Document:

Exhibit10.24

 

SEVENTH AMENDMENT TO ACCOUNT PURCHASE
AGREEMENT

 

THIS SEVENTH AMENDMENT
(this “Amendment”), dated as of November 7, 2013, is entered into by and between Tulsa Inspection Resources, Inc.,
an Oklahoma corporation (the “Customer”), and Wells Fargo Bank, National Association (together with its participants,
successors and assigns, “WFB”).

 

RECITALS

 

The Customer and WFB
are parties to an Account Purchase Agreement dated as of February 29, 2012 (as amended from time to time, the “Account Purchase
Agreement”). Capitalized terms used in these recitals have the meanings given to them in the Account Purchase Agreement unless
otherwise specified.

 

The Customer has requested
that certain amendments be made to the Account Purchase Agreement, which WFB is willing to make pursuant to the terms and conditions
set forth herein.

 

NOW, THEREFORE, in
consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:

 

1.            Defined
Terms. Capitalized terms used in this Amendment which are defined in the Account Purchase Agreement shall have the same meanings
as defined therein, unless otherwise defined herein.

 

2.            Amendments
to Account Purchase Agreement.

 

(a)          Clause
(b) of Section 2.14 of the Account Purchase Agreement is hereby amended and restated in its entirety to read as follows:

 

“(b)          During
any consecutive two (2) year period, individuals who at the beginning of such period constituted the board of directors of the
Customer (together with any new directors whose election to such board of directors, or whose nomination for election by the shareholders
of the Customer, was approved by a vote of at least two-thirds (2/3) of the directors then in office who were either directors
at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to
constitute at least 50% of the board of directors of the Customer then in office.”

 

(b)          Section
2.70 of the Account Purchase Agreement is hereby amended and restated in its entirety to read as follows:

 

“2.70         “Term
Loan Agent” means TIR Capital Partners, LLC, a Delaware limited liability company, and its successors and assigns permitted
pursuant to the terms of the Intercreditor Agreement.”

 

    	 

    	 

    

  

(c)          Section
2.72 of the Account Purchase Agreement is hereby amended and restated in its entirety to read as follows:

 

“2.72         “Term
Loan Lenders” means TIR Capital Partners, LLC, a Delaware limited liability company, any other banks and financial institutions
from time to time party to the Term Loan Indebtedness, and their respective successors and assigns permitted pursuant to the terms
of the Intercreditor Agreement.”

 

3.            Acknowledgment
of New Board of Directors. Without in any way modifying the circumstances giving rise to a Change of Control, WFB hereby acknowledges
that the board of directors of Customer as of the date hereof consists of the following individuals: (i) Peter C. Boylan, III,
(ii) G. Les Austin, (iii) Lawrence Field, and (iv) Randall Lorett.

 

4.            No
Other Changes. Except as explicitly amended by this Amendment, all of the terms and conditions of the Account Purchase Agreement
shall remain in full force and effect and shall apply to any purchase thereunder.

 

5.            Conditions
Precedent. This Amendment shall be effective when WFB shall have received an executed original hereof, together with each of
the following, each in substance and form acceptable to WFB in its sole discretion:

 

(a) The
Acknowledgment and Agreement of Guarantor set forth at the end of this Amendment, duly executed by Guarantor.

 

(b) An
amendment to the Subsidiary Account Purchase Agreement.

 

(c) An
amendment to the Affiliate Account Purchase Agreement.

 

(d) An
amendment, acceptance and joinder to the Intercreditor Agreement.

 

6.            Representations
and Warranties. The Customer hereby represents and warrants to WFB as follows:

 

(a) The
Customer has all requisite corporate power and authority to execute and deliver this Amendment and any other agreements, documents
or instruments required hereunder and to perform all of its obligations hereunder and thereunder, and this Amendment and all such
other agreements, documents and instruments have been duly executed and delivered by the Customer and constitute the legal, valid
and binding obligation of the Customer, enforceable in accordance with their terms.

 

(b) The
execution, delivery and performance by the Customer of this Amendment and any other agreements, documents or instruments required
hereunder have been duly authorized by all necessary corporate action and do not (i) require any authorization, consent or
approval by any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) violate
any provision of any law, rule or regulation or of any order, writ, injunction or decree presently in effect, having applicability
to the Customer, or the articles of incorporation or by-laws of the Customer, or (iii) result in a breach of or constitute
a default under any agreement, lease or instrument to which the Customer is a party or by which it or its properties may be bound
or affected.

 

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(c)         All
of the representations and warranties contained in Article 5 of the Account Purchase Agreement are correct on and as of the date
hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an
earlier date.

 

(d)         No
Event of Termination has occurred and is continuing.

 

7.             References.
All references in the Account Purchase Agreement to “this Agreement” shall be deemed to refer to the Account Purchase
Agreement as amended hereby; and any and all references in the Related Documents to the Account Purchase Agreement shall be deemed
to refer to the Account Purchase Agreement as amended hereby. Any and all transactions by or on behalf of Customer with WFB prior
to the date hereof are hereby in all respects ratified, approved and confirmed.

 

8.             No
Waiver. The execution of this Amendment and the acceptance of all other agreements, documents and instruments related hereto
shall not be deemed to be a waiver of any default or Event of Termination under the Account Purchase Agreement or a waiver of any
breach, default or event of default under any Related Document or other document held by WFB, whether or not known to WFB and whether
or not existing on the date of this Amendment.

