Document:

Exhibit 10.79

 

AMENDED AND RESTATED SECURITY AGREEMENT

(Blanket - All Business Assets)

 

This Amended and Restated Security Agreement (Blanket - All Business Assets) (as the same may from time to time be extended, amended, restated, supplemented, or otherwise modified, the “Agreement”) is dated for reference purposes as of March 21, 2011 by INVENTURE FOODS, INC., a Delaware corporation f/k/a THE INVENTURE GROUP, INC. (the “Borrower”), and LA COMETA PROPERTIES, INC., an Arizona corporation (“La Cometa”), POORE BROTHERS - BLUFFTON, LLC, a Delaware limited liability company (the “PBC”), TEJAS PB DISTRIBUTING, INC., an Arizona corporation (“Tejas”), BOULDER NATURAL FOODS, INC., an Arizona corporation (“Boulder”), BN FOODS INC., a Colorado corporation (“BN Foods”), RADER FARMS, INC., a Delaware corporation f/k/a RADER FARMS ACQUISITION CORP. (“Rader”) in favor of U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Bank”).  For purposes hereof, “Obligated Group” and “Obligated Group Parties” shall mean, collectively, (a) Borrower, (b) La Cometa, (c) PBC, (d) Tejas, (e) Boulder, (f) BN Foods, and (g) Rader (each, individually, an “Obligated Group Party”).  This Agreement amends and restates that certain Amended and Restated Business Security Agreement (Blanket - All Business Assets) dated May 16, 2007.

 

Borrower ‘s Organizational Identification Number is:  DE-2483575.

La Cometa’s Organizational Identification Number is:  AZ-08064380.

PBC’s Organizational Identification Number is:  DE-2867321.

Tejas’ Organizational Identification Number is:  AZ-08541660.

Boulder’s Organizational Identification Number is:  AZ-09522220.

BN Foods’ Organizational Identification Number is:  CO-19971102791.

Rader’s Organizational Identification Number is:  DE-4351069.

 

Unless defined elsewhere in this Agreement, defined terms used herein have the meanings given them in the Definitions Section hereof.

 

Factual Background

 

A.            Bank is extending credit and/or other financial accommodations to Borrower, now and/or in the future, including (i) a revolving line of credit loan in the maximum principal amount of Twenty-Five Million and No/100 Dollars ($25,000,000.00), (ii) a term loan in the principal amount of Six Million and No/100 Dollars ($6,000,000.00), and (iii) a term loan in the principal amount of Four Million and No/100 Dollars ($4,000,000.00) (each, individually, a “Loan” and collectively, the “Loans”).  The Loans are made under a loan agreement (each, individually, a “Loan Agreement” and collectively, the “Loan Agreements”) between Bank and Borrower.  Each Loan is evidenced by a promissory note (the “Notes”) made payable to Bank in the principal amount of such Loan, is secured by the collateral described below, and may also be secured by other collateral.  Borrower is a holding company for several affiliated entities, and each of the Obligated Group Parties (other than the Borrower) is an Affiliate of, and a wholly owned subsidiary of Borrower.

 

B.            Each of the Obligated Group Parties other than the Borrower is a Guarantor or the Loans.  It is intended (i) that each Obligated Group Party shall be liable for the Credit Facilities, directly or indirectly, as a Borrower or as a Guarantor, and (ii) that all business assets of each Obligated Group Party shall be pledged to Bank as collateral for the Credit Facilities and other Obligations.

 

C.            This Agreement, and all other documents which evidence, secure, or otherwise pertain to any of the Obligations, including the Loans, collectively constitute the “Loan Documents.” Capitalized terms used in this Agreement without definition have the meanings given them in the Loan Agreement.

 

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All terms not defined herein or in the Loan Agreement shall have the meaning given them in the Uniform Commercial Code, as enacted in the state of formation of the Borrower and as enacted in the state of formation of each of the other Obligated Group Parties, or under the Uniform Commercial Code in any other state to the extent the same is applicable law (collectively, as amended, recodified, and in effect from time to time, the “UCC”).  If a term is defined differently in Article 9 of the UCC than in another Article, Article 9 shall control.

 

D.            As a material condition to Bank extending credit and/or other financial accommodations to Borrower, including but not limited to the Loans, Bank has required that Borrower and the other Obligated Group Parties pledge to Bank, and create a security interest in favor of Bank, in and to all of the Collateral described below, pursuant to the terms and conditions set forth below.

 

NOW THEREFORE, in consideration of Bank’s agreement to extend credit and/or other financial accommodations to Borrower, now and/or in the future, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and the other Obligated Group Parties and Bank hereby agree as follows:

 

AGREEMENT

 

Definitions:  The following capitalized words and terms shall have the meanings set forth in the “Factual Background” section above, or if not defined therein, shall have the following meanings when used in this Agreement.  All references to dollar amounts shall mean amounts in lawful money of the United States of America.  Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.

 

“Credit Facilities” means all extensions of credit from the Bank to Borrower or any other Obligated Party, whether now existing or hereafter arising, including but not limited to the Loans described in Recital A above.

 

“Insolvency Obligations” means all monetary obligations incurred or accrued during the pendency of any Insolvency Proceeding regardless of whether allowed or allowable in such proceeding.

 

“Insolvency Proceeding” means any bankruptcy, receivership, or other voluntary or involuntary proceeding, in or out of court, for the adjustment of debtor-creditor relationships

 

“Obligations” means, collectively, all obligations, indebtedness, and liabilities of Borrower or any other Obligated Party to Bank, or any of Bank’s Affiliates, successors or assigns, of every kind and nature, including but not limited to all loans, advances, interest, costs, drafts, overdrafts, checks, credit card indebtedness, lease obligations, obligations under any Rate Management Agreement, and all other debts, liabilities, and obligations of every kind owning by the Borrower or any other Obligated Party to the Bank, whether direct or indirect, voluntary or involuntary, due or not due, absolute or contingent, liquidated or unliquidated, of the same or a different nature, whether now existing or hereafter incurred or created, or whether incurred directly or acquired by Bank by assignment or otherwise, together with all renewals, extensions, modifications, consolidations, and substitutions of any of the them, including interest thereon and all costs, expenses, and reasonable attorney’s fees paid or incurred by Bank at any time before or after judgment in attempting to collect any of the foregoing, to realize on any collateral securing any of the foregoing, to realize on any guaranty or indemnity executed in connection with the foregoing, and to enforce this Agreement.  The “Obligations” specifically include, but are not limited to, all indebtedness of Borrower  to Bank under the Credit Facilities, and all advances made by Bank to or for the benefit of Borrower thereunder.  The “Obligations” also specifically include all Insolvency Obligations and all Surrendered Payments. .  Unless Borrower or any other Obligated Party shall have otherwise agreed in writing, for the

 

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purposes of this Agreement, “Obligations” shall not include “consumer credit” subject to the disclosure requirements of the Federal Truth in Lending Act or any regulations promulgated thereunder.

 

“Rate Management Agreement” means any rate lock agreement or interest rate protection agreement (such as any interest rate swap agreement, International Swaps and Derivatives Association, Inc. Master Agreement, or similar agreement or arrangements now existing or hereafter entered into by Borrower or any other Obligated Party and Bank in connection with any Credit Facility to hedge the risk of variable rate interest volatility or fluctuations in interest rates as any such agreement or arrangement may be modified, supplemented and in effect from time to time).

 

“Surrendered Payments” means, collectively, the amount of any payments made to Bank or any other party on behalf of Borrower or any other Obligated Party (including payments resulting from liquidation of collateral) which are recovered from the Bank by a trustee, receiver, creditor, or other party pursuant to applicable federal or state law.

 

1.             Assignment and Grant of Security.  For the purpose of securing payment and performance of the Obligations, including the prompt payment and performance of all obligations and indebtedness of Borrower to Bank under the Loan Documents, and all renewals, extensions, modifications, amendments, and/or supplements thereto, in such order of priority as Bank may determine in its sole and absolute discretion, the Obligated Parties each hereby irrevocably and unconditionally assign, grant, pledge, transfer, and set over to Bank, and there is hereby created a security interest in favor of Bank, in and to all of each Obligated Party’s right, title, and interest in, to, and under all of the following, whether now or hereafter existing, or now owned or hereafter acquired (all or any part of such property, or any interest in all or any part of it, as the context may require, the “Collateral”):

 

1.1          All assets of each such Obligated Party, including all personal and fixture property of every kind and nature including but not limited to those specifically described below.

 

1.2          All of the following, whether now owned or hereafter acquired by each such Obligated Party:  accounts (including health-care-insurance receivables) and other rights of such Obligated Party to the payment of money no matter how evidenced, including but not limited to accounts receivable, pledges receivable, grants receivable, capital campaign receivables, and any other receivables, contract rights, instruments, documents, promissory notes, certificates of deposit, chattel paper (whether tangible or electronic), deposit accounts, letter-of-credit rights (whether or not the letter of credit is evidenced by a writing), supporting obligations, and general intangibles of every nature, all permits, regulatory approvals, copyrights, copyright applications, patents, trademarks, trademark applications, service marks, trade names, software, symbols, mask works, engineering drawings, customer lists, goodwill, licenses, permits, all agreements of any kind or nature by which such Obligated Party possesses, uses, or has authority to possess or use property (whether tangible or intangible) of others or others possess, use, or have authority to possess or use property (whether tangible or intangible) of such Obligated Party, all recorded data of any kind or nature (regardless of the medium of recording) including but not limited to all software, writings, plans, specifications, and schematics, and all other intellectual property owned by such Obligated Party or used in such Obligated Party’s business.

 

1.3          All fixed assets, machinery, furniture, fixtures, and other equipment of every type now owned or hereafter acquired by each such Obligated Party.

 

1.4          All inventory now owned or hereafter acquired by each such Obligated Party, including, without limitation, all raw materials, work in process, materials used or consumed in such Obligated Party’s business, finished goods, and supplies.

 

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1.5          All other property of each such Obligated Party now or hereafter in the possession, custody, or control of Bank, including, without limitation, all deposit accounts of each such Obligated Party with Bank, and all property of each such Obligated Party in which Bank now has or hereafter acquires a security interest.

 

1.6          All investment property, including all investment securities and investment securities accounts (each, and “ISA”), now owned or hereafter acquired, together with all assets and investment of any kind or nature now or hereafter held in each ISA, including cash, certificated or uncertificated securities, notes, instruments, documents, general intangibles, and commercial paper, together with (a) all new substituted and additional documents, instruments, and general intangibles issued with respect thereto, (b) all voting and rights to and interest in all cash, non-cash dividends and all other property now or hereafter distributable on account of or receivable with respect thereto, (c) interest thereon, stock and subscription rights; dividends and dividend rights; and new securities or other property such Obligated Party receives in connection therewith, which such Obligated Party agrees to deliver to the Bank immediately, and (d) all proceeds thereof, including, without limitation, proceeds consisting of cash, dividends (including dividends consisting of stock), stock splits, distributions, interest, certificated or uncertificated securities, notes, instruments, documents, general intangibles, commercial paper, and any other earnings of whatever nature.

 

1.7          All tort claims and insurance claims and proceeds, including commercial tort claims.

 

1.8          All software embedded within or used in connection with any of the above-described property.

 

1.9          All negotiable and nonnegotiable documents of title now owned or hereafter acquired by each such Obligated Party covering any of the above-described property.

 

1.10        All rights under contracts of insurance now owned or hereafter acquired by each such Obligated Party covering any of the above-described property.

 

1.11        All books and records now owned or hereafter acquired by each such Obligated Party pertaining to any of the above-described property, including but not limited to any computer-readable memory and any computer hardware or software (including embedded software) necessary to process such memory (collectively, the “Books and Records”).

