Document:

EX-10.93

  Exhibit 10.93

   

  GUARANTY BY CORPORATION

   

  Dated: September 21, 2022

  JANONE INC.

   

  For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to induce Gulf Coast Bank and Trust Company, a Louisiana corporation (herein, with its participants, successors and assigns, called "Gulf Coast11), at its option, at any time or from time to time to make loans, buy accounts receivable, buy or finance purchase orders, or extend other accommodations to or for the account of ARCA Recycling, Inc., a California corporation (herein called "Borrower") or to engage in any other transactions with Borrower, the undersigned hereby absolutely and unconditionally guarantees to Gulf Coast the full and prompt payment when due, whether at maturity or earlier by reason of acceleration, demand or otherwise, of any and all present and future debts, liabilities and obligations owed by Borrower to Gulf Coast; and the undersigned acknowledges and agrees with Gulf Coast that:

   

  I. The debts, liabilities and obligations guaranteed hereby (collectively the "Indebtedness") shall include, but shall not be limited to, debts, liabilities and obligations arising out of loans, credit facilities, factoring arrangements, credit transactions, financial accommodations, discounts, purchases of property or other transactions with Borrower or for Borrower1s account or out of any other transaction or event, owed to Gulf Coast or to others by reason of participations granted to, interests acquired by, created for, or sold to them by Gulf Coast, in each case whether now existing or hereafter arising, whether arising directly in a transaction or event involving Gulf Coast or acquired by Gulf Coast from another by purchase or assignment or as collateral security, whether owed by Borrower as drawer, maker, endorser, accommodation party, guarantor, principal, surety or as a member of any partnership, syndicate, association or group or in any other capacity, whether absolute or contingent, direct or indirect) primary or secondary, sole, joint, several or joint and several, secured or unsecured, due or not due, contractual, tortious, or statutory, liquidated or unliquidated, arising by agreement or imposed by law or otherwise.

   

  2.The undersigned represents and warrants to Gulf Coast that (i) the undersigned is a corporation duly organized and existing in good standing and has full power and authority to make and deliver this Guaranty;

  (ii) the execution, delivery and performance of this Guaranty by the undersigned have been duly authorized by all necessary action of its directors and shareholders and do not and will not violate the provisions of, or constitute a default under, any presently applicable law or its articles of incorporation or by-laws or any agreement presently binding on it; (iii) this Guaranty has been duly executed and delivered by the authorized officers of the undersigned and constitutes its lawful, binding and legally enforceable obligation (subject to the United States Bankruptcy Code and other similar laws generally affecting the enforcement of

  . creditors' rights); and (iv) the authorization, execution, delivery and performance of this Guaranty do not require notification to, registration with, or consent or approval by, any federal, state or local regulatory body or administrative agency.

   

  3.No act or thing, except full payment and discharge of all Indebtedness, shall in any way exonerate the undersigned or modify, reduce, limit or release the liability of the undersigned hereunder. This is an absolute, unconditional and continuing guaranty of payment of the Indebtedness and shall continue to be in force and be binding upon the undersigned and is irrevocable. The dissolution, adjudication of bankruptcy or incapacity of the undersigned shall not be effective to revoke this Guaranty.

   

  4.The undersigned represents and warrants to Gulf Coast that the undersigned has or have a direct and substantial economic interest in Borrower and expects to derive substantial benefits therefrom and from any loans, credit transactions, financial accommodations, discounts) purchases of property and other transactions and events resulting in the creation of Indebtedness guaranteed hereby, and that this Guaranty is given for a business purpose. Gulf Coast may rely conclusively on a continuing warranty, hereby made, that the undersigned continues to be benefited by this Guaranty and Gulf Coast shall have no duty to inquire into or confirm the receipt of any such benefits, and this Guaranty shall be effective and enforceable by Gulf Coast without regard to the receipt, nature or value of any such benefits.

