Document:

Exhibit 10.1 

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

  

 LOAN AGREE!VIENT THlS LOAN AGREEMENT (''Agreement")
is 1n11de aad delivered as of July ...2.6....._, 2022 (the 11Effective Dale11 ), by and l>etweeJ1 VALVE EXCHANGE INTERNATIONAL, INC.
("Borrower") and AMERICAN PACIFIC BANCORP, INC. ("Le11der11 ) . Foi' and in cot1sideratio11ofthemitt1.1al promises llet'eio
ooutaiued and other good a11d valuable consideralion, the receipl 11nd sufficlrmcy of which are hereby acknowledged, Bo/'l'ower and Lende1·
agree as folfows: ARTICLE I. DEFlNITIONS I ,0 I Defined Terms. ln addition to ~erms defined elsewhere in this Agree111e11t, the following
terms, as 1.1scd in this A_greemeut, shall have the meanings. set f011b below. The sing\1lar uumbel' shall be deemed to include the plural,
tile masculine gender shalJ include the feminine aud neuter genders, and vice ve,rsa. "Affiliate" shall mean as to any Person,
any other Person that djrectly or indirectly (a) through one or more inlennediaiies, co11trols or is controlled by, or is under con11l1on
control with, such Person, (P) beneficially owns or holds an ownership interest iii. such Petson, or (o) is owned, or an owne1·ship
interest in such. other Person is held, in whole or in part, by the Person in question. For purposes hereof, the tenn "control"
means the possession; directly or indirectly; of the power to direct or cause direction of the 1nanagement and policies of a Person;
whether tllro11gh the ownership of voting securitres, pai:tnel'ship interests, membership :interests, venture interests oi' other organizational
interests, by contract, or otherwise; provided, l1owever, in no event shall Lender be deemed an Affiliate of Borrower or any Guarantor.
•rcollateral" shaU lllean, as the context dictates, the Personal Prnpe1ty given, collateraUy assigned, pledged or granted or
to be given to secui-e the Indebtedness aod all of fhe respective owner(s) rights, title ~itd il1terest in and to the same. "Default"'
shall mean any oonditio.o.or event which, with the giving of any applicable notice or the passage of time, or both, would constitute
an Event of Default. "GAAP" shail mean generally accepted accounting principles consistcutly appLied. "Grautor(s)"
shall mean any Loan Party who sha!J owo an interesL i11 any properly that is to be subject to a Lien which sec;ures any of t11e Indebtedness.
"Guarantor(s)" shall mean, as the context dictates, any person(s) (otller than the Botrnwer) who shal I, al any time, guarantee
or otherwise be or become obligated for the repayment or the petformauce of all or any part oftne Indebtedness, 1'llupi•ovements"
shall LUean all existing and future buildings, stiuctures and other improvements made lo the Land where lhe Collateral is located, along
with all fixtures and permanenUy inslaH!!d nmchinery and equipment on the Land a11d perso11al property owned by a Loan Party and used
to n1aiJ1Jain 01• service the i:mprovemei1ts ou the Land. JN022\AMl;:ltl' ACtFlC\V ALUEEXC8ANGE\f22308LoanAgrv2.)vpd 1 LOAN AGR£6M£NT
''(n(lebtedness" shall mean all loans, advances, indebtedness, obligations atld l!abiliHes of any Loan Party to Lender under any
Loan Document, together with all other indebtedness, obligations and liabilitles whatsoever of Borrower to Le11der, whether mattu-ed
or uomatured, liquidated or unfiquidated, direct or indirect, absolute or contingent, joint or several, due ot· to become due,
now existing or hereafter arising, voluntary 01· involuntary, known or unknown, or originally payable to Lender or lo a third
party and subsequently acqtlired by Lender including, without limitation, ~my: late charges; !om\. fees or chatges~ overdraft indebtedness;
costs incurred by Lender In establish.ing, determining, continuing or defending the validity or priority of any Lien or in pursuing any
of its rights or remedies u11der any Loa11 Docuntent m· in connection with any proceeding involving Lender as a result of any
financial accommodation to Borrower; debts, obligatio11s and liabillttes fo1· which Bonower would otherwise be liable to the Lel!der
were Hnot for the invalidity or enforceabitiLy oflhem by reason ofa11y Bankrup!cy, insolvency or other law or for any other reason; and
reasonable costs and expenses of attorneys and paralegals, whether any suit or other action is instituted, and to court costs ifsuil
or action is instituted, and whether any such fees, costs or expenses al'e incmred at the u·ial court level or on appeal, i1l
Bankruptcy, 1n administrative proceedio,gs, in probate proceedings or otherwise; provided,however, lhaL the term ll!debtedness shall
not include any co11sumer loan to the extent treatment of such. loan as part of the lildebtedness would violate any law, rule or regulation.
"Lnnd" shall mean the real property where the Improvements and/or- CoUateral are maintained. ''Lien" shall mean auy valid
and eu:foroeable iuterest in any properly, whether real, personal or mixed, securing anindebtedness1 obligation odiability owed to or
claimed by any person other than the owner of such property, whether such indebtedness is based on tl\c common law or any statute or
contract. "Loan'' shall mean, iii general, that portion of the ltldebtedness evidenced by the Note and the Loa11 Documents. "Loan
Documents" shall mean collectively, this Agreement, lhe Note and any other promissory notes evidenc!ng Indebteduess, a11y approved
subordiMlion agreement, any reinibursemettt agreement or other documentation executed in connection with any letter of credit, and any
otherdoct1mettts,instrame11ts or agreements evideitcing, govem.ing, securing, guaranteeing or oth~wise relating to or executed pt!rsuaut
to or iu connection with any of lhe Indebtedness or a1w Loan Document (whether executed and delivel'ed prim· to, concwTently with
oI subsequent to this Agrccme11t), as such documeuls may have been or may hereafter be amended frol11 titne to time. ''Loan Piuty"
shall mean Borrower and each other person who sbaU be liable for the payment Ol' porfmrnance of any of the fndebtedness including any
Guarantors, if any, and any Orat1tor who shall own any property that is subject to a Lien wliich secures any of the .Indebtedness. JNG22\AMERP
ACIFIC\V ALUEEXCHANGE\f.22308LoanAgiv2, wpd 2 I.O,\N AOREEMENT "Material Adyerse ~ffect" shall mean any act, event, condition
or circumstance which could male1ially and adversely affect the business, 01,el'ations, condition (financial or otherwise), performance
or assets of any Loan Party, the ability of auy Loan Party to perform its obligations under any Loan Document to which it is a party
ot· by which it is bound or the enforceability of any Loan Doc\lment. "Maximum Legal Rate" shall mea1i the maximum rate
of nouusurfous interest per a11num permitted to be paid by Borrower or, if applicable, another Loan Patty 01· received by Lender
with respect to theapplicable1JOrtion oftheludebtedness from time to tj;11eundei•applicable state or federal law as now Ol' as may
be hereafter in effectt but othe1-wisew!thout limitation, U1at rate based Llpou the "weekly ceiling" (as -defined in Chapter
303 of the Texas Finance Code). 11Note" shall mean the Ptomisso1·y Note of even date ill the pl'incipal sum of (US) ONE MILLION
AND NO/lO0 DOLLARS ($(US) 1,000,000,00) executed by B011"0wer and payable to the order of Lender-and all 111od16catlons; renewals,
rearrangements, exrensions and increases tbe1·eof. 11Pe!'ll1itted Encumbra11ccs" shaU mean: (a) Liens in favo1· of
the Lender; (b) Liens for laxes, assessments or other governmental charges which are not. yet due and payable, incuned iu the ordinary
course.of business and for which no interest, late charge or penalty is attaching or whicb are being contested in good faith by appropriate
proceedings and, if i:equested by Lender, bonded in an amount and mannet· satisfactory to Lei1der; (c) Liens, not deliitquent,
alisiug in the ordinaty course of busitiess and created by statute in connection with worker's compensation, unemploy1ueut insurance,
socialsecw·ity and similar statutory obligations; (d) Liens of mechanics, materialmeu, carriers, warehousemen 01' otheL' like
sta\1ttory or cmnmon law Liens securing obligations incun·ed itt good faith i11 the ordinary course ofbusinesnvithout violation
of any Loan Document that are not yet due and payable; and ( e) Liens existing as of.the datehereofwhlchhave been specifical I y disclosed
in writillg to Lender and have beet\ approved by Lender in wiiting. "Person" or 11persou'' shall mean any individual; corporation,
partnership, joint venture, limited liability company, association, trust, estate, unincorporated association, joint stock company, government,
municipality, political subdivision OJ' agency, or other entity. ''Personal P1'operty" shall iueau all machinery, equipment, fixtures
and other tangible personal property or intangible personal property givea or to be giveu by a Loan Party to secure the l11debtedness
in whic.h lender has or is to have a security inlere~t or rights, "Ren! Property'' shall mean, the Land and or the Il11provements
where the Borrower maintains its business and or where the Collateral i!, located. "Requil'ed Accounting Method" shall mea11,
with respect to the financial covenauts contained herein, cash basis accounting principles, consistently applied or GAAP. "Secud
ty Ag1'.eement11 shail mean one or more Sectuity Agreements executed by a Loan Pc1!'ty in favor of Lender granting to Lender a security
interest in the Collateral. JNG22\J\MERP ACIFIO.V ALUEEXCllANOE\a2308LoouAgrv2.wpd 3 LOAN AOIU!!:!Ml!NT "Suboi'dinnted Debt"
shall meau any debt of Borrower (other than U1e Indebtedness) which has been subordiuated to the Indebteduess pursuant to a subordination
agreement in forn, ru1d content satisfactory to the Lender. 1.02 Accounting Terms. All accounting terms not specifically defined in this
Agreement shall be determii1ed and construed in accorda11ce wiU1 !he Required Ac;couutingMet11od. ARTICLlt Jl. l~EES AND MAXIMUM INTEREST
RATE z.o I Fees. Upon Borrower's execution hereof, Boi-rower shall pay lo Lender an origination fee in the amount-0f$80,000.00, as well
as Le1idel'1s costs, expenses and advances expe11de<l towards the closing includrug attoruey fees and title company fees. 2.02 Maximum
Interest Rate. At uo time shall any interest rate in res_pect-of any Indebtedness, exceed the Maximum Legal Rate. Tn the event that any
interest is charged or othe1--wise received by Lender Ju excess oftbe Maximum Legal Rate, Borrower hereby ackuowledges and agrees (hat
MY such excess interest sbaU be the result of at1 accidental and bona fide error, and any such excess shall be deemed to l\ave been payment
of principal, and not of interest, and shall be applied, first, to reduce the principal Indebtedness then outst1111ding, seco11d, any
remaining excess, if BllY, shall be applied to reduce any other Indebtedness, and third, any remaining excess, jf auy, shall be returned
to Borrowei'. Notwithstanding the foregoh1g or anything to the contrary contained in this Agreement or any other Loan Document, but subject
to all limitations contained ill this Section, if at any time any rate of interest applicable to a11y portion of the Indebtedness (s
computed on the basis of the Maximum L~gal Rate, a11y subsequent reduction iu the rate of interest that would otherw.ise be applicable
shall not !'educe such applicable interest rate thereafter payable betmv the Maxi.mwn Legal Rate uu.til the aggregate amount.of interest
accrued equals the total amount of interest that would have accrued ifiute.rest bad, at all times, been computed solely on the basis
of S\lCh applicable interest rate. This Section shall control all agreements betweetl Ule Borrower and the Lender. ARTICLE ID. REPRESENTATIONS
AND WARRANTIES B0rrower represents and warrants, and such representaiionsand wanauties shall be deemed to be continuing represeiltations
and warrnuties during the e11tire life of Ibis Agreement, and so long as Lender·shall have any co1ru1tit,ment or obJigation to
make any loans m· issue any letter of credit and so long as any Indebtedness remains u11paid and outstanding under auy Loan Document,
as follows: 3.01 Due Authorization. Each Loa,\ Party has all requisite power and authority lo execute, delive1· and perform its
obligations undet each Loall Document to which it Is a patty or is otherwise.bound, alI of which have been duly authorized by all 11ecessary
actio)), a11d are not in contravention of law o, the terms of any Loan Party's organiiatio11al or other governing documents, JN02Z\AMBRP
ACJFIC\V ALUEBXCHANGE\f22308LonnAgrv2, wpd 4 LOAN AORIUlMl!Nr 3.02 Title to Property. Each Loar, Party has good title to ~U propel'ly
and assets purported to be owned by it, including those assets identified on the financial statements most recently delivered by B011rower
to Lender. 3.03 Bncumbrnnces. The1re are 110 security inte1·ests 01· other Lieus 01· encumbrances. on, aud no furnncing
statements 011 file witl1 re!;pect lo, any oftbe CoUateral ofatiy Lo® Pruty, except for Permitted Enc,m1b!'ances. 3.04 Non-contraventtoll.
