Document:

ex102

 
1 
 
MASTER SECURITY AGREEMENT 
Dated as of October 20, 2020 
THIS MASTER SECURITY 
AGREEMENT
 
(as amended, supplemented or 
otherwise modified 
from time to time, this 
“
Master Agreement
”) is between (i) FGI 
Equipment Finance LLC (“
FGIEF
”), a 
Delaware limited liability company, with 
an office located at 777 Yamato 
Road, Office 135, Boca Raton, 
FL 33431, (ii) 
Core Molding Technologies, 
Inc (“
Debtor
”), a corporation 
existing under the 
laws of the 
State of Delaware, 
with principal offices located 
at 800 Manor Park 
Drive, Columbus, OH 
43228, (iii) Core 
Composites Corporation, (“
US Guarantor
”), a corporation 
existing under the 
laws of the 
State of Delaware, 
with principal offices 
located at 800 
Manor Park Drive, 
Columbus, OH 43228, 
and (iv) CC 
HPM, S. de 
R.L. de C.V. 
(“
Mexican Guarantor
” and together 
with US Guarantor, 
shall be jointly referred 
to as the 
“
Guarantors
” or a 
“
Guarantor
”), a corporation 
existing under the 
laws of the 
United Mexican States, 
with 
principal offices located 
at Avenida Internacional #220, 
Parque Industrial VYNMSA 
Escobedo, C.P. 66053, 
Escobedo, Nuevo Leon, 
Mexico. 
This Master Agreement 
contains the general 
terms that apply 
to financing 
that may be provided from time 
to time by Secured Party (defined below) 
to Debtor. 
Additional terms that 
apply to 
the financing and 
the Collateral 
(defined below) shall 
be contained on 
the Collateral 
Schedule 
(defined below) and the Note (defined below). 
US Guarantor shall enter into the Collateral Schedule with 
respect to its own Collateral for the benefit of 
Secured Party. 
Mexican Guarantor has entered into a Non-
Possessory Pledge Agreement under Mexican laws (
Contrato de Prenda Sin Transmisión 
de Posesión
, as 
defined in the Spanish language) (the “
Mexican Pledge
”) with respect to its own Collateral for the benefit 
of Secured Party. 
The Collateral Schedule, 
the Mexican Pledge and 
this Master Agreement 
are collectively 
referred to as 
a “
CSMA
”. 
Each CSMA together 
with the Note 
shall constitute a 
“
Loan Document
”. 
Debtor 
and Guarantors hereby 
agree that FGIEF 
shall enter into 
and execute the 
Collateral Schedule or 
the Mexican 
Pledge, and that 
FGIEF, together with its 
successors and assigns, 
if any, shall be the 
named “
Secured Party
” 
in connection with the 
loan to be made 
by Secured Party to 
Debtor under the Note (the 
“
Loan
”) and any 
other related Debt Documents (defined below). 
Secured Party (including its successors and assigns) 
may 
appoint any 
agent to 
act on 
its behalf. 
This Master 
Agreement, each 
Loan Document 
and each 
other 
document 
relating to the Loan, including any additional personal or corporate guaranty, mortgage, pledge, 
security agreement, guaranty trust 
or any other 
act entered into 
by Debtor or 
Guarantors or by 
any other 
third party 
to guarantee 
Debtor’s obligations 
under the 
Loan (an 
“
Obligor
”), is 
hereinafter referred 
to 
individually as a “
Debt Document
” and collectively the “
Debt Documents
”. 
Capitalized terms used but 
not defined in 
this Master Agreement 
shall have the 
meanings assigned to 
such terms as 
set forth in 
the 
applicable Collateral Schedule or Note. 

 
2 
1.
 
SECURITY INTEREST
: 
It is agreed 
that: (i) US 
Guarantor grants to 
Secured Party a 
security 
interest in and 
against all property 
listed on the 
collateral schedule to 
be executed as 
of the date 
hereof, 
pursuant hereto and made a part 
hereof (each a “
Collateral Schedule
”), and (ii) Mexican Guarantor grants 
to Secured Party a security interest in and against all property listed on the Mexican Pledge executed as of 
October 13, 2020 to be effective on October 20, 2020, pursuant hereto and made a part hereof , and in and 
against any and 
all additions, attachments, 
accessories and accessions 
to such property, 
all substitutions, 
replacements or exchanges therefor, 
and all insurance and/or 
other proceeds thereof 
(all of the 
foregoing 
being hereinafter individually 
and collectively referred 
to as 
the “
Collateral
”). 
This security interest 
is 
given to secure the 
payment and performance 
of all debts, 
obligations and liabilities 
of any kind whatsoever 
of Debtor to Secured Party, 
now existing or arising in the future, including but 
not limited to the payment 
and performance of certain promissory 
note to be executed by 
Debtor for the benefit of Secured 
Party as of 
the date 
hereof, identified on 
the Collateral Schedule 
and in 
the Mexican Pledge 
(the “
Note
”), and 
any 
renewals, extensions and modifications 
of such Note (such 
Note, debts, obligations 
and liabilities are called 
the “
Indebtedness
”). 
Debtor and US 
Guarantor each authorizes 
Secured Party to file 
a financing statement 
and amendments thereto 
describing the Collateral 
and containing any 
other information required 
by the 
applicable Uniform Commercial 
Code. 
In connection with 
the Collateral secured 
under the Mexican 
Pledge, 
Mexican Guarantor authorizes 
Secured Party to file 
such Mexican Pledge 
in the Unique Registry 
of Mobile 
Guarantees in Mexico (
Registro Único de Garantías Mobiliarias
, as its name is in the 
Spanish language). 

Debtor and 
Guarantors acknowledge 
and agree 
that Secured 
Party may 
perfect the 
security interest 
hereunder and 
any Loan 
Document directly 
or through 
any current 
or future 
agents, representatives 
or 
bailees. 
Debtor and 
Guarantors irrevocably grant 
to Secured 
Party the 
power to 
sign on 
Debtor’s and 
Guarantor’s name and generally to act on behalf of Debtor and Guarantors to execute and file applications 
for title, transfers of title, financing statements, 
notices of lien and other documents pertaining 
to any or all 
of the Collateral; 
this power is coupled with Secured Party’s interest in the Collateral. 
Guarantors shall, if 
any certificate of title is required or permitted 
by law for any of the Collateral, obtain 
and promptly deliver 
to Secured Party such certificate showing the lien created by the applicable 
Debt Documents. 

 
3 
2.
 
COLLATERAL
: 
(a) Debtor and 
Guarantor agree at all 
times during the term 
of any Loan that: 

(i) subject to Secured Party’s rights under this Master Agreement, any 
Loan Document and any other Debt 
Documents, Guarantors shall remain 
in possession of the Collateral, 
except for maintenance and repair 
and 
except as contemplated 
by and subject 
to, a consent 
to use or 
similar agreement, in 
form and substance 
acceptable to 
Secured Party, 
in its 
sole discretion 
(each such 
consent to 
use agreement, 
as amended, 
amended and restated or 
otherwise modified from time to 
time pursuant to the terms 
thereof, a “
Consent 
to Use Agreement
”), entered into among Secured Party, Debtor, 
Guarantors and a subsidiary of Debtor or 
Guarantors organized and existing under 
the laws of Mexico (“
Subsidiary User
”), with whom Debtor 
or 
Guarantors have entered into a bailment, operation, manufacturing 
or similar agreement pursuant to which 
such Subsidiary User has acquired possession and has 
agreed to act as depository of 
certain Collateral for 
all legal effects, except 
that Secured Party 
shall have the 
right to possess 
(A) any chattel 
paper or instrument 
that constitutes 
a part 
of the 
Collateral and 
(B) any 
other Collateral 
in which 
Secured Party’s 
security 
interest may be 
perfected only by 
possession; (ii) the 
Collateral is and 
will remain, free 
and clear of 
all liens, 
claims and encumbrances of any kind whatsoever, except for (A) liens in favor of Secured Party, (B) liens 
for taxes not yet due or for taxes being contested in good faith and which do not involve, 
in 
the reasonable 
judgment of 
Secured Party, 
a material 
risk of 
the sale, 
forfeiture or 
loss of 
any material 
amount of 
the 
Collateral, (C) inchoate materialmen’s, 
mechanic’s, repairmen’s 
and similar liens arising 
by operation of 
law in the ordinary 
course of business for 
amounts which are not 
delinquent, (all of such 
liens are called 
“
Permitted Liens
”); (iii) the 
Collateral is and 
will be (A) used 
only in Guarantors’ 
or Subsidiary User’s 
trade or business (and not for personal, family or household purposes), 
as contemplated under the terms of 
the applicable Consent to Use Agreement, 
(B) maintained in good operating order and repair, normal wear 
and tear 
excepted, (C) 
used and 
maintained in 
all material 
respects in 
compliance with 
manufacturers 
recommendations and 
all applicable 
laws and 
regulations, and 
(D) personal 
property that 
is solely 
and 
lawfully owned and 
possessed by Guarantors 
or by Subsidiary 
User, as 
contemplated under the 
terms of 
the applicable Consent to Use Agreement; (iv) Guarantors have the sole right to grant the security interest 
in the Collateral 
as described herein; 
and (v) Guarantors 
shall not remove any 
of the Collateral 
from the 
continental United States or Mexico (except as contemplated under the terms of the applicable 
Consent to 
Use Agreement), or sell, rent, lease, mortgage, license, 
grant a security interest in or otherwise 
transfer or 
encumber (except for Permitted Liens) any of 
the Collateral, (b) Guarantors and/or Subsidiary User 
shall, 
at all times, keep accurate and complete records of the 
Collateral, and Secured Party shall have the right to 
(i) inspect and make 
copies of all of Guarantors’ 
and/or Subsidiary User’s books 
and records relating to the 
Collateral and (ii) inspect any 
of the Collateral, in each 
case, during normal business hours 
and after giving 
Debtor reasonable prior notice, (c) if Secured 
Party asks, Guarantors will promptly notify Secured 
Party in 
writing of the 
location of any 
Collateral, and if 
an Event of 
Default has occurred 
and continuing, Guarantors 
will not move the Collateral 
from its then current location 
. 
Debtor shall cause each Subsidiary User, 
and 
shall be responsible for each Subsidiary User, to comply with such covenants. 