   

  

  5.If the undersigned shall be dissolved, or shall initiate or have initiated against the undersigned any act, process or proceeding under any bankruptcy, insolvency or reorganization law or otherwise for the modification or adjustment of the rights of creditors, then Gulf Coast shall have the right to declare immediately due and payable, and the undersigned will forthwith pay to Gulf Coast, the full amount of all unmatured Indebtedness then outstanding, together with Indebtedness which is then due and payable.

   

  6.The undersigned shall be liable for all Indebtedness, without any limitation as to amount, plus accrued interest thereon and all attorneys1 fees, collection costs and enforcement expenses referable thereto. Indebtedness may be created and continued in any amount without affecting or impairing the liability of the undersigned hereunder.

   

  7.The undersigned hereby waives and releases any claim, right, or remedy which the undersigned may now have or hereafter acquire against Borrower that arises hereunder and/or which arises under any other guaranty of or promise to pay the Indebtedness by the undersigned or any other guarantor. The waiver and release contained herein includes, without limitation, the waiver of any claim, remedy or right of subrogation, reimbursement, exoneration, contribution, indemnification, or participation in any claim, right or remedy of Gulf Coast against Borrower or any security, collateral, account or purchase order contract which Gulf Coast now has or hereafter acquires or purchases, whether or not such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise.

   

  8.Upon request, the undersigned agrees to execute and deliver a subordination agreement in form and substance satisfactory to Gulf Coast whereby the undersigned subordinates to all present and future debts of Borrower to Gulf Coast.

   

  9.The undersigned will pay or reimburse Gulf Coast for all costs and expenses (including reasonable attorneys' fees and legal expenses) incurred by Gulf Coast in endeavoring to collect any Indebtedness or in enforcing this Guaranty.

   

  10.Gulf Coast shall not be obligated by reason of its acceptance of this Guaranty to engage in any transactions with or for Borrower. W11ether or not any existing relationship between the undersigned and Borrower has been changed or ended and whether or not this Guaranty has been revoked, Gulf Coast may enter into transactions resulting in the creation or continuance of Indebtedness and may otherwise agree, consent to, or suffer the creation or continuance of any Indebtedness, without any consent or approval by the undersigned and without any prior or subsequent notice to the undersigned. The liability of the undersigned shall not be affected or impaired by any of the following acts or things (which Gulf Coast is expressly authorized to do, omit or suffer from time to time, without consent or approval by or notice to the undersigned): (i) any acceptance of collateral security, guarantors, accommodation parties or sureties for any or all Indebtedness; (ii) one or more extensions or renewals of Indebtedness (whether or not for longer than the original period) or any modification of the interest rates, maturities or other contractual terms applicable to any Indebtedness; (iii) any waiver or indulgence granted to Borrower, any delay or lack of diligence in the enforcement of Indebtedness, or any failure to institute proceedings, file a claim, give any required notices or otherwise protect any Indebtedness; (iv) any full or partial release of, compromise or settlement with, or agreement not to sue, Borrower or any other guarantor or other person liable in respect of any Indebtedness; (v) any release, surrender, cancellation or other discharge of any evidence of Indebtedness or the acceptance of any instrument in renewal or substitution therefor; (vi) any failure to obtain collateral security (including rights of recoupment and/or setoff) for Indebtedness, or see to the proper or sufficient creation and perfection thereof, or to establish the priority thereof, or to preserve, protect, insure, care for,

  exercise or enforce any collateral security; or any modification, alteration, substitution, exchange, surrender, cancellation, termination, release or other change, impairment, limitation, loss or discharge of any collateral security; (vii) any collection, sale, lease or disposition of, or any other foreclosure or enforcement of or realization on, any collateral security; (viii) any assignment, pledge or other transfer of any Indebtedness or any evidence thereof; (ix) any manner, order or method of application of any payments or credits upon

   

   

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  Indebtedness. The undersigned waives any and all defenses and discharges available to a surety, guarantor,

  or accommodation co-obligor.

