Document:

WELLS FARGO & COMPANY 8-K 

 

Exhibit
4.6

 

[Face
of Note]

 

Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

 

	CUSIP
    NO. 95001D6S4	PRINCIPAL
    AMOUNT: $___________
	REGISTERED
    NO. ___	 

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES T

 

Due
Nine Months or More From Date of Issue

 

Notes
due April 17, 2030

 

WELLS
FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of ______ DOLLARS ($______)
on April 17, 2030 (the “Stated Maturity Date”) and to pay interest thereon from April 17, 2020 or from the
most recent Interest Payment Date to which interest has been paid or duly provided for semi-annually on each April 17 and October
17, commencing October 17, 2020, and at Maturity (each, an “Interest Payment Date”), at the rate per annum
specified below until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest
next preceding such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be one Business Day prior
to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on
the next day that is a Business Day, with the same force and effect as if made on such Interest Payment Date, and without any
interest or other payment with respect to the delay. “Business Day” shall mean a day, other than a Saturday
or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation
to close in New York, New York.

 

Except
as described below for the first Interest Period, on each Interest Payment Date, interest will be paid for the period commencing
on and including the immediately preceding Interest Payment Date and ending on and including the day immediately preceding that
Interest Payment Date. This period is referred to as an “Interest Period.” The first Interest Period will

 

     

     

    

 

commence
on and include April 17, 2020 and end on and include October 16, 2020. Interest on this Security will be computed on the basis
of a 360-day year of twelve 30-day months.

 

The
interest rate on this Security that will apply during an Interest Period will be as follows:

 

	Commencing
April 17, 2020 and

        ending
April 16, 2028 
	 	3.15%
per annum

	Commencing
April 17, 2028 and

        ending
April 16, 2030 
	 	4.00%
per annum

 

Any
interest not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

Payment
of interest on this Security will be made in immediately available funds at the office or agency of the Company maintained for
that purpose in the City of Minneapolis, Minnesota in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided, however, that, at the option of the Company, payment
of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the
Security Register or by wire transfer to such account as may have been designated by such Person. Payment of principal of and
interest on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota. Notwithstanding the foregoing, for so long as this Security
is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security will be made
to the Depositary by wire transfer of immediately available funds.

 

This
Security is redeemable at the option of the Company, in whole but not in part, on any Optional Redemption Date at a Redemption
Price equal to 100% of the principal amount of this Security to be redeemed, plus any accrued but unpaid interest to, but excluding,
the Redemption Date. The “Optional Redemption Dates” are quarterly on the 17th day of each January,
April, July and October, commencing April 17, 2022 and ending January 17, 2030. Notice of any redemption will be mailed at least
5 but not more than 30 days before the applicable Redemption Date to the Holder hereof. Unless the Company defaults in the payment
of the Redemption Price, on or after the Redemption Date, interest will cease to accrue on this Security or the portion hereof
called for redemption.

 

This
Security is not subject to repayment at the option of the Holder hereof prior to April 17, 2030. This Security is not entitled
to any sinking fund.

 

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

 

    2 

     

    

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature
or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[The
remainder of this page has been left intentionally blank]

 

    3 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

DATED:

 

	 	WELLS
    FARGO & COMPANY
	 	 	 
	 	By:	 
	 	 	 
	 	 	Its:
	 	 	 
	 	Attest:	 
	 	 	 
	 	 	Its:

 

TRUSTEE’S
CERTIFICATE OF

AUTHENTICATION

This
is one of the Securities of the

series
designated therein described

in
the within-mentioned Indenture.

 

	CITIBANK,
    N.A.,	 
	as
    Trustee	 
	 	 	 
	By:	 	 
	 	Authorized
    Signature	 
	 	 	 
	 	OR	 
	 	 	 
	WELLS
    FARGO BANK, N.A.,

    as Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized
    Signature	 

 

    4 

     

    

 

[Reverse
of Note]

 

WELLS
FARGO & COMPANY

 

MEDIUM-TERM
NOTE, SERIES T

 

Due
Nine Months or More From Date of Issue

 

Notes
due April 17, 2030

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an indenture dated as of February 21, 2017, as amended or supplemented from
time to time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes,
Series T, of the Company. The Securities of this series will bear interest at a fixed rate or a floating rate. The Securities
of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the
Holder at different times or not at all and be denominated in different currencies.