 

1.12        All products, rents, and profits now owned or hereafter acquired by each such Obligated Party of any of the above-described property.

 

1.13        All cash and non-cash proceeds of, additions and accretions to, substitutions and replacements for, and changes in any of the above-described property (collectively, “Proceeds”), including without limitation (i) all interest and dividends earned on the Proceeds; (ii) all monies and other tangible or intangible property received upon a sale or other disposition of any of the Proceeds; (iii) all rights to payment in connection with any cause of action with respect to any Proceeds and all proceeds of any voluntary or involuntary disposition or claim respecting any of the foregoing (arising out of any judgment or award, or otherwise arising) and (iv) all goods, documents, general intangibles, chattel paper and accounts, wherever located, acquired with cash proceeds of any of the foregoing or its proceeds, and all supporting obligations ancillary to or arising in any way in connection with any of the above-described property.

 

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2.             Further Assurances; Authorization to File Financing Statements; Attorney-in-Fact.

 

2.1          Further Assurances.  Each Obligated Party agrees that, from time to time, at its own expense, it will:

 

(a)           Protect and defend the Collateral against all claims and demands of all persons at any time claiming the same or any interest therein, and preserve and protect Bank’s security interest in the Collateral.

 

(b)           Promptly execute and deliver to Bank all instruments and documents, and take all further action necessary or desirable, as Bank may reasonably request to (i) correct any defect, error, or omission which may be discovered in the contents, execution, or acknowledgment of this Agreement; (ii) continue, perfect, or protect any security interest granted or purported to be granted hereby, and (iii)  enable Bank to exercise and enforce any of its rights and remedies hereunder with respect to any Collateral.  Such actions may include but not be limited to executing, authenticating, authorizing, acknowledging, delivering, procuring, and recording and/or filing such further documents (including, without limitation, further security agreements, financing statements, financing statement amendments, and continuation statements), and doing such further acts as may be necessary, desirable, or proper to (A) carry out more effectively the purposes of this Agreement or (B) more fully identify and subject to the liens and security interests hereof any property intended to be covered hereby (including specifically, but without limitation, any renewals, additions, substitutions, or replacements, of or to the Collateral), (C) protect the lien or the security interest hereunder against the rights or interests of third persons, and/or (D) enable Bank to exercise and enforce any of its rights and remedies hereunder with respect to any Collateral.

 

(c)           Permit Bank’s representatives to inspect and make copies of all Books and Records relating to the Collateral, wherever such Books and Records are located, and to conduct an audit relating to the Collateral at any reasonable time or times.

 

(d)           Provide, promptly on request of Bank, such certificates, documents, reports, information, affidavits, and other instruments to Bank, and do such further acts as may be necessary, desirable, or proper in the reasonable determination of Bank, to enable Bank to comply with the requirements or requests of any agency having jurisdiction over Bank, and/or any examiners of such agencies, with respect to the Obligations, Borrower, each other Obligated Party, or the Collateral.

 

2.2          Authorization to File Financing Statements.  Each Obligated Party hereby irrevocably authorizes Bank at any time, and from time to time, to file in any Uniform Commercial Code jurisdiction, any initial financing statements, amendments thereto, and continuation statements with or without signature of such Obligated Party as authorized by applicable law, as applicable to the Collateral.  Except to the extent expressly prohibited by applicable law, a carbon, photographic, facsimile, or other reproduction of this Agreement or any financing statement shall be sufficient as a financing statement.  For purposes of such filings, each Obligated Party agrees to furnish any information requested by Bank promptly upon request by Bank.  Each Obligated Party also ratifies its authorization for Bank to have filed any like initial financing statements, amendments thereto, or continuation statements if filed prior to the date of this Agreement.

 

2.3          Attorney-in-Fact; Exercise of Rights.  Each Obligated Party hereby irrevocably constitutes and appoints Bank, including any officer or agent of Bank, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Obligated Party, or in such Obligated Party’s own name, to execute any such documents and to otherwise carry out the purposes of this Agreement, to the extent that such Obligated Party’s authorization above is not sufficient.  To the extent not expressly prohibited by law, each Obligated Party hereby ratifies and

 

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affirms all acts said attorneys-in-fact shall lawfully do, have done in the past or cause to be done in the future by virtue hereof.  This power of attorney is a power coupled with an interest and shall be irrevocable.  Additionally, effective upon the occurrence of a Event of Default under this Agreement, each Obligated Party hereby irrevocably appoints Bank as its attorney-in-fact, to demand, receive, and enforce such Obligated Party’s rights with respect to the Collateral, including the protection thereof, and to give appropriate receipts, releases, and satisfactions for and on behalf of, and in the name of, such Obligated Party.  Such powers are deemed to be coupled with an interest, and are therefore irrevocable.  Any third party may rely on representations of Bank that an Event of Default exists hereunder or that the power of attorney hereby granted by each Obligated Party to Bank is effective, without further inquiry.  In addition to the foregoing facilitate Bank’s exercise of the rights and remedies set forth herein, each Obligated Party authorizes Bank to (a) enter any premises where any Books or Records relating to the Collateral may be located, at reasonable times and following reasonable notice, for the purpose of inspecting, and/or copying any documents, files, and records relating to the Collateral, and to use such supplies and space of such Obligated Party at its places of business as may be reasonably necessary to administer and control the Collateral or the handling of collections and realizations thereon, (b) give notices to and to communicate with any party in possession or control of any of the Collateral with respect to such Collateral, and (c) take all steps and to institute (in Bank’s name or such Obligated Party’s name) all actions and proceedings deemed necessary or advisable by Bank to effect the collection or realization upon any of the Collateral.

 

3.             Obligated Party’s Representations and Warranties.  Each Obligated Party promises that each representation and warranty set forth below is and will be true, accurate, and correct:

 

3.1          Authority; Enforceability.  Each Obligated Party’s exact legal name and correct organizational identification number is correctly set forth in the introductory paragraph of this Agreement.  Each Obligated Party has complied with any and all laws and regulations concerning its organization, existence, and the transaction of its business.  Each Obligated Party has the right, power, and authority to make this Agreement and to grant the security interests granted hereunder.  When fully executed, this Agreement will create a valid and enforceable first-priority security interest in the Collateral, excepting the Approved Existing Lien Assets, which are subject only to the Approved Existing Liens, and except to the extent previously disclosed in writing to Bank.

 

3.2          No Violation; Compliance With Law.  The execution and delivery of this Agreement and performance by each Obligated Party of its obligations hereunder will not result in a default under any other material agreement to which such Obligated Party is a party. To the best of each Obligated Party’s knowledge and belief, such Obligated Party is in full compliance with all applicable federal, state, and local statutes, rules, and regulations pertaining to the Collateral.

 

3.3          No Consent of Action Required.  To the best of each Obligated Party’s knowledge and belief, no authorization, consent, approval, other action by, notice to, or filing with, any governmental authority, regulatory body, or any other person or entity is required for the execution of this Agreement or the grant or perfection of the security interests granted herein, except any written consent attached hereto or otherwise previously provided by such Obligated Party to Bank.  There exist no restrictions on each Obligated Party’s ability to pledge and assign such Collateral to Bank by virtue of any arrangement or agreement with any other third party.

 

3.4          No Other Pledge.  Except as  previously disclosed in writing to Bank, and specifically excepting the Approved Existing Liens on the Approved Existing Lien Assets, the Obligated Parties are collectively the sole legal and equitable owners and holders of all right, title, and interest in and to all of the Collateral, free and clear of any liens, encumbrances, or interests of third parties, other than those in favor of Bank, specifically allowed pursuant to the terms of the Loan Documents, or otherwise agreed to in writing by Bank.  The Obligated Parties have not pledged or assigned any of its right, title, or interest in or

 

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to all or any portion of the Collateral to any other person or entity, except for the Approved Existing Liens on the Approved Existing Lien Assets.

 

3.5          Use of Secured Obligations.  The Obligations, including all loans secured hereby, are solely for business and/or investment purposes, and are not intended for personal, family, household, or agricultural purposes.  All loans secured hereby are considered and construed for all purposes as commercial loans.  The proceeds of the Obligations shall be used for commercial purposes.

 

3.6          Collateral Attributes.  Except as  previously disclosed in writing to Bank, (i) none of the account debtors or other persons obligated on any of the Collateral is a governmental authority subject to the Federal Assignment of Claims Act or any similar federal, state, or local law, rule, or regulation with respect to such Collateral, and (ii) to the best of each Obligated Group Party’s knowledge and belief, each Obligated Group Party holds no commercial tort claims.  To the best of each Obligated Group Party’s knowledge and belief, except as otherwise disclosed to Bank in writing prior to the execution of this Agreement, each of the presently existing Collateral Documents (as such term is defined below) is genuine, valid, in full force and effect, and enforceable against all applicable parties in accordance with its terms (except to the extent that enforceability is limited by bankruptcy, insolvency, or other laws affecting the enforcement of creditors’ rights generally).

 

3.7          Obligated Party’s Location and Information.  Each Obligated Group Party is an organization of the type and (if not an unregistered entity) is incorporated in or organized under the laws of the state specified in the introductory paragraph of this Agreement.  Each Obligated Group Party’s principal place of business and chief executive office, and the place where such Obligated Group Party keeps its books and records, has for the preceding four (4) months (or, if less, the entire period of the existence of such Obligated Group Party) been and will continue to be (unless such Obligated Group Party notifies Bank of any change in writing at least thirty (30) days prior to the date of such change) at the address or addresses specified on the signature page of this Agreement, and (d) if such Obligated Group Party is an unregistered entity (including, without limitation, a general partnership) it is organized under the laws of the state specified in the introductory paragraph of this Agreement.

 

4.             Obligated Party’s Covenants.  Each Obligated Group Party covenants and warrants that unless compliance is waived by Bank in writing:

 

4.1          Collateral Preservation.  Each Obligated Group Party will properly preserve the Collateral, keep the Collateral in good order and repair, keep accurate Books and Records, protect and defend the Collateral against all claims and demands of all persons at any time claiming the same or any interest therein, and preserve and protect Bank’s security interest in the Collateral.

 

4.2          No Liens.  Each Obligated Group Party has not granted and will not grant any security interest in any of the Collateral except to Bank and except for any other security interests specifically allowed pursuant to the terms of Loan Documents or otherwise agreed to in writing by Bank, and will keep the Collateral free of all liens, claims, security interests, and encumbrances of any kind or nature, except the security interest of Bank and other security interests specifically allowed pursuant to the terms of Loan Documents or otherwise agreed to in writing by Bank.

 

4.3          Restriction on Assignment or Transfer.  Each Obligated Group Party will not sell, convey, lease, assign, encumber, pledge, or otherwise transfer or dispose of all or any portion of the Collateral, or any interest therein, whether such transfer is voluntary, involuntary, by operation of law, or otherwise, except for (a) those transfers of Collateral, if any, specifically allowed pursuant to the terms of Loan Documents or otherwise agreed to in writing by Bank, and (b) so long as no Event of Default has occurred and is continuing hereunder, inventory sold or supplies used in the ordinary course of such Obligated Group Party’s business.  The foregoing restriction on transfer specifically includes transfers to any

 

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trust.  Any attempted transfer of any Collateral, or any interest therein, which is not specifically authorized pursuant to the terms of this Agreement or otherwise consented to by Bank in writing shall be null and void and of no force or effect for any purpose whatsoever.