   

  11.The undersigned waives any and all defenses, claims, recoupments, setoffs and discharges of Borrower, or any other obliger, pe1taining to Indebtedness, except the defense of discharge by payment in full. Without limiting the generality of the foregoing, the undersigned will not assert, plead or enforce against Gulf Coast any defense of waiver, release, discharge in bankruptcy, statute of limitations, res judicata, statute of frauds, antideficiency statute, fraud, incapacity, minority, usury, illegality or unenforceability which may be available to B01rnwer or any other person liable in respect of any Indebtedness, or any recoupment or setoff available against Gulf Coast to Bo1Tower or any such other person, whether or not on account of a related transaction, and the undersigned expressly agrees that the undersigned shall be and remain liable for any deficiency remaining after foreclosure of any mortgage or security interest securing Indebtedness, whether or not the liability of Borrower or any other obliger for such deficiency is discharged pursuant to statute or judicial decision. The liability of the undersigned shall not be affected or impaired by any voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all the assets, marshalling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, a1Tangement, composition or readjustment of, or other similar event or proceeding affecting, Borrower or any of its assets. The undersigned will not assert, plead or enforce against Gulf Coast any claim, defense, recoupment or setoff available to the undersigned against Borrower.

   

  12.The undersigned waives presentment, demand for payment, notice of dishonor or nonpayment, and protest of any instrument evidencing indebtedness.  Gulf Coast shall not be required first to resort for

  .Payment of the Indebtedness to Borrower or other persons, or their properties, or first to enforce, realize

  upon or exhaust any collateral security for Indebtedness, before enforcing this Guaranty.

   

  13.If any payment applied by Gulf Coast to Indebtedness is thereafter set aside, recovered, rescinded or required to be returned for any reason (including, without limitation, the bankruptcy, insolvency or reorganization of Borrower or any other obliger), the Indebtedness to which such payment was applied shall for the purposes of this Guaranty be deemed to have continued in existence, notwithstanding such application, and this Guaranty shall be enforceable as to such Indebtedness as fully as if such application had never been made.

   

  14.The liability of the undersigned under this Guaranty is in addition to and shall be cumulative with all other liabilities of the undersigned to Gulf Coast as guarantor, surety, endorser, accommodation co-obligor or otherwise of any Indebtedness or obligation of Borrower, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary.

   

  15.The provisions of this Guaranty are severable, and in any action or proceeding involving any State corporate law, or any State or Federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of the Borrower hereunder would otherwise be held or determined to be void, invalid, or unenforceable on account of the grant of a security interest hereunder to secure Borrower’s contingent obligations, then, notwithstanding any other provision of this Guaranty to the contrary, the amount of such liability shall, without any further action by Borrower, Lender or any other person, be automatically limited and reduced to the highest amount which is valid and enforceable as determined in such action or proceeding.

   

  16.This Guaranty shall be effective upon delivery to Gulf Coast, without further act, condition or acceptance by Gulf Coast, shall be binding upon the undersigned and the successors and assigns of the undersigned and shall inure to the benefit of Gulf Coast and its participants, successors and assigns. Any invalidity or unenforceability of any provision or application of this Guaranty shall not affect other lawful provisions and application hereof, and to this end the provisions of this Guaranty are declared to be severable. This Guaranty may not be waived, modified, amended, terminated, released or otherwise

   

   

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  changed except by a writing signed by the undersigned and Gulf Coast. This Guaranty shall be governed by the law of the State of Minnesota. The undersigned consents to the personal jurisdiction of the state and federal courts located in the State of Minnesota in connection with any action or controversy related in any way to this Guaranty, waives any argument that venue in such forums is not Convenient, and agrees that any litigation initiated by the undersigned against Gulf Coast relating in any way to this Guaranty shall be venued (at Gulf Coast's sole option) in either the District Court of Dakota or Hennepin County, Minnesota or the United States District Court, District of Minnesota, The undersigned waives notice of Gulf Coast's acceptance hereof. This Guaranty is dated as of the date indicated at the top.

   

  IN WITNESS WHEREOF, this Guaranty has been duly executed by the undersigned as of the dated

  .indicated above.

   

  JANONE!NC.

