Document:

EX-10.24

 Exhibit 10.24 
  

			
	MACK FINANCIAL SERVICES	 	Credit Sales Contract (Security Agreement)

  

					
	 Customer Name: STINGRAY LOGISTICS LLC
	  	Customer No.: 7630970	  	Dated as of: 9/25/2013

 Description of Equipment Purchased and Financed (The “Equipment”) 

 

									
	 Year
	 	 Make
	 	 Model
	 	 VIN/Serial Number*
	 	 Attachment/Body

	2013	 	Mack	 	CXU613	 	1M1AW07Y7DM035552	 	
	2013	 	Mack	 	CXU613	 	1M1AW07Y3DM031188	 	
	2013	 	Mack	 	CXU613	 	1M1AW07YIDM031187	 	
	2013	 	Heil Co.	 	Aluminum Trailer	 	5HTSN4222E7T93090	 	
	2013	 	Heil Co.	 	Aluminum Trailer	 	5HTSN4226E7T93089	 	

  

	*	Last 4 numeric characters of serial number for construction equipment. Additional Equipment listed in Exhibit A-1. 

  

					
	Address where Equipment will be located:	  		  	Total Trade Value: 0.00
	 14313 N. May, OKLAHOMA CITY, OK 73134
	  		  	Total Trade Liens: 0.00
			
	 Trade in Description:
	  		  	

 

											
	 1.
	 	 Equipment Cash Sales Price
	  	 	606,422.32	  	 			
		 		  	  
	  
	 	 			
	 2.
	 	 Net Trade-in Allowance (Net Value — Total Liens)
	  	 	0.00	  	 			
		 		  	  
	  
	 	 			
	 3.
	 	 Subtotal (1-2)
	  				 	 	606,422.32	  
		 		  				 	  
	  
	 
	 4.
	 	 Sales Tax
	  	 	0.00	  	 			
	 5.
	 	 Federal Excise Tax (% of 1)
	  	 	0.00	  	 			
	 6
	 	 Financed Insurance
	  	 	0.00	  	 			
	 7.
	 	 Guaranteed Auto Protection (GAP) and/or Debt Waiver
	  	 	0.00	  	 			
	 8.
	 	 Origination Fees
	  	 	645.00	  	 			
	 9.
	 	 Registration/Title Fees
	  	 	0.00	  	 			
	 10.
	 	 Other Charges:
	  				 			
		 	 Other
	  	 	0.00	  	 			
		 	 Applied Funds
	  	 	-0.00	  	 			
		 	 FL Doc Stamp
	  	 	0.00	  	 			
		 	 TN Record Tax
	  	 	0.00	  	 			
	 11.
	 	 Total itemized Charges
	  	 	(4 through 10	) 	 	 	645.00	  
	 12.
	 	 Cash Down Payment
	  				 	 	120,000.00	  
		 		  				 	  
	  
	 
	 13.
	 	 Amount Financed
	  	 	(3+11-12	) 	 	 	487,067.32	  
		 		  				 	  
	  
	 
	 14.
	 	 Finance Charge
	  				 	 	53,991.56	  
		 		  				 	  
	  
	 
	 15.
	 	 Total Obligation
	  	 	(13+14	) 	 	 	541,058.88	  

 

 Buyer agrees to pay the “Total Obligation” (Item 15) in accordance with the following schedule (and
any additional page(s) of schedule attached or see Payment Addendum for irregular payments): 
  

													
	 No. of

Installments
	  	Start/Due
Date	 	  	Payment
Amt.	 	  	Total	 
	 48
	  	 	10/25/2013	  	  	$	11,272.06	  	  	 	541,058.88	  

 6. Financed Insurance. If a dollar amount is shown in Item 6, Buyer has elected to finance certain insurance
policies through this Credit Sales Contract (the “Contract”). The terms of the insurance policies are contained in separate agreements) and Buyer agrees that such agreements are not part of this Contract 

Complete for Non-Titled Equipment Only 

Delivery and Acceptance 
 On
                     (the “Date of Acceptance”), each item of Equipment listed was delivered to Buyer and Buyer acknowledges its receipt
and irrevocable acceptance of each item of Equipment. Buyer represents to Lender that Buyer has: accepted delivery of and inspected each item of Equipment; determined that each item of Equipment contains all of the major components and accessories
as agreed; each item of Equipment is in good working order and condition; and that each item of Equipment is fit for immediate and continued and conforms to Buyer’s requirements without exception, if no Date of Acceptance is indicated, the
Buyer agrees the date of this Contract is the Date of Acceptance. 

 

 
  

											
	 Seller:

Enid Mack Sales Inc 
	 	 Buyer:
 STINGRAY LOGISTICS
LLC 
	 	Co-Buyer (if applicable):
						
	X	 	 /s/ Matt Erast
	 	X	 	 /s/ Paul K. Heerwager
	 	X	 	  

											
	Signature	 	Signature	 	Signature
			
	   F&I Manager

Title
	 	   Paul K. Heerwager

Printed Name and Title(s)
	 	  

Printed Name and Title(s)

  
 1 (7) 

  

			
	 Buyer(s) Name & Address:
 Legal
Name(s): STINGRAY LOGISTICS LLC
 Street Address (Place of Business): 14313 N. May,

OKLAHOMA CITY, OK, 73134
 Mailing Address: 14313 N. May,

OKLAHOMA CITY, OK, 73134
 State of Formation: OK or State of
Residence: OK
	 	  
 Telephone: 405-848-8807 Fax:

Federal ID # or SSN #: 45-1105483 Co-Buyer:
 County:
OKLAHOMA

  
 NOTICE TO BUYER:
1. Liability insurance coverage for bodily Injury and property damage is not included in this Contract. 2. Do not sign this Contract before reading or if the Contract is not complete. 3. You are entitled to an exact and completely filled-in copy of
the Contract you sign. 4. Keep this Contract to protect your legal rights. See the following pages for additional terms. 

  
 2 (7) 

 Seller’s Name & Address: 

Name: Enid Mack Sales Inc                      Telephone;
5802340043 Seller Code: F247 
 Street Address (Place of Business): 5913 E. Owen K. Garriott ENID OK 73701 

Mailing Address: 5913 E. Owen K. Garriott ENID OK 73701 
  

 
 Terms of Credit Sales Contract.