 

9.             Release.
The Customer and Guarantor, by signing the Acknowledgement and Agreement of Guarantor set forth below, each hereby absolutely and
unconditionally releases and forever discharges WFB, and any and all participants, parent entities, subsidiary entities, affiliated
entities, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers,
agents, attorneys and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature
or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which
the Customer or Guarantor has had, now has or has made claim to have against any such Person for or by reason of any act, omission,
matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such
claims, demands and causes of action are matured or unmatured or known or unknown.

 

10.           Costs
and Expenses. The Customer hereby reaffirms its agreement under the Account Purchase Agreement to pay or reimburse WFB on demand
for all costs and expenses incurred by WFB in connection with the Account Purchase Agreement and the Related Documents, including
without limitation all reasonable fees and disbursements of legal counsel.

 

11.           CHOICE
OF LAW. THE VALIDITY OF THIS AMENDMENT AND THE ACKNOWLEDGMENT AND AGREEMENT OF GUARANTOR, AND THE CONSTRUCTION, INTERPRETATION
AND ENFORCEMENT HEREOF, AND THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO AS
WELL AS ALL CLAIMS, CONTROVERSIES OR DISPUTES ARISING UNDER OR RELATED TO THIS AMENDMENT AND THE ACKNOWLEDGMENT AND AGREEMENT OF
GUARANTOR SHALL BE DETERMINED UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF COLORADO.

 

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12.           Jurisdiction.
The parties hereby (a) consent to the personal jurisdiction of the state and federal courts located in the State of Colorado,
and any appellate court from which any appeals therefrom are available, in connection with any controversy related to this Amendment
or the Acknowledgment and Agreement of Guarantor; (b) waive any argument that venue in any such forum is not convenient; (c) agree
that any litigation initiated by WFB or the Customer in connection with this Amendment and the Acknowledgment and Agreement of
Guarantor may be venued in the state or federal courts located in the City and County of Denver, Colorado; and (d) agree that a
final judgment in any such suit, 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.

 

13.          WAIVER
OF JURY TRIAL. EACH OF THE CUSTOMER, GUARANTOR AND WFB HEREBY IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION AT
LAW OR IN EQUITY OR IN ANY OTHER PROCEEDING BASED ON OR PERTAINING TO THIS AMENDMENT OR THE ACKNOWLEDGMENT AND AGREEMENT OF GUARANTOR.

 

14.           Miscellaneous.
This Amendment and the Acknowledgment and Agreement of Guarantor may be executed in counterparts and each counterpart shall constitute
one and the same original. Manually executed counterparts of the signature pages of this Amendment and the Acknowledgment and Agreement
of Guarantor may be delivered by the parties electronically so long as transmitted pages are reproducible on paper medium upon
receipt. Each party is duly authorized to print any executed signature page so received and attach it to this Amendment and the
Acknowledgment and Agreement of Guarantor, whereupon this Amendment and the Acknowledgment and Agreement of Guarantor shall be
deemed to have been duly executed and delivered by the transmitting party and the paper copy of this Amendment and the Acknowledgment
and Agreement of Guarantor assembled by the recipient with such signature page attached shall be deemed an original for all purposes,
absent manifest error or bad faith. Article and Section headings in this Amendment are for reference only and shall not affect
the construction of this Amendment.

 

[SIGNATURE PAGE FOLLOWS]

 

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

 

	WELLS FARGO BANK, NATIONAL ASSOCIATION	 	TULSA INSPECTION RESOURCES, INC.
	 	 	 
	By:  	/s/ R. Lindsay Gordon	 	By:  	/s/ Dan O’Keefe
	Name:  R. Lindsay Gordon	 	Name:  Dan O’Keefe
	Its:  Authorized Signatory	 	Its:  Chief Financial Officer

 

[Signature Page to Seventh Amendment to
Account Purchase Agreement]

 

    	 

    	 

    

 

ACKNOWLEDGMENT AND AGREEMENT OF GUARANTOR

 

The undersigned, a guarantor of the debts,
obligations and liabilities of Tulsa Inspection Resources, Inc., an Oklahoma corporation (the “Customer”) to Wells
Fargo Bank, National Association (together with its participants, successors and assigns, “WFB”), pursuant to a Continuing
Guaranty by Tulsa Inspection Resources-Nondestructive Examination, Inc. in favor of WFB, dated as of November 9, 2012 (as amended
or otherwise modified from time to time, the “Guaranty”), hereby (i) acknowledges receipt of the foregoing Amendment;
(ii) consents to the terms (including without limitation the release by the undersigned set forth in the Amendment) and execution
thereof; (iii) reaffirms all obligations to WFB pursuant to the terms of its Guaranty; and (iv) acknowledges that WFB
may amend, restate, extend, renew or otherwise modify the Account Purchase Agreement and any debts, obligations, liabilities or
agreement of the Customer, or enter into any agreement or extend additional or other credit accommodations, without notifying or
obtaining the consent of the undersigned and without impairing the liability of the undersigned under its Guaranty for all of the
Customer’s present and future debts, obligations and liabilities to WFB.

 

	 	TULSA INSPECTION RESOURCES-NONDESTRUCTIVE EXAMINATION, INC.
	 	 
