Document:

Security Agreement, dated as of May 29, 2008

 Exhibit 10.3 
  
  
 SECURITY AGREEMENT 
 dated as of 
 May 29, 2008 
 among 
 GREAT AMERICAN GROUP ENERGY EQUIPMENT,
LLC 
 as Grantor, 
 GREAT
AMERICAN GROUP, LLC 
 as Member, 
 and 
 GARRISON LOAN AGENCY SERVICES LLC 
 as Collateral Agent 
  
  

 TABLE OF CONTENTS 
  

					
	 ARTICLE I. DEFINITIONS
	  	1
	 SECTION 1.01.
	 	Credit Agreement	  	1
	 SECTION 1.02.
	 	Other Defined Terms	  	1
		
	 ARTICLE II. PLEDGE OF SECURITIES
	  	3
	 SECTION 2.01.
	 	Pledge	  	3
	 SECTION 2.02.
	 	Delivery of the Pledged Collateral	  	4
	 SECTION 2.03.
	 	Representations, Warranties and Covenants	  	4
	 SECTION 2.04.
	 	Registration in Nominee Name; Denominations	  	5
	 SECTION 2.05.
	 	Voting Rights; Dividends and Interest	  	6
		
	 ARTICLE III. SECURITY INTERESTS IN PERSONAL PROPERTY
	  	7
	 SECTION 3.01.
	 	Security Interest	  	7
	 SECTION 3.02.
	 	Representations and Warranties	  	9
	 SECTION 3.03.
	 	Covenants	  	10
	 SECTION 3.04.
	 	Other Actions	  	12
	 SECTION 3.05.
	 	Cash System	  	13
		
	 ARTICLE IV. REMEDIES
	  	14
	 SECTION 4.01.
	 	Remedies Upon Default	  	14
	 SECTION 4.02.
	 	Application of Proceeds	  	16
	 SECTION 4.03.
	 	Securities Act	  	16
		
	 ARTICLE V. MISCELLANEOUS
	  	17
	 SECTION 5.01.
	 	Notices	  	17
	 SECTION 5.02.
	 	Waivers; Amendment	  	17
	 SECTION 5.03.
	 	Collateral Agent’s Fees and Expenses; Indemnification	  	17
	 SECTION 5.04.
	 	Successors and Assigns	  	18
	 SECTION 5.05.
	 	Survival of Agreement	  	18
	 SECTION 5.06.
	 	Counterparts; Effectiveness	  	18
	 SECTION 5.07.
	 	Severability	  	19
	 SECTION 5.08.
	 	Right of Set-Off	  	19
	 SECTION 5.09.
	 	Governing Law; Jurisdiction; Consent to Service of Process	  	19
	 SECTION 5.10.
	 	WAIVER OF JURY TRIAL	  	20
	 SECTION 5.11.
	 	Headings	  	20
	 SECTION 5.12.
	 	Security Interest Absolute	  	20
	 SECTION 5.13.
	 	Termination or Release	  	20
	 SECTION 5.14.
	 	Collateral Agent Appointed Attorney-in-Fact	  	21
	 SECTION 5.15.
	 	Conflict with the Credit Agreement	  	21

  

			
	Exhibits	  	
	Exhibit 1	  	Form of Perfection Certificate

  

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 SECURITY AGREEMENT dated as of May 29, 2008, among Great American Group Energy Equipment, LLC, a
California limited liability company (the “Grantor”), Great American Group, LLC, California limited liability company (the “Member”), and Garrison Loan Agency Services LLC, a Delaware limited liability company (as
agent on behalf of the Lenders (as defined below), the “Collateral Agent”). 
 Reference is made to (a) the Credit
Agreement dated as of May 29, 2008, (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Grantor, the Collateral Agent, Garrison Loan Agency Services LLC, as administrative
agent, and the lenders party thereto (the “Lenders”) and (b) the Great American Group, LLC Guaranty, dated as of May 29, 2008 (the “GAG Guaranty”), by the Member in favor of the Lenders and the Collateral
Agent. The Lenders have agreed to extend credit to the Grantor subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lender to extend such credit are conditioned upon, among other things, the execution and
delivery of this Agreement. Accordingly, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. Credit
Agreement. (a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Credit Agreement. All terms defined in the New York UCC (as defined herein) and not defined in this Agreement or the
Credit Agreement have the respective meanings specified therein. 
 (b) The rules of construction specified in Section 1.02 of the
Credit Agreement also apply to this Agreement. 
 SECTION 1.02. Other Defined Terms. As used in this Agreement, the following terms
have the meanings specified below: 
 “Account Debtor” means any person who is or who may become obligated to the Grantor
under, with respect to or on account of an Account. 
 “Article 9 Collateral” is defined in Section 3.01.

 “Asset Purchase Agreement” means the Asset Purchase Agreement, dated as of May 16, 2008, between Red River Energy,
Inc. and the Member or its designee. 
 “Collateral” is defined in Section 3.01. 
 “Collateral Agent” is defined in the Preamble. 
 “Collection Account” is defined in Section 3.05(a). 
 “Control
Agreement” means a Control Agreement in the form approved by the Collateral Agent, among the Grantor, the Collateral Agent and a Deposit Bank. 
  

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 “Credit Agreement” is defined in the preliminary statement of this Agreement.

 “Federal Securities Laws” is defined in Section 4.03. 
 “General Intangibles” means all choses in action and causes of action and all other intangible personal property of every kind and
nature (other than Accounts) now owned or hereafter acquired by the Grantor, including corporate or other business records, indemnification claims, contract rights (including rights under leases, whether entered into as lessor or lessee and other
agreements, including but not limited to the Loan Documents), intellectual property, goodwill, registrations, franchises, tax refund claims and any letter of credit, guarantee, claim, security interest or other security held by or granted to the
Grantor to secure payment by an Account Debtor of any of the Accounts. 
 “Grantor” is defined in the preamble to this
Agreement. 
 “Lenders” is defined in the preamble to this Agreement. 
 “Member” is defined in the preamble to this Agreement. 
 “Member Obligations” means (a) the due and punctual payment by the Member of all monetary obligations of the Member to any of the Secured Parties under the GAG Guaranty or any other Loan
Document, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and (b) the due and punctual performance of all other obligations of the Member under or pursuant to this Agreement
and the other Loan Documents to which Member is a party. 
 “Member Pledged Equity Interests” is defined in
Section 2.01. 
 “New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of
New York. 
 “Obligations” means (a) the due and punctual payment by the Grantor of (i) the principal of and
interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by
acceleration, upon one or more dates set for prepayment or otherwise and (ii) all other monetary obligations of the Grantor to any of the Secured Parties under the Credit Agreement and each of the other Loan Documents, including obligations to
pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership
or other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual performance of all other obligations of the Grantor under or pursuant to the Credit Agreement and each of the other Loan
Documents, and (c) the due and punctual payment and performance of all the obligations of the Grantor under or pursuant to this Agreement and each of the other Loan Documents. 
  

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 “Perfection Certificate” means a certificate substantially in the form of Exhibit I,
completed and supplemented with the schedules and attachments contemplated thereby, and duly executed by a Financial Officer of the Grantor. 
 “Pledged Collateral” is defined in Section 2.01. 
 “Pledged Debt Securities” is
defined in Section 2.01. 
 “Pledged Securities” means any promissory notes, stock certificates or other
securities now or hereafter included in the Pledged Collateral or Member Pledged Equity Interests, as applicable, including all certificates, Instruments or other documents representing or evidencing any Pledged Collateral or Member Pledged Equity
Interests, as applicable. 
 “Pledged Stock” is defined in Section 2.01. 
 “Purchased Assets” shall have the meaning given to the term “Assets” in the Asset Purchase Agreement. 
 “Secured Parties” means (a) the Lenders, (b) the beneficiaries of each indemnification obligation undertaken by the Grantor
under any Loan Document and (c) the successors and assigns of each of the foregoing. 
 “Security Interest” is defined
in Section 3.01. 
 ARTICLE II 
 Pledge of Securities 
 SECTION 2.01. Pledge. (a) As security for the payment or
performance, as the case may be, in full of the Obligations, the Grantor hereby assigns and pledges to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its
successors and assigns, for the benefit of the Secured Parties, a security interest in, all of the Grantor’s right, title and interest, whether now owned or hereafter acquired, in, to and under (i) any Equity Interests obtained in the
future by the Grantor and the certificates, if any, representing all such Equity Interests (the “Pledged Stock”), (ii) (A) any debt securities in the future issued to the Grantor and (B) the promissory notes
and any other Instruments evidencing such debt securities (the “Pledged Debt Securities”); (iii) all other property that may be delivered to and held by the Collateral Agent pursuant to the terms of this
Section 2.01; (iv) subject to Section 2.05, all payments of principal or interest, dividends, cash, Instruments and other property from time to time received, receivable or otherwise distributed in respect of, in
exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities referred to in clauses (i), (ii) and (iii) above; (v) subject to Section 2.05, all rights
and privileges of the Grantor with respect to the securities and other property referred to in clauses (i), (iii) and (iv) above; and (vi) all Proceeds of any of the foregoing (the items referred to in
clauses (i) through (v) above being collectively referred to as the “Pledged Collateral”); and (b) as security for the payment or performance, as the case may be, in full of the Member Obligations, the
Member hereby assigns and pledges to the Collateral Agent, its successors and 

  

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assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured
Parties, a security interest in, all of Member’s right, title and interest, whether now owned or hereafter acquired, in, to and under (i) any Equity Interests in the Grantor and the certificates, if any, representing all such Equity
Interests, (ii) subject to Section 2.05, all payments of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon
the conversion of, and all other Proceeds received in respect of, the Equity Interests referred to in clause (i) above; and (iii) all Proceeds of any of the foregoing (the items referred to in clauses (i) through
(ii) above being collectively referred to as the “Member Pledged Equity Interests”). 
 TO HAVE AND TO HOLD the
Pledged Collateral, the Member Pledged Equity Interests, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Collateral Agent, its successors and assigns, for the benefit of the
Secured Parties, forever; subject, however, to the terms, covenants and conditions hereinafter set forth. 
 SECTION 2.02.
Delivery of the Pledged Collateral. (a) The Grantor agrees promptly to deliver or cause to be delivered to the Collateral Agent any and all Pledged Collateral. 
 (b) At such time, if ever, any of the Member Pledged Equity Interests become certificated, the Member agrees promptly to deliver or cause to be delivered
to the Collateral Agent any and all certificates representing the Member Pledged Equity Interests. 
 (c) Upon delivery to the Collateral
Agent, (i) any Pledged Securities shall be accompanied by stock powers duly executed in blank or other Instruments of transfer satisfactory to the Collateral Agent and by such other Instruments and documents as the Collateral Agent may
reasonably request and (ii) all other property comprising part of the Pledged Collateral shall be accompanied by proper Instruments of assignment duly executed by the Grantor or Member, as applicable, and such other Instruments or documents as
the Collateral Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the securities, which schedule shall be attached hereto as Schedule I and made a part hereof; provided,
however, that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so delivered. 
 SECTION 2.03. Representations, Warranties and Covenants. Each of the Grantor and Member represents, warrants and covenants to and with the
Collateral Agent, for the benefit of the Secured Parties, that: 
 (a) except for the security interests granted hereunder, it (i) is
and, subject to any transfers made in compliance with the Credit Agreement, will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule I as owned by it, (ii) holds the same free and
clear of all Liens, other than Liens created by this Agreement, Permitted Liens and transfers made in compliance with the Credit Agreement, (iii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any
security interest 

  

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in or other Lien on, the Pledged Collateral or Member Pledged Equity Interests, as applicable, other than Liens created by this Agreement, Permitted Liens
and transfers made in compliance with the Credit Agreement, and (iv) will defend its title or interest thereto or therein against any and all Liens (other than the Lien created by this Agreement and Permitted Liens), however arising, of all
Persons whomsoever; 
 (b) except for restrictions and limitations imposed by the Loan Documents or securities laws generally, the Pledged
Collateral or Member Pledged Equity Interests, as applicable, is and will continue to be freely transferable and assignable, and none of the Pledged Collateral or Member Pledged Equity Interests, as applicable, is or will be subject to any option,
right of first refusal, shareholders agreement, charter or by-law provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of such Pledged Collateral or Member Pledged Equity Interests, as
applicable, hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Collateral Agent of rights and remedies hereunder; 
 (c) it has the power and authority to pledge the Pledged Collateral or Member Pledged Equity Interests, as applicable, pledged by it hereunder in the manner hereby done or contemplated; 
 (d) no consent or approval of any Governmental Authority, any securities exchange or any other Person was or is necessary to the validity of the pledge
effected hereby (other than such as have been obtained and are in full force and effect); 
 (e) by virtue of the execution and delivery by
it of this Agreement, (i) if such Pledged Securities are certificated, when any Pledged Securities are delivered to the Collateral Agent in accordance with this Agreement, or (ii) in the case of uncertificated Pledged Securities, upon the
filing of a UCC-1 financing statement with the Secretary of State of the State of California identifying the Pledged Securities as Collateral, the Collateral Agent will obtain a legal, valid and perfected first priority lien upon and security
interest in such Pledged Securities as security for the payment and performance of the Obligations or Member Obligations, as applicable; and 
 (f) the pledge effected hereby is effective to vest in the Collateral Agent, for the benefit of the Secured Parties, the rights granted by the Grantor in the Pledged Collateral or the rights granted by the Member in the Member Pledged
Equity Interests, as applicable, as set forth herein. 
 SECTION 2.04. Registration in Nominee Name; Denominations. The Collateral
Agent, on behalf of the Secured Parties, shall have the right (in its sole and absolute discretion) to hold the Pledged Securities in its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of the Grantor or Member,
as applicable, endorsed or assigned in blank or in favor of the Collateral Agent. The Grantor or Member, as applicable, will promptly give to the Collateral Agent copies of any written notices or other communications received by it with respect to
Pledged Securities registered in its name. The Collateral Agent shall at all times have the right to exchange the certificates, in any, representing Pledged Securities for certificates of smaller or larger denominations for any purpose consistent
with this Agreement. 
  