 Credit Sale: The above signed buyer (the “Buyer,” and if more than one, jointly and severally, the “Buyer”) has
chosen to purchase and hereby purchases on credit the Equipment from the above seller (the “Seller”) and agrees to pay in full the Total Obligation set forth in Item 15 above. In addition to the Total Obligation, Buyer agrees
to pay all other amounts owed to Seller under this Contract (collectively, the “Indebtedness”) when due. 
 Security
Interest: In order to secure payment of the Indebtedness and all other debts and obligations at any time owing from Buyer to Seller and its affiliates. Buyer hereby grants to Seller and its affiliates a security interest in and to the Equipment,
together with all present and future attachments, accessions, replacements, parts, repairs, additions, substitutions, chattel paper, and proceeds, including amounts payable under any insurance policies (the “Collateral”). Buyer
agrees that a photocopy or other reproduction of this Contract or of any financing statement may be filed as a financing statement. 
 Assignment
and Waiver of Defenses: Buyer acknowledges receipt of notice that Seller is assigning this Contract immediately upon execution to Mack Financial Services, a division of VFS US LLC whose primary place of business is located in North Carolina (it
and its affiliates being “Lender”) and that: (a) Lender has all of Seller’s rights and remedies, and all of Buyer’s agreements, representations, and warranties shall be deemed to have been made to Lender as if Lender
were a party to this Contract; (b) Seller is not Lender’s agent for any purposes; (c) Seller does not have any power or authority to modify any term of this Contract; (d) Buyer will not assert any claims or defenses Buyer may
have against Seller or any other party and will settle all claims, defenses, set-offs, and counterclaims it may have against Seller or the manufacturer of the Equipment (the “Manufacturer”), including, but not limited to, defects in
the Equipment, directly and solely with Seller or the Manufacturer; (e) Lender may compensate Seller in excess of the Amount Financed in exchange for assignment of this Contract; (f) Lender’s decision to purchase this Contract from
Seller relies, in part, upon the warranties and agreements made by Buyer; (g) all references to “Seller” in this Agreement (other than for purposes of section (d) of this paragraph and the Seller’s obligation to sell the
Equipment to Buyer) shall be deemed to refer to Lender and its successors and assigns; and (h) Lender may from time to time assign or transfer its rights and/or delegate its obligations under this Contract in whole or in part and without notice
to or the consent the Buyer.  
 No Warranties: THERE ARE NO WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE, OTHER THAN THOSE MADE BY THE MANUFACTURER OF THE COLLATERAL. Buyer acknowledges that it is not relying on any representations from Seller (or any other party) relating to financing made under this Contract. 

Buyer’s Representations: Buyer warrants and represents that: (a) Buyer is indebted for the Total Obligation shown in item 15; (b) except
for the security interest granted to Seller, the Equipment will remain free from all liens and security interests; (c) all information supplied by Buyer in any financial or credit, statement to Seller is and will be complete and correct and
Buyer consents to the ongoing review of Buyer’s credit reports during the term of this Contract; (d) the Equipment is to be used only for business purposes; (e) Buyer has authority to enter into this Contract and in so doing it is not
violating any law, regulation, or agreement and has taken all necessary actions to make this Contract binding and enforceable against Buyer; (f) any Equipment traded in is owned by Buyer and free of all security interests and liens except as
stated; and (g) if Buyer is an individual, Buyer’s legal name set forth above is identical to the name appearing on Buyer’s most recent, unexpired driver’s license issued by the state of his/her principal residence.  

Buyer’s Agreements: Buyer agrees: (a) to defend at its own cost any action, proceeding, or claim affecting the Equipment; (b) to
maintain the Equipment in good operating condition, repair, and appearance, all in conformity with all governmental regulations, insurance policies, and Manufacturer’s warranties; (c) to promptly pay all taxes, assessment, license fees,
and other public or private charges when levied against the Equipment or this Contract; (d) to obtain a certificate of title and/or, if applicable, a UCC financing statement, on each item of the Equipment showing Lender’s first priority
security interest and to preserve and perfect that security interest; (e) to not misuse, secrete, sell, rent, lend, encumber, or transfer any of the Equipment nor permit it to be operated by or be in the possession of any other party;
(f) that Lender may enter any premises at any reasonable times to inspect the Equipment; (g) to not assign or encumber any of its rights or obligations under this Contract; (h) to provide Lender with quarterly and annual financial
statements within 30 and 90 days, respectively, of the end of the applicable period; (i) to reimburse Lender immediately after written notice for any expenses incurred by Lender to perform any 

  
 3 (7) 