The execution, delivery and performance by each Loan Party or the Loan Documents to which such Loan Party is a party m· otherwise
bound, are not in co11travention of the terms of a11y inde11ture, agl'eenient of undertaking to which any such Loan Patty is a party
or by which it 1s bound, except to the extent that such terms have been waived or that failure to comply witl1 any such tet111s would
not llave n Matel'ial Adverse Effect. 3.05 Actions, Snits, Litigation or Proceedings. There are no aclions, suits, lltigatioJ1 or proceedings,
at law or iu equity, and no proceediugs before any a1·bitratorol' by or before any governme11lal at.1U1orily, peudiug, or, to
the best knowledge of Borrower, threatened against or affecting any Loan Party, which, if adversely determined, cot1ld materfally impait·
the right ofauy Loan Party to carry on its business substa11tially as now conducted or cou.ld have a Material Adverse Effect, No Loan
Party is under investigation by, or is opentting under any restrictions imposed by, any governmental authodty. 3,06 .Bankluptcy. No Loan
Party is hwolved as a debtor or obligor in any baukrnptcy, reorganization, insolvency, readjustment of debt, dissolution or litigation
pl'oceeding. and to the best knowledge of Borrower, uo such proceeding is contemplated by or thtealeued agail\St any Loan Party. 3.07
Accuracy oflnfotmatioil. All financial statements previously fu.rnislled to Lender have beeu prepared ill accot·dance with the
Required Accounting Method and fairly present the financial condition of Borrower and, the results of Borrower's operations a~ of the
dates a11d for the peiiods covered thereby; ahd since the date(s) of said fma:nclal stateuients, there has been no matetial adverse change
in the financial condition ofBonowet' 01· auy other person covered by such financial stateme11ts. Each Loan Party is solvent,
able to pay its debts as they mature, has capital sufficient to can-y on its business and has assets tl.ie fair 1harket value of which
exceed. its liabilities, allCi no Loan Party will be rendered insolvenl, undercapitalized or unable to pay debts generally as they become
due by the execution or performance of any Loan Document to which it Is a party or by which it is otherwi~e bound. 3.08 Enforceability
of Agreement and Loan Documents. Bach Loan Dooumellt has been duly executed and delivered by duly authorized officer(s) or other representative(s)
of each Loan fai'ty, and co11stitl1tes the valid a11d binding obligations of each suc.ll respective executing Loan Party, enforceable
in accordance wilh their respective terms, except to the ex.tent tbat enforcement thereof may be limited by appllcable bankruptcy, reorganization,
insolvency, moratorium or similar laws affocting the enforcement of Cl'editors' right"' generalfy at the time in effect. mo22\AMERPACIFlC\V
ALUEEXCij.ANGE\f22308LonnAgrv2. wpd 5 AR',fICLE IV. GENERAL NOTE PROVISIONS AND ADVANCE REQUIREMENTS 4.01 Perntllled Use. Lende1·
and Borrower agree that the proceeds of t11e Note al'.e to be used for the purpose of a revolving line of credit for working, capital,
including expansion of :Borrower's information teclmo!ogy product and services business line in existing or in new markets, and payment
of rhe origination fee, Lender's costs and expenses and advanced expenses and advances exμended towat•ds the closing (including
attorney fees and any title company fees) (the ''Permitted Use"). 4.02 Pl'imruy CoHateral. The Note is secut·ed by the following
collateral documents as part of the Loan Docmt1ents: A. Security Agreement executed by Bo11·ower in favor of Lender.; 4.03 Disburseme11t
of Note Proceeds. The proceeds of the Note may be di.sbursed fat· th~ Pem1itted Use in one or more installments as provided for
heJ'ein or in llie Note. 4.04 Limitatioi1011 Note Funding. Lender shall fond lo Bortower under the Note such amounts as Borrower sball
request up to, but not exceeding $(US)1,000,000.00, Borl'ower sbaU execute and deliver to Lender the Note to evidence the Loan. Payment
of the Note shall be secured by the Security Agreement aud the liens, security interest and collateral assignrue11ts created or evidenced
by the o~her Loau Documents. Lender's commitment ls revolving i11 uati1l'e and any amount paid hereunder which reduces the outstanding
unpaid μrincipal amount of the Loan inay not be t'e-bonowed. 4.05 Conditions to Lender's Obligations. Notwithstanding anything contained
to tlle contrary iu the Note, this Agreement or i.n a11y of the other Loan Documents, Lender shall have no Jiability or obligation lllide.t·
this Agreement, the Note, or any of the other Loan Doc\lllleuts until the following m.auexs are received, reviewed by Lender and completed
01· resolved to tbe satisfaction of Lender: 54. lscdu elsall ha: u ;caoi. sci uigint1ls ofll,c:Polci:oiw cit e01tifionlso of!&
¢iJ¥2£ L fiAI& •• lh:1 DI~ 1ir11I J:11 ' ill UR P1u riu ll uu·.11 ii, i: iJ1111fru1 ' Qij afl:la
6 u1111i~1 1 sraomcnt Rf 21 mo d?fc pr/ B. Lender shall have received fully executed and complete Loan Documel1ts. In the event that
Lender does advalice funds prim to the above conditions being met, no such. eveut of funding shall be a warve!' by Lender ofBorrnwer's
obligations to meet the conditions set forth above as a condition to any subsequent advance of Loan μroceeds, or au assutu_plion or
occurre11ce of any further liability or obllgatioJl by Lender under this Agreement, the Note, or any oftbe other Loan Documents untU
(he said above i~aueri- l't!'e received~ reviewed by Lender and completed ol" re.solved to the satisfaction of LeodeJ. JNG22\AMERPAC1FIO.V
AL1JEEX.Cl:lANGE\f22308LoanAgrv2.WJ?d e U>i\Jll AO~ ARTICLE Y. AFli'lRMATIVE COVENANTS Bonowel' covenants and agrees that, until aH
i11stn1me11ts and agreements evide11cing each and' every Joan, lctte~ of credit and other :financial accommodalion by theLet1der to theB01rnwer
or any Loan Patty are fully discharged and terminated, and thereafter, so long as any lndebted.uess remains 01Usta11.ding, it will, and,
as applicable, it wi!I cause each Loan Party who is within its control or under common control to: 5.0 I Preservation of Existence, Payment
of Taxes. Preserve and maintain its existence and preserve and maiutaih such of its rights, licenses, permits and privileges as are material
to the business and opel'ations conducted by it; qualify aud cemninqualified to do business in eachjt1l"isdictio11 in whfob such
qualification is material lo its business and operntions or ownership of its properties, continue to conduct and operate its business
substantially as conducted and operated <luring the present and preceding calendar year; at alt times maintain, preserve 'Ind protect
a!J of its pl'operty and keep the same iu good· xepaii", working order and co11ditio11; and O·om i h.ne to time make,
or cause to be made., all needed and proper repairs1 renewals, replacements, betterments and improvements thereto. File, on or before
their respective due dates, all federal. state, local and foreign tax. returns whicl1 are required to be filed, or obtah1 extensions
for filing sucJ1 tax returns, and pay all taxes which have become due pursuant to those returns or pursuant to any assessments received
by a11y such party, as the case may be, except to the extent such tax payments are befog actively aud diligently contested in good faith
by appropl'iate p1·oceedings and, if requested by Lender, bave beeu bonded or reserved in an amount and manner satisfactory to
Lender. 5.02 Keeping of Books. Keep proper books of record and accowit in which full and correct eotties shall be made of all of its
financial tt·ansactioils and its assets and businesses so as to permit the presentation offi.n.ancialstatements prepared in accordance
with the Required Accounting Method; and permit Lender, or its representatives, at reasonable times a11d intervals, at Borrower's cost
and expense, to examine its books and records and to discuss its financial matters wiU1 its officers, employees and independent certified
public accountants. 5.03 Reporting Requirements, Furnish to Lender, or cause to be furnished to Lender, the fmanclal statements and reports
of eacJ1 applicable Loan Party and comply with tbdinancial covenants as _provided for in that certain Agreement to Provide Fina.11cial
Infofmatio11 of even date by and ru11ong Lendor and each applicable Loan Party. 5.04 Further Assurances; Financing Statements. Furuishlender,
at Borrowe1Js cost and expense, upon Lender's requesL and in form satisfactory to Lender (aud execute and deliver or cause to be executed
and delivered), su.cll additional pledges, assigumeuts, mortgages, Lieu instrut\leuts or other security instruments, consents, ac.kuowledgments,
subordinations, financing statements and otl1er documents pertaining lo filly or all of the property ~nd rights which may now or hereafter
secure or be intended as security for any portion of the Indebted11ess as Lender may require to effech1ate more fully the purposes of
any Loan Document. 5.05 Applicable Law and Environmental Covenants. Comply with all applicable laws, rules, regulations, orders decrees
and directive~ of every governmental or quasi-govenunental JNG22\AMERP ACIFlC\ VAii1JEEXCHANGE\t22308Loim,AgrV2,wpd 7 LOAN AGREl!MIJNT'
authority pertaining to hazardous waste, hazard01.1s substances and other hazardous, toxrc. or dangerous mate.dais ("Hazardous Material")
including those governing the use, geueration, manufacture, storage, disposal or treatment of same incll1ding but not limited to CBRCLA,
RCRA, SARA~ the federal Clean Water Act and the Texas Water Code and those otherwise intended to regulate or improve health, safety or
the environment and or relatii1g to the release or threatened release of hazardous waste or any hazardous substance ("Environmental
Laws"), a11d maintain all permits, liceuses and approvals requi1'ed under applicable Environmental Laws. Promptly notify Lender,
in writing, as soon as Borrower becomes aware of a11y condition or circumstance which makes any of the eilviromnent.al representations
or warranties set forth in this Agreemenl or iu the Loan Documei1ts incomplete, incorrect or inaccurate in any material respect as of
any date. Promptly notify .Lender, in w1,iting, as soon as Bon-ower becomes awate of any condition or circumstance which may indicatea
violation of any E1wironme11tal Law; and promptly provide to Lender, im.J.nediately upon receipt thereof, copies of any material correspondence,
notice, pleading, citation, indictment, COOlJJlaint, order, decree, or other document from any sourGe asserti.ng; or alleging a violation
of any &wironmental Law by Borrower, nr of any circumstance or condition which i-equires or may require, a financial contribution
by Borrower or a clean-up, reinovali remedial action or other response by or on behalf of Borrower under applicable Ehviroumental Law,
or which seeks damages or civil, critn.inal .or punWve penalties from Borrower or any violatio11 or alleged violation of any Environmental
Law, Provide to Le11der a Phase l euvi.tonmelltal site assessment (and ifrecounnended by the Phase I re po.rt, a Phase 2 environmental
1·eview each performed in accordance with then existing industw staudei'ds) in the ev~ntthat Lender has reason to believe that
there may have been a release or a violation of any of the Environmental Laws 011 any Real Property as collateral for the Note, all at
Bormwer's sole cost and expense. Bol'l'ower hereby agrees to indemnify, defend a11d hold Leudet·, and any of Lend.er's past, pl'esent
and future off'icers, dil'ectors, shareholders, employees, representatives and consultants, harutless from any and all claims, losses,
damages, suits, penalties, costs, liaJ)illties1 obligations and e.xpellSes (including, witl1out limitatfou, t;easouable legal expenses
and attorneys' fees, whether inside or outside counsel is used) incuned or aiising out of auy claim, loss or damage of any property,
i11jurles to 01· deatb of any persons, contamination of or advel'seeffects on the environment, or otller violation ofany applicable
E11vh·o1ui,entat Law, in any case, caused by Borrowe1· 01· in any way related to any property owned 01· opel'ated
by Borrower or due to any acts of Borrower 01· any of its officers, directors, sl1areholders, employees, consultants and/or 1·cpresentatives
..INCLUDING ANY CLAIMS, LOSSES, DAMAGES, SUITS, PENALTffiS, COSTS, LIABILITillS1 OBLIGATIONS on EXPENSES, RESUL'l'lNG FROM LENDER'S OWN
NEGLIGENCE; provided bowever, that the fol'egoing indemnification shall not be apJ>licable, and Bon·ower shall not be Hable
for any such claims, losses, damages, suits, penalties, costs, liabilities, obligations ot expenses, to lhe extent (but only to the extent)
the same arise or result from any gross negligence or willfu.1 misconduct of Lender or any of its agents or employees. The indemnities
from Borrnwer contaiti.ed herei..ti shall survive the tennina(ion of this Agreement and ,the payment of the Note. The tet'lllS "hazardous
waste'', ''hazardous substance", 1'disposal", 0release'1 , aud "threatened release", as used in. this Agreement,
shall have the same meanings as set fol'thin the Comprehensive Envi1·onmema1 Response, Compensation. and Liabrnty Act of 1980,
as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA "), the Superfuud Amendments and Reauthorization Act of 1986, Pub. JNG22\AMRLlPACIFIC\VALUEBXCHANGE\12:Z308LoanAgiv2.wpd
8 LOAN AOR£EMEITT h. No. 99-499 ("SARA"); tbe l-l&zardot1s Mate1•ials Transportation Act, 49 lJ.S.C. Section
1801, et seq., the Resource Conservation and Recovery Act, 49 U,S.C. Section 690 I, et seq. ("RCRA"), or otl1er applicable
state or Federal laws, rules, or l'egulations adopted pl1rsuaut to any of the foregoing. The terms ''hazardous waste" and "hazardous
subs!ance" shall also include, witl1outlimitation,petroleuui.and petroleum by-products or atty fracti.011 Urnreofand asbestos. 5.06
Ooverlllllelltal and Other Appl·ovals. Apply for, obtain and/or maintain in effect1 as applicable, al! authori211tious, consents,
approvals, licenses, qualifications, exemptions, filings, declarations and registrations (whether with any court, governmental agency,
regulatory authority, secmities exchange or otherwise) which are necessary in cotmeclion with the execlltlon, delivery and/or perfonhauce
by any Loan Pal'ty of 1.11ry LQan Document to which it is a pa1ty. 5.07 Beneficial Ownership. Borrower has identified aud provided to
Lender applicable tnfoi-matlon and documeutalion on each individual who owns, directly or indirectly, twentyfive percent (25%) 01•
more of the Bol1'owei· (the "Beneficial Owners", whether 011e or mol'e). Borrower, acting by aud through its autuorized
representative, bas provided to Lender the informatio11011 the Beneficial Owners on a Beneficial Ownership Ce1tification Form (11Be11eficial
Ownership Certification") acceptable to Lender, The Beneficial Ownership Ce1tifica-tio11 also identifies the individual designated
by the owners of8orrnwer as having significant mauage1ueut responsibility (the "Designated Management Official"). Borrower
agrees to promptly notify Lenderin writing,(A) of any change indirect or indirect owne!'ship interests ill the Borrower as reported in
ti1e Beneficial Ownership Certificatio11 prior lo Ol' in collilection with the execution of this Ag1;eement, aud (B) changes in tbe Designated
Managei11ent Official or if said individual with significa11! mauagru:ial responsibilil:y identified in the Beneficial Ownership Certification
ceases to have tbat responsibility or if the informalion reported about that individual chaIJges. Borrower hereby agrees to provide such
inf011nation and document.aLiotl including a re-certification of Lhe Beneficial Ownership Certification as Lender rnay req_uest during
the term of the Loan to confirm or update the contim1ed accuracy of any information provided .in connection with the foregoing. Borrower
agrees to timely s1..1pply such information as Leuder is required to ob.lain under applicable sections of tl1e Financial Crimes Enforcement
Network (FinCEN) regulations (3 l C.F.R. 10 I 0.230), as may be amended from time to time. ARTICLE VI. NEGATIVE COVENANTS Borrower covenants
and agrees that, until all instruments and agreements evidencing each and every loai), letter of credit and other fiuaucial accommodation
by the Lender t.o 1:he Bot:rower or a,uy Loan Party are fully discharged and lenuinated, and lhe1'eafter, so long as any Indebtedness
remafas outstanding, it will 1,ot, and it will not allow any Loan Party within its control or unde1· common control to, without
the prior wdtten consent of the Le)idel': 6.01 Capita] Stmcture; Business Objects 01· Purposei Mergers; AssetDisposltion;Acquisilious.