3.
 
REPORTS
: 
(a) If not or no longer publicly available on or before the applicable due 
date for any 
financial statements or 
reports specified below, 
Debtor and Guarantors 
will deliver or 
make available to 
Secured Party 
(i) complete 
financial statements 
of Debtor 
and Guarantors 
prepared in 
accordance with 
generally accepted accounting principles, 
consistently applied, certified by 
a recognized firm of 
certified 
public accountants within 
120 days
 
of the close of Debtor’s and 
Guarantors’ fiscal year and (ii) copies of 
Debtor’s and Guarantors’ 
quarterly financial report 
certified by the 
chief financial officer 
of Debtor and 
Guarantor within 
60 days
 
of the close of each of 
their respective fiscal quarters, (b) 
Debtor and Guarantors 
will furnish annually 
with the annual 
financial statements provided 
pursuant to clause 
(a) above, and 
at 
other times, within 
30 days
 
of Secured Party’s request, a certificate of an authorized officer of Debtor and 
Guarantor stating that 
to the best 
of such officer’s 
knowledge, there exists 
no Event of 
Default or event 
which with notice or lapse of time (or both) would become 
an Event of Default. 

 
4 
4.
 
INSURANCE
: 
(a) Guarantors shall at all times 
bear the entire risk of any 
loss, theft, damage to, 
or destruction 
of, any 
of the 
Collateral from 
any cause 
whatsoever, (b) 
Guarantors agree, 
at their 
own 
expense, to keep the Collateral insured with companies 
acceptable to Secured Party for such amounts and 
against such 
hazards as 
Secured Party 
may reasonably 
require, including, 
but not 
limited to, 
all risks 
physical damage insurance for 
the Collateral itself, including, 
but not limited to, loss 
or damage by fire and 
extended coverage perils, theft, 
burglary, and 
for any or all 
Collateral which are vehicles, 
for risk of loss 
by collision. 
If the Collateral is 
used, operated and located 
in Mexico, then such 
insurance policy shall also 
comply with the requirements 
established under applicable Mexican 
law and shall provide 
coverage for the 
Collateral at all times that it 
is located and operated in Mexico. 
The physical insurance coverage shall be 
in an amount no 
less than the full 
replacement value of the 
Collateral, and deductible 
amounts, insurers and 
policies shall be reasonably 
acceptable to Secured Party. 
Debtor and/or Guarantors 
shall deliver to Secured 
Party evidence of 
insurance reasonably satisfactory 
to Secured Party, 
within 
10 days
 
of Secured Party’s 
request therefor. 
Each policy shall 
name Secured Party 
as loss payee, shall 
provide for coverage 
to Secured 
Party regardless of 
the breach by 
Debtor or Guarantors 
of any warranty 
or representation made 
therein, 
shall not be subject to co-insurance, and shall provide that coverage may not be canceled or 
altered by the 
insurer except upon 30 days prior written notice to 
Secured Party. 
Guarantors irrevocably appoint, which 
appointment is coupled with an interest, 
Secured Party as its attorney-in-fact to 
make proof of loss, claim 
for insurance 
and adjustments 
with insurers, 
and to 
receive payment 
of and 
execute or 
endorse all 
documents, checks or 
drafts in connection 
with insurance payments, 
but Secured Party 
will not exercise 
such power of 
attorney unless an 
Event of Default 
has occurred and 
is continuing. 
Guarantors will 
not 
make adjustments with insurers without the prior written consent of Secured Party. 
Proceeds of insurance 
shall be applied, at 
the option of Secured 
Party, 
to repair or replace 
the Collateral or to 
reduce any of the 
Indebtedness under the Debt Documents; provided 
that, so long as no Event of Default 
has occurred and is 
continuing, within sixty (60) days following receipt of any proceeds of insurance, Guarantors may elect to 
apply such proceeds to repair or replace the Collateral. 

 
5 
5.
 
DEFAULTS
: 
Debtor and Guarantors 
shall be in 
default under this 
Master Agreement and 
each 
Loan Document upon 
the occurrence of 
any of the following 
(each an “
Event of Default
”, and collectively, 
the “
Events of Default
”): 
(i) Debtor fails to pay, 
within 
10 days
 
after its due date any installment or other 
amount due under this Master 
Agreement, any Loan Document 
or any other Debt Document; 
(ii) Debtor or 
Guarantors, without the prior written 
consent of Secured Party, attempts to or does 
sell all or any fractional 
interest in, rent, lease, license, 
charter, mortgage, assign, grant a lien on 
or security interest in, or otherwise 
transfer or encumber (except 
for Permitted Liens) any 
of the Collateral or 
any part thereof; (iii) 
a Guarantor 
breaches any of its 
insurance obligations under this Master 
Agreement, any Loan Document or 
any other 
Debt Document; (iv) Debtor or Guarantors breach any of their covenants or other 
obligations under any of 
this Agreement, any Loan Document (other than those described elsewhere in this 
Section 5) or any other 
Debt Document, 
and fail 
to cure 
that breach 
within 
30 days
 
after the 
earlier of 
any officer 
of Debtor 
becoming aware of 
the occurrence thereof 
or the giving 
of written notice 
thereof to Debtor 
by Secured Party; 
(v) any warranty, 
representation or statement 
made by Debtor 
, 
Guarantors or any 
Obligor in this 
Master 
Agreement, any Loan Document or 
any other Debt Document or 
otherwise in connection with any 
of the 
Indebtedness shall be false or misleading in 
any material respect when made; 
(vi) any material amount of 
the Collateral 
(as determined 
by Secured 
Party in 
its reasonable 
discretion) is 
subjected to 
attachment, 
execution,  levy, 
seizure  or  confiscation 
in  any  legal 
proceeding  or  otherwise, 
or  if  any 
legal  or 
administrative proceeding is commenced against 
Debtor, a Guarantor or any of the Collateral, 
which in the 
good faith judgment of 
Secured Party subjects any material 
amount of the Collateral 
to a material risk 
of 
attachment, execution, levy, 
seizure or confiscation and no 
bond is posted or 
protective order obtained to 
sufficiently (as determined by Secured 
Party in its reasonable 
discretion) negate such risk; (vii) 
Debtor, a 
Guarantor or 
any Obligor 
breaches or 
is in 
default in 
any material 
respect, after 
giving effect 
to any 
applicable cure periods, under any 
other agreement by and between 
Secured Party (or any of 
its affiliates 
or parent entities) 
on the one 
hand, and Debtor 
, 
a Guarantor or 
such Obligor (or 
any of their 
respective 
affiliates or parent entities) on the other hand; 
(viii) (A) there is any dissolution or 
termination of existence 
of Debtor, a 
Guarantor or any Obligor 
or a Subsidiary User, 
(B) Debtor, a 
Guarantor or any Obligor 
or a 
Subsidiary User becomes 
insolvent or ceases 
to do business 
as a going 
concern, (C) if 
any Obligor or 
a 
Subsidiary User is a 
natural person, any 
death or incompetency of 
such Obligor, (D) a receiver 
is appointed 
for all or of any part of the property of Debtor, 
a Guarantor or any Obligor or a Subsidiary User, or Debtor 
or a Guarantor or 
any Obligor or a 
Subsidiary User makes any assignment for 
the benefit of its 
creditors, 
or in the event 
an such appointment or 
assignment is involuntarily 
made against Debtor, 
a Guarantor or any 
Obligor or a Subsidiary User, such appointment or 
assignment is not dismissed within 
30 days
 
thereof, or 
(E) Debtor 
or a 
Guarantor or 
any Obligor 
or a 
Subsidiary User 
files a 
petition under 
any bankruptcy, 
insolvency or similar law, 
or in the event an 
involuntary petition is filed against Debtor or 
a Guarantor or 
any Obligor or a Subsidiary 
User under any bankruptcy 
or insolvency laws, such 
involuntary petition is not 
dismissed within 
30 days
 
of the filing date; (ix) Debtor or a Guarantor or any Obligor improperly files, or 
causes to be filed, 
an amendment or termination 
statement relating to a 
filed financing statement describing 
the Collateral; (x) any 
Obligor revokes or attempts 
to revoke its obligations 
under any guarantee or 
Debt 
Documents to which it is a party or fails to observe or perform 
any covenant, condition or agreement to be 
performed under such guarantee or Debt Documents to which it is a party; (xi) Debtor, a Guarantor or any 
Obligor defaults 
under any 
other contract 
or obli 
gation for 
indebtedness in 
an amount 
greater than 
$500,000.00 if such 
default results in 
the other party 
to the agreement 
either accelerating the obligations 
thereunder or being permitted to 
cause such indebtedness to become 
due prior to its 
stated maturity; (xii) 
without the prior written consent of Secured Party, 
(A) there is a Change of Control (as defined below) or 
(B) there is any 
merger or consolidation of Debtor 
unless Debtor is the 
surviving entity or of 
any Guarantor 
or Obligor unless Debtor or another Guarantor or another Obligor 
is the surviving entity; (xiii) without the 
prior written 
consent of Secured 
Party, either 
Debtor, a 
Guarantor or any 
Obligor sells or 
leases all, 
or 
substantially all, 
of its 
assets; or 
(xiv) (A) 
Secured Party 
is unable 
to register 
(1) any 
Consent to 
Use 
Agreement or 
(2) any 
Debt Document 
or other 
guaranty granted 
by a 
Guarantor or 
Obligor to 
secure 
Debtor’s obligations under a Loan 
Document, or (3) the Mexican 
Pledge, in the Mexican Public 
Registry 
of Property and Commerce, including 
the Section of Sole 
Registry of Mobile Guaranties (or 
in any other 