	 	By:	/s/ Dan O’Keefe
	 	Name:  Dan O’Keefe
	 	Its:  Chief Financial Officer

 

[Signature Page to Acknowledgement and Agreement
of Guarantor - Seventh Amendment to Account Purchase Agreement]Exhibit 10.18

 

COMMERCIAL
SECURITY AGREEMENT

 

	Principal	 	Loan
    Date	 	Maturity	 	Loan
    No	 	Call
    / Coll	 	Account 
	 	Officer 
	 	Initials
	$10,000,000.00	 	03-23-2010	 	10-01-2010	 	155354101	 	CLS
    07 / 240	 	600714	 	765	 	
	References
    in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or
    item. Any item above containing “•••” has been omitted due to text length limitations.

 

	Borrower:	BISCO INDUSTRIES,
    INC.	 	Lender:	community
    bank
	 	1500
    NORTH LAKEVIEW AVENUE	 	 	ANAHEIM
    BRANCH
	 	ANAHEIM,
    CA 92807	 	 	1750
S. STATE COLLEGE BLVD.
	 	 	 	 	ANAHEIM, CA 92806
	Grantor:	EACO
    CORPORATION 	 	 	(800) 788-9999
	 	1500 N. LAKEVIEW AVENUE	 	 	 
	 	ANAHEIM, CA 92807	 	 	 

 

 

THIS
COMMERCIAL SECURITY AGREEMENT dated March 23, 2010, is made and executed among EACO CORPORATION ("Grantor"); BISCO INDUSTRIES,
INC. ("Borrower”); and COMMUNITY BANK ("Lender”).

 

GRANT
OF SECURITY INTEREST. For valuable consideration, Grantor grants to Lender a security interest in the Collateral to secure the
Indebtedness and agrees that Lender shall have the rights stated in this Agreement with respect to the Collateral, in addition
to all other rights which Lender may have by law.

 

COLLATERAL
DESCRIPTION. The word "Collateral” as used in this Agreement means the following described property, whether now
owned or hereafter acquired, whether now existing or hereafter arising, and wherever located, in which Grantor is giving to Lender
a security interest for the payment of the Indebtedness and performance of all other obligations under the Note and this Agreement:

 

All
Inventory, Chattel Paper, Accounts, Equipment, Instruments and General Intangibles; whether any of the foregoing is owned now
or acquired later; all accessions, attachments, accessories, tools, parts, supplies, replacements of and additions to any of the
collateral described herein, whether added now or later; all products and produce of any of the property; all accounts, general
intangibles, instruments, rents, monies, payments, and all other rights, arising out of a sale, lease, or other disposition of
any of the property; all proceeds (including insurance proceeds) from the sale, destruction, loss, or other disposition of any
of the property, and sums due from a third party who has damaged or destroyed the collateral or from that party's insurer, whether
due to judgment, settlement or other process; all records and data relating to any of the property, whether in the form of a writing,
photograph, microfilm, microfiche, or electronic media, together with all of debtor's right, title, and interest in and to all
computer software required to utilize, create, maintain, and process any such records or data on electronic media

 

In addition,
the word "Collateral" also includes all the following, whether now owned or hereafter acquired, whether now existing
or hereafter arising, and wherever located:

 

(A)   All
accessions, attachments, accessories, tools, parts, supplies, replacements of and additions to any of the collateral described
herein, whether added now or later.

 

(B)   All
products and produce of any of the property described in this Collateral section.

 

(C)   All
accounts, general intangibles, instruments, rents, monies, payments, and all other rights, arising out of a sale, lease, consignment
or other disposition of any of the property described in this Collateral section.

 

(D)   All
proceeds (including insurance proceeds) from the sale, destruction, loss, or other disposition of any of the property described
in this Collateral section, and sums due from a third party who has damaged or destroyed the Collateral or from that party's insurer,
whether due to judgment, settlement or other process.

 

(E)   All
records and data relating to any of the property described in this Collateral section, whether in the form of a writing, photograph,
microfilm, microfiche, or electronic media, together with all of Grantor's right, title, and interest in and to all computer software
required to utilize, create, maintain, and process any such records or data on electronic media.

 

BORROWER’S
WAIVERS AND RESPONSIBILITIES. Except as otherwise required under this Agreement or by applicable law, (A) Borrower agrees that
Lender need not tell Borrower about any action or inaction Lender takes in connection with this Agreement; (B) Borrower assumes
the responsibility for being and keeping informed about the Collateral; and (C) Borrower waives any defenses that may arise because
of any action or inaction of Lender, including without limitation any failure of Lender to realize upon the Collateral or any delay
by Lender in realizing upon the Collateral; and Borrower agrees to remain liable under the Note no matter what action Lender takes
or fails to take under this Agreement.

 

GRANTOR'S
REPRESENTATIONS AND WARRANTIES. Grantor warrants that: (A) this Agreement is executed at Borrower's request and not at the
request of Lender; (B) Grantor has the full right, power and authority to enter into this Agreement and to pledge the Collateral
to Lender; (C) Grantor has established adequate means of obtaining
from Borrower on a continuing basis information about Borrower's financial condition; and (D) Lender has made no representation
to Grantor about Borrower or Borrower's creditworthiness.

 

GRANTOR'S
WAIVERS. Grantor waives all requirements of presentment, protest, demand, and notice of dishonor or non-payment to Borrower
or Grantor, or any other party to the Indebtedness or the Collateral. Lender may do any of the following with respect to any obligation
of any Borrower, without first obtaining the consent of Grantor: (A) grant any extension of time for any payment, (B) grant
any renewal, (C) permit any modification of payment terms or other terms, or (D) exchange or release any Collateral or other security.
No such act or failure to act shall affect Lender's rights against Grantor or the Collateral.