 

4.4          Collateral Documents; Actions Without Consent.  Each Obligated Group Party will not (i) amend, supplement, terminate, or otherwise modify any contract or other document or instrument now or hereafter included in the Collateral (each, a “Collateral Document” and collectively, the “Collateral Documents”); (ii) release, relinquish, or waive any right, or grant any approval or consent, with respect to any Collateral Document; (iii) enter into any new agreement with respect to any Collateral; or (iv) take any other action with respect to any Collateral which is inconsistent with this Agreement or which could impair Bank’s interests hereunder, except as may be specifically allowed pursuant to the terms of Loan Documents or otherwise agreed to in writing by Bank.  Any such termination, modification, waiver, approval, or other action taken which is not specifically authorized pursuant to the terms of this Agreement shall, at Bank’s option, be null and void and of no force or effect for any purpose whatsoever.

 

4.5          Defense of Proceedings; Payments of Taxes, Assessments, and Charges. Each Obligated Group Party shall, at such Obligated Group Party’s sole expense, defend all actions, proceedings and other claims affecting the Collateral owned by it, including without limitation actions, proceedings, and claims challenging such Obligated Group Party’s title to the Collateral or the validity or priority of Bank’s rights hereunder.  Each Obligated Group Party shall promptly pay all taxes and other governmental charges, and all license fees, and other public and private charges, levied or assessed upon or against any of the Collateral owned by it (if any) or upon or against the creation, perfection or continuance of the Bank’s security interest created hereunder, as well as all other claims of any kind against or with respect to the Collateral, except to the extent (a) such taxes, charges or claims are being contested in good faith by appropriate proceedings, (b) such proceedings do not involve any material danger of the sale, forfeiture or loss of any of the Collateral or any interest therein, and (c) such taxes, charges or claims are adequately reserved against on such Obligated Group Party’s books in accordance with generally accepted accounting principles.

 

4.6          Location and Identification.  Each Obligated Group Party will not cause or permit any change to be made in (a) its name, identity, or corporate, partnership, limited liability company, or other entity structure, (b) its jurisdiction on organization (c) its organizational identification number, (d) its place of business or, if more than one, its chief executive office, or (e) its mailing address, or (f) any change in the location of any Collateral, including the Books and Records, unless such Obligated Group Party shall have notified Bank in writing of such change at least thirty (30) days prior to the effective date of such change, and shall have first taken all action required by Bank for the purpose of further perfecting or protecting the lien and security interest of Bank in the Collateral.  If such Obligated Group Party does not have an organizational identification number and later obtains one, such Obligated Group Party shall promptly notify Bank of such organizational identification number.

 

4.7          Books and Records; Collateral.  Each Obligated Group Party will keep accurate and complete Books and Records with respect to the Collateral owned by it, and shall, if required by Bank from time to time, promptly deliver reports to Bank with respect to the Collateral in form and substance satisfactory to Bank in its sole and absolute discretion.  Each Obligated Group Party will permit Bank’s representatives to inspect the Collateral owned by it and/or make copies of, and /or extracts from, all Books and Records, wherever such Books and Records are located, and to conduct an audit relating to the Collateral owned by it at any reasonable time or times.  Upon the request of Bank, each Obligated Group Party will deliver to Bank (a) copies of or extracts from the Books and Records, and (b) information on any matters affecting the Collateral owned by it.

 

4.8          Compliance With Law; Notice of Material Events.  Each Obligated Group Party will not use any of the Collateral in violation of any applicable law or regulation, or in violation of any policy of

 

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insurance thereon.  Each Obligated Group Party will promptly notify Bank in writing of any event which affects the value of the Collateral, the ability of such Obligated Group Party or Bank to dispose of the Collateral, or the rights and remedies of Bank in relation thereto, including but not limited to, the levy of any legal process against any Collateral and the adoption of any marketing order, arrangement, or procedure affecting the Collateral, whether governmental or otherwise.

 

4.9          Attachment.  Each Obligated Group Party will not attach any Collateral to any real property or fixture in a manner which might cause such Collateral to become a part thereof unless such Obligated Group Party first obtains the written consent of any owner, holder of any lien on the real property or fixture, or other person having an interest in such property to the removal by Bank of the Collateral from such real property or fixture.  Such written consent shall be in form and substance acceptable to Bank and shall provide that Bank has no liability to such owner, holder of any lien, or any other person.

 

4.10        Insurance.  Each Obligated Group Party will maintain and keep in force insurance covering Collateral owned by it designated by Bank against fire and extended coverages.  Such insurance shall require losses to be paid on a replacement cost basis, be issued by insurance companies acceptable to Bank and include Bank’s standard form Certification and Material Change Endorsement and Commodity Loss Payable Endorsement, or such other material change and/or loss payable endorsements in favor of Bank requested by Bank, all in a form and substance acceptable to Bank in its sole and absolute discretion.

 

4.11        Delivery of Documents; Collection.  If any Collateral is or becomes the subject of any registration certificate or negotiable document of title including any warehouse receipt or bill of lading, the applicable Obligated Group Party shall immediately deliver such document to Bank.  If requested by Bank, each Obligated Group Party will deliver to Bank any instruments, certificates of deposit, or chattel paper.  If requested by Bank, each Obligated Group Party will segregate all collections and proceeds of the Collateral so that they are capable of identification and deliver daily such collections and proceeds to Bank in kind, and/or direct all account debtors to forward all payments and proceeds of the Collateral to a post office box under Bank’s exclusive control.  To the extent that any of the Collateral consists of accounts, promissory notes, instruments, or other items for which payments are due or coming due, unless otherwise agreed in writing by Bank, until Bank exercises its rights to make collection, the applicable Obligated Group Party will diligently collect such Collateral.

 

5.             Obligations of Bank with Respect to Collateral.  Neither Bank’s acceptance of the assignment and security interests granted hereunder nor any exercise by Bank of its rights and remedies hereunder shall be deemed to be an assumption by Bank of any obligation or liability of any Obligated Group Party with respect to any Collateral or under the terms of any Collateral Document, and each Obligated Group Party shall indemnify, defend, and hold Bank harmless for, from, and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations, and costs or expenses, including litigation costs and reasonable attorneys’ fees, arising from or in any way connected with any such obligation or liability.  Bank’s obligations with respect to Collateral in its possession shall be limited to the duty to exercise reasonable care in the custody and preservation of such Collateral; provided, however, that Bank shall have no duty to take any steps to preserve the rights of any Obligated Group Party against other persons, or to initiate any action to protect any Collateral.  Upon any transfer by Bank of any or all of the Obligations, Bank may transfer any or all of the Collateral and shall thereupon be fully discharged of liability and responsibility with respect to the Obligations and/or Collateral so transferred; but Bank shall retain all applicable rights and interest hereunder with respect to any Obligations and/or Collateral not then transferred.

 

9

 

6.             Defaults and Remedies.

 

6.1          Events of Default.   Each Obligated Group Party will be in default under this Agreement upon the occurrence of any one or more of the following events (each an “Event of Default”):

 

(a)           A default or Event of Default occurs under any of the Loan Documents (as defined in the applicable document, subject to applicable notice and cure periods).

 

(b)           Any Obligated Group Party fails to comply with any of the terms and conditions of this Agreement within ten (10) days after Bank’s written demand.

 

(c)           Any representation or warranty made or given by any Obligated Group Party in this Agreement proves to be false or misleading in any material respect.

 

(d)           Any involuntary lien of any kind or character attaches to any Collateral.

 

(e)           Any Obligated Group Party becomes insolvent or the subject of any bankruptcy or other voluntary or involuntary proceeding, in or out of court, for the adjustment of debtor-creditor relationships (an “Insolvency Proceeding”), or any Obligated Group Party consents to the appointment or taking of possession by a receiver (or similar official) of any Obligated Group Party, or its property, or any Obligated Group Party makes an assignment for the benefit of creditors; provided, however, that an involuntary Insolvency Proceeding shall not be considered an Event of Default hereunder if it is either (i) consented to in writing by Bank, or (ii) has been dismissed within ninety (90) days of the filing thereof.

 

6.2          Remedies.  If an Event of Default occurs under this Agreement, Bank may exercise any right or remedy available at law or in equity or by statute, including but not limited to all rights, powers and remedies of an owner and as a secured party under the UCC, and all of Bank’s rights and remedies shall be cumulative.  Bank’s rights and remedies, each of which may be exercised with or without further notice to any Obligated Group Party, shall specifically include, without limitation, the right to: (a) exercise all rights and remedies available upon the occurrence of an Event of Default under any Loan Document, including without limitation the right to declare any and/or all Obligations immediately due and payable and to foreclose Bank’s security interests in any and/or all Collateral by any means allowed by law, with or without judicial process; (b) notify any person obligated with respect to any Collateral that the same has been assigned to Bank and that all payments thereon are to be made to Bank, and (c) renew, extend, amend, or otherwise modify any Collateral Document (subject to any required consents of third parties required pursuant to the terms thereof) and to otherwise exercise rights and remedies and act with respect to any Collateral as if it were the owner thereof.

 

Without limiting the foregoing, Bank’s rights after an Event of Default hereunder specifically include it’s right, at its option to: (i) declare any Obligations, including any Credit Facility, immediately due and payable, without notice or demand, (ii) enforce the security interest given hereunder pursuant to the UCC and/or any other applicable law, (iii) enforce the security interest of Bank, or exercise any right of setoff, in any deposit account of any Obligated Group Party by applying such account to the Obligations in such order and manner as Bank shall determine, (iv) grant extensions and compromise or settle claims with respect to the Collateral for less than face value, all without prior notice to any Obligated Group Party, (v) have a receiver appointed by any court of competent jurisdiction to take possession of all or any portion of the Collateral, and/or (vi) take such measures as Bank may deem necessary or advisable to take possession of, hold, preserve, process, assemble, insure, prepare for sale or lease, market for sale or lease, sell or lease, or otherwise dispose of any Collateral (each a “Collateral Disposition”).

 

10

 

6.3          Other Rights of Bank.

 

(a)           The remedies provided herein in favor of Bank are not exclusive, but are cumulative and in addition to all other remedies in favor of Bank existing under the Loan Documents, and at law or in equity.  Without limiting the foregoing, Bank may exercise its rights with respect to a portion of the Collateral without exercising its rights with respect to any other portion of the Collateral, and may exercise any of its rights under this Agreement without any obligation to enforce any of its rights to any other security for the Obligations.

 

(b)           Bank may comply with any applicable federal, state, or local law or regulatory requirements in connection with a disposition of the Collateral, and such compliance will not be considered to affect adversely the commercial reasonableness of any sale of the Collateral.  Bank may sell the Collateral without giving any warranties as to the Collateral, and specifically disclaim any warranties of title, merchantability, fitness for a specific purpose or the like, and this procedure will not be considered to affect adversely the commercial reasonableness of any sale of the.  Each Obligated Group Party acknowledges that a private sale of the Collateral may result in less proceeds than a public sale.  Each Obligated Group Party acknowledges that the Collateral may be sold at a loss to such Obligated Group Party, and that, in such event, Bank shall have no liability or responsibility to such Obligated Group Party or any other Obligated Group Party for such loss.

 

(c)           Upon any public or private sale of all or any portion of the Collateral, (i) Bank may bid for and purchase the Collateral being sold, and, upon compliance with the terms of sale, may hold, retain, possess, and dispose of such Collateral in its own absolute right without further accountability, and (i) all rights, title, interests, claims, and demands whatsoever, either at law or in equity, of any Obligated Group Party of, in, and to the property so sold will be divested; such sale will be a perpetual bar both at law and in equity against each Obligated Group Party and its respective successors and assigns.  Each Obligated Group Party shall make and deliver to the purchaser or purchasers a good and sufficient deed, certificate, bill of sale, and instrument of assignment and transfer of the Collateral sold.  To the extent it may do so lawfully, Each Obligated Group Party agrees not to insist upon, plead, claim, or take the benefit or advantage of, at any time, or in any manner whatsoever, any appraisement, valuation, stay, extension, or redemption laws, or any law permitting them to direct the order in which the Collateral or any portion thereof will be sold, now or at any time hereafter in force, which may delay, prevent, or otherwise affect the performance or enforcement of the this Agreement, and each Obligated Group Party hereby expressly waives all benefit or advantage of any such laws, and covenant that it will not hinder, delay, or impede the execution of any power granted or delegated to Bank in this Agreement, but will suffer and permit the execution of every such power as though no such laws were in force.