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 SECTION 2.05. Voting Rights; Dividends and Interest. (a) Unless and until an Event of Default
shall have occurred and be continuing and the Collateral Agent shall have notified the Grantor or Member, as applicable, in writing, that its rights under this Section 2.05 are being suspended: 
 (i) The Grantor or Member, as applicable, shall be entitled to exercise any and all voting and/or other consensual rights and powers
inuring to an owner of Pledged Securities or any part thereof for any purpose consistent with the terms of this Agreement, the Credit Agreement and the other Loan Documents; provided, however, that such rights and powers shall not be
exercised in any manner that could be reasonably expected to materially and adversely affect the rights inuring to a holder of any Pledged Securities or the rights and remedies of any of the Collateral Agent or the other Secured Parties under this
Agreement or the Credit Agreement or any other Loan Document or the ability of the Secured Parties to exercise the same. 
 (ii) The Collateral Agent shall execute and deliver to the Grantor or Member, as applicable, or cause to be executed and delivered to the Grantor or Member, as applicable, all such proxies, powers of attorney and other Instruments as such
party may reasonably request for the purpose of enabling it to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above. 
 (iii) The Grantor or Member, as applicable, shall be entitled to receive and retain any and all dividends, interest, principal and other
distributions paid on or distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance with,
the terms and conditions of the Credit Agreement, the other Loan Documents and applicable laws; provided, however, that any noncash dividends, interest, principal or other distributions that would constitute Pledged Stock or Pledged
Debt Securities, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption
thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by the Grantor or Member, as
applicable, shall not be commingled by it with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Lenders and shall be forthwith delivered to the Collateral Agent in the
same form as so received (with any necessary endorsement). 
 (b) During the existence of an Event of Default, after the Collateral Agent
shall have notified the Grantor or Member, as applicable, in writing, of the suspension of its rights under paragraph (a)(iii) of this Section 2.05, then all rights of the Grantor to dividends, interest, principal or other
distributions that it is authorized to receive pursuant to paragraph (a)(iii) of this Section 2.05 shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and
exclusive right and authority to receive and retain such dividends, interest, principal or other distributions. All dividends, interest, principal or other distributions received by the Grantor contrary to the provisions of this 

  

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Section 2.05 shall be held in trust for the benefit of the Lenders, shall be segregated from other property or funds of the Grantor and shall be
forthwith delivered to the Collateral Agent upon demand in the same form as so received (with any necessary endorsement). Any and all money and other property paid over to or received by the Collateral Agent pursuant to the provisions of this
paragraph (b) shall be retained by the Collateral Agent in an account to be established by the Collateral Agent upon receipt of such money or other property and shall be applied in accordance with the provisions of
Section 4.02. After all Events of Default have been cured or waived and the Grantor or Member, as applicable, has delivered to the Collateral Agent a certificate to that effect, the Collateral Agent shall promptly repay to the Grantor
(without interest) all dividends, interest, principal or other distributions that the Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 2.05 and that remain in such account.

 (c) During the existence of an Event of Default, after the Collateral Agent shall have notified the Grantor or Member, as applicable, in
writing, of the suspension of its rights under paragraph (a)(i) of this Section 2.05, then all rights of the Grantor or Member, as applicable, to exercise the voting and consensual rights and powers it is entitled to exercise
pursuant to paragraph (a)(i) of this Section 2.05, and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 2.05, shall cease, and all such rights shall thereupon become
vested in the Collateral Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers. 
 (d) Any notice given by the Collateral Agent to the Grantor or Member under this Section 2.05 (i) may be given by telephone if promptly confirmed in writing and (ii) may suspend the rights of the
Grantor or Member, as applicable, under paragraph (a)(i) or paragraph (a)(iii) in part without suspending all such rights (as specified by the Collateral Agent in its sole and absolute discretion) and without waiving or
otherwise affecting the Collateral Agent’s rights to give additional written notices from time to time suspending other rights as long as an Event of Default has occurred and is continuing. 
 ARTICLE III 
 Security Interests in
Personal Property 
 SECTION 3.01. Security Interest. (a) As security for the payment or performance, as the case may be, in
full of the Obligations, the Grantor hereby assigns and pledges to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the benefit of
the Secured Parties, a security interest (the “Security Interest”) in, all right, title or interest in or to any and all Purchased Assets; the Collection Account, and the cash, investments, and other assets held therein; and any and
all of the following assets and properties now owned or at any time hereafter acquired by the Grantor or in which the Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Article 9
Collateral,” and together with the Pledged Collateral, the “Collateral”): 
 (i) all Accounts;

  

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 (ii) all Chattel Paper (whether tangible or electronic); 
 (iii) all Commercial Tort Claims; 
 (iv) all Deposit Accounts, all cash, and all other property from time to time deposited therein and the monies and property in the possession or under the control of the Collateral Agent or any affiliate,
representative, agent or correspondent of the Collateral Agent; 
 (v) all Documents; 
 (vi) all Equipment; 
 (vii) all General Intangibles (including, without limitation, all Payment Intangibles); 
 (viii) all Goods;

 (ix) all Instruments (including, without limitation, Promissory Notes); 
 (x) all Inventory; 
 (xi) all Investment Property; 
 (xii) all Letter-of-Credit Rights; 
 (xiii) all Supporting Obligations; 
 (xiv) all other tangible and intangible personal property of the Grantor (whether or not subject to the New York UCC), including, without limitation, all bank and other accounts and all cash and all investments
therein, all proceeds, products, offspring, accessions, rents, profits, income, benefits, substitutions and replacements of and to any of the property of the Grantor described in the preceding clauses of this Section 3.01 (including,
without limitation, any proceeds of insurance thereon and all causes of action, claims and warranties now or hereafter held by the Grantor in respect of any of the items listed above), and all books, correspondence, files and other Records,
including, without limitation, all tapes, disks, cards, Software, data and computer programs in the possession or under the control of the Grantor or any other Person from time to time acting for the Grantor that at any time evidence or contain
information relating to any of the property described in the preceding clauses of this Section 3.01 or are otherwise necessary or helpful in the collection or realization thereof; and 
 (xv) all Proceeds, including all Cash Proceeds and Noncash Proceeds, and products of any and all of the foregoing. 
 (b) The Grantor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction any initial
financing statements describing the Article 9 Collateral or any part thereof and amendments thereto that contain the 

  

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information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment,
including whether the Grantor is an organization, the type of organization and any organizational identification number issued to it. The Grantor agrees to provide such information to the Collateral Agent promptly upon request. 
 The Grantor also ratifies its authorization for the Collateral Agent to file in any relevant jurisdiction any initial financing statements or amendments
thereto describing the Article 9 Collateral if filed prior to the date hereof. 
 (c) The Security Interest is granted as security only and
shall not subject the Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of the Grantor with respect to or arising out of the Article 9 Collateral. 
 SECTION 3.02. Representations and Warranties. The Grantor represents and warrants to the Collateral Agent and the Secured Parties that:

 (a) Upon the consummation of the Purchase Agreement, it shall have good and valid rights in and title to the Article 9 Collateral with
respect to which it has purported to grant a Security Interest hereunder and has full power and authority to grant to the Collateral Agent the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its
obligations in accordance with the terms of this Agreement, without the consent or approval of any other Person other than any consent or approval that has been obtained. 
 (b) The Perfection Certificate has been duly prepared, completed and executed and the information set forth therein, including the exact legal name of the Grantor, is correct and complete as of the Closing Date. The
Uniform Commercial Code financing statements or other appropriate filings, recordings or registrations prepared by or on behalf of the Collateral Agent based upon the information provided to the Collateral Agent in the Perfection Certificate for
filing in each governmental, municipal or other office specified in Schedule 2 to the Perfection Certificate (or specified by notice from the Grantor to the Collateral Agent after the date hereof in the case of filings, recordings or registrations
required by Section 5.01(g) of the Credit Agreement), are all the filings, recordings and registrations that are necessary to publish notice of and protect the validity of and to establish a legal, valid and perfected security interest in favor
of the Collateral Agent (for the benefit of the Secured Parties) in respect of all Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof)
and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as provided under applicable law with respect to the filing of
continuation statements. 
 (c) The Security Interest constitutes (i) a legal and valid security interest in all the Article 9
Collateral securing the payment and performance of the Obligations and (ii) upon the filing of a UCC-1 financing statement with the Secretary of State of the State of California properly identifying the Collateral, a perfected security interest
in all Article 9 Collateral in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and 

  

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its territories and possessions pursuant to the Uniform Commercial Code. The Security Interest is and shall be prior to any other Lien on any of the Article
9 Collateral, other than Permitted Liens that have priority as a matter of law. 
 (d) The Article 9 Collateral is owned by the Grantor free
and clear of any Lien, except for the Lien hereunder and Permitted Liens. The Grantor has not filed or consented to the filing of (i) any financing statement or analogous document that names the Grantor as debtor under the Uniform Commercial
Code or any other applicable laws covering any Article 9 Collateral or (ii) any assignment in which the Grantor assigns any Article 9 Collateral or any security agreement or similar Instrument covering any Article 9 Collateral with any foreign
governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar Instrument is still in effect, except, in each case, for the Lien hereunder and Permitted Liens. 
 SECTION 3.03. Covenants. (a) The Grantor agrees promptly to notify the Collateral Agent in writing of any change (i) in its name,
(ii) in its identity or type of organization, (iii) in its organizational identification number or (iv) in its jurisdiction of organization. The Grantor agrees to promptly provide the Collateral Agent with certified organizational
documents reflecting any of the changes described in the first sentence of this paragraph. The Grantor agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the Uniform Commercial
Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected first priority security interest in all the Article 9 Collateral. The Grantor agrees promptly
to notify the Collateral Agent if any material portion of the Article 9 Collateral owned or held by such Grantor is damaged or destroyed. 
 (b) The Grantor agrees to maintain, at its own cost and expense, such complete and accurate records with respect to the Article 9 Collateral owned by it as is consistent with its current practices, but in any event to include complete
accounting records indicating all payments and proceeds received with respect to any part of the Article 9 Collateral, and at such time or times as the Collateral Agent may reasonably request, promptly to prepare and deliver to the Collateral Agent
a duly certified schedule or schedules in form and detail satisfactory to the Collateral Agent showing the identity, amount and location of any and all Article 9 Collateral. 
 (c) Each fiscal quarter, at the time of delivery of quarterly unaudited financial statements with respect to the preceding fiscal quarter pursuant to
Section 5.01(c)(i) of the Credit Agreement, the Grantor shall deliver to the Collateral Agent a certificate executed by a Manager of the Grantor (i) setting forth the information required pursuant to the Perfection Certificate or
confirming that there has been no change in such information since the date of such certificate or the date of the most recent certificate delivered pursuant to this Section 3.03(c) and (ii) certifying, to such Manager’s
knowledge, that all Uniform Commercial Code financing statements or other appropriate filings, recordings or registrations, including all refilings, rerecordings and reregistrations, containing a description of the Collateral have been filed of
record in each governmental, municipal or other appropriate office in each jurisdiction identified pursuant to clause (a) of this Section 3.03 to the extent necessary to protect and perfect the Security Interest for a period
of not less than 18 months after the date of such certificate (except as noted therein with respect to any continuation statements to be filed within such period). 
  