 

The
Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented
by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities
issued to and registered in the names of, the beneficial owners or their nominees.

 

The
Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security.

 

Modification
and Waivers 

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by
the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding
of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority
in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting
together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those
provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture
by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders
of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder

 

    5 

     

    

 

and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

Defeasance

 

Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions
of Section 401 of the Indenture shall apply to this Security.

 

Authorized
Denominations

 

This
Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which
is an integral multiple of $1,000.

 

Registration
of Transfer

 

Upon
due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis,
Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for
an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject
to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental
charge imposed in connection therewith.

 

This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that
it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days
after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines
that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z)
an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable
pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at
the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating
a like amount.

 

This
Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary
or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled
to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under
the Indenture.

 

Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is

 

    6 

     

    

 

registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Obligation
of the Company Absolute

 

No
reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed, except as otherwise provided in this Security.

 

No
Personal Recourse

 

No
recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator,
stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 

Defined
Terms

 

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise defined in this Security.

 

Governing
Law

 

This
Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles
of conflicts of laws.

 

    7 

     

    

 

ABBREVIATIONS

 

 The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN
    COM	--	as
    tenants in common
	 	 	 
	TEN
    ENT	--	as
    tenants by the entireties
	 	 	 
	JT
    TEN	--	as
    joint tenants with right
	 	 	of
    survivorship and not
	 	 	as
    tenants in common

 

	UNIF
    GIFT MIN ACT 	--	 	Custodian	 
	 	 	(Cust)	 	(Minor)

 

Under
Uniform Gifts to Minors Act

 

	 	 
	(State)	 

 

Additional
abbreviations may also be used though not in the above list.

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

 

Please
Insert Social Security or

Other
Identifying Number of Assignee  

	 	 

	 
	 
	 

(Please
print or type name and address including postal zip code of Assignee)

 

    8 

     

    

 

the
within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and appoint __________________ attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises.

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	 

 

NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever.

 

    9Exhibit
10.1

 

 

		 

                                                                                                                                       

                                                                                                                                      U.S.
        Small Business Administration

         

        Note

         

         

 

	SBA
    Loan #	34711771-08
	 	 
	SBA
    Loan Name	Eastside
    Distilling, Inc.
	 	 
	Date	April
    15, 2020
	 	 
	Loan
    Amount	$
    1,044,500.00
	 	 
	Interest
    Rate	One
    percent (1.0%) fixed rate note
	 	 
	Borrower	Eastside
    Distilling, Inc.
	 	 
	Operating
    Company	Eastside
    Distilling, Inc.
	 	 
	Lender	Live
    Oak Banking Company

 

	1.	PROMISE
    TO PAY:

 

In
return for the Loan, Borrower promises to pay to the order of Lender the amount of $ 1,044,500.00 Dollars, interest on
the unpaid principal balance, and all other amounts required by this Note.

 

	2.	DEFINITIONS:

 

“Loan”
means the loan evidenced by this Note.

 

“Loan
Documents” means the documents related to this loan signed by Borrower, any guarantor, or anyone who pledges collateral.

 

“SBA”
means the Small Business Administration, an Agency of the United States of America.

 

    	 	 	Page 1/8

     

    

 

	3.	PAYMENT
    TERMS:

 

Borrower
must make all payments at the place Lender designates. The payment terms for this Note are:

 

 

The
note will mature in two (2) years from the date of the Note.

 

The
interest rate on this Note is fixed at one percent (1.0%) per year. This rate is set by the United States Small Business Administration
(“SBA”) as part of the Paycheck Protection Program approved under the Coronavirus Aid, Relief, and Economic Security
Act (CARES Act), section 7(a)(36) of the Small Business Act.

 

Interest
shall accrue from the date of this Note, however all principal and interest payments shall be deferred for six (6) months from
the date of this Note. Borrower must pay principal and interest payments of $58,781.30 every month, beginning seven (7)
months from the month this Note is dated; payments must be made on the fifth (5th) calendar day in the months they
are due.

 

Lender
will apply each installment payment first to pay interest accrued to the day Lender receives the payment, then to bring principal
current, then to pay any late fees, and will apply any remaining balance to reduce principal.