 

RIGHT
OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Grantor's accounts with Lender
(whether checking, savings, or some other account). This includes all accounts Grantor holds jointly with someone else and all
accounts Grantor may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which
setoff would be prohibited by law. Grantor authorizes Lender, to the extent permitted by applicable law, to charge or setoff all
sums owing on the Indebtedness against any and all such accounts.

 

    	 

    	 

    

 

	 	COMMERCIAL SECURITY AGREEMENT	 
	Loan No: 155354101	(Continued)	Page 2

 

GRANTOR'S
REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL. With respect to the Collateral, Grantor represents and promises
to Lender that:

 

Perfection
of Security Interest. Grantor agrees to take whatever actions are requested by Lender to perfect and continue Lender's security
interest in the Collateral. Upon request of Lender, Grantor will deliver to Lender any and all of the documents evidencing or
constituting the Collateral, and Grantor will note Lender's interest upon any and all chattel paper and instruments if not delivered
to Lender for possession by Lender. This is a continuing Security Agreement and will continue in effect even though
all or any part of the Indebtedness is paid in full and even though for a period of time Borrower may not be indebted to Lender.

 

Notices
to Lender. Grantor will promptly notify Lender in writing at Lender’s address shown above (or such other addresses as
Lender may designate from time to time) prior to any (1) change in Grantor's name; (2) change in Grantor's assumed business name(s);
(3) change in the management of the Corporation Grantor; (4) change in the authorized signer(s); (5) change in Grantor's principal
office address; (6) change in Grantor's state of organization; (7) conversion of Grantor to a new or different type of business
entity; or (8) change in any other aspect of Grantor that directly or indirectly relates to any agreements between Grantor and
Lender. No change in Grantor's name or state of organization will take effect until after Lender has received notice.

 

No
Violation. The execution and delivery of this Agreement will not violate any law or agreement governing Grantor or to which
Grantor is a party, and its certificate or articles of incorporation and bylaws do not prohibit any term or condition of this Agreement.

 

Enforceability
of Collateral. To the extent the Collateral consists of accounts, chattel paper, or general intangibles, as defined by the
Uniform Commercial Code, the Collateral is enforceable in accordance with its terms, is genuine, and fully complies with all applicable
laws and regulations concerning form, content and manner of preparation and execution, and all persons appearing to be obligated
on the Collateral have authority and capacity to contract and are in fact obligated as they appear to be on the Collateral. At
the time any account becomes subject to a security interest in favor of Lender, the account shall be a good and valid account representing
an undisputed, bona fide indebtedness incurred by the account debtor, for merchandise held subject to delivery instructions or
previously shipped or delivered pursuant to a contract of sale, or for services previously performed by Grantor with or for the
account debtor. So long as this Agreement remains in effect, Grantor shall not, without Lender's prior written consent, compromise,
settle, adjust, or extend payment under or with regard to any such Accounts. There shall be no setoffs or counterclaims against
any of the Collateral, and no agreement shall have been made under which any deductions or discounts may be claimed concerning
the Collateral except those disclosed to Lender in writing.

 

Location
of the Collateral. Except in the ordinary course of Grantor's business, Grantor agrees to keep the Collateral (or to the extent
the Collateral consists of intangible property such as accounts or general intangibles, the records concerning the Collateral)
at Grantor's address shown above or at such other locations as are acceptable to Lender. Upon Lender's request, Grantor will deliver
to Lender in form satisfactory to Lender a schedule of real properties and Collateral locations relating to Grantor's operations,
including without limitation the following: (1) all real property Grantor owns or is purchasing; (2) all real property Grantor
is renting or leasing; (3) all storage facilities Grantor owns, rents, leases, or uses; and (4) all other properties where Collateral
is or may be located.

 

Removal
of the Collateral. Except in the ordinary course of Grantor's business, including the sales of inventory, Grantor shall not
remove the Collateral from its existing location without Lender's prior written consent. To the extent that the Collateral consists
of vehicles, or other titled property, Grantor shall not take or permit any action which would require application for certificates
of title for the vehicles outside the State of Florida, without Lender's prior written consent. Grantor shall, whenever requested,
advise Lender of the exact location of the Collateral.

 

Transactions
Involving Collateral. Except for inventory sold or accounts collected in the ordinary course of Grantor's business, or as otherwise
provided for in this Agreement, Grantor shall not sell, offer to sell, or otherwise transfer or dispose of the Collateral. While
Grantor is not in default under this Agreement, Grantor may sell inventory, but only in the ordinary course of its business and
only to buyers who qualify as a buyer in the ordinary course of business. A sale in the ordinary course of Grantor's business does
not include a transfer in partial or total satisfaction of a debt or any bulk sale. Grantor shall not pledge, mortgage, encumber
or otherwise permit the Collateral to be subject to any lien, security interest, encumbrance, or charge, other than the security
interest provided for in this Agreement, without the prior written consent of Lender. This includes security interests even if
junior in right to the security interests granted under this Agreement. Unless waived by Lender, all proceeds from any disposition
of the Collateral (for whatever reason) shall be held in trust for Lender and shall not be commingled with any other funds; provided
however, this requirement shall not constitute consent by Lender to any sale or other disposition. Upon receipt, Grantor shall
immediately deliver any such proceeds to Lender.