Except for the (a) increase in total authorized shares of capital stock and increase iu the authol'j.zed shares ofBorrower1s Common Stock,
$0.0000 l par value per share, ("Common Stock") to be adopted -at the Bonower's 2022 Auuual Meeting of Shareholders 011July
I 8, JNG22\AMERP ACIFIC\V AL\,JEEXCHANG8\t?.2308Loa11Agiv2.wpd 9 LOAN J.ORJ;EMllN'r 2.022, or any adjournment thereof ("Z022 Meetihg");
(b) issuances of and 1·cdem_ptim1s of securities (including options and restricted stock units) pursuant to the Bonower's 2022
Equity Incentive Plan to be adopted al the 2022 Meeting; (c) execution ofleases or similar agreements to open and oyerate new facilities,
or to contiime to opel'ate facilities, used to conduct Borrnwer's business, whether located in existing markets oJ' new markets for the
Bo11'ower's business~r( d) u·ansactious in the normal cm,rse ofbusiness by the Boffower that aJe required lo J11eet obligations
to its customers or perform Bm1'0wer's obligations under usual and c11sto1Y1al'y service and product agreements or obligations; purchase,
acquire or redeem any of its equity ownership interests; or enter into a1ly 1·eorganization or recapiwlizatiou; or reclt1ssify
its equity ownership interests; or make any material change in ils capital structure or general business objects or purpos~ o.r change
its name, or sell, lease, trnnsfer, relocate or dispose .of all, substantially all, or any material port of its operating assets necessary
to conduct of its business in the normal course of business, ex.cludiag inventory and products for sale or license or lease to customers,
aud (whether iu a single transaction or in a series of transactimis); or purchase or otherwise acquire or become obligated for tbe purchase
of all or substantially all of the assets or business interests of ~y person or in any other mrumer effectuate an expansion of pi·esent
business by acquisition, 6.02 Defaults. Default in any covenant performance, change In A1auagement ancllor control not approved by disinterested
directors of Borrower, a cessation ofbusiuess for more than thirty (30) days, a final judgtneot that is 11ot untllediately stayed, appealed
or resolved to the satisfaction of the Lender, bankruptcy, insolvency, reorganization, appointment oftrnstees or receivers, and any writs
of attachtnent. 7.01 ARTICLE VJI, EVENTS OF DlWAULT Events of Deniult. The occurrence or existence of any oflhe followh1g conditions
or events shall constitute an ''Event of Default" hereunder: (a) breach of auy represenlatio11 or warranty contained in this Agreeme11t
or a11y other Loan Documenl or default in the observance or performance of any of the other conditions, cove11anls or agreements of any
Loau Party set forth in this Agreemeut or any other Loan Document, which breach, i.n Lender's sole but reasonable discretion, has a Material
Adverse Effect; (b) al1y default 01· event of default, as the case may be, shall occur under any other Loan Docume11t and shal
I c-0nti1me beyond U1e applicable grace period, if ru1y; (c) any change in the executive operatioJ1s management ofBori-ower, wheth(lj·
by reason of incapacity, death, resignation1 tenniMtio1101· otherwise whicb, in Le11der's sole but reasonable judgment, could
become a Matetia! Adverse Effect; provided, however, that the voluntary resignation of directors and replacement of those directors by
the Borrower's Board of Directors iu accordance with Bmrnwer's bylaws; the. nomination and elecHoo of clireclors who are nominees of
the Borrower's ma11agemeul and changes in directot-s effected at annual meeting of Common Stock shareholders; and changes in the ownership
of issued or outstanding shares of Conunon Stock due to trading in public stock markets or private lra11sactions by sha,·eholders
of the Borrower, and issuances and redemption of Bonower securities (including options and restricted stock units) in accordance with
the Borrower's 2022 Eqt1ity Incentive Plan ('1P)au11) and the adoption oflhe Plan by the Borrower and its CollimonStock shareholders
ru·e110L Events of Default under and not subject to this Section 7.01; and (d) JNG22\AMERPACfflC\VALUEEXCHANOB\f22:l08LoanAgrv2.wpd
10 l.OAN AGREEMV.Nf any Change of Contl:oJ not appt'oved in advance by the Lender, which couseni shall not be unreasonably withheld;
or (e) if, during the Joan application process, Borrower or allY persons or entities acting at the direction of Borrower or with Borrower's
knowledge Ot' consent gave materially false, misleading, or inaccurate .information oi-state)llentstoLender (or failed to provide Lellder
with material information) iii cou11eetion with the Indebtedness. 7 .02 fuledm.Remedies After Default. Upon <1nd afte:i• a Default
by any Loan Party under any of the Loan Documents, regal'dless of whether a Loan Party is en tilled to 11otice end/or an opportunity
to cure a Default, whethe~· said notice or right to cure is provided for under the Loan Documents or _provided by law, aud regardless
of whether said Default has matuted into an Event of Default, each Loan Party hereto agt·ees tbat whether or 1,ot a Loan Party
is given notice of the Default and whether 01' uot, at the point in time ofdetenniuatioil, the right to cure period has lapsed, Lendet'
shall have the fol low.ing 1ights, al I wi lhout any prior notice to the applicable Loan Party: A, Lendei· shall not be obligated
to further process any d1·aw requests that have been subntitted, ot' to filild any remaining portion of any draw req11ests that
have been approved by Lendet'; B, Lender sb.all contim1e to have the right to post advauces to the Noto for inlerest carry to tbe extent
of any accrued and unpajd interest ou the Note but ouJy to the extent that interest carry is available imder the Budget fol' tbe Loan;
C. Lender shall have the right to post advances to the Note for protect.ive advances fo1· the benefit of Lender as otherwise provided
for in the Loao Pocumeuts; and D. Lender shall have the right to seek aoy equitable remedies available under law to protect any of the.
collateral securing tbe Note. 7 .03 Remedies Upon Event of Default. Upon the occurrence and at any l\111e during the existe11ce or contint1a11ce
of aJ1Y Event of Default, but without lmpairing or otherwise I imltiug the Lender's right lo demand payme11t of all or any portion of
tile Indebtedness which is payable on demand, at Lender's option, Lender may give notice to Bon-ower declaring all or any portion of
the Indebtedness remaining unpaid a11d outstanding, whether under the notes evidenci1tg the hldebtedness or otherwise, to be due ai1d
μayablein full without presentation, deo.1a11d, protest, notice of dishouo.i-, notice ofinten1 to accelerate, notice ofaocelerntion
or o1her notice of any kind, aJI of which are he1·eby expressly waived, whe1·eupoo aU such l11debteduess shal I inunediately
become due and payable. Furthermore,upon the occurrence of a Default or Event ofDefault and at auy time during the existei1ce -Ol' continuance
of any Default or Event ofDefault, but without impairing or otlle1wisefuniting tbe right of Lender, ifreserved under a11y LoanDocumeat,
to make or withhold financial accommodations at its discretion, to tbe exte1ll not yet disbutsed, auy com1nitment by Lender to make any
further loans o1', if ap11licablc, issue any further letters of credit shali aulomatically tetminate. The foregoing rights a1\(l remedies
are in addition to a11y other rights, reme-dies and privileges Lender may otflel'\Vise l1ave or wltich may be available lo Jt, whether
uudei· this Agresiment, any other Loan Document, by law, or otherwise. JNG22\AMERP ACIFIC\V ALUEE.'{ClfANGE\t22308LoanAgr✓.2.
wpd 11 LOAN AOIU!E.MB1'1'1'.' 7,04 Set.off. Ju addWon to auy otbel'l'ights or remedies ofLeuder under any Loan Docl)ment, by law or othe1wise,
upon tl1e occurrence and during the coutinuance or existence of My Event of Default, Lender m&y, at any time and from time to time,
withoul notice to B01rnwe1· (any requirements for such notice being expressly waived by Borrowe1~, setoff and apply again.st any
or all of the lndebtedness (whethe!' or not then due), in any maoJlet aud in any order of preference which the Lende1•, in its sole
discretion, chooses any or all deposits (general or special, time or demand, provisional or final) at any time held by B01·1-ow·er
(whether owned outright or held with a third pa1-ty) and other indebtedness at any time owing by Lender to or for the credit or for the
account of Borrower, and any propeity of Borrowet\ from til.ne to lime in possession or control ofLender, irrespective of whether or
not Lender shall have .made any demand hereunder or for payment of the fodebledness and although such 0bligations may be contingent or
unmatured, l'egardless ofwhethel' any Collateral then held by Leoder is adequate to cover the Indebtedness and 1·egardless of
whether the exercise of such right of set-off results in loss of interest or other penalty under the terms of the certificate of deposit
or account.agreement. The rights of Lender u11der this Section are in addition to any other 1·ights and remedies (including, without
limitation, othe.r r ights of setoff) which Lender may otherwise have. Bmmwer he1·eby grants Le11der a Lien on aud sectn·ity
interest iu all such deposi!s, iudebted1tess aod other proj)erty as additional collateral for the payment and performance of the Indebtedness.
7.05 Waiver of Defaults. No Default or Event ofDefaultshatl be waived by Lender except in a written insttument specifying the scope and
terms of such waiver and si_gned by an authorized officer of Lender, and such waiver and shall be effective only for the svecific time(s)
and pnrpose(s) given. No single or partial exercise of any right, power or privilege here110der, OJ' any delay .in the exercise thereof,
shall pl'eclitde other or further exercise of Leuder's rights. No waiver of any Default or Event ofDefault shall extend to any other
or further Default or Event of Default. No forbeara11ce 011 the partofLe11dei- in enforcing any of Lender's rights or remedies under
any Loau Document shall co11stitute a waiver of <\llY of its rights or (emedies. Borrower expressly agrees that t4is Section may 11ot
be waived or 111odified by Lender by course of pe1formance, estoppel or otherwise. 7.06 Receiver. Lende~-. in any action or suit to foreclose
upon -any of U1e Collateral, shaU be entitled, without .notice or consent, and completely without regard to U1e adequacy of any security
for the Indebtedness, to the appoi'ntment ofa rece1ver of the bus.i11ess and premises in question, and of the t·ents and profits
derived therefrom. This ap()Ointmetit shall be itl addition to any other 1'ights, relief or remedies -afforded Le.Qder. Such receiver,
iu addition to any other rights to which lhe receivei- shall be entitled, shall be authorized to sell, fo1·eclose or complete
foreclosure 0 11 Collateral for the benefit of Lender, pursuat1t to provisions of applicable law. 7.07 Application of Proceeds of Collateral,
Notwithstanding anything to the cont.ra1•~ sel forth in any Loan Document, after au Event of Default, the proceeds ofany of the
Collatel'al, together with any offsets, voluntary payments, and any of her sutus received or collected h1 respect ofthe Indebtedness,
may be applied towards the Indebtedness in such order and mauner as determined by Let1der in its sole and absolute discretion, JN022\AMERP
ACIFlC\ V ALUEEXCHANGE\t22308LonnAgrv2. wpd 12 1.0,'.N AGlU!EMiiNl' ARTICLE vm. MlSCELLANEOUS 8 .0 l Notices. Any notice, certificate,
consent, detennination or other communication required or permitted to be given or mode under this Agl'eement shall be in wl'itlng and
shall be effecth,ely given and made if (i) delivered personally, (ii) sent by prepaid courie,· service or mail, or (iii) sent
prepaid by fax or other similar means of electroruc c01l1111onicatiou, in each case to the folloWitig respective addresses: Jf(-o B011·ower:
Phone: Fax: E-mail address: If to Lendel': Phone: Fax: Email ad<lress: VALUE EXCHANGE INTERNA TlONAL, INC. Unit 602, Block B, 6t1i
Floor, Sha tin Industriat Centre, 5-7 Yuen Shun Circuit Shatin, N.t., Hm1g Kong Attention: Tan Seng Wee, ChiefEitecntive Officer 852
2950 4288 65.veil.cg@value-exoti.eom AMERICAN PACIFIC BANCORP, fNC. 1400 Broad field Blvd., Suil'e I 00 Houston, Texas 77084 (713) 501#5045
frank.heuszel@dssworld.com A11y such con11nu1iicatio,11 so glven or made shall be deemed to11ave been given or made and to have been
received on the day of delive1y if delivered, or on the day of faxing or sendtng by other means ofrecorded eiectroniccommunicatiou,provided
tbat such day in either event is a regular business day and theconununication is so delivered, faxed or sent prior lo 4:30 p.m. (local
recipient time) on suoh. day, Otlierwjse, suoh communication shall be deemed to have been gjven and made and to l1ave been received on
the next following business day. Any such communication sent by mail .shall be deemed to have been given and made and to have been received
on the earlier of actual receipt or the fifth business. day following the mai ling the1-eof; provided however fhat no such conm1m1i'cation
shall be mailed during any actual or apprehended irregular disruption of postal services. Any such co11li11unication given or made in
any other manner shall be deemed to have been given or made and to have been received ouly tipon actual receipt in writing. 8.02 GoyerningLaw.
Each Loan Document shall be deemed .to have been delivered in the.State of Texas, and shall be governed by a11d coustrned aodenforced
ill accol'dance wjtb the laws of the State of Texas, and ap1)licable federal law except to the extent that the Uniform Commercial Code
or other personal property law or real property law of a11other jurisdiction where Collateral ls located is applicable, and except.to
the extent expressed to the c-0ntrru;y fo any Loan Document. 8,03 Venue. The Loan Docun1.ents are deemed execu~ed in a11d are performable
in Harris County, Texas. Any action or proceeding under or in couuection with any of the Loan Documents .ING22\AMERP AClFJC\ V ALUEEXCHA.NGE\f2.2308LoanAgrv2.wpd
13 LOAN AC.i IIBl!Ml!NT agafost ao)I Loan Parly ever liable for _payment of any srnns of money payable ui1dei- the Note 01· other
Loan Documents may be brought ln any state court located in Hards Cmmty, Texas, or iu the federal court in Hards Cou11ty, Texas. Borrower
for Borrower and for each such otlier Loan Party hereby i.nevocably: (i) submits to the nonexclusive jurisdiction of such courts, and
(ii) waives any objection it may now or hereaftei' have as to the venue of any sucl1 action or proceeding brought in such court or U1at
such court is au inconvenient forum. 8.04 Costs and Expeuses. 'the Bo,-rower agrees to pay Lender, on demand, all reasonable costs and
expenses in connection with the prepal'atiou, elleoution, delive1y and administratio11 of this Agreement, lbe ;Nole, U1e Loru.1 Documents,
and the other documents to be delivered hereunder·, including, without limi_tatioH, the reasonable fees and out-of-pocket expenses
of counsel for the Lender with respect thereto and with respect to advising the Lender as to its rights aud responsibilities under this
Agreement and/or under aay of the other Loau Documents. Bon-ower shall _pay Lender, M demand, all cosls and expenses, including, without
limitation, reasonable attorneys! fees a11d legal expenses, incurred by Lender in pel'fecting, rnvising, protecting or euforciug arty
of its rights or remedies against any Loan Party 01· any Collateral, Ol' otherwise ii1cm1·ed by Le11de1' in connection
with any Default or Eve11tofDefaultor the enforceme11t of the Loan Documents or the Tndebted11ess. Following Lender's demand upon Borrnwer
for the payment of any such costs and expenses, and until the same are paid in full, ,the unpaid amount of such costs aud expenses shall
constitute Indebtedness a11d shall bear interest at the highest defaullrate of interest pmvided in any Loan Document. 8.05 Receipt of
Payments by Lender, Any payment by :Bo1·rower of auy of the fudebted11ess made by mall will be deemed tendered at1d received by
Lender only upon.actual receipt thereof by Lender at tbe address desi guated for such payment, whether or not Lender has author.ized
payment by mail or in any other maimer, and such payment shall not be deemed to have been made in a timely manner unless- actually received
by Lender on or before the date due for such payment, lime berng of the essence. Botrnwer expressly assun~es all risks of loss or liability
resulti1ig from non-delivery or delay of delivery of any item of payment transtUitted by mail or i.n any other manner. Acceptatice by
Lender of any payment in -an amount less than the amount then due sbaU be deemed au acceptance on account only, and any failure to pay
tbe entil'e amount then due shall constitute and continue to be au Eve11t of Default. B01TOwer waives fbe right to direct the application
of any aud all payments received by Lender herem1der at any tiu,e or times after lhe occtirrence and during the continuance of any Defau
It. Borrower furl.lier agrees that after the occurrence and during the continuance of any Default, Lender shall have the contrnuing exclusive
right to apply and to reaJ;)ply auy and all paymeuts received by Lender at any time or times, wheU1er as voluntary payments, proceeds
from any Collateral, offsets, or otherwise, against the Indebtedness in such order aiid in such manner as Lendel' may, in its sole ruscretio1\,
deem advisable, uotwithstandiug any eut.ry by Lender upon any of its books and records. Borrower hereby expressly agrees that, to the
extent that Lender recei vcs any payment or benefit of or othei.wise upou any ofthe Indebtedness, and such payment or benefit, or any
pa1·t thereof, is subsequently invalidated, declared to be fraudule11t or preferential, set a.side, ot required to be repaid to
a trustee, recei,ver, or anyolher Person under any bankruptcy act, state 01· federal law, coil1Jl1on law, equitab]e cause or otherwise,
then to the ex.tent of such JNG22\AMERP ACIFIC\V ALUEEXCHANGB\f22308LoauAgrv2.wpd t4 LOAN AOREEMENT' payment or benefit, .the ludebledness,
or part thereof, iute1tded to be satisfied shaU be revived and continued in full force and effect as if such payiuent or benefit bad
not beeu made or received by Lender, aud, fi1rther, any such repaymei1t by Lender shall be added to and, be deemed to be additional lndebteduess.
8.06 Successors aud Assigus, This Agreement shall be bindiug upon -a11d shall inure to the benefit of Borrowet· and Lender and
their respeclive heirs, administrators, executors, successors and assigns, The foregoing sliaH not aUU1ol'ize atly assignment or lr<\nsi'er
by Borrower, of any of its teSJJective rights, duties, or obligations hereunder, sucJ1 assigmnents Ol' transfers being expressly proJ1ibited.