   

  Tony Isaac, CEO

   

   

  Guarantor's state of organization: Nevada Guarantor's principal office is located at:

  325 East Warn1 Springs Road, Suite 102

  Las Vegas, NV 89119

   

  4EX-10.94

  Exhibit 10.94

   

   

   

   

   

   

    SPECTRUMCOMMERCIAL	SERVICES

   

  DEBT SUBORDINATION AGREEMENT

   

  This Agreement is entered into as of the 21st day of September, 2022 by the undersigned Creditor for the benefit of Gulf Coast Bank and Trust Company, a Louisiana limited liability company (the "Lender").

   

  WHEREAS, BANK has made or expects to make loans to, or extend credit to, ARCA Recycling, Inc., a California corporation, having the mailing address and principal place of business at 730 I Ohms Lane, Suite 320, Edina Minnesota 55439 (herein called "Borrower"), and whereas Borrower is now or hereafter may be indebted to Lender on account of loans or the other extensions of credit or financial accommodations from Lender to Borrower, or to any other person under the guaranty or endorsement of Borrower.

   

  Creditor has made or may make loans or grant other financial accommodations to B01Tower.

   

  As a condition to making any loan or extension of credit to Borrower, Lender has required that Creditor subordinate the payment of Creditor's loans and other financial accommodations to the payment of any and all indebtedness of Borrower to Lender. Assisting Borrower in obtaining credit accommodations from Lender and subordination pursuant to the terms of this Agreement are in Creditor's best interest.

   

  ACCORDINGLY, in consideration of the loans and other financial accommodations that have been made and may hereafter be made by Lender for the benefit of Borrower, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Creditor hereby agrees as follows:

   

  I.	Definitions. As used herein, the following terms have the meanings set forth below:

   

  "Borrower Default" means a Default or Event of Default as defined in any agreement or instrument evidencing, governing, or issued in connection with the Lender Indebtedness, including, but not limited to, the Assignment of Accounts and Security Agreement or the General Credit and Security Agreement by and between Borrower and Lender, or any default under or breach of any such agreement or instrument.

   

  "Lender Indebtedness" means each and every debt, liability and obligation of every type and description which Borrower may now or at any time hereafter owe to Lender, whether such debt, liability or obligation now exists or is hereafter created o0 incu1Ted, and whether it is or may be direct or indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or joint, several or joint and several, all interest thereon, all renewals, extensions and modifications thereof any notes issued in whole or partial substitution therefore, including, but not limited to, obligations outstanding under that General Credit and Security Agreement between Lender and Borrower, as it may hereafter be amended, extended or restated (the "Credit Agreement".}

   

  "Subordinated Indebtedness" means each and every debt, liability and obligation of every type and description (including but not limited to interest accrued thereon) which Borrower may now or at any time hereafter owe to Creditor, whether such debts, liabilities or obligations now exist or are hereafter created or incurred, and whether they may be direct or indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or joint, several or joint and several. The "Subordinated Indebtedness Documents" mean those documents and agreements related, directly or indirectly, to the Subordinated Indebtedness, as they may hereafter be amended or restated.

   

  2.Subordination. The payment of all of the Subordinated Indebtedness is hereby expressly subordinated to the extent and in the manner hereinafter set forth to the payment in full of the Lender Indebtedness; and regardless of any priority otherwise available to Creditor by law or by agreement, Lender shall hold a

  

   

   

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  superior security interest in all of Borrower's property and assets, whether tangible or intangible (the "Collateral"), and any security interest claimed therein (including any proceeds thereof) by Creditor shall be and remain fully subordinate for all purposes to the security interest of Lender therein for all purposes whatsoever. Creditor will not exercise collection rights as to any Collateral, will not take possession of, collect, sell or dispose of any Collateral, will not claim recoupment, setoff, or any defense or counterclaim against any Collateral, will not notify or contact Borrower's account debtors, and will not exercise or enforce any other right or remedy of any kind which may be available to Creditor before or after default, without Lender's prior written consent. Creditor waives any rights it has or may have to require Lender to marshal any or all Collateral. Creditor acknowledges that Lender makes no representation or warranty concerning the Collateral or the validity, perfection or (except as to the subordination effected hereby) priority of any security interest therein; nor shall Lender have any duty to preserve, protect, care for, insure, take possession of, collect, dispose of or otherwise realize upon any Collateral.