 

Title.
Grantor represents and warrants to Lender that Grantor holds good and marketable title to the Collateral, free and clear of
all liens and encumbrances except for the lien of this Agreement. No financing statement
covering any of the Collateral is on file in any public office other than those which reflect the security interest created by
this Agreement or to which Lender has specifically consented. Grantor shall defend Lender's rights in the Collateral against the
claims and demands of all other persons.

 

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

 

Inspection
of Collateral. Lender and Lender's designated representatives and agents shall have the right at all reasonable times to examine
and inspect the Collateral wherever located.

 

Taxes,
Assessments and Liens. Grantor will pay when due all taxes, assessments and liens upon the Collateral, its use or operation,
upon this Agreement, upon any promissory note or notes evidencing the Indebtedness, or upon any of the other Related Documents.
Grantor may withhold any such payment or may elect to contest any lien if Grantor is in good faith conducting an appropriate proceeding
to contest the obligation to pay and so long as Lender's interest in the Collateral is not jeopardized in Lender's sole opinion.
If the Collateral is subjected to a lien which is not discharged within fifteen (15) days, Grantor shall deposit with Lender cash,
a sufficient corporate surety bond or other security satisfactory to Lender in an amount adequate to provide for the discharge
of the lien plus any interest, costs, reasonable attorneys' fees or other charges that could accrue as a result of foreclosure
or sale of the Collateral. In any contest Grantor shall defend itself and Lender and shall satisfy any final adverse judgment before
enforcement against the Collateral. Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest
proceedings. Grantor further agrees to furnish Lender with evidence that such taxes, assessments, and governmental and other charges
have been paid in full and in a timely manner. Grantor may withhold any such payment or may elect to contest any lien if Grantor
is in good faith conducting an appropriate proceeding to contest the obligation to pay and so long as Lender's interest in the
Collateral is not jeopardized.

 

Compliance
with Governmental Requirements. Grantor shall comply promptly with all laws, ordinances, rules and regulations of all governmental
authorities, now or hereafter in effect, applicable to the ownership, production, disposition, or use of the Collateral, including
all laws or regulations relating to the undue erosion of highly-erodible land or relating to the conversion of wetlands for the
production of an agricultural product or commodity. Grantor may contest in good faith any such law, ordinance or regulation and
withhold compliance during any proceeding, including appropriate appeals, so long as Lender's interest in the Collateral, in Lender's
opinion, is not jeopardized.

 

    	 

    	 

    

 

	 	COMMERCIAL SECURITY AGREEMENT	 
	Loan No: 155354101	(Continued)	Page 3

 

Hazardous
Substances. Grantor represents and warrants that the Collateral never has been, and never will be so long as this Agreement
remains a lien on the Collateral, used in violation of any Environmental Laws or for the generation, manufacture, storage, transportation,
treatment, disposal, release or threatened release of any Hazardous Substance. The representations and warranties contained herein
are based on Grantor's due diligence in investigating the Collateral for Hazardous Substances. Grantor hereby (1) releases and
waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other
costs under any Environmental Laws, and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims and
losses resulting from a breach of this provision of this Agreement. This obligation to indemnify and defend shall survive the payment
of the Indebtedness and the satisfaction of this Agreement.

 

Maintenance
of Casualty Insurance. Grantor shall procure and maintain all risks insurance, including without limitation fire, theft and
liability coverage together with such other insurance as Lender may require with respect to the Collateral, in form, amounts, coverages
and basis reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Grantor, upon request
of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including
stipulations that coverages will not be cancelled or diminished without at least thirty (30) days' prior written notice to Lender
and not including any disclaimer of the insurer’s liability for failure to give such a notice. Each insurance policy also shall
include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default
of Grantor or any other person. In connection with all policies covering assets in which Lender holds or is offered a security
interest, Grantor will provide Lender with such loss payable or other endorsements as Lender may require. If Grantor at any time
fails to obtain or maintain any insurance as required under this Agreement, Lender may (but shall not be obligated to) obtain such
insurance as Lender deems appropriate, including if Lender so chooses "single interest insurance," which will cover only
Lender's interest in the Collateral.

 

Application
of Insurance Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Collateral, whether or not such casualty
or loss is covered by insurance. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty.
All proceeds of any insurance on the Collateral, including accrued proceeds thereon, shall be held by Lender as part of the Collateral.
If Lender consents to repair or replacement of the damaged or destroyed Collateral, Lender shall, upon satisfactory proof of expenditure,
pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration. If Lender does not consent to repair
or replacement of the Collateral, Lender shall retain a sufficient amount of the proceeds to pay all of the Indebtedness, and shall
pay the balance to Grantor. Any proceeds which have not been disbursed within six (6) months after their receipt and which Grantor
has not committed to the repair or restoration of the Collateral shall be used to prepay the Indebtedness.

 

Insurance
Reserves. Lender may require Grantor to maintain with Lender reserves for payment of insurance premiums, which reserves shall
be created by monthly payments from Grantor of a sum estimated by Lender to be sufficient to produce, at least fifteen (15) days
before the premium due date, amounts at least equal to the insurance premiums to be paid. If fifteen (15) days before payment is
due, the reserve funds are insufficient, Grantor shall upon demand pay any deficiency to Lender. The reserve funds shall be held
by Lender as a general deposit and shall constitute a non-interest-bearing account which Lender may satisfy by payment of the insurance
premiums required to be paid by Grantor as they become due. Lender does not hold the reserve funds in trust for Grantor, and Lender
is not the agent of Grantor for payment of the insurance premiums required to be paid by Grantor. The responsibility for the payment
of premiums shall remain Grantor's sole responsibility.