 
6 
Public Registry whereby a Consent to Use Agreement or a Debt Document has to be registered in Mexico 
to have legal 
effect against third 
parties), or (B) 
if there shall 
occur a default 
under any Consent 
to Use 
Agreement, 
subject to any 
materiality thresholds or 
cure periods set 
forth therein. 
Any provision of 
this 
Master Agreement, 
any Loan 
Document or 
any other 
Debt Document 
to the 
contrary notwithstanding, 
Secured Party may exercise all rights and remedies hereunder independently 
with respect to the Loan. 

For purposes of 
this Section 5, “
Change in Control
” means (a) the 
acquisition of ownership, directly 
or 
indirectly, beneficially or of record, 
by any person or 
group (within the meaning 
of the Securities Exchange 
Act of 1934 and 
the rules of the 
Securities and Exchange Commission thereunder as 
in effect on the 
date 
hereof), of equity interests 
representing more than 35% 
of the aggregate ordinary 
voting power represented 
by the issued and outstanding equity interests of Debtor, a Guarantor or an Obligor; 
or (b) occupation of a 
majority of the seats 
(other than vacant 
seats) on the board 
of directors of Debtor, 
a Guarantor or 
an Obligor 
by persons who were neither (i) directors of such parties on the date hereof, (ii) nominated by the board of 
directors of such 
parties, 
nor (iii) appointed 
by directors so 
nominated; or (c) 
Debtor, a 
Guarantor or an 
Obligor at any time ceases, directly or indirectly to own, free and clear of all liens or other encumbrances, 
the majority stake of the issued and outstanding equity interests of 
a Subsidiary User or a Guarantor or an 
Obligor which is a related party of Debtor as of the date hereof. 

 
7 
6.
 
REMEDIES
: 
(a) Upon the 
occurrence of any 
Event of Default 
described in Section 
5(viii)(E), any 
and all of 
the Indebtedness shall automatically 
become immediately due and 
payable, without any action 
by any person 
or entity. 
Upon the occurrence of 
any other Event 
of Default and during 
the continuation 
thereof, Secured Party, at its option, may declare any or all of the Indebtedness to be immediately due and 
payable, upon demand and 
notice to Debtor or 
any Guarantor or any 
Obligor. 
All obligations and liabilities 
then due and 
payable under the 
Debt Documents shall 
bear interest from 
the occurrence of 
the Event of 
Default (both before 
and after any 
judgment) until paid 
in full at 
a per annum 
rate equal to 
the lower of 
12.50% and 
the maximum rate 
not prohibited by 
applicable law (the 
“
Per Diem 
Interest Rate
”). 
The 
application of such Per Diem Interest Rate shall 
not be interpreted or deemed to extend any 
cure period set 
forth herein, cure any default or 
otherwise limit Secured Party’s right or remedies hereunder. 
(b) Upon the 
occurrence of any Event of Default and during the continuation 
thereof, Secured Party shall have all of the 
rights and remedies 
of a secured 
party under the 
Uniform Commercial Code, 
and under any 
other applicable 
law, including, without limitation, to (i) notify any 
account Debtor or any Guarantor 
or any Obligor on any 
instrument which constitutes proceeds 
of the Collateral to 
make payment to Secured 
Party, (ii) 
enter any 
premises where the Collateral may be and take possession of and remove the Collateral from the premises 
or store it on the premises, (iii) sell 
the Collateral at public or private sale, 
in whole or in part, and have 
the 
right to 
bid and 
purchase at such 
sale or (iv 
) 
lease or 
otherwise dispose of 
all or 
part of 
the Collateral, 
applying proceeds from such disposition to the obligations then in default. 
If requested by Secured Party, 
Guarantors shall promptly assemble the 
Collateral and make it available 
to Secured Party at a 
place to be 
designated by Secured 
Party which is 
reasonably convenient to 
both parties. 
Secured Party may 
also render 
any or all 
of the Collateral 
unusable at any 
Guarantors’ premises and 
may dispose of 
such Collateral on 
such premises without liability 
for rent or costs. 
Any notice that Secured 
Party is required to 
give to Debtor 
or Guarantors under 
the Uniform Commercial 
Code of the 
time and place 
of any public 
sale or the 
time 
after which any private sale 
or other intended disposition of 
the Collateral is to be made 
shall be deemed to 
constitute reasonable notice if such 
notice is personally served on 
or mailed, postage prepaid, to 
the Debtor 
or to any Guarantor at 
their last known address 
at least 
15 days
 
prior to such action. 
Debtor and Guarantors 
shall cause Subsidiary User, and shall 
be responsible for Subsidiary User, to cooperate and 
assist with the 
compliance of the provisions 
set forth in this Section 6 and 
to acknowledge each of such Secured Party’s 
rights and remedies. (c) Upon the occurrence of any Event of Default and during the 
continuation thereof, 
Secured Party shall have 
the right to any 
proceeds of sale, 
lease or other disposition 
of the Collateral, if 
any, 
and the right to apply any amounts so collected 
or (as the case may be) otherwise collected 
from Debtor or 
Guarantors 
or any 
Obligor 
pursuant to 
this Section 
6 or 
under any 
Loan Document or 
any other 
Debt 
Document in the following order 
of priorities: 
(i) to pay all of Secured Party’s costs, charges 
and expenses 
incurred in 
enforcing its 
rights under 
this Master 
Agreement, any 
Loan Document 
or any 
other Debt 
Document or in taking, removing, holding, repairing, 
refurbishing, selling, leasing or otherwise disposing 
of the Collateral; 
then, (ii) to 
pay any and 
all late fees, 
per diem fees, 
other such charges 
due under this 
Master Agreement, any Loan 
Document or any other 
Debt Document, any and 
all interest due under 
this 
Master Agreement, any Loan Document or any 
other Debt Document, and all amounts owing 
pursuant to 
any indemnity claims; then (iii) 
to pay all principal due under 
any Loans; then (iv) to 
pay all other amounts 
due and 
owing to 
Secured Party 
under this 
Master Agreement, any 
Loan Document 
or any 
other Debt 
Document; then (v) any surplus shall be 
remitted to Debtor, Guarantor 
or Obligor or (as the case 
may be) 
any other party legally 
entitled thereto. 
Debtor shall remain liable 
for and pay any 
deficiency in (i), 
(ii), 
(iii) and (iv) promptly upon 
demand. 
(d) Debtor and Guarantors agree 
to pay all reasonable attorneys’ 
fees 
and other 
costs incurred 
by Secured 
Party in 
connection with 
the enforcement, 
assertion, defense 
or 
preservation of Secured Party’s rights and remedies under this 
Master Agreement, any Loan Document or 
any other Debt Document, 
or if prohibited by 
law, such 
lesser sum as may 
be permitted, and 
Debtor and 
Guarantors further agree that such fees and 
costs shall constitute Indebtedness. 
(e) Secured Party’s rights 
and remedies 
under this 
Master Agreement, 
any Loan 
Document and 
the other 
Debt Documents 
or 
otherwise arising are cumulative 
and nonexclusive of any 
other rights and remedies 
that Secured Party may 
have under any other agreement or 
at law or in equity and 
may be exercised individually or concurrently, 
and any or all 
thereof may be exercised 
instead of or in 
addition to each other 
or any remedies at 
law, in 

 
8 
equity, or under statute. 
Neither the failure nor 
any delay on the 
part of Secured Party 
to exercise any right, 
power or privilege under 
this Master Agreement or 
any other Debt Document 
shall operate as a 
waiver, nor 
shall any single or partial exercise 
of any right, power or privilege 
preclude any other or further 
exercise of 
that or any other 
right, power or privilege. 
SECURED PARTY 
SHALL NOT BE DEEMED 
TO HAVE 
WAIVED ANY 
OF ITS RIGHTS 
UNDER THIS MASTER 
AGREEMENT OR UNDER ANY 
OTHER 
DEBT DOCUMENT 
UNLESS SUCH 
WAIVER 
IS EXPRESSED 
IN WRITING 
AND SIGNED 
BY 
SECURED PARTY. 
A waiver on any 
one occasion shall not 
be construed as a 
bar to or waiver 
of any right 
or remedy on any 
future occasion. 
Except as provided in 
Section 6(b) above, Debtor 
and Guarantors waive 
notice of 
sale or 
other disposition 
(and the 
time and 
place thereof), 
and the 
manner and 
place of 
any 
advertising, and any other 
notice required to be 
given under the Uniform 
Commercial Code. 
Secured Party 
shall have no obligation to marshal any of the Collateral. 

