Document:

Exhibit
10.1

 

LOAN
and Security AGREEMENT

[MAIN
STREET PRIORITY LOAN FACILITY]

 

THIS
LOAN AND SECURITY AGREEMENT (this “Agreement”), dated as of this 22nd day of October, 2020, by and between
ARC WINGHOUSE LLC, a Florida limited liability company, whose address is 1409 Kingsley Avenue, Unit 2, Orange Park, Florida 32073
(the “Borrower”), and CITY NATIONAL BANK OF FLORIDA, its successors and/or assigns (the “Lender”), whose
address is 100 S.E. 2nd Street, 13th Floor, Miami, Florida 33131.

 

RECITALS

 

A.
Borrower has requested and Lender has agreed to make a term loan to Borrower in the original principal amount of THREE MILLION
ONE HUNDRED EIGHTY THOUSAND NINE HUNDRED AND NO/100 DOLLARS ($3,180,900.00) (the “Loan”), to provide additional credit
assistance to the Borrower in order to maintain or reinstate ongoing operations and payroll as a result of the COVID-19 pandemic,
pursuant to the Main Street Priority Loan Facility as established by the Board of Governors of the Federal Reserve System under
Section 13(3) of the Federal Reserve Act, and subject to the terms and conditions contained in this Agreement.

 

B.
Borrower and Lender have negotiated the terms and conditions of, and wish to enter into, this Agreement in order to set forth
the terms and conditions of the Loan.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth below, Borrower and Lender agree as follows:

 

1.
DEFINITIONS. As used in this Agreement the terms listed below shall have the following meanings unless otherwise required
by the context:

 

(a)
Bank Product Obligations: Shall mean all obligations, liabilities, contingent reimbursement obligations, fees, and expenses
owing by an Obligor or any subsidiary of an Obligor to the Lender or any affiliate of the Lender pursuant to or evidenced by certain
cash management service agreements entered into from time to time by an Obligor or any subsidiary of an Obligor with the Lender
or any affiliate of the Lender concerning Bank Products and irrespective of whether for the payment of money, whether direct or
indirect, absolute or contingent, due or to become due, now existing or hereafter arising.

 

(b)
Bank Products: Shall mean any service or facility extended to an Obligor or any Subsidiary of an Obligor by the Lender
or any affiliate of the Lender, including: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase
cards, (e) ACH transactions, or (f) cash management, including controlled disbursement, accounts or services.

 

(c)
Borrower Certification: That certain Main Street Priority Loan Facility Borrower Certifications and Covenants dated as
of even date herewith, from Borrower in favor of Lender, as the same may be amended or modified from time to time.

 

(d)
CARES Act: The Coronavirus Aid, Relief, and Economic Security Act.

 

(e)
Change of Control: A change of ownership in excess of fifty-one percent (51%) of the ownership interests of Borrower.

 

(f)
Collateral: Shall have the meaning ascribed to such term in Section 4 hereof.

 

(g)
EBITDA: The sum of earnings before interest, taxes, depreciation, and amortization.

 

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(h)
Facility: The Main Street Priority Loan Facility, which has been authorized under Section 13(3) of the Federal Reserve
Act.

 

(i)
FAQS: The Main Street Lending Program Frequently Asked Questions as published by the Board of Governors of the Federal
Reserve System, as the same may be amended or modified from time to time.

 

(j)
Financing Statement(s): The financing statement(s) from Borrower to Lender to perfect Lender’s security interest
in the Collateral.

 

(k)
GAAP: Generally accepted accounting principles consistently applied, as adopted in the United States, and as amended from
time to time.

 

(l)
Governmental Assignee: Shall have the meaning ascribed to such term in the instructions to the Borrower Certification.

 

(m)
Governmental Authority: Any governmental or quasi-governmental authority, agency, authority, board, commission, or governing
body authorized by federal, state or local laws or regulations as having jurisdiction over the Lender or the Borrower.

 

(n)
Loan: That certain term loan in the amount of THREE MILLION ONE HUNDRED EIGHTY THOUSAND NINE HUNDRED AND NO/100 DOLLARS
($3,180,900.00), made pursuant to the Facility, as evidenced by the Note and other Loan Documents as provided herein.

 

(o)
Loan Documents: Any and all documents evidencing, securing, or executed in connection with the Loan, including, without
limitation, the Note, this Agreement, the Borrower Certification, and the Financing Statements.

 

(p)
Mortgage Debt: Shall have the meaning given to such term in the FAQS.

 

(q)
Note: That certain Promissory Note dated as of even date herewith from Borrower in favor of Lender in the principal amount
of $3,180,900.00 as the same may be amended, restated, modified or replaced from time to time.

 

(r)
Obligations: Shall mean all loans, advances and other financial accommodations made or extended by Lender to an Obligor,
including, without limitation, those arising pursuant to the Note and the Loan Agreement, all interest accrued thereon (including
interest which would be payable as post-petition in connection with any bankruptcy or similar proceeding, whether or not permitted
as a claim thereunder), any fees due the Lender under the Loan Documents, any expenses incurred by the Lender under the Loan Documents
and any and all other liabilities and obligations of an Obligor to the Lender, including any reimbursement obligations of an Obligor
to Lender in respect of any letter of credit issued by the Lender for the account of an Obligor and surety bonds, and all Bank
Product Obligations of an Obligor, all in each case howsoever created, arising or evidenced, whether direct or indirect, absolute
or contingent, now or hereafter existing, or due or to become due, together with any and all renewals or extensions thereof.

 

(s)
Obligor: Shall mean the Borrower, any subsidiary of the Borrower, any guarantor, accommodation endorser, third party pledgor,
or any other party liable with respect to the Obligations.

 

(t)
Permitted Debt: Shall mean (i) the Loan, (ii) the endorsement of checks for collection in the ordinary course of business,
(iii) debt payable to suppliers and other trade creditors in the ordinary course of business on ordinary and customary trade terms
and which is not past due, (iv) Mortgage Debt, and (v) any existing debt owed by Borrower to Lender.

 

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(u)
Permitted Liens: Shall mean (i) liens securing obligations under the Loan; (ii) liens on real property in connection with
loans with respect to which substantially all of the proceeds were used for acquisition, construction, fit-out, and/or renovation
of such property; (iii) liens securing permitted indebtedness that are junior or pari-passu to any lien securing the Loan; (iv)
liens on receivables assets and related assets incurred in connection with a receivables facility, provided that such debt is
secured only by the newly acquired property; (v) liens for taxes, fees, assessments or other government charges or levies, either
not delinquent or being contested in good faith; (vi) statutory liens securing claims or demands of materialmen, suppliers, producers,
mechanics, carriers, warehousemen, landlords and other Persons imposed without action of such parties; (vii) liens to secure payment
of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in
the ordinary course of business (other than liens imposed by ERISA); (viii) liens that are rights of set-off, bankers’ liens
or similar non-consensual liens relating to deposit or securities accounts in favor of banks, other depositary institutions and
securities intermediaries arising in the ordinary course of business of Borrower; and (ix) liens on limited recourse equipment
financings (including equipment capital or finance leasing and purchase money equipment loans) secured only by the acquired equipment.

 

(v)
Person: A natural person, a partnership, a joint venture, an unincorporated association, a limited liability company, a
corporation, a trust, any other legal entity, or any Governmental Authority.

 

(w)
SPV: MS FACILITIES LLC, a Delaware limited liability company.

 

(x)
UCC: Shall mean the Uniform Commercial Code in effect in the State of Florida from time to time. Any term used in this
Agreement and in any Financing Statement filed in connection herewith which is defined in the UCC and not otherwise defined in
this Agreement or in any other Loan Document has the meaning given to the term in the UCC.

 

(y)
Unmatured Event of Default: Any event that, if it continues uncured, will, with lapse of time or notice, or both, constitute
an Event of Default hereunder and under the other Loan Documents.

 

2.
LOAN. All Loan proceeds under the Note shall be funded within three (3) business days of the date of the Commitment Letter
(as defined in Section 6(ff) below).

 

3.
EXPENSES: Borrower shall pay all fees and charges incurred in the procuring and making of the Loan and all other expenses
incurred by Lender during the term of the Loan, including without limitation, Florida Documentary Stamp Taxes, if applicable,
and the fees of the attorneys for Lender. The Borrower shall also pay any and all insurance premiums, taxes, assessments, and
other charges, liens and encumbrances upon the Collateral. Such amounts, unless sooner paid, shall be paid from time to time as
Lender shall request either to the Person to whom such payments are due or to Lender if Lender has paid the same.

 

4.
SECURITY AGREEMENT.

 

(a)
Security for Obligations. As security for the payment and performance of the Obligations, the Borrower does hereby pledge,
assign, transfer, deliver and grant to the Lender, for its own benefit and as agent for its affiliates, a continuing and unconditional
security interest in and to any and all property of the Borrower, of any kind or description, tangible or intangible, wheresoever
located and whether now existing or hereafter arising or acquired, including the following (all of which property, along with
the products and proceeds therefrom, are individually and collectively referred to as the “Collateral”):

 

(i)
all property of, or for the account of, the Borrower now or hereafter coming into the possession, control or custody of, or in
transit to, the Lender or any agent or bailee for the Lender or any parent, affiliate or subsidiary of the Lender or any participant
with the Lender in the Obligations (whether for safekeeping, deposit, collection, custody, pledge, transmission or otherwise),
including all earnings, dividends, interest, or other rights in connection therewith and the products and proceeds therefrom,
including the proceeds of insurance thereon; and

 

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(ii)
the additional property of the Borrower, whether now existing or hereafter arising or acquired, and wherever now or hereafter
located, together with all additions and accessions thereto, substitutions, betterments and replacements therefor, products and
Proceeds therefrom, and all of the Borrower’s books and records and recorded data relating thereto (regardless of the medium
of recording or storage), together with all of the Borrower’s right, title and interest in and to all computer software
required to utilize, create, maintain and process any such records or data on electronic media, identified and set forth as follows:

 

1.
All Accounts and all Goods whose sale, lease or other disposition by the Borrower has given rise to Accounts and have been returned
to, or repossessed or stopped in transit by, the Borrower, or rejected or refused by an Account Debtor;

 

2.
All Inventory, including raw materials, work-in-process and finished goods;

 

3.
All Goods (other than Inventory), including embedded software, Equipment, vehicles, furniture and Fixtures;

 

4.
All Software and computer programs;

 

5.
All Securities, Investment Property, Financial Assets and Deposit Accounts;

 

6.
All Chattel Paper, Electronic Chattel Paper, Instruments, Documents, Letter of Credit Rights, all proceeds of letters of credit,
Health-Care-Insurance Receivables, Supporting Obligations, notes secured by real estate, Commercial Tort Claims and General Intangibles,
including Payment Intangibles; and

 

7.
All Proceeds (whether Cash Proceeds or Noncash Proceeds) of the foregoing property, including all insurance policies and proceeds
of insurance payable by reason of loss or damage to the foregoing property, including unearned premiums, and of eminent domain
or condemnation awards.

 

(b)
Possession and Transfer of Collateral. Until an Event of Default has occurred hereunder, the Borrower shall be entitled
to possession or use of the Collateral (other than Collateral required to be delivered to the Lender pursuant to this Section
4). The cancellation or surrender of any promissory note evidencing the Obligations, upon payment or otherwise, shall not affect
the right of the Lender to retain the Collateral for any other of the Obligations. The Borrower shall not sell, assign (by operation
of law or otherwise), license, lease or otherwise dispose of, or grant any option with respect to any of the Collateral, except
that the Borrower may sell inventory in the ordinary course of Borrower’s business.