 
of the obligations of Buyer; (j) to use or permit the use of each item of Equipment only in the United States (or in Canada for not more than 60 days during any rolling 12 calendar month
period to be determined individually for each item of Equipment) in the ordinary course of its business and in compliance with all applicable laws and regulations and insurance policies, (k) that the Equipment will not be used to transport,
dig, load, or haul environmentally hazardous materials, contaminants, or waste products; and (l) if Buyer is an individual, Buyer will provide Lender with written notice within 30 days of any change in Buyer’s full legal name as shown
on any licenses issued by the slate of his/her principal residence subsequent to the date of this Contract. 
 Insurance and Risk of Loss: All
risk of loss, damage or destruction of the Equipment will at all times be on Buyer. Buyer agrees to maintain, at Buyer’s expense: (a) property insurance, or other insurance acceptable to Lender, protecting the Equipment from loss or damage
by fire, theft and other customary risks for the greater of the Equipment’s replacement cost or the Indebtedness with a deductible not to exceed $2,500 per item of Equipment, naming Lender as a loss payee on a “Lender’s Loss
Payable” endorsement; and (b) liability insurance in an amount not less than $1,000,000 per occurrence (collectively “Required Insurance”). Buyer must provide Lender satisfactory written evidence of Required Insurance
within thirty (30) days of the commencement date of this agreement, the cancellation or expiration of such Required Insurance, or of any subsequent written request from Lender. If Buyer does not do so, Lender may obtain insurance from an
insurer of Lender’s choosing in such forms and amounts as Lender deems reasonable to protect Lender’s interests (collectively, “Lender’s Insurance”). Lender’s Insurance will cover the Equipment and the Lender; it
will not name Buyer as an insured and may not cover all of the Buyer’s interest in the Equipment. Buyer agrees to pay Lender periodic charges for Lender’s Insurance (collectively, “Insurance Charges”) that include: a
premium that may be higher than if the Buyer maintained the Required Insurance separately; a finance charge of up to 1.5% per month on any advances made by Lender or Lender’s agents; and commissions, and billing and origination fees; any
or all of which may generate a profit to Lender and Lenders agents. If Buyer fails to provide satisfactory evidence of Required Insurance by the due date, Lender may pay Insurance Charges by debiting Buyer’s account under any previously
authorized automatic payment. Lender shall discontinue billing or debiting Insurance Charges upon receipt of satisfactory evidence of Required Insurance. Buyer shall immediately notify Lender of any loss or damage to Equipment which makes any item
of Equipment unfit for continued or repairable use. Buyer hereby irrevocably appoints Lender as Buyer’s attorney-in-fact to execute and endorse all checks or drafts in Buyer’s name to collect under any insurance covering Equipment. Lender
may apply insurance proceeds to the indebtedness or any other obligation of Buyer to Lender as Lender deems appropriate. 
 Duty to Pay: Any
warranty, service contract, Insurance policy, or other service financed through this Contract is separate and Independent of this Contract and is the sole obligation of the issuer of such warranty, service contract, insurance policy, or other
service. Buyer shall pay each Installment on time regardless of any claimed defect in the Equipment or any other entity’s breach of any warranty, service contract, or insurance policy. Each Installment is due monthly without notice beginning on
the “Start/Due Date” and continuing on the same day of each month thereafter. 
 Late Charge and Check Charge: A late charge of 5%
of any overdue amount on any Installment will be charged for each Installment not received in full in immediately good funds within fifteen (15) days of its due date. All other indebtedness due from Buyer to Lender not paid by its respective
due date and, upon the occurrence of an Event of Default, the entire unpaid balance of the Total Obligation, will bear interest at the rate of 18% per annum or such lesser rate as required under applicable law. All payments may at the option of
the Lender be applied first to late charges, then to other charges, then to accrued and unpaid finance charges, and last to the unpaid balance of any amount financed. Buyer shall be responsible for and pay to Lender a returned check fee, not to
exceed the maximum permitted by applicable law, which fee will be equal to the sum of (i) the actual bank charges Incurred by Lender, plus (ii) all other actual costs and expenses incurred by Lender, The returned check fee is payable upon
demand as Indebtedness under this Contract. 
 Events of Default: Each of the following is an “Event of Default” under this
Contract: (a) Buyer fails to pay any Installment to Lender in full when due or fails to make any other payment of the Indebtedness or any other amount due under any other agreement with Lender; (b) Buyer breaches any provision,
representation, or warranty of this Contract or any other contract held by, or agreement with Lender, (c) any of the Equipment is lost, severely damaged, destroyed, or seized, (d) Buyer or any guarantor dies, becomes insolvent, ceases to
do business in the ordinary course, or has a material adverse change in its management, ownership, or control; (e) a petition in bankruptcy is filed by or against Buyer or any guarantor; (f) Buyer admits its inability to pay its debts as
they come due or a receiver is appointed for Buyer or any guarantor (g) any guarantor for Buyer defaults in any obligation or liability to Lender. Whenever an Event of Default exists under this Contract or any other agreement held by Lender or
any affiliate, all debts and contracts, if Lender so elects, will become immediately due and payable. 

  
 4 (7) 

 Remedies: Upon the occurrence of an Event of Default and in addition to all other rights and remedies
available under applicable law, Lender may (i) declare this Contract to be in default; (ii) at its option, declare all of the Indebtedness and other debts secured by this Contract immediately due and payable; (iii) without notice,
demand, or legal process, take possession of the Collateral wherever located and, for this purpose, may enter upon the property occupied or under the control of Buyer; (iv) require Buyer to assemble the Collateral and make it available to
Lender at a place to be designated by Lender; (v) at the expense of Buyer, make repairs to the Equipment deemed necessary by Lender; and (vi) with or without obtaining possession of the Collateral or any part thereof, sell the same at a
public or private sale(s) in (he wholesale or retail market, with or without notice to the Buyer. Lender may also advertise and sell repossessed Collateral through internet websites through which equipment similar to the Collateral sold and such
disposition shall be deemed in conformity with reasonable commercial practice among dealers of the type of property that was the subject of the disposition. The proceeds of any sale(s), after deducting all expenses and costs (including reasonable
attorneys’ fees and expenses), shall be applied to the Indebtedness or any other indebtedness of Buyer to Lender and any surplus remaining shall be paid to Buyer or to any other party who may be legally entitled to such surplus. At any sale or
disposition, and as permitted by law, Lender may purchase any or all of the Collateral and/or accept a trade of property for all or any portion of the purchase price. Lender shall have all of the rights and remedies afforded a secured party under
the Uniform Commercial Code as adopted in the State of North Carolina. Buyer agrees that it is liable for and will promptly pay any deficiency resulting from any disposition of Collateral after default. All rights and remedies are cumulative, not
alternative, and shall inure to the benefit of Lender and its successors and assigns. No liability shall be asserted or enforced against Lender under this Section except for Lenders intentional wrongful acts. Lender may, in its sole discretion,
waive an Event of Default or allow a cure of an Event of Default. Any waiver will not constitute a waiver of any other Event of Default. 