 

Insurance
Reports. Grantor, upon request of Lender, shall furnish to Lender reports on each existing policy of insurance showing such
information as Lender may reasonably request including the following: (1) the name of the insurer; (2) the risks insured; (3) the
amount of the policy; (4) the property insured; (5) the then current value on the basis of which insurance has been obtained and
the manner of determining that value; and (6) the expiration date of the policy. In addition, Grantor shall upon request by Lender
(however not more often than annually) have an independent appraiser satisfactory to Lender determine, as applicable, the cash
value or replacement cost of the Collateral.

 

Financing
Statements. Grantor authorizes Lender to file a UCC financing statement, or alternatively, a copy of this Agreement to perfect
Lender s security interest. At Lender's request, Grantor additionally agrees to sign all other documents that are necessary to
perfect, protect, and continue Lender's security interest in the Property. Grantor will pay all filing fees, title transfer fees,
and other fees and costs involved unless prohibited by law or unless Lender is required by law to pay such fees and costs. Grantor
irrevocably appoints Lender to execute documents necessary to transfer title if there is a default. Lender may file a copy of this
Agreement as a financing statement. If Grantor changes Grantor's name or address, or the name or address of any person granting
a security interest under this Agreement changes, Grantor will promptly notify the Lender of such change.

 

GRANTOR’S RIGHT TO POSSESSION AND TO COLLECT ACCOUNTS. Until default and except as otherwise provided below with respect to accounts,
Grantor may have possession of the tangible personal property and beneficial use of all the Collateral and may use it in any lawful
manner not inconsistent with this Agreement or the Related Documents, provided that Grantor's right to possession and beneficial
use shall not apply to any Collateral where possession of the Collateral by Lender is required by law to perfect Lender's security
interest in such Collateral. Until otherwise notified by Lender, Grantor may collect any of the Collateral consisting of accounts.
At any time and even though no Event of Default exists, Lender may exercise its rights to collect the accounts and to notify account
debtors to make payments directly to Lender for application to the Indebtedness. If Lender at any time has possession of any Collateral,
whether before or after an Event of Default, Lender shall be deemed to have exercised reasonable care in the custody and preservation
of the Collateral if Lender takes such action for that purpose as Grantor shall request or as Lender, in Lender's sole discretion,
shall deem appropriate under the circumstances, but failure to honor any request by Grantor shall not of itself be deemed to be
a failure to exercise reasonable care. Lender shall not be required to take any steps necessary to preserve any rights in the Collateral
against prior parties, nor to protect, preserve or maintain any security interest given to secure the Indebtedness.

 

LENDER'S
EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the Collateral or
if Grantor fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Grantor's
failure to discharge or pay when due any amounts Grantor is required to discharge or pay under this Agreement or any Related Documents,
Lender on Grantor’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not
limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed
on the Collateral and paying all costs for insuring, maintaining and preserving the Collateral. All such expenditures incurred
or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by
Lender to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lender’s option, will
(A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment
payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or
(C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Agreement also will secure payment
of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon Default.

 

    	 

    	 

    

 

	 	COMMERCIAL SECURITY AGREEMENT	 
	Loan No: 155354101	(Continued)	Page 4

 

DEFAULT.
Each of the following shall constitute an Event of Default under this Agreement:

 

Payment
Default. Borrower fails to make any payment when due under the Indebtedness.

 

Other
Defaults. Borrower or Grantor fails to comply with or to perform any other term, obligation, covenant or condition contained
in this Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition
contained in any other agreement between Lender and Borrower or Grantor.

 

Default
in Favor of Third Parties. Borrower, any guarantor or Grantor defaults under any loan, extension of credit, security agreement,
purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of
Borrower's, any guarantor's or Grantor's property or ability to perform their respective obligations under this Agreement or any
of the Related Documents.

 

False
Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or Grantor or on Borrower's or
Grantor's behalf under this Agreement or the Related Documents is false or misleading in any material respect, either now or at
the time made or furnished or becomes false or misleading at any time thereafter.

 

Defective
Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure
of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.

 

Insolvency.
The dissolution or termination of Borrower's or Grantor's existence as a going business, the insolvency of Borrower or Grantor,
the appointment of a receiver for any part of Borrower's or Grantor's property, any assignment for the benefit of creditors, any
type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower
or Grantor.

 

Creditor
or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Borrower or Grantor or by any governmental agency against any collateral
securing the Indebtedness. This includes a garnishment of any of Borrower's or Grantor's accounts, including deposit accounts,
with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower or Grantor as to the
validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower or Grantor
gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a
surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being
an adequate reserve or bond for the dispute.

 

Events
Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or Guarantor
dies or becomes incompetent or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.

 

Adverse
Change. A material adverse change occurs in Borrower's or Grantor's financial condition, or Lender believes the prospect of
payment or performance of the Indebtedness is impaired.

 

Insecurity.
Lender in good faith believes itself insecure.