 

(c)
Financing Statements. The Borrower shall, at the Lender’s request, at any time and from time to time, execute and
deliver to the Lender such financing statements, amendments and other documents and do such acts as the Lender deems necessary
in order to establish and maintain valid, attached and perfected security interests in the Collateral in favor of the Lender,
for its own benefit and as agent for its affiliates. The Borrower hereby irrevocably authorizes the Lender at any time, and from
time to time, to file in any jurisdiction any initial financing statements and amendments thereto without the signature of the
Borrower that (a) indicate the Collateral (i) is comprised of all assets of the Borrower or words of similar effect, regardless
of whether any particular asset comprising a part of the Collateral falls within the scope of Article 9 of the UCC, or (ii) as
being of an equal or lesser scope or within greater detail as the grant of the security interest set forth herein, and (b) contain
any other information required by Section 5 of Article 9 of the UCC. The Borrower further ratifies and affirms its authorization
for any financing statements and/or amendments thereto, executed and filed by the Lender in any jurisdiction prior to the date
of this Agreement. In addition, the Borrower shall make appropriate entries on its books and records disclosing the security interests
of the Lender, for its own benefit and as agent for its affiliates, in the Collateral.

 

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(d)
Preservation of the Collateral. The Lender may, but is not required, to take such actions from time to time as the Lender
deems appropriate to maintain or protect the Collateral. The Lender shall have exercised reasonable care in the custody and preservation
of the Collateral if the Lender takes such action as the Borrower shall reasonably request in writing which is not inconsistent
with the Lender’s status as a secured party, but the failure of the Lender to comply with any such request shall not be
deemed a failure to exercise reasonable care; provided, however, the Lender’s responsibility for the safekeeping of the
Collateral shall (i) be deemed reasonable if such Collateral is accorded treatment substantially equal to that which the Lender
accords its own property, and (ii) not extend to matters beyond the control of the Lender, including acts of God, war, insurrection,
riot or governmental actions. In addition, any failure of the Lender to preserve or protect any rights with respect to the Collateral
against prior or third parties, or to do any act with respect to preservation of the Collateral, not so requested by the Borrower,
shall not be deemed a failure to exercise reasonable care in the custody or preservation of the Collateral. The Borrower shall
have the sole responsibility for taking such action as may be necessary, from time to time, to preserve all rights of the Borrower
and the Lender in the Collateral against prior or third parties. Without limiting the generality of the foregoing, where Collateral
consists in whole or in part of securities, the Borrower represents to, and covenants with, the Lender that the Borrower has made
arrangements for keeping informed of changes or potential changes affecting the securities (including rights to convert or subscribe,
payment of dividends, reorganization or other exchanges, tender offers and voting rights), and the Borrower agrees that the Lender
shall have no responsibility or liability for informing the Borrower of any such or other changes or potential changes or for
taking any action or omitting to take any action with respect thereto.

 

(e)
Other Actions as to any and all Collateral. The Borrower further agrees to take any other action reasonably requested by
the Lender to ensure the attachment, perfection and priority of, and the ability of the Lender to enforce, the security interest
of the Lender, for its own benefit and as agent for its affiliates, in any and all of the Collateral including (a) causing the
Lender’s name to be noted as secured party on any certificate of title for a titled good if such notation is a condition
to attachment, perfection or priority of, or ability of the Lender to enforce, the security interest of the Lender, for its own
benefit and as agent for its affiliates, in such Collateral, (b) complying with any provision of any statute, regulation or treaty
of the United States as to any Collateral if compliance with such provision is a condition to attachment, perfection or priority
of, or ability of the Lender to enforce, the security interest of the Lender, for its own benefit and as agent for its affiliates,
in such Collateral, (c) obtaining governmental and other third party consents and approvals, including any consent of any licensor,
lessor or other Person obligated on Collateral, (d) obtaining waivers from mortgagees and landlords in form and substance satisfactory
to the Lender, and (e) taking all actions required by the UCC in effect from time to time or by other law, as applicable in any
relevant UCC jurisdiction, or by other law as applicable in any foreign jurisdiction. The Borrower further agrees to indemnify
and hold the Lender harmless against claims of any Persons not a party to this Agreement concerning disputes arising over the
Collateral.

 

(f)
Collateral in the Possession of a Warehouseman or Bailee. If any of the Collateral at any time is in the possession of
a warehouseman or bailee, the Borrower shall promptly notify the Lender thereof, and shall promptly obtain a collateral access
agreement.

 

(g)
Letter-of-Credit Rights. If the Borrower at any time is a beneficiary under a letter of credit now or hereafter issued
in favor of the Borrower, the Borrower shall promptly notify the Lender thereof and, at the request and option of the Lender,
the Borrower shall, pursuant to an agreement in form and substance satisfactory to the Lender, either (i) arrange for the issuer
and any confirmer of such letter of credit to consent to an assignment to the Lender, for its own benefit and as agent for its
affiliates, of the proceeds of any drawing under the letter of credit, or (ii) arrange for the Lender, for its own benefit and
as agent for its affiliates, to become the transferee beneficiary of the letter of credit, with the Lender agreeing, in each case,
that the proceeds of any drawing under the letter to credit are to be applied as provided in this Agreement.

 

(h)
Commercial Tort Claims. If the Borrower shall at any time hold or acquire a Commercial Tort Claim, the Borrower shall immediately
notify the Lender in writing signed by the Borrower of the details thereof and grant to the Lender, for its own benefit and as
agent for its affiliates, in such writing a security interest therein and in the proceeds thereof, all upon the terms of this
Agreement, in each case in form and substance satisfactory to the Lender, and shall execute any amendments hereto deemed reasonably
necessary by the Lender to perfect the security interest of the Lender, for its own benefit and as agent for its affiliates, in
such Commercial Tort Claim.

 

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(i)
Electronic Chattel Paper and Transferable Records. If the Borrower at any time holds or acquires an interest in any electronic
chattel paper or any “transferable record”, as that term is defined in Section 201 of the federal Electronic Signatures
in Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant
jurisdiction, the Borrower shall promptly notify the Lender thereof and, at the request of the Lender, shall take such action
as the Lender may reasonably request to vest in the Lender control under Section 9-105 of the UCC of such electronic chattel paper
or control under Section 201 of the federal Electronic Signatures in Global and National Commerce Act or, as the case may be,
Section 16 of the Uniform Electronic Transactions Act, as so in effect in such jurisdiction, of such transferable record. The
Lender agrees with the Borrower that the Lender will arrange, pursuant to procedures satisfactory to the Lender and so long as
such procedures will not result in the Lender ‘s loss of control, for the Borrower to make alterations to the electronic
chattel paper or transferable record permitted under Section 9-105 of the UCC or, as the case may be, Section 201 of the federal
Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions Act for a party
in control to make without loss of control.

 

All
capitalized words and phrases used in this Section 4 and not otherwise specifically defined in this Agreement shall have the respective
meanings assigned to such terms in the UCC, to the extent the same are used or defined therein.

 

5.
WARRANTIES AND REPRESENTATIONS. Borrower represents and warrants (which representations and warranties shall be deemed
continuing) as follows:

 

(a)
Organization Status. Borrower (i) is duly organized under the laws of the State of Florida, (ii) is in good standing under
the laws of the State of Florida, (iii) is qualified to do business in the State of Florida, and (iv) has membership interests
which have been duly and validly issued.

 

(b)
Place of Business. The principal place of business, and the location of all Collateral and books and records of the Borrower
is set forth in the preamble to this Agreement. The Borrower shall promptly notify the Lender of any change in such location.
The Borrower will not remove or permit the Collateral to be removed from such location without the prior written consent of the
Lender, except for inventory sold in the usual and ordinary course of the Borrower’s business.

 

(c)
Compliance with Laws. Borrower is in compliance with all laws, regulations, ordinances and orders of all Governmental Authorities.
Borrower is not engaged in any activity that is illegal under federal, state or local law.

 

(d)
Accurate Information. All information now and hereafter furnished to Lender is and will be true, correct and complete in
all material respects. Any such information relating to Borrower’s financial condition has and will accurately reflect such
financial condition as of the date(s) thereof, (including all contingent liabilities of every type), and Borrower further represents
that its financial condition has not changed materially or adversely since the date(s) of such documents, including Borrower’s
calculation of EBITDA for fiscal year end 2019.

 

(e)
Authority to Enter into Loan Documents. The Borrower has full power and authority to enter into the Loan Documents and
consummate the transactions contemplated hereby, and the facts and matters expressed or implied in the opinions of its legal counsel
are true and correct.

 

(f)
Validity of Loan Documents. The Loan Documents have been approved by those Persons having proper authority, and are in
all respects legal, valid and binding according to their terms.

 

(g)
Conflicting Transactions. The consummation of the transaction hereby contemplated and the performance of the obligations
of Borrower under and by virtue of the Loan Documents will not result in any breach of, or constitute a default under, any lease,
loan or credit agreement, or other instrument to which Borrower is a party or by which they may be bound or affected.

 

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(h)
Pending Litigation. There are no actions, suits or proceedings pending against Borrower or the Collateral, or circumstances
which could lead to such action, suits or proceedings against or affecting Borrower or the Collateral, or involving the validity
or enforceability of any of the Loan Documents, before or by any Governmental Authority, except actions, suits and proceedings
which have been specifically disclosed to and approved by Lender in writing; and Borrower is not in default with respect to any
order, writ, injunction, decree or demand of any court or any Governmental Authority.

 

(i)
Condition of Collateral. The Collateral is not now damaged or injured as a result of any fire, explosion, accident, flood
or other casualty.

 

(j)
Discharge of Liens and Taxes. Borrower is current (or will be current with any Loan proceeds specified for eligible tax
payments) on all federal, state, and local taxes, including but not limited to income taxes, payroll taxes, real estate taxes,
and sales taxes. Borrower has duly filed, paid and/or discharged all other taxes or other claims that may become a lien on any
of its property or assets, except to the extent that such items are being appropriately contested in good faith and an adequate
reserve for the payment thereof is being maintained.

 

(k)
Sufficiency of Capital. Borrower is not, and after consummation of this Agreement and after giving effect to all indebtedness
incurred and liens created by Borrower in connection with the Note and any other Loan Documents, will not be, insolvent within
the meaning of 11 U.S.C. § 101, as in effect from time to time.

 

(l)
ERISA. Each employee pension benefit plan, as defined in Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
maintained by Borrower meets, as of the date hereof, the minimum funding standards of ERISA and all applicable regulations thereto
and requirements thereof, and of the Internal Revenue Code of 1986, as amended. No “Prohibited Transaction” or “Reportable
Event” (as both terms are defined by ERISA) has occurred with respect to any such plan.

 

(m)
No Default. Borrower is not in default in any material respect under any agreement or instrument to which it is a party
or by which it may be bound which would individually or in the aggregate have a material adverse effect on the financial condition
or business of Borrower.

 

(n)
EBITDA Leverage Condition. Borrower meets the EBITDA leverage condition of the Facility.

 

(o)
Eligible Borrower. Borrower represents and warrants to Lender that Borrower is an Eligible Borrower (as that term is defined
under the Facility), and that the Borrower:

 

(i)
is a Business (as defined in the Borrower Certification) that was established prior to March 13, 2020;

 

(ii)
is not an Ineligible Business, as that term is described under 13 CFR 120.110(b)-(j) and (m)-(s), as modified by regulations implementing
the Paycheck Protection Program (“PPP”) established by Section 1102 of the CARES Act on or before April 24, 2020;

 

(iii)
when aggregated with its affiliates (in accordance with the Instructions to the Borrower Certification), either: (i) has 15,000
employees or fewer, or (ii) had 2019 annual revenues of $5,000,000,000.00 or less;

 

(iv)
is created or organized in the United States or under the laws of the United States and has significant operations in and a majority
of its employees based in the United States, consistent with Section 4003(c)(3)(C) of the CARES Act;

 

(v)
does not and will not also participate in any other Main Street Lending Program loan or the Primary Market Corporate Credit Facility;
and

 

(vi)
has not received specific support pursuant to Subtitle A of Title IV of the CARES Act.