 

(d)           Following an Event of Default, Bank is expressly granted the right, at its option, to transfer the Collateral, or any part thereof, to itself, or its nominee, and to receive the payments, collections, monies, income, proceeds, attributable or accruing thereto, and to hold same as security for the Obligations, or to apply same to the Obligations secured by this Agreement in such order and manner as Bank shall determine in its sole and absolute discretion.  Except to the extent expressly prohibited by law, the right of Bank to take possession of the Collateral following an Event of Default hereunder may be exercised without resort to any court proceeding or judicial process, and without any hearing, whatsoever.  Each Obligated Group Party expressly waives any and all rights (i) with regard to judicial process or hearing prior to the exercise of Bank’s right to take possession and control of the Collateral after an Event of Default, and (ii) to marshalling of assets, including such right with respect to the Collateral.

 

(e)           Each Obligated Group Party agrees that Bank may at its option at any time, whether or not any Obligated Group Party is in default, notify any account debtors, any buyers of the Collateral, or any other persons of Bank’s interest in the Collateral.  Bank is expressly granted the right, at its option, following an Event of Default, to demand and collect any payments and proceeds of the

 

11

 

Collateral.  In connection with the foregoing, each Obligated Group Party irrevocably authorizes Bank, and irrevocably appoints Bank as such Obligated Group Party’s attorney-in-fact, with full power of substitution, to endorse or sign such Obligated Group Party’s name on all checks, drafts, collections, receipts, and other documents, and to take possession of and open the mail addressed to such Obligated Group Party and remove therefrom any payments and proceeds of the Collateral, such appointment being a power coupled with an interest.

 

(f)            In connection with any Collateral Disposition, Bank may (A) require the applicable Obligated Group Party to assemble all of any portion of the Collateral and make it available to Bank at a place designated by Bank, and/or enter upon the property where any such Collateral is located and take possession of such Collateral, and use such property (including any buildings and facilities) and any of such Obligated Group Party ‘s equipment, if Bank deems such use necessary or advisable for or in connection with such Collateral Disposition, and/or (B) use or transfer, without any additional consideration to any Obligated Group Party, any of such Obligated Group Party’s rights and interests in any Intellectual Property now owned or hereafter acquired by such Obligated Group Party, including, but not limited to, all trade secrets, computer software, service marks, trademarks, trade names, trade styles, copyrights, patents, applications for any of the foregoing, customer lists, working drawings, instructional manuals, and rights in processes for technical manufacturing, packaging and labeling in which such Obligated Group Party has any right or interest, whether by ownership, license, contract or otherwise, if Bank deems such use or transfer necessary or advisable for or in connection with such Collateral Disposition.  Each Obligated Group Party hereby irrevocably constitutes and appoints Bank as such Obligated Group Party’s attorney-in-fact, with full power of substitution, to perform all acts and execute all documents in connection with any Collateral Disposition, such appointment being a power coupled with an interest.

 

(g)           Each Obligated Group Party agrees to take all steps necessary to avoid the violation of any current and future securities laws, and consents to any steps Bank takes to avoid violation of the same.  Each Obligated Group Party further agrees to enter into any amendments hereto that Bank may reasonably request to avoid the violation of such laws.  Each Obligated Group Party recognizes that, due to certain prohibitions contained in the Securities Act of 1933, as amended, or other applicable securities laws, Bank may, with respect to any securities, consider it advisable to resort to one or more private sales to a restricted group of purchasers who will agree to acquire any securities for their own accounts for investment and not to engage in a distribution of resale thereof, and that private sales so made may be at prices and on other terms less favorable to the seller than if such securities were sold at public sale.  Each Obligated Group Party acknowledges that the price received for the purchase of such Collateral may be substantially lower than such Obligated Group Party might have negotiated under other circumstances, and each Obligated Group Party agrees that such procedures are commercially reasonable.  If a deficiency remains due, the Borrower or applicable Obligated Group Party, as the case may be, must pay the same promptly to Bank.

 

6.4          Setoff.  As additional security for the Obligations, including the payment and performance of all obligations of Borrower under the Loan Documents, each Obligated Group Party hereby grants Bank a security interest in, a lien on, and an express contractual right to set off against each account (including all deposit accounts), including all depository account balances, cash, and any other property of such Obligated Group Party, now or hereafter in the possession of Bank and the right to refuse to allow withdrawals from any account.  Bank may, at any time upon the occurrence of any default or Event of Default, or an event that, with notice or the passage of time, or both, could become an Event of Default, under this Agreement or any other Loan Document, setoff against any amounts outstanding under the Obligations, whether or not any of the Obligations are then due or have been accelerated, all without any advance or contemporaneous notice of demand of any kind to any Obligated Group Party, such notice and demand being expressly waived.

 

12

 

6.5          Surrendered Payments.  In the event that Bank makes any Surrendered Payment, including pursuant to a negotiated settlement, the Surrendered Payments, the Surrendered Payments shall immediately and automatically without any further action required on behalf of Bank or any other party, be reinstated as Obligations, regardless of whether this Agreement has been terminated, cancelled, or released pursuant to its terms or otherwise and regardless of whether Bank has surrendered, terminated, cancelled, or released this Agreement prior to returning any Surrendered Payments

 

7.             Miscellaneous Provisions.

 

7.1          No Waiver; Consents.  Each waiver by Bank shall be in writing, and no waiver may be construed as a continuing waiver.  No waiver will be implied from Bank’s delay in exercising or failure to exercise any right or remedy against any party or any security.  Bank’s consent to any act or omission by any Obligated Group Party may not be construed as a consent to any other or subsequent act or omission or as a waiver of the requirement for Bank’s consent to be obtained in any future or other instance.

 

7.2          Purpose and Effect of Bank Approval.  Bank’s approval of any matter in connection with this Agreement is for the sole purpose of protecting Bank’s security and rights.  No such approval will result in a waiver of any default of any Obligated Group Party.  In no event may Bank’s approval be a representation of any kind with regard to the matter being approved.

 

7.3          Notices.  All notices given under this Agreement shall be in writing and be given by personal delivery, overnight receipted courier (such as Airborne or Federal Express) or by registered or certified United States mail, postage prepaid, sent to the party at its address appearing below its signature.  Notices shall be effective upon the first to occur of receipt, when proper delivery is refused, or the expiration of forty-eight (48) hours after deposit in registered or certified United States mail as described above.  Addresses for notice may be changed by any party by notice to any other party in accordance with this Section.

 

7.4          Actions.  If any Obligated Group Party fails to perform any agreement contained herein, Bank may itself perform, or cause the performance of, such agreement, and the reasonable expenses of Bank incurred in connection therewith shall be payable by the applicable non-performing party.  Bank also shall have the right, but not the obligation, to commence, appear in, and defend any action or proceeding that might affect its security hereunder.  The applicable Obligated Group Party shall pay promptly on demand all of Bank’s reasonable out-of-pocket costs, expenses and legal fees and expenses of Bank’s counsel incurred in those actions or proceedings.

 

7.5          Dispute Resolution.  Disputes under this Agreement shall be resolved in the manner specified in the Loan Agreement.

 

7.6          Attorneys’ Fees.  In any lawsuit or arbitration arising out of or relating to this Agreement, the Loan Documents, or the Loans, the prevailing party will be entitled to recover from each other party such sums as the court or arbitrator adjudges to be reasonable attorneys’ fees in the action or arbitration, in addition to costs and expenses otherwise allowed by law.  In all other actions or proceedings, including any matter arising out of or relating to any Insolvency Proceeding, Borrower and each other applicable Obligated Party agrees to pay all of Bank’s costs and expenses, including reasonable attorneys’ fees, incurred in enforcing or protecting Bank’s rights or interests.  From the time(s) incurred until paid in full to Bank, all such sums shall bear interest at the Default Rate.  Whenever any Obligated Group Party is obligated to pay or reimburse Bank for any attorneys’ fees, those fees include the allocated costs for services of in-house counsel, to the extent not prohibited by applicable law.

 

7.7          Governing Law.  This Agreement shall be governed by and construed according to the laws of the State of Arizona, without regards to the choice of law rules of that state, except (a) to the

 

13

 

extent that any of such laws may now or hereafter be preempted by Federal law, and (a) as otherwise required by mandatory provisions of law, and (c) to the extent that remedies provided by the laws of any jurisdiction other than the such state are governed by the laws of such other jurisdiction.  Each Obligated Group Party consents to the jurisdiction of any Federal or State court within such state, submits to venue in such state, and also consents to service of process by any means authorized by Federal law or the law of such state.  Without limiting the generality of the foregoing, each Obligated Group Party hereby waives and agrees not to assert by way of motion, defense, or otherwise in such suit, action, or proceeding, any claim that (i) such Obligated Group Party is not subject to the jurisdiction of the courts of the above-referenced state or the United States District Court for such state, or (ii) such suit, action, or proceeding is brought in an inconvenient forum, or (iii) the venue of such suit, action, or proceeding is improper.

 

7.8          Heirs, Successors and Assigns.  The terms of this Agreement will bind and benefit the heirs, legal representatives, successors and assigns of the parties; provided, however, that no Obligated Group Party may assign this Agreement, or assign or delegate any of their rights or obligations, without the prior written consent of Bank in each instance.

 

7.9          Severability.  The invalidity or unenforceability of any one or more provisions of this Agreement in no way affects any other provision.

 

7.10        Interpretation.  Whenever the context requires, all words used in the singular will be construed to have been used in the plural, and vice versa, and each gender will include any other gender.  The captions of the sections of this Agreement are for convenience only and do not define or limit any terms or provisions.  The word “include(s)” means “include(s), without limitation,” and the word “including” means “including, but not limited to.”  No listing of specific instances, items or matters in any way limits the scope or generality of any language of this Agreement.

 

7.11        Amendments.  This Agreement may not be modified or amended except by a written agreement signed by the parties.

 

7.12        Counterparts.  This Agreement and any attached consents or exhibits requiring signatures may be executed in counterparts, and all counterparts constitute but one and the same document.

 

7.13        Language of Agreement.  The language of this Agreement will be construed as a whole according to its fair meaning and not strictly for or against any party.

 

7.14        Exchange of Information.  Each Obligated Group Party agrees that the Bank may exchange or disclose financial information and other information about Borrower and any other Obligated Party with or to any of Bank’s affiliates or other related entities and with any party that acquires a participation or other interest in all or part of any Credit Facility..

 

7.15        Survival.  The representations, warranties, acknowledgments, and agreements set forth herein shall survive the date of this Agreement.

 

7.16        Time is of the Essence.  Time is of the essence in the performance of this Agreement, and each and every term thereof, by each Obligated Group Party.

 

7.17        Relationship of Parties.  This Agreement is intended to be and is deemed for all purposes to constitute additional security granted to Bank for the repayment of the Loan.  The execution and delivery of this Agreement and the enforcement of this Agreement by Bank does not alter or expand

 

14

 

upon the debtor and creditor relationship between any Obligated Group Party and Bank, and nothing contained herein is to be construed to constitute Bank a partner of or a joint venturer with any party.