 

Borrower
may prepay this Note without penalty. Borrower may prepay 20 percent or less of the unpaid principal balance at any time without
notice. If Borrower prepays more than 20 percent and the Loan has been sold on the secondary market, Borrower must: a. Give Lender
written notice; b. Pay all accrued interest; and c. If the prepayment is received less than 21 days from the date Lender received
the notice, pay an amount equal to 21 days interest from the date lender received the notice, less any interest accrued during
the 21 days and paid under b. of this paragraph. If Borrower does not prepay within 30 days from the date Lender received the
notice, Borrower must give Lender a new notice.

 

All
remaining principal and interest is due and payable two (2) years from the date of the Note.

 

Late
Charge: If a payment on this Note is more than 15 days late, Lender may charge Borrower a late fee of up to 4.00% of the unpaid
portion of the regularly scheduled payment.

 

 

    	 	 	Page 2/8

     

    

 

	4.	DEFAULT:

 

Borrower
is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower or Operating Company:

 

	 	A.	Fails
    to do anything required by this Note and other Loan Documents;
	 	 	 
	 	B.	Defaults
    on any other loan with Lender;
	 	 	 
	 	C.	Does
    not disclose, or anyone acting on their behalf does not disclose, any material fact to Lender or SBA;
	 	 	 
	 	D.	Makes,
    or anyone acting on their behalf makes, a materially false or misleading representation to Lender or SBA;
	 	 	 
	 	E.	Defaults
    on any loan or agreement with another creditor, if Lender believes the default may materially affect Borrower’s ability
    to pay this Note;
	 	 	 
	 	F.	Fails
    to pay any taxes when due;
	 	 	 
	 	G.	Becomes
    the subject of a proceeding under any bankruptcy or insolvency law;
	 	 	 
	 	H.	Has
    a receiver or liquidator appointed for any part of their business or property;
	 	 	 
	 	I.	Makes
    an assignment for the benefit of creditors;
	 	 	 
	 	J.	Has
    any adverse change in financial condition or business operation that Lender believes may materially affect Borrower’s
    ability to pay this Note;
	 	 	 
	 	K.	Reorganizes,
    merges, consolidates, or otherwise changes ownership or business structure without Lender’s prior written consent; or
	 	 	 
	 	L.	Becomes
    the subject of a civil or criminal action that Lender believes may materially affect Borrower’s ability to pay this
    Note.

 

	5.	LENDER’S
    RIGHTS IF THERE IS A DEFAULT:

 

Without
notice or demand and without giving up any of its rights, Lender may:

 

	 	A.	Require
    immediate payment of all amounts owing under this Note;
	 	 	 
	 	B.	Collect
    all amounts owing from any Borrower; or
	 	 	 
	 	C.	File
    suit and obtain judgment.

 

	6.	LENDER’S
    GENERAL POWERS:

 

Without
notice and without Borrower’s consent, Lender may:

 

	 	A.	Incur
    expenses to collect amounts due under this Note, enforce the terms of this Note or any other Loan Document. Among other things,
    the expenses may include payments for property taxes, prior liens, insurance, appraisals, environmental remediation costs,
    and reasonable attorney’s fees and costs. If Lender incurs such expenses, it may demand immediate repayment from Borrower
    or add the expenses to the principal balance;
	 	 	 
	 	B.	Release
    anyone obligated to pay this Note; and
	 	 	 
	 	C.	Take
    any action necessary to collect amounts owing on this Note.

 

    	 	 	Page 3/8

     

    

 

	7.	WHEN
    FEDERAL LAW APPLIES:

 

When
SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may
use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By
using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to
this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA,
or preempt federal law.

 

	8.	SUCCESSORS
    AND ASSIGNS:

 

Under
this Note, Borrower and Operating Company include the successors of each, and Lender includes its successors and assigns.

 

	9.	GENERAL
    PROVISIONS:

 

	 	A.	All
    individuals and entities signing this Note are jointly and severally liable.
	 	 	 
	 	B.	Borrower
    waives all suretyship defenses.
	 	 	 
	 	C.	Borrower
    must sign all documents necessary at any time to comply with the Loan Documents.
	 	 	 
	 	D.	Lender
    may exercise any of its rights separately or together, as many times and in any order it chooses. Lender may delay or forgo
    enforcing any of its rights without giving up any of them.
	 	 	 