 

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(p)
Other Indebtedness. Borrower represents and warrants to Lender that, as of the date hereof, (i) the Borrower has other
indebtedness, and (ii) the Borrower has obtained any required consents from the lenders of such other indebtedness to enter into
this Loan, or such consents have otherwise been waived or no such consents are required.

 

6.
COVENANTS. Borrower covenants and agrees with Lender as follows:

 

(a)
Taxes. Borrower certifies that it has filed or caused to be filed all federal, state and other tax returns which are required
to be filed, and have paid or caused to be paid all taxes as shown on said returns or in any manner due to be paid (including,
but not limited to, ad valorem and personal property taxes) or on any assessment received by Borrower and not being contested
in good faith, to the extent that such taxes have become due.

 

(b)
Notice of Litigation. Borrower shall promptly give Lender written notice of (a) a judgment entered against Borrower, or
(b) the commencement of any action, suit, claim, counterclaim or proceeding against or investigation of Borrower which, if adversely
determined, would materially adversely affect the business of Borrower, or which questions the validity of this Agreement or the
Note, or any other actions or agreements taken or to be made pursuant to any of the foregoing.

 

(c)
Notice of Default. Borrower shall promptly give Lender written notice of any act of default under any agreement with Lender
or under any other contract to which Borrower is a party and of any acceleration of indebtedness caused thereby which would have
a materially adverse affect to the business of Borrower.

 

(d)
Reports. Borrower shall promptly furnish Lender with copies of all governmental agency, and other special reports pertaining
to or affecting Borrower, which would materially adversely affect the business of Borrower.

 

(e)
Change of Control. Borrower shall not have a Change of Control without the prior written approval of the Lender, which
approval shall not be unreasonably withheld. Borrower shall promptly notify Lender of any change in ownership during the term
of the Loan. Borrower shall at all times comply with the Lender’s standard and customary “know your customer”
reviews and clearance in connection with any approved Change of Control.

 

(f)
Ownership of Borrower. Borrower and/or the direct and indirect owners of Borrower are not “Specially Designated Nationals”
by the Office of Foreign Asset Control. No owner of twenty (20%) or more of Borrower is (i) incarcerated, on probation or parole;
(ii) subject to an indictment, criminal arraignment or any other means of formal criminal charges brought in any jurisdiction;
or (iii) convicted of a felony in the last five (5) years.

 

(g)
Change in Fiscal Year. Borrower shall not change its fiscal year without the prior written consent of Lender. Borrower’s
fiscal year ends on December 31.

 

(h)
No Sale of Assets. Borrower shall not, during the term of the Loan, transfer any material portion of its assets unless
such transfer is in the ordinary course of Borrower’s business, for fair market value and such fair market value is given
to Borrower, in its sole name, and such transfer will not have a material adverse effect on the financial condition of Borrower
and/or its ability to perform the obligations hereunder, as determined by Lender in its sole and absolute discretion.

 

(i)
Title to Collateral. Borrower will deliver to Lender, on demand, any contracts, bills of sale, statements, receipted vouchers
or agreements under which Borrower claims title to any of the Collateral.

 

(j)
Payment of Debts. Borrower shall pay and discharge when due, and before subject to penalty or further charge, and otherwise
satisfy before maturity or delinquency, all obligations, debts, taxes, and liabilities of whatever nature or amount, except those
which Borrower in good faith disputes.

 

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(k)
Collection of Insurance Proceeds. Borrower will cooperate with Lender in obtaining for Lender the benefits of any insurance
or other proceeds lawfully or equitably payable to it in connection with the transaction contemplated hereby and the collection
of any indebtedness or obligation of Borrower to Lender incurred hereunder.

 

(l)
Further Assurances and Preservation of Security. Borrower will do all acts and execute all documents for the better and
more effective carrying out of the intent and purposes of this Agreement, as Lender shall reasonably require from time to time,
and will do such other acts necessary or desirable to preserve and protect the Collateral at any time securing or intending to
secure the Note, as Lender may require.

 

(m)
No Assignment. Borrower shall not assign this Agreement or any interest therein and any such assignment is void and of
no effect. Lender may assign this Agreement and any other Agreements contemplated hereby, and all of its rights hereunder and
thereunder, and all provisions of this Agreement shall continue to apply to the Loan. Lender also shall have the right to participate
the Loan with any other lending institution.

 

(n)
Access to Books and Records. Borrower shall allow Lender, or its agents, after reasonable prior notice and during reasonable
normal business hours, to access Borrower’s books, records and such other documents, and allow Lender, at Borrower’s
expense, to inspect, audit and examine the same and to make extracts therefrom and to make copies thereof.

 

(o)
Business Continuity. Borrower shall conduct its business in substantially the same manner and locations as such business
is now and has previously been conducted during the term of the Loan.

 

(p)
Insurance.

 

(A)
Borrower shall obtain, maintain and keep in full force and effect during the term of the Loan adequate insurance coverage, with
all premiums paid thereon and without notice or demand, with respect to its properties and business against loss or damage of
the kinds and in the amounts customarily insured against by companies of established reputation engaged in the same or similar
businesses including, without limitation:

 

(i)
Public liability insurance insuring against all claims for personal or bodily injury, death, or property damage in an amount of
not less than $1,000,000.00 single limit coverage, and $2,000,000.00 in the aggregate. Such policy shall include an additional
insured endorsement naming the Lender as loss payee; and

 

(ii)
Insurance in such amounts and against such other casualties and contingencies as may from time to time be required by Lender.

 

(B)
All policies of insurance required hereunder shall: (i) be written by carriers which are licensed or authorized to transact business
in the State of Florida, and are rated “A” or higher, Class XII or higher, according to the latest published Best’s
Key Rating Guide and which shall be otherwise acceptable to Lender in all other respects, (ii) provide that the Lender shall receive
thirty (30) days’ prior written notice from the insurer before a cancellation, modification, material change or non-renewal
of the policy becomes effective, and (iii) be otherwise satisfactory to Lender.

 

(C)
Borrower shall not, without the prior written consent of Lender, take out separate insurance concurrent in form or contributing
with regard to any insurance coverage required by Lender.

 

(D)
At all times during the term of the Loan, Borrower shall have delivered to Lender the original (or a certified copy) of all policies
of insurance required hereby, together with receipts or other evidence that the premiums therefor have been paid.

 

    	9

    	 

    

 

(E)
Not less than thirty (30) days prior to the expiration date of any insurance policy, Borrower shall deliver to Lender the original
(or certified copy), or the original certificate, as applicable, of each renewal policy, together with receipts or other evidence
that the premiums therefor have been paid.

 

(F)
The delivery of any insurance policy and any renewals thereof, shall constitute an assignment thereof to Lender, and Borrower
hereby grants to Lender a security interest in all such policies, in all proceeds thereof and in all unearned premiums therefor.

 

(q)
Subordination of Debt. Borrower will fully subordinate all of the Borrower’s debts owed to third parties, including,
without limitation, officers, employees, stockholders, and affiliates, upon terms and conditions acceptable to Lender, other than
Permitted Debt.

 

(r)
Indemnification. Borrower hereby indemnifies and holds Lender, its directors, officers, agents, employees and attorneys
harmless from and against any liability, loss, expenses, damage of any nature, and claims, including, without limitation, brokers’
claims, arising in connection with the Loan.

 

(s)
Indebtedness. During the term of the Loan, Borrower shall not incur, create, assume or permit to exist any indebtedness
or liability on account of advances or deposits, any indebtedness or liability for borrowed money, any indebtedness constituting
the deferred purchase price of any property or assets, any indebtedness owed under any conditional sale or title retention agreement,
contingent obligations pursuant to guaranties, endorsements, letters of credit and other secondary liabilities, or any other indebtedness
or liability evidenced by notes, bonds, debentures or similar obligations without the prior written approval of Lender, except
for Permitted Debt.

 

(t)
Liens. Borrower will not, nor will it permit any subsidiary to, create, incur, assume or suffer to exist any lien upon
any of its property, assets or revenues, whether now owned or hereafter acquired, securing any debt for borrowed money or any
obligations evidenced by a bond, debenture, note, loan agreement or other similar instrument, or any guarantee of the foregoing,
other than Permitted Liens.

 

(u)
Cancellation or Reduction of Lines of Credit. Borrower will not seek to cancel or reduce any of its committed lines of
credit with the Lender or any other lender until (i) the Loan is repaid in full or (ii) neither the SPV nor a Governmental Assignee
holds an interest in the Loan in any capacity.

 

(v)
Solvency and Bankruptcy. The Borrower has a reasonable basis to believe that, as of the date of origination of the Loan,
and after giving effect to such Loan, the Borrower has the ability to meet its financial obligations for at least the next ninety
(90) days and does not expect to file for bankruptcy during that time period.

 

(w)
Compensation, Stock Repurchase, and Capital Distribution Restrictions. The Borrower will follow compensation, stock repurchase,
and capital distribution restrictions that apply to direct loan programs under Section 4003(c)(3)(A)(ii) of the CARES Act, including,
without limitation:

 

(i)
Until twelve (12) months after the Loan has been repaid, Borrower shall not buyback stock of equity securities listed on a national
securities exchange of Borrower or a parent of Borrower (exceptions for contractual obligations entered in to prior to March 27,
2020);

 

(ii)
Borrower shall not make dividend payments or capital distributions on common stock of Borrower (except that an S-corporation or
other tax pass-through entity that is a Borrower may make distributions to the extent reasonably required to cover its owners’
tax obligations in respect of the entity’s earnings); and

 

(iii)
From the date hereof until twelve (12) months after the Loan has been repaid, Borrower shall comply with the compensation limits
set out in Section 4004 of the CARES Act.

 

    	10

    	 

    

 

(x)
Eligible To Participate in the Facility. The Borrower is eligible to participate in the Facility, including in light of
the conflicts of interest prohibition in Section 4019(b) of the CARES Act. In addition, Borrower certifies to Lender that it has
not obtained, and will not obtain, (i) another loan under the Facility, (ii) any other Main Street Lending Program loan, or (iii)
a Primary Market Corporate Credit Facility.

 

(y)
Payroll Maintenance and Employee Retention. The Borrower will make commercially reasonable efforts to maintain its payroll
and retain its employees during the time the Loan is outstanding to the extent required by the CARES Act, the Facility and the
FAQs.

 

(z)
Priority of Loan. At the time of origination of the Loan and at all times during the term of the Loan, the Loan shall be
senior to, or pari passu with, in terms of priority and security, the Borrower’s other loans or debt instruments, other
than Mortgage Debt.

 

(aa)
Repayment of Other Indebtedness. Borrower will not repay the principal balance of, or pay any interest on, any debt unless
the principal or interest payment is mandatory and due, until (i) the Loan is repaid in full or (ii) neither the SPV nor a Governmental
Assignee holds an interest in the Loan in any capacity, provided that Borrower may, at the time of origination of the Loan, refinance
existing debt owed by the Borrower to a lender that is not the Lender.

 

With
respect to debt that predates the Loan, principal and interest payments are “mandatory and due”: (i) on the future
date upon which they were scheduled to be paid as of the date of origination of the Loan, or (ii) upon the occurrence of an event
that automatically triggers mandatory prepayments under a contract for indebtedness that the Borrower executed prior to the date
of origination of the Loan, except that any such prepayments triggered by the incurrence of new debt can only be paid (i) if such
prepayments are de minimis, or (ii) under the Facility at the time of origination of the Loan.

 

For
the avoidance of doubt, Borrower may continue to pay, and Lender may request that Borrowers pay, interest or principal payments
on outstanding debt on (or after) the payment due date, provided that the payment due date was scheduled prior to the date of
origination of the Loan. Borrower may not pay, and Lender may not request that Borrower pay, interest or principal payments on
such debt ahead of schedule during the life of the Loan, unless required by a mandatory prepayment clause as specifically permitted
above.

 

For
future debt incurred by the Borrower in compliance with the terms and conditions of the Facility, principal and interest payments
are “mandatory and due” on their scheduled dates or upon the occurrence of an event that automatically triggers mandatory
prepayments.