Prepayment: Buyer may prepay the Total Obligation, in whole or in part, on any Installment Due Date by (i) giving Lender at least thirty
(30) days’ prior written notice of such prepayment, and (ii) paying to Lender a prepayment premium equal to 0% of the amount of the unpaid balance of the Total Obligation being prepaid (minus unearned Finance Charges) and
(iii) paying to Lender the amount of the unpaid balance of the Amount Financed being prepaid on such installment Due Date, the installment due on such Installment Due Date, and all other amounts of the indebtedness then due and remaining unpaid
under this Contract. In the event of a default and collection of any amounts subsequent to default, whether or not a payment default has been declared by written notice to Buyer, Buyer shall also be liable for the prepayment fee and unpaid balance
as described above. 
 Consents and Waivers: To the extent permitted under applicable law. Buyer expressly consents to and authorizes a court
with jurisdiction to issue, without notice, such orders as may be necessary to enforce the terms of this Contract, granting to Lender such powers as Lender shall need to enforce this Contract. Any such court is directed to not require a bond of
Lender, the parties agreeing that time is of the essence to protect Lender. To the extent permitted under applicable law. Buyer expressly waives any notice of sale or other disposition of the Collateral. notice of exercise of any other right or
remedy by Lender and any other right to notice after an Event of Default; and that to the extent that such notices cannot be waived, notices shall be in writing, given to Buyer at the address set forth (or to such other address as provided in
writing by Buyer) by registered or certified mail at least ten (10) days before the date of sale and shall be deemed reasonable and to fully satisfy the requirement for the giving of notice to Buyer. 

Governing Law: This Contract is effective only when accepted by Lender at its principal place of business in North Carolina and shall be governed by
and construed in accordance with the internal laws of the State of North Carolina without regard to principles of conflict of laws. 
 Payments
Not to Violate Law: Nothing in this agreement shall be construed or so operate as to require Buyer to pay a finance charge at a rate greater than it is now lawful in such case to contract for under applicable law, or to make any payment or to do
any act contrary to applicable law, and Lender shall reimburse Buyer for any finance charge paid in excess of the highest rate allowed by applicable law or any other payment which may inadvertently be required by Lender to be paid contrary to
applicable law; and if any clauses or provisions herein contained operate or would prospectively operate to invalidate this Contract, in whole or in part, then such clauses and provisions only shall be invalid to the minimum extent required by law,
and the remainder of this Contract shall remain in full force and effect. 
 Location of Buyer: If Buyer is (i) a corporation, limited
liability company, limited partnership, or other registered organization, its state of organization is in the state set forth above; (ii) an individual, his/her principal place of residence is at the address set forth above; (iii) an
organization, its place of business, or if it has more than one place of business, its chief executive office, is located at the address set forth above Buyer agrees not to change its principal place of business or residence (if an individual),
state of organization, or legal name without thirty (30) days prior written notice to Lender.  

  
 5 (7) 

 Miscellaneous: To the extent permitted under applicable law, Buyer waives all exemptions, acceptances,
presentment, demand for payment, notice of non-payment, protest, notice of protest, notice of dishonor, and all notices in connection with this Contract, filing of suit, and diligence in collecting the Indebtedness or enforcing any provision of this
Contract, To the extent any provision of this Contract shall be determined unenforceable under applicable law, such provisions shall be revised to the minimum extent necessary to make such provision enforceable and all of the other provisions shall
be enforceable in accordance with their terms. Buyer agrees that any origination fees may be shared with or rebated to the Lender. Buyer agrees to pay on demand, all reasonable attorneys’ fees and all other costs and expenses which may be
incurred by Lender in the enforcement of this Contract or in any way arising out of the protection, assertion, or enforcement of this Contract, whether or not suit is brought. Said fees are recoverable whether incurred in any bankruptcy, insolvency,
or receivership proceedings. Buyer shall be further liable for all costs and expenses of any nature whatsoever incurred by Lender in any repossession, recovery, storage, repair, sale, release, or other disposition of the property, plus interest on
each of the foregoing at the rate of 18% per annum or such lesser rate as is required by applicable law from the date said costs and expenses are incurred. Buyer hereby appoints Lender as agent for the benefit of Buyer and grants Lender an
irrevocable power of attorney to (i) correct obvious errors and fill in such blanks as serial numbers, date of first payment, and similar provisions; (ii) take any and all actions and to execute and file all documents, including, but not
limited to, UCC financing statements, necessary to establish, maintain, and continue the perfected security interest of Lender in the Collateral and/or give public notice of the interests of Lender in any collateral that may secure any obligations
or indebtedness of Buyer to Lender, in the name of and on behalf of Lender, at Buyer’s sole cost and expense; and (iii) to endorse Buyer’s name to any title application, registration, licensing, and related documents for the purpose
of securing certificates of title, registrations, and licenses, if any, issued showing Buyer’s interests in and/or ownership of the Collateral and other equipment. This power of attorney is coupled with an interest and is irrevocable during the
term of this Contract. Buyer shall take all actions and execute and file all documents reasonably requested by Lender to establish, maintain, and continue the perfected security interest of Lender. Buyer authorizes Lender or any officer, employee,
or designee of Lender or any assignee of Lender or Lender (or any designee of such assignee or Lender) to file a financing statement describing the Collateral, and to file financing statements covering assets of Buyer other than the Collateral, in
which assets Buyer grants a security interest to Lender and its affiliates to secure payment of the Indebtedness and all other debts and obligations at any time owing from Buyer to Lender and its affiliates. Buyer shall, within ten (10) days
after receipt of notice from Lender, pay all costs and expenses of filing and recording (including the costs of all searches deemed necessary by Lender) to establish, maintain, and determine the validity and priority of Lender’s security
interest. Any origination fee may reimburse and/or compensate Seller or Lender for origination of the transactions contemplated in this Contract and may result in profit to Seller and/or Lender. The terms “Buyer,” “Seller,”
“Lender,” and “guarantors” shall include heirs, executors, administrators, successors, or assigns of those parties. Buyer certifies they are not subject to any prohibitions under any regulation or orders of the U.S. Dept. of
Treasury’s Office of Foreign Assets Control. Buyer also certifies that they do not engage in any transactions prohibited by any U.S. laws. To the extent permitted by applicable law the Buyer and Seller hereby voluntarily and intentionally waive
the right either may have to trial by jury in respect to any litigation in connection with this Contract, any other loan document, or actions or statements (whether verbal or written) of any party. This Contract may be executed and delivered by
facsimile signature and a facsimile signature shall be treated as an original. Multiple signatures to this Contract delivered separately shall constitute one original Contract. Time is of the essence of this Contract. 