Lender, however, may freely assign, whether by assignment, participation or otherwise, its l'ig11ts and obligations hereunder, and is
bel'eby authorized to disclose to any such assignee or participaut (or ptoposed assignee or participant) any financial or other infonnation
in its knowledge or possession regarding any Loan Party or relating to tl1e Indebtedness. 8.07 Participation. Bormwer expressly recognizes
and agrees that Lender may sell to other lenders participalions in the loansfocltrred by B01wwe1· pursuant hereto. As security
for the due payme11t and performance of all Indebtedness of Bon-owe!' lo Lender under this Agreetuent aud/or auy other of the Loan Documel1ts►
whether now existing or hereafter arislng, and lo such tenders by reason of such participati.011s~ Borrower hereby gra.ufs to Lcmder
and to such lenders a lien on aud security interest iu (i) any aud all deposits or otber sums at any time credited oy or due from Lender
and suoh !enders 01· eitl1er or any of them, to .Borrower, whether in regular or special deposito1y acco11t1ts or otherwise, (ii)
..any and all money, secntities and other property ofBorrower, and the proceeds thereof now or hereafter held or received by or iu transit
to Lender and such lenders ot eitlier or any of them, from or foi- B011'ower whether for safekeeping, custody, pledge, t:ransrnissLon,
co)lcclion or otherwise. Aoy such deposit, sums, monies, securities illld other property may at any time be set-off, appropriated and
applied by the Lender and by such leude1's, or either or any of thetu, against a11y Indebtedness whether now existing or hereafter arisu~g
lo Lender and to such lenders, or either 01· any of them, under this agreement or the Note or otherwise, whether or not such Indebtedness
is then due or secured by any collateral or, if it is so secured, whether or not such collateral held by Lender or such lenders is considered
to be adequate. 8.08 Sale of Loan. Lender may freely assign, whether by sale or tl'ansfer, all or any portion of its rights in and to
all 01· auy portion of the Indebtedness including the Note to any a third party or any Loau Party, including, but nol limited
to, a sale, trausfer or assigmneut to any Guat'autol', Grantor or other obliger ou the Indebtedness. 8.09 Electio11 of Remedies, Leuder
shall have all of tbe 1-ights and remedies granted .in lhe Loa11 Documents a,.11d available al law or in equity aud lhese sanie rights
and remedies sbaU be cumulative and may be pursued.separately, successively, or concurrently against Borrower, any Guarantor:, Gran tor,
other Loau Party many collateral property covered undel' fue Loan Docwnents, at the sole discretion of Lender. >NG22\AM8RPAClFICWALUEEXCHANGE\122308LoanAgrv2,Wpd
15 LOAN ACltCl!Ml!Ni 8.10 Indulgence. No delay or f;ii lut·e of Lender in exercisi11g any right, power or pdvilege hereunder or
under any of the Loan Documents shall affect sucb right, power or p1ivilege. Any single or partial exercise U1ereof shall not preclude
any further exercise thereof. 8.11 Ame11dme111 and Waiver. No course of dealings by the Lender, its officers, employees, consnllantsJ
01· agents iu the exercise of any right hereunder, under the Note; or under any other ofthe Loau Documents shall operate as a
waiver thereof. No ameudmentor waiver of any provision of any Lo11n Document, 1101· consent to any departure by any' Loan Party
therefrom, shall in any event be effective unless the same shall be in writing a!ld signed by Lellder, and then s'Uch waiver or consent
shall be effective only in the specific instance(s) atid for the specific lime(s) aud pOrpose(s) for which given. 8.12 Severability.
[n case a11y oi1e or more of the obligations of any Loau Pa11y undet· a1ty Loan DocumeutshaII be invalid, illegal or u11euforceable
in any j urisdiction, the validity, legality and enforceability of the remaining obligations of such Loan. Party sha11.not in any way
be affected or impaired thereby, and such invalidity, illegally or uneuforceability in one j urisdiction shall not affect the validity,
legality or enforceability oft-he obligations of such Loan ParLy under a11y Loan Docume11t in any other jurisdi.ctioll. Each term, covenant,
and con di Lion of this Agreement and/or any of the other Loan Documents sha II be valid and enforceable to tlie fullest extent _permitted
by law. 8.13 Reli_ance on and S\irvrval of Various Provisions. All terms, covenants, agreements, representations and warranties of any
Loan Party made in any Loan Document, or In any certificate, report, financial statement or other document furnished by or on bel1al
f of any Loan Party iu connectioi) wiU1 any Loau Document shall be deemed to have been relied upon by Lender, notwithstauding any investigation
heretofore or hereafter made by Lender o~ on Lender's behalf. All representations and warranties of the Borrower herein or i11 lhe other
Loan Docu1nentl) and all covenants aud agreements herein and il1 the other Loan bocuments, shall survive until tepayment in full of the
Indebtedness. 8.14 WAIVEROFJURYTRJAL. LENDERANDBORROWEREACH ACKNOWLEDGE Ta.AT THE RIGllT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BU'r
THAT IT MAY DE WAIVED. EACH OF THEM, AFTER CONSULTING OR HA YING HAD THE OPPORTUNITY TO CONSULT, WlTH COUNSEL OF THEIR CHOICE,l(NOWlNGLY,VOLUNTARfLY
ANDINTENTIONALLYWAIVESANV RIGHT EITHER OF THEM MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATIONBASEDUPONORARlSINGOUTOFANYLOANDOCUMENTOR
ANY OF THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS OR ANY COURSE OF CONDUCT,DEALJNG, STA'fEMENTS (WHETHER ORAL OR WRITTEN), OR
ACTION OF EITHER OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY :RESPECT' OR RELlNQUISHED BY LENDER Oll BORROWE~
..EXCEPT BY A WRITTEN INSTRUMENT EXECUTED .BY EACH OF THEM. 8.15 .Execution of Loan Dociunents in Counterpa1'ts. Each original of the
Loan DocumeJlts executed in conoection with the Loan including the Note,uay be executed as counterpart originals ai\d may contains multiple
original signature pages and/or corresponding JNG22\t\MERP AClFic\V ALUEEXCHANGB\f22308Loot1Agrv2. wpd 16 LO,\N AOJlEEM£Nl' acknowledgments.
Two pr more cou11terparts of any _particular Loan Document may be executed and/or acknowledged and one oi' UJore of the multiple original
signature pages from one countei'part of that particular Loan Document executed iu connection with the Loan may be replaced by one or
more original signature pages from other couutel'parts the1'eof, in order to prodllce fully executed counterparts, each of which shall
becousidered as a11 otiginal, a1,d all of which shall constitute the same agreement or document. 8.16 Document Retention Policy. Each
undersigned Loan Party understands and agrees that (J) Lender's document retention _policy may involve the iniaging of executed Loan
Documents iucluding the Note, as well as oilier miscellaneous documents, pa_pers, reports and other co!'l'espoudenoo, and lhe destruction
of ti.le paper originals, and (ii) each undersigned Loa a Party waives any dgbt that auy Loan Party may have to claim that the imaged
copies of the Note, the other Loan DocLUne11ts aiid other miscellaneous documents, papers and otber correspondence related thereto are
not originals. 8.17 NOTCCE UNDER SECTION 26.02 OF THE TEXAS BUSINESS & COMMERCE CODE: ANAGREEMENTFORALOANlNWITTCHTHEAMOUNTINVOLVEDINTHE
LOAN EXCEEDS $50,000.00 IN VALUE IS NOT .ENFORCEABLE UNLESS THE AGRE~MENTIS IN WRlT(NG AND SIGNED BY THEP ARTY TO BEBOUNDOR BY THAT PARTY'S
A.UTHORIZED REPRESENTATIVE. THE RIGHTS AND OBLIGATIONS OF THE PARTIES TO AN AGREEMENT SUBJECT TO SUBSECTION (I.>) OF SECTION 26.02
OF THE TEXAS BUSINESS & COl\tIMERCE CODE SHALL BE DETER:MJNED SOLELY FROM THE WRITTEN LOAN DOCUMENTS, AND ANY PRIOR ORAL AGREEMENTS
BETWEEN THE PARTIE,S ARE SUPERSEDED BY AND MERGED INTO THE LOAN DOCUMENTS. THE WRJTTEN LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEENTHEP
ARTIES ~D MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORALAGREEl\lJENTS OF THE PARTIES. THEREARENOUNWRITTENORALA.GREEMENTSBETWEENTHEP.ARTlES.
8.18 Captions. The captions, headings, and arrangements used io tltis agreement are for conve11ience only and do not in any manner affect,
limit, .ampHfy, or modify the terms and provisions hereof. 8. I 9 Form aad Substance. Alf doctltnents, certificates,, insurnnce policie$,
and otllet items required to be executed and/or delivered to Lender, whether undeJ this Agreement or under any of the other Loan Documents,
shaU be in form and substance satisfacto1y lo Lender. 8,20 Borrower 1n Control. In no event shall Lender's ri.ghts and interests unde1·
lhe Loan :Documents be constmed to give Lender the right to control, or be deemed to indicate U1at JNG22\AMERJ> ACIFIC\V ALUEEXCJJANGl1\122308LoauA/lrV2
wpd 17 LOAN AGRllllMllN)' Lender Is in control (lf, the business, mauagemen! Ol'J)roperties of Borrowet· t>r the .daily 1Uanagement
functions and opel'aling decisions to be made by Borrowel'. 8.21 No Third Party Beneficiary. This Agl'eement is made for the sole protection
and benefit of Borrower and Lender and is not. intended for the protection 01• benefit of any other Pefson 1 and no other Person
sha11 be deemed to have any privity of contract bereunder nor any right of action of any kind hereon, or be entitled to rely hereon to
any ex.tent whatsoever. 8.22 Number and Gender. Words of any gender used in lhis Agreement shaH be held and construed to include auy
other gender, and wotds in tbe sii\gular number shall be held to include the plural, and ,;ice versa, unless tbe coulexL requires otherwise.
The duties, covenants, obligations, and wananties of eacb party defined as Borrower under this Agreerueut shall be joint and several
obligations of each such Borrower. 8.23 References. The words "herein," "hereof," "heteunder" and othel'
words ofsuullar import when used in this Agreemetit 1·efet to this Agreement as a whole, and nol to any particular article, sectim1
or subsection. 8.24 Ambiguities, Borrmverand Lender aoknowledge that they were each represented by counsel OL' had the oppmtunity to
be represented by connsel and waived soch righf in connection witb this Agreement, that each of them and/or their respective counsel
reviewed this Agreement to their satisfaction, that any rule of co11struction to the effect tbat an1biguities are to be l'esolved against
tlie drafting party shall 110! be employed in the interpi'ctation of this Agreement, and that the lauguage in all parts of this Agreement
shall in all cases be construed as a whole and in accordattce with lts fair meaning. 8.25 Exhibits. TJ1e exhibits attached to th.is Agreement
are incorporated herein and shall be co11s idered a part of this Agreement for the purposes stated herein, except that in tl.l.e even!
of any conflict between_ any of tbe provisions of such exhibits and the provisions of tbis Agreement, the provisions of this Agreement
shall prevail; provided however, that any attached metes a11d bounds description of the Land sball control over the sununary description
defining the Laud hereill. &.26 Time· of the Essence. Time is of the essence with respect to the dates, terms and provisio11s
of.this Agreement, rutd as to each and every other Loan Document executed iu connection herewith. 8.27 Independent Party. It is nmtQally
nnderstood and agreed thatBort·ower is an independent party in tl1e performance of 1:1ll activities, functions, duties and obligations
p\ll'snaut to this Agreement and the other Loan Documents, and that not.bing contained in !his Agreement or ill any of the other Loan
Documents is intended or shall be constnied in any maunet oru11de1· any circtm1slances whatsoever as creating or establishiug
the relationship ofco-paituel's, a pattt1ership 01· joillt ve!Hln-e, or joint ownership bet.ween Lc11der and Borrower, or with
any officers, employees, ageirts, bJ·okers or contractors, for any pui:pose or in any manner whatsoever. Bonower hereby agrees
not to represent to at1yane that Borrower is an aget1t of Lender or bas authority to act on behalf of Lender. JNG2~\AMERP ACIF!CIV ALUEEXCHANGEIJ22308Lorul'.A,grv2.
w1xl 18, LOAN AGltEEMEl'(l. 8.28 Days and Deadlines. As used in this Agreement, "days" shall mean and refer to calendar days.
However, if a deadline raJls or notice is required 011 a Sarurday, Sunday, or a legal banking b.oliday, then the deadline or notice shall
be extended to the next calendar day which is not a Saturday, Sunday, or a legal banking holiday. As ruay be used iu tbis Agreement,
the term "Business Days" means any day which is not a San.u·day, Sunday, or a legal banking holiday. Executed in one
more counterpart originals co be effective on tlte Bffective Date defined on page I hereof. Address: Address: JNG22\AM ERP ACIFIC\V ALUfiEXCHANGE\f22l08LoanAgn,2.