 

As
to repayment of a loan owed to an owner or to an affiliate of the Borrower, such repayment shall be allowed provided that the
loan is a bona fide loan and repayment is made when mandatory and due. A loan owed to an owner or to an affiliate of the Borrower
shall be considered “bona fide” if (i) it is a written instrument with a stated interest rate, a stated maturity date,
and terms that are at least as favorable to the Borrower as market terms for similar loans at the time of origination; (ii) such
owner or affiliate of the Borrower has a reasonable expectation of repayment, including that payments on the loan are not deferred;
(iii) the debt is enforceable under state law; and (iv) such owner or affiliate of the Borrower has remedies upon default (e.g.,
a security interest or position with respect to other creditors).

 

Borrower
hereby acknowledges and agrees that Lender may require, in its sole and absolute discretion, additional documentation from Borrower
relating to any loan owed to an owner or to an affiliate of the Borrower, including, without limitation, promissory notes or other
evidence of such debt, as well as affidavits or certifications from Borrower, in order to confirm that such loan is bona fide.

 

    	11

    	 

    

 

(bb)
Mandatory Prepayment. If, on any date (such date, a “Trigger Date”), the Board of Governors of the Federal
Reserve System or a designee thereof has, after consultation with Lender, notified Lender in writing that the Borrower has materially
breached, made a material misrepresentation with respect to or otherwise failed to comply with certifications in Section 2 (CARES
Act Borrower Eligibility Certifications and Covenants) or Section 3 (FRA and Regulation A Borrower Eligibility Certifications)
of the Borrower Certification in any material respect or that any such certification has failed to be true and correct in any
material respect, then Lender shall promptly so notify the Borrower and the Borrower shall, no later than two (2) business days
after such Trigger Date, prepay the Loan in full, along with any accrued and unpaid interest thereon.

 

(cc)
Compliance with Borrower Certification, the Facility and the CARES Act. At all times during the term of the Loan, Borrower
shall comply with all other covenants, terms and conditions set forth in the Borrower Certification, the Facility and/or the CARES
Act.

 

(dd)
Cooperation Agreement. In the event any of the documents evidencing and/or securing the Loan between Borrower and Lender
are misstated or inaccurately reflect the agreed upon, true and correct terms and provisions of the Loan and said misstatements
or inaccuracies are due to the unilateral mistake on the part of Lender, mutual mistake on the part of Lender and/or Borrower,
or clerical error, then in such event Borrower shall, upon reasonable request by Lender, and in order to correct such misstatement
or inaccuracy, or to comply with the Facility requirements or in Lender’s reasonable opinion, more accurately evidence the
Loan, execute such new documents or initial such corrected original documents as Lender may deem reasonably necessary to remedy
said inaccuracy or mistake or to comply with the Facility requirements or in Lender’s reasonable opinion, more accurately
evidence the Loan.

 

(ee)
Fees and Expenses. Upon the funding of the Loan, (i) Borrower shall pay to SPV a transaction fee in the amount of $31,809.00
in connection with the Loan, and (ii) Borrower shall pay to Lender an origination fee in the amount of $31,809.00 in connection
with the Loan. At Borrower’s option, the foregoing fees can be deducted from the Loan proceeds at closing. In addition to
the foregoing fees, Borrower agrees to pay all other fees and expenses incurred by Lender in connection with the Loan, as more
particularly described in Section 3 above, which shall include, but not be limited to, the legal fees and costs of Lender’s
counsel.

 

(ff)
Facility Commitment Letter. Borrower hereby acknowledges and agrees that Lender shall be under no obligation to close and
fund the Loan until the Lender has received a commitment letter (the “Commitment Letter”) from SPV that it will purchase
a participation interest in the amount of $3,021,855.00 of the aggregate principal amount of the Loan under the Facility in accordance
with the terms and guidelines of the Facility.

 

(gg)
Refinancing of Existing Debt. Any existing debt owed by the Borrower to a lender that is not the Lender that is to be refinanced
with Loan proceeds shall be repaid in accordance with the terms and conditions set forth in the Borrower Certification, the Facility
and the CARES Act, and if such debt is owed to an owner or to an affiliate of the Borrower, then it may only be refinanced with
Loan proceeds if it is deemed bona fide, as more particularly described in Section 6(aa) above.

 

7.
FINANCIAL AND REPORTING REQUIREMENTS.

 

(a)
Depository Relationship. At all times during the term of the Loan, the Borrower shall maintain with Lender (i) its primary
depository account(s), including its primary Operating Account(s), and (ii) its primary Treasury Management Services. As used
herein, “Operating Account(s)” shall mean bank accounts that facilitate the collection of sales, including accounts
receivable, and the payment of expenses and payroll disbursements; and “Treasury Management Services” shall mean commercial
banking platforms that facilitate the origination of wire transfers and ACH transactions, the transfer of funds between accounts,
positive pay decisioning, remote capture of check deposits and/or other electronic banking services. The Operating Accounts must
be opened, and the Treasury Management Services established prior to closing or funding of the Loan. In addition, at all times
during the term of the Loan, Borrower shall maintain a minimum deposit ledger balance with Lender in an amount equal to the lesser
of (i) $477,135.00, or (ii) fifteen percent (15%) of the outstanding principal balance of the Loan (based on the principal balance
in effect as of the end of each applicable quarter) (the “Minimum Deposit Relationship”), to be tested and applied
on a quarterly basis. Failure to maintain the Minimum Deposit Relationship will result in a fee payable to Lender equal to two
percent (2%) per annum of the amount of the deficiency (the “Deficiency Fee”), which Deficiency Fee shall be charged
automatically without any notice to Borrower. The Deficiency Fee shall not be deemed to be or constitute additional interest under
the Loan, as it relates specifically and directly to the required deposit balances. In the event Borrower fails to maintain the
required Minimum Deposit Relationship and the Deficiency Fee becomes due and payable by Borrower, Lender shall be entitled to
either (i) exercise its rights of setoff against the Borrower’s accounts held with Lender in order to collect the Deficiency
Fee without the requirement of notice, or (ii) send a written demand to Borrower that the Deficiency Fee be paid within ten (10)
days of written notice thereof. At Lender’s sole discretion, the Minimum Deposit Relationship may be satisfied not only
with Borrower accounts, but also with (a) accounts maintained with Lender by any guarantor of the Loan, and/or Borrower’s
affiliates and shareholders, or (b) any accounts owned or controlled by the Borrower, any guarantor of the Loan, and/or Borrower’s
affiliates and shareholders (collectively, the “Related Accounts”). To the extent such Related Accounts are included
in the calculation of the Minimum Deposit Relationship, Lender may exercise its right of setoff against any such Related Accounts
along with any Borrower accounts.

 

    	12

    	 

    

 

(b)
Borrower’s Annual Financial Statements. Within one hundred twenty (120) days after the end of each fiscal year, Borrower
shall provide Lender with an annual financial statement prepared on a consolidated basis in accordance with GAAP, with comparable
information for the year to date and the immediately preceding fiscal year, all certified (as to the consolidated financial statements)
by a recognized firm of certified public accountants. In addition, as soon as available, but in any event within sixty (60) days
after the end of each fiscal year of the Borrower, (i) the Borrower shall deliver to the Lender financial reporting applicable
for the Facility, in a form and substance reasonably acceptable to the Lender, setting forth the financial information, and where
applicable reasonably detailed calculations of the required data, set forth in Appendix C to the FAQs as at the end of such fiscal
year of the Borrower, which financial reporting and calculations, in each case, shall be true and accurate in all material respects
and, where applicable, present fairly in all material respects the financial condition of the Borrower for the period covered
thereby in accordance with GAAP, consistently applied, and (ii) such supporting documentation as Lender reasonably requests.

 

(c)
Borrower’s Quarterly Financial Reporting Requirements. As soon as available, but in any event within sixty (60) days
after the end of each fiscal quarter of the Borrower, (i) the Borrower shall deliver to the Lender financial reporting applicable
for the Facility, in a form and substance reasonably acceptable to the Lender, setting forth the financial information, and where
applicable reasonably detailed calculations of the required data, set forth in Appendix C to the FAQs as at the end of such fiscal
quarter of the Borrower, which financial reporting and calculations, in each case, shall be true and accurate in all material
respects and, where applicable, present fairly in all material respects the financial condition of the Borrower for the period
covered thereby in accordance with GAAP, consistently applied, and (ii) such supporting documentation as Lender reasonably requests.

 

(d)
Tax Returns. Within thirty (30) days of filing, Borrower shall supply Lender with a copy of its annual federal income tax
returns, including, without limitation, K-1 statements for all Partnerships and Sub Chapter S Corporations, or, if an extension
is filed for any tax return, within thirty (30) days after any permitted extension date.

 

(e)
Changes to Financial Reporting Requirements. Lender may, in its sole and absolute discretion, upon written notice to the
Borrower, do the following: (i) change the financial reporting requirements applicable to the Borrower with respect to the Facility
in accordance with any changes made to the financial reporting requirements of the Federal Reserve set forth on Appendix C to
the FAQs attached hereto as Exhibit “A”, (ii) change the frequency of delivery of the financial statements
and reports required to be provided to Lender by Borrower hereunder, (iii) change the method of preparation for the financial
statements required to be provided to Lender by Borrower hereunder, or (iv) require Borrower to provide additional financial statements,
reports or information regarding the Collateral, or the operation, business affairs or financial condition of Borrower. In the
event that Lender notifies the Borrower of a change to the financial reporting requirements hereunder, Borrower agrees (i) to
execute any and all documentation required by Lender to acknowledge such change, and (ii) to comply with Lender’s request
for the revised and/or additional financial reporting requirements.

 

(f)
Form of Financial Statements. The form and content of each financial statement as required above, shall be acceptable to
Lender in its sole discretion, shall be certified by each party to be correct and complete, and shall include a complete description
of all contingent liabilities, including, without limitation, all indebtedness guaranteed.

 

    	13

    	 

    

 

For
ease of reference and for the convenience of the parties, Appendix C to the FAQs is attached to this Agreement as Exhibit “A”
and is incorporated by reference as if fully set forth herein..

 

8.
DEFAULT. Upon the occurrence of any of the following events (each an “Event of Default” and collectively, the
“Events of Default”), Lender may at its option exercise any of its remedies set forth herein:

 

(a)
Borrower fails to perform any obligation under the Note when due, whether on the scheduled due date or upon acceleration, maturity
or otherwise; or

 

(b)
Borrower fails to perform any other obligation under the Loan Documents beyond any applicable notice and cure periods; or

 

(c)
Borrower fails to perform any obligations under this Agreement (other than the items set forth in subsection (d) through (p) below
for which there will be no grace periods other than as specifically stated therein) and such failure continues for thirty (30)
days after written notice thereof shall have been given to Borrower, provided that if such breach cannot reasonably be cured within
such thirty (30) day period and Borrower shall commence to cure such breach with such thirty (30) day period and thereafter diligently
and expeditiously proceeds to cure same, the thirty (30) day period shall be extended for so long as it shall reasonably require
Borrower in the exercise of its best efforts to cure such breach, it being agreed that no such extension shall be for a period
in excess of sixty (60) days after written notice of such breach; or

 

(d)
Borrower fails to pay or perform any other obligation, liability or indebtedness to any other party beyond the expiration of any
applicable notice and cure period; or

 

(e)
A “Default” or an “Event of Default” (as defined in each respective document) occurs (beyond any applicable
notice and cure period) under any of the Loan Documents; or

 

(f)
If any warranty or representation made by Borrower in this Agreement or pursuant to the terms hereof shall at any time be false
or misleading in any material respect, or if Borrower shall fail to keep, observe or perform any of the terms, covenants, representations
or warranties contained in this Agreement, the Note or any other document given in connection with the Loan, or is unwilling to
meet its obligations thereunder; or

 

(g)
The dissolution of, termination of existence of, loss of good standing status by Borrower, its subsidiaries or affiliates, if
any, or any party to the Loan Documents; or