7.
 
ASSIGNMENT
: 
DEBTOR SHALL 
NOT SELL, 
TRANSFER, ASSIGN, 
ENCUMBER OR 
SUBLET ANY COLLATERAL 
OR THE INTEREST OF DEBTOR IN THIS MASTER 
AGREEMENT, 
ANY LOAN DOCUMENT, 
ANY OTHER 
DEBT DOCUMENTS OR 
ANY LOAN, IN 
EACH CASE 
WITHOUT THE PRIOR 
WRITTEN CONSENT OF 
SECURED PARTY. 
Secured Party may, 
without 
notice to or the consent of Debtor or Guarantors, assign, sell, 
or transfer in whole or in part its interests in 
this Master 
Agreement, any 
Loan, any 
Loan Document, 
any other 
Debt Document, 
its interest 
in any 
Collateral, the right to enter into 
any Loan Document or any 
of its rights under this Master 
Agreement, any 
Loan Document 
or any 
other Debt 
Documents (in 
each case, 
a “
Secured Party 
Transfer
”). 
Upon a 
Secured Party Transfer of Secured Party’s entire right and interest under this Master Agreement, any 
Loan 
Document or any other Debt Documents, Secured Party shall automatically be relieved, 
from and after the 
date of such 
Secured Party Transfer, 
of liability for 
the performance of 
any obligation of 
Secured Party 
contained in 
this Master Agreement, 
any such 
Loan Document or 
any such Debt 
Documents arising or 
accruing from 
or after 
such Secured 
Party Transfer. 
Debtor and 
Guarantors agree 
that, if 
Debtor or 
Guarantors receive written notice 
of an assignment from 
Secured Party, Debtor and Guarantors will pay 
all 
installments and other amounts 
due under any assigned Loan 
Document to such assignee or 
as instructed 
by Secured Party. 
Debtor and Guarantors 
also agree to 
confirm in writing, 
and to cause 
any Obligor to 
confirm in writing, receipt 
of the notice of 
assignment as may be 
reasonably requested by assignee. 
Debtor 
and Guarantors 
hereby waive 
and agree 
not to 
assert against 
any such 
assignee any 
defense, set-off, 
recoupment claim 
or counterclaim 
which Debtor 
or Guarantors 
have or 
may at 
any time 
have against 
Secured Party for any reason whatsoever. 

 
9 
8.
 
INDEMNIFICATION
: 
DEBTOR AND GUARANTORS HEREBY AGREE 
TO INDEMNIFY, 
DEFEND AND 
HOLD HARMLESS 
EACH OF 
(1) SECURED 
PARTY, 
(2) THE 
AFFILIATES OF 
SECURED PARTY, 
(3) ANY PARTICIPANTS, 
(4) ANY SUCCESSORS AND ASSIGNS OF ANY OF 
THE  FOREGOING  AND 
(5)  ALL 
OF  THEIR  RESPECTIVE 
DIRECTORS,  SHAREHOLDERS, 
OFFICERS, EMPLOYEES, 
AGENTS, PREDECESSORS, ATTORNEYS 
-IN-FACT AND 
LAWYERS 
(EACH AN “
INDEMNIFIED PARTY
”) (ON AN AFTER-TAX 
BASIS) FROM AND AGAINST ANY 
AND  ALL  LOSSES, 
DISPUTES,  PENALTIES, 
CLAIMS,  EXPENSES  (INCLUDING  WITHOUT 
LIMITATION 
LEGAL EXPENSES, INCLUDING 
WITHOUT LIMITATION 
THOSE INCURRED IN 
CONNECTION  WITH 
RESPONDING  TO 
SUBPOENAS,  THIRD 
PARTY 
OR  OTHERWISE) 
DAMAGES   AND   LIABILITIES   (INCLUDING   WITHOUT   LIMITATION 
ENVIRONMENTAL 
LIABILITIES) OF WHATSOEVER 
KIND AND NATURE 
ARISING OUT OF OR 
IN CONNECTION 
WITH OR 
RELATING 
TO ANY 
COLLATERAL, 
THIS MASTER 
AGREEMENT OR 
ANY LOAN 
DOCUMENT OR ANY 
OTHER DEBT DOCUMENT 
(COLLECTIVELY, 
“
CLAIMS
”), REGARDLESS 
OF WHETHER SUCH 
INDEMNIFIED PARTY 
IS A PARTY 
THERETO AND WHETHER 
IN LAW 
OR EQUITY, 
OR IN 
CONTRACT, TORT 
OR OTHERWISE; 
PROVIDED, HOWEVER, 
THAT 
NO 
INDEMNIFIED PARTY 
SHALL BE 
ENTITLED TO 
INDEMNITY HEREUNDER IN 
RESPECT OF 
ANY CLAIM TO THE 
EXTENT THAT SUCH CLAIM IS FOUND BY 
A FINAL, NON-APPEALABLE 
JUDGMENT OF A 
COURT OF 
COMPETENT JURISDICTION TO 
HAVE 
RESULTED DIRECTLY 
FROM THE GROSS 
NEGLIGENCE OR 
WILLFUL MISCONDUCT OF 
SUCH INDEMNIFIED 
PARTY. 

Debtor and Guarantors shall 
pay on demand to 
each Indemnified Party any 
and all amounts 
necessary to 
indemnify such 
Indemnified Party from 
and against 
any Claims. 
In the 
event an 
Indemnified Party 
is 
notified, served or otherwise make aware of a 
Claim against such Indemnified Party, it shall notify of such 
claim to Debtor 
and shall provide 
to Debtor with 
a copy of 
the Claim’s documentation 
that is on 
Indemnified 
Party’s possession. 
Debtor shall have the right to be informed 
of the proceeding related to each Claim and 
may issue recommendations to 
Indemnified Party, as per the advice 
of its legal advisors; 
provided however 
that Indemnified Party shall not be obliged 
to follow or accept any of Debtor’s recommendations 
or advice 
and such shall 
not release, reduce, 
nullify, invalidate or otherwise 
affect Debtor’s or 
Guarantors’ obligations 
under this Section. 
Indemnified Party shall defend itself 
in such Claim following its 
own legal counsel’s 
recommendations, advise and 
actions. 
The rights, privileges 
and indemnities set 
forth in this 
Section 8 shall 
survive the expiration or other cancellation or termination of this Master 
Agreement. 

 
10 
9.
 