 

7.18        Continuing Agreement.  This is a continuing agreement and all the rights, powers and remedies hereunder shall apply to all past, present, and future Obligations of Borrower and the other Obligated Group Parties, including those arising under successive transactions which shall either continue some or all the Obligations, increase or decrease any of them, or from time to time create new Obligations after all or any prior Obligations have been satisfied, and notwithstanding the bankruptcy of any Obligated Group Party, or any other event or proceeding affecting any Obligated Group Party.

 

7.19        Recitals; Exhibits.  The Recitals to this Agreement set forth above are true, complete, accurate, and correct, and such recitals are incorporated hereby by reference.  The exhibits to this Agreement are incorporated hereby by reference.

 

7.20        Integration.  This Agreement integrates all the terms and conditions mentioned in or incidental to the subject matter contained herein, supersede all oral negotiations and prior writings with respect to such subject matter, and is intended by the parties as the final expression of their agreement with respect to the terms and conditions set forth in herein.

 

7.21        Patriot Act Provisions.  The following notification is provided to each Obligated Group Party pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318 (as such maybe amended or recodified from time to time, the “Patriot Act”):

 

(a)           Important Information About Procedures for Opening a New Account.  To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or other financial services product.  Each Obligated Group Party is hereby notified that when such party opens an account, including but not limited to any deposit account or other account that may be required pursuant to the terms of this Agreement, (i) if such party is not an individual, Bank will ask for such party’s name, taxpayer identification number, business address, and other information that will allow Bank to identify such party, and may also ask to see such party’s legal organizational documents or other identifying documents, and (ii) if such party is an individual, Bank will ask for such party’s name, taxpayer identification number, residential address, date of birth, and other information that will allow Bank to identify Borrower, and may also ask to see such party’s driver’s license or other identifying documents.

 

(b)           Government Regulation.  Each Obligated Group Party shall not (a) be or become subject at any time to any law, regulation, or list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list) that prohibits or limits Bank from making any advance or extension of credit to such party or from otherwise conducting business with such party, or (b) fail to provide documentary and other evidence of such party’s identity as may be requested by Bank at any time to enable Bank to verify such party’s identity or to comply with any applicable law or regulation, including, without limitation, Section 326 of the Patriot Act.

 

[REMAINDER OF PAGE BLANK.]

 

15

 

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

 

“BORROWER”

 

	
INVENTURE FOODS, INC.,
    	
 
    	
Address for notices to Borrower:
    
	
a Delaware corporation
    	
 
    	
 
    
	
 
    	
 
    	
Inventure Foods, Inc.
    
	
 
    	
 
    	
5415 East High Street, Suite 350
    
	
By:
    	
/s/ Steve Weinberger
    	
 
    	
Phoenix, AZ 85054
    
	
 
    	
Steve Weinberger, Chief Financial Officer
    	
 
    	
Attention: Steve Weinberger
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
“OBLIGATED GROUP”
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
BN FOODS, INC., a Colorado corporation
    	
 
    	
Address for notices to PBC:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
BN Foods, Inc.
    
	
By:
    	
/s/ Steve Weinberger
    	
 
    	
c/o Inventure Foods, Inc.
    
	
 
    	
Steve Weinberger, Chief Financial Officer
    	
 
    	
5415 East High Street, Suite 350
    
	
 
    	
 
    	
Phoenix, AZ    85054
    
	
 
    	
 
    	
Attention:  Steve Weinberger
    
	
 
    	
 
    	
 
    
	
BOULDER NATURAL FOODS, INC.,
    	
 
    	
Address for notices to Boulder:
    
	
an Arizona corporation
    	
 
    	
 
    
	
 
    	
 
    	
Boulder Natural Foods, Inc.
    
	
 
    	
 
    	
c/o Inventure Foods, Inc.
    
	
By:
    	
/s/ Steve Weinberger
    	
 
    	
5415 East High Street, Suite 350
    
	
 
    	
Steve Weinberger, Chief Financial Officer
    	
 
    	
Phoenix, AZ    85054
    
	
 
    	
 
    	
Attention:  Steve Weinberger
    
	
 
    	
 
    	
 
    
	
LA COMETA PROPERTIES, INC., an Arizona   corporation
    	
 
    	
Address for notices to La Cometa:
    
	
 
    	
 
    	
Poore Brothers - Bluffton, LLC
    
	
 
    	
 
    	
c/o Inventure Foods, Inc.
    
	
By:
    	
/s/ Steve Weinberger
    	
 
    	
5415 East High Street, Suite 350
    
	
 
    	
Steve Weinberger, Chief Financial Officer
    	
 
    	
Phoenix, AZ    85054
    
	
 
    	
 
    	
Attention:  Steve Weinberger
    
	
 
    	
 
    	
 
    
	
POORE BROTHERS - BLUFFTON, LLC,
    	
 
    	
Address for notices to PBC:
    
	
a Delaware limited liability company
    	
 
    	
 
    
	
 
    	
 
    	
Poore Brothers - Bluffton, LLC
    
	
 
    	
 
    	
c/o Inventure Foods, Inc.
    
	
By:
    	
/s/ Steve Weinberger
    	
 
    	
5415 East High Street, Suite 350
    
	
 
    	
Steve Weinberger, Chief Financial Officer
    	
 
    	
Phoenix, AZ    85054
    
	
 
    	
 
    	
Attention:  Steve Weinberger
    

 

16

 

“OBLIGATED GROUP” (continued)

 

	
RADER FARMS, INC., a Delaware   corporation
    	
 
    	
Address for notices to Rader:
    
	
f/k/a RADER FARMS ACQUISITION CORP.
    	
 
    	
 
    
	
 
    	
 
    	
Rader Farms, Inc.
    
	
 
    	
 
    	
c/o Inventure Foods, Inc.
    
	
By:
    	
/s/ Steve Weinberger
    	
 
    	
5415 East High Street, Suite 350
    
	
 
    	
Steve Weinberger, Chief Financial Officer
    	
 
    	
Phoenix, AZ    85054
    
	
 
    	
 
    	
Attention:  Steve Weinberger
    
	
 
    	
 
    	
 
    
	
TEJAS PB DISTRIBUTING, INC.,
    	
 
    	
Address for notices to Tejas:
    
	
an Arizona corporation
    	
 
    	
 
    
	
 
    	
 
    	
Tejas PB Distributing, Inc.
    
	
 
    	
 
    	
c/o Inventure Foods, Inc.
    
	
By:
    	
/s/ Steve Weinberger
    	
 
    	
5415 East High Street, Suite 350
    
	
 
    	
Steve Weinberger, Chief Financial Officer
    	
 
    	
Phoenix, AZ    85054
    
	
 
    	
 
    	
Attention:  Steve Weinberger
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address for notices to Bank:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
U.S. Bank National Association
    
	
 
    	
 
    	
101 North First Avenue, Suite 1600
    
	
 
    	
 
    	
Phoenix, AZ  85003
    
	
 
    	
 
    	
Attention:  Commercial Banking
    

 

17Exhibit 10.01

 

ADVISORY AGREEMENT

 

among

 

GLENEAGLES GLOBAL HORIZONS, LLC,

 

BLACKROCK INVESTMENT MANAGEMENT, LLC

 

and

 

G Capital Fund Management LLC

 

 

Dated as of December 14, 2010

 

 

ADVISORY AGREEMENT

 

Table of Contents

 

	
 
    	
 
    	
 
    	
Page
    
	
1.
    	
Undertakings in Connection with Offering of Units
    	
 
    	
1
    
	
2.
    	
Duties of the Trading Advisor
    	
 
    	
2
    
	
3.
    	
Trading Advisor Independent
    	
 
    	
4
    
	
4.
    	
Commodity Broker; Floor Brokers
    	
 
    	
4
    
	
5.
    	
Allocation of Company Assets to Trading Advisor
    	
 
    	
5
    
	
6.
    	
Incentive Fee
    	
 
    	
6
    
	
7.
    	
Term and Termination
    	
 
    	
7
    
	
8.
    	
Right to Advise Others; Uniformity of Acts and Practices
    	
 
    	
8
    
	
9.
    	
Speculative Position Limits
    	
 
    	
8
    
	
10.
    	
Additional Undertakings by the Trading Advisor
    	
 
    	
8
    
	
11.
    	
Representations and Warranties
    	
 
    	
9
    
	
12.
    	
Entire Agreement
    	
 
    	
12
    
	
13.
    	
Indemnification
    	
 
    	
12
    
	
14.
    	
Assignment
    	
 
    	
13
    
	
15.
    	
Amendment; Waiver
    	
 
    	
13
    
	
16.
    	
Severability
    	
 
    	
14
    
	
17.
    	
Notices
    	
 
    	
14
    
	
18.
    	
Governing Law
    	
 
    	
15
    
	
19.
    	
Consent to Jurisdiction
    	
 
    	
15
    
	
20.
    	
Remedies
    	
 
    	
15
    
	
21.
    	
Promotional Material
    	
 
    	
15
    
	
22.
    	
Confidentiality
    	
 
    	
15
    
	
23.
    	
Survival
    	
 
    	
15
    
	
24.
    	
Counterparts
    	
 
    	
16
    
	
25.
    	
Headings
    	
 
    	
16
    

 

	
Appendix   A - List of Authorized Traders
    	
 
    	
A-1
    
	
 
    	
 
    	
 
    
	
Appendix   B – List of Commodity Interests Traded by Trading Advisor
    	
 
    	
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Appendix   C - Commodity Trading Authority
    	
 
    	
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Appendix   D - Acknowledgment of Receipt of Disclosure Document
    	
 
    	
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ADVISORY AGREEMENT

 

THIS ADVISORY AGREEMENT (the “Agreement”), made as of the 14th day of December 2010, among GLENEAGLES GLOBAL HORIZONS, LLC, a Delaware limited liability company (the “Company”), BLACKROCK INVESTMENT MANAGEMENT LLC, a Delaware limited liability company and the manager of the Company (the “Manager”), and G Capital Fund Management LLC (the “Trading Advisor”);

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, the Company trades, buys, sells or otherwise acquires, holds or disposes of forward contracts, futures contracts for commodities, financial instruments and currencies on United States and foreign exchanges, any rights pertaining thereto and any options thereon or on physical commodities and engages in all activities incident thereto (the foregoing forms of investment being collectively referred to herein as “commodity interests”);

 

WHEREAS, the sole holder of interests in the Company as of the date hereof, BlackRock Global Horizons I, LP (the “Fund”), is now offering Units of Limited Partnership Interest in the Fund (“Units”) for sale to investors in an offering exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”), pursuant to Section 4(2) thereof and Rule 506 under Regulation D promulgated thereunder, as described in the Fund’s Confidential Private Placement Memorandum (the “Memorandum”) that has been filed with the Commodity Futures Trading Commission (the “CFTC”) and the National Futures Association (the “NFA”) pursuant to the Commodity Exchange Act, as amended (the “CEA”), the commodity pool operator and commodity trading advisor regulations promulgated under the CEA by the CFTC (the “Commodity Regulations”), and NFA rules promulgated under the CEA (the “NFA Rules”);

 

WHEREAS, the Fund had previously sold Units publicly pursuant to an effective registration under the 1933 Act.  Such public offering was discontinued in 1998, and the Units now being offered are the same class of equity securities as the outstanding Units;

 

WHEREAS, the Trading Advisor is engaged in the business of, among other things, making trading decisions on behalf of investors in the purchase and sale of certain commodity interests; and

 

WHEREAS, the Company desires the Trading Advisor, upon the terms and conditions set forth herein, to act as a trading advisor for the Company and to make commodity interests investment decisions for the Company with respect to the Company’s assets from time to time, and the Trading Advisor desires to so act;

 

NOW, THEREFORE, the parties hereto do hereby agree as follows:

 

1.             Undertakings in Connection with Offering of Units.

 

(a)           Undertakings by the Trading Advisor.  The Trading Advisor agrees to use its commercially reasonable efforts to cooperate with the Fund and the Manager in amending the Memorandum, including without limitation by providing, as promptly as may be reasonably practicable, all information (if any) regarding the Trading Advisor and its principals which the

 

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Manager reasonably believes to be necessary or advisable to include in the Memorandum, , as the same may be amended from time to time, or required by Section 4.22 of the Commodity Regulations and the NFA Rules; provided, that nothing herein shall require the Trading Advisor to disclose any proprietary or confidential information related to its trading programs, systems or strategies or to its clients.