 

(h)
Borrower becomes the subject of any bankruptcy or other voluntary or involuntary proceeding, in or out of court, for the adjustment
of debtor-creditor relationships, and, in the case of any involuntary proceeding, such proceeding is not discharged within ninety
(90) days of the filing thereof; or

 

(i)
The entry of a judgment against Borrower that would reasonably be expected to have a material adverse effect on Borrower’s
business or financial condition in Lender’s reasonable discretion; or

 

(j)
The seizure or forfeiture of, or the issuance of any writ of possession, garnishment or attachment, or any turnover order for
any property of Borrower; or

 

(k)
A material alteration in the kind or type of Borrower’s prospects or business, financial or otherwise, or in the financial
condition of the Borrower, is made without the prior written consent of Lender, such consent not to be unreasonably withheld;
or

 

    	14

    	 

    

 

(l)
(i) Borrower or any subsidiary of Borrower shall fail to make any payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) in respect of any Indebtedness (other than the Loan) owing to the Lender or any commonly controlled
affiliate of the Lender, in each case beyond the applicable grace period with respect thereto, if any; or (ii) Borrower or any
subsidiary of Borrower shall fail to observe or perform any other agreement or condition relating to any such Indebtedness or
contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which
failure to make a payment, default or other event described in clause (i) or (ii) is to cause such Indebtedness to become due
or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or
redeem such Indebtedness to be made, prior to its stated maturity; provided that clause (ii) shall not apply to secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale
or transfer is permitted hereunder and under the documents providing for such Indebtedness and such Indebtedness is repaid when
required under the documents providing for such Indebtedness. As used in this Section 8(l), “Indebtedness” shall mean
all debt for borrowed money and any obligations evidenced by a bond, debenture, note, loan agreement or other similar instrument,
and any guarantee of any of the foregoing; or

 

(m)
A Change of Control occurs; or

 

(n)
The failure of Borrower to timely provide any of the information as required in Section 7 above; or

 

(o)
The failure of the Borrower’s business to materially comply with any law or regulation controlling its operation, and such
failure continues for more than thirty (30) days after Borrower becomes aware thereof; or

 

(p)
The failure of Borrower to comply with the terms and conditions of Section 6(t) through Section 6(bb), or any other terms and
conditions of the Borrower Certification, the Facility or the CARES Act.

 

9.
REMEDIES OF LENDER. Upon the happening of an Event of Default, then Lender may, at its option, upon written notice to Borrower:

 

(a)
Commence an appropriate legal or equitable action to enforce performance of this Agreement;

 

(b)
Accelerate the payment of the Note and the Loan, apply all or any portion of any equity funds toward payment of the Loan, and
commence appropriate legal and equitable action to collect all such amounts due Lender; or

 

(c)
Exercise any other rights or remedies Lender may have under the Loan Documents referred to in this Agreement or executed in connection
with the Loan or which may be available under applicable law.

 

10.
GENERAL TERMS. The following shall be applicable throughout the period of this Agreement or thereafter as provided herein:

 

(a)
Rights of Third Parties. All conditions of the Lender hereunder are imposed solely and exclusively for the benefit of Lender
and its successors and assigns, and no other Person shall have standing to require satisfaction of such conditions or be entitled
to assume that Lender will make advances in the absence of strict compliance with any or all thereof, and no other Person shall,
under any circumstances, be deemed to be a beneficiary of this Agreement or the Loan Documents, any provisions of which may be
freely waived in whole or in part by the Lender at any time if, in its sole discretion, it deems it desirable to do so.

 

(b)
Borrower is not Lender’s Agent. Nothing in this Agreement, the Note or any other Loan Document shall be construed
to make the Borrower the Lender’s agent for any purpose whatsoever, or the Borrower and Lender partners, or joint or co-venturers,
and the relationship of the parties shall, at all times, be that of debtor and creditor.

 

    	15

    	 

    

 

(c)
Loan Expense/Enforcement Expense. Borrower agrees to pay to Lender on demand all reasonable costs and expenses incurred
by Lender in seeking to enforce Lender’s rights and remedies under this Agreement, including court costs, costs of alternative
dispute resolution and reasonable attorneys’ fees and costs, whether or not suit is filed or other proceedings are initiated
hereon.

 

(d)
Evidence of Satisfaction of Conditions. Lender shall, at all times, be free independently to establish to its good faith
and satisfaction, and in its absolute discretion, the existence or nonexistence of a fact or facts which are disclosed in documents
or other evidence required by the terms of this Agreement.

 

(e)
Headings. The headings of the sections, paragraphs and subdivisions of this Agreement are for the convenience of reference
only, and shall not limit or otherwise affect any of the terms hereof.

 

(f)
Invalid Provisions to Affect No Others. If performance of any provision hereof or any transaction related hereto is limited
by law, then the obligation to be performed shall be reduced accordingly; and if any clause or provision herein contained operates
or would prospectively operate to invalidate this Agreement in part, then the invalid part of said clause or provision only shall
be held for naught, as though not contained herein, and the remainder of this Agreement shall remain operative and in full force
and effect. In addition, if any clause or provision herein contained is deemed to violate the governmental restrictions affecting
the Facility, then the portion of such clause that violates the terms of the Facility shall be deemed void ab initio, as though
not contained herein, and the remainder of the terms and conditions of this Agreement shall remain operative and in full force
and effect.

 

(g)
Application of Interest to Reduce Principal Sums Due. In the event that any charge, interest or late charge is above the
maximum rate provided by law, then any excess amount over the lawful rate shall be applied by Lender to reduce the principal sum
of the Loan or any other amounts due Lender hereunder.

 

(h)
Governing Law. The laws of the State of Florida shall govern the interpretation and enforcement of this Agreement.

 

(i)
Number and Gender. Whenever the singular or plural number, masculine or feminine or neuter gender is used herein, it shall
equally include the others and shall apply jointly and severally.

 

(j)
Prior Agreement. To the extent necessary, this Agreement shall be deemed to be an amendment to any prior loan agreement
between Borrower and Lender, and in the event of a conflict between the terms of this Agreement or any such prior agreement, the
terms of this Agreement shall govern.

 

(k)
Waiver. If Lender shall waive any provisions of the Loan Documents, or shall fail to enforce any of the conditions or provisions
of this Agreement, such waiver shall not be deemed to be a continuing waiver and shall never be construed as such; and Lender
shall thereafter have the right to insist upon the enforcement of such conditions or provisions. Furthermore, no provision of
this Agreement shall be amended, waived, modified, discharged or terminated, except by instrument in writing signed by the parties
hereto.

 

(l)
Notices. All notices from the Borrower to Lender and Lender to Borrower required or permitted by any provision of this
Agreement shall be in writing and sent by registered or certified mail or nationally recognized overnight delivery service and
addressed as follows:

 

	TO
    LENDER:	CITY
    NATIONAL BANK OF FLORIDA
	 	100
    S.E. 2nd Street, 13th Floor
	 	Miami,
    Florida 33131
	 	Attention:
    Legal Department
	 	 
	TO
    BORROWER:	ARC
    WINGHOUSE LLC
	 	1409
    Kingsley Avenue, Unit 2
	 	Orange
    Park, Florida 32073
	 	Attention:
    Chief Financial Officer

 

    	16

    	 

    

 

Such
addresses may be changed by such notice to the other party. Notice given as hereinabove provided shall be deemed given on the
date of its deposit in the United States Mail and, unless sooner actually received, shall be deemed received by the party to whom
it is addressed on the third calendar day following the date on which said notice is deposited in the mail, or if a courier system
is used, on the date of delivery of the notice.

 

(m)
Successors and Assigns. This Agreement shall inure to the benefit of and be binding on the parties hereto and their heirs,
legal representatives, successors and assigns.

 

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

 

(o)
Counterparts, Facsimiles and Electronic Signatures. This Agreement may be executed in counterparts. Each executed counterpart
of this Agreement will constitute an original document, and all executed counterparts, together, will constitute the same agreement.
Any counterpart evidencing signature by one party that is delivered by facsimile by such party to the other party hereto shall
be binding on the sending party when such facsimile is sent, and such sending party shall within ten (10) days thereafter deliver
to the other parties a hard copy of such executed counterpart containing the original signature of such party or its authorized
representative. This Agreement may be executed and delivered by electronic signature, and such electronic signature(s) shall be
deemed an original signature for purposes of this Agreement and all matters related thereto, with such electronic signature(s)
having the same legal effect as an original signature.

 

(p)
No Marshaling. The Lender shall not be required to marshal any present or future collateral security (including this Agreement
and the Collateral) for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral security
or other assurances of payment in any particular order. To the extent that it lawfully may, the Borrower hereby agrees that it
will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of the Lender’s
rights under this Agreement or under any other instrument creating or evidencing any of the Obligations or under which any of
the Obligations is outstanding or by which any of the Obligations is secured or payment thereof is otherwise assured, and, to
the extent that it lawfully may, the Borrower hereby irrevocably waives the benefits of all such laws.

 

(q)
WAIVER OF JURY TRIAL. LENDER AND BORROWER HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT ANY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT AND
ANY AGREEMENT TO BE CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER ENTERING INTO THIS AGREEMENT.

 

(r)
Consent to Jurisdiction; Forum. Borrower hereby irrevocably submits generally and unconditionally for itself and in respect
of their property to the jurisdiction of any state court or any United States federal court sitting in Miami-Dade County, Florida.
Borrower hereby irrevocably waives, to the fullest extent permitted by law, any objection that Borrower may now or hereafter have
to the laying of venue in any such court and any claim that any such court is an inconvenient forum. Borrower hereby agrees and
consents that, in addition to any methods of service of process provided for under applicable law, all service of process in any
such suit, action or proceeding in any state court or any United States federal court sitting in the state specified in the governing
law section of this Agreement may be made by certified or registered mail, return receipt requested, directed to Borrower, at
its address for notice set forth in this Agreement, or at a subsequent address of which Lender received actual notice from Borrower,
in accordance with the notice section of this Agreement, and service so made shall be complete five (5) days after the same shall
have been so mailed. Nothing herein shall affect the right of Lender to serve process in any manner permitted by law or limit
the right of Lender to bring proceedings against Borrower in any other court or jurisdiction.

 

[CONTINUES
ON THE FOLLOWING PAGE]

 

    	17

    	 

    

 

IN
WITNESS WHEREOF, Borrower and Lender have caused this Agreement to be executed on the date first above written.

 

	 	BORROWER:
	 	 
	 	ARC
    WINGHOUSE LLC, a Florida limited liability company
	 	 	 
	 	By:	/s/
    Seenu G. Kasturi
	 	 	Seenu
    Kasturi, Manager 
	 	 	 
	 	LENDER:
	 	 
	 	CITY
    NATIONAL BANK OF FLORIDA
	 	 	 
	 	By:	/s/
    Lance Aylsworth
	 	 	Lance
    Aylsworth, Senior Vice President

 

    	18

    	 

    

 

Exhibit
“A”

 

Appendix
C to the FAQs: Required Financial Reporting

 

[see
attached]

 

    	19

    	 

    

 

Effective:
September 18, 2020

 

Appendix
C: Required Financial Reporting

 

Each
Main Street loan should contain a financial reporting covenant requiring the regular delivery of certain financial information
and calculations. The items listed in Table I below must be provided by each Main Street borrower to their Eligible Lender at
least annually. The items listed in Table II must be provided by each Main Street borrower to their Eligible Lender at least quarterly;
the quarterly requirements vary based on the Main Street facility in which the borrower is participating. Eligible Lenders will
specify the required reporting standards and forms for each Eligible Borrower.33

 

	Table I: Data Required Annually from All Main Street Borrowers
	 
	Required
    Data	 	Definition
	Total
    Assets	 	The
    sum of current assets, fixed assets, and other non-current assets (including, but not limited to, intangible assets, deferred
    items, investments, and advances).
	Current
    Assets	 	Cash,
accounts receivable, inventory, and other short-term assets that are likely to be converted into cash, used, sold, exchanged,
or otherwise expensed in the normal course of business within one year.