wpd 19 Unit 602, Block B, 6th Floor, Shatiu Industrial Centre, 5-7 Yuen Slmn Circuit Shatin, N.T .. Hong Kong 1400Broadfield Blvd., Suite
100 Housto_n, Texas ?7084 LOAN AGll.EBllfENTExhibit 10.2 

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

   

   

    	 	 	 

    	 

    

   

  

 SECURffY AGREEMENT VALUE EXCHANGE INT ERNA TlONAl.,,
INC. (herein tile "Debtor"), for value received, the receipt and sufficiency of which is ackt1owledged, granls lo AMERJCANPACIFIC
BANCORP, INC. ("Secured Party11 ) tbe security iutel'ests (the "Security lnterests11) , within. the meaning of the Uniform
Commercial Code (lhe "UCC") in effect iu any applicable jurisdiclion, including tile Texas Busu1ess. and Coimne1'ce Code (the
"Code11 } of the State of Texas, herein set fortl1 and agrees with Secu1·ed Party as set out in thls Security Agreetnent
("Security Agreement''.). ARTICLE t SECURITY INTERESTS Debtor grants to Secured Party the Security Interests i11 and agrees that
Secured Party bas and shall c-011tinue to, have the Secwity Interests, incl udiug, as applicable, p11rchase money secm·ity interests,
in the ,following property,iucluding withotLl limitation Ute Hems described in Exhibits m1d Schedules, if ahy, attached hel'eto and made
a part llereof (collectlvely tile 11Collateral"). }.OJ Accounts. AU Accounts (as defined in the Code) including but not limited
to all rights, title and faterest of Debtor in and to all presently e~sting or hereafter acquired or created accounts, accounts receivable,
contract rights, notes, drafts, acceptances, chattel paper, leases and writings evjdencing a ruouetary obligation or a security interest
in OJ' a lease of goods, all 1ights to receive the payment of money or other considerations undel" present or fi.lture contracts
(iucfudi11gwithoutlit1iitation, all rights to receive payments,mde.r presently ox isling or hereafter acquired or created letters-of
credit) or by virtue of any property sold or leased ot otherwise disposed of, services rendered, loans and advances m.ade or other considerations
given; whethex or not earned by pe1fortna11ce and whether 01· not evidenced by or set fonll in 01· arising out of any present
or futiu·e chattel paper, note, dt'aft, lease, acceptance, writing, bond, i11Surauce policy, i11strume11t, document 01·
general intangible, and all ex.tensions and renewals of any thereof, all1·ights under or arising out ofptesenl or future contracts,
agreements or general iutang-ibles, includfog all payments under licensing agi-eements or arra11gcmen1s, all 1·ight, title and
interest in merchandise which gave rise to auy or all of the foregoing, iuchiding all goods, all claims or causes of action now existing
or hereafter arisiug in counectio11 with or under any agreement or doetunent or, by operation of law or othe1-wise, aLI collateral security
ofauy kind and any and all supporting obligations (including real property mortgages) given by any person with respect to any of the
foregoing, illcluding iu any event, all accounts, instruments and chattel paper withiu the meaning of the Code ( any and all of the foregolil.g
Jten1s described in this pal'agtaph bci1\g herein refe1·red to as the "Accounts"); and, 1.02 Iuvento1y. All lllvent01y
(as defined in the Code) including but not fonited toa[J rjghts, title and interest of Debtor in a11d to all inventory in all of its
forms, whel'ever located, now or he1"eafler existing and whether acquired by purchase, merger or othe1wise and all rnw matedals-.and
work ia process therefor, all finished goods thereof arid all materials 11sed or consumed in the mam1factul'e, packing, shipping, advertisil\g,
seilipg, leasing 01· production thereof: including lo any event all related goods in which any Debtor has an interest JNG22\AMBRPJ\ClF1C\VA.LUEEXCHANGE\h:22308SecA_gr.wpd
SECllltlJY AORSEMENT uicludiug anyrigbtofauy kind in goods whfoh arerehtmed to or repossessed by Debtor, and all accessions thereto and
products thereof (auy-and all of the foregoing items described in thl.s paragraph being he1'ein referred to as the "Inventory'');
aud, l ,03 Equipment. All Equipment (as defined in the Code) inciudiug but not limited to all rights, L.itle 1md i11tefest of Debtor
in and lo all equipment, machii1ei:y, chattels, tools, pal'ls, machine tools, goods, furniture, furnishing, fixtures, trade fixtures
and suppltes of every nanrre, prese11tly e.'<istitig ot' hereafter acquired or created and wherever located, all accessions, additions
and improvements thereto and substitutions therefor and all patts and equipment which may be attached to or which are necessary for the
o_peration and use of the personal pro11erty, whether or not the same shall be deemed to be affrxed to real properly, and all rights
under or arising m1t of present or futul'e contracts l'elatjug to the fm:egoing and including, without limitation, the equipment listed
011 the Equipment Schedule hereto, ifany, w'hich if attached or so supplied is and shall be deemed incorporated herein fo1• all
purposes (any aod all of the fo!'egoing items desc1ibed b1 this paragraph being herein referred to as the "Equipment"); and,
1.04 General Intangibles .. All General Intangibles (as GOlieral Intangible is defined in tlieCode), including but not limited to all
rights, title a11d i11tel'est ofDebtor in and to: A. all general intangibles of every natme, wbether presently existin,g ot l1ereaffer
acquired or created, including without limitation all books, corresponde1tce, credit tiles, records,, co1uputer prow:-ams, computer tapes,
storage mediums, software, softw11re products, payment intangibles, personal property leases, papers, documents, clalrns (including without
limitation all claims for it1oome tax and other refunds), choses in action, and judgments; B. all inventions, intellectual property and
designs, technology, knowhow, confidential information, ltade sec1·ets, customer lists, and supplier lists; C. all patents, palenL
applicat[o11s aod like protections includittg wltJ1m1t 1imitation improvements, divfaions, continuations, rnuewals, reissues, extenslous
and contihuatioos-in-partofthesame (eollectivelytl1e 11Pateuts"), all United States a11d foreign traderuadcs, trade names, corpora.le
narnes, company name, business names, iictitious business names, Dltemet domain nanies, certification iuat'ks, collective miu'ks, other
source or business identifiel's, deslgJ)S and general intangibles ofa like nature, trademark applications, Lrademark intent-to-use applications,
trademark registrations, assignable-Hcenses and licensing agreements, royalti.es, service names, service marks, service ma1·kappfieatio11s,
service mark registrations, Jo gos, all of the goodwill of the business co1JJ1ected with the use of aud symbolized by any of the fol'egoiug
(collectively the "Trademarks''), aild capyrights, copyright applications, and copyright registratio1is a11d like protections in
each wol'k OJ' authorship a.ud derivative work U1ercof, whether published or uupublislled a)1d whether or not the satile also constitutes
a trade secret, uow or hereaftet' existing, created, aequil'ed 01· l1eld (collectively the "Copyrights"); JNG22\AMERP
AOIFIC\V ALUBBXCHANG8\h22308SccAgr.wpd 2 SEC\JIU'IY AGRE£MllNT D, all pel'mits and franchises of Debtor to the extent same biay
be assigned or encumbered, any and all claims for damages by way of past, present and future infringement of any of the rights includeq
above, with the right, but not tlie obligauon, to sue for and co!lecl such damages for past, ptesent and futni'e infrh1genient 01·
di!utioll of any of the foregoing or for any injury to goodwill a11d all prodncts and proceeds of auy of the foregoing, indudi 1tg a11y
i11come, t'oyalties, awards and settlements and any claim by Debtor against thil'd parties fol' past, preset1t, or future infringement
of any Trademark, Patent or Copyright or infifugement of the i111ellect11al properly lights identified above; E. all ownership ittterests
in corporations., iimited Hability companies, Joint ventures or general or limited partnersl)ips, and imy and all supporting obligations;
F. all licenses or other rights lo use My oftbe Copyrights, Patents or Ttademarks, and all I ioensc foes end royalties arising from such
use to the extent permitted by such license 01· 1·tghts and all amendments, retleWals and extensions of any of the Copyrights,
Ttadet.narks or Patents; (any and all items described in this section on general intangibles being hereiu refet't'ed to as the 11Ge11eral
Intangibles"). For purposes of this .Security Agreement the term "software" consists of all (i) computer programs and
supporting information provided in connection with a trnnsaction relating to the pl'ogram, aud (ii) computer programs embedded in goods
and any supportinglnformalion provided in connection with a transaction relating to the program whether or not the program ls associated
with the goods in such a manner that it customarily is considered part of the goods, and_ whether -0r not, by becoming the ow11er of
the goods, a person acquires a right to use the prograu\ in connection with the goods, and whether or not the progtal\l ls embedded in
goods that COtisist solely of the medium in which the μrogram is embedded; and, 1.05 Documents All Documents (as Document is defined
in the Code), includingbutnotfonited to all rights, title and interest of Debtor iti and to all doow11ents, and all related instruments
and clrntfel paper of every nature> all whethel' now existing or hereafter acquired or created and aiiy ahd all supporting obligations
(any ai.1d all ofthe items described iu this paragraph being herein refotred to as the "Documents"); and, 1.06 Chattel Paper.
All chauel paper (as defmed in the Code) including but not limited to all rights, title and interest of Debtor in and lo all tangible
and intaug1ble chattel paper, lease agt•eements and other il1Slruments or documents, whether now e-xls!ing or owoed by Debtor or
hereafter arising or acquited by Debtor, evidencing both a debt and Security Jnterest 'in or lease of specific goods nnd all suppo1'ling
obligations; and, 1.07 Investment Ptoperties. All investment properties (as.defined in the Code) including but ltot limited to all rights,
title an'd interest of Debtor iu and to all certificated aud uncertificaied securities, security entitlements aud acco1111tsi togethe1·
with all instruments and genei'al intangibles relared thereto and a.II monies, income, 1,roceeds and benefits attributable or·
JNG.22\At..,fn{U> ACIFIC\V ALUEEXCHANGE\h22308SccAgr,Wpd 3 secunrrv AGR!IBMl!NT accruing to said property, including, but not limited
to, All stock rights, options, rights to subscribe, dividends, liquidating dividends, stock dividends, dividends paid Ju stock, new security
01· other properties or benefits to which the Debtor' is or may hereafter become entitled to receive on account of said property;
and, 1.08 DepositAccounts. All deposit accounts (as defined in tile Code) including but uot limited to all rights, title and interest
of Debtor in am;I to all deposit accounts, demand accounts, ti 111e deposits and all renewals or substitutions therefor, together with
all monies, income, inte1esl, proceeds and benefits attributable or accruing to said properly or to which Debtor is or may hereafter
be entitled to receive on account of said property; and, 1,09 lostrnme11ls. All instnune11ts (as defined in the Code) including but not
limited to all rights, title and interest of Debto1· in and to all negotiable aud nou-negotiablc instruments, documents, and promissory
notes now owned or existing as well as hereafter acquired or arising aud all supporting obligations; and, 1.10 Lette1•-of-Credil
Rights. All letter-of-credit rigbts (as defined in lhe Code) including butnol limited Lo all rights, title and interest of Debtor i11
and to all lettel's-of-creclit issued with Debtor as beneficiary or as assignee, along with rights of performance thereunder, and rights
of supporting obJigations arising tberefrom; and, l. l I Pmceeds. The proceeds, in cash or otherwise, of the Collateral described in
the foregoing clauses (includi.ng, witbom limitation, the proceeds of any sale 01· other disposition of the Collateral) all profits,
all royalties, a11d all insurance proceeds of any !dud (whether or not the Secured Party is the loss payee or additional insured under
the applicable insurance policy) prud at any time in connection with the CollateraJ), all liens (whether possessory, contractual, statuto1y
01· otherwise) with respect to the Collateral, and all rights, remedies aod claims (whetber in the nature of indenmilies, warranties,
guaranties or otherwise), of Debtor with respect to the Collateral, in any case whetber 110w existiug or hereafter at a11y time or from
time to time adsiug; aod, 1.12 Related Books and Records. As to each of the Collateral types listed above, tbe Collateral also includes
all records and data relating to a11y of the Collateral described in this Article, wbether in the form of a writing, photograph, microfilm,
m.icrofiche, or electronic media, logethel' with all of Debtor's right, title, and interest in an lo all compute!' so!lware required
to utilize, create. maintain und process auy such records or data on electronic media, and alJ books, coffespondenee, credit files, records,
computer programs, computer tapes, software, and documents reJ.ited to the Collateral. 1.13 Indebtedness Secured. The Security fnterests
are g1-anted to secure the payment of and performance under the following: A. A prnmlssory note (the "Note") of even date herewith
in the original principal sum of $(US) 1,000,000.00, and any and all extensions, renewals and rearrangements thereof, executed by V ALUB
EXCHANGE INTERNATIONAL, Il'lC. (lhe ''Borrower") and payable to tbe order of Secured Party i11 the mam1er as therein _provided;
JNG22\AMERP ACJPICIV ALUEIDCCH ANGB\h22308SecAgr. wpd 4 SECllr!frY AGlU!Ef,t(!N'f B. Any and all oiher indebtedness and lfabHities whatsoevet
of Borrower to Secured Party whether dil'ect or indirect, absolute or contingent, due OI' to become due and whether now existing or hereafterarisingand
howsoeverev1de11ced oracquired, and whether joint or several; C. All of Borrower's obligations to Secured Parcy under that certain Loa11
Agreement dated Juty ...26._, 2022, (the 11Loan Agreement'') by aod between Borrower and Secrn·ed Party; (all of which~ together
with the Note, ai·e hereinafter sometimes called the "Obligations''); and, Debtor acknowledges that the Security lnterests
sha11 secure all future advances as wcll as. any and alt othel' obligations an,d liabilities of Debtor to Secured Party whethernow in
exi:stei.lce or hereafter arising. ARTICLE II. RBJlRESENT ATIONS, WARRANTIES AND COVENANTS OF DEBTOR 2.0 l SecuredParty1s Reliance, Debtol'
represents, warrants and covenants with Secured Party as set forth in this Article. Debtor acknowledges that Secured Party is relyiJlg
on tbe repre.sen.tations made iu this Securily Agreement. As to each and every advance made by Seemed Party to Borrower pursuant to the
instrnments, documents and agreements comprising theObl.igations, at the time of each such advaoce, Debtor will be deemed to have again
represented to Secured Party the representations set forth in this Article JI. 2.02 Owner ofCo.Uate.ral. At the time any Collateral becomes,
or is represented to be,subject to a security interest i.11 favor of Secured Party, Debtor shall be deemed to have, at that time, warl'aoted
that (a) Debtor is and will be the lawful owner of the ColJaleral a11d has the right and authority to subject it to a sec~1riLy i11terest
granted to Secured Party; (b) none of the Collateral is subject to a1iy security interest other tlian that in favor of Secured Party
(c) there a1-e uo financing statements on file1 other than in favorof Secured Party; ( d) no person, other than Secured Party, bas possess.ion
or control (as defined in the Code) of any Collateral of such natwe that perfection of a security interest may be accomplished by control;
(e) Debtor acquired its 1~gbts in the Collateral in the or<linal'y course ofDebto1"s business; (f) all ad valoremproperty taxes
assessed agaiusl the Col.laiera! will timely be paid eaoh year andDebtorw1I1 provide timely evideuce to Secured Party of said payment;
(g) no ,ad valorentpl'operty taxes are past due oil tbe Collateral; and (h) Debtor is the owner of all Collateral free from all adverse
claims, sect1rity inte,ests and encumbrances. 2.03 Prior Liens. Except for any existingfinanoing statement in favor of Secured Party,
there is no financing statement now on file in any public office covering any part of tbe Collateral or auy retention of title or rese1:vatlon
by a sellei' oft'iUe to or a security interest iu any goods that are being shipped or delivered to Debtor. So long as any amoullt !'eUlains
unpaid on tbc Obhgations, Debtonvill not further encumber or allow any other liens to be placed on tl1e collateral and will not execute
and fllere will not be on file in any public office any financing statement or statements except the .financing statement filed or to
be filed in ,·espect to the Security Tuterests. JNG22\AMERP ACJFJC\V ALUE&"'<CHANOE\1122308SecAg1'. wpd 5 SECWUTV
AOREEMENT' 2.04 Accuracy of Statements. Subject lo any limitation srated therein or in connection U1erewith, aU information furnished
to Secured Party co11cerning the CoJJaternl and proceeds thereof, 01•otherwisc for the purpose of obtaining credit or an extension
of credit, is or will be at the lime the same is furnished, accurate and co1Tecl in all material respects. 2.05 U11e of Collateral, The
Collatet·nl will be used by the Debto1· primarily fo1• businesl), use. 2.06 Removal of Collateral. Except in the normal
course of business of Debtor's business as herein provided, Debtor will not remove Collateral from its cm1·e11t location in Hong
Kong SAR without the written consent of Secul'ed Party. The address location of the tangible Collateral is as foilows: Value Exchange
fnlernational, lnc., Unit 02-03, 6/P. Block B, Shat in rndostrial Centre, 5-7 Yuen Shur1 Circuit, Sbatin N.T., Hong Kong SAR. 2.07 Location
ofDebLor. The address of Debtor designated at tbe end of this Security Agreement is either Debtor's residence or place of business if
Debtor has only 0 1\e place of business or Debtor's chief executive office if Debtor has more than one place of business. Debtor represents
aud warrant~ the following and agrees that Debtor is, and al all times during the term of tius Security Agreement sliall be, located
in tbe following place : unit 602, Block B, 6/F, Shaun Industrial Centre. 5-7 Yuen Shun Circuit Shatin, N.T., Hong Kong As Debtor is
a registel'ed organization which is organized u nder the laws of oneof the states comprising the United States (e.g. corporation, limited
partnership, registered limited liability partnership or limited liability company), and Debtor is located (as determined pursuant to
the Code) in tho state under the laws of which il was organized, for the purposes of the Code, Debtor is located in the State of Nevada.