	 	E.	Borrower
    may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.
	 	 	 
	 	F.	If
    any part of this Note is unenforceable, all other parts remain in effect.
	 	 	 
	 	G.	To
    the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including presentment, demand,
    protest, and notice of dishonor.

 

    	 	 	Page 4/8

     

    

 

	10.	STATE-SPECIFIC
    PROVISIONS:

 

 

DELAWARE
(for residents of Delaware)

 

CONFESSION
OF JUDGMENT. IN THE EVENT OF ANY DEFAULT OR EVENT OF DEFAULT UNDER THIS NOTE, INCLUDING WITHOUT LIMITATION, ANY PAYMENT UNDER
THIS NOTE NOT BEING PAID WHEN DUE, WHETHER AT MATURITY BY ACCELERATION OR OTHERWISE, BORROWER HEREBY IRREVOCABLY APPOINTS AND
CONSTITUTES LENDER AS BORROWER’S DULY APPOINTED ATTORNEY-AT-LAW TO APPEAR IN OPEN COURT IN IN ANY COURT OF COMPETENT JURISDICTION,
AND TO CONFESS JUDGMENT PURSUANT TO THE PROVISIONS OF TITLE 10 SECTION 4732 OF THE DELAWARE CODE, AS AMENDED, AGAINST BORROWER
FOR ALL PRINCIPAL AND INTEREST AND ANY OTHER AMOUNTS DUE AND PAYABLE UNDER THIS NOTE, TOGETHER WITH ATTORNEY’S FEES AND
COLLECTION FEES AS PROVIDED IN THIS NOTE (TO THE EXTENT PERMITTED BY LAW). THIS POWER OF ATTORNEY IS COUPLED WITH AN INTEREST
AND MAY NOT BE REVOKED AND/OR TERMINATED BY BORROWER. THIS POWER OF ATTORNEY SHALL NOT BE REVOKED AND/OR TERMINATED BY VIRTUE
OF THE DEATH, DISABILITY, AND/OR DISSOLUTION OF BORROWER. NO SINGLE EXERCISE OF THE POWER TO CONFESS JUDGMENT SHALL BE DEEMED
TO EXHAUST THE POWER, AND NO JUDGMENT AGAINST BORROWER SHALL BAR SUBSEQUENT ACTION OR JUDGMENT AGAINST SUCH ENTITY AGAINST WHOM
THE JUDGMENT HAS NOT BEEN OBTAINED IN THIS NOTE.

 

GEORGIA
(for residents of Georgia)

 

THE
UNDERSIGNED BORROWER HEREBY WAIVES THE RIGHT TO REQUIRE THE HOLDER OF THIS OBLIGATION TO CONFIRM ANY FORECLOSURE SALE AS A CONDITION
FOR TAKING ACTION TO COLLECT ON THIS NOTE.

 

MARYLAND
(for residents of Maryland)

 

CONFESSION
OF JUDGMENT. THE UNDERSIGNED HEREBY AUTHORIZES AND EMPOWERS ANY ATTORNEY OR CLERK OF ANY COURT OF RECORD IN THE UNITED STATES
OR ELSEWHERE TO APPEAR FOR AND, WITH OR WITHOUT DECLARATION FILED, CONFESS JUDGMENT AGAINST THE UNDERSIGNED IN FAVOR OF THE HOLDER,
ASSIGNEE, OR SUCCESSOR OF HOLDER OF THE NOTE, AT ANY TIME, FOR THE FULL OR TOTAL AMOUNT OF THIS NOTE, TOGETHER WITH ALL INDEBTEDNESS
PROVIDED FOR THEREIN, WITH COSTS OF SUIT AND ATTORNEY’S COMMISSION OF TEN (10) PERCENT FOR THE COLLECTION; AND THE UNDERSIGNED
EXPRESSLY RELEASES ALL ERRORS, WAIVES ALL STAY OF EXECUTION, RIGHTS OF INQUISITION, AND EXTENSION UPON ANY LEVY UPON REAL ESTATE
AND ALL EXEMPTION OF PROPERTY FROM LEVY AND SALE UPON ANY EXECUTION HEREON; AND THE UNDERSIGNED EXPRESSLY AGREES TO CONDEMNATION
AND EXPRESSLY RELINQUISHES ALL RIGHTS TO BENEFITS OR EXEMPTIONS UNDER ANY AND ALL EXEMPTION LAWS NOW IN FORCE OR WHICH MAY HEREAFTER
BE ENACTED.