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 (d) The Grantor shall, at its own expense, take any and all actions necessary to defend title to the
Article 9 Collateral against all Persons and to defend the Security Interest of the Collateral Agent in the Article 9 Collateral and the priority thereof against any Lien not expressly permitted pursuant to Section 6.01(b) of the Credit
Agreement. 
 (e) The Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further
Instruments and documents and take all such actions as the Collateral Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the
payment of any fees and taxes required in connection with the execution and delivery of this Agreement, the granting of the Security Interest and the filing of any financing statements or other documents in connection herewith or therewith. If any
amount payable under or in connection with any of the Article 9 Collateral shall be or become evidenced by any promissory note or other Instrument, such note or Instrument shall be immediately pledged and delivered to the Collateral Agent, duly
endorsed in a manner satisfactory to the Collateral Agent. 
 (f) At its option, the Collateral Agent may discharge past due taxes,
assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Article 9 Collateral and not permitted pursuant to Section 6.01(b) of the Credit Agreement, and may pay for the maintenance and
preservation of the Article 9 Collateral to the extent the Grantor fails to do so as required by the Credit Agreement or this Agreement, and the Grantor agrees to reimburse the Collateral Agent on demand for any payment made or any reasonable
expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided, however, that nothing in this paragraph shall be interpreted as excusing the Grantor from the performance of, or imposing any obligation on the
Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of the Grantor with respect to taxes, assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the
other Loan Documents. 
 (g) If at any time the Grantor shall take a security interest in any property of an Account Debtor or any other
Person to secure payment and performance of an Account, it shall promptly assign such security interest to the Collateral Agent. Such assignment need not be filed of public record unless necessary to continue the perfected status of the security
interest against creditors of and transferees from the Account Debtor or other Person granting the security interest. 
 (h) The Grantor
shall remain liable to observe and perform all the conditions and obligations to be observed and performed by it under each contract, agreement or Instrument relating to the Article 9 Collateral, all in accordance with the terms and conditions
thereof, and the Grantor agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from and against any and all liability for such performance. 
 (i) The Grantor shall not make or permit to be made an assignment, pledge or hypothecation of the Article 9 Collateral or shall grant any other Lien in respect of the Article 9 Collateral, except as permitted by
the Credit Agreement. Except as permitted by the Credit Agreement, the Grantor shall not make or permit to be made any transfer of the Article 9 Collateral and it shall remain at all times in possession of the Article 9 Collateral owned by it,

  

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except that unless and until the Collateral Agent shall notify the Grantor that an Event of Default shall have occurred and be continuing and that during the
existence thereof the Grantor shall not sell, convey, lease, assign, transfer or otherwise dispose of any Article 9 Collateral (which notice may be given by telephone if promptly confirmed in writing), the Grantor may use and dispose of the Article
9 Collateral in any lawful manner not inconsistent with the provisions of this Agreement, the Credit Agreement, Liquidation Plan or any other Loan Document. 
 (j) Except as provided in the Credit Agreement or any Loan Document, the Grantor will not, without the Collateral Agent’s prior written consent, grant any extension of the time of payment of any Accounts included
in the Article 9 Collateral, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any Person liable for the payment thereof or allow any credit or discount whatsoever thereon, other than
extensions, compromises, settlements, releases, credits or discounts granted or made in the ordinary course of business and consistent with its current practices. 
 SECTION 3.04. Other Actions. In order to further insure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Security Interest, the Grantor agrees, at its own
expense, to take the following actions with respect to the following Article 9 Collateral: 
 (a) Instruments. If the Grantor shall at
any time hold or acquire any Instruments, it shall forthwith endorse, assign and deliver the same to the Collateral Agent, accompanied by such Instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time
reasonably request. 
 (b) Deposit Accounts. For each deposit account that the Grantor at any time opens or maintains, including the
Collection Account, it shall, either (i) cause the depositary bank to agree to comply with instructions from the Collateral Agent to such depositary bank directing the disposition of funds from time to time credited to such deposit account,
without further consent of the Grantor or any other Person, pursuant to the Control Agreement or such other form reasonably satisfactory to the Collateral Agent or (ii) arrange for the Collateral Agent to become the customer of the depositary
bank with respect to the deposit account, with the Grantor being permitted, only with the consent of the Collateral Agent, to exercise rights to withdraw funds from such deposit account. The provisions of this paragraph shall not apply to
(A) any deposit account for which the Grantor, the depositary bank and the Collateral Agent have entered into a cash collateral agreement specially negotiated among the Grantor, the depositary bank and the Collateral Agent for the specific
purpose set forth therein and (B) deposit accounts for which the Collateral Agent or any Lender is the depositary. 
 (c) Investment
Property. Except to the extent otherwise provided in Article II, if the Grantor shall at any time hold or acquire any certificated securities, it shall forthwith endorse, assign and deliver the same to the Collateral Agent,
accompanied by such Instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time specify. If any securities now or hereafter acquired by the Grantor are uncertificated and are issued to it or its nominee
directly by the issuer thereof, the Grantor shall immediately notify the Collateral Agent thereof and, at the Collateral Agent’s request and option, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent,
either 

  

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(i) cause the issuer to agree to comply with instructions from the Collateral Agent as to such securities, without further consent of the Grantor or
such nominee, or (ii) arrange for the Collateral Agent to become the registered owner of the securities. If any securities, whether certificated or uncertificated, or other investment property now or hereafter acquired by the Grantor are held
by it or its nominee through a securities intermediary or commodity intermediary, the Grantor shall immediately notify the Collateral Agent thereof and, at the Collateral Agent’s request and option, pursuant to an agreement in form and
substance reasonably satisfactory to the Collateral Agent, either (i) cause such securities intermediary or (as the case may be) commodity intermediary to agree to comply with entitlement orders or other instructions from the Collateral Agent
to such securities intermediary as to such security entitlements, or (as the case may be) to apply any value distributed on account of any commodity contract as directed by the Collateral Agent to such commodity intermediary, in each case without
further consent of the Grantor or such nominee or (ii) in the case of financial assets or other Investment Property held through a securities intermediary, arrange for the Collateral Agent to become the entitlement holder with respect to such
Investment Property, with the Grantor being permitted, only with the consent of the Collateral Agent, to exercise rights to withdraw or otherwise deal with such investment property. The Collateral Agent agrees with the Grantor that the Collateral
Agent shall not give any such entitlement orders or instructions or directions to any such issuer, securities intermediary or commodity intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by the
Grantor, unless an Event of Default has occurred and is continuing, or, after giving effect to any such investment and withdrawal rights, would occur. The provisions of this paragraph shall not apply to any financial assets credited to a securities
account for which the Collateral Agent is the securities intermediary. 
 SECTION 3.05. Cash System. (a) The Grantor will
establish no later than June 9, 2008, in the name of the Collateral Agent, and subject to the control of the Collateral Agent pursuant to a Control Agreement, for the benefit of the Collateral Agent and the other Secured Parties, a segregated
account (the “Collection Account”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Collateral Agent on behalf of the Secured Parties. The Grantor shall deposit into the
Collection Account Collections with respect to the Collateral on each Business Day of a Monthly Period in accordance with the Credit Agreement. 
 (b) Any funds on deposit in the Collection Account for more than one Business Day shall at all time be invested in Permitted Investments at the written direction of the Grantor or its agent, subject to the restrictions set forth below. The
Deposit Bank shall maintain, or cause to be maintained, possession of the negotiable instruments or securities evidencing the Permitted Investments described in clause (a) of the definition thereof from the time of purchase thereof until
the time of sale or maturity. Any Permitted Investment with a stated maturity shall mature on or prior to the next Payment Date related to the earliest Monthly Period in which Collections invested in such Permitted Investments were received. On each
applicable Payment Date, all interest and earnings (less investment expenses) on funds on deposit in the Collection Account, if any, shall be deposited in the Collection Account. For purposes of determining the availability of funds or the balances
in the Collection Account for any reason under this Agreement, all investment earnings on such funds shall be deemed not to be available or on deposit. 
  

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 (c) The Collection Account is, and shall remain, under the sole dominion and control of the Collateral
Agent. The Grantor acknowledges and agrees that (i) it has no right of withdrawal from the Collection Account, (ii) the funds on deposit in the Collection Account shall continue to be collateral security for all of the Obligations and
(iii) during the existence of an Event of Default, at the Collateral Agent’s election, the funds on deposit in the Collection Account shall be applied as provided in Section 4.02 hereof. The Collateral Agent agrees that it
shall not exercise its rights pursuant to Section 3.05(d) except during the existence of an Event of Default. On each Payment Date, any funds on deposit in the Collection Account (other than amounts attributable to the Monthly Period
following the related Monthly Period) shall be applied together with other funds as forth in Section 2.09 of the Credit Agreement. 
 (d) Effective upon notice to the Grantor from the Collateral Agent during the existence of an Event of Default (which notice may be given by telephone if promptly confirmed in writing), the Collection Account will, without any further
action on the part of the Grantor, the Collateral Agent or any Deposit Bank, convert into a closed account under the exclusive dominion and control of the Collateral Agent in which funds are held subject to the rights of the Collateral Agent
hereunder (if not already under such dominion and control). The Grantor irrevocably authorizes the Collateral Agent to notify each Deposit Bank (i) of the occurrence of an Event of Default and (ii) of the matters referred to in this
paragraph (d). The Grantor hereby agrees to irrevocably direct the Deposit Bank to comply with the instructions of the Collateral Agent with respect to the Collection Account without further consent from the Grantor or any other Person.

 ARTICLE IV 
 Remedies 

 SECTION 4.01. Remedies Upon Default. During the existence of an Event of Default, the Grantor agrees to deliver each item of
Collateral to the Collateral Agent on demand, and it is agreed that the Collateral Agent shall have the right to take any of or all the following actions at the same or different times: with or without legal process and with or without prior notice
or demand for performance, to take possession of the Article 9 Collateral and without liability for trespass to enter any premises where the Article 9 Collateral may be located for the purpose of taking possession of or removing the Article 9
Collateral and, generally, to exercise any and all rights afforded to a secured party under the Uniform Commercial Code or other applicable law. Without limiting the generality of the foregoing, the Grantor agrees that the Collateral Agent shall
have the right, subject to the requirements of applicable law, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for
future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who will
represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Collateral Agent shall have the right to assign,
transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part 

  

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of the Grantor, and the Grantor hereby waives (to the extent permitted by law) all rights of redemption, stay and appraisal which it now has or may at any
time in the future have under any rule of law or statute now existing or hereafter enacted. 
 The Collateral Agent shall give the Grantor 10
days’ prior written notice (which the Grantor agrees, to the extent permitted by applicable law, is reasonable notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Collateral
Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or
exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and
at such place or places as the Collateral Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral Agent, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the
Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral
shall have been given. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without
further notice, be made at the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until
the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure,
such Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of
redemption, stay, valuation or appraisal on the part of the Grantor (all said rights being also hereby waived and released to the extent permitted by law), the Collateral or any part thereof offered for sale and may make payment on account thereof
by using any claim then due and payable to such Secured Party from the Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further
accountability to the Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such
agreement and the Grantor shall not be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall
have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the
Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. To the extent permitted by applicable law, any sale pursuant to the
provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. 
  

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 SECTION 4.02. Application of Proceeds. The Collateral Agent shall apply the proceeds of any
collection or sale of Collateral, including any Collateral consisting of cash, as follows: 
 FIRST, to the payment of all
costs and expenses incurred by the Collateral Agent in connection with such collection or sale or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the fees and expenses of
its agents and legal counsel (other than the costs associated with preparing and negotiating this Agreement), the repayment of all advances made by the Collateral Agent hereunder or under any other Loan Document on behalf of the Grantor and any
other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; 
 SECOND, to the payment in full of the Obligations (the amounts so applied to be distributed among the secured parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and

 THIRD, to the Grantor, its successors or assigns, or as a court of competent jurisdiction may otherwise direct. 

The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any
sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the
purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for
the misapplication thereof. 
 SECTION 4.03. Securities Act. In view of the position of the Grantor in relation to the Pledged
Collateral, or because of other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter enacted analogous in purpose or effect (such Act and any such
similar statute as from time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder. The Grantor understands that compliance with the Federal
Securities Laws might very strictly limit the course of conduct of the Collateral Agent if the Collateral Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might also limit the extent to which or the manner in which
any subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Collateral Agent in any attempt to dispose of all or part of the Pledged Collateral under
applicable Blue Sky or other state securities laws or similar laws analogous in purpose or effect. The Grantor recognizes that in light of such restrictions and limitations the Collateral Agent may, with respect to any sale of the Pledged
Collateral, limit the purchasers to those who will agree, among other things, to acquire such Pledged Collateral for their own account, for investment, and not with a view to the distribution or resale thereof. The Grantor acknowledges and agrees,
to the extent permitted by law, that in light of such restrictions and limitations, the Collateral Agent, in its sole and absolute discretion (a) may proceed to make such 

  

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a sale whether or not a registration statement for the purpose of registering such Pledged Collateral or part thereof shall have been filed under the Federal
Securities Laws and (b) may approach and negotiate with a single potential purchaser to effect such sale. The Grantor acknowledges and agrees, to the extent permitted by law, that any such sale might result in prices and other terms less
favorable to the seller than if such sale were a public sale without such restrictions. In the event of any such sale, the Collateral Agent shall incur no responsibility or liability for selling all or any part of the Pledged Collateral at a price
that the Collateral Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until
after registration as aforesaid or if more than a single purchaser were approached. The provisions of this Section 4.03 will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may
exceed substantially the price at which the Collateral Agent sells. 
 ARTICLE V 
 Miscellaneous 
 SECTION 5.01. Notices. All communications and notices
hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in Section 9.01 of the Credit Agreement. 
 SECTION 5.02. Waivers; Amendment. (a) No failure or delay by the Collateral Agent, in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the
Collateral Agent hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that it would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Grantor or
Member, as applicable, therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 5.02, and then such waiver or consent shall be effective only in the specific instance and
for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Collateral Agent may have had notice or knowledge of such Default at
the time. No notice or demand on the Grantor or Member, as applicable, in any case shall entitle the Grantor or Member, as applicable, to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered
into by the parties hereto, subject to any consent required in accordance with Section 9.08 of the Credit Agreement. 
 SECTION 5.03.
Collateral Agent’s Fees and Expenses; Indemnification. (a) Without limitation of its indemnification obligations under the other Loan Documents, each of Grantor and Member agrees to indemnify the Collateral Agent and the other
Indemnitees (as defined in Section 9.05 of the Credit Agreement) against, and hold each Indemnitee harmless 