 

Cure
Provisions. If any default, other than a default in payment is curable and if Grantor has not been given a notice of a breach
of the same provision of this Agreement within the preceding twelve (12) months, it may be cured if Grantor, after Lender sends
written notice to Borrower demanding cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure
requires more than fifteen (15) days, immediately initiates steps which Lender deems in Lender's sole discretion to be sufficient
to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance
as soon as reasonably practical.

 

RIGHTS
AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Agreement, at any time thereafter, Lender shall have all
the rights of a secured party under the Florida Uniform Commercial Code. In addition and without limitation, Lender may exercise
any one or more of the following rights and remedies:

 

Accelerate
Indebtedness. Lender may declare the entire Indebtedness, including any prepayment penalty which Borrower would be required
to pay, immediately due and payable, without notice of any kind to Borrower or Grantor.

 

Assemble
Collateral. Lender may require Grantor to deliver to Lender all or any portion of the Collateral and any and all certificates
of title and other documents relating to the Collateral. Lender may require Grantor to assemble the Collateral and make it available
to Lender at a place to be designated by Lender. Lender also shall have full power to enter upon the property of Grantor to take
possession of and remove the Collateral. If the Collateral contains other goods not covered by this Agreement at the time of repossession,
Grantor agrees Lender may take such other goods, provided that Lender makes reasonable efforts to return them to Grantor after
repossession.

 

Sell
the Collateral. Lender shall have full power to sell, lease, transfer, or otherwise deal with the Collateral or proceeds thereof
in Lender's own name or that of Grantor. Lender may sell the Collateral at public auction or private sale. Unless the Collateral
threatens to decline speedily in value or is of a type customarily sold on a recognized market, Lender will give Grantor, and other
persons as required by law, reasonable notice of the time and place of any public sale, or the time after which any private sale
or any other disposition of the Collateral is to be made. However, no notice need be provided to any person who, after Event of
Default occurs, enters into and authenticates an agreement waiving that person's right to notification of sale. The requirements
of reasonable notice shall be met if such notice is given at least ten (10) days before the time of the sale or disposition. All
expenses relating to the disposition of the Collateral, including without limitation the expenses of retaking, holding, insuring,
preparing for sale and selling the Collateral, shall become a part of the Indebtedness secured by this Agreement and shall be payable
on demand, with interest at the Note rate from date of expenditure until repaid.

 

Appoint
Receiver. In the event of a suit being instituted to foreclose this Agreement, Lender shall be entitled to apply at any time
pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver of any or all of the Collateral,
and of all rents, incomes, profits, issues and revenues thereof, from whatsoever source. The parties agree that the court shall
forthwith appoint such receiver with the usual powers and duties of receivers in like cases. Such appointment shall be made by
the court as a matter of strict right to Lender and without notice to Grantor, and without reference to the adequacy or inadequacy
of the value of the Collateral, or to Grantor's solvency or any other party defendant to such suit. Grantor hereby specifically
waives the right to object to the appointment of a receiver and agrees that such appointment shall be made as an admitted equity
and as a matter of absolute right to Lender, and consents to the appointment of any officer or employee of Lender as receiver.
Lender shall have the right to have a receiver appointed to take possession of all or any part of the Collateral, with the power
to protect and preserve the Collateral, to operate the Collateral preceding foreclosure or sale, and to collect the Rents from
the Collateral and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may
serve without bond if permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent
value of the Collateral exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from
serving as a receiver.

 

    	 

    	 

    

 

	 	COMMERCIAL SECURITY AGREEMENT	 
	Loan No: 155354101	(Continued)	Page 5

 

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

 

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

 

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

 

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

 

POWER
OF ATTORNEY. Grantor hereby appoints Lender as its true and lawful attorney-in-fact, irrevocably, with full power of substitution
to do the following; (a) to demand, collect, receive, receipt for, sue and recover all sums of money or other property which may
now or hereafter become due, owing or payable from the Collateral; (b) to execute, sign and endorse any and all claims, instruments,
receipts, checks, drafts or warrants issued in payment for the Collateral; (c) to settle or compromise any and all claims arising
under the Collateral, and, in the place and stead of Grantor, to execute and deliver its release and settlement for the claim;
and (d) to file any claim or claims or to take any action or institute or take part in any proceedings, either in its own name
or in the name of Grantor, or otherwise, which in the discretion of Lender may seem to be necessary or advisable. This power is
given as security for the indebtedness, and the authority hereby conferred is and shall be irrevocable and shall remain in full
force and effect until renounced by Lender.

 

ADDITIONAL
DEFINITION OF INDEBTEDNESS. The word "Indebtedness" includes all other obligations, debts and liabilities, plus interest
thereon, of Grantor, or any one or more of them, to Lender, as well as all claims by Lender against Grantor, or any one or more
of them, whether existing now or later; whether they are voluntary or involuntary, due or not due, direct o indirect, absolute
or contingent, liquidated or unliquidated; whether Grantor may be liable individually or jointly with others; whether Grantor may
be obligated as guarantor, surety, accommodation party or otherwise; whether recovery upon such indebtedness may be or hereafter
may become barred by any statute of limitations; and whether such indebtedness may be or hereafter may become otherwise unenforceable.

 

ADDITIONAL
MAINTENANCE AND INSPECTION OF COLLATERAL-GRANTOR. Grantor shall immediately notify Lender of all cases involving the return,
rejection, repossession, loss or damage of or to any Collateral; of any request for credit or adjustment or of any other dispute
arising with respect to the Collateral; and generally of all happenings and events affecting the Collateral or the value or the
amount of the Collateral.