 

MISSOURI
(for residents of Missouri)

 

ORAL
OR UNEXECUTED AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING
PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT IS IN ANY
WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU [BORROWERS(S)] AND US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT,
ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF
THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

 

 

    	 	 	Page 5/8

     

    

 

	10.	STATE-SPECIFIC
    PROVISIONS:

 

 

OHIO
(for residents of Ohio)

 

CONFESSION
OF JUDGMENT. BORROWER HEREBY AUTHORIZES ANY ATTORNEY-AT-LAW TO APPEAR IN ANY COURT OF RECORD IN ANY COUNTY IN THE STATE OF OHIO
OR ELSEWHERE WHERE BORROWER HAS A PLACE OF BUSINESS, SIGNED A NOTE, OR CAN BE FOUND, AFTER THE LENDER DECLARES A DEFAULT AND ACCELERATES
THE BALANCES DUE UNDER THIS AGREEMENT, TO WAIVE THE ISSUANCE OF SERVICE OF PROCESS, AND CONFESS JUDGMENT AGAINST BORROWER IN FAVOR
OF LENDER FOR THE AMOUNTS THEN APPEARING DUE, TOGETHER WITH THE COSTS OF SUIT, AND THEREUPON TO RELEASE ALL ERRORS AND WAIVE ALL
RIGHT OF APPEAL AND STAY OF EXECUTION. BORROWER AGREES AND CONSENTS THAT ANY ATTORNEY CONFESSING JUDGMENT ON BEHALF OF BORROWER
HEREUNDER MAY ALSO BE COUNSEL FOR LENDER AND ANY OF ITS AFFILIATES, WAIVES ANY CONFLICT OF INTEREST WHICH MIGHT OTHERWISE ARISE,
AND CONSENTS TO LENDER, OR ITS AGENT, PAYING SUCH CONFESSING ATTORNEY A LEGAL FEE OR ALLOWING SUCH ATTORNEYS’ FEES TO BE
PAID FROM ANY PROCEEDS OF COLLECTION OF AGREEMENT OR COLLATERAL SECURITY THEREFOR.

 

OREGON
(for residents of Oregon)

 

UNDER
OREGON LAW, MOST AGREEMENTS, PROMISES, AND COMMITMENTS MADE BY LENDER CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT
FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY GRANTOR’S/BORROWER’S RESIDENCE MUST BE IN WRITING,
EXPRESS CONSIDERATION, AND BE SIGNED BY AN AUTHORIZED REPRESENTATIVE OF LENDER TO BE ENFORCEABLE.

 

PENNSYLVANIA
(for residents of Pennsylvania)

 

CONFESSION
OF JUDGMENT. BORROWER HEREBY IRREVOCABLY AUTHORIZES AND EMPOWERS ANY ATTORNEY OR THE PROTHONOTARY OF CLERK OF COURT IN THE COMMONWEALTH
OF PENNSYLVANIA, OR ELSEWHERE, TO APPEAR AT ANY TIME FOR BORROWER AFTER A DEFAULT UNDER THIS NOTE, AND WITH OR WITHOUT COMPLAINT
FILED, CONFESS OR ENTER JUDGMENT AGAINST BORROWER FOR THE ENTIRE PRINCIPAL BALANCE OF THIS NOTE AND ALL ACCRUED INTEREST, LATE
CHARGES, AND ANY AND ALL AMOUNTS EXPENDED OR ADVANCED BY LENDER RELATING TO ANY COLLATERAL SECURING THIS NOTE, TOGETHER WITH COSTS
OF SUIT, AND AN ATTORNEY’S COMMISSION OF TEN PERCENT (10%) OF THE UNPAID PRINCIPAL BALANCE AND ACCRUED INTEREST FOR COLLECTION,
BUT IN ANY EVENT, NOT LESS THAN FIVE HUNDRED DOLLARS ($500), ON WHICH JUDGMENT OR JUDGMENTS ONE OR MORE EXECUTIONS MAY ISSUE IMMEDIATELY;
AND FOR SO DOING, THIS NOTE OR A COPY OF THIS NOTE VERIFIED BY AFFIDAVIT SHALL BE SUFFICIENT WARRANT. THE AUTHORITY GRANTED IN
THIS NOTE TO CONFESS JUDGMENT AGAINST BORROWER SHALL NOT BE EXHAUSTED BY ANY EXERCISE OF THAT AUTHORITY BUT SHALL CONTINUE FROM
TIME TO TIME, AND AT ALL TIMES, UNTIL PAYMENT IN FULL OF ALL AMOUNTS DUE UNDER THIS NOTE. BORROWER HEREBY WAIVES ANY RIGHT BORROWER
MAY HAVE TO NOTICE OR TO A HEARING IN CONNECTION WITH ANY SUCH CONFESSION OF JUDGMENT, AND STATES THAT EITHER A REPRESENTATIVE
OF LENDER SPECIFICALLY CALLED THIS CONFESSION OF JUDGMENT PROVISION TO BORROWER’S ATTENTION OR BORROWER HAS BEEN REPRESENTED
BY INDEPENDENT LEGAL COUNSEL.