2.06 Change o( Debtor's Address or Locatjon, Debtor will give Secured Party not less than uincty (90) days prior writteu notice of aU
coutemplated chauges in Debtor's name, location, cliief executive office, p1-illcipnl place of business, and/or locatiou of auy Collateral,
so that Secured Party shall be able to maintain or correct its perfected security interest in the Collateral, but the giving of such
notice sha0 not cure any Event of Default caused by such change. 2.07 Debtor's jdentity. Debtor's exact tme legal name is the na111e
set forth i11 this Security AgreemeL1t. Except as has been disclosed in writing to Secured P11rty, Debtor has not changed Deb101's le-gal
mime within the past five (5) years. Debtor has provided Secured Pftrty with all of Debtor's legal names and assumed names and Debtor's
locations used by Debtol' within the post five (5) years. 2.1 O Representation~ for Each Adyanee. To the extent the Note allows for future
advances, each request for advauce afier the date hereof will be deemed a representation by Debtor that Debtor bas not cha11ged its name
since the date of the Note and that Debtm· bas not changed its location sillcc the date of the Note, JNG22\AMER.PACIFIC\VALUEE.XCH.ANGE\b2230&SccAgr.1VJ:>d
6 src•unm AGREEMENT il.1 1 1 iotioc ts Debto1 llcgmeliag Oo!latczal frntcctiua fimamaac. 2/ I i 'FIRUi11i.ilfilQlU!9 ~QUUWm '.JiiO
(i~ I<toillP SfJH!l QO:Jsh,t '.RiiA ',:Is IPfiYlll!ilil C,1 t5' hOsW:II0ifl :811,M:11Si8 nt 'fill@ M,JiO~Oi':F 'FHB 819@Ullfl:8 Prlt..')'f\T
1 1/ 8P@@~8, {ii) POM@MA8~ IHH, 1N80ft!Vf@@ FROl.'!l t'IU IM8Wftffit, JiU,t'f t~hWfilftteMMft !e1'0'lUtfiltU~8i!tl!fftl'5 3T71r'ff! e,p
Tl!!'JMS Ott 21:!, tiH8ffllJ'.E 8Uftfl5f18 !dH@8 UfflUftlMt, %(6 (IHS HJll!Ptll! FflH@ SE-LUREDJAI<i I AS IJIElEl<SOI ◄ lb
BE lAID dt◄DEK IIIE i t5LIC f DI ~Ml!l ;lil\'l!itl'f OF h 1,0881 o/' I'M 1'M'ft'Slt lt!Utl'f, IP M"t!lf'IU!:15 Bi Tue s:eCUM!D
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'Mftl l)l!)f\]left RT THE 1neDlf8ft18 !M(PIMf81!J. 2.12 War.t'8.oty of Financial Condition. Debtor does hereby certify and warl'ant to
Secured Party U1at the transfer (the "Tra1.1Sfe1·1 ') of the secul'ity inte1•est in the Collateral to Secured Party
is not a fraudulent conveyance to t11e detriment ofDebtotJs creditors. The Transfer is made for fa.ir consideration or reasonably equivalent
value being given to the Debtor. At the time of the Transfer, Debtor is solve11t. The Transfer does not make Debtor insolvent. Debtol'
is not engaged in a busb\ess or about to become engaged in a business with unreasonably small capital. The Transfer is not being dol)e
with the intent to incur debts beyond the Debtor's ability to Pi3Y ou time. The Debtor has received a s11bstanfial direct or indil'ect
benefit as a result of the Transfer. The Debtor further ackno\,,Jedges that it 1s in reliance upon the truth of the statements contained
in this paragraph, that Secured Party is willing to make the loan evidenced by the Note. 2.13 Maintenance ofRecords. Debtor will n1aiutainfull
a.11d accurate books of account and other records reflecting the Collateral. Secured Party shall have d1tHight, al reasonable times and
upon reasonable notice, to review, inspect and make copies of Debtor's books of account and reco£ds concetuing c!Je Collateral,
all of which shall be maintained and made available lo Secured Party and Secured Party's rcpre~entatives for such purpose at the Debtor's
place of busiuess heJein above specified or at another focation as Secured Party may approve. At any time aud from time to time, Debtor
shall deliver to Secured Party such otber financial data as Party shall 1·eguest.with respect to the ownership, lllaintenance;
use and operation oftbe Collateral. ARTlCLElU. PROVISIONS REGARDlNG ACCOUNTS 3,01 Accounts, The tem1 "Account'', as used in this
Security Agi-eemeru shall, in addition to the provisions sel out above, have !he meaning set forth in the Code, it1 effect as of the
date of execution he1'eof, ai1d as set forth iu auy atneudment to the Code to become effective after JNG22\AMERP AClFIC\ V ALUEEXCHANGE\h22308SeoAgr
... wpd 7 Se.Cunrrv AORl:.EMl!NT the elate of execution hereof. As of the tlme any .Account becomes. subject to .the Security Inte1cests,Debtor
shalt be deemed to have warranted as. to each 1u1d all of the Accounts that: A, Each Account and all papers and docume1its relating thereto
are genuine and in all respects w110L fhey pW'port to be~ B, Bach Account is valid and subsist!t,g aud arises out of a bona fide sale
01' lease of' goods. or other property sold and delivered to, or out of and for services theretofore actually Jendered by Debtor to1
the account debtor named in the Accou1,t; C. The amount of the Account represented as owing is thecon·ectamouot actually and uucoudition~lly
owing except for normal cash discounts and is not subject to any right of set off, credits. claims, defenses, deductions; claims it1
recoupment or counter charges; a1td, D. Debtor is the ownet' of the Account free aiJd, clear of all liens, encumbrances and security
interests ofa1ty and every nature whatsoever. 3 .02 Receipt of Accounts. Secuted Patty slut!! have th.e right in Secured Party's name
or in tl:ie name of tlle Debtor, whether before or after default by the Debtor, lo demand, collect, receive, receipt for, sve fol', compo1md
aud give acquittal for, any and all amounts due or to become due on any of the Accounts; pmvi_ded howevet, to the extent Secured Party
does not so elect, Debtor shall conti1uie to collect the Accounts. Secured Party shall have the right at any time, in Secured Party's
name o:r in the name of Debtor, whether before or after default by Debtor; to notify any and all Account debtors to make pay1uent thereof
dh'ectly to Secu1'ed Party, Debto1Js conseu t sh,all not be 1'eq ui red as pa1to f the notification to accou11t debtors. As parf of the
notification process, Secured Party may provide to one or more accomlt debtors a copy of-Or excerpts from tlris Secmity Agreemeutor any
related UCC-1 'Financing Statement then in effect 1•eJatjng to the Accounts and such notification letter and/or other documents
evidencing Secured Party's security interest shall be conclusive proof to tile account debtors that tl1ey shall .rely mi in 111aki11g
fmther payments on the Accounts dii'ectly to Secured Patty. Secured Party shall also J1ave tile right to endorse the name of Debtor 011
all commercial paper or instrume11ts given in payment or part payment thereof, Secured Party may, in. Secured Party's discretion, file
clalms OJ take auy other action or proceeding wbich Sec11red Party may deem necessary or appropl'iate to protect, preserve and realize
upon the Security Interests iii the Collateral. In order to assure collection of Accounts in which Secm·ed Party has Security
Intel'ests, Secured Pmty may notify the post office autllorities to change the address for delive1y of mail addressed to Debtor to U1e
address as Secured Party may designate. Secured Party may open and dispose of the mail and receive the collections of the Accounts. Upon
the reque,st of Secured Pa1ty, all pl'oceeds.ofcollection of Accounts received by the Debtor shall forthwith be accounted for and transmitted
to Secured Party iu the fonn as received by Debtor and shall ndt be commingled with any funds of the Debtol', Debtor will accompa1ty
each tl'811smissio11 of proceeds to Seemed Party pursuant to Che terms of this Secul'iLy Agl'eement with a report'i11 a form as Secured
Party may require i!l ordei· to identify the Collateral to which the proceeds apply. 3NG22\AMERP ACIFiaV ALUEEXCHANG£\h22308SecAgr,,vpo
8 SEctmITY' ,\ORUEMEl\fr 3.03 Retnmed Goods. Returned or repossessed goods arising from or relating to any Accounts included within the
Security Interests shall, if requested by Secured Party, be held separate and apart fto1n any other property ofDebtor. Debtot·
sJm)l, as ofteu as requested by Secured Party, but not less often than weekly even tbot1gh no special request has been made, report to
Secured Party the appropriate identifying infonnation with respect to all returned or repossessed goods relating to Accounts included
iu assignments, ot' ideotifications made pursuant thereto. At the same titue the Debtor shall report the appropriate ide11tifying info1·ination
with respect to all Accounts ii1cluded in the assignments or ideotitications which remain unpaid in whole or in part beyond the pedod
ofninety (90) days fl'om the date of the invoice or the date the Inventory was. sold 01· the services were performed giviJlg .rise
to the Account, or u1 respect of which a right of set off, defense or counterclaim is claimed by the account debtor. ARTTCUHV. PROVISIONS
REGARDING INVENTORY The followlngprovislons shall apply to all Inventmy i11cluded within the Collateral: 4,0J Loss ofVaJue. Debtor shall
immediately notify Seemed Party of any event causi1\g loss or depreciation iii value of the Inventory and the amount of the loss or depreciation,
which amount shall be i01.me<liately reflected in the value ofinvenlory. Prior to the 10th day of each month, Debtor will deliver
to Secured Pal'ty a report with respect to the last preceding mouth showing Debtor's opening inventory, invei1to1y acquired, inventory
sold and delivered, inventory sold and held for future delivery, inventory tetutned or repossessed, inve11to111 used or consumed in Debtor's
business and closing i.nventory, The report will be in form and coutain details as al'e satisfiictory to Secured Party. 4.02 Location
ofI11ventory. Debtor will promptly notify Secure<i Party in wdting of any addition lo, change in or disoo11ti11uanee of Debtor's place
of busi11ess as shown ln this Security Agreement, the places at which lnvent01y is located as shown herein, tl1e location of Debtor's
chiefexecutive office and the location of the office where Debtor keeps Debtor's records as set forth herein. All Collateral will be
located at U1e place(s) of business shown at the beginuing of this Security Agreement and as modified by any notice given pursuant hereto.
4.03 Use of ll\ventory. Utltil default, Debtor may use the Inventory in any lawful rua11uer consistent with this Security Agreement and
with the terms or conditions of any policy of insurance thereon. Debtor may i1lso sell the Collateral coJ1sistiug of Inventory provided
that all of sales areiu the ordinary course of business. A sale in the ordinary course of business does not include a transfer in pa1'tial
or total satisfaction of a debt. Until default, Debtor may also use sud consume any raw materials or supplies, the use and consumption
of which are necessat·y itt order to carry on Debtor's business. 4.04 Proceeds ofinvento.cy. All proceeds of the Inventory shall
be subj eot to aH of the terms and provlsions hereof, and shall be a part of the Collateral. JNG2;2\AMERP ACIFIC\V ALUEIDCCffANGE\h.22308SecAgr.
wpd 9 SJlCI.JIUTV AOIU!E.MENT 4.05 Other Liens. Debtor warrants, covenants and agrees that Debtor ow11s, free and clear of any lleus
or eucuuibran.ces1⁄4 all real property on whichl!wento1y is ot be will locate(l, or Debtor will obtain a Landlord1s Lien Waiver
or subordination at Secured Party's election in f01•m 1111d content satisfacto1-y ~o Secru·ed Party. ARTICLEV. PROVISIONS
REGARDING INTANGIBLES 5.01 Collateral Registration. DebtOl' shall (i) protect, defend and maintain the validity and enforceabiUly of
the trademarks, patehts and copyrlgbts (ii) use its best efforts to detect i11fringcme11ts of the trademarks, patents and copyrights
a11d promptly advhe Secured Pa1·ty in writing to material ulfi'it1gemeuts detected and (iii}uot allow any h·adeniarks 1
patents or copyrights to be aban.doued, forfeited or dedicated to tl\e public without the written consent of Secured Party, which shall
not be unreasonably withheld unless Debtor detennines U1at reasonable business μractices suggest that abandonment is apptopriate.
Debtor shalhegister or cause to be registered (to the exleut not already registered) witl1 the Texas Secretary of State and or with the
Uul(ed States Pateut a11d Tradenuii-k Office or the United States Copyright Office, as applicable, its (radema1'ks, patents aod copydgbts.
Debtor shall register or cause to be registered with the Uni led States Pate11t and Trademai-k Office orthe United States Copyright Office,
as app,licable, those additional intellectual property rights developed or acquired by Debtor from time to time i11 connectlou with any
product prlo1· to !he sale or licensing of such product to any third party. This Security Agreement creates, and in the case of
after acqlJired collateral, U1is Security Agreement wm create at the time Debtor firsthas rights in such after acquired Collateral; in
favo1· of Secured Party a valid and perfected fo-sl priority security interest in the coUatera1 se<:uring the payment and pei'formaJJce
of the Obligations upon making the saidfil ings. To its knowledge, except for, and upo11, the filing with the United States patent a11d
trademm-k office with respect to the 1ialenls and trademarks and the Register of Copyl'igbts witb respect to the copyrights necessary
to perfect the sec11rity Juterests created hereunder, and except as bas been already made or obtained, no a11tborization, approval or
other action by, and no notice to or filing with, any U.S. governmental authority or U.S. rcgu.tat01y body is required either (i) for
the grant by Debtor of the security interest granted bereby or for the execution, delJvery or petfor111ance of this SeourHy Agreement
by Debtol' i.n the United States or (ii) for the pelfection ill tile United States or the exercise by Secured Parcy of jts dgbts and
remedies hereunder. 5.02 Maiuteuance of Filings. Ou a continuing basis~ Debtor will niake, execute, acJcnowl.edge and deliver, and file
and record i11 the proper filiug aud recording _places iii the United States, ail such insl111men1s, including appropdalefinancing and
continuation statements imd collateral agreements aud filings with the Texas Secretary of State and or the United States· Patent
and Trademark Office ai1d the Register of Copyrights, as applicable and take all such action as may reasonably be deenled necessary or
advisable, ox as requested by Secured Party, to pe1fect Secured Party's sec\Jrity interest in all of Debtor's copyrights, patents and
trademarks and otherwise to carry out tl1e intent and purposes of this Security Agreement, m·for assuring and confirming to Secured
Party the grant or J>erfection of a security iJtterest in all Colfateral. JNG2:MMERP ACIPIC\V ALUEEXC)-{ANGE\h22308SecAgr.;vpd IO
StlCIJ1mY AGREllM!iNT 5.03 Attomey-ln-Fact. Debtor hereby irrevocably appoints Secured Party as Debt.or'saltorney-infact, with full authority
in the place and stead ofDel.ltor and in the na.t.ne of Debtor, from time to time in Sect1red Patty's discretion, to take auy actiou
..and to execute auy instrument which Secured Party may deem necessary or advisable to accomplish the ptu·poses of this Security
Agreement, including the filing, in it's sole discretion, one or tuore fina11ci i1g or co11tinualio11 statements and amendments thereto,
relative to any of the Coflateral without the signature of Debtor where permitted by law and after the occurre11ce of an Bveut of Defaull,
lo transfer the Collateral it1to the name of Secured Party. 5.04 S1.1pplemental Default Remedies. Upon the occurrence and continuance
of an Event of Default, Secured Par~y shall have the dght to exercise all the remedies of a secnred party under the Texas Un.iform Co\nmercial
Code, including withoutlimitalion the right to require. Debtor to assemble the documentation, records and files pertaining to the Collateral
and any !'elated tangible property i.il whlcJ1 Secured Party has a secutity interest aud to make it available to Secured Party at a place
designated by Secured Party. Sccu{ed Parry shall l1ave uonexclusive, rnyalty free license to nse the copyrights, patents aud trademarks
to tbe extent reasonably necessary lo permit Secuted Party to exercise its rights and remedies upon the occt1rrence of an Event of Defaull.
Debtor -will pay any expenses (including 1·easonable attorneys' fees) i11carred'by Secured Party iu con11ectio11 witb the exercise
of any ofSecm;ed Party's rights hereunder, irn;Juding without limit11tioq any expense incurred in di-sposing of the Collateral. 5.05
RepresentatiMs and Wanauties Regarding Domain Names. The Debtor warrants and i-epreseuts to Se<;w·ed Party that (a) Debtor
rs the ow11er of the do111ain name and that Its rights to the domain name are not subject to any rights of third parties, such as a lease
or security interest, (b) tlte identity and location of tbe servers used in connection with the domain name, are as follows:, vcRcom;
\Jnll 802, 6!oci\ II, 6/F, Shae,O lridcCordfo, 5.tYIJon Shun C!rcoll Sholin, N.T,. Hong Kong (c) Alibaba Cloud Compullng (Beijing) Co.,
Ltd. is the ,registration authority (the ''Registry") that has control over tbo domain name servers; (d) Debtor shall uot change
the domain name servers without prior notification to Secured Paity; {e) Darius Lau js the administrative contact with the Registty and
Debtor covenants that it will not ca\tSe any change in the Registry's contact ittformation without prior written approval of Secured
Party~ (f) Debtor shall maintain and renew the <lomainname registration so long as the Obligations remain unpaid; (g) Debtor shall
provide any additional fonn ofpowei' of attorney sufficient to allow the Secured Party to take auy aclion and sign on behalf of the Debtor
any document necessa1y to maintain the dotuai11 !Jame, provide instnict1otls to the do111ai11 name registrar regatding the do1t1ai11
name, and execute on behalf of the Debtor any documents necessary to transfer registration of the domain name. 5.06 Website Hosting.