 

(b)           Certain Defined Terms.  As used in this Agreement, the term “principal” shall have the same meaning given to such term in Section 4.10(e) of the Commodity Regulations, and the term “affiliate” shall mean an individual or entity (including a stockholder, director, officer, employee, agent, or principal) that directly or indirectly controls, is controlled by, or is under common control with any other individual or entity.

 

(c)           Use of Memorandum and Other Solicitation Material.  Neither the Trading Advisor, its principals nor any of its employees, affiliates or agents, the employees, affiliates or agents of such affiliates, or their respective successors or assigns shall use, publish, circulate or distribute the Memorandum (including any amendment or supplement thereto) or any related solicitation material nor shall any of the foregoing engage in any marketing, sales or promotional activities in connection with the offering of Units, except as may be requested by the Manager and agreed to by the Trading Advisor.

 

(d)           Updated Performance Information.  At any time while Units continue to be offered and sold, at the written request of the Fund or the Manager, the Trading Advisor, at its own expense, shall promptly provide the Fund and the Manager accurate performance information (in form and substance consistent with Section 4.35 of the Commodity Regulations and the NFA Rules) reflecting the actual performance of the accounts directed by the Trading Advisor up to the latest practicable date.  The Trading Advisor shall provide the Fund or the Manager with the actual monthly performance of the accounts directed by the Trading Advisor within 15 days of such calendar month end.

 

(e)           Access to Books and Records.  Upon reasonable notice to the Trading Advisor, the Company or the Manager shall have the right to have access to the Trading Advisor’s offices in order to inspect and copy such books and records during normal business hours as may enable them to verify the accuracy and completeness of or to supplement as necessary the data furnished by the Trading Advisor pursuant to Section l(d) of this Agreement or to verify compliance with the terms of this Agreement (subject to such restrictions as the Trading Advisor may reasonably deem necessary or advisable so as to preserve the confidentiality of proprietary information concerning such trading systems, methods, models, strategies and formulas and of the identity of the Trading Advisor’s clients).

 

2.             Duties of the Trading Advisor.

 

(a)           Speculative Trading.  As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company.  The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize its Discretionary Global Macro Program  (the “Program”) as described in the Trading Advisor’s Confidential Private Offering Memorandum dated November, 2010 (the “Offering Memorandum”) as well as the guidelines identified in Exhibit B and C attached hereto, (the “Portfolio Guidelines”).  The Trading Advisor may trade outside of the Portfolio Guidelines for

 

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the Company only with the consent of the Manager.  Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Program and Portfolio Guidelines pursuant to and in accordance with the Trading Advisor’s best judgment and its approach as described in the Offering Memorandum, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein.  Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company.  Notwithstanding the foregoing and subject to the limitations in Section 7 below, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary:  (i) to fund any distributions or redemptions of Units to be made by the Fund; (ii) to pay the Company’s or the Fund’s expenses; and/or (iii) to comply with speculative position limits imposed by applicable laws, rules or regulations; provided that the Company and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its override authority.  The Trading Advisor will have no liability for the results of any of the Manager’s interventions in (i)-(ii), above.

 

The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss.

 

The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 30 days’ prior written notice of such change.  The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in section 2(b) below; provided that, with respect to the Company, the Trading Advisor may trade a different trading program in managing the Company only with the consent of the Manager.

 

(b)           List of Commodity Interests Traded by the Trading Advisor.  The Trading Advisor shall provide the Company and the Manager with a complete list of commodity interests which it intends to trade on the Company’s behalf.  All commodity interests other than regulated futures contracts and options on regulated futures contracts traded on a qualified board or exchange in the United States shall be listed on Appendix B to this Agreement.  The addition of commodity interests (other than forward contracts on foreign currencies) to the Company’s portfolio managed by the Trading Advisor as set forth in Appendix B to this Agreement shall require prior written notice to the Company or the Manager and an amendment to Appendix B.

 

(c)           Investment of Assets Held in Securities and Cash.  Notwithstanding any provision of this Agreement to the contrary, the Company and the Manager, and not the Trading Advisor, shall have the sole and exclusive authority and responsibility with regard to the investment, maintenance and management of the Company’s assets other than in respect of the Trading Advisor’s trading of the Company’s assets in commodity interests.

 

(d)           Trading Authorization.  Prior to the Company’s acceptance of trading

 

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advice from the Trading Advisor in accordance with this Agreement, the Company shall deliver to the Trading Advisor a trading authorization in the form of Appendix C hereto appointing the Trading Advisor as an agent of the Company and attorney-in-fact for such purpose.

 

(e)           Delivery of Disclosure Documents.  The Trading Advisor shall, during the term of this Agreement, deliver to the Company copies of all updated disclosure documents for the Program promptly following preparation of such disclosure documents, and the Manager on behalf of the Company shall, if requested, sign the Acknowledgment of Receipt of Disclosure Document in the form of Appendix D hereto, for the initial disclosure document so delivered.

 

(f)            Trade Reconciliations.  The Trading Advisor acknowledges its obligation to review its commodity interest positions on a daily basis and to notify the Company and the Manager promptly of any errors committed by the Trading Advisor or any trade which the Trading Advisor believes was not executed in accordance with its instructions and which cannot be promptly resolved. The Trading Advisor will use its own systems to evaluate trade and portfolio information until it receives the necessary information from the Company, upon which time the Trading Advisor will use the information from the Company to evaluate the trade and portfolio information.

 

(g)           Trade Information.  The Trading Advisor shall use reasonable efforts to provide trade information to OMR Systems by electronic file by 4:30 p.m. on the date of any trade made on behalf of the Company.

 

(h)           Transfers of Cash.  The Trading Advisor may, until it receives a written notice of revocation with respect thereto from the Company, (i) transfer cash between each of the Company’s custody account and ISDA account maintained by State Street or (ii)  transfer cash from the Company’s custody account to another State Street entity solely in order to facilitate any delivery versus payment purchase of US treasuries without the prior consent of the Company.  The Trading Advisor will promptly confirm to the Company in writing each transfer of cash pursuant hereto.

 

3.             Trading Advisor Independent.  For all purposes of this Agreement, the Trading Advisor shall be deemed to be an independent contractor and shall have no authority to act for or represent the Company in any way and shall not otherwise be deemed to be an agent of the Company.  Nothing contained herein shall create or constitute the Trading Advisor and any other trading advisor for the Company, the Fund or the Manager as a member of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, nor shall this Agreement be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other.  The parties acknowledge that the Trading Advisor has not been an organizer or promoter of the Fund.

 

4.             Commodity Broker; Floor Brokers.

 

(a)           Clearing of All Trades.  The Trading Advisor shall clear orders for all commodity interest transactions for the Company through such commodity broker or brokers as the Company shall designate from time to time in its sole discretion (the “Clearing Broker”).  The Trading Advisor will not, without the consent of the Manager, trade on a “give up” basis through floor brokers not associated with the Clearing Broker.  The Manager will review and

 

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approve or disapprove all executing brokers proposed by the Trading Advisor for the Company’s account.  The Manager agrees that it will only disapprove a proposed executing broker suggested by the Trading Advisor for cause and that, if an executing broker is approved, the Company will not hold the Trading Advisor liable for any error or breach of contract by any such executing broker, barring negligence, willful misconduct or bad faith on the part of the Trading Advisor.  Even if such floor brokers receive the Manager’s consent to execute trades on behalf of the Company, all such trades will be “given-up” to be carried by the Clearing Broker.  The Trading Advisor shall receive copies of all daily and monthly brokerage statements for the Company directly from the Clearing Broker.

 

The parties acknowledge that the Trading Advisor has no authority or responsibility for selecting a commodity broker or dealers or for the negotiation of brokerage commission rates.  If necessary for the Trading Advisor to trade pursuant to the Program, the Company shall provide adequate dealing lines of credit for the Trading Advisor to place orders for spot and forward currency contracts on behalf of the Company.

 

(b)           Forward Trading.  All forward trades for the Company shall be executed through the forward dealer(s) (which may be affiliates of the Manager) designated by the Manager, provided that at the request of the Trading Advisor, the Manager may consent to some other forward trading arrangement, which consent shall not be unreasonably withheld.  The Trading Advisor shall use such other banks or dealers only for what the Trading Advisor, in good faith, believes to be good cause.

 

(c)           Floor Brokerage.  Notwithstanding Section 4(a) of this Agreement, the Trading Advisor may place orders for commodity interest transactions for the Company through floor brokers selected by the Trading Advisor, and approved by the Manager, such approval not to be unreasonably withheld.  Such floor brokers shall “give up” all trades on behalf the Company to the Clearing Broker for clearance.

 

The brokerage and floor commissions, “give-up” fees and other transaction costs charged by any floor broker to effect Company transactions shall be subject to the approval of the Manager, such approval not to be unreasonably withheld provided that such fees and transaction costs are competitive with the Clearing Broker’s standard rates.

 

5.             Allocation of Company Assets to Trading Advisor; Allocation of Receipts and Charges.

 

(a)           As of the date of this Agreement, the Manager has allocated a portion of the Fund’s assets to the Company to be managed in accordance with the terms of this Agreement (the “Initial Funding Amount”).  The Manager may, in its sole discretion, reallocate Fund assets by contributing up to [                    ]* to or [                    ]* below withdrawing amounts from the Company.

 

(b)           Gains and receipts (e.g., trading profits and, in some instances, interest income), losses and charges (e.g., trading losses, incentive fees, brokerage commissions) specific to the Company shall be allocated entirely to the Company.  Gains and receipts, losses and charges not specific to (i) the Company or (ii) any other company or account held by the Fund and managed by a specific trading advisor, shall be allocated among all of the companies and

 

*      Confidential material redacted and filed seperately with the Commission.

 

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accounts of the Fund managed by the different trading advisors, including the Company, pro rata based on the beginning of month value of each such company and account after reduction for account specific charges.  The value of the Company after taking into account all realized and unrealized gains and losses is the Company’s “Mark-to-Market Value.”

 

(c)           The value of the Company determined by deducting from the Company’s Mark-to-Market Value all charges and reserves (including but not limited to the Company’s pro rata share of Fund distribution fees, transfer agent fees, administrator’s fees and the Manager’s Sponsor Fee) except any charges or accruals for the fees provided for in Section 6 is the Company’s “Net Asset Value Before Fees.”

 

6.             Fees.

 

(a)           Management Fee.  By approximately ten business days of each calendar month-end, the Company will pay the Trading Advisor a Management Fee equal to [      ]*  of the Company’s month-end Net Asset Value Before Fees.  The resulting balance after payment of the Management Fee is the Company’s “Post MF Net Asset Value.”  The Company’s balance after any further reduction for the Incentive Fee provided for in Section 6(b) is the Company’s “Net Asset Value.”

 

(b)           Incentive Fee.

 

(i)             The Company will pay to the Trading Advisor, [      ]* (“Incentive Fee Calculation Date”), an Incentive Fee equal to [      ]*  of any New Trading Profit recognized by the Company as of such Incentive Fee Calculation Date.

 

(ii)            Subject to the adjustments contemplated below, New Trading Profit equals any increase in the Mark-to-Market Value of the Company as of the current Incentive Fee Calculation Date over the High Water Mark attributable to the Company.  New Trading Profit will be calculated prior to reduction for any accrued Incentive Fees [      ]*.