	Cash
    & Marketable Securities	 	Cash,
    depository accounts, and marketable securities that can be easily sold and readily converted into cash.
	Tangible
    Assets	 	Assets
having a physical existence, measured as total assets less intangible assets. Tangible assets are distinguished from intangible
assets, such as trademarks, copyrights, and goodwill.

	Total
    Liabilities	 	The
    total amount of all outstanding obligations, both current and noncurrent.
	Current
    Liabilities	 	Short
    term debt, accounts payable, and other current liabilities that are due within one year.
	Total
    Debt (Incl. Undrawn Available Lines of Credit)	 	Existing
    outstanding and committed debt (including any undrawn available amounts).
	Total
    Equity	 	Measured
    as total assets minus total liabilities.
	Total
    Revenue	 	Total
    income generated by the sale of goods or services from ongoing operations. Total Revenue excludes any non-recurring sales
    or gains.
	Net
    Income	 	The
    income (or loss) after expenses and losses have been subtracted from all revenues and gains for the fiscal period, including
    discontinued operations.
	Unadjusted
    EBITDA	 	Earnings
    before interest expense, income tax expense, depreciation expense, and amortization expense. The starting point is net income.
	Adjusted
    EBITDA	 	Unadjusted
    EBITDA adjusted for any non-recurring, one-time, or irregular items. The Adjusted EBITDA measurement should align with the
    relevant facility’s term sheet.

 

 

33 Under the Servicing Agreement, in the case
of multi-borrower loans, this information must be entered into the Portal “on a consolidated basis” (otherwise referred
to in this document as on an “aggregated basis”). Eligible Lenders may elect to require reporting from the co-borrowers
on an aggregated basis, or may aggregate such information after requiring individual co-borrower financial statements. If an Eligible
Lender permits co-borrowers to submit aggregate financial statements, the Eligible Lender should instruct the co-borrowers to
use the Eligible Lender’s typical practices to aggregate such information in a manner that accounts for transactions between
the co-borrowers and accurately reflects the financial position of the co-borrowers and their ability to repay the loan (e.g.,
in a manner that avoids double counting of revenues, assets, or liabilities).

 

    	20

    	 

    

 

Effective: September
18, 2020

 

	Table I: Data Required Annually from All Main Street Borrowers
	 
	Required
    Data	 	Definition
	Depreciation
    Expense	 	Non-cash
    expense measured based on the use of fixed assets, recognized over the useful life of the fixed assets.
	Amortization
    Expense	 	Non-cash
    expense measured based on the use of intangible assets, recognized over the life of the intangible asset.
	Interest
    Expense	 	The
    periodic finance expense of short term and long term debt.
	Tax
    Expense	 	Federal,
    state and local income tax expenses.
	Rent
    Expense	 	The
    contractual costs of occupying leased real estate.
	Dividends
    / Equity Distributions	 	Distributions
    to equity owners.
	Accounts
    Receivable (net of allowances)	 	Amounts
    owed to the borrower resulting from providing goods and/or services. Accounts receivable will be net of any allowances for
    uncollectible amounts.
	Inventory
    (net of reserves)	 	Value
of the raw materials, work in process, supplies used in operations, finished goods, and merchandise bought which are intended
to be sold in the ordinary course of business. Inventory should be net of reserves.

	Fixed
    Assets, Gross	 	Tangible
    property used in the business and not for resale, including buildings, furniture, fixtures, equipment, and land. Report fixed
    assets gross of depreciation.
	Accumulated
    Depreciation	 	Cumulative
    depreciation of all fixed assets up to the Date of Financial Information.
	Accounts
    Payable (A/P)	 	The
obligations owed to the borrower’s creditors arising from the entity’s ongoing operations, including the purchase
of goods, materials, supplies, and services. Accounts payable excludes short term and long term debt.

	Short
    Term Debt	 	Debt
    obligations of the borrower due with a term of less than one year, including the current portion of any Long Term Debt.
	Long
    Term Debt	 	Debt
    obligations of the borrower that are due in one year or more, excluding the current portion that is otherwise captured in
    Short Term Debt.
	Description
    of EBITDA Adjustments	 	Description
    of items that are added to Unadjusted EBITDA to determine Adjusted EBITDA.
	Total
    Expenses	 	All
money spent and costs incurred, both recurring and non-recurring, to generate revenue. Expenses exclude items capital in nature
(i.e., expenses that are allowed to be capitalized and included in the cost basis of a fixed asset).

	Operating
    Expenses	 	Money
    spent and costs incurred related to normal business operations including selling, general & administrative expenses, depreciation,
    and amortization (i.e., total expenses less non-recurring expenses). Exclude capital expenditures.
	Operating
    Income	 	Profit
(or loss) realized from continuing operations (i.e., revenue less operating expenses).

	Fixed
    Charges	 	Expenses
    that recur on a regular basis, regardless of the volume of business (i.e., lease payments, rental payments, loan interest
    payments, or insurance payments).
	Capitalized
    Expenditures	 	Non-operating
    expenditures capitalized to fixed assets.
	Guarantor
    Net Assets	 	Total
    assets less total liabilities of the guarantor (also referred to as net worth).
	Sr.
    Debt Balance	 	Debt
    amount ranking senior to the Main Street loan.
	Additional
    Pari Passu Debt Balance	 	Debt
    amount ranking pari passu to the Main Street loan.
	Collateral
    Type (Non-Real Estate)	 	If
                                                         the loan is secured by collateral that is not predominantly real estate, including if the collateral provided is different
                                                         types, report the predominant type of collateral (e.g., inventory, receivables, securities, etc.) by aggregate
                                                         value.

 

    	21

    	 

    

 

Effective: September
18, 2020

 

	Table I: Data Required Annually from All Main Street Borrowers
	 	 	 
	Required
    Data	 	Definition
	Collateral
    Type (Real Estate)	 	If
    the loan is secured by real estate collateral, indicate the property type (e.g., hotel, multifamily, residential, industrial,
    etc.). If the loan is secured by multiple real estate property types, report the predominant property type by aggregate value.
	Collateral
Value Reporting
	 	For
                                                                              loans that require ongoing or periodic valuation of the collateral, report the market value of the collateral as of the
                                                                              reporting date.

	Collateral
    Value Date	 	Define
    the as-of date that corresponds with the Collateral Value Reporting field.
	Covenant
    Status (Pass / Fail)	 	Yes/no,
    indicating if the facility has satisfied covenant tests.
	Date
    of Covenant Default	 	If
    applicable, report the date when borrower defaulted covenants.
	Nature
of Covenant Default
	 	If
applicable, describe the covenant default (i.e., missing financial statements, ratio trigger).

	Date
    of Covenant Cure	 	If
    applicable, report the date when borrower cured previous defaults.

 

	Table II: Data Required Quarterly from Main Street Borrowers by Main Street Facility
	 	 	 	 	 	 	 	 	 
	Required
    Data	 	MSELF	 	MSNLF	 	MSPLF	 	Definition
	Total
    Assets	 	Yes	 	Yes	 	Yes	 	The
sum of current assets, fixed assets, and other non- current assets (including, but not limited to, intangible assets, deferred
items, investments, and advances).

	Current
    Assets	 	Yes	 	Yes	 	Yes	 	Cash,
    accounts receivable, inventory, and other short term assets that are likely to be converted into cash, used, sold, exchanged,
    or otherwise expensed in the normal course of business within one year.
	Cash
    & Marketable Securities	 	Yes	 	Yes	 	Yes	 	Cash,
    depository accounts, and marketable securities that can be easily sold and readily converted into cash.
	Tangible
    Assets	 	Yes	 	No	 	No	 	Assets
having a physical existence measured as total assets less intangible assets. Tangible assets are distinguished from intangible
assets, such as trademarks, copyrights, and goodwill.

	Total
    Liabilities	 	Yes	 	Yes	 	Yes	 	The
total amount of all outstanding obligations, both current and noncurrent.

	Current
    Liabilities	 	Yes	 	Yes	 	Yes	 	Short
    term debt, accounts payable, and other current liabilities that are due within one year.
	Total
Debt (Incl. Undrawn Available Lines of Credit)
	 	Yes	 	Yes	 	Yes	 	Existing
    outstanding and committed debt (including any undrawn available amounts).
	Total
    Equity	 	Yes	 	Yes	 	Yes	 	Measured
    as total assets minus total liabilities.
	Total
    Revenue	 	Yes	 	Yes	 	Yes	 	Total
income generated by the sale of goods or services from ongoing operations. Total Revenue excludes any non-recurring sales or gains.

	Net
    Income	 	Yes	 	Yes	 	Yes	 	The
    income (or loss) after expenses and losses have been subtracted from all revenues and gains for the fiscal period, including
    discontinued operations.
	Unadjusted
    EBITDA	 	Yes	 	Yes	 	Yes	 	Earnings
                                                         before interest expense, income tax expense, depreciation expense and amortization expense. The starting point is net
                                                         income.

 

    	22

    	 

    

 

Effective: September
18, 2020

 

	Table II: Data Required Quarterly from Main Street Borrowers by Main Street Facility
	 	 	 	 	 	 	 	 	 
	Required
    Data	 	MSELF	 	MSNLF	 	MSPLF	 	Definition
	Adjusted
    EBITDA	 	Yes	 	Yes	 	Yes	 	Unadjusted
    EBITDA adjusted for any non-recurring, one- time or irregular items. The Adjusted EBITDA measurement should align with the
    relevant facility’s term sheet.
	Depreciation
    Expense	 	Yes	 	No	 	No	 	Non-cash
    expense measured based on the use of fixed assets, recognized over the useful life of the fixed assets.
	Amortization
    Expense	 	Yes	 	No	 	No	 	Non-cash
    expense measured based on the use of intangible assets, recognized over the life of the intangible asset.
	Interest
    Expense	 	Yes	 	Yes	 	Yes	 	The
    periodic finance expense of short term and long term debt.
	Tax
    Expense	 	Yes	 	No	 	No	 	Federal,
    state and local income tax expenses.
	Rent
    Expense	 	Yes	 	No	 	No	 	The
    contractual costs of occupying leased real estate.
	Dividends
    / Equity Distributions	 	Yes	 	Yes	 	Yes	 	Distributions
    to equity owners.
	Accounts
                                                         Receivable (net of allowances)
	 	Yes	 	No	 	No	 	Amounts
owed to the borrower resulting from providing goods and/or services. Accounts receivable will be net of any allowances for uncollectible
amounts.

	Inventory
    (net of reserves)	 	Yes	 	No	 	No	 	Value
of the raw materials, work in process, supplies used in operations, finished goods, and merchandise bought which are intended
to be sold in the ordinary course of business. Inventory should be net of reserves.

	Fixed
    Assets, Gross	 	Yes	 	No	 	No	 	Tangible
                                                                              property used in the business and not for resale, including buildings, furniture, fixtures, equipment, and land. Report fixed
                                                                              assets gross of depreciation.

	Accumulated
    Depreciation	 	Yes	 	No	 	No	 	Cumulative
    depreciation of all fixed assets up to the Date of Financial Information.
	Accounts
    Payable (A/P)	 	Yes	 	No	 	No	 	The
obligations owed to the borrower’s creditors arising from the entity’s ongoing operations, including the purchase
of goods, materials, supplies, and services. Accounts payable excludes short term and long term debt.

	Short
    Term Debt	 	Yes	 	No	 	No	 	Debt
                                                                              obligations of the borrower due with a term of less than one year, including the current portion of any Long Term
                                                                              Debt.