Value Exchange lnt'I (HK) Umiled is the website hosting service (the 0Hostl') used by the Debtor to host the website of the domain name.
Debtor shall take such steps to cause the Host or Debtor's foternet Service Pi'ovider (the "ISP.") to enter a waiver and consent
agreement with the Debtor 1111d the Secured Party, providillg for the following: JNG22\AMERP ACIFIC\V ALUEEXCHANGBlh22.308SecAgr. wpit
11 SE CUR ITV AOR l!EMEITT A. The Host recqgnizes !be Secured Patty's sec1trity interest jp tbe domain name aud in any contracts between
the hosting service and the Debtor, regardless of perfection. B. TbeHost will acl as the administrat.ive contact with the domain name
registrar. C. The Host will promptly 1iotify the Debtor and the Secured Patty of any r)otice of adverse action received ftom the r~gistrar,
or auy othet' party, thrm1gh lt as administrative contact. D. Tbe Hosh'ecog11izes that the Debtor is the owner of the domain name, subject
to the S.ecured Party's inte1·cst, and that tbe Host has no ownership l'ight iu the domain name, E. The Host wil I nol make any
changes in the co,itact information at tile registrar other than as instrncted by tile Debtor or Seemed Party, and only in accordance
with the waiver and consMt ag.reeine11t. F. The Host will, upon receipt from the Secured Party of notice of the Debtor's default, ~·ecogni~
an assigJ1meut of contractual rights to the Secured Party or its desiguee, at\d wm change the contact information at the registrar as
directed by the Secured Party. G. Host wi LI agree tliat the Secured Party may exercise its tights against the domain nau1e and/or Internet
connection under the security interest, B.SSUl\le defined payment responsib1lities to the Host in place of.the Debtor. ARTICLE VI. GENERAL
COVENANTS 6.0 l Landlord's Waiver. Debtor will furnish to Secured Party a landlord's waiver of all liens with 1·espect to any
Collateral covered by this Security Agreement whicll is or may be located upon leased properly, the landlord's waiver to be in form accepta{)le
to legal counsel for Secured Pariy. Debtor hereby agrees to indenmify ancl hold-Secured Party flanu1ess from auy i'(ction of any lan.dlord
which would inhibi{ or delay Secured Party's possession of the CoJ latera I. 6.02 Financing Statements. Debtor agtees to deliver all
financing statement or statements, or amendments thereof or supplements the(elo, or other insh·umenls as Secured Party may from
time to time require in o1'der to comply with the Code (or any pl'Ovislon of the Unifot111 Co1mnercial Code or any other applicable state
law of the jurisdiction where auy of t11e Collateral is located) and to preserve nnd protect the Sect1riLy Interests in favor of Secured
Party. 6.03 Curing of Default. Secured Party may, at Secured Patty's optiot\, whether before or after default, but without obligation
to the Debtor, discharge taxes, lteps, otber s«:urity iniel'es!s or otlle1' encrnnbrances at a11y time levied or placed on tbe
Collateral, and may place and pay JNG~\AMERP ACJflC\V ALUEEXCHANGE\!122308SecAgi:. wpd 12 S!lCUIJITY AOR&Ml'.NT for insurance t11ereon,
or pay for the repair, improvement, maitJtcnance and preservation of the Collateral and l)ay any filing 01· recotding fees necessary
to preserve and protect the Security I1)terests, The Debtor agrees to reimburse Secured Party on demand for any payment made or any expense
incurred by Secured Party p11rsuant to the foregoing authorization, and the amount sball constitute an additional part of the Obligations
which shall be secured by and entit).ed to the benefits of tbis Security Agreement. Debtor agrees to pay interest on the amou!\ts at
the maximum nonusurious rate of interest al towed by law per annum (but in no event in excess of eighteen [ 18%] percent per auuum) from
the date same are incu!'l'ed by Seclil'ed Party until paid by Debtor. 6.04 Repai.i:s and Maintenance Debtor agrees to keep and maintain,
and to cause others to keep and maintain, the Collateral in good order, repair and condition at all times while U1is Security Agreement
l'en)ains Lil effect. Debtor fur ther agrees to pay when due all claims for work done on, or services rendered or material fitm isbed
in connection with the Collateral so that no lieu or encumbrance 1nay ever attach to or be filed against the Collateral. 6.05 Compliance
with Governmental Requirements. DebtoJ'sballcomply promptly with all laws, ordinances, rules and regulations of all gover11menLa1 auLhorities,
now or hereaftel' in effect, applicable to the ownership, production, disposition, or use of lhe Collateral. Debtor will pay when dqe
all taxes, assessments and liens upon the Collateral. 6.06 Payments to Secw·ed Party, Seemed Party shall bave tbe right at any
time, in Secu1·ed :ea-rty's name or in the name of Debtor, whether before or after default by Debtor, to notify any aod all account
debtors to make payment tllereof directly to Secul'ed Party. Secured Party shall have the right to demand, coll eel, receive, receipt
for, sue for, compound for and give acquittal for, any and all ammin.ts due or to become duo on the Collateral and the proceeds thereof
and to end01·se the na1ne of the Debtor on aU commercial paper given in payment Ol' part1)ayment tuereof. Sec1wed Pru;ly may,iit
SecuredParty's discrelion file any claim or take any other action or proceeding which Secured Pa1·ty tnay deem necessary or appropriate
to protect, preserve and realize upon the Seq1rity Inte1·ests of Secured Party in tlle Collatera I. 6.07 Inspections. Debtor shall
at all reasonable times allow Secured Party by or th.rough any of Secured 'Party!s officers, agents, attorneys or accountants, to examine
or inspect the Ccllate1'al wherever locateda11d lo examine, inspect and make extracts from Debtor's books and records. Debtor shall do,
make, exccqte at1d detivet all additional and further acts, tbings, deeds, assurances, instnnneuts as. Secured Party may require, to
more completely vest in and assnre Secured Party all of Secured Party's rights hereunder and in or to the CoHalet'al. 6.08 Insacaaw.
Belsto: sl:all bu co amJ maintain iusm mrec at alt tisnw ;; ith rnspco! 1.0 ul! tm:grblc eolle,lereihs: s Si!lheeeb5 i:.su: iugagcci&JI
:isl,z :6:i €i et Jiogclll.endd oc :a ago), th R mdetl.u dsl!G w fiilcswu~· p211t9 au; itl!f;:::i:c, 0&1taiaiog tc;ms;
iu fe so, .tt1cuttlo anel :: z"H z Ls ewp · s o a1a5 lssoc:tisfuole!J ts 8ut11Cd ilu t;; all a tithe .im:a1aaoc tu soMuiz
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u oltallpu i1h N t11tcit!t3 (JO~ e15s 111itt,11111i1titt 1:11t 1111ulldiuu aliu ~• £u1t ·ell PartI· mil••
1u~1 1u1 af£2211rcrf Pert~;: ubll In deli-;1 2 :oil ~• ao d I el d 'a~u 'r»ean?·ed 5V JNG22\AMERP ACCFIC\V ALUEEXCHANOE\!J22308SecAgr.
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:: ilk Sosa: od P02t5 : see: : co fe: pUJmcat sfi11sma11oc tu•uu1111, l1i11t 111111 11 ol,11~ h11l!u:i11lll3 1Hlhl311•311111111i11dihbl111£1
H:1 satlu:alcd Is; OeomedJla:t; to bu oaffioieub to ptadaw, st lusut &fteus 0£) da5u lscfua tl:z ptcadam clue elate, mnoants
at least equal to tho ksmm:cc prnmitmw lb be paid. lfM::ocs (15) d&Js bcfbcc pa3211011t is dac, the 1csc1 cc funds azc it1saHicic11t,
!!clsw, shatl upon dc1na11dpUj aa5 :etcttcit11cy to 8wa1cdfntt;. Sfbcswe, oc fa:tds slratl be hold tsJ 8cca1cet Porty cs a sara:·el
dapaeit and ohaP canetif11to a non irtrrast haaringqoeer:nt n1:ich Samerad Pen l:j: m J salisij b5 JSSJ lhmt cf lho iasca usu £!.aatiaMS
t qutnJ Is Is 51ui:li 65 1i&h he: s ti.cs lsooowo duo. filacuzad Pm ty tluw au(. behl W c nca. • o fsuelo i : l uat fs iicUo.;
a11d 8csm d Pmt, ·a nob tbs agml of~ lto fe. pa3mcd sf !tic incw:wcc pnmiuam nqc:itsd t& hqaaid hrD2lzt2 · The nspneihility
far tbppa211t efprn1~i11:ns sll?IJ ramair Dal:tsr's 111111 r21p1 u illility_ D ~•o ; ! ill ,:r,m•· effaa JIJOd Uqe(S:;
oh ell fnuniflh le £rnmul Par:t,r reports au oceb ouistire rsfjcy ofinmrrcnca abozri nsm,ah j:afctruatis:z ss Scw,rad Port;, nan;r
1:eaacnahJ;: z-s;r:sst ins!::di >8 the folJrrrins· ,,~ tbs a £ tJ insn::aq_ ,,,~ 910 s·alrs it2m:r2d; €:c~
tbs an221n2t e-"tha pcl!sy; (d) th a prspat't)i ir01,red; (aj the th au r aTttt 1:s I: a an the hacis sf hill it 1111 u l,ao l:111
e~lt' d ill a, 1111 e efictetn i: int, hl:@i :11h1ej 1118(~il11:pi11li111!11hmflla1.1eli13 E.1i~if1 ;li'zhl1 d I' p2111uqna1lh5Q s J
:Partr '1ww2112r not morn 2ft2u thw onm:all;@ ham an inda~e11de111· aprroiser sotisfasto;ii: ta ~ (l / Efoou ad Psi ty dslcm:i.ts,
as sppliculslc, tho cash : e:luo w: cplucomaac cost £Ibo Ballato: st.~ / ..,.... ~ 6.09 Deposits. As additional security for payment
ofthe Obligations, Debtor recognizes Secured Party's d ghl of sel off, and Debtor grants to Secut"ed Pal'ty sect1dty i!lterests
in, and a contractual pledge and assignment of, any and all mouey, pl'operty, accounts, seclU"ities1 JNG22\AMERP ACIFIC\V ALUEEXCHANGElh2230SSecAgr.wpd
14 SECURITY AGREEM!lNf documents, chattel paper, claims, demands, instruments, items or deposits of tbe Debtor, uow held or he1·eafter
coming witliiu. Secured Party's custody or control. The foregoing includes, by way of exam_ple and not of limitation, all certificates
of deposit and otJ1er depository accounts (any aud all oflhe foregoing being the "De1>osits''), whether same have matured or
tbe exe!'cise of Secured Party's rights results in loss of interesl OJ' other penalty on the deposits. Without pl'ior notice to or demand
on the Debtor, $ec1Hed Parly may exercise Secm·ed Party's 1•jghts grailted· or recognized above, as well as other
rights a,nd remedies at law and equity (all ofwhioh ate cumulative). including the right of offset of the Deposits by the Secured Party
against the Obligations, all without ptior notice to DebtoT after au Event of Default. 6 .JO Additional Collateral. If Secured Patty
should at auy time be of {he opinion that the Collateral is not sufficient or has declined or may declit1e ill value, or should SecuredParty
deem pay11le11t of Debtor's Obligations to Secured Party to be insecure, then Secul'ed Pal'ly may offset any of the Deμosits against
tbe Obligations in accordance with the terms llereof or call for additioual collateral satisfactory to Secured Party. Debtor promises
to furnish additional collate1·al forthwith. The call for additional collateral may be oral, by telegram or United States mail
addressee! to Debtor a11d shall not affect any other subsequent right of Secured Party to exercise the same. Debtor agrees that Secm·ed
Parly shall have uo duty or obligation to collect ally Account, or to take any other actiotl lo preserve or pl'otect the Collateral.
Bowever, should Secured Party elect to collect any Account or truce possessfon of atiy Collateral, Debtox releases .Secured Pal'ty from
a claim or claims for loss or damage arising.from any act or omission i11 connection there\'Vilh. 6.11 Further Acts. Debtor will from
time to time execute all further ii1sln1ment.s and do forther acts 11ud th.ings as Secured -Party may reasonably require to protect and
per.feet in Secured Pa.rty tlJ.e Security Interests in the Collateral, including, but expressly not bejng limited to assignments or othei·
fo1111s of idenlificaJ,ion of the Collatel'al in forms required by Secm·ed Party, together with other evidence oftue existence
and identity of the Collateral as Secured Party may reasonably require. Debtor wiU mark Debtor's books and rncords(and in the case of
Chattel Paper, will mark the Chattel Paper that c0mprises CollateJ'!1I) lo Iefl.ect the assigmr\ent of the Collateral to Secured Party.