REPRESENTATIONS, 
WARRANTIES    & 
COVENANTS    OF 
DEBTOR    AND 
GUARANTORS
: 
(a) Debtor and Guarantors make each of the following representations and 
warranties 
to Secured Party 
on the date 
hereof and on 
the date of 
the making 
of each Loan: 
(i) Debtor’s and 
Guarantors’ 
exact legal name and jurisdiction of organization or formation 
is as set forth in the preamble of this Master 
Agreement and such jurisdiction is Debtor’s and Guarantors’ 
“location” (within the meaning given 
to such 
term in Article 
9 of the Uniform 
Commercial Code); (ii) Debtor 
and each Guarantor has 
adequate power 
and capacity to enter into, and 
to perform its obligations under this 
Master Agreement and the other Debt 
Documents; (iii) this 
Master Agreement and 
the other Debt 
Documents have been 
duly authorized, executed 
and delivered by Debtor and Guarantors and constitute legal, valid and binding agreements enforceable in 
accordance with their 
terms, except to 
the extent that 
the enforcement of 
remedies may be 
limited under 
applicable bankruptcy 
and insolvency 
laws; (iv) 
no approval, 
consent or 
withholding of 
objections is 
required from, and no 
notice is required to be 
given to, any governmental authority or 
instrumentality, or 
any other person or entity, with respect to the entry into, or performance, 
by Debtor and Guarantors of any 
of the Debt Documents, 
except any already obtained; 
(v) the entry into, 
and performance, 
by Debtor and 
Guarantors of the Debt 
Documents will not (A) violate 
any of the organizational 
documents of Debtor or 
Guarantors or any judgment, order, law or regulation applicable to such parties, 
or (B) result in any breach 
of or 
constitute a default 
under any contract 
to which Debtor 
or Guarantors are 
a party, 
or result in 
the 
creation of any lien, claim or encumbrance on any of Debtor’s or Guarantors’ property (except for liens in 
favor of Secured Party) pursuant to any indenture, mortgage, deed of trust, bank loan, credit 
agreement, or 
other agreement 
or instrument 
to which 
Debtor or 
Guarantors are 
a party; 
(vi) there 
are no 
suits or 
proceedings pending in any court or before any commission, board or 
other administrative agency against 
or affecting Debtor or Guarantors which could, in 
the aggregate, have a material adverse effect 
on Debtor 
or Guarantors, 
their business 
or operations, 
or their 
ability to 
perform their 
obligations under 
the Debt 
Documents, nor does Debtor or 
a Guarantor have reason to 
believe that any such suits or 
proceedings are 
threatened. 
(b) Debtor and Guarantors hereby covenant 
to Secured Party that at 
all times during the term 
of the Loan that 
Debtor and each Guarantor 
is, and will remain, 
(i) validly existing and 
in good standing 
under the laws 
of the state 
of its 
formation (specified in 
the preamble of 
this Master Agreement) 
and a 
“registered organization” (within the meaning given to such term in Article 9 
of the Uniform Commercial 
Code); (ii) duly qualified and 
licensed in every jurisdiction wherever 
necessary to carry on its business 
and 
operations, including the jurisdiction(s) where the 
Collateral is or is 
to be located; (iii) 
in full compliance 
with all 
laws and 
regulations applicable 
to it, 
including, without 
limitation, compliance 
with the 
USA 
PATRIOT 
ACT and all applicable Bank Secrecy Act (“
BSA
”) laws, regulations and government guidance 
on BSA 
compliance and 
on the 
prevention and 
detection of 
money laundering 
violations and 
terrorist 
financings; and 
shall ensure that 
neither Debtor nor 
Guarantors nor any 
person who owns 
a controlling 
interest in or otherwise controls Debtor or Guarantors is or shall be (A) listed on 
the Specially Designated 
Nationals and 
Blocked Person 
List maintained 
by the 
Office of 
Foreign Assets 
Control (“
OFAC
”), 
Department of the Treasury, and/or 
any other similar 
lists maintained by 
OFAC pursuant to any authorizing 
statute, Executive Order or 
regulation or (B) a 
person designated under Section 
1(b), (c) or (d) 
of Executive 
Order No. 
13224 (September 23, 
2001), any related 
enabling legislation or 
any other 
similar Executive 
Orders. 
(c) Debtor 
and Guarantors 
shall report 
and pay 
promptly when 
due all 
taxes, license 
fees, 
assessments and public 
and private charges levied 
or assessed on 
any of the Collateral, 
on its use, 
operation, 
purchase, ownership, delivery, 
leasing or possession 
thereof, or on 
this Master Agreement 
or any of 
the 
other Debt Documents 
(or any receipts 
hereunder and thereunder), 
by any governmental 
entity or taxing 
authority, including foreign 
authorities, during or related 
to the term of 
this Master Agreement, or 
to any 
other period during 
which Debtor or 
Guarantors or 
a Subsidiary User 
had use or 
possession of the 
Collateral, 
including, without limitation, all license and registration fees, and all sales, use, personal property, 
excise, 
gross receipts, franchise, 
stamp or other 
taxes, imposts, duties 
and charges, 
together with any 
penalties, 
fines or interest 
thereon (collectively “
Taxes
”). 
Debtor and Guarantors 
shall have no 
liability for Taxes 
imposed by 
the United 
States of 
America or 
any state 
or political 
subdivision thereof 
which are 
on or 
measured by the net 
income of Secured Party. 
Debtor and Guarantors shall 
promptly reimburse Secured 
Party (on an after-tax basis) for any Taxes 
charged to or assessed against or paid by Secured Party. 
Upon 

 
11 
request of Secured Party, 
Debtor and Guarantors shall send 
Secured Party a copy of 
each report or return 
and evidence 
of Debtor’s 
and Guarantors’ 
payment of 
Taxes. 
(d) At 
its option, Secured 
Party may (i) 
discharge taxes, liens, 
security interests or 
other encumbrances at 
any time levied 
or placed on 
the Collateral 
and (ii) pay for 
the maintenance, insurance and 
preservation of the Collateral 
and effect compliance with 
the terms 
of this 
Master Agreement 
or any 
of the 
other Debt 
Documents; provided 
that Secured 
Party 
provides five business 
days’ advance notice 
before making any 
such payment; provided 
further that, the 
foregoing proviso shall 
not apply with 
respect to any 
payment owing by Debtor 
or Guarantors under 
the 
Debt Documents. 
Debtor and Guarantors agree to reimburse Secured Party, on demand, for all reasonable 
costs and expenses incurred by Secured Party in connection with 
such payment or performance and agrees 
that such reimbursement obligation shall constitute Indebtedness. 

 
12 
10.
 
MISCELLANEOUS
: 
(a) THE PARTIES HERETO, TO THE 
EXTENT PERMITTED BY 
LAW, 
WAIVE 
ALL RIGHT TO 
TRIAL BY JURY 
IN ANY ACTION, 
SUIT, OR 
PROCEEDING ARISING 
OUT OF, IN CONNECTION WITH OR RELATING TO, 
THIS MASTER AGREEMENT, ANY LOAN, 
ANY LOAN DOCUMENT, ANY OTHER DEBT DOCUMENTS AND ANY OTHER TRANSACTION 
CONTEMPLATED HEREBY 
AND THEREBY. 
THIS WAIVER 
APPLIES TO ANY 
ACTION, SUIT 
OR PROCEEDING WHETHER ARISING IN TORT, 
CONTRACT OR OTHERWISE. 
The laws of the 
State of 
New York 
shall govern all 
matters arising out 
of, in connection 
with or relating 
to this 
Master 
Agreement or any Loan Document, including, without limitation, 
its validity, interpretation, construction, 
performance and enforcement 
(including, without limitation, any 
claims sounding in 
contract or tort 
law 
arising out of 
the subject matter 
hereof and any 
determinations with respect 
to post-judgment interest). 
Any 
legal action 
or proceeding with 
respect to 
this Master Agreement, 
any Loan Document, 
any other Debt 
Document (except if such Debt Document establishes express and exclusive submission of the parties to a 
foreign jurisdiction, 
in which 
case such 
foreign jurisdiction 
shall apply) 
or any 
Loan shall 
be brought 
exclusively in the federal or state 
courts located in the State 
of New York, 
the County of New York, 
and, 
by execution and delivery 
of this Master Agreement 
or any Loan Document, 
Debtor and Guarantors hereby 
accept for themselves and in 
respect of their property, generally and unconditionally, the jurisdiction of 
the 
aforesaid courts. 
Debtor and Guarantors hereby irrevocably waive any objection, including any objection 
to the laying of 
venue or based on 
the grounds of forum 
non conveniens, that they 
may now or 
hereafter 
have to 
the bringing 
of any 
such action 
or proceeding 
in such 
courts. 
Notwithstanding the 
foregoing, 
Secured Party shall 
have the right 
to apply to 
a court of 
competent jurisdiction in 
the United States 
or abroad 
for equitable relief 
as is necessary 
to preserve, protect 
and enforce its 
rights relating to and/or 
under this 
Master Agreement, 
any Loan Document and 
any Debt Document, 
including without limitation, orders 
of 
attachment, execution 
of foreign 
guaranties or 
injunction necessary 
to maintain 
the status 
quo pending 
litigation or to enforce judgments against Debtor, 
any Guarantor, any Obligor, 
any Subsidiary User or the 
Collateral or to 
gain possession of 
the Collateral or 
any other collateral 
or property pledge or 
mortgaged 
under any Debt Document. 
Mexican Guarantor hereby irrevocably 
designates and appoints Debtor, with 
an 
address at 800 
Manor Park Drive, 
P.O. 
Box 28183, Columbus, 
Ohio, 43228-0183, United 
States of America, 
as its attorney-in-fact to 
receive service of process 
in any such action, 
suit or proceeding, it 
being agreed 
that actual service upon 
such attorney-in-fact shall constitute 
valid service upon Mexican 
Guarantor, and 
its successors 
or assigns 
as appropriate. 
For such 
purposes, Mexican 
Guarantor grants 
to Debtor 
an 
irrevocable power of attorney in 
order for Debtor to, 
on behalf of Mexican 
Guarantor, hear, 
receive, sign 
or accept any kind 
of summons, service of 
process, including personal summons or 
notifications, service 
of process resulting 
from third parties 
actions, judicial proceedings or 
filings and any 
kind of judicial 
or 
private notification made by 
any judicial or administrative authority 
of the United States of 
America and of 
any of 
its states, 
counties, cities 
or entities 
that are 
part of 
such country, 
in any 
jurisdiction, all 
of the 
foregoing,  in  connection  with  this  Master  Agreement.  When  requested  by  Secured 
Party, 
Mexican 
Guarantor shall grant an irrevocable power of attorney in accordance with Mexican laws, to be attested by 
a Mexican Notary 
Public, in the 
form and substance 
requested by Secured 
Party. 
Mexican Guarantor hereby 
agrees that the designation of Debtor 
set forth above is made for 
the express benefit of Secured Party and 
its successors and 
assigns or any 
other beneficiary of 
this Master Agreement. 
Mexican Guarantor covenants 
and agrees that so long as this Master Agreement shall be in effect, it shall maintain Debtor 
(or such other 
agent as Secured Party 
shall consent to in 
writing) as its duly 
appointed agent for the 
service of process and 
other legal processes in the United States of 
America. 
(b) It is the intention of the parties 
hereto to comply 
with any applicable usury 
laws; accordingly, it is agreed 
that, any provisions in 
this Master Agreement, any 
Loan Document, or any 
other Debt Document to 
the contrary notwithstanding, 
in no event shall 
this Master 
Agreement, any Loan Document or any 
other Debt Document require the payment or 
permit the collection 
of interest or any amount 
in the nature of 
interest or fees in 
excess of the maximum amount permitted 
by 
applicable law 
as now 
or hereafter 
construed by 
a court 
of competent 
jurisdiction. 
If any 
such excess 
interest is contracted for, 
charged or received pursuant 
to this Master Agreement, any 
Loan Document or 
any other Debt 
Document, or in 
the event that 
all of the 
principal balance under 
this Master Agreement, 
any Loan Document or any 
other Debt Document shall be 
prepaid, so that under any 
of such circumstances 