 

(iii)           The High Water Mark attributable to the Company shall be equal to the highest Net Asset Value of the Company (for avoidance of doubt, after reduction for the Incentive Fee then paid), as of any preceding Incentive Fee Calculation Date.  The High Water Mark shall be increased dollar-for-dollar by any capital allocated to the Company and decreased proportionately when capital is reallocated away from the Company (other than to pay expenses).  The proportionate reduction made as a result of a reallocation shall be calculated by multiplying the High Water Mark in effect immediately prior to such reallocation by the fraction the numerator of which is the Net Asset Value of the Company immediately following such reallocation and the denominator of which is the Net Asset Value of the Company immediately before such reallocation.

 

(iv)           If an Incentive Fee is paid as of an Incentive Fee Calculation Date, the High Water Mark is reset to the Net Asset Value of the Company immediately following such payment.

 

*Confidential material redacted and filed separately with the Commission.

 

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(v)            When there is an accrued Incentive Fee at the time any reallocation from the Company is made, the Incentive Fee attributable to such reallocation will be paid.  Such Incentive Fee shall be determined by multiplying the Incentive Fee that would have been paid had the date of the reallocation been an Incentive Fee Calculation Date by the fraction the numerator of which is the amount of the reallocation and the denominator of which is the Post MF Net Asset Value of the Company immediately prior to the reallocation, in each case prior to reduction for the accrued Incentive Fee.  Such Incentive Fee will be paid from and reduce the amount of the reallocation.

 

(vi)           Interest income shall not be included in any of the foregoing calculations.  For the avoidance of doubt, no Incentive Fee shall be payable on any interest income earned by the Company.

 

(vii)          Termination of this Agreement shall be treated as an Incentive Fee Calculation Date.

 

7.             Term and Termination.

 

(a)           Term and Renewal.  This Agreement shall continue in effect until December 31, 2011.  Thereafter, this Agreement shall be automatically renewed for successive one-year periods, on the same terms, unless terminated by either the Trading Advisor or the Company upon 90 days’ notice to the other party.

 

(b)           Termination.  Notwithstanding Section 7(a) hereof, this Agreement shall terminate:

 

(i)             immediately if the Company shall terminate and be dissolved in accordance with the Limited Liability Company Agreement or otherwise;

 

(ii)            at the discretion of the Manager as of the end of any month [                                    ]*

 

(iii)           at the discretion of the Trading Advisor, as of the following month-end, should any of the following occur:  (1) the assets managed by the Trading Advisor decrease to less than $25,000,000.00 at the close of business on any day; or (2) the Trading Advisor has determined to cease managing any customer accounts pursuant to the Program; or

 

(iv)           at the discretion of the Trading Advisor as of the end of any month

 

*      Confidential material redacted and filed seperately with the Commission.

 

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upon 90 days’ prior written notice to the Manager.

 

8.             Right to Advise Others.

 

(a)           During the term of this Agreement, the Trading Advisor and its affiliates shall be free to advise other investors as to the purchase and sale of commodity interests, to manage and trade other investors’ commodity interests accounts and to trade for and on behalf of their own proprietary commodity interests accounts.  However, under no circumstances shall the Trading Advisor or any of its affiliates favor any transactions effected for any commodity interests account directed by any of them (regardless of the date on which they began or shall begin to direct such account) over transactions effected for the Company’s account, giving due consideration to the trading program which the Manager has requested the Trading Advisor to trade on behalf of the Company.  For purposes of this Agreement, the Trading Advisor and its affiliates shall not be deemed to be favoring another commodity interests account over the Company’s account if the Trading Advisor or its affiliates, in accordance with specific instructions of the owner of such account, trade such account at a degree of leverage or in accordance with trading policies which shall be different from that which shall normally be applied to substantially all of the Trading Advisor’s other accounts or if the Trading Advisor or its affiliates, in accordance with the Trading Advisor’s money management principles, shall not trade certain commodity interests contracts for an account based on the amount of equity in such account.

 

(b)           The Trading Advisor understands and agrees that it and its affiliates shall have a fiduciary responsibility to the Company under this Agreement.

 

(c)           At the request of the Company, the Trading Advisor and its affiliates shall promptly make available to the Company (if available to it without unreasonable efforts) copies of the normal daily, monthly, quarterly and annual, as the case may be, written reports reflecting the performance of G Capital Master Fund, Ltd..

 

9.             Speculative Position Limits.  If the Trading Advisor (either alone or aggregated with the positions of any other person if such aggregation shall be required by the CEA, the CFTC or any other regulatory authority having jurisdiction) shall exceed or be about to exceed applicable limits in any commodity interest traded for the Company, the Trading Advisor shall immediately take such action as the Trading Advisor may deem fair and equitable to comply with the limits, and shall immediately deliver to the Company a written explanation of the action taken to comply with such limits.  If such limits are exceeded by the Company, the Manager may require the Trading Advisor to liquidate positions as required.

 

10.           Additional Undertakings by the Trading Advisor.

 

11.           (a) Neither the Trading Advisor nor its employees, affiliates or agents, the stockholders, directors, officers, employees, principals, affiliates or agents of such affiliates, or their respective successors or assigns shall: (a)  use or distribute for any purpose whatsoever any list containing the names and/or residential addresses of and/or other information about the Limited Partners of the Fund) ; nor (b) knowingly solicit any Limited Partner of the Fund for any business purpose whatsoever (unless such Limited Partner is already a client of the Trading

 

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Advisor).

 

(b)  As of the date of execution of this Agreement, the Trading Advisor has only three accounts that have fees more favorable than the fees established in favor of the Company.  For so long as this Agreement remains effective, to the extent the Trading Advisor enters into any arrangement after the date of execution of this Agreement between the Trading Advisor and any of its similarly situated clients that establishes fees in favor of such clients more favorable than the fees established in favor of the Company, the Trading Advisor shall offer to the Company in writing, immediately after the entry into such arrangement, the opportunity to elect within thirty (30) days after receipt of the written offer from the Trading Advisor, to receive such fees established by such arrangement.  For purposes of this Clause, “similarly situated clients” refer to clients of the Trading Advisor or its affiliates (whether such arrangement is with respect to the management of a fund, separate account or any other arrangement involving the management of client assets) that have the same or lower market value of assets under management as compared to the Company.

 

12.           Representations and Warranties.

 

(a)           The Trading Advisor hereby represents and warrants to the other parties as follows:

 

(i)             The Trading Advisor is an entity duly organized and validly existing and in good standing under the laws of the jurisdiction of its organization and in good standing in each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to be duly qualified would materially affect the Trading Advisor’s ability to perform its obligations under this Agreement. The Trading Advisor has full corporate, partnership or limited liability company (as the case may be) power and authority to perform its obligations under this Agreement.

 

(ii)            This Agreement has been duly and validly authorized, executed and delivered on behalf of the Trading Advisor and constitutes a valid, binding and enforceable agreement of the Trading Advisor in accordance with its terms.

 

(iii)           The Trading Advisor has all governmental, regulatory and commodity exchange licenses and approvals and has effected all filings and registrations with governmental and regulatory agencies required to conduct its business and to act as described herein or required to perform its obligations hereunder (including, without limitation, if applicable, registration of the Trading Advisor as a commodity trading advisor under the CEA, and membership of the Trading Advisor as a commodity trading advisor in NFA), and the performance of such obligation will not violate or result in a breach of any provision of the Trading Advisor’s certificate of incorporation, by-laws or any agreement, instrument, order, law or regulation binding on the Trading Advisor.  The Trading Advisor represents and warrants that it is currently exempt from registration as a commodity trading advisor in reliance upon the exemption set forth in CEA Section 4m(1) and CFTC Rule 4.14(a)(10).

 

(iv)           Assuming the accuracy of the Manager’s representation in subsection 11(b)(vii) below, management by the Trading Advisor of an account for the Company

 

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in accordance with the terms hereof will not require any registration under, or violate any of the provisions of, the Investment Advisers Act of 1940 (assuming that the Company is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “Company Act”)).

 

(v)            The Trading Advisor’s implementation of its trading program on behalf of the Company will not infringe any other person’s copyrights, trademark or other property rights.

 

(vi)           The execution and delivery of this Agreement, the incurrence of the obligations herein set forth and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Trading Advisor is bound or any order, rule or regulation application to the Trading Advisor of any court or any governmental body or administrative agency having jurisdiction over the Trading Advisor.

 

(vii)          Other than as may have been disclosed in writing to the Manager by the Trading Advisor, there is not pending, or to the best of Trading Advisor’s knowledge threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor is a party, or to which any of the assets of the Trading Advisor is subject, which might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor.  The Trading Advisor has not received any notice of an investigation or warning letter from NFA or CFTC regarding non-compliance by the Trading Advisor with the CEA or the regulations thereunder.

 

(b)           The Manager hereby represents and warrants to the other parties as follows:

 

(i)             The Manager is duly organized and validly existing and in good standing under the laws of its jurisdiction of formation and in good standing under the laws of each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Manager’s ability to perform its obligations hereunder.

 

(ii)            The Manager has the power and authority under applicable law to perform its obligations hereunder.

 

(iii)           This Agreement has been duly and validly authorized, executed and delivered by the Manager and constitutes a legal, valid and binding agreement of the Manager enforceable in accordance with its terms.

 

(iv)           The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Manager is bound or any order, rule or regulation applicable to the Manager of any court or any governmental body or administrative agency having jurisdiction over the Manager.

 

(v)            There is not pending, or, to the best of the Manager’s knowledge threatened, any action, suit or proceeding before or by any court or other governmental body to

 

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which the Manager is a party, or to which any of the assets of the Manager is subject, which might reasonably be expected to result in any material adverse change in the condition (financial or otherwise), business or prospects of the Manager or is required to be disclosed pursuant to applicable CFTC regulations.

 

(vi)           The Manager has all governmental, regulatory and commodity exchange approvals and licenses, and has effected all filings and registrations with governmental agencies required to conduct its business and to act as described herein or required to perform its obligations hereunder (including, without limitation, registration as a commodity pool operator under the CEA and membership in NFA as a commodity pool operator), and the performance of such obligations will not contravene or result in a breach of any provision of its certificate of incorporation, by-laws or any agreement, order, law or regulation binding upon it.  The principals of the Manager are duly registered as such on the Manager’s commodity pool operator Form 7-R registration.

 

(vii)          The Company is not an “investment company” within the meaning of the Company Act.

 

(c)           The Company represents and warrants to the other parties as follows:

 

(i)             The Company is duly organized and validly existing and in good standing as a limited liability company under the laws of the State of Delaware and in good standing under the laws of each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Company’s ability to perform its obligations hereunder.

 

(ii)            The Company has the limited liability company power and authority under applicable law to perform its obligations hereunder.

 

(iii)           This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a legal, valid and binding agreement of the Company enforceable in accordance with its terms.

 

(iv)           The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Company is bound or any order, rule or regulation applicable to the Company of any court or any governmental body or administrative agency having jurisdiction over the Company.

 

(v)            There is not pending, or, to the best of the Company’s knowledge, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Company is a party, or to which any of the assets of the Company is subject, which might reasonably be expected to result in any material adverse change in the condition (financial or otherwise), business or prospects of the Company or which is required to be disclosed pursuant to applicable CFTC regulations.

 

(vi)           The Company has all governmental, regulatory and commodity exchange approvals and licenses, and has effected all filings and registrations with governmental

 

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agencies required to conduct its business and to act as described herein or required to perform its obligations hereunder and the performance of such obligations will not contravene or result in a breach of any provision of its certificate of formation, limited liability company agreement or any other agreement, order, law or regulation binding upon it.