Entire Agreement: This Contract, which Buyer acknowledges reading it in its entirely, together with any written riders or amendments executed by both
Buyer and Lender, constitutes the entire agreement between the parties concerning the financing of the Equipment. No modification of this Contract shall be enforceable unless included in a written document duly executed by the party charged with
such modification. 

  
 6 (7) 

 Exhibit A-1 

Additional Equipment Listing 
  

					
	 Customer Name: STINGRAY LOGISTICS LLC
	  	Customer No.: 7630979	  	Dated as of: 9/25/2013

  

									
	 Year
	 	 Make
	 	 Model
	 	 VIN/Serial Number
	 	 Attachment/Body

	2013	 	Heil Co.	 	Aluminum Trailer	 	5HTSN4224E7T93088	 	

  
 7 (7)EX-10.25

 Exhibit 10.25 

BUSINESS LOAN AGREEMENT 
  

															
	Principal	  	Loan Date	  	Maturity	  	Loan No	  	Call / Coll	  	Account	  	Officer	  	Initials
	 $1,990,110.00
	  	07-22-2014	  	07-22-2019	  		  	4A0 / 6100	  	0035621	  	MXW2	  	

 References in the boxes above are for Lender’s use only and do not limit the applicability of this
document to any particular loan or item. 
 Any item above containing “***” has been omitted due to text length limitations. 

 

							
	Borrower:	  	Redback Energy Services LLC	  	Lender:	  	UMB BANK, n.a.
		  	10701 NW 2ND ST	  		  	PENN SQUARE BANKING CENTER
		  	YUKON, OK 73099	  		  	5636 NORTH PENNSYLVANIA AVENUE
		  		  		  	OKLAHOMA CITY, OK 73112
		  		  		  	(405) 843-7100

 THIS BUSINESS LOAN AGREEMENT dated July 22, 2014, is made and executed between Redback Energy Services LLC
(“Borrower”) and UMB BANK, n.a. (“Lender’’) on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial
accommodations, including those which may be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower’s
representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans
shall be and remain subject to the terms and conditions of this Agreement. 
 TERM. This Agreement shall be effective as of July 22, 2014, and shall
continue in full force and effect until such time as all of Borrower’s Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys’ fees, and other fees and charges, or until such time as the
parties may agree in writing to terminate this Agreement. 
 CONDITIONS PRECEDENT TO EACH ADVANCE. Lender’s obligation to make the initial Advance and
each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender’s satisfaction of all of the conditions set forth in this Agreement and in the Related Documents. 

Loan Documents. Borrower shall provide to Lender the following documents for the Loan: (1) the Note; (2) Security Agreements granting
to Lender security interests in the Collateral; (3) financing statements and all other documents perfecting Lender’s Security Interests; (4) evidence of insurance as required below; (5) together with all such Related Documents as
Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender’s counsel. 
 Borrower’s
Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly authorizing the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall
have provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require. 
 Payment of Fees and
Expenses. Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and payable as specified in this Agreement or any Related Document. 

Representations and Warranties. The representations and warranties set forth in this Agreement, in the Related Documents, and in any document
or certificate delivered to Lender under this Agreement are true and correct. No Event of Default. There shall not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement or under any Related
Document. 
 REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each
disbursement of loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists: 

Organization. Borrower is a limited liability company which is, and at all times shall be, duly organized, validly existing, and in good
standing under and by virtue of the laws of the State of Oklahoma. Borrower is duly authorized to transact business in all other states in which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals
for each state in which Borrower is doing business. 

 
Specifically, Borrower is, and at all times shall be, duly qualified as a foreign limited liability company in all states in which the failure to so qualify would have a material adverse effect
on its business or financial condition. Borrower has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage. Borrower maintains an office at 10701 NW 2nd
Street, Yukon, OK 73099. Unless Borrower has designated otherwise in writing, the principal office is the office at which Borrower keeps its books and records including its records concerning the Collateral. Borrower will notify Lender prior to any
change in the location of Borrower’s state of organization or any change in Borrower’s name. Borrower shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply
with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to Borrower and Borrower’s business activities. 

Assumed Business Names. Borrower has filed or recorded all documents or filings required by law relating to all assumed business names used by
Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business: None. 

Authorization. Borrower’s execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized
by all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default under (1) any provision of (a) Borrower’s articles of organization or membership agreements, or (b) any agreement or
other instrument binding upon Borrower or (2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower’s properties. 

Financial Information. Each of Borrower’s financial statements supplied to Lender truly and completely disclosed Borrower’s financial
condition as of the date of the statement, and there has been no material adverse change in Borrower’s financial condition subsequent to the date of the most recent financial statement supplied to Lender. Borrower has no material contingent
obligations except as disclosed in such financial statements. 
 Legal Effect. This Agreement constitutes, and any instrument or agreement
Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms. 

Properties. Except as contemplated by this Agreement or as previously disclosed in Borrower’s financial statements or in writing to Lender
and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to all of Borrower’s properties free and clear of all Security Interests, and has not executed any security
documents or financing statements relating to such properties. All of Borrower’s properties are titled in Borrower’s legal name, and Borrower has not used or filed a financing statement under any other name for at least the last five
(5) years. 
 Hazardous Substances. Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that:
(1) During the period of Borrower’s ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from
any of the Collateral. (2) Borrower has no knowledge of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture, storage, treatment, disposal, release or
threatened release of any Hazardous Substance on, under, about or from the Collateral by any prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or claims of any kind by any person relating to such
matters. (3) Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from any of the
Collateral; and any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations, and ordinances, including without limitation all Environmental Laws. Borrower authorizes Lender and its agents to
enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement. Any inspections or tests made by Lender shall be at Borrower’s expense and
for Lender’s purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person. The representations and warranties contained herein are based on Borrowers due diligence
in investigating the Collateral for hazardous waste and Hazardous Substances. Borrower hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Borrower becomes liable for cleanup or other costs
under any such laws, and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a
breach of this 

 
section of the Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the Collateral. The
provisions of this section of the Agreement, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall not be affected by Lender’s
acquisition of any interest in any of the Collateral, whether by foreclosure or otherwise. 
 Litigation and Claims. No litigation, claim,
investigation, administrative proceeding or similar action (including those for unpaid taxes) against Borrower is pending or threatened, and no other event has occurred which may materially adversely affect Borrower’s financial condition or
properties, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged by Lender in writing. 