 
13 
the amount of 
interest contracted for, 
charged or received 
shall exceed the 
maximum amount of 
interest 
permitted by applicable 
law as so 
construed, then in 
such event 
any such 
excess which 
may have been 
collected shall, 
at Secured 
Party’s option, 
either be 
credited to 
the unpaid 
principal balance of 
or other 
amounts payable 
under this 
Master Agreement, any 
Loan Document 
or any 
other Debt Document 
as a 
prepayment of principal or 
such other amounts, without 
any prepayment fee, or 
refunded to Debtor, and the 
effective rate 
of interest 
shall automatically 
be reduced 
to the 
maximum lawful 
rate allowed 
under 
applicable law as 
now or hereafter 
construed by a 
court of competent 
jurisdiction. 
Without limiting the 
foregoing, all calculations 
of the rate 
of interest contracted 
for, charged 
or received with 
respect to this 
Master Agreement, any Loan Document or 
any other Debt Document, which are 
made for the purpose of 
determining whether 
such rate 
exceeds the 
maximum lawful 
contract rate, 
shall be 
made, to 
the fullest 
extent permitted by applicable 
law, by amortizing, prorating, allocating and 
spreading in equal parts 
during 
the period of the 
full stated term of the 
Indebtedness, all interest at any time 
contracted for, charged 
to or 
received from Debtor or 
Guarantors in connection with 
such Indebtedness. 
Notwithstanding the foregoing, 
if any applicable law is amended or the law of the 
United States of America preempts any applicable law, 
so that it 
becomes lawful for 
Secured Party to 
receive a greater 
interest per annum 
rate than is 
presently 
allowed, Debtor and Guarantors agree that, on the effective date of such amendment or preemption, as the 
case may be, 
the lawful maximum hereunder 
shall be increased to 
the maximum interest 
per annum rate 
allowed by the 
amended law or 
the law of the 
United States of 
America. 
(c) All notices required 
to be given 
under this Master 
Agreement and any Loan 
Document shall be deemed 
adequately given if delivered 
by 
hand, or sent by registered or certified 
mail to the addressee at its address above, or 
at such other place as 
such addressee may 
have designated 
in writing. 
(d) Secured 
Party may upon 
10
 
days written notice 
to 
Debtor or 
Guarantors correct patent 
errors and 
fill in 
all blanks 
in this 
Master Agreement, in 
any Loan 
Document or in any other Debt Document consistent with the agreement of the 
parties. 
(e) Time is of the 
essence of this Master Agreement. 
This Master Agreement shall be 
binding, jointly and severally, upon all 
parties described 
as the 
“Debtor” or 
“Guarantors” and their 
respective heirs, executors, 
representatives, 
successors and assigns, and shall inure to the 
benefit of Secured Party, 
its successors and assigns. 
(f) The 
unenforceability of any 
provisions hereof or 
of the Debt 
Documents shall not 
affect the validity of 
any other 
provision hereof or thereof. 
(g) Debtor and Guarantors hereby acknowledge and agree that Secured Party 
reserves the right to impose fees or 
charges for returned checks and certain 
optional services that Secured 
Party may 
offer or 
provide to 
Debtor during 
the term 
of this 
Master Agreement 
or any 
other Debt 
Documents. 
Secured Party will notify 
Debtor the amount of the 
applicable fee or charge if 
Debtor requests 
such optional 
services. 
In addition, 
Secured Party may 
make available 
to Debtor 
a schedule 
of fees or 
charges for such 
optional services from time 
to time or 
upon demand, provided, however, 
that such fees 
and charges are subject 
to change in 
Secured Party’s sole discretion 
without notice to 
Debtor. 
(h) Any Loan 
and Debt Documents 
relating thereto constitute 
the entire agreement 
of the parties 
with respect to 
the subject 
matter thereof. 
NO VARIATION 
OR MODIFICATION 
OF ANY 
DEBT DOCUMENT 
SHALL BE 
VALID 
UNLESS  IN  WRITING  AND  SIGNED  BY  AN  AUTHORIZED  REPRESENTATIVE 
OF 
SECURED PARTY 
AND THE PARTIES 
THERETO. 
(i) This Master 
Agreement shall continue in 
full 
force and 
effect until 
all of 
the Indebtedness 
has been 
indefeasibly paid 
in full 
to Secured 
Party or 
its 
successor or 
assignee. 
The surrender, 
upon payment 
or otherwise, 
of any 
Note or 
any of 
the other 
documents evidencing 
any of 
the Indebtedness 
shall not 
affect the 
right of 
Secured Party 
to retain 
the 
Collateral for such 
other Indebtedness as 
may then exist. 
This Master Agreement shall 
automatically be 
reinstated if Secured 
Party is ever 
required to return 
or restore the 
payment of all 
or any portion 
of the 
Indebtedness (all 
as though 
such payment 
had never 
been made). 
(j) This 
Master Agreement 
and any 
amendments, waivers, 
consents or 
supplements hereto 
in connection 
herewith may 
be executed 
in any 
number of counterparts, all of which 
taken together shall constitute one 
and the same instrument. 
Delivery 
of an 
executed signature 
page of 
this Master 
Agreement or 
of any 
other Debt 
Document by 
electronic 
transmission shall be as effective as delivery 
of a manually executed counterpart thereof. 
(k) To the extent 
that any Note 
and Collateral Schedule 
would constitute chattel 
paper, as such term 
is defined in 
the Uniform 
Commercial Code as 
in effect 
in any applicable 
jurisdiction, no security 
interest therein may 
be created 
through the 
transfer or 
possession of 
this Master 
Agreement in 
and of 
itself without 
the transfer 
or 

 
14 
possession of 
the original 
of a 
such Note 
and Collateral 
Schedule executed 
pursuant to 
this Master 
Agreement and 
incorporating this 
Master Agreement 
by reference. 
(1) Credit 
to Debtor’s 
account for 
payments made under 
any Loan Document 
may be delayed 
if payment is 
(i) not received 
at the Secured 
Party’s payment address indicated in 
Secured Party’s invoice or other 
instructions from Secured 
Party from 
time to 
time or 
(ii) not 
accompanied by Secured 
Party’s invoice 
number. 
Preferred forms 
of payment 
include direct debit, 
wires, company checks and 
certified checks. 
Payment in any other 
form may delay 
processing or be 
returned to Debtor. 
Delayed credit may 
cause Debtor to 
incur a late 
payment fee. 
All 
credits for payments 
of Debtor’s account 
for any Loan 
are subject to 
final payment by 
the institution on 
which the item of payment 
was drawn. 
(m) Without prejudice to any of 
the rights and remedies of 
Secured 
Party under any 
Loan Document or 
any of the 
other Debt Documents, 
all written communication 
concerning 
disputed amounts, 
including any 
check or 
other payment 
instrument that 
(i) indicates 
that the 
written 
payment constitutes 
“payment in full” 
or is 
tendered as 
full satisfaction 
of a 
disputed amount or 
(ii) is 
tendered with other conditions 
or limitation must be mailed 
or delivered to the Secured 
Party at the address 
for billing 
inquiries and/or 
correspondence shown 
on the 
invoice or 
statement and 
not to 
the payment 
address. 
(n) Debtor 
and each 
of Debtor’s 
affiliates and 
Guarantors and 
each of 
Guarantors’ affiliates 
authorize Secured Party to disclose information about Debtor, Debtor’s affiliates, Guarantors, Guarantors’ 
affiliates, any Collateral 
and any Debt 
Document that Secured 
Party may at 
any time possess 
to any Secured 
Party affiliate, successor, 
assign and/or participant, 
whether such information wa 
s 
supplied by Debtor 
or 
Guarantors to Secured 
Party or otherwise 
obtained by Secured 
Party. 
(o) Debtor and 
Guarantors shall, upon 
request of Secured Party, furnish to Secured Party 
such further information, execute and 
deliver to Secured 
Party such documents 
and instruments (including, 
without limitation, Uniform 
Commercial Code financing 
statements) and shall 
do such other 
acts and things as 
Secured Party may at 
any time reasonably request 
relating to the perfection or protection of the security interest created by this Master Agreement, any Loan 
Document or any 
other Debt Document 
or for the 
purpose of carrying 
out the intent 
of such Debt 
Document, 
including without limitation providing any subordinations, releases, landlord waivers, mortgagee waivers, 
or control agreements, and similar documents 
as may be from time to 
time requested by, 
and in form and 
substance   satisfactory 
to,   Secured 
Party. 
(p)   DEBTOR 
AND   GUARANTORS 
HEREBY 
ACKNOWLEDGE THAT 
THEY HA 
VE NOT 
RECEIVED OR 
RELIED ON 
ANY LEGAL, 
TAX, 
FINANCIAL OR ACCOUNTING 
ADVICE FROM 
SECURED PARTY 
AND THAT 
DEBTOR AND 
GUARANTORS  HAVE 
HAD  THE 
OPPORTUNITY  TO 
SEEK  ADVICE  FROM 
THEIR  OWN 
ADVISORS AND PROFESSIONALS IN THAT REGARD. 

[REMAINDER OF PAGE INTENTIONALLY 
IN BLANK]

 
 
IN WITNESS WHEREOF, Debtor, Guarantors and FGIEF have caused this Master Agreement to be 
executed by their duly authorized representatives as of the date first above 
written. 