  

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from, any and all losses, claims, damages, liabilities and related expenses (but specifically excluding any special, indirect, consequential or punitive
damages), including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of the execution, delivery or performance of this Agreement
or any claim, litigation, investigation or proceeding relating to any of the foregoing or any agreement or Instrument contemplated hereby, or to the Collateral, whether or not any Indemnitee is a party thereto; provided, however, that
such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted
from the gross negligence or wilful misconduct of such Indemnitee. 
 (b) Any such amounts payable as provided hereunder shall be additional
Obligations secured hereby and by the other Security Documents. The provisions of this Section 5.03 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the
consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the
Collateral Agent or any other Secured Party. All amounts due under this Section 5.03 shall be payable on written demand therefor. 
 SECTION 5.04. Successors and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and
agreements by or on behalf of the parties hereto that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns. 
 SECTION 5.05. Survival of Agreement. All covenants, agreements, representations and warranties made by the Grantor or Member, as applicable, in the Loan Documents and in the certificates or other Instruments
prepared or delivered in connection with or pursuant to this Agreement or any other Loan Documents shall be considered to have been relied upon by the Collateral Agent and shall survive the execution and delivery of the Loan Documents and the making
of any Loans, regardless of any investigation made by the Collateral Agent or on its behalf and notwithstanding that the Collateral Agent may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit
is extended under the Credit Agreement, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under any Loan Document is outstanding and unpaid and as long
as the Commitments have not expired or terminated. 
 SECTION 5.06. Counterparts; Effectiveness. This Agreement may be executed in
counterparts, each of which shall constitute an original but all of which when taken together shall constitute single contract, and shall become effective as provided in this Section 5.06. Delivery of an executed signature page to this
Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 
  

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 SECTION 5.07. Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or uneforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the
invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 5.08. Right of Set-Off. If an Event of Default shall have occurred and be continuing, the Collateral Agent is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by the Collateral Agent to or for the credit or the account of the Grantor or Member, as applicable, against any
of and all the obligations of the Grantor or Member, as applicable, now or hereafter existing under this Agreement owed to such Collateral Agent, irrespective of whether or not the Collateral Agent shall have made any demand under this Agreement and
although such obligations may be unmatured. The rights of the Collateral Agent under this Section 5.08 are in addition to other rights and remedies (including other rights of set-off) which the Collateral Agent may have. 
 SECTION 5.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and
governed by the law of the State of New York. 
 (b) Each party hereby irrevocably and unconditionally submits, for itself and its property,
to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State
or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Agreement shall affect any right that the Collateral Agent may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Grantor or Member, as
applicable, or its properties in the courts of any jurisdiction. 
 (c) Each party hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any New York State or Federal court. Each
of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  

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 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 5.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 5.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
5.10. 
 SECTION 5.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of
reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
 SECTION 5.12. Security Interest Absolute. All rights of the Collateral Agent hereunder, the Security Interest, the grant of a security interest in the Pledged Collateral and Member Pledged Equity Interests and
all obligations of the Grantor or Member hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the
Obligations or Member Obligations or any other agreement or Instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, Member Obligations or
any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or Instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any
release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Obligations, or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of,
the Grantor or Member in respect of the Obligations or Member Obligations, as applicable, or this Agreement. 
 SECTION 5.13. Termination
or Release. (a) This Agreement, the Security Interest and all other security interests granted hereby shall terminate when all the Obligations (other than contingent indemnification obligations, which shall survive) have been indefeasibly
paid in full and the Lenders have no further commitment to lend under the Credit Agreement. 
 (b) Upon any sale or other transfer by the
Grantor of any Collateral that is permitted under the Credit Agreement or upon written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 9.08 of the Credit Agreement, the security interest in
such Collateral shall be automatically released. 
 (c) In connection with any termination or release pursuant to paragraph (a)
or (b) hereof, the Collateral Agent shall execute and deliver to the Grantor or Member, as 

  

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applicable, at such party’s expense, all documents that such party shall reasonably request to evidence such termination or release. Any execution and
delivery of documents pursuant to this Section 5.13 shall be without recourse to or warranty by the Lenders. 
 SECTION 5.14.
Collateral Agent Appointed Attorney-in-Fact. The Grantor and Member hereby appoint the Collateral Agent the attorney-in-fact of them for the purpose of carrying out the provisions of this Agreement and taking any action and executing any
Instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Collateral Agent shall have
the right, during the existence of an Event of Default and upon acceleration of the time of payment of the Obligations or Member Obligations, with full power of substitution either in the Collateral Agent’s name or in the name of the Grantor or
Member, as applicable, (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect,
receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of the Grantor or Member, as applicable, on any invoice or bill of lading relating to any of the Collateral; (d) to
commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral;
(e) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; and (f) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all
or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes; provided,
however, that nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent, or to
present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other Secured Parties
shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to the Grantor or Member for any act
or failure to act hereunder, except for their own gross negligence or willful misconduct. 
 SECTION 5.15. Conflict with the Credit
Agreement. To the extent the terms or provisions of this Agreement conflict in any way with the terms or provisions of the Credit Agreement, the terms and provisions of the Credit Agreement shall govern. 
  

 -21- 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first
above written. 
  

			
	GREAT AMERICAN GROUP ENERGY EQUIPMENT, LLC, as Grantor
		
	By:	 	 /s/ Harvey Yellen

	Name:	 	Harvey Yellen
	Title:	 	Manager
		
	By:	 	 /s/ Andrew Gumaer

	Name:	 	Andrew Gumaer
	Title:	 	Manager
	
	GREAT AMERICAN GROUP, LLC,
	as Member
		
	By:	 	 /s/ Harvey Yellen

	Name:	 	Harvey Yellen
	Title:	 	Manager
		
	By:	 	 /s/ Andrew Gumaer

	Name:	 	Andrew Gumaer
	Title:	 	Manager
	
	GARRISON LOAN AGENCY SERVICES LLC, as Collateral Agent,
		
	By:	 	 /s/ Joseph Tansey

	Name:	 	Joseph Tansey
	Title:	 	Co-President

 EXHIBIT I 
 FORM OF PERFECTION CERTIFICATE 
 This Perfection Certificate is made as of May 29, 2008.
Reference is made to the Credit Agreement, dated as of May 29, 2008, (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Great American Group Energy Equipment, LLC, a California
limited liability company, as borrower (the “Borrower”), Gage Investment Group, LLC, a Delaware limited liability company, as a lender (“Gage”), Garrison Special Opportunities Fund LP, a Delaware limited
partnership, as a lender (collectively with Gage, the “Lenders”), and Garrison Loan Agency Services LLC, in its capacity as administrative agent (the “Administrative Agent”) and as collateral agent (the
“Collateral Agent”). Capitalized terms used but not defined herein have the meanings assigned in the Credit Agreement or the Security Agreement referred to therein, as applicable. 
 The undersigned, manager or authorized signatory of the Borrower, as indicated in the signature block below, hereby certifies to the Lender as follows:

 1. Names.(a) The exact name of the Borrower, as such name appears in its certified certificate of formation or charter, is as follows: 

(b) Set forth below is each other corporate name Borrower has had in the past five years, together with the date of the relevant change: 

(c) The Borrower has not changed its name in any way within the past five years. 
 (d) Set forth below is the organizational identification number, if any, used by the jurisdiction of organization of the Borrower: 
 (e) The Borrower was formed on
                                        .

 2. Current Locations. (a) The mailing address of the Borrower is set forth below: 
 (b) The jurisdiction of formation or charter of the Borrower is set forth below: 

 3. UCC Search Reports. UCC search reports have been obtained from the California Secretary of State, and such
search reports reflect no liens against any of the Collateral other than those permitted under the Credit Agreement. 
 4. UCC Filings. UCC financing
statements in substantially the form of Schedule 1 hereto have been prepared for filing with the California Secretary of State. 
 5. Debt
Instruments. Set forth below is a true and correct list of all Instruments, including any promissory notes, and other evidence of indebtedness held by the Borrower that are required to be pledged under the Security Agreement. 
 6. Deposit Accounts. Set forth below is a true and correct list of deposit accounts maintained by the Borrower, including the name and address of the depositary
institution, the type of account and the account number. 

 IN WITNESS WHEREOF, the undersigned has duly executed this Perfection Certificate as of the day and year
first above written. 
  

			
	GREAT AMERICAN GROUP ENERGY EQUIPMENT, LLC, as Borrower
		
	By:	 	  

	Name:	 	
	Title:	 	

 Security AgreementNon-Notification Factoring and Security Agreement

 Exhibit 10.4 
 NON-NOTIFICATION 
 FACTORING AND SECURITY AGREEMENT 
 Date: May 22, 2007. 
 Name of Client
(“Client”) GREAT AMERICAN GROUP ADVISORY & VALUATION SERVICES, LLC 
 Client and FCC, LLC, a Florida limited liability
company doing business as First Capital Western Region, LLC (“Factor”), hereby agree to the terms and conditions set forth in this Non-Notification Factoring and Security Agreement (“Agreement”): 
 Section 1. Definitions. 
 1.1
Defined Terms. Capitalized terms shall have the meanings ascribed to them on Schedule A. 
 1.2 Other Referential
Provisions. 
 (a) All terms in this Agreement, the Exhibits and Schedules hereto shall have the same defined meanings when used in any
other Factoring Documents, unless the context shall require otherwise. 
 (b) Except as otherwise expressly provided herein, all accounting
terms not specifically defined or specified herein shall have the meanings generally attributed to such terms under GAAP including, without limitation, applicable statements and interpretations issued by the Financial Accounting Standards Board and
bulletins, opinions, interpretations and statements issued by the American Institute of Certified Public Accountants or its committees. 
 (c) All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders; the singular shall include the plural, and the plural shall include the singular. 
 (d) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to
this Agreement as a whole and not to any particular provisions of this Agreement. 
 (e) Titles of Articles and Sections in this Agreement
are for convenience only, do not constitute part of this Agreement and neither limit nor amplify the provisions of this Agreement, and all references in this Agreement to Articles, Sections, Subsections, paragraphs, clauses, sub clauses, Schedules
or Exhibits shall refer to the corresponding Article, Section, Subsection, paragraph, clause or subclause of, or Schedule or Exhibit attached to, this Agreement, unless specific reference is made to the articles, sections or other subdivisions or
divisions of, or to schedules or exhibits to, another document or instrument. 
 (f) Each definition of or reference to a document in this
Agreement shall include such document as amended, modified, supplemented or restated from time to time. 

 (g) Except where specifically restricted, reference to a party to this Agreement includes that party and
its successors and assigns. 
 (h) Any and all terms used in this Agreement which are defined in the UCC shall be construed and defined in
accordance with the meaning and definition ascribed to such terms under the UCC, unless otherwise defined herein. 
 1.3
Exhibits and Schedules. All Exhibits and Schedules attached hereto are incorporated herein by reference and made a part hereof. 
 Section 2. Purchase & Sale of Accounts. 
 2.1 Purchase of Accounts. Factor shall, at its discretion,
purchase from Client, and Client shall sell to Factor, all of Client’s Accounts existing as of the effective date of this Agreement. From and after the date hereof, immediately upon the creation of each and every Account of Client, such Account
shall be sold to Factor hereunder. Upon such sale, Factor shall acquire all of Client’s right, title and interest in and to such Client’s Accounts. Factor shall be the sole and exclusive owner of such Accounts with full power to collect
and otherwise deal with such Accounts. All Accounts shall be submitted to Factor on a Schedule of Accounts listing each Account separately. The Schedule of Accounts shall be in such form as Factor may prescribe from time to time and shall be signed
by an officer or authorized signer of the Client. Client may submit such Accounts electronically, by facsimile, by mail or other delivery service of Client’s choosing that is approved by Factor. Any Accounts submitted electronically shall be
submitted in such electronic format as Factor may require. At the time the Schedule of Accounts is presented, Client shall also deliver to Factor, if requested by Factor, one copy of an invoice for each Account together with evidence of shipment,
furnishing and/or delivery of the goods or rendition of service(s). 
 2.2 Purchase Price. 
 (a) On the Collection Date applicable to an Account, Factor shall pay to Client the Purchase Price for such Account, less (i) any Reserve or credit
balance that Factor, in Factor’s sole discretion, determines to hold, (ii) all Obligations or moneys remitted, paid, or otherwise advanced by Factor to or on behalf of Client (including any amounts which Client may reasonably be obligated
to pay in the future), (iii) any other charges provided for by this Agreement or otherwise due Factor by Client, and (iv) any deductions taken by the Customer in connection with such Account. 
 (b) No discount, credit, allowance or deduction with respect to any Account shall be granted or approved by Client to any Customer without the prior
written consent of Factor unless such discount, credit, allowance or deduction is shown on the face of an invoice at the time such invoice is submitted to Factor. 
 2.3 Reserve. Factor shall be entitled to withhold a Reserve, and may revise the Reserve at any time and from time to time if Factor deems it necessary to do so in order to protect Factor’s interests.
Factor may charge against the Reserve any amount for which Client may be obligated to Factor at any time, whether under the terms of this Agreement, or otherwise, including but not limited to the repayment of any Overadvance, any damages suffered by
Factor 

  

 2 

 
as a result of Client’s breach of any provision of Section 6 hereof (whether intentional or unintentional), any adjustments due, all Obligations
and any attorneys’ fees, costs and disbursements due, provided Factor provides Client with a timely and full accounting with respect to any such charge against the Reserve. Client recognizes than the Reserve represents bookkeeping entries only
and not cash funds. It is further agreed that with respect to the balance in the Reserve, Factor is authorized to withhold without giving prior notice to Client, such payments and credits otherwise due to Client under the terms of this Agreement for
reasonably anticipated claims or to adequately satisfy reasonably anticipated obligation(s) Client may owe Factor. 
 2.4 Commission.