Taxes. To the best of Borrower’s knowledge, all of Borrower’s tax returns and reports that are or were required to be filed, have
been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being or to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been
provided. 
 Lien Priority. Unless otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted any Security
Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing repayment of Borrower’s Loan and Note, that would be prior or that may in any way be superior to
Lender’s Security Interests and rights in and to such Collateral. 
 Binding Effect. This Agreement, the Note, all Security Agreements
(if any), and all Related Documents are binding upon the signers thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective terms. 

AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will: 

Notices of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrowers financial condition,
and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower which could materially affect the financial condition of Borrower. 

Financial Records. Maintain its books and records in accordance with GAAP, applied on a consistent basis, and permit Lender to examine and
audit Borrower’s books and records at all reasonable times. 
 Financial Statements. Furnish Lender with the following: 

Annual Statements. As soon as available, but in no event later than one hundred fifty (150) days after the end of each fiscal year,
Borrower’s balance sheet and income statement for the year ended, audited by a certified public accountant satisfactory to Lender. 

Interim Statements. As soon as available, but in no event later than forty-five (45) days after the end of each fiscal quarter,
Borrower’s balance sheet and profit and loss statement for the period ended, prepared by Borrower. 
 Tax Returns. As soon as available,
but in no event later than 15 days after the applicable filing date for the tax reporting period ended, Borrowers Federal and other governmental tax returns, prepared by Borrower. 

Additional Requirements. Annual Statements. As soon as available, but in no event later than ninety (90) days after the end of each fiscal
year, Borrower’s balance sheet and income statement for the year ended, prepared by Borrower. 
 Compliance Certificates. Unless waived
in writing by Lender, provide Lender with a certificate executed by Borrower’s chief financial officer, or other officer of person acceptable to Lender, certifying that the representations and warranties set forth in this Agreement are true and
correct as of the date of the certificate and further certifying that, as of the date of the certificate, no Event of Default exists under this Agreement. These are to be submitted with each quarterly financial statement. 

All financial reports required to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent basis,
and certified by Borrower as being true and correct. 

 Additional Information. Furnish such additional information and statements, as Lender may request
from time to time. 
 Financial Covenants and Ratios. Comply with the following covenants and ratios: 

Additional Requirements. 
 Debt
Service Coverage. Beginning effective September 30, 2014, Borrower will maintain a Debt Service Coverage ratio of no less than 1.250 to 1.00. This ratio will be evaluated at each quarter-end. This ratio will be measured using Borrower’s
trailing twelve months (TTM) net income plus TTM interest expense plus TTM depreciation and amortization expense divided by the aggregate amount of debt due in the succeeding twelve months. 

Tangible Net Worth. Borrower will maintain a Tangible Net Worth, determined under consistently applied generally accepted accounting
principles, of no less than $13,236,992.00. This amount will be calculated at each quarter-end. Tangible Net Worth is defined as total equity less intangible assets. 

Debt to Tangible Net Worth. The Borrower’s Debt to Tangible Net Worth ratio of 0.800 to 1.00 or less. This ratio will be defined as total
liabilities divided by total net worth minus intangible assets. This ratio will be evaluated at each quarter-end of the Borrower. 
 Current
Ratio. Beginning effective September 30, 2014, Borrower will maintain a Current Ratio of 97:1.00 or more. This ratio will be defined as (i) current assets divided by (ii) current liabilities. This ratio will be evaluated at
each quarter-end. 
 Except as provided above, all computations made to determine compliance with the requirements contained in this
paragraph shall be made in accordance with generally accepted accounting principles, applied on a consistent basis, and certified by Borrower as being true and correct. 

Insurance. Maintain fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect to
Borrower’s properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form
satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage
in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person. In connection with all policies covering assets in which Lender holds or is offered a security interest for the Loans, Borrower will
provide Lender with such lender’s loss payable or other endorsements as Lender may require. 
 Insurance Reports. Furnish to Lender,
upon request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably request, including without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the
amount of the policy; (4) the properties insured; (5) the then current property values on the basis of which insurance has been obtained, and the manner of determining those values; and (6) the expiration date of the policy. In
addition, upon request of Lender (however not more often than annually), Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the actual cash value or replacement cost of any Collateral. The cost of such
appraisal shall be paid by Borrower. 
 Other Agreements. Comply with all terms and conditions of all other agreements, whether now or
hereafter existing, between Borrower and any other party and notify Lender immediately in writing of any default in connection with any other such agreements. 

Loan Proceeds. Use all Loan proceeds solely for Borrower’s business operations, unless specifically consented to the contrary by Lender in
writing. 
 Taxes, Charges and Liens. Pay and discharge when due all of its indebtedness and obligations, including without limitation all
assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might become
a lien or charge upon any of Borrower’s properties, income, or profits. Provided however, Borrower will not be required to pay and discharge any such assessment, tax, charge, levy, lien or claim so long as (1) the legality of the same
shall be contested in good faith by appropriate proceedings, and (2) Borrower shall have established on Borrower’s books adequate reserves with respect to such contested assessment, tax, charge, levy, lien, or claim in accordance with
GAAP. 

 Performance. Perform and comply, in a timely manner, with all terms, conditions, and provisions
set forth in this Agreement, in the Related Documents, and in all other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in writing of any default in connection with any agreement. 

Operations. Maintain executive and management personnel with substantially the same qualifications and experience as the present executive and
management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner. Borrower shall not change its Chief Executive Office without prior notice to
and approval of Lender, which approval shall not be unreasonably withheld or conditioned. 
 Environmental Studies. Promptly conduct and
complete, at Borrower’s expense, all such investigations, studies, samplings and testings as may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic or a
hazardous substance under applicable federal, state, or local law, rule, regulation, order or directive, at or affecting any property or any facility owned, leased or used by Borrower. 