  '-

  3.Payments. Until all of the Lender Indebtedness has been paid in full, Creditor shall not, without Lender's prior written consent, demand, receive or accept any payment (whether of principal, interest or otherwise) from Borrower in respect of the Subordinated Indebtedness, or exercise any right of or permit any setoff in respect of the Subordinated Indebtedness except that Creditor may accept: (a) scheduled, non­ accelerated payments (but not prepayments) of principal and interest required to be paid under the Subordinated Indebtedness, so long as: (i) such payments do not exceed $25,000 principal plus interest per month, (ii) no Borrower Default has occurred and is continuing or will occur as a result of or immediately following any such payment, and (iii) Lender has not demanded immediate or future payment on SPECTRUM's claim; and, (b) payments of salaries and bonuses to Creditor to the extent that the payment thereof does not cause a Borrower Default to occur.

   

  4.Receipt of Prohibited Payments.. If Creditor receives any payment on the Subordinated Indebtedness that Creditor is not entitled to receive under the provisions of this Agreement, Creditor will hold the amount so received in trust for Lender and will forthwith turn over such payment to Lender in the form received (except for the endorsement o(Creditor where necessary) for application to then-existing Lender Indebtedness (whether or not due), in such manner of application as Lender may deem appropriate. In the event that Creditor shall exercise any right of setoff which Creditor is not permitted to exercise under the provisions of this Agreement, Creditor will promptly pay over to Lender, in immediately available funds, an amount equal to the amount of the claims or obligations offset. If Creditor fails to make any endorsement required under this Agreement, Lender, or any of its officers or employees or agents on behalf of Lender, is hereby irrevocably appointed as the attorney-in-fact (which appointment is coupled with an interest) for Creditor to make such endorsement in Creditor's name.

   

  5.Action on Subordinated Debt. Creditor will not commence any action or proceeding against Borrower to recover all or any pa11 of the Subordinated Indebtedness, or join with any creditor (unless Lender shall so join) in bringing any proceeding against Borrower under any bankruptcy, reorganization, readjustment of

  debt, arrangement of debt receivership, liquidation or insolvency law or statute of the federal or any state government, or take possession of, sell, or dispose of any Collateral, or exercise or enforce any right or remedy available to Creditor with respect to any such Collateral, unless and until the Lender Indebtedness

  has been paid in full. Creditor will not contest the validity or perfection of Lender's security interest in any of the Collateral.	·

   

  6.Foreclosure of Collateral. Notwithstanding any security interest now held or hereafter acquired by Creditor, Lender may take possession of, sell, dispose of, and otherwise deal with all or any part of the Collateral, and may enforce any right or remedy available to it with respect to Lender's Indebtedness and/or the Collateral, all without notice to er consent of Creditor except as specifically required by applicable law. Lender shall have no duty to preserve, protect, care for, insure, take possession of, collect, dispose of, or otherwise realize upon any of the Collateral, and in no event shall Lender be deemed Creditor's agent with respect to the Collateral. All proceeds received by Lender with respect to any Collateral may be applied,

   

   

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  first, to pay or reimburse Lender for all costs and expenses (including reasonable attorneys' fees) incurred by Lender in connection with the collection of such proceeds, and, second, to any indebtedness secured by Lender's security interest in that Collateral in any order that it may choose.

   

  7.Bankruptcy and Insolvency, In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of Borrower, dissolution, liquidation or any other marshaling of the assets or liabilities of Borrower, Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligation of Borrower in respect of the Subordinated Indebtedness and will hold in trust for Lender and promptly pay over to Lender in the form received (except for the endorsement of Creditor where necessary) for application to the then-existing Lender indebtedness, any and all moneys, dividends or other property or assets received in any such proceedings on account of the Subordinated Indebtedness, unless and until the Lender Indebtedness has been paid in full. If Creditor shall fail to take any such action, Lender, as attorney-in-fact for Creditor, may take such action on Creditor's behalf. Creditor hereby irrevocably appoints Lender, or any of its officers or employees on behalf of Lender, as the attorney-in-fact for Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, sue for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in Lender's own name or in the name of Creditor as Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and Creditor will execute and deliver to Lender such other and further powers-of-attorney or instruments as Lender may request in order to accomplish the foregoing.