	Long
    Term Debt	 	Yes	 	No	 	No	 	Debt
    obligations of the borrower that are due in one year or more, excluding the current portion that is otherwise captured in
    Short Term Debt.
	Description
of EBITDA Adjustments
	 	Yes	 	No	 	No	 	Description
    of items that are added to Unadjusted EBITDA to determine Adjusted EBITDA.
	Total
    Expenses	 	Yes	 	No	 	No	 	All
money spent and costs incurred, both recurring and non- recurring, to generate revenue. Expenses exclude items capital in nature
(i.e., expenses that are allowed to be capitalized and included in the cost basis of a fixed asset).

	Operating
    Expenses	 	Yes	 	Yes	 	Yes	 	Money
spent and costs incurred related to normal business operations, including selling, general & administrative expenses, depreciation,
and amortization (i.e. total expenses less non-recurring expenses). Exclude capital expenditures.

 

    	23

    	 

    

 

	Table II: Data Required Quarterly from Main Street Borrowers by Main Street Facility
	 	 	 	 	 	 	 	 	 
	Required
    Data	 	MSELF	 	MSNLF	 	MSPLF	 	Definition
	Operating
    Income	 	Yes	 	Yes	 	Yes	 	Profit
    (or loss) realized from continuing operations (i.e., revenue less operating expenses).
	Fixed
    Charges	 	Yes	 	No	 	No	 	Expenses
                                                         that recur on a regular basis, regardless of the volume of business (i.e., lease payments, rental payments, loan interest
                                                         payments, or insurance payments).

	Capitalized
                                                         Expenditures
	 	Yes	 	Yes	 	Yes	 	Non-operating
    expenditures capitalized to fixed assets.
	Guarantor
    Net Assets	 	Yes	 	No	 	No	 	Total
    assets less total liabilities of the guarantor (also referred to as net worth).
	Sr.
    Debt Balance	 	Yes	 	Yes	 	Yes	 	Debt
    amount ranking senior to the Main Street loan.
	Additional
    Pari Passu Debt Balance	 	Yes	 	Yes	 	Yes	 	Debt
    amount ranking pari passu to the Main Street loan.
	Collateral
    Type (Non-Real Estate)	 	Yes	 	No	 	No	 	If
                                                         the loan is secured by collateral that is not predominantly real estate, including if the collateral provided is different
                                                         types, report the predominant type of collateral (e.g., inventory, receivables, securities, etc.) by aggregate
                                                         value.

	Collateral
    Type (Real Estate)	 	Yes	 	No	 	No	 	If
                                                         the loan is secured by real estate collateral, indicate the property type (e.g., hotel, multifamily, residential, industrial,
                                                         etc.). If the loan is secured by multiple real estate property types, report the predominant property type by aggregate
                                                         value.

	Collateral
    Value Reporting	 	Yes	 	No	 	No	 	For
    loans that require ongoing or periodic valuation of the collateral, report the market value of the collateral as of the reporting
    date.
	Collateral
Value Date
	 	Yes	 	No	 	No	 	Define
the as-of date that corresponds with the Collateral Value Reporting field.

	Covenant
    Status (Pass / Fail)	 	Yes	 	Yes	 	Yes	 	Yes/no,
    indicating if the facility has satisfied covenant tests.
	Date
    of Covenant Default	 	Yes	 	Yes	 	Yes	 	If
    applicable, report the date when borrower defaulted covenants.
	Nature
of Covenant Default
	 	Yes	 	Yes	 	Yes	 	If
applicable, describe the covenant default (i.e., missing financial statements, ratio trigger).

	Date
    of Covenant Cure	 	Yes	 	Yes	 	Yes	 	If
    applicable, report the date when borrower cured previous defaults.

 

    	24Exhibit
10.2

 

FLORIDA
DOCUMENTARY STAMP TAXES IN THE AMOUNT OF $2,450.00 ARE BEING PAID IN CONNECTION WITH THIS NOTE, AS REQUIRED BY FLORIDA LAW.

 

PROMISSORY
NOTE

[MAIN
STREET PRIORITY LOAN FACILITY]

 

	Date
    of Note:	October
    22, 2020
	 	 
	Amount
    of Note:	THREE
    MILLION ONE HUNDRED EIGHTY THOUSAND NINE HUNDRED AND NO/100 DOLLARS ($3,180,900.00)

 

FOR
VALUE RECEIVED, ARC WINGHOUSE LLC, a Florida limited liability company (the “Borrower”) hereby covenants and promises
to pay to the order of CITY NATIONAL BANK OF FLORIDA, its successors and/or assigns (the “Lender”), at 100 S.E. 2nd
Street, 13th Floor, Miami, Florida 33131, or at such other place as Lender may designate to Borrower in writing from time to time,
in legal tender of the United States, THREE MILLION ONE HUNDRED EIGHTY THOUSAND NINE HUNDRED AND NO/100 DOLLARS ($3,180,900.00),
together with all accrued interest, which shall be due and payable upon the following terms and conditions contained in this Promissory
Note (this “Note”) and the Loan Agreement (as defined herein).

 

	A.	Interest Rate:

 

(a)
Interest shall accrue on the unpaid principal balance of this Note from the date hereof at a rate per annum equal to the LIBOR
30-Day Rate (as defined below), plus three percent (3%) (as the same may be modified below, the “Interest Rate Margin”)
(as the same may be modified below, the “Interest Rate”).

 

(b)
As used herein, “LIBOR 30-Day Rate” means the rate of interest per annum equal to the London Interbank Offered Rate
(“LIBOR”) for thirty (30) day U.S. dollar deposits as published in the “Money Rates” column of the local
edition of The Wall Street Journal. If such LIBOR 30-Day Rate is no longer available from the Wall Street Journal, but otherwise
continues to be readily available from another publisher in the marketplace, Lender, at its sole discretion, shall choose a new
publisher of the LIBOR 30-Day Rate. This rate will be effective on and from the date hereof, based on the most recent rate information
available, and will be effective until November 21, 2020. On November 22, 2020, the interest rate shall be readjusted to the current
LIBOR 30-Day Rate, or, if applicable, the current LIBOR Successor Rate (as defined below), plus the Interest Rate Margin, or,
if applicable, the Successor Interest Rate Margin (as defined below), based on the most recent rate information available on the
date that the interest rate is adjusted and such rate shall be effective until December 21, 2020. The rate shall thereafter be
adjusted on the twenty-second (22nd) day of each calendar month thereafter at the then current LIBOR 30-Day Rate, or,
if applicable, the current LIBOR Successor Rate, plus the Interest Rate Margin or, if applicable, the Successor Interest Rate
Margin, based on the most recent rate information available on the date that the interest rate is adjusted.

 

(c)
If The Wall Street Journal or its successor ceases to publish the LIBOR 30-Day Rate, or if LIBOR is permanently or indefinitely
unavailable or unascertainable, or a Governmental Authority (as defined in the Loan Agreement, and including the Board of Governors
of the Federal Reserve, the Office of the Comptroller of the Currency, or the Alternative Reference Rates Committee) has made
a public statement identifying a specific date after which the LIBOR 30-Day Rate shall no longer be made available or used for
determining the interest rate of loans (the “LIBOR Sunset Date”), then at any time within ninety (90) days of the
LIBOR Sunset Date, or reasonably promptly after such occurrence, Lender shall amend this Note (without the need for any action
or consent by Borrower) to (i) replace the LIBOR 30-Day Rate with an alternate benchmark rate (including any mathematical or other
adjustments to the benchmark (if any) incorporated therein), giving consideration to any similar loans for such alternative benchmarks
(any such proposed rate, a “LIBOR Successor Rate”), (ii) adjust the Interest Rate Margin on a permanent basis (the
“Successor Interest Rate Margin”) by a factor equal to the positive or negative difference which, on the date of the
adjustment, will make the LIBOR 30-Day Rate plus the Interest Rate Margin substantially equal to the LIBOR Successor Rate plus
the Successor Interest Rate Margin, and (iii) make any LIBOR Successor Rate Changes (as defined herein), and Lender shall give
Borrower prompt notice thereof (it being understood that such amendment may become effective prior to such notice). In the event
that on the date selected by Lender to make the change from the LIBOR 30-Day Rate to the LIBOR Successor Rate, the LIBOR 30-Day
Rate is either fifty (50) basis points above or below the prior day’s rate, then in order to substitute a fair LIBOR Successor
Rate, the Lender shall be required to use a mathematical average of the last sixty (60) days of the LIBOR 30-Day Rate instead
of the LIBOR 30-Day Rate on the date of the change. For clarification purposes, the intent of this language is that, at the time
of the transition and substitution from the LIBOR 30-Day Rate to the LIBOR Successor Rate, the effective Interest Rate under this
Note shall be mathematically as close as possible to what the effective Interest Rate was prior to the change. Thereafter, the
Interest Rate will adjust monthly (subject to LIBOR Successor Rate Changes) based on the then current LIBOR Successor Rate plus
the Successor Interest Rate Margin.

 

    	 	Page 1	 

    	 

    

 

(d)
For purposes hereof, “LIBOR Successor Rate Changes” means, with respect to any LIBOR Successor Rate and the Successor
Interest Rate Margin, any changes to the timing and frequency of determining rates and other administrative matters as may be
appropriate, in the discretion of Lender, to reflect the adoption of the LIBOR Successor Rate and the Successor Interest Rate
Margin and to permit the administration thereof by Lender in a manner reasonably consistent with market practice.

 

(e)
Interest shall be calculated at the rate of 1/360 of the annual rate of interest for each day that principal is outstanding (i.e.,
interest will accrue and be paid on the actual number of calendar days elapsed from the date hereof based on a 360 day year).

 

	B.	Main Street Priority Loan Facility: 

 

(a)
Reference is made to the Main Street Priority Loan Facility (the “Facility”), which has been authorized under section
13(3) of the Federal Reserve Act. Under the Facility, the Federal Reserve Bank of Boston, acting under the direction of the Board
of Governors of the Federal Reserve System, has committed to lend to the SPV (as defined in the Loan Agreement), on a recourse
basis. The SPV will purchase a ninety-five percent (95%) participation in this Note, and Lender will retain a five percent (5%)
participation of this Note. The Secretary of the Treasury has committed funds appropriated to the Exchange Stabilization Fund
under section 4027 of the CARES Act (as defined in the Loan Agreement) to the SPV in connection with the Facility.

 

(b)
To participate in the Facility, Borrower must provide the certifications and covenants set forth in the Borrower Certification
(as defined below), and comply with all terms and conditions of the Facility, even if such terms and conditions are not specifically
set forth in the Loan Documents (as defined below).

 

	C.	Payment Terms:

 

Commencing
on November 22, 2021, and continuing on the twenty-second (22nd) day of each month thereafter, Borrower shall make
consecutive monthly payments of accrued interest. In addition to the monthly payments of accrued interest, on October 22, 2023,
and October 22, 2024 (each a “Principal Payment Date”), Borrower shall make an annual payment of principal, inclusive
of Capitalized Interest (as defined below), in an amount equal to fifteen percent (15%) of the outstanding principal balance of
this Note (inclusive of Capitalized Interest) as of the respective Principal Payment Date. Unless this Note is otherwise accelerated
in accordance with the terms and conditions hereof, the entire outstanding principal balance of this Note (inclusive of Capitalized
Interest) plus all accrued and unpaid interest shall be due and payable in full on October 22, 2025 (the “Maturity Date”).
As used herein, “Capitalized Interest” shall mean all accrued and unpaid interest from the date hereof until and including
October 22, 2021 (the “Interest Capitalization Date”), which (i) shall be capitalized and added to the outstanding
principal balance of this Note on the Interest Capitalization Date and (ii) shall accrue interest at the Interest Rate commencing
on the day immediately following the Interest Capitalization Date and continuing at all times thereafter. The payments due hereunder
shall be debited from Borrower’s account no. 30000091846 with Lender.