FGIEF 
DEBTOR: 

FGI EQUIPMENT FINANCE LLC 
CORE MOLDING TECHNOLOGIES, 
INC. 
By: 
/s/ Joseph Albertelli 
By: 
/s/ John P. 
Zimmer 
Name: Joseph Albertelli 
Title: Legal Representative 
Name: John P. 
Zimmer 
Title: Chief Financial Officer 
GUARANTORS: 

CORE COMPOSITES CORPORATION 
CC HPM, S. DE R.L. DE C.V. 
By: 
/s/ John P. 
Zimmer 
By: 
/s/ John P. 
Zimmer 

Name: John P. 
Zimmer 
Title: Chief Financial Officer 
Name: John P. 
Zimmer 
Title: Sole Managerex103

 

 

 

 

 
1 
 
 
PROMISSORY NOTE 
 
October 20, 2020 
FOR VALUE 
RECEIVED, 
Core Molding Technologies, Inc.
, a corporation existing 
under the laws of the 
State of Delaware, 
with principal offices located at 800 
Manor Park Drive, Columbus, OH 43228, United 
States of America (“
Maker
”) promises, jointly and severally if 
more than one, to pay to 
the order of FGI 
Equipment Finance LLC at its 
office located at 777 
Yamato Road, 
Office 135, Boca Raton, 
FL 33431 or 
any subsequent holder hereof (each, a “
Payee
”) or at such other place as Payee may designate as follows: 

(a)
 
the principal sum of 
Thirteen Million Two Hundred Thousand and 00/100
 
United States Dollars
 
($13,200,000.00), and 
(b)
 
interest on the unpaid principal balance from November 
1
st
, 2020 through and including the dates 
of payme 
nt, at 
a fixed 
interest rate 
of eight 
and one 
-quarter percen 
t 
(8.25%) per 
annum (the 
“
Contract Rate
”) in seventy-two (72) 
consecutive monthly installments of principal 
and interest 
as follows: 

Periodic Installment 
Amount 
12 (twelve) 
59 (Fifty-Nine) 

01 (one) 

@ 
@ 
@ 
$116,607.75 
$246,431.33 
$1,446,431.33 
(each, a “
Periodic Installment
”) plus any 
outstanding and unpaid 
accrued interest and 
any and all 
other 
amounts due 
hereunder and 
under the 
other Debt 
Documents (as 
defined below). 
For the 
period from 
October 27, 2020 
(the “
Funding Date
”), through but not 
including the date 
of the first Periodic 
Installment, 
Maker shall pay Payee interests on 
the unpaid principal balance in the 
amount of 

Twelve Thousand One 
Hundred and 
00/100 United 
States Dollars 
($12,100.00)
; such 
payment shall 
be due 
and payable 
on 
November 1
st
, 2020. 
The first Periodic 
Installment, plus (as 
applicable) interest accrued 
at the Contract 
Rate on the 
unpaid principal balance 
hereunder for the 
period from November 
1
st
, 2020 through 
but not 
including the starting 
date covered by 
such first Periodic 
Installment, shall be 
due and payable 
on December 
1
st
, 2020 
and the following Periodic 
Installments including the final 
installment shall be due 
and payable 
on the first 
day of each 
succeeding month (each, 
a “
Payment Date
”), with the 
last Payment Date 
being 
November 1, 2026. 
All payments shall be applied: 
first, to interest due 
and unpaid hereunder and under 
the other Debt 
Documents; second, to 
all other amounts (other 
than principal) due and 
unpaid hereunder 
and under 
the other 
Debt Documents, 
and then 
to principal 
due hereunder 
and under 
the other 
Debt 
Documents. 
The acceptance by Payee 
of any payment 
which is less 
than payment in full 
of all amounts 
due and owing at such time shall not constitute a waiver 
of Payee’s right to receive payment in full at such 
time or at 
any prior or 
subsequent time. 
Interest shall be 
calculated on the 
basis of a 
365-day year (or 
a 
366-day leap year, as applicable) and will be charged 
at the Contract Rate for each calendar day on which 
any principal is 
outstanding. 
The payment of 
any Periodic Installment 
after its due 
date shall result 
in a 
corresponding decrease in 
the portion of the 
Periodic Installment credited 
to the remaining 
unpaid principal 
balance. 
The payment 
of any 
Periodic Installment 
prior to 
its due 
date shall 
result in 
a corresponding 
increase in the portion of the Periodic Installment credited to the remaining 
unpaid principal balance. 

 
2 
All amounts due hereunder and under the other Debt Documents are payable in the lawful 
currency of the 
United States of 
America. 
Maker hereby expressly 
authorizes Payee to 
insert the date 
value is actually 
given in the blank space on the face hereof and on all related documents 
pertaining hereto. 

This Note is secured 
by (i) that certain 
Master Security Agreement 
dated as of this date, 
entered into by and 
among Payee, 
Maker, Core 
Composites Corporation 
and CC 
HPM, S. 
de R.L. 
de C.V. 
(the “
Master 
Agreement
”), and its Collateral 
Schedule (the “
Collateral Schedule
”), (ii) that certain 

Non-Possessory 
Pledge Agreement
 
under Mexican laws (
Contrato de Prenda Sin Transmisión 
de Posesión
, as defined in 
the Spanish language) dated 
as of October 
13, 2020 to 
be effective on 
October 20, 2020, entered 
into by 
and among Maker, 
CC HPM, S. 
de R.L. de 
C.V.
 
and Payee (the 
“
Pledge Agreement
”), (iii) that 
certain 
Irrevocable Unilateral Declaration Granting a 
Second Priority Real Estate 
Mortgage under Mexican laws 
(
Declaración Unilateral de la Voluntad 
Irrevocable Sobre Constitución 
de Hipoteca en Segundo Lugar y 
Grado
, as defined 
in the Spanish 
language) dated as 
of this date, 
to be granted 
by Corecomposites 
de México, 
S. de R.L. de C.V. in favor of Payee (the “
Real Estate Mortgage
”), and may also be secured by a 
security 
agreement, chattel mortgage, 
pledge agreement or 
like instrument (each 
of which is 
hereinafter called a 
“
Security Agreement
”, and collectively 
with this Note, 
the Master Agreement, 
the Collateral Schedule, 
the Pledge Agreement, the Real 
Estate Mortgage and any other 
document or agreement related thereto 
or 
to this Note, the 
“
Debt Documents
”), in each case 
signed by Maker or 
one of its subsidiaries in 
favor of 
Payee. 

 
3 
Conditions Precedent to 
Funding
. 
Payee’s obligation 
to make the 
loan evidenced by 
this Note on 
the 
Funding Date is subject 
to the satisfaction of 
all the following conditions precedent 
no later than the 
date 
hereof, each in form 
and substance satisfactory 
to Payee at its sole 
discretion: 
(i) Payee shall have 
received 
an executed 
original of 
the Collateral 
Schedule describing 
the Collateral 
that secures 
this Note 
(the 
“
Collateral Schedule Collateral
”), duly executed by Core Composites Corporation; (ii) Payee shall have 
a first 
priority perfected 
security interest 
in the 
Collateral Schedule 
Collateral; (iii) 
Payee shall 
have 
received, to 
Payee’s complete 
satisfaction, an 
executed original 
of the 
public deed 
issued by 
Mexican 
Notary Public containing 
the granting of 
the Real Estate 
Mortgage granted as 
of this date 
by Corecomposites 
de México, S. de R.L. de C.V. 
in favor of Payee, in connection with the 
real estate located in Matamoros, 
Tamaulipas, Mexico that is 
described in the 
Real Estate Mortgage; 
(iv) Payee shall 
have received, to 
Payee’s 
complete satisfaction, 
a copy 
of the 
Preemptive Notice 
(
Aviso Preventivo
, as 
defined in 
the Spanish 
language) corresponding to the granting of such Real Estate Mortgage, duly filed in the Public Registry of 
Property and Commerce of Matamoros, Tamaulipas, 
Mexico, by the Mexican Notary Public who 
attested 
the Real 
Estate Mortgage; (v) 
Payee shall 
have received, to 
Payee’s complete 
satisfaction, an executed 
original of the Pledge 
Agreement, duly executed 
by all parties 
thereto, with their 
representatives’ signatures 
duly ratified 
by Mexican 
or United 
States Notary 
Public and 
with the 
Apostille affixed 
(only for 
such 
signatures ratified by United 
States Notary Publics) 
; 
(vi) Payee shall 
have received, to 
Payee’s complete 
satisfaction,  an  executed 
copy  of 
a  pay 
-off  letter 
issued  by 
KeyBank  National  Association
,  as 
administrative agent (“
Lien Holder
”), to Maker confirming (a) the amount that is owed by Maker to Lien 
Holder computed as 
of the Funding 
Date (the “
Pay-off Amount
”), (b) the 
wire transfer instructions (the 
“Wire Instructions”) in 
order for the Pay 
-off Amount to be 
paid to Lien Holder, 
and (c) that immediately 
after Lien Holder 
has received the 
Pay-off Amount in 
accordance with the 
Wire Instructions, it 
shall proceed 
to execute and release 
the corresponding lien release documents 
as required under Mexican laws 
in order 
to release any and 
all liens set on 
the Collateral Schedule Collateral, 
on the assets that 
are pledged under 
the Pledge Agreement and 
on the Real Estate Mortgage 
(the “
Release Documents
”); (vii) Payee shall have 
received, to Payee’s complete satisfaction, 
written evidence confirming that, 
Wells Fargo 
Bank, National 
Association (“Wells Fargo”) 
will, upon receipt from Payee of the proceeds of the loan documented in this 
Note, pay, 
for the 
benefit of 
Maker, the 
Pay-Off Amount 
to Lien 
Holder in 
accordance with 
the Wire 
Instructions; 
(viii) no 
Event of Default 
(as defined in 
the Security Agreement) 
or event 
which with the 
passage of time or 
the giving of notice 
would become an Event 
of Default (a “
Default
”) has occurred under 
the Debt Documents; 
(ix) Maker shall 
have paid to 
Payee: (a) an 
opening fee in 
the amount of 
One Hundred 
Sixty Five Thousand and 00/100
 