   

  8.Restrictive Legend: Transfer of Subordinated Indebtedness. Creditor will cause all notes, bonds, debentures or other instruments evidencing the Subordinated Indebtedness or any part thereof to contain a specific statement thereon to the effect thz.t the indebtedness thereby evidenced is subject to the provisions of this Agreement, and Creditor will mar\: its books conspicuously to evidence the subordination effected hereby. Creditor further warrants that any purchaser or transferee of, or successor to, all or any portion of the Subordinated Indebtedness will b, given written notice of the terms of this agreement prior to the time of purchase, transfer or succession and that such purchaser, transferee or successor will be in all respects subject to and bound by this agreement. At the request of Lender, Creditor shall deposit with Lender all of the notes, bonds, debentures or 01),er instruments evidencing the Subordinated Indebtedness, which notes, bonds, debentures or other instruments may be held by Lender so long as any of the Lender Indebtedness remains outstanding, Without the prior written consent of Lender, Creditor will not assign, transfer or pledge to any other person any oft),e Subordinated Indebtedness or agree to a discharge or forgiveness of the same so long as there remains outstanding any of the Lender Indebtedness.

   

  9,   Continuing Effect. This Agreement shall constitute a continuing agreement of subordination, and Lender may, without notice to or consent by Creditor, modify any terms of the Lender Indebtedness in reliance upon this Agreement. Without limiting the generality of the foregoing, Lender may, at any time and from time to time, either before or after receipt of any such notice of revocation, without the consent of or notice to Creditor and without incurring responsibility to Creditor or impairing or releasing any of Lender's rights or any of Creditor's obligations hereunder:

   

  (a)change the interest rate or change the amount of payment or extend the time for payment or renew or otherwise alter the terms of any of the Lender Indebtedness or any instrument evidencing the same in any manner;

   

  (b)make loans or extend other financial accommodations to Borrower in any amount and at any time or

                 from time to time, and you ay  othe1wise create, er agree, consent to or suffer the creation of

   

   

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  indebtedness secured by a security interest in any property of Borrower without notice to or consent by Creditor and without affecting the terms of this agreement.

   

  (c)sell, exchange, release or otherwise deal with any property at any time securing payment of the Lender Indebtedness or any part thereof;

   

  (d)release anyone liable in any manner for the payment or collection of the Lender Indebtedness or any part thereof;

   

  (e)exercise or refrain from exercising any right against Borrower or any other person (including Creditor);

  and

   

  (f)apply any sums received by Lender, by whomsoever paid and however realized, to the Lender Indebtedness in such manner as Lender shall deem appropriate.

   

  10. No Commitment. None of the previsions of this Agreement shall be deemed or construed to constitute or imply any commitment or obligation on the part of Lender to make any future loans or other extensions of credit or financial accommodations to Borrower.

   

  Notice. All notices and other communications hereunder shall be in writing and shall be (i) personally delivered, or (ii) transmitted by certified mail, postage prepaid, return receipt requested:

   

  If to Lender:

  Gulf Coast Bank and Trust Company Attention: Legal Department

  8011 - 34th Avenue South, Suite 205 Bloomington, MN 55425

   

  If to Creditor:

  Isaac Capital Group, LLC Attention: Jon Isaac

  325 E Warm Springs Road, Suite I 02 Las Vegas, NV 89119

   

  or at such other address as may hereafter be designated in writing by that party. All such notices or other communications shall be deemed'·:) have been given on (i) the date received if delivered personally, or (ii) the date of posting if delivered by mail.

  )

  12.Conflict in Agreements.	If the subordination provisions of any instrument evidencing Subordinated

  Indebtedness conflict with the terms of this Agreement, the terms of this Agreement shall govern the relationship between Lender and Creditor.