 

NATURE
OF GUARANTY. Guarantor's liability under this Guaranty shall be open and continuous for so long as this Guaranty remains in
force. Guarantor intends to guarantee at all times the performance and prompt payment when due, whether at maturity or earlier
by reason of acceleration or otherwise, of all indebtedness. Accordingly, no payments made upon the indebtedness will discharge
or diminish the continuing liability of Guarantor in connection with any remaining portions of the indebtedness or any of the indebtedness
which subsequently arises or is thereafter incurred or contracted.

 

COLLATERAL
SCHEDULES AND LOCATIONS. As often as Lender shall require, and insofar as the Collateral consists of accounts and general intangibles,
Grantor shall deliver to Lender schedules of such Collateral, including such information as Lender may require, including without
limitation names and addresses of account debtors and agings of accounts and general intangibles. Insofar as the Collateral consists
of inventory and equipment, Grantor shall deliver to Lender, as often as Lender shall require, such lists, descriptions, and designations
of such Collateral as Lender may require to identify the nature, extent, and location of such Collateral. Such information shall
be submitted for Grantor and each of its subsidiaries or related companies.

 

MISCELLANEOUS
PROVISIONS. The following miscellaneous provisions are a part of this Agreement:

 

Amendments.
This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to
the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing
and signed by the party or parties sought to be charged or bound by the alteration or amendment.

 

Arbitration.
Borrower and Grantor and Lender agree that all disputes, claims and controversies between them whether individual, joint, or class
in nature, arising from this Agreement or otherwise, including without limitation contract and tort disputes, shall be arbitrated
pursuant to the Rules of the American Arbitration Association in effect at the time the claim is filed, upon request of either
party. No act to take or dispose of any Collateral shall constitute a waiver of this arbitration agreement or be prohibited by
this arbitration agreement. This includes, without limitation, obtaining injunctive relief or a temporary restraining order; invoking
a power of sale under any deed of trust or mortgage; obtaining a writ of attachment or imposition of a receiver; or exercising
any rights relating to personal property, including taking or disposing of such property with or without judicial process pursuant
to Article 9 of the Uniform Commercial Code. Any disputes, claims, or controversies concerning the lawfulness or reasonableness
of any act, or exercise of any right, concerning any Collateral, including any claim to rescind, reform, or otherwise modify any
agreement relating to the Collateral, shall also be arbitrated, provided however that no arbitrator shall have the right or the
power to enjoin or restrain any act of any party. Judgment upon any award rendered by any arbitrator may be entered in any court
having jurisdiction. Nothing in this Agreement shall preclude any party from seeking equitable relief from a court of competent
jurisdiction. The statute of limitations, estoppel, waiver, laches, and similar doctrines which would otherwise be applicable
in an action brought by a party shall be applicable In any arbitration proceeding, and the commencement of an arbitration proceeding
shall be deemed the commencement of an action for these purposes. The Federal Arbitration Act shall apply to the construction,
interpretation, and enforcement of this arbitration provision.

 

Attorneys'
Fees; Expenses. Grantor agrees to pay upon demand all of Lender's costs and expenses, including Lender's reasonable attorneys'
fees and Lender's legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone
else to help enforce this Agreement, and Grantor shall pay the costs and expenses of such enforcement. Costs and expenses include
Lender's reasonable attorneys' fees and legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees
and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals,
and any anticipated post-judgment collection services. Grantor also shall pay all court costs and such additional fees as may be
directed by the court.

 

    	 

    	 

    

 

	 	COMMERCIAL SECURITY AGREEMENT	 
	Loan No: 155354101	(Continued)	Page 6

 

Agreement.

 

Grantor.
The word "Grantor" means EACO CORPORATION.

 

Guarantor.
The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness.

 

Guaranty.
The word "Guaranty” means the guaranty from Guarantor to Lender, including without limitation a guaranty of all
or part of the Note.

 

Hazardous
Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical,
chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when
improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous
Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances,
materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes,
without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.

 

Indebtedness.
The word "Indebtedness" means the indebtedness evidenced by the Note or Related Documents, including all principal
and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement
or under any of the Related Documents.

 

Lender.
The word "Lender” means COMMUNITY BANK, its successors and assigns.

 

Note.
The word "Note" means the Note executed by BISCO INDUSTRIES, INC. in the principal amount of $8,000,000.00 dated
November 15, 2000, together with all renewals of, extensions of, modifications of, refinancings of, and substitutions for the note
or credit agreement.

 

Property.
The word "Property" means all of Grantor's right, title and interest in and to all the Property as described in
the "Collateral Description" section of this Agreement.

 

Related
Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.

 

BORROWER
AND GRANTOR HAVE READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS COMMERCIAL SECURITY AGREEMENT AND AGREE TO ITS TERMS. THIS AGREEMENT
IS DATED MARCH 23, 2010.

 

GRANTOR:

 

	EACO
CORPORATION	 
	 	 	 
	By:	/s/
    GLEN F. CEILEY	 
	 	GLEN
    F. CEILEY, Authorized Officer of EACO	 
	 	CORPORATION	 

 

BORROWER:

 

	BISCO
    INDUSTRIES, INC.	 
	 	 	 
	By:	/s/
    GLEN F. CEILEY	 
	 	GLEN F. CEILEY, Chairman and CEO of
    BISCO 	 
	 	INDUSTRIES, INC.

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