6.12 Sec::ured Party's Authority. Debtor (a) brnvocablyappoints Secured Part.y or auy agent of Secured Party (which appointment is couμled
with an interest) the u·ue atld lawful attoroey ofDebtoi• (with foll powe•· of substitution) to act in the name,
place and stead of, and at the expense of, Debtor -and (b) authorizes Secured Party or any agent of Secured Party, in 1ts own name, at
Debtor's expense, to do any of the following, as Secured Party, in its sole discretion, deems appropriate: A. to demand, receive, sue
fol', and give receipts or acquittances for any moneys due or to become due on auy Collaternl and to endorse any item representing auy
payment on or procee(lsof tbe Collaternl; B. lo execute and/or fife io the name of and 011 behalf of Debtor all financing statements
01· othe1· filings, docutnents Ot' ag!'ee.n1ents dee1l1(~d necessary or desirable by Secured Party to evidence, perfect,
amend, conect or conti11i1e the security 1NG22\AMERJ> J\,CIFJCW ALUEEXCHANOE\b2230&SecAgr,wpd 15 SECUJUTV A<JREF.MBJIIT interests
granted in this Security Agl'eeinent and to include within or attached to any and all such financing statements or other filiugs any
;uid all Slich information required or permitted by the fiJlngjurisdiction; C. to do and pei'form any act on behalf of Debtor permitted
or required under this Security Agreement; and D. lake such actions in its own name or in Debtor's name as Secured Party, in its sole
discretion, deems uecessa1yor approprlate to establish exclusive control (as defined iu the Code) over any Collateral of such nat1.1re
that perfection of fue Secured Party's security interest may be or n1ay be also accomplished by control. ARTICLE VII. EVENtSOFDEFAULTANDREMEDIES
7.01 Events of Default. Debtor shall be in default under this Security Agreement upon tl1e hap13euing of auy of the following events
or conditions (herein sometimes called ai1 "Event of Defatilt"): A. Failm·e ofBorrnwer to pay when due any imereston
or any prjncipal or in$tallment of principal of any of the Ob1igatlons to Sectire<l Party; B. Default by Borroweruuder the l oan Agreement;
C. The occurret,ce of any event wh.icb under the terms ot' any evidence of indebtedness, indenture, loan ag(eement, security agreement
or similar iustrument permits the acceleration of maturity of any indebtedi1ess of Debtor or Borrower to Secured Party, or lo others
than Secured Party; D. Any 1'ep1•eseutatio11 or warranty made by Debto1' herein or deemed as made by Debtor herein or made in any
statement.or certificate furnished to Secured Party by Debtor pursuant hereto or in counectiou with auy loan 01· loans proves
incorrect .in any materh1l respect as of the date of the making er issuance tl1ereof; E. Defaull occurs ii, the observance or performa11ce
by Dehtox of any provision of th is Security Agreement or of any note, assignment or t1•ansfet under 01· pursuant thereto;
F. The death, dissoluLiou, terminalio11 ofexistence, insolvency or b11si11ess failure of the Debtor, or the applicat.ion fol' the appointtnent
of a receiver of auy part of the property of the Debtor, oi" the commencement by or against Debtor of any proceeding under auy baubuptcy
arrangement, reorganization, iusolveucy or similar law for rbe reJiefof debtors, or by or against any guarnutor or smety for the Debtor,
orupoii theserviceofanywarrant,attachn1cnt, levy, garuishmeot or similar process in relation to a tax lien, debt, judgment, obligation
of Debtor or assessment; JNG22\AMERPACJFJC\VALUEEXC1fANGE\h22308SecAgr.wpd 16 S~CUIUTV AtlREEMEllrl' G. The Collateral or any portion
the1'eof is sold, conveyed or assigned by Debtor, except in the ordinary course of business of Debtor, without the p1'ior written consent
of Secured Party; H. The Collateral becomes, in the judgment of Secured Party, unsatisfactory or insufficient in character or value;
and or, l. Debtor changes ils legal name or location wilhout the prior written consent of' Secured Party. 7.02 Reluedies. Debtor and
Secured Party agree concerning Secured Party's remedies as follows: A. Upon the occunence of au Event of Default, and at any time thereafter,
Secured Pal'ty1 may, at Secured Party's option, without demat)d, 11otice of intention to accelerate, notice of accelel'atio11, notice
of nonpayment, preseanuent, protest, notice of di.shon_or, or any other notice wl~atsoever, to Debtor, declare all Obligations secured
hereby immediately due and payable and Secured Party shall thereupon may exercise the rights and remedies ofa secured pal'ty under the
Code, as otherwise granted hel'ein and/or under any applicable law or in aey other agreenJent executed by Debtor {all of which 1ights
and remedies shall be cumulative). The rights and remedies which may be exercised by Secured Parl;y include, witltout llmitation, the
right to require account debtors to pay the accounts directly to Seemed Parry, the right to sell, lease or otherwise dispose ,of any
or a11 of the Collateral and to apply tile proceeds thereof toward payment of any costs and expenses and attorney's fees aud legal expenses
thereby incurred by the Secured Party and toward payment of the Obligations in the order or manner as the Secured Party may elect. Secured
Party shal1 J1ave tbe i'igbt to take i11unediate posscssiou of the Collateral, with or without process of law, and for that purpose Secuted
Pat'fy may enter upon any premises ou which the Collateral or arty part thereof m11,y be situated and remove the same therefrom. Seemed
Party may require Debtor to assemble t\le Collateral and make the Collatei'al available to Secw·ed Party at a place to be desfgnated
by the Secured Party which is reasonably conveuient to both parties. Unless the Collateral is perishable or threatens to decliue rapidly
in value or is of a type customarily sold on a recoguized market, Secured Party will send Debtor reaso11able notice of the time and place
of any -publfo sale thereof or o.f the time after which any private sale or other disposition thereof is to be made. The requiJ'ement
of sendiJ1g a reasonable notice shall be met if the notice is mailed, postage prepaid, to Debtor at the address designated at. the beginuiug
of this Secmity Agree111ent at least ten ( 10) days before the time of the sale or disposition. Costs of legal expeuses, plus interest
thereon al a rate per allllum at all times equal to the highest lawful contractual rate pennitted by applicable tlSm·y laws, shall
constitute additional Obligations of bebtor which shall be due on de111and and which shall be secured by and entitled to the benefits
of this Securily Agreement, If the proceeds of any sale or other disposition by Secu1'ed Party of the Collateral fol lowing U1e .tetakiug
of the Col laternl, al'e insufficient to pay expenses of retaking, repairing, holding, p1·eparil)g the Collateral fol' sale, selling
the Colla!cral and the like, to sa!isfythe Obligations, then Debtor agrees to pay any deficiency. Without JNG22\AMER.PACIFJC\VALTJEEXCHANGE\b22308SeoAgr.wpd
17 SECU~rrv /\GR8TMENT implying the right of Debtol' to .create subordinate security interests in the Collateral, Debtor shall be
entitled to any sttrplos if one .results after lawful application of all of Ute proceeds, subject to tl1e rights of 8i1y subordinate
lien110lder; B. At any sate pUL'StHltlt to this Sectiou, whether under the powe1• of sale, by virtue of judicial proceedings or
otherwise, it shall not be necessary fol' Secured Party or a public officer under order of a cow·t lo have present physical 01·
constructive possession of Collateral to be sold. The recitals contained in any col:l.veyat}ces and receipts made and given by Secured
Party oi" the public officer to au.y purchaser at any sale made pw·suant to tbb Security Agreement shall, to the extent pennitted
by applicable law, couclusively establish the truth and accuracy of the· matte1'S stated {inch1ding, without limit, 11s to the
amounts of the princiμaJ of aud interest 0 11 the Indebtedness, the accrual and nonpayment ofit and advertisement and condi1ct of
the sale); and all prerequisites to the sale shall be presumed to have been satisfied !\lid perfonned. Upon any sale of any Collateral,
the receipt of the officer making lbesalem1der judicial proceedings or of Secured Party shall be sufficient discharge to tbe _purchase1·
for the purchase money, aud the pmchaser shall not be obligated to see to the application of U1e money. Any sale of any Collateral 1111der
this Security Agreement sharl be a perpetual bar agaillst Debtox with respect to that Collateral. At any sale or other dispositio.o of
tbe Collateral pursuant to this Section, Secured Party disclaims all warrantles which would otherwise be given under the Code, including
witl10ut limit a disclaimer of any warranty relating to title, possession, quiet enjoymel:lt or the Jike, and Secured Party may communicate
these disclaimers to a purchaser at such disposition. This disclaimer ofwarrauties will not render the sale cotnmercially utll'easonable;
C, The following shall be the basis for any finder of fact's dete1'1nination of U1e value of any Collateral which is the subject matter
of a disposition givfog rise to a c;alculation of any surplus or deficiency under Section 9.615 (t) of U1e Code: (l) tile Collateral
which is the subject mattel'Ofthe disposition shall be valued in an ''as is" condition as of the date of the disposition., ,vithont
any assumption or expectation that such Collaternl will be repaired or improved in any manner; (2) the valuation shall be based upon
aa asSlunption that tbe 1ransferee of socb Collateral desires a resale of the Collateral for cash prntnptly (b\ct no later thau 30 days)
following the disposition; (3) all reasonable closing costs customa1ily borne by the seller in commercial sales transactions relating
to prnperty similar to snch Collateral shall be deducted including, without limitation, brokerage conunissions, tax prorations, attorneys'
fees, and marketing costs; (4) the value of the Collaferal which is the subject matter of the disposition shall be further discounted
to account for any estimated holding costs JNG22\AMEIU.' ACIFlC\V ALUEEXCHANGE\h22308SccAgr. wpd 18 S!!CURD'V AORllUMl!Nl' associated
with matntaining such Collatei;al pendh1g sale (to the extent nol accounted for in (3) above), and other mai.ntetiance, operational M.d
ownership expenses; and (5) any expert opi11ion testimony given or considered in connection with a determination of lhe value of such
ColtaLernl must be given by persons havillg at least 5 years experience in ap-praising properly simi lat to the Collateral and who have
co11ducted and prepared a complete wtitten appl'aisal of such Collateral takiug i11to consideratio11 the factors set forth above. The
"value" of any such Collateral shall be a factor in determining the amount of proceeds whicl1 wm1ld have been realized ill
a dispositio11 to a transferee other tha11 a secured party, a person related to a secured party· of a secondary obligor under
Section 9-615(f) of the Code. D. Secured Party shail ltave tue right to have a receiver appointed to take possession of all or any part
of the Co!Jateral, with the power to protect and preserve the Collateral, to operate tbe Collateral preceding foreclosure or sale, and
to collect lease proceeds from the Collateral and apply the proceeds, over and above the cost of the recej vership, against the Indebtedness.
Tbe receive~· may setve without bond if pennilted by law. Secured Party's right to the appointment of a receiver shall exist whether
or not the apparent value ofthe Collatera I exceeds the fndebted:uess by a substantial a1nounL Employment by Secured Party sball not
disqualil'y a person from serving as a receive!', E. Seemed Party, either itself 01· tluough a receiver, may collect the payments,
rents, income, and revenues from the Collateral. Secured Party may at any time in Secured Party's discretion transfer any Collateral
into Secured Party's own name or that of Secured Party's nominee and 1·eceive the payments, rents, income, lease payments and
other revent1es therefrom and hold the same as secui•ity for the Indebted11ess or apply it to paymeutoftbe llldebtedness in such
order of preferei1ce as Secured Party may deterrufae. Insofar as the Collateral consists of accounts, general iutangibles, insurance
policies, instruments, chattel paper, choses iu action, or similar property. Secured Party may demand, collect, receipt for, settle,
compron1ise, adjust, sue for, foreclose, or realize on the Collatera~ as Secui·ed Party lliay determine, whether or uot flldebtcdness
or Collateral is the11 due. For these pt111)oses, Secured Party may, ou behalf of and in the name of Debtor, receive, open 11nd dispose
of mail addressed to Debtor; change any address to wh(cli mail and payments are to be sent; and endorse notes, checks, drafts, money
orders, documents of title, instruments any items _pertaining to payment, shipment, or storage of any Collateral. To faci litatecollection,,Secured
Party may 11otify account debtors aud obligors on any Collateral to make payments dfrectly to Secured Party. 7.03 Waiyer of Default.
Secured Party may remedy any default and may wa~ve any default without waiving the default remedi.ed or without waiving any other prior-
or subsequent default .. .rNC22\AMBRP ACIFlC\ V ALUE6XCliA,NGE\1!22308ScaAgr.wpd 19 SECURITY AGREllMEl'tt 7 .04 Itlterest Rale. It is
the intention of the parties hereto to comply wlth applicable t1sury laws, Accordingly, it is agreed tltatnotwithstandiu_g lilly provision
to the contrary hi this Security Agreement, or in any of the documents evidenci ng the Obligatious or otherwise relating thereto, no
provision sha:11 t'eq1iire lhe-payment or permjt the col lootion of interest ilt excess of the maximum pet'mitted by law. If any excess
of interest ls provided for, or shall be adjudicated to be so p1•ovided for, i11 this Securily Agreement, or ii\ any of the documents
evide11cing the Oh ligations or otherwise relating thereto, then in any event (i) the provisions of th.is paragraph shall govern aud
control, (ii) neither the Debtor 11or Debtm·;s heirs, legal repr esentatives, successors or assigns or any other party liable
for the payment thereof, shall be obligated to pay die amount of the intei'est to U1e extent that it is in excess of the maximum amount
permitted by law, (iii) any excess which may have been collected sllall be, at the option of the holder of the -instrument evideocing
the ObligatiQus, either c1pplied as a credit against the theu unpaid principal amount thereofor refunded to the maker thereof, and (iv)
tbe effective 1:ate of interest shall be automaficaJly subject to reduction to Che maximum rate allowed to be lawfully eo11trncted for
by Debtor under applicable usury laws as now or heteafter coustrued by the cour t's haviugjurisdiction. 7.05 Cumulative Reruedies. The
reOJedies of Secured Party hereunder arecunmlative, a11d the exercise of any one or more of the remedies provided herein shall not be
construed as a wa.iver of any of the other Jemedies of Sectu:ed Party. ARTICLEVill. GENERAL 8.01 Applicable Laws. Any p1·ovision
hereof found to be iuvalid under the law of the State of Texas, or any other state havingjuiisdiction or othe1' applicable law, shall
be invalid Mly with respect to tile offending provision. All words used herei11 shaU be consttned to be of the gender or number as U1e
eircumstances require. If this Secudty Agreement is executed by more than ooe Debtor, the obligations of all Debtors shatr be joittt
and several. This Security Agreement shall be binding upon the heirs, pel'sonal representatives, successots or assigns of the parties
hereto, but shall inure to the benefit of the successor or assigns of the Secured Party only. Except forappl.icablefederal Iaw, laws
of U1eStateofTexas shall apply to this Security Agi•eement and the constmction and interpL'elalion of tl,is Security Agreement.
8.02 Financing Statement. Any carbon, photog1'aphicor other reproduction or any record of any fiuauoing statement authenticated by Debtor
is sufficient as a financiitg statement for all purposes, iuc1udiug without limit;ition, filing in any state as may be _permitted by
the provisions of the Code. To the extent that Secul'ed Party may have already filed a fuiancing statement related to the Collateral,
Debtor hereby ratifies and confirms the authorities of Seemed Patty to so file, Any aud all financing statements fl ied or to be filed
in connection with the Collateral al'e hereby deemed to be authenticated records. 8.03 Prior Agreements. This Security Agreement aud
the Security Interests are in addition to, and not in substitution, novatiou or discharge of., any and all prior or contemporaneous security
agreements and/or secul'ity interests in favor of Secured 'Party or assigned to Secm·ed Party by ot:hers. Al I tights, powers
and remedles of Secured Party in al I the secu1·ity JNG22\AMERP ACIFIC\V ALUEEXCl{ANGB\h22308SecAgr.wpd 20 SECURITY AGRfillMENT
agreements are cumulative, bat in !he eveul of actual conflict in terms and conditions, ihe terms a11d conditions of the latest security
agreement shall govern and Co!ltrol. 8.04 Definitions. Except as otherwise provided in th.is Securi!y Agreement, all tel'ms in this Security
Agreement have tl1e rueao iugs assigued to them in Article 9 of tlie Code ( or, absent definition i11 Article 9, iu any other Article)
of the Code as those meauiugs may be amended, revised or re1ilaced from time to time. "Code" means the Texas Business and Comme1•ce
Code as amended, revised oneplaced from ti:me to time. Nohvitbstanding the foregoing, the parties lntead that the terms used herein which
are defined in the Code have, at all times1 the broadest and mostiuclusive meanings possible, Accordingly, ifU1e Code shall in the f-ulure
be amended or he.Id by a cow-t to define any term used herein more broadly m inclusively lhau the. Code iu effect on {be date of this
SecuL'ity Agree111ent, then such tenn, as used hetein, shall be given sucl1 brnadened 111eai1i11g. lf the Code shall in the future be
ame11ded or .he-Id by a court to define any term used herein more 11artowly, or less inclltsively, than the Code ln effect on the date
of this Security Agreemeut, such amendment or holding shall be disrega1•ded in defining such tenus used in this Secudty Agreement,
8.05 Terminatio11. Unless sooner tel'minated by the express written action ofSecnred Party, !he Security Il1terests and all the ten11s
and provisions hereof' shall be deemed a continuing secut'ity agreement and shall continue in full force and effect, and all the tern,s
and provisions hereof shall remaii1 effective es between tbe _parties, until the payment in fu]I of al[ the Obligations to Secured Party.
8.06 Add1·esses. Secured Party: Debto1•: The addi'esses for the parties hereto are as follows: 1400 Brnadfield Blvd., Suite
I 00 Houston, Texas 77084 Unit 602, Block 8, 6th Floor, Shatin Industrial CenLre, 5-7 Yuen S1ll11l Circuit Shatin, N.T,, Hong Kong This
record is autlleuticated by Debtor effective July ...26__, 2022. JNG22\AMERP ACJF.IC\ V ALUEEXCHANGE\h22308SecAgr.wpd 2.l SECURITY AOREEMfW1'

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