   

  13.No Waiver. No waiver shall be deemed to be made by Lender of any of its rights hereunder unless the same shall be in writing signed o,• behalf of Lender, and each such waiver, if any, shall be a waiver only with respect to the specific matte: or matters to which the waiver relates and shall in no way impair the rights of Lender or the obligations of Creditor to Lender in any other respect at any time.

   

  14.Governing Law; Consent to Jurisdiction and Venue; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the substantive laws (other than conflict laws) of the State of Minnesota in connection with a;;y controversy related to this Agreement, waives any argument that venue in any such forum is not convenient, and agrees that any litigation initiated by either of them in connection with this Agreement shall be venued in either the District Court of Hennepin County, Minnesota, or the

   

   

  . 4.

  

   

  A notary public or olt1erofficer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is al1ached, and not the truthfulness, accuracy, or validity of that document.

   

  United States District Court, District of Minnesota, Fourth Division, The parties waive any right to trial by

  jury in any action or proceeding based on or pertaining to this Agreement.

   

  15.Binding Effect: Acceptance. This Agreement shall be deemed incorporated into the Subordinated Indebtedness Documents and shall be deemed an amendment thereto. This Agreement shall be binding upon Creditor and Creditor's heirs, legal representatives, successors and assigns and shall inure to the benefit of Lender and its participants, successors and assigns irrespective of whether this or any similar agreement is executed by Creditor or any other creditor of Borrower. Notice of acceptance by Lender of this Agreement or of reliance by Lender upon this Agreement is hereby waived by Creditor. Except as otherwise provided for in this Agreement, the priority or parity of the rights and claims of Lender and Creditor as general creditors of Borrower (ratl1Cf than as secured parties) shall not be affected or impaired by this Agreement. Any party hereto may file notice of this agreement in the UCC records of any jurisdiction.

   

  16.	Miscellaneous. The paragraph headings herein are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. Should Lender find it necessary to retain counsel to enforce its rights against Creditor 11ereunder, Lender shall recover its attorneys' fees and expenses from the undersigned. An executed counterpart of an 011ginal signature page, or a copy or scan of an executed original, which is delivered physically or by fax, facsimile, or email, shall be effective as delivery of an originally executed counterpart.

   

  IN WITNESS WHEREOF, Creditor has executed this Agreement as of the date and year first above-

  written.

   

   

   

   

   

   

  SAN DIEGO COUNTY	l

  NOT

  Commission No. 2334611

  ZHANNA ARABADZHI	l

  ARV PUBLIC- CALIFORNIA!

   Commission Expires October 1,2024 Jon Isaac	t and Chief Executive Officer

   

  California

   

   

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  STATE OF

  COUNTY Of  San Diego

  

   

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  )

  ) ss.

  )

   

   

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  On this 21 day of September, 2022 before me, a Notary Public within and for said county, personally appeared Jon Isaac who being by me duly sworn did say that he is the President and Chief Executive Officer of Isaac Capita! Group, LLC and that the foregoing instrument was signed on behalf of the organization by authority of its Board of Directors and that  he acknowledged said instrument to be t he free act  and deed of said organization.

   

  Notary Seal:

   

  Acknowledgment by Borrower

   

  The undersigned, being the Borrower referred to in the foregoing Agreement, hereby (i) acknowledges receipt of a copy thereof, (ii) agrees to all of the terms· and provisions thereof, (iii) agrees to and with Lender that it shall make no payment on the Subordinated Indebtedness that Creditor would not be entitled to receive under the provisions of the Agreement, (iv) agrees that any such payment made which is not permitted by the terms of this Agreement will constitute a Borrower Default under the Lender Indebtedness, (v) agrees to the release by Lender and/or Creditor to any other party hereto of any information regarding Borrower's operations, financial performance, the existence of a Borrower Default under the Credit Agreement, and any and all other information including but not limited to SPECTRUM's lending availability, and, (vi) releases and holds Lender and Creditor harmless from any claims, actions, damages, or liabilities arising from the provisions of this Agreement.

   

   

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  ARCA RECYCLING, INC.

   

   

  Virland A. Johnson, Chief Financial Officer

   

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