER, AFTER BEING SO SERVED, FAIL TO APPEAR OR ANSWER TO ANY SUMMONS,
COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THE NUMBER OF DAYS PRESCRIBED BY LAW AFTER THE MAILING THEREOF, BORROWER SHALL BE
DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED BY LENDER AGAINST BORROWER AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS,
COMPLAINT, PROCESS OR PAPERS. THE EXCLUSIVE CHOICE OF FORUM FOR BORROWER SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE
THE ENFORCEMENT BY LENDER OF ANY JUDGMENT OBTAINED IN ANY OTHER FORUM OR THE TAKING BY LENDER OF ANY ACTION TO ENFORCE THE SAME
IN ANY OTHER APPROPRIATE JURISDICTION, AND BORROWER HEREBY WAIVES THE RIGHT, IF ANY, TO COLLATERALLY ATTACK ANY SUCH JUDGMENT OR
ACTION.

 

20.         Loan
Fee. In consideration of Lender’s agreement to make the Loan, Borrower shall pay to Lender a non-refundable fee in
the amount of Eight Thousand and 00/100 Dollars ($8,000.00), which shall be due and payable in full as a condition precedent to
the first disbursement of proceeds under this Note.

 

21.         Patriot
Act. Lender hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that
identifies Borrower, which information includes the name and address of Borrower and other information that will allow Lender to
identify Borrower in accordance with the Act.

 

[SIGNATURE APPEARS ON FOLLOWING
PAGE]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, Borrower has executed,
sealed and delivered this Note as of the Effective Date.

 

	 	BORROWER:
	 	 
	 	JETPAY PAYMENT SERVICES, FL, LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	 	By:	JetPay Corporation, its sole member
	 	 	 	 	 
	 	 	 	By:	/s/ Gregory M. Krzemien
	 	 	 	Name:	Gregory M. Krzemien
	 	 	 	Its:	Chief Financial Officer

 

Signature Page to $1,600,000.00 Promissory
Note

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