 (a) For Factor’s services hereunder, Client shall pay and Factor shall be entitled to receive a factoring commission equal to
one-quarter of one percent (.25%) of the gross invoice amount of each Account, but in no event less than $5.00 per invoice or credit memo (“Commission”). The Commission shall be due and payable to Factor on the date of creation of each
Account and shall be chargeable to Client’s account with Factor. 
 (b) Factor’s commission is based upon Client’s maximum
selling terms of sixty (60) days. Client will not grant additional dating to any Customer without Factor’s prior written approval. If Factor approves extended terms or additional dating, the amount of Commission payable with respect to the
Accounts represented thereby shall be increased by twenty-five percent (25%) for each 30 days, or portion thereof, of extended or additional dating. For example, if Factor approves extended terms of ninety (90) days on an account, the
Commission on such Account would be increased from 0.25% to 0.3125%. 
 (c) Subject to Section 10 hereof, the minimum aggregate
factoring Commissions payable under this Agreement for each Contract Year or part thereof shall be Twenty-Four Thousand and No/100 Dollars ($24,000), which shall be payable at the rate of Two Thousand and No/100 Dollars ($2,000) per month. To the
extent of any deficiency (after giving effect to Commissions payable under the foregoing subsections), the difference between the minimum and the amount already charged shall be chargeable monthly to Client’s account with Factor, or at
Factor’s option, payable by Client within five (5) business days of Factor’s demand therefore. Notwithstanding anything to the contrary, in the event that the Commissions charged to Client’s account with Factor or otherwise paid
by Client exceeds $2,000 in any given month, such excess shall be credited to the amount payable in the next succeeding month (the parties being in agreement that the intent of this subsection is to ensure a minimum amount of Commissions in each
Contract Year and not each Contract month). Client shall pay the difference between the minimum Commissions due hereunder for each Contract Year less the amount of Commissions actually paid to date for such Contract Year prior to the termination of
this Agreement. 
 Section 3. Advances/Collections. 
 3.1 Advances. In Factor’s sole discretion, in accordance with the terms of this Agreement, Factor may from time to time advance to Client up to ninety percent (90%) of the aggregate Net Invoice Amount
of Accounts outstanding at the time any such advance is made, less: (1) Any such Accounts that are in Dispute; (2) any such Accounts that are not Approved 

  

 3 

 
Accounts; (3) the amount of the Reserve and all Obligations; and (4) any interest, fees and other items, actual or estimated, that are chargeable
to the Reserve; and (5) that portion of Accounts arising from one Customer that exceeds such aggregate amount limits or concentration levels or limits as Factor may determine are acceptable from time to time, but only to the extent of such
excess. Any Advance shall be payable on demand and shall bear interest at the rate set forth in subsection 3.2 below until paid in full. In no event shall the total principal amount of outstanding advances exceed $5,000,000 and Client shall, within
five (5) business days after Factor’s demand therefore, pay to Factor any and all amounts necessary to reduce the aggregate outstanding advances below such limit. 
 3.2 Interest. 
 (a) Interest upon the
daily net balance of all of Client’s Obligations shall be payable at a rate equal to the greater of eight percent (8%) per annum or one percent (1%) above the rate of interest designated by Factor as its Prime Rate, (which is subject
to change). Interest shall be charged to Client’s account with Factor as of the last day of each month and shall as of such date constitute Obligations. Any adjustment in the interest rate shall be effective on the next Business Day after any
change in the Prime Rate. 
 (b) If during any month, a net credit balance exists (i.e., the Reserve or credit balance exceeds outstanding
Accounts), then Factor shall credit Client’s account as of the last day of each month with interest at a rate equal to six percent (6%) below the Prime Rate. 
 (c) In the event that the amount of Obligations outstanding from time to time during the term of this Agreement exceeds the amount determined pursuant to subsection 3.1 (the amount of such excess Obligation is
hereinafter referred to as an “Overadvance”) then, in such event and until the Overadvance has been duly paid to Factor, Client shall pay to Factor a monthly Overadvance accommodation fee equal to one percent (1%) per month of the
average outstanding balance of such Overadvance during each calendar month, multiplied by a fraction the numerator of which is the number of calendar days during such month the Overadvance was in existence, and the denominator of which is thirty
(30). Factor agrees to provide Client with a full and detailed accounting with respect to any such claimed Overadvances. 
 (d) All such
Interest shall be computed for the actual number of days elapsed on the basis of a year consisting of 360 days. To the extent permitted by law and without limiting any other right or remedy of Factor hereunder, whenever there is a Default under this
Agreement, the rate of interest on the Obligations shall, at the option of Factor, be increased to a default interest rate by adding five percent (5%) to the interest rate otherwise in effect hereunder. Factor may charge such default interest
rate retroactively beginning on the date the applicable Default first occurred or existed. Client acknowledges that: (i) such additional rate is a material inducement to Factor to consider requests for Advances hereunder; (ii) Factor would
not have made the Advances in the absence of the agreement of Client to pay such additional rate; (iii) such additional rate represents compensation for increased risk to Factor that it will not be repaid; and (iv) such rate is not a
penalty and represents a reasonable estimate of (A) the cost to Factor in allocating its resources (both personnel and financial) to the ongoing review, monitoring, administration and collection of the Advances and Obligations, and
(B) compensation to Factor for losses that are difficult to ascertain. In the event of termination of this Agreement by either party hereto, Factor’s entitlement to this charge in the event of any Default will continue until all
Obligations are paid in full. 
  

 4 

 (e) IT IS THE INTENTION OF THE PARTIES HERETO THAT AS TO ALL ACCOUNTS, THE TRANSACTIONS
CONTEMPLATED HEREBY SHALL CONSTITUTE A TRUE PURCHASE AND SALE OF ACCOUNT(S) UNDER § 9-318 OF THE UNIFORM COMMERCIAL CODE AS IN EFFECT IN THE STATE OF CALIFORNIA AND AS SUCH, THE CLIENT SHALL HAVE NO LEGAL OR EQUITABLE INTEREST IN SUCH PROPERTY
SOLD. NEVERTHELESS, IN THE EVENT ANY PORTION OF THIS TRANSACTION IS CHARACTERIZED AS A LOAN, THE PARTIES HERETO INTEND TO CONTRACT IN STRICT COMPLIANCE WITH APPLICABLE USURY LAW FROM TIME TO TIME IN EFFECT. IN FURTHERANCE THEREOF SUCH PARTIES
STIPULATE AND AGREE THAT NONE OF THE TERMS AND PROVISIONS CONTAINED IN THIS AGREEMENT SHALL EVER BE CONSTRUED TO CREATE A CONTRACT TO PAY, FOR THE USE, FORBEARANCE OR DETENTION OF MONEY, INTEREST IN EXCESS OF THE MAXIMUM RATE (AS HEREINAFTER
DEFINED) FROM TIME TO TIME IN EFFECT. NEITHER CLIENT, ANY PRESENT OR FUTURE GUARANTOR OR ANY OTHER PERSON HEREAFTER BECOMING LIABLE FOR THE PAYMENT OF THE ADVANCES, SHALL EVER BE LIABLE FOR ANY OBLIGATION THAT MAY BE CHARACTERIZED AS UNEARNED
INTEREST THEREON OR SHALL EVER BE REQUIRED TO PAY ANY OBLIGATION THAT MAY BE CHARACTERIZED AS INTEREST THEREON IN EXCESS OF THE MAXIMUM AMOUNT THAT MAY BE LAWFULLY CHARGED UNDER APPLICABLE LAW FROM TIME TO TIME IN EFFECT, AND THE PROVISIONS OF THIS
SECTION SHALL CONTROL OVER ALL OTHER PROVISIONS OF THIS AGREEMENT WHICH MAY BE IN CONFLICT THEREWITH. IF ANY INDEBTEDNESS OR OBLIGATION OWED BY CLIENT HEREUNDER IS DETERMINED TO BE IN EXCESS OF THE LEGAL MAXIMUM, OR FACTOR SHALL OTHERWISE COLLECT
MONEYS WHICH ARE DETERMINED TO CONSTITUTE INTEREST WHICH WOULD OTHERWISE INCREASE THE INTEREST ON ALL OR ANY PART OF SUCH OBLIGATIONS TO AN AMOUNT IN EXCESS OF THAT PERMITTED TO BE CHARGED BY APPLICABLE LAW THEN IN EFFECT, THEN ALL SUCH SUMS
DETERMINED TO CONSTITUTE INTEREST IN EXCESS OF SUCH LEGAL LIMIT SHALL, WITHOUT PENALTY, BE PROMPTLY APPLIED TO REDUCE THE THEN OUTSTANDING OBLIGATIONS OR, AT FACTOR’S OPTION, RETURNED TO CLIENT OR THE OTHER PAYOR THEREOF UPON SUCH
DETERMINATION. IF AT ANY TIME THE RATE AT WHICH INTEREST IS PAYABLE HEREUNDER EXCEEDS THE MAXIMUM RATE, THE AMOUNT OUTSTANDING HEREUNDER SHALL CEASE BEARING INTEREST UNTIL SUCH TIME AS THE TOTAL AMOUNT OF INTEREST ACCRUED HEREUNDER EQUALS (BUT DOES
NOT EXCEED) THE MAXIMUM RATE APPLICABLE HERETO. AS USED IN THIS SECTION, THE TERM “APPLICABLE LAW” MEANS THE LAWS OF THE STATE OF CALIFORNIA OR, IF DIFFERENT, THE LAWS OF THE STATE OR TERRITORY IN WHICH THE CLIENT RESIDES, WHICHEVER LAW
ALLOWS THE GREATER RATE OF INTEREST, AS SUCH LAWS NOW EXIST OR MAY BE CHANGED OR AMENDED OR COME INTO EFFECT IN THE FUTURE AND THE TERM “MAXIMUM RATE” MEANS THE 

  

 5 

 
MAXIMUM NONUSURIOUS RATE OF INTEREST THAT FACTOR IS PERMITTED UNDER APPLICABLE LAW TO CONTRACT FOR, TAKE, CHARGE OR RECEIVE WITH RESPECT TO THE ADVANCES.

 3.3 Collections. 
 (a) Client shall direct all Customers to send payments or collections to such lockbox as Factor shall direct. Factor shall have the right at any time after the occurrence of a Default and with or without notice to Client, to notify any or
all Customers or Customers of the assignment of the Accounts to Factor and to direct such Customers to make payment of all amounts due or to become due to Client directly to Factor. Client agrees not to change any of such instructions or to give its
Customers different instructions so long as this Agreement shall remain in effect. To the extent there are no Obligations of Client owed to Factor hereunder and so long as Client is not in Default, Factor shall be deemed to have received any such
proceeds of Accounts in excess of the amount of such proceeds to which Factor is entitled as owner of the Accounts as a pure pass-through for and on account of Client. 
 (b) Factor, as the sole and absolute owner of the Accounts, shall have the sole and exclusive power and authority to collect each such Account, through legal action or otherwise, and Factor may, in its sole
discretion, settle, compromise, or assign (in whole or in part) any of such Accounts, or otherwise exercise, to the maximum extent permitted by applicable law, any other right now existing or hereafter arising with respect to any of such Accounts.

 (c) Should Client receive payment of all or any portion of any Account, Client shall immediately notify Factor of the receipt of the
payment, hold said payment in trust for Factor separate and apart from Client’s own property and funds, and shall deliver said payment to Factor without delay in the identical form in which received. Should Client receive any check or other
payment instrument with respect to any Account and fail to surrender and deliver to Factor said check or payment instrument within three (3) business days, Factor shall be entitled to charge Client a Misdirected Payment Fee to compensate Factor
for the additional administrative expenses that the parties acknowledge are likely to be incurred as a result of such breach. 
 (d) In the
event any goods, the sale of which gave rise to an Account, are returned to or repossessed by Client, such goods shall be held by Client in trust for Factor, separate and apart from Client’s own property and subject to Factor’s sole
direction and control. 
 Section 4. Collateral. 
 4.1 Security Interest. In order to secure the payment of all indebtedness and Obligations of Client to Factor, Client hereby grants to Factor a first priority security interest in and lien upon all of
Client’s right, title and interest in and to all of Client’s presently existing or hereafter arising Collateral. Client agrees to comply with all appropriate laws in order to perfect Factor’s security interest in and to the Collateral
and to execute such documents as Factor may require from time to time. Client authorizes Factor to file at such times and places as Factor may designate such financing statements, continuations and amendments thereto as are necessary or desirable to
perfect Factor’s rights in and give notice of Factor’s purchase of the Accounts under the Uniform Commercial Code in effect in any applicable jurisdiction and Factor’s security 

  

 6 

 
interest in the Collateral. Factor may at any time and from time to time file financing statements, continuation statements and amendments thereto that
describe the Collateral as “all assets” of Client or words of similar effect and which contain any other information required by Part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing statement,
continuation statement or amendment, including whether Client is an organization, the type of organization and any organization identification number issued to Client. Client agrees to furnish any such information to Factor promptly upon request.
Any such financing statements, continuation statements or amendments may be signed by Factor on behalf of Client or filed by Factor without the signature of Client and may be filed at any time in any jurisdiction. Client acknowledges that it is not
authorized to file any financing statement or amendment or termination statement with respect to any financing statement naming Client as the debtor and Factor as the secured party without the prior written consent of Factor, and Client agrees that
it shall not do so without the prior written consent of Factor. Client hereby ratifies any UCC financing statements previously filed by Factor relating to the Collateral. Factor shall pay the costs of all filings made by Factor hereunder.