 

 

    	 	 	Page 6/8

     

    

 

	10.	STATE-SPECIFIC
    PROVISIONS:

 

 

VIRGINIA
(for residents of Virginia)

 

CONFESSION
OF JUDGMENT. UPON A DEFAULT IN PAYMENT OF THIS NOTE AT MATURITY, WHETHER BY ACCELERATION OR OTHERWISE, BORROWER HEREBY IRREVOCABLY
AUTHORIZES AND EMPOWERS LENDER, AS BORROWER’S ATTORNEY-IN-FACT, TO APPEAR IN THE CLERK’S OFFICE AND TO CONFESS JUDGMENT
AGAINST BORROWER FOR THE UNPAID AMOUNT OF THIS NOTE AS EVIDENCED BY THE AFFIDAVIT SIGNED BY AN OFFICER OF LENDER SETTING FORTH
THE AMOUNT THEN DUE, ATTORNEYS’ FEES PLUS COSTS OF SUIT, AND TO RELEASE ALL ERRORS, AND WAIVE ALL RIGHTS OF APPEAL. BY A
WRITTEN INSTRUMENT, LENDER MAY APPOINT A SUBSTITUTE FOR THE ABOVE-NAMED ATTORNEY-IN-FACT. IF A COPY OF THIS NOTE, VERIFIED BY
AN AFFIDAVIT, SHALL HAVE BEEN FILED IN THE PROCEEDING, IT WILL NOT BE NECESSARY TO FILE THE ORIGINAL AS A WARRANT OF ATTORNEY.
BORROWER WAIVES THE RIGHT TO ANY STAY OF EXECUTION AND THE BENEFIT OF ALL EXEMPTION LAWS NOW OF HEREAFTER IN EFFECT. NO SINGLE
EXERCISE OF THE FOREGOING WARRANT AND POWER TO CONFESS JUDGMENT WILL BE DEEMED TO EXHAUST THE POWER, WHETHER OR NOT ANY SUCH EXERCISE
SHALL BE HELD BY ANY COURT TO BE INVALID, VOIDABLE, OR VOID; BUT THE POWER WILL CONTINUE UNDIMINISHED AND MAY BE EXERCISED FROM
TIME TO TIME, AS LENDER MAY ELECT, UNTIL ALL AMOUNTS OWING ON THIS NOTE HAVE BEEN PAID IN FULL.

 

WASHINGTON
(for residents of Washington)

 

ORAL
AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE
UNDER WASHINGTON LAW.

 

WISCONSIN
(for residents of Wisconsin)

 

EACH
BORROWER WHO IS MARRIED REPRESENTS THAT THIS OBLIGATION IS INCURRED IN THE INTEREST OF HIS OR HER MARRIAGE OR FAMILY.

 

 

    	 	 	Page 7/8

     

    

 

	11.	BORROWER’S
    NAME(S) AND SIGNATURE(S):

 

By
signing below, each individual or entity becomes obligated under this Note as Borrower.

 

 

Borrower:

 

Eastside
Distilling, Inc.

 

	By:	/s/
    Lawrence Firestone	 
	Name:	Lawrence
    Firestone	 
	Title:	CEO	 
	Date:	4/15/2020
    | 2:19 PM EDT	 

 

 

    	 	 	Page 8/8

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