 

    	 	Page 2	 

    	 

    

 

	D.	Loan Documents:

 

This
Note, that certain Loan and Security Agreement dated as of even date herewith by and between Borrower and Lender (as the same
may be amended, restated, modified or replaced from time to time, the “Loan Agreement”), that certain Main Street
Priority Loan Facility Borrower Certifications and Covenants dated as of even date herewith, from Borrower in favor of Lender
(as the same may be amended or modified from time to time, the “Borrower Certification”), that certain UCC-1 Financing
Statement from Borrower in favor of Lender, to be filed with the Florida Secured Transaction Registry (as the same may be amended
or modified from time to time, the “State UCC”), and all other documents and instruments executed in connection with
this Note are hereinafter individually and/or collectively referred to as the “Loan Documents”. 

 

	E.	Default Interest Rate:

 

All
principal and installments of interest shall bear interest from the date that said payments are due and unpaid or from the date
of occurrence of any other Event of Default (as hereinafter defined) under this Note or any other Loan Document, at a rate equal
to the highest rate authorized by applicable law (the “Default Rate”). 

 

	F.	Prepayment:

 

The
Borrower may prepay all or any portion of this Note at any time without fee, premium or penalty.

 

	G.	Late Charges:

 

Lender
may collect a late charge not to exceed an amount equal to five percent (5%) of any installment which is not paid within ten (10)
days of the due date thereof, to cover the extra expense involved in handling delinquent payments, provided that collection of
said late charge shall not be deemed a waiver by Lender of any of its rights under this Note. Notwithstanding the foregoing, there
shall be no grace period or late charges for payments due on the outstanding principal balance due on the Maturity Date or upon
acceleration, as set forth in Section H below, but such outstanding balance shall accrue interest at the Default Rate. The late
charge is intended to compensate the Lender for administrative and processing costs incident to late payments. The late charge
payments are not interest. The late charge payment shall not be subject to rebate or credit against any other amount due. Any
late charge shall be in addition to any other interest due.

 

	H.	Default and Acceleration:

 

If
any of the following “Events of Default” occur, at the Lender’s option, exercisable in its sole discretion,
all sums of principal and interest under this Note shall be accelerated and become immediately due and payable without notice
of default, presentment or demand for payment, protest or notice of nonpayment or dishonor, or other notices or demands of any
kind or character, and the Lender shall be immediately entitled to exercise all of its available remedies under the Loan Documents:

 

a.
Borrower fails to perform any obligation under this Note to pay principal or interest when due; or

 

b.
Borrower fails to perform any other obligation, liability or indebtedness under the Loan Documents to pay money when due beyond
any applicable notice and cure periods; or

 

c.
A “Default” or an “Event of Default” (as defined in each respective document) beyond any applicable notice
and cure period occurs under any of the Loan Agreement or any of the Loan Documents; or

 

d.
Borrower fails to comply with the terms and conditions of the Borrower Certification, the Facility or the CARES Act.

 

In
any such event, all sums of principal and interest under this Note shall automatically become immediately due and payable without
notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor, or other notices or demands
of any kind or character. All persons now or at any time liable for payment of this Note hereby waive presentment, protest, notice
of protest and dishonor. The Borrower expressly consents to any extension or renewal, in whole or in part, and all delays in time
of payment or other performance which Lender may grant at any time and from time to time without limitation and without any notice
or further consent of the undersigned.

 

    	 	Page 3	 

    	 

    

 

The
remedies of Lender as provided herein, or in the Loan Agreement or the other Loan Documents shall be cumulative and concurrent
and may be pursued singularly, successively or together, at the sole discretion of Lender, and may be exercised as often as the
occasion therefor shall arise.

 

The
Lender may, in the sole discretion of Lender, accept payments made by Borrower after any default has occurred, without waiving
any of Lender’s rights herein.

 

	I.	Costs:

 

In
the event that this Note is collected by law or through attorneys at law, or under advice therefrom (whether such attorneys are
employees of Lender or an affiliate of Lender or are outside counsel), Borrower and any endorser, guarantor or other person primarily
or secondarily liable for payment hereof hereby, severally and jointly agree to pay all costs of collection, including attorneys’
fees, including charges for paralegals, appraisers, experts and consultants working under the direction or supervision of Lender’s
attorneys whether or not suit is brought, and whether incurred in connection with collection, trial, appeal, bankruptcy or other
creditors’ proceedings or otherwise.

 

	J.	Loan Charges:

 

Nothing
herein contained, nor any transaction related thereto, shall be construed or so operate as to require Borrower or any person liable
for the repayment of same, to pay interest in an amount or at a rate greater than the maximum allowed by applicable law. Should
any interest or other charges paid by Borrower, or any parties liable for the payment of the loan made pursuant to this Note,
result in the computation or earning of interest in excess of the maximum legal rate of interest permitted under the law in effect
while said interest is being earned, then any and all of such excess shall be and is waived by Lender, and all such excess shall
be automatically credited against and in reduction of the principal balance, and any portion of the excess that exceeds the principal
balance shall be paid by Lender to Borrower or any parties liable for the payment of the loan made pursuant to this Note so that
under no circumstances shall the Borrower, or any parties liable for the payment of the loan hereunder, be required to pay interest
in excess of the maximum rate allowed by applicable law.

 

	K.	Jurisdiction:

 

The
laws of the State of Florida shall govern the interpretation and enforcement of this Note. In the event that legal action is instituted
to collect any amounts due under, or to enforce any provision of, this instrument, Borrower and any endorser, guarantor or other
person primarily or secondarily liable for payment hereof consent to, and by execution hereof submit themselves to, the jurisdiction
of the courts of the State of Florida, and, notwithstanding the place of residence of any of them or the place of execution of
this instrument, such litigation may be brought in or transferred to a court of competent jurisdiction in and for Miami-Dade County,
Florida.

 

	L.	Assignment:

 

Lender
shall have the unrestricted right at any time and from time to time and without Borrower’s consent, to assign all or any
portion of its rights and obligations hereunder to one or more lenders or purchasers (each, an “Assignee”) under this
Note and the Loan Documents and all information now or hereafter in its possession relating to the Borrower (all rights of privacy
hereby being waived), and to retain any compensation received by Lender in connection with any such transaction and Borrower agrees
that it shall execute such documents, including without limitation, the delivery of an estoppel certificate and such other documents
as Lender shall deem necessary to effect the foregoing. The Borrower hereby waives any notice of the transfer of this Note by
the Lender or by any other subsequent holder of this Note and agrees to be bound by the terms of this Note subsequent to any transfer
and agrees that the terms of this Note maybe fully enforced by any subsequent holder of this Note.

 

    	 	Page 4	 

    	 

    

 

	M.	Non-Waiver:

 

The
failure at any time of Lender to exercise any of its options or any other rights hereunder shall not constitute a waiver thereof,
nor shall it be a bar to the exercise of any of its options or rights at a later date. All rights and remedies of Lender shall
be cumulative and may be pursued singly, successively or together, at the option of Lender.

 

	N.	Right of Setoff:

 

In
addition to all liens upon and rights of setoff against the Borrower’s money, securities or other property given to the
Lender by law, the Lender shall have, with respect to the Borrower’s obligations to the Lender under this Note and to the
extent permitted by law, a contractual possessory security interest in and a contractual right of setoff against, and the Borrower
hereby grants the Lender a security interest in, and hereby assigns, conveys, delivers, pledges and transfers to the Lender, all
of the Borrower’s right, title and interest in and to, all of the Borrower’s deposits, moneys, securities and other
property now or hereafter in the possession of or on deposit with, or in transit to, the Lender, whether held in a general or
special account or deposit, whether held jointly with someone else, or whether held for safekeeping or otherwise, excluding, however,
all IRA, Keogh, and trust accounts. Every such security interest and right of setoff may be exercised without demand upon or notice
to the Borrower. Every such right of setoff shall be deemed to have been exercised immediately upon the occurrence of an Event
of Default hereunder without any action of the Lender, although the Lender may enter such setoff on its books and records at a
later time.

 

	O.	Miscellaneous:

 

	 	1.	TIME
    IS OF THE ESSENCE OF THIS NOTE.
	 	 	 
	 	2.	It
    is agreed that the granting to Borrower or any other party of an extension or extensions of time for the payment of any sum
    or sums due under this Note or for the performance of any covenant or stipulation thereof or the taking of other or additional
    security shall not in any way release or affect the liability of Borrower under this Note or any of the Loan Documents.
	 	 	 
	 	3.	This
    Note may not be changed orally, but only by an agreement in writing, signed by the party against whom enforcement of any waiver,
    change, modification or discharge is sought.
	 	 	 
	 	4.	All
    parties to this Note, whether Borrower, principal, surety, guarantor or endorser, hereby waive presentment for payment, demand,
    notice, protest, notice of protest and notice of dishonor.
	 	 	 
	 	5.	Borrower
    acknowledges that Lender shall have no obligation whatsoever to renew, modify or extend this Note or to refinance the indebtedness
    under this Note upon the maturity thereof, except as specifically provided herein.
	 	 	 
	 	6.	Lender
    shall have the right to accept and apply to the outstanding balance of this Note and all payments or partial payments received
    from Borrower after the due date therefor, whether this Note has been accelerated or not, without waiver of any of Lender’s
    rights to continue to enforce the terms of this Note and to seek any and all remedies provided for herein or in any instrument
    securing the same, including, but not limited to, the right to foreclose on such security.
	 	 	 
	 	7.	All
    amounts received by Lender shall be applied to expenses, late fees and interest before principal or in any other order as
    determined by Lender, in its sole discretion, as permitted by law. 
	 	 	 
	 	8.	Borrower
    shall not assign Borrower’s rights or obligations under this Note without Lender’s prior consent.

 

    	 	Page 5	 

    	 

    

 

	 	9.	The
    term “Borrower” as used herein, in every instance shall include the makers of this Note, and its heirs, executors,
    administrators, successors, legal representatives and assigns, and shall denote the singular and/or plural, the masculine
    and/or feminine, and natural and/or artificial persons whenever and wherever the context so requires or admits.
	 	 	 
	 	10.	If
    more than one party executes this Note, all such parties shall be jointly and severally liable for the payment of this Note.
	 	 	 
	 	11.	If
    any clause or provision herein contained operates or would prospectively operate to invalidate this Note in part, then the
    invalid part of said clause or provision only shall be held for naught, as though not contained herein, and the remainder
    of this Note shall remain operative and in full force and effect.
	 	 	 
	 	12.	This
    Note may be executed in counterparts. Each executed counterpart of this Note will constitute an original document, and all
    executed counterparts, together, will constitute the same agreement. This Note may be executed and delivered by electronic
    signature, and such electronic signature(s) shall be deemed an original signature for purposes of this Note and all matters
    related thereto, with such electronic signature(s) having the same legal effect as an original signature.

 

	P.	Waiver of Jury Trial:

 

BORROWER
AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED
IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER
PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER TO EXTEND TO BORROWER THE LOAN EVIDENCED BY THIS NOTE.

 

[CONTINUES
ON FOLLOWING PAGE]

 

    	 	Page 6	 

    	 

    

 

Borrower
has duly executed this Note effective as of the date set forth hereinabove.

 

	 	BORROWER:
	 	 
	 	ARC
    WINGHOUSE LLC, a Florida limited liability company
	 	 	 
	 	By:	/s/
    Seenu G. Kasturi
	 	 	Seenu
    Kasturi, Manager

 

	STATE
    OF LOUISIANA 	)
	 	)SS:
	COUNTY
    OF LAFAYETTE	)

 

The
foregoing instrument was acknowledged before me by means of X physical presence or [  ] online notarization, this
21st day of October, 2020, by Seenu Kasturi as Manager of ARC WINGHOUSE LLC, a Florida limited liability company,
as an act of and on behalf of the company, who is personally known to me or produced _______________ as
identification.

 

	 	/s/
    Ali Guidry
	 	Print
    or Stamp Name: Alicia Guidry_____________________
	 	Notary
    Public, State of Louisiana______________________
	 	Commission
    Number:151640__________________________
	 	My
    Commission Expires: upon death____________________

 

    	 	Page 7

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