 Section 5. Power of Attorney. 
 5.1 Power of Attorney. Client hereby grants to Factor an irrevocable power of attorney authorizing and permitting Factor, at its option, without notice to Client to do any or all of the following:
(a) endorse the name of Client on any checks or other evidences of payment whatsoever that may come into the possession of Factor regarding Accounts or Collateral, including checks received by Factor pursuant to Section 9 hereof,
(b) receive, open and dispose of any mail addressed to Client and put Factor’s address on any statements mailed to Customers, provided, however, Factor shall turn over to Client all such mail not relating to Accounts or Collateral;
(c) pay, settle, compromise, prosecute or defend any action, claim, conditional waiver and release, or proceeding relating to Accounts or Collateral; (d) upon the occurrence of a Default, notify in the name of the Client, the U.S. Post
Office to change the address for delivery of mail addressed to Client to such address as Factor may designate; (e) file any financing statement deemed necessary or appropriate by Factor to protect Factor’s interest in and to the Accounts
or Collateral, or under any provision of this Agreement; (f) effect debits to any deposit account or other account that Client or Client’s principals who have executed a guaranty agreement maintain at any bank for any sums due to or from
the Client under this Agreement; (g) upon a Default, to prepare and mail all invoices relating to Accounts; and (h) to take all actions necessary and proper in order to carry out this Agreement. The authority granted to Factor herein is
irrevocable until this Agreement is terminated and all Obligations are fully satisfied. 
 Section 6. Client’s Representations,
Covenants and Warranties. 
 6.1 Client’s Representations, Covenants and Warranties. Client, as well as each of Client’s
principals, represent, warrant and covenant to Factor that: 
 (a) Client is a limited liability company, duly organized, validly existing
and in good standing under the laws of the state of California and is qualified and authorized to do business and is in good standing in all states in which such qualification and good standing are necessary or desirable; 
  

 7 

 (b) The execution, delivery and performance by Client of this Agreement does not and will not constitute
a violation of any applicable law, violation of Client’s articles of organization, or any material breach of any other document, agreement or instrument to which Client is a party or by which Client is bound. The Agreement is a legal, valid and
binding obligation of Client enforceable against it in accordance with its terms; 
 (c) Client is the sole owner and holder of all Accounts
and there is no security interest, lien, judgment or other encumbrance in or affecting such Accounts or any of the other Collateral except as set forth on Schedule 6.1(c) hereof. At the time of assignment to Factor the Account is a valid, bona fide
account, representing an undisputed indebtedness incurred by the named Customer for goods actually sold and delivered or for services completely rendered; 
 (d) Other than those discounts, allowances and deductions set forth on the face of the invoice at the time it was assigned to Factor, there are and shall be no set-offs, allowances, discounts, deductions,
counterclaims, or disputes with respect to any Account. Client shall inform Factor, in writing, promptly upon learning that there exists any Dispute. Client shall accept no returns and shall grant no allowance or credit to any Customer without prior
written notice to Factor. Client shall submit to Factor credit memos itemized on a separate Schedule of Accounts for all returns and allowances made during the previous week. At Factor’s option, Factor may require that Client pay Factor for the
amount of such credit memos, or in Factor’s sole and exclusive discretion, Factor may agree to accept the Schedule of Accounts and apply same against Client’s Reserve; 
 (e) Client’s address, as set forth below its signature line hereto, is Client’s mailing address, its chief executive office, principal place of
business and the office where all of the books and records concerning the Accounts and/or Collateral are maintained which shall not be changed without giving thirty (30) days prior written notice to Factor; 
 (f) Client shall maintain its books and records in accordance with GAAP and shall reflect on its books the absolute sale of the Accounts to Factor.
Client shall furnish Factor, upon request, such information and statements, as Factor shall reasonably require from time to time regarding Client’s business affairs, financial condition and results of its operations. Without limiting the
generality of the foregoing, Client shall provide Factor, (i) on or prior to the 30th day of each quarter, unaudited financial statements with respect to the prior Client quarter, (ii) within ninety (90) days after the end of each of
Client’s fiscal year, audited financial statements prepared by a CPA reasonably acceptable to Factor, and (iii) such other information as Factor may reasonably request. Client will furnish to Factor upon request a current listing of all
open and unpaid accounts payable and Accounts, and such other items of information that Factor may deem necessary or appropriate from time to time. All statements and reports furnished to Factor hereunder shall be prepared and all financial
computations and determinations pursuant hereto shall be made in accordance with GAAP; 
 (g) Client has paid and will pay all taxes and
governmental charges imposed with respect to sale of goods and rendition of services and shall furnish to Factor upon request satisfactory proof of payment and compliance with all federal, state and local tax requirements; 
  

 8 

 (h) Client will promptly notify Factor of (i) the filing of any lawsuit against Client involving
amounts greater than $10,000.00, and (ii) any attachment or any other legal process levied against Client. 
 (i) The application made
and information delivered by or on behalf of Client in connection with this Agreement, and the statements made therein are true and correct in all material respects at the time that this Agreement is executed. There is no fact which Client has not
disclosed to Factor in writing which could materially adversely affect the properties, business or financial condition of Client, or any of the Accounts or Collateral, or which is necessary to disclose in order to keep the foregoing representations
and warranties from being misleading; 
 (j) In no event shall the funds paid to Client hereunder be used directly or indirectly for
personal, family, household or agricultural purposes; 
 (k) Client does business under no trade or assumed names except as indicated below.
These names are a tradename and/or tradestyle by which Client will or may identify and sell certain of its products and under which Client will or may conduct a portion of its business, and are not an independent corporation or other legal entity.
Factor is hereby authorized to receive, endorse and deposit any and all checks sent to it in payment of such Accounts including such checks as are payable to any of the tradestyles or tradenames. Accounts invoiced in the name of any tradename or
tradestyle are subject to all of the terms and conditions of this Agreement with the same force and effect as if they were in our corporate name. 
 Tradenames or Tradestyles:            Great American Group 
 (l) Any
invoice or written communication that is issued by Client to Factor by facsimile transmission is a duplicate of the original; 
 (m) Any
electronic communication of data, whether by e-mail, tape, disk, or otherwise that Client remits or causes to be remitted to Factor shall be authentic and genuine; and 
 (n) Client does not own, control or exercise dominion over, in any way whatsoever, the business of any Account or Customer. 
 (o) Client will not merge or consolidate with any other Person or sell, transfer, lease, abandon, or otherwise dispose of a substantial portion of Client’s assets or any of the Collateral or any interest therein
without the prior written consent of Factor, except that, so long as no Default has occurred and is continuing, Client may sell inventory and replace obsolescent or worn out equipment and other property in the ordinary course of Client’s
business. 
 (p) Client will not obtain or attempt to obtain from any Person other than Factor any loans, advances, or other financial
accommodations or indebtedness of any kind, nor will Factor enter into any direct or indirect guaranty of any obligation of another Person. Client will not permit any of Client’s assets or any part of the Collateral to be subject to any Lien.

 (q) No Distributions. Client will not retire, repurchase or redeem any of the ownership interest in Client, nor declare or
pay any distribution in cash or other property (other than additional ownership interests) to any owner or holder of Client’s ownership interest; 

  

 9 

 
provided, however, that so long as no Default exists Client may make distributions to its members in an amount not to exceed one hundred percent
(100%) of Client’s net income, determined in accordance with GAAP during any calendar year. 
 (r) Loans/Investments.
Client will not, without the prior written consent of Factor, make any loans or advances to or extend any credit to any Person except (i) the extension of trade credit in the ordinary course of business; (ii) advances to employees not to
exceed an aggregate outstanding amount of $10,000 at any one time outstanding for all employees and (iii) loans or advances to affiliated Persons in an amount not to exceed $500,000 in the aggregate. Client shall not, without the prior written
consent of Factor, purchase, acquire or otherwise invest in any Person except: (A) existing investments in Client’s subsidiaries; (B) investments in any Person affiliated with Client (but only to the extent that such investments,
together with any loans or advances to affiliated Persons as allowed under clause (iii) above, do not exceed $500,000 in the aggregate); (C) direct obligations of the United States of America maturing within one year from the acquisition
thereof; (D) certificates of deposit issued by, on investment accounts in, banks or financial institutions having a net worth of not less than $50,000,000; and (E) commercial paper rated A-1 by Standard & Poor’s Ratings Group
or P-1 by Moody’s Investors Service, Inc. Without limiting the generality of the foregoing, Client shall not create any new subsidiary. 
 Section 7. Administration. 
 7.1 Disputes/Chargebacks. Client shall notify Factor promptly upon the assertion by
a Customer of a Dispute and Factor may charge such Account back to Client. Client agrees to indemnify and hold Factor harmless from and against any and all loss, costs and expenses arising out of Disputes, including collection and reasonable
attorneys fees with respect thereto. A chargeback shall not be deemed a reassignment of an Account and title thereto and to the goods represented thereby shall remain in Factor until such time as Factor executes a reassignment of the Account.

 7.2 Expenses. Client shall pay all reasonable costs incurred by Factor pursuant to this Agreement, including without limitation,
search and filing fees, on line access fees, wire and ACH transfer fees, field examination fees (a maximum of three field examinations per Contract Year as long as no event of default exists, however, if an event of default exists, Factor may
perform more than three field examinations per Contract Year), reasonable legal fees (including the allocated cost of internal counsel) for preparation of this Agreement and any other Factoring Documents and the perfection, preservation and
enforcement of any of Factor’s rights hereunder. Factor shall provide Client with a full and detailed accounting relating to all expenses charged to Client hereunder. 
 7.3 Credit Inquiries. Client authorizes Factor to disclose such information as Factor deems appropriate to persons making credit inquiries about
Client, provided Factor notifies Client prior to any such disclosure. 
  

 10 

 Section 8. Accounting Information. 
 8.1 Accounting Statements. Factor shall provide Client with information on the Accounts and a monthly reconciliation of the factoring relationship
relating to billing, collection, Advances and account maintenance such as aging, posting, error resolution and e-mailing or mailing of statements. All of the foregoing shall be in a format and in such detail, as Factor, in its sole discretion, deems
reasonable and appropriate. Factor’s books and records shall be admissible in evidence without objection as prima facie evidence of the status of the Accounts and Reserve between Factor and Client. Each statement, report, or accounting rendered
or issued by Factor to Client shall be deemed conclusively accurate and binding on Client unless within thirty (30) days after the date of issuance Client notifies Factor to the contrary pursuant to Section 11 hereof, setting forth with
specificity the reasons why Client believes such statement, report, or accounting is inaccurate, as well as what Client believes to be correct amount(s) therefore. If the Client gives notice of its disagreement with Factor’s statement, all
matters in such statement that are not objected to in Client’s notice shall be deemed conclusively accurate and binding on Client. Client’s failure to receive any monthly statement shall not relieve it of the responsibility to request such
statement and Client’s failure to do so shall nonetheless bind Client to whatever Factor’s records would have reported. 
 8.2
Inspections. Factor shall have the right, during business hours and upon telephone notice to Client, at Client’s expense, to visit and inspect Client’s books and records, and, at Client’s expense, to make and take away copies
of Client’s books and records. 
 Section 9. Defaults and Remedies. 
 9.1 Default. A Default shall be deemed to have occurred hereunder upon the happening of one or more of the following: (a) after a ten
(10) day cure period, Client shall fail to pay as and when due any amount owed to Factor; (b) after a twenty (20) day cure period, any Obligor shall breach any covenant, warranty or representation set forth herein or in any Factoring
Document or same shall be untrue when made; (c) any Obligor becomes insolvent in that its debts are greater than the fair value of its assets or it is unable to pay its debts as they mature, or it admits in writing that it is insolvent or
unable to pay its debts, makes an assignment for the benefit of creditors, makes a conveyance fraudulent as to creditors under any state or federal law, or a proceeding is instituted by or against any Obligor alleging that such Obligor is insolvent
or unable to pay debts as they mature, or a involuntary petition under any provision of Title 11 of the United States Code, as amended, or any state insolvency proceeding is filed by or against any Obligor and is not dismissed within thirty
(30) days; (d) any involuntary lien, garnishment, attachment or the like shall be issued against or shall attach to the Accounts, the Collateral or any portion thereof and the same is not released within ten (10) days; (e) any
Obligor suffers the entry against it for a final judgment for the payment of money in excess of $10,000.00, unless the same is discharged within thirty (30) days after the date of entry thereof or an appeal or appropriate proceeding for review
thereof is taken within such periods and a stay of execution pending such appeal is obtained; (f) any report, certificate, schedule, financial statement, profit and loss statement or other statement furnished by Client, or by any Obligor or
other person on behalf of Client, to Factor is not true and correct in any material respect; (g) Client shall have a federal or state tax lien filed against any of its properties, or shall fail to pay any federal or state tax when due, or shall
fail to file any federal or state tax form as and when due after a twenty 