 

(d)           The foregoing representations and warranties shall be continuing during the entire term of this Agreement and, if at any time, any event shall occur which would make any of the foregoing representations and warranties of any party no longer true and accurate, such party shall promptly notify the other parties.

 

13.           Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless it shall be in writing and signed by the party against whom enforcement is sought.

 

14.           Indemnification.

 

(a)           The Company shall indemnify, defend and hold harmless the Trading Advisor and its affiliates and their respective directors, officers, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any investigatory, legal and other expenses incurred in connection with, and any amounts paid in, any settlement; provided that the Company shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding relating to any of such person’s actions or capacities relating to the business or activities of the Company pursuant to this Agreement; provided that the conduct of such person which was the subject of the demand, claim, lawsuit, action or proceeding did not constitute bad faith, gross negligence or willful misconduct. or a breach of this Agreement or of any fiduciary obligation to the Company and was done in good faith and in a manner such person reasonably believed to be in, or not opposed to, the best interests of the Company.  The termination of any demand, claim, lawsuit, action or proceeding by settlement shall not, in itself, create a presumption that the conduct in question was not undertaken in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the Company.

 

(b)           The Trading Advisor shall indemnify, defend and hold harmless the Company, the Manager, their respective affiliates and their respective directors, officers, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any reasonable investigatory, legal and other expenses incurred in connection with, and any amounts paid in, any settlement; provided that the Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding relating to any action or omission of the Trading Advisor or any of its respective officers, directors or employees relating to the business or activities of such person under this Agreement or relating to the management of an account of the Company provided:  the action or omission of such person which was the subject of the demand, claim, lawsuit, action or proceeding constituted negligence or misconduct or a breach of this Agreement or was an action or omission taken otherwise than in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the Company.

 

(c)           The Trading Advisor, its officers, directors, employees and shareholders

 

12

 

shall not be liable to the Company and its officers, directors or members or to any of their successors or assigns except by reason of acts or omissions in contravention of the express terms of this Agreement, or due to their bad faith, willful misconduct, or negligence, or by reason of not having acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best interests of the Company.

 

(d)           The foregoing agreements of indemnity shall be in addition to, and shall in no respect limit or restrict, any other remedies which may be available to an indemnified party.

 

(e)           Any indemnification required by this Section 13 unless ordered or expressly permitted by a court, shall be made by the indemnifying party only upon a determination by independent legal counsel mutually agreeable to the parties hereto in a written opinion that the conduct which is the subject of the claim, demand, lawsuit, action or proceeding with respect to which indemnification is sought meets the applicable standard set forth in this Section 13.

 

(f)            In the event that a person entitled to indemnification under this Section 13 is made a party to an action, suit or proceeding alleging both matters for which indemnification may be due hereunder and matters for which indemnification may not be due hereunder, such person shall be indemnified only in respect of the former matters.

 

(g)           Promptly after receipt by any of the indemnified parties under this Agreement of notice of any demand, claim, lawsuit, action or proceeding, the indemnified party shall notify the indemnifying party in writing of the commencement thereof if a claim for indemnification in respect thereof is to be made under this Agreement.  Except to the extent that the indemnifying party is not materially prejudiced thereby, the omission so to notify shall relieve the indemnifying party from any obligation or liability which it may have to any such indemnified party under this section.  In the event that such demand, claim, lawsuit, action or proceeding is brought against a person entitled to be indemnified under this Agreement, and the indemnifying party is notified of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that the indemnifying party may wish, to assume the defense thereof, with counsel selected by the indemnifying party and approved by the indemnified person (provided that approval may not be unreasonably withheld), and after notice from the indemnifying party to such indemnified person of the indemnifying party’s election so as to assume the defense thereof, the indemnifying party shall not be liable to such person under this section for any legal or other expenses subsequently incurred by such person in connection with the defense thereof, unless the indemnifying party approves the employment of separate counsel by such person (it being understood, however, that the indemnifying party shall not be liable for legal or other expenses of more than one separate firm of attorneys for all such persons indemnified hereunder, which firm shall be designated in writing by the Trading Advisor or the Company, as the case may be).

 

15.           Assignment.  This Agreement shall not be assigned by any of the parties hereto without the prior express written consent of the other parties hereto; provided, that either party may assign this agreement to an affiliate upon prior notice to the other party..

 

16.           Amendment; Waiver.  This Agreement shall not be amended except by a writing signed by the parties hereto.  No waiver of any provision of this Agreement shall be

 

13

 

implied from any course of dealing between the parties hereto or from any failure by either party hereto to assert its rights hereunder on any occasion or series of occasions.

 

17.           Severability.  If any provision of this Agreement, or the application of any provision to any person or circumstance, shall be held to be inconsistent with any present or future law, ruling, rule or regulation of any court or governmental or regulatory authority having jurisdiction over the subject matter hereof, such provision shall be deemed to be rescinded or modified in accordance with such law, ruling, rule or regulation, and the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it shall be held inconsistent, shall not be affected thereby.

 

18.           Notices.  Any notice required or desired to be delivered under this Agreement shall be in writing and shall be delivered by courier service, facsimile, postage prepaid mail or other similar means and shall be effective upon actual receipt by the party to which such notice shall be directed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

 

if to the Company or the Manager:

 

GLENEAGLES GLOBAL HORIZONS, LLC

c/o BlackRock Investment Management LLC

40 East 52nd Street

25th Floor

New York, NY 10022

Attn:  Edward A. Rzeszowski

Facsimile:  212-810-8745

 

with a copy to:

 

BlackRock Investment Management, LLC

Princeton Corporate Campus

800 Scudders Mill Road — Section 1B

Plainsboro, New Jersey 08536

Attn:  Michael Pungello

Facsimile:  609-282-2664

 

with a further copy to:

BlackRock Alternative Advisors

601 Union Street, 56th Floor

Seattle, Washington 98101

Attn:  Marie Bender

Facsimile:  206-613-6708

 

14

 

if to the Trading Advisor:

 

G Capital Fund Management LLC

34 Broad Street, Suite 2

Red Bank, NJ 07701

Attn:  Mel Gunewardena

Facsimile:  732-450-8078

 

19.           Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law.

 

20.           Consent to Jurisdiction.  The parties hereto agree that any action or proceeding arising directly, indirectly or otherwise in connection with, out of, related to or from this Agreement, any breach hereof or any transaction covered hereby, shall be resolved, whether by arbitration or otherwise, within the County of New York, City of New York, and State of New York.  Accordingly, the parties consent and submit to the jurisdiction of the federal and state courts and any applicable arbitral body located within the County of New York, City of New York, and State of New York.  The parties further agree that any such action or proceeding brought by any party to enforce any right, assert any claim, or obtain any relief whatsoever in connection with this Agreement shall be brought by such party exclusively in federal or state courts, or if appropriate before any applicable arbitral body, located within the County of New York, City of New York, and State of New York.

 

21.           Remedies.  In any action or proceeding arising out of any of the provisions of this Agreement, the Trading Advisor, the Manager and the Company agree that they shall not seek any prejudgment equitable or ancillary relief.  Such parties also agree that their sole remedy in any such action or proceeding shall be to seek actual monetary damages for any breach of this Agreement; provided, however, that the Company agrees that the Trading Advisor and the Manager may seek declaratory judgment with respect to the indemnification provisions of this Agreement.

 

22.           Promotional Material.  None of the parties hereto will make reference to any other such party in officially filed or publicly or privately distributed material without first submitting such material to the party so named for approval a reasonable period of time in advance of the proposed use of such material.

 

23.           Confidentiality.  The Company and the Manager acknowledge that the Trading Advisor’s strategies and trades constitute proprietary data belonging to the Trading Advisor and agree that they will not disseminate any confidential information regarding any of the foregoing, except as required by law, and any such information as may be acquired by the Manager or the Company is to be used solely to monitor the Trading Advisor’s performance on behalf of the Company.

 

24.           Survival.  The provisions of this Agreement shall survive the termination hereof with respect to any matter arising while this Agreement shall be in effect.

 

15

 

25.           Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

26.           Headings.  Headings to sections and subsections in this Agreement are for the convenience of the parties only and are not intended to be a part of or to affect the meaning or interpretation hereof.

 

*        *        *        *        *

 

16

 

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned on the day and year first written above.

 

	
 
    	
GLENEAGLES   GLOBAL HORIZONS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
BLACKROCK   INVESTMENT MANAGEMENT, LLC, its Manager
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Robert Ellsworth
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BLACKROCK   INVESTMENT MANAGEMENT, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Marie M. Bender
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
G   CAPITAL FUND MANAGEMENT LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Mel Gunewardena
    
	
 
    	
 
    	
Title:   Managing Member
    

 

17

 

APPENDIX A

 

AUTHORIZED TRADERS

 

Peter C Gerhard

 

Ian A McDonald

 

John Rosendahl

 

A-1

 

APPENDIX B

 

COMMODITY INTERESTS TRADED BY G CAPITAL FUND MANAGEMENT LLC

 

The undersigned represents that the following is a complete list of all commodity interests which the undersigned intends to trade on behalf of GLENEAGLES GLOBAL HORIZONS, LLC other than regulated futures contracts and options on regulated futures contracts traded on a qualified board of trade or exchange:

 

Foreign Exchange

 

·                                          All spot and forward contracts that allow physical settlement without any exchange control regulations.

·                                          Non Deliverable Contracts with approved ISDA /EMTA standard confirmation currency pairs.

 

Currency Options

 

·                                          Purchase of standard vanilla puts and calls on foreign exchange currencies.

·                                          Sales of options (puts and calls) are limited following structures:

 

·                  Covered Calls

·                  Covered Puts

·                  Call Spreads

·                  Put Spreads

·                  Risk Reversals

 

·                                          NDO (Non Deliverable Options) on approved ISDA / EMTA standard confirmation currency pairs.

 

Financial Futures and /or Exchange Traded Options on a qualified board of trade or exchange in following products

 

·                                          Interest Rates

·                                          Liquid Commodities

·                                          Currencies

·                                          Indices

 

Government Securities

 

·                                          G10 government securities & bills.

 

B-1

 

	
G Capital Fund Management LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
Name: Mel Gunewardena
    	
 
    
	
Title: Managing Member
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Dated as of December 14, 2010
    	
 
    

 

B-2

 

APPENDIX C

 

COMMODITY TRADING AUTHORITY

 

G Capital Fund Management LLC

34 Broad Street, Suite 2

Red Bank, NJ 07701

Attn:  Mel Gunewardena

Facsimile:  732-450-8078

 

Dear G Capital Management LLC:

 

Gleneagles Global Horizons, LLC (the “Company”) does hereby make, constitute and appoint you as its attorney-in-fact to buy and sell commodity futures and forward contracts (including foreign futures and options contracts) in accordance with the Advisory Agreement between us and certain others.

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
GLENEAGLES   GLOBAL HORIZONS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
BLACKROCK   INVESTMENT MANAGEMENT, LLC, its Manager
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Robert Ellsworth
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Marie M. Bender
    
	
 
    	
 
    	
Title:   Managing Director
    

 

Dated as of December 14, 2010

 

C-1

 

APPENDIX D

 

ACKNOWLEDGMENT OF RECEIPT OF DISCLOSURE DOCUMENT

 

The undersigned hereby acknowledges receipt of G Capital Fund Management LLC’s  Offering Memorandum dated November 2010.

 

	
 
    	
GLENEAGLES   GLOBAL HORIZONS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
BLACKROCK   INVESTMENT MANAGEMENT, LLC, its Manager
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Robert Ellsworth
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Marie M. Bender
    
	
 
    	
 
    	
Title:   Managing Director
    

 

 

Dated as of December 14, 2010

 

D-1

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