United States Dollars
 
($165,000.00), and (b) a closing 
fee in the amount 
of 
Ten Thousand and 00/100
 
United States Dollars
 
($10,000.00), both fees payable on or before October 
23, 2020; and (x) as of the date hereof, there will have been no material adverse change (as determined by 
Payee in its sole discretion) in the business prospects or 
projections, operations, management, financial or 
other conditions of the Maker or any Guarantor or 
any Obligor (as defined in the Master Agreement) 
since 
the date of 
the Master Agreement. 
If any such condition 
precedent is not so 
satisfied by the date 
hereof, 
Payee shall have 
no obligation to 
make the loan 
contemplated under this 
Note or any 
other Debt Documents 
related to this Note. 

 
4 
Time is 
of the 
essence hereof. 
If Payee 
does not 
receive from 
Maker payment 
in full 
of any 
Periodic 
Installment or any other 
sum due under this 
Note or any other 
Debt Document is not 
received within ten 
(10) days after 
its due date: (i) 
Maker agrees to 
pay a late 
fee equal to 
four percent (4.00%) on 
such late 
Periodic Installment or other sum, but not exceeding any lawful maximum, plus such other costs, fees and 
expenses that Maker 
may owe as 
a result of 
such late payment; 
and (ii) interests 
on the due 
and unpaid 
Periodic Installment, together with all accrued interest thereon and any other 
due and unpaid sum payable 
under this Note or any other Debt Document, shall 
accrue penalty interests payable at demand at the 
lesser 
of 12.50% 
per annum or the highest rate 
not prohibited by applicable law until all 
such amounts are paid. 

Additionally, if 
an Event of Default 
(as defined in the 
Master Agreement) occurs and 
is continuing, then 
the entire principal 
sum remaining unpaid, 
together with all 
accrued interest thereon 
and any other 
sum 
payable under this Note or 
any other Debt Document, at 
the election of Payee, shall 
immediately become 
due and payable with interest thereon at the lesser 
of 12.25% per annum or the highest rate not 
prohibited 
by applicable law 
from the date 
of such accelerated 
maturity until paid 
(both before and 
after any judgment). 

The application of such 12. 
25% interest rate shall not 
be interpreted or deemed to 
extend any cure period 
set forth 
in this 
Note or any 
other Debt 
Document, cure any 
default or 
otherwise limit Payee’s 
right or 
remedies hereunder or under any Debt Document. 

Maker may prepay in 
full or in part 
(but not less than 
the amount equal to 
20% of the original 
principal 

amount of this Note) outstanding amounts hereunder before 
they are due on any scheduled 
Payment Date 
upon at least thirty (30) days’ prior 
written notice to Payee. 
Payee is authorized and entitled to apply any 
amounts paid by Maker 
as a prepayment of 
indebtedness to delinquent 
interest or other amounts 
(other than 
principal) due 
and owing from 
Maker to 
Payee hereunder 
and under 
any other Debt 
Documents before 
application of such funds to principal outstanding hereunder. 

If Maker makes a prepayment of this 
Note for any reason, Maker shall pay 
irrevocably and in full to Payee 
(i) the principal 
amount to be prepaid, (ii) all accrued interest thereon, 
(iii) the Prepayment Fee (as defined 
below) and 
(iv) any 
and all 
other amounts 
due hereunder 
or under 
the other 
Debt Documents. 
Maker 
specifically acknowledges that, 
to the 
fullest extent allowed 
by applicable law, 
it shall 
be liable 
for the 
Prepayment Fee 
on any 
acceleration hereof 
or under 
the other 
Debt Documents. 
In the 
event of 
an 
acceleration hereof or under 
the other Debt Documents, 
the Prepayment Fee shall 
be determined as if 
(a) 
Maker prepaid this 
Note in full 
immediately before such 
acceleration and (b) 
the prepayment notice 
referred 
to above was received by Payee thirty (30) days prior to such date. 

For purposes hereof, the term “
Prepayment Fee
” shall be an amount 
equal to an additional 
sum equal to 
the following percentage of the principal amount to be prepaid for prepayments occurring in the 
indicated 
period: 
four percent (4.0%) (for 
prepayments occurring prior to 
the first anniversary of 
the date hereof); 
three percent (3.0%) (for 
prepayments occurring on and 
thereafter and prior to 
the second anniversary of 
the date hereof); 
two percent (2.0%) 
(for prepayments occurring 
on and thereafter 
and prior to 
the third 
anniversary of the date hereof); and one percent (1.0%) (for prepayments 
occurring any time thereafter). 

Maker hereby consents 
to any and 
all extensions of 
time, renewals, waivers 
or modifications of, 
and all 
substitutions or releases of, 
security or of any 
party primarily or secondarily 
liable on this Note 
or any other 
Debt Document or any 
term and provision of 
either, which may be 
made, granted or consented 
to by Payee, 
and agrees that suit 
may be brought and 
maintained against Maker and/or any 
and all sureties, endorsers, 
guarantors or any others 
who may at any 
time become liable for 
payments and performance 
under this Note 
and any other Debt Documents, 
at the election of Payee without 
joinder of any other as a 
party thereto, and 
that Payee shall not be required 
first to foreclose, proceed against, or exhaust 
any security hereof in order 
to enforce 
payment of 
this Note. 
Maker hereby 
waives presentment, 
demand for 
payment, notice 
of 
nonpayment, protest, notice 
of protest, notice 
of dishonor, 
and all other 
notices in connection 
herewith, 
except for such notices as are expressly provided for herein or in the Master Agreement, 
and agrees to pay 
(if permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’ fees. 

 

 
5 
The consent to jurisdiction, jury trial 
waiver and usury provisions contained in 
the Master Agreement are 
hereby incorporated by 
reference as if 
fully set forth 
herein. 
The laws of 
the State of 
New York shall govern 
all matters 
arising out 
of, in 
connection with 
or relating to 
this Note 
and any 
related Debt 
Documents, 
without limitation, validity, interpretation, 
construction, performance and enforcement thereof (including, 
without limitation, any claims sounding in contract or tort law arising out of the 
subject matter hereof and 
any determinations with respect to post-judgment interest). 

This Note and the other Debt Documents constitute the entire agreement of Maker and Payee with respect 
to the subject 
matter hereof and 
supersede all prior 
understandings, agreements and 
representations, express 
or implied. 

No variation or modification 
of this Note, 
or any waiver 
of any of its 
provisions or conditions, 
shall be valid 
unless in writing 
and signed by 
an authorized representative 
of Maker and 
Payee. 
Any such waiver, 
consent, 
modification or change shall be effective only in the specific instance and for the specific 
purpose given. 

Payment Authorization. 
Payee is hereby irrevocably directed and authorized by Maker to advance 
and/or apply the proceeds of the loan as evidenced by this Note following 
the instructions set forth below:
 
Amount to be advanced: 
Twelve Million and 00/100
 
United States Dollars
 
($12,000,000.00), to be 
disbursed directly to Wells Fargo to be applied by it for payment of the Pay-off Amount, to the following 
bank account: 
 
Bank Information
: 

Bank Name: 
Wells Fargo Bank, National Association 
Bank Address: 
420 Montgomery Street, San Francisco, CA. 
ABA: 
XXX-XXX-XXX 
 
Beneficiary Information: 
Account Name: 
Wells Fargo Bank, National Association 
Account Number: 
XXXXXXXXXXXXXX 
Reference: 
CORE MOLDING TECHNOLOGIES 
Address: 
2450 Colorado Avenue. 

 
Suite 3000W, Santa Monica, CA 90404. 
 
Payee is 
hereby irrevocably 
authorized and 
directed by 
Maker to 
apply from 
the proceeds 
of the 
loan 
evidenced by this 
Note, the sum 
of 
One Million 
Two Hundred 
Thousand and 00/100 
United States 
Dollars) ($1,200,000.00
), to constitute and deliver to 
Payee the Security Deposit pursuant to 
the terms of 
Collateral Schedule No. 1 that is part of the Debt Documents. 

 
Any provision in this Note or 
any of the other Debt 
Documents which is in conflict 
with any statute, law or
 
applicable rule shall be deemed omitted, modified or altered to conform 
thereto. 

 

 
6 
Core Molding Technologies, 
Inc. 
By: 
/s/ John P. 
Zimmer 

Name: 
John P. 
Zimmer 
Title: 
Chief Financial Officer 
Federal Tax ID Number: 
31-1481870 
Address: 
800 Manor Park Drive 
 
Columbus, OH 
43228

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]