  

 11 

 
(20) day cure period; (h) a material adverse change shall have occurred in Client’s financial condition, business operations; (i) any
suspension of the operation of Obligor’s present business; (j) death of any Obligor who was a natural person, or death or withdrawal of any partner of any Obligor that is a partnership, or dissolution, merger, or consolidation of any
Obligor that is a corporation, partnership or limited liability company; (k) transfer of a substantial part (determined by market value) of the property of any Obligor without Factor’s prior written consent; (1) sale, transfer or
exchange, either directly or indirectly, of a controlling equity ownership interest of any Obligor; (m) termination, unenforceability or withdrawal of any guaranty for the Obligations (other than a termination or release of such guaranty by
Factor), or failure of any Obligor to perform any of its obligations under such a guaranty or assertion by any Obligor that it has no liability or obligation under such a guaranty, or (n) Factor shall reasonably deem itself insecure with
respect to its interest in the Collateral or prospects for repayment. 
 9.2 Remedies. 
 (a) Upon a Default, Factor may, without demand or notice to Client, exercise all rights and remedies available to it under this Agreement, under the UCC
or otherwise, including without limitation, terminating this Agreement and declaring all Obligations immediately due and payable provided, however, in the event of a Default described under clause (c) of Section 9.1, such termination and
acceleration shall automatically occur without any notice, demand or presentment of any kind. 
 (b) Without notice to or demand upon Client
or any other Person, Factor may make such payments and do such acts as Factor considers necessary or reasonable to protect its security interest in the Collateral. Client authorizes Factor to enter each premises where any Collateral is located, take
and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest or compromise any lien which in Factor’s opinion appears to be prior or superior to its security interest and to pay all expenses incurred in connection
therewith. Factor may ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale and sell the Collateral. Any such sale may be either a public or private sale, or both, by way of one or more contracts or
transactions, for cash or on terms. It is not necessary that the Collateral be present at any such sale. 
 (c) Factor shall be entitled to
any form of equitable relief that may be appropriate without having to establish that any remedy at law is inadequate or other grounds. Factor shall be entitled to freeze, debit and/or effect a set-off against any fund or account Client may maintain
with any bank. In the event Factor deems it necessary to seek equitable relief, including, but not limited to, injunctive or receivership remedies, as a result of a Default, Client waives any requirement that Factor post or otherwise obtain or
procure any bond. Alternatively, in the event Factor, in its sole and exclusive discretion, desires to procure and post a bond, Factor may procure and file with the court a bond in an amount up to and not greater than $10,000.00 notwithstanding any
common or statutory law requirement to the contrary. Upon Factor’s posting of such bond it shall be entitled to all benefits as if such bond was posted in compliance with state law. Client waives any right it may be entitled to, including an
award of attorney’s fees or costs, in the event any equitable relief sought by and awarded to Factor is thereafter, for whatever reason(s), vacated, dissolved or reversed. All judgments shall bear interest at the lesser of (i) the highest
rate allowed by law or (ii) the greater of (x) the rate applicable pursuant to 

  

 12 

 
section 3.2 (d) or (y) 18% per annum. All judgments shall bear interest at the lesser of (i) the highest rate allowed by law, or (ii) the
greater of (x) the rate applicable pursuant to section 3.2(d) or (y) 18% per annum. 
 9.3 Cumulative Rights; Waivers. The
occurrence of any Event of Default shall entitle Factor to all of the default rights and remedies (without limiting the other rights and remedies exercisable by Factor either prior or subsequent to a Default) as available to a Secured Party under
the Uniform Commercial Code in effect in any applicable jurisdiction. All rights, remedies and powers granted to Factor in this Agreement, or in any other instrument or agreement given by Client to Factor or otherwise available to Factor in equity
or at law, are cumulative and may be exercised singularly or concurrently with such other rights as Factor may have. These rights may be exercised from time to time as to all or any part of the Accounts hereunder or the Collateral as Factor in its
discretion may determine. In the event that any part of this transaction between Client and Factor is construed to be a loan from Factor to Client, any advances or payments made as the Purchase Price for all Accounts shall be secured by the Accounts
and the Collateral. Factor may not be held to have waived its rights and remedies unless the waiver is in writing and signed by Factor. A waiver by Factor of a right, remedy or default under this Agreement on one occasion is not a waiver of any
right, remedy or default on any subsequent occasion. No exercise by Factor of one right or remedy shall be deemed an election, and no waiver by Factor of any default on Borrower’s part shall be deemed a continuing waiver. No delay by Factor
shall constitute a waiver, election or acquiescence by it. 
 9.4 Liquidation Success Premium. If Client ceases operating as a going
concern or otherwise liquidates or ceases operations (“Client Liquidation”) and Factor shall receive collections or other repayments in excess of the Obligations due hereunder at the time of the Default arising as a result of Client’s
Liquidation, Client shall pay to Factor a liquidation success premium equal to 15% of the balance of the Obligations at the time of the Default arising from Client’s Liquidation. 
 Section 10. Term. 
 10.1
Term. The Original Term of this Agreement shall be from the date hereof until May     , 2009, (the “Original Term”) provided that this Agreement shall be extended automatically for an additional one
(1) year terms unless written notice of termination is given by Client to Factor at least sixty (60) days, but not more than ninety (90) days, prior to the end of the Original Term or any extension thereof. Notwithstanding anything
herein to the contrary, Factor may terminate this Agreement (i) at any time after the occurrence of a Default, or (ii) upon ninety (90) days written notice, provided however, that if Factor terminates this Agreement prior to the end
of the Original Term other than upon the occurrence of a Default, Client shall not be obligated to pay any Termination Fee. Prior to any termination of this Agreement becoming effective, Client shall pay any minimum annual Commission that remains
unpaid for the Contract Year in which this Agreement is terminated (the “Termination Fee”); provided, however, that if Factor terminates this Agreement prior to the end of the Term (as the same may be extended) other than upon the
occurrence of a Default, Client shall not be obligated to pay any Termination Fee. Notwithstanding payment in full of all Obligations by Client, any such notice of termination is conditioned on Client’s delivery, to Factor, of a general release
in a form reasonably satisfactory to Factor. Client understands that this provision constitutes a 

  

 13 

 
waiver of its rights under § 9-513 of the UCC. Factor shall not be required to record any terminations or satisfactions of any of Factor’s liens on
the Collateral unless and until Client has executed and delivered to Factor said general release and Client shall have no authority to do so without Factor’s express written consent. Any termination of this Agreement shall not affect
Factor’s security interest in the Collateral and Factor’s ownership of the Accounts, and this Agreement shall continue to be effective, until all transactions entered into and Obligations incurred hereunder have been completed and
satisfied in full. The indemnification provisions of this Agreement shall survive the termination of this Agreement. All Obligations shall be immediately due and payable in full upon termination of this Agreement. 
 Section 11. Notices. Any notice or communication with respect to this Agreement shall be given in writing, sent by (i) personal
delivery, or (ii) overnight delivery service with proof of delivery, or (iii) United States mail, first-class with postage prepaid, or registered or certified mail, or (iv) prepaid telegram, telex, or telecopy, addressed to each party
hereto at its address and to the attention of the person listed as set forth below the signatures of the parties to this Agreement. Any such notice or communication shall be deemed to have been given either at the time of personal delivery or, in
the case of overnight delivery service or telecopy, on the next business day at the receiving location or in the case of mail, upon receipt. 
 Section 12. Attorney’s Fees. Client agrees to reimburse Factor upon demand for all reasonable attorney’s fees, court costs and other expenses incurred by Factor in the preparation, negotiation and enforcement of this
Agreement and protecting or enforcing its interest in the Accounts or the Collateral, or in the representation of Factor in connection with any bankruptcy case or insolvency proceeding involving Client, the Collateral, or any Accounts including any
defense of any Avoidance Claims (except to the extent related to Approved Accounts where no Dispute exists). Client hereby agrees to pay such fees, costs and expenses and Factor shall also have the right to charge the Reserve therefore.
Notwithstanding the existence of any law, statute or rule, in any jurisdiction which may provide Client with a right to attorney’s fees or costs, Client hereby waives any and all rights to hereafter seek attorney’s fees or costs hereunder
and Client agrees that Factor exclusively shall be entitled to indemnification and recovery of any and all attorney’s fees or costs in respect to any litigation based hereon, arising out of, or related hereto, whether under, or in connection
with, this and/or any agreement executed in conjunction herewith, or any course of conduct, course of dealing, statements (whether verbal or written) or actions of either party. 
 Section 13. Indemnity. Client hereby indemnifies and agrees to hold harmless and defend Factor from and against any and all claims,
judgments, liabilities, fees and expenses (including reasonable attorney’s fees) (“Damages”) which may be imposed upon, threatened or asserted against Factor at any time and from time to time in any way connected with this Agreement
or the Collateral. The foregoing indemnification shall apply whether or not such Damages are in any way or to any extent owed, in whole or in part, under any claim or theory of strict liability, or are caused, in whole or in part, by any negligent
act or omission of Factor. 
 Section 14. Severability. Each and every provision, condition, covenant and representation
contained in this Agreement is, and shall be construed to be, a separate and independent covenant and agreement. If any term or provision of this Agreement shall to any extent be invalid or unenforceable, the remainder of the Agreement shall not be
affected thereby. 
  

 14 

 Section 15. Parties in Interest. All grants, covenants and agreements contained in this
Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that Client may not delegate or assign any of its duties or obligations under this Agreement without the prior
written consent of Factor. Notwithstanding anything herein to the contrary, the Factor may, without consent of the Client, grant a security interest in, sell or assign, grant or sell participations in or otherwise transfer all or any portion of its
rights and obligations hereunder to one or more Persons. 
 Section 16. Governing Law; Submission to Process and Venue. This
Agreement shall be deemed a contract made under the laws of the State of California and shall be construed and enforced in accordance with and governed by the internal laws of the State of California, without reference to the rules thereof relating
to conflicts of law. Client hereby irrevocably submits itself to the exclusive jurisdiction of the state and federal courts located in the county of Los Angeles, California, and agrees and consents that service of process may be made upon it in any
legal proceeding relating to this Agreement, the purchase of Accounts or any other relationship between Factor and Client by any means allowed under state or federal law. Client hereby waives and agrees not to assert, by way of motion, as a defense
or otherwise, that any such proceeding, is brought in any inconvenient forum or that the venue thereof is improper. 
 Section 17.
Complete Agreement. This Agreement, the written documents executed pursuant to this Agreement, if any, and the acknowledgment delivered in connection herewith set forth the entire understanding and agreement of the parties hereto with respect to
the transactions contemplated herein and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. No modification or amendment of or supplement to this Agreement shall be valid or effective unless
the same is in writing and signed by the party against whom it is sought to be enforced. 
 Section 18. Miscellaneous.

 (a) Client acknowledges that there is no, and it will not seek or attempt to establish any, fiduciary relationship between Factor and
Client, and Client waives any right to assert, now or in the future, the existence or creation of any fiduciary relationship between Factor and Client in any action or proceeding (whether by way of claim, counterclaim, crossclaim or otherwise) for
damages. 
 (b) This Agreement shall be deemed to be one of financial accommodation and not assumable by any debtor, trustee or
debtor-in-possession in any bankruptcy proceeding without Factor’s express written consent and may be suspended in the event a petition in bankruptcy is filed by or against Client. 
 (c) In the event Client’s principals, officers or directors form a new entity, whether corporate, partnership, limited liability company or
otherwise, similar to that of Client during the term of this Agreement, such entity shall be deemed to have expressly assumed the obligations due Factor by Client under this Agreement. Upon the formation of any such entity, Factor shall be deemed to
have been granted an irrevocable power of attorney with authority to file, on behalf of the newly formed successor business, a new UCC-1 or UCC-3 financing statement with the appropriate secretary of state or UCC filing office. Factor shall be held
harmless and be relieved 

  

 15 

 
of any liability resulting from the filing of a financing statement or the resulting perfection of a lien in any of the successor entity’s assets. In
addition, Factor shall have the right to notify the successor entity’s Customers of Factor’s lien rights, its right to collect all Accounts, and to notify any new factor or lender who has sought to procure a competing lien of Factor’s
right is in such successor entity’s assets. 
 (d) Client expressly authorizes Factor to access the systems of and/or communicate with
any shipping or trucking company in order to obtain or verify tracking, shipment or delivery status of any goods regarding an Account. 
 (e)
Client’s principal(s) acknowledge that the duty to accurately complete each Schedule of Accounts is critical to this Agreement and as such all obligations with respect thereto are non-delegable. Each of Client’s principal(s) acknowledge
that he/she shall remain fully responsible for the accuracy of each Schedule of Accounts delivered to Factor regardless of who is delegated the responsibility to prepare and/or complete such Schedule of Accounts. 
 (f) Client shall indemnify Factor from any loss arising out of the assertion of any Avoidance Claim. Client shall notify Factor within two business days
of it becoming aware of the assertion of an Avoidance Claim. 
 (g) Client agrees to execute any and all forms (i.e., Forms 8821 and/or 2848)
that Factor may require in order to enable Factor to obtain and receive tax information issued by the Department of the Treasury, Internal Revenue Service, or receive refund checks. 
 (h) The Client shall make each payment required hereunder, and/or under any instrument delivered hereunder, without setoff, deduction or counterclaim.