Compliance with Governmental Requirements. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental
authorities applicable to the conduct of Borrower’s properties, businesses and operations, and to the use or occupancy of the Collateral, including without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any
such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified lender in writing prior to doing so and so long as, in Lender’s sole opinion, Lender’s
interests in the Collateral are not jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender’s interest. 

Inspection. Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and
Borrower’s other properties and to examine or audit Borrower’s books, accounts, and records and to make copies and memoranda of Borrower’s books, accounts, and records. If Borrower now or at any time hereafter maintains any records
(including without limitation computer generated records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request of Lender, shall notify such party to permit Lender free access to
such records at all reasonable times and to provide Lender with copies of any records it may request, all at Borrower’s expense. 

Compliance Certificates. Unless waived in writing by Lender, provide Lender at least annually, with a certificate executed by Borrower’s
chief financial officer, or other officer or person acceptable to Lender, certifying that the representations and warranties set forth in this Agreement are true and correct as of the date of the certificate and further certifying that, as of the
date of the certificate, no Event of Default exists under this Agreement. 
 Environmental Compliance and Reports. Borrower shall comply in
all respects with any and all Environmental Laws; not cause or permit to exist, as a result of an intentional or unintentional action or omission on Borrower’s part or on the part of any third party, on property owned and/or occupied by
Borrower, any environmental activity where damage may result to the environment, unless such environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental
authorities; shall furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice, summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality
concerning any intentional or unintentional action or omission on Borrower’s part in connection with any environmental activity whether or not there is damage to the environment and/or other natural resources. 

Additional Assurances. Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments,
financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the Loans and to perfect all Security Interests. 

LENDER’S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender’s interest in the Collateral or if Borrower
fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related
Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to 

 
discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and
preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note or at the highest rate authorized by law, from the date incurred or paid by Lender to the date
of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender’s option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any
installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity.
If Lender is required by law to give Borrower notice before or after lender makes an expenditure, Borrower agrees that notice sent by regular mail at least five (5) days before the expenditure is made or notice delivered two (2) days
before the expenditure is made is sufficient, and that notice within sixty (60) days after the expenditure is made is reasonable. 
 NEGATIVE
COVENANTS. Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the prior written consent of Lender: 

Continuity of Operations. (1) Engage in any business activities substantially different than those in which Borrower is presently engaged,
(2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) make any distribution with respect to
any capital account, whether by reduction of capital or otherwise. 
 Agreements. Enter into any agreement containing any provisions which
would be violated or breached by the performance of Borrower’s obligations under this Agreement or in connection herewith. 
 CESSATION OF ADVANCES. If
Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower is in default under the
terms of this Agreement or any of the Related Documents or any other agreement that Borrower has with Lender; (B) Borrower dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a
bankrupt; or C) there occurs a material adverse change in Borrower’s financial condition or in the value of any Collateral securing any Loan. 
 RIGHT
OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone
else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable
law, to charge or setoff all sums owing on the Indebtedness against any and all such accounts, and, at Lender’s option, to administratively freeze all such accounts to allow Lender to protect Lender’s charge and setoff rights provided in
this paragraph. 
 DEFAULT. Each of the following shall constitute an Event of Default under this Agreement: 

Payment Default. Borrower fails to make any payment when due under the Loan. 

Other Defaults. Borrower fails to materially comply with or to perform any other term, obligation, covenant or condition contained in this
Agreement or in any of the Related Documents or to materially comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower within 3 days after written notice thereof from Lender.

 False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under
this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 

Insolvency. The dissolution of Grantor (regardless of whether election to continue is made), any other termination of Grantor’s existence
as a going business, the insolvency of Grantor, the appointment of a receiver for any part of Grantor’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any
bankruptcy or insolvency laws by or against Grantor. 

 Defective Collateralization. This Agreement or any of the Related Documents ceases to be in full
force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. 

Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan. This includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However,
this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the
creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. 

Adverse Change. A material adverse change occurs in Borrowers financial condition. 

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all
commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lenders option, all indebtedness
immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “Insolvency” subsection above, such acceleration shall be automatic and not
optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lenders rights and remedies shall be
cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any
Grantor shall not affect Lenders right to declare a default and to exercise its rights and remedies. 
 INSURANCE. Maintain fire and other risk insurance,
public liability insurance, and such other insurance as Lender may require with respect to Borrowers properties and operations, in form amounts, coverage and with insurance companies acceptable to Lender. Borrower, upon request of Lender, will
deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to
Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person. In connection with all policies covering
assets in which Lender holds or is offered a security interest for the Loans, Borrower will provide Lender with such lender’s loss payable or other endorsements as Lender may require. 

ORAL AGREEMENT. ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FOREBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR
RENEW SUCH DEBT ARE NOT ENFORCEABLE. TO PROTECT YOU (BORROWER(S) AND US (LENDER) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF
THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT. 
 ADDITIONAL TERMS. Lender agrees to make Advances to Borrower from time to
time from the date of this Agreement to the Expiration Date, provided that the aggregate amount of such Advances outstanding at any time does not exceed the Borrowing Base and provided further that each and every advance made under this Agreement
shall be at Lender’s sole discretion, Lender having made no commitment to make any such Advances. · 
 MISCELLANEOUS PROVISIONS. The following
miscellaneous provisions are a part of this Agreement: 
 Amendments. This Agreement, together with any Related Documents, constitutes the
entire understanding and agreement of the parties as to the matters set forth in this Agreement. All prior and contemporaneous representations and discussions concerning such matters either are included in this document or do not constitute an
aspect of the agreement of the parties. Except as may be specifically set forth in this Agreement, no conditions precedent or subsequent, of any kind whatsoever, exist with respect to Borrower’s obligations under this Agreement. No alteration
of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment. 

 Attorneys’ Fees; Expenses. Borrower agrees to pay upon demand all of Lender’s costs and
expenses, including Lender’s attorneys’ fees and Lender’s legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce this Agreement, and Borrower shall pay the
costs and expenses of such enforcement. Costs and expenses include Lender’s attorneys’ fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services. Borrower also shall pay all court costs and such additional fees as may be directed by the court. 

Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the
provisions of this Agreement. 
 Consent to Loan Participation. Borrower agrees and consents to Lender’s sale or transfer, whether now
or later, of one or more participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever, to any one or more purchasers, or potential purchasers, any
information or knowledge Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters. Borrower additionally waives any and all notices
of sale of participation interests, as well as all notices of any repurchase of such participation interests. Borrower also agrees that the purchasers of any such participation interests will be considered as the absolute owners of such interests in
the Loan and will have all the rights granted under the participation agreement or agreements governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim that it may have now or later against
Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower’s obligation under the Loan irrespective of the failure or insolvency of any holder of any
interest in the Loan. Borrower further agrees that the purchaser of any such participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have against Lender. 

Governing Law. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of
the State of Oklahoma without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of Oklahoma. 

Choice of Venue. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of OKLAHOMA
County, State of Oklahoma. 
 No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such
waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice
or constitute a waiver of Lenders right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between Lender and any
Grantor, shall constitute a waiver of any of Lender’s rights or of any of Borrower’s or any Grantor’s obligations as to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such
consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. 

Notices. To the extent permitted by applicable law, any notice required to be given under this Agreement shall be given in writing, and shall
be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class,
certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal written notice to the other parties, specifying
that the purpose of the notice is to change the party’s address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrowers current address. To the extent permitted by applicable law, if there is more than one
Borrower, any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers. 

 Severability. If a court of competent jurisdiction finds any provision of this Agreement to be
illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that
it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of this
Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement. 
 Subsidiaries and Affiliates
of Borrower. To the extent the context of any provisions of this Agreement makes it appropriate, including without limitation any representation, warranty or covenant, the word “Borrower” as used in this Agreement shall include all of
Borrower’s subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances shall this Agreement be construed to require Lender to make any Loan or other financial accommodation to any of Borrower’s subsidiaries
or affiliates. 
 Successors and Assigns. All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related
Documents shall bind Borrowers successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall not, however, have the right to assign Borrower’s rights under this Agreement or any interest therein,
without the prior written consent of Lender. 
 Survival of Representations and Warranties. Borrower understands and agrees that in making
the Loan, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to Lender under this Agreement or the Related Documents. Borrower
further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the making of the Loan and delivery to Lender of the Related Documents, shall be continuing in nature, and shall
remain in full force and effect until such time as Borrower’s Indebtedness shall be paid in full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur. 

Time is of the Essence. Time is of the essence in the performance of this Agreement. 

Waive Jury. All parties to this Agreement hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by any
party against any other party. 
 DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Agreement.
Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the
singular, as the context may require. Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and terms not otherwise defined in this Agreement shall
have the meanings assigned to them in accordance with generally accepted accounting principles as in effect on the date of this Agreement: 

Advance. The word “Advance” means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower’s behalf on a
line of credit or multiple advance basis under the terms and conditions of this Agreement. 
 Agreement. The word “Agreement” means
this Business Loan Agreement, as this Business Loan Agreement may be amended or modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time. 

Borrower. The word “Borrower’’ means Redback Energy Services LLC and includes all co-signers and co-makers signing the Note and
all their successors and assigns. 
 Collateral. The word “Collateral” means all property and assets granted as collateral security
for a Loan, whether real or personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a security interest, mortgage, collateral mortgage, deed of trust, assignment, pledge,
crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment intended as a security device, or
any other security or lien interest whatsoever, whether created by Jaw, contract, or otherwise. 

 Environmental Laws. The words “Environmental Laws” mean any and all state, federal and
local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C.
Section 9601, et seq. (“CERCLA”), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 (“SARA”), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource
Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. 

Event of Default. The words “Event of Default” mean any of the events of default set forth in this Agreement in the default section
of this Agreement. 
 GAAP. The word “GAAP” means generally accepted accounting principles. 

Grantor. The word “Grantor’’ means each and all of the persons or entities granting a Security Interest in any Collateral for
the Loan, including without limitation all Borrowers granting such a Security Interest. 
 Hazardous Substances. The words “Hazardous
Substances” mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handled. The words “Hazardous Substances” are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or
waste as defined by or listed under the Environmental Laws. The term “Hazardous Substances” also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. 

Indebtedness. The word “Indebtedness” means the indebtedness evidenced by the Note or Related Documents, including all principal and
interest together with all other indebtedness and costs and expenses for which Grantor is responsible under this Agreement or under any of the Related Documents and (a) the payment of Grantor’s obligations (whether joint, several or
otherwise) to Lender as evidenced by any other note(s) or other evidence of indebtedness executed by such Grantor and all amendments, modifications, renewals, extensions and substitutions thereof and all subsequent notes of greater or lesser amounts
payable or assigned to Lender; (b) the performance of each Debtor’s obligations under this security agreement (“Agreement”); and (c) the payment of any and all other indebtedness, direct or indirect, mature or unmatured or
contingent, joint or several now or hereafter owed to Secured Party by each Debtor, including (without limitation) indebtedness unrelated or dissimilar to any indebtedness in existence or contemplated by any Debtor at the time this Agreement was
executed or at the time such indebtedness is incurred. 
 Lender. The word “Lender’’ means UMB BANK, n.a., its successors and
assigns. 
 Loan. The word “Loan” means any and all loans and financial accommodations from Lender to Borrower whether now or
hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time. 

Note. The word “Note” means the Note dated July 22, 2014 and executed by Redback Energy Services LLC in the principal amount of
$1,990,110.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit agreement. 

Related Documents. The words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan. 

Security Agreement. The words “Security Agreement” mean and include without limitation any agreements, promises, covenants,
arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating a Security Interest. 

Security Interest. The words “Security Interest” mean, without limitation, any and all types of collateral security, present and
future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale,
trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever whether created by law, contract, or otherwise. 

 BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS
TERMS. THIS BUSINESS LOAN AGREEMENT IS DATED JULY 22, 2014. 
  

			
	REDBACK ENERGY SERVICES LLC
		
	 By:
	 	         /s/ Phil Lancaster

	 Phil Lancaster, Chairman of Redback Energy

	 Services LLC

  

			
	 UMB BANK, N.A.

		
	 By:
	 	         /s/ Mary Wolf

	 Authorized Signer

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