 Section 19. Waiver of Jury Trial, Punitive and Consequential Damages, Etc. CLIENT AND FACTOR HEREBY (A) IRREVOCABLY WAIVE ANY
RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY AT ANY TIME ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR ASSOCIATED HEREWITH; (B) CLIENT
IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES AND
CLIENT HEREBY RELEASES AND EXCULPATES FACTOR, ITS OFFICERS, EMPLOYEES AND DESIGNEES, FROM ANY LIABILITY ARISING FROM ANY ACTS UNDER THIS AGREEMENT OR IN FURTHERANCE THEREOF WHETHER OF OMISSION OR COMMISSION, AND WHETHER BASED UPON ANY ERROR OF
JUDGMENT OR MISTAKE OF LAW OR FACT, EXCEPT FOR WILLFUL MISCONDUCT; (C) AND CLIENT CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OR COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS; AND (D) CLIENT ACKNOWLEDGES THAT FACTOR HAS BEEN INDUCED TO ENTER INTO THIS 

  

 16 

 
AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, IN PART, AS A RESULT OF THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION.

  

 17 

 In Witness Whereof, the parties have set their hands and seals on the day and year first hereinabove
written. 
  

			
	FCC, LLC, a Florida limited liability company doing business as First Capital Western Region, LLC
		
	By:	 	 /s/ James L. Morrison

	Name:	 	James L. Morrison
	Title:	 	President, Western Region
	
	 700 S. Flower Street
 Suite 2325

Los Angeles, CA 90017
 Attention: James L. Morrison

			
	GREAT AMERICAN GROUP ADVISORY & VALUATION SERVICES, LLC
		
	By:	 	 /s/ Lester M. Friedman

	Name:	 	Lester Friedman
	Title:	 	Manager/Chief Executive Officer
	
	 6330 Variel Avenue, Suite 100
 Woodland
Hills, California 91367
 Attention: Lester Friedman

 STATE OF CALIFORNIA) 
 COUNTY OF LOS ANGELES) 
 I HEREBY CERTIFY that on this day personally appeared before me, officers duly authorized to administer
oaths and take acknowledgements, Lester Friedman, as Manager/Chief Executive Officer of Great American Group Advisory & Valuation Services, LLC, a California limited liability company, who has produced the following
identification:                                       
  or (X) who is personally known to me, and who acknowledged before me that he executed the same for the purposes therein expressed, as the act and deed of said limited liability company. 
 WITNESS my hand and official seal in the County and State last aforesaid on this 7th day of May, 2007. 
  

	
	 /s/ Mark R. Raphael

	 Notary Public, State of California

	 My Commission Expires: 3/26/10

 (SEAL) 

 SCHEDULE “A” 
 Definitions 
 “Account(s)” means (i) all
“accounts” as defined in the UCC, whether presently existing or hereafter arising due to Client, and (ii) all presently existing or hereafter arising accounts receivable due to Client (including medical and health-care-insurance
receivables), book debts, notes, drafts and acceptances and other forms of obligations or rights to payment of a monetary obligation now or hereafter owing to Client, whether arising from the sale or lease of goods or the rendition of services by
Client (including any obligation that might be characterized as an account, contract right, general intangible or chattel paper under the UCC), all of Client’s rights in, to and under all purchase orders now or hereafter received by Client for
goods and services, all proceeds from the sale of inventory, all monies due or to become due to Client under all contracts for the sale or lease of goods or the rendition of services by Client (whether or not yet earned by performance) (including
the right to receive the proceeds of said purchase orders and contracts), all collateral security and guarantees of any kind given by any obligor with respect to any of the foregoing, and all goods returned to or reclaimed by Client that correspond
to any of the foregoing and all proceeds of the foregoing. 
 “Advance” means amounts advanced by Factor to or for the
benefit of the Client under this Agreement or otherwise, including amounts charged to Client’s account with Factor which are used to pay interest, expenses, fees, commissions, to reimburse Factor for amounts paid by it on behalf of Client or to
protect Factor’s rights and interests hereunder including, without limitation, ownership of the Accounts and its security interest in Collateral, and any other items payable by Client to Factor under this Agreement or the Factoring Documents.

 “Agreement” means this Agreement, including the Exhibits and any Schedules hereto, and all amendments, modifications and
supplements hereto and thereto and restatements hereof and thereof. 
 “Approved Account” means an Account representing a
sale to a Customer within the terms of a Credit Line established for such Customer on Client’s normal selling terms. “Credit Line” is not defined. 
 “Avoidance Claim” means any claim that any payment received by Factor from or for the account of an Account Debtor is avoidable under the federal Bankruptcy Code or any other debtor relief statute.

 “Chattel Paper” means (i) all “chattel paper” as defined in the UCC, and (ii) a record or records
that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of
specific goods, or a lease of specific goods and license of software used in the goods. 
 “Collateral” means and includes
all of Client’s right, title and interest in and to all of Client’s property, whether real or personal, tangible or intangible, now owned or existing or 

  

 A-1 

 
hereafter acquired or arising and wherever located, including all of the following: (a) Accounts, (b) Chattel Paper, (c) Deposit Accounts,
(d) Documents, (e) General Intangibles (including but not limited to all files, correspondence, computer programs, tapes, disks and related data processing software which contain information identifying or pertaining to any of the
Collateral or any Customer or showing the amounts thereof or payments thereon or otherwise necessary or helpful in the realization thereon or the collection thereof), (f) Instruments, (g) Letters of Credit and Letter of Credit Rights,
(h) Negotiable Collateral, (i) the Reserve, (j) all Supporting Obligations, and (k) all proceeds and products of the foregoing. 
 “Collection Date” means (a) for payments received by Factor in payment of Accounts, the date a check, draft or other item representing payment on an invoice is posted to Factor’s account plus three
(3) business days. 
 “Contract Year” means the twelve month period ending on the date that is twelve months after the
effective date of this Agreement and the twelve month period ending on each annual anniversary thereof 
 “Customer” means
any Person who is obligated on an Account, Chattel Paper or General Intangible. 
 “Default” means any of the events
specified in Section 9 of this Agreement that, with the passage of time or giving of notice or both, would constitute a Default. 
 “Deposit Account” means (i) all “deposit accounts” as defined in the UCC, and (ii) any demand, time, savings, passbook or like account maintained with a bank, savings and loan association, credit union,
trust company or like organization, other than an account evidenced by a certificate of deposit that is an instrument under the UCC. 
 “Dispute or Disputed Account” means any claim, whether or not provable, bona fide, or with or without support, made by an Customer as a basis for refusing to pay an Account, either in whole or in part, including, but not
limited to, any contract dispute, charge back, credit, right to return goods, or other matter which diminishes or may diminish the dollar amount or timely collection of such Account. 
 “Documents” means a document of title or a receipt of the type described in UCC 7-201(2). 
 “Factoring Documents” means, collectively, this Agreement and any other agreements, instruments, certificates or other documents entered
into in connection with this Agreement, including collateral documents, letter of credit agreements, riders covering inventory or other loans, security agreements, pledges, guaranties, validity guaranties, mortgages, deeds of trust, assignments and
subordination agreements, and any other agreement executed by Client, any guarantor or any affiliate of Client or any guarantor pursuant hereto or in connection herewith. 
 “Financing Statement” means each Uniform Commercial Code financing statement naming the Factor as purchaser/secured party and the Client as Client/debtor, in connection with this Agreement.

  

 A-2 

 “GAAP” means generally accepted accounting principles consistently applied and
maintained throughout the period indicated and consistent with the prior financial practices of the Person referred to. 
 “General
Intangible” means (i) all “general intangibles” as defined in the UCC, and (ii) all of Client’s present and future general intangibles and all other presently owned or hereafter acquired intangible personal property
of Client (including payment intangibles and any and all choses or things in action, goodwill, patents and patent applications, tradenames, servicemarks, trademarks and trademark applications, copyrights, blueprints, drawings, purchase orders,
customer lists, monies due or recoverable from pension funds, licenses and rights under any licensing agreement, route lists, infringement claims, software, computer programs, computer discs, computer tapes, literature, reports, catalogs, deposit
accounts, tax refunds and tax refund claims) other than goods, Accounts, Chattel Paper, Deposit Accounts, Documents, Instruments, Letters of Credit or Letter of Credit Rights, but specifically including all of Client’s books and records.

 “Instrument” means (i) all “instruments” as defined in the UCC, and (ii) a negotiable instruments or
any other writings that evidence a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary endorsement or
assignment. The term does not include (i) investment property, (ii) Letters of Credit, or (iii) writings that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for us with the
card. 
 “Ledger Debt” means any debt, liability or obligation now or hereafter owing by Client to others, including any
present or future client of Factor, which Factor may have obtained or may obtain by purchase, assignment, negotiation, discount, participation or otherwise. 
 “Letter of Credit” means a commercial or stand-by letter of credit issued by or on behalf of or for the benefit of Client. 
 “Letter of Credit Right” means (i) “letter of credit right” as defined in the UCC, and (ii) a right to payment or
performance under a Letter of Credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. The term does not include the right of a beneficiary to demand payment or performance under a Letter of
Credit. 
 “Misdirected Payment Fee” means fifteen percent (15%) of the amount of any payment on account of an Account
which has been received by Client and not delivered in kind to Factor within two (2) business days following the date of receipt by Client. 
 “Negotiable Collateral” means all of Client’s present and future letters of credit, advises of credit, notes, drafts, instruments, and documents, including, without limitation, bills of lading, leases, and chattel
paper, and Client’s books and records relating to any of the foregoing. 
 “Net Invoice Amount” means the invoice
amount of the Account, less returns (whenever made), all selling discounts (at Factor’s option, calculated on shortest terms), and credits or deductions of any kind allowed or granted to or taken by the Customer at any time. 
  

 A-3 

 “Obligations” means all present and future obligations owing by Client to Factor,
including interest thereon, whether or not for the payment of money, whether or not evidenced by any note or other instrument, whether direct or indirect, absolute or contingent, due or to become due, joint or several, primary or secondary,
liquidated or unliquidated, secured or unsecured, original or renewed or extended, whether presently contemplated or not, regardless of how the same arise, or by what instrument, agreement or book account they may be evidenced, or whether evidenced
by any instrument, agreement or book account, whether arising before, during or after the commencement of any federal Bankruptcy Case in which Client is a debtor, including but not limited to Advances, Ledger Debt, fees and expenses, obligations
arising pursuant to guaranties, Letters of Credit or acceptance transactions or any other financial accommodations or agreements between Client and Factor. 
 “Obligor” means Client and any other Person primarily or secondarily, directly or indirectly, liable on any of the Obligations, including, but not limited to, any guarantor thereof (individually an
“Obligor” and collectively, the “Obligors”), 
 “Original Term” means the term of this
Agreement as reflected in section 15 hereof and “Term” means the Original Term and any extensions thereof. 
 “Person” means an individual, corporation, limited liability company, partnership, association, trust or unincorporated organization or a government or any agency or political subdivision thereof 
 “Prime Rate” means at any time, the rate of interest noted in The Wall Street Journal, Money Rates section, as the “Prime
Rate” (currently defined as the base rate on corporate loans posted by at least 75% of the nation’s thirty (30) largest banks). In the event that The Wall Street Journal quotes more than one rate, or a range of rates, as the
Prime Rate, then the Prime Rate shall mean the average of the quoted rates. In the event that The Wall Street Journal ceases to publish a Prime Rate, then the Prime Rate shall be the average of the three (3) largest U.S. money center
commercial banks, as determined by Factor. The “Prime Rate” may not be the lowest or best rate at which Factor calculates interest or extends credit. 
 “Purchase Price” means the Net Invoice Amount less Factor’s factoring Commission. 
 “Reserve” means a bookkeeping account on the books of the Factor representing an unpaid portion of the Purchase Price and such other amounts as Factor deems advisable as security for the payment and performance by Client of
its Obligation hereunder. 
 “Schedule of Accounts” means a form supplied by Factor from time to time wherein Client lists
all Accounts. 
 “Security Interest” means the right, title and interest in and to and liens of Factor on and in the
Collateral. 
 “Supporting Obligation” means (i) a “supporting obligation” as defined in the UCC, and
(ii) a Letter of Credit Right or secondary obligation that supports the payment or performance of an Account, Chattel paper, a Document, a General Intangible, an Instrument, or investment property. 
  

 A-4 

 “Termination Fee” means the fee payable to Factor Client pursuant to Section 10
hereof. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of California. 
